While a class action lawsuit between those who purchased property in the Roosevelt Heights Apartments and the group that sold it to them continues, the strata voted earlier this week to pay over $30,000 each to redo the exterior of the building to fix leaking walls.
The apartments were converted into strata condos in 2006/2007 and 45 were sold for approximately $70,000 apiece as “high quality real estate projects that are well researched and easy to own” by a now-dissolved corporation, Seal Cove Properties Ltd., then allegedly indirectly owned and controlled by real-estate developer Ozzie Jurock and partners David Barnes and Ralph Case, who are also principals in AMG Investments Ltd. According to the strata owners, just a month after the purchases were made, a budget was presented by AMG Investments showing nothing more than normal repair costs.
After a year that saw the revenue projections for the condos fall short and repairs pile-up, a second AGM was held where the property management company said the building envelope needed major repairs to prevent significant losses due to water damage.
“We made our purchase based on the engineers report available to us. I read it went through it said okay it seems okay,” strata owner Eric Fergie told CTV BC.
“Tonight we're voting on a motion to repair the buildings for each unit its gonna cost us $36,000...That's half the price of what we paid,” added strata owner Shannen Stange prior to the meeting.
Those involved in the class action suit claim Jurock and his partners knew about the work that needs to be done on the envelope, but that is a claim Jurock adamantly denies.
“Serious false allegations have been made and my partners and I deny these allegations and we look forward to the Court's dismissal of the Claim,” he said in a written statement.
“I have been in the real estate business for more than 40 years and I am proud of my track record of success. I am passionate about the real estate business and I enjoy sharing my knowledge with others.”
The allegations have not been proven in any Court.
~With files from CTV