Anchor Point Assembly Committee

The meeting with Klein Group signed owners this morning went very well. It was quite upbeat with a close to full house, along with 17 owners that had emailed Klein Group their wishes for voting on the proposed instructions from all the signed owners to Klein Group. After presenting a summary of the history of the AP assembly from the first meeting with the AP strata councils to today, and an update of market for downtown commercial properties, Klein Group also presented some information on the new assembly they are working on across Hornby Street from AP3. About 18 months ago, that 87 unit strata was faced with the need to have substantial special assessments to maintain their building. There is only a single council involved, who appointed a building committee to help evaluate the options after they received their Depreciation Report. They analyzed the options and brought the matter to their AGM where the vote was 85% in favor of going to market rather than put in an awful lot of...

A member of the Facebook Group posted some comments regarding Klein Group. I asked Klein about the questions raised and received his response. This post includes the comments and Klein's response. While it is quite long and detailed, I hope it is helpful. Mr. Dalessandro, I felt the need to respond to your post; I hope the detail of my response will give you some of the references that you can review for yourself. Please do not take my comments as disparaging as this is my profession for the last 20 years and representing 136 families at Anchor Point is something I do not take lightly. In the last 2 years our office has financed over $100M in cash transactions from overseas and over $450M in land sales. I speak from direct experience. Remember, my job is two fold: to make good on our proposal to Anchor Point Owners, and to represent and protect my current clients. There are many incorrect statements in your post. It is important that owners receive information from the sourc...

Here is a video that Klein Group created on why multiple brokerages is not possible.  As always, we urge all owners to do their own research and make their own informed decision, ideally with independent legal counsel.  https://youtu.be/Jxgvwk2TxhQ

I received an email forwarded from a member of this group from the APOG steering committee, the APSC. The message is that they have located another broker, the Michelle Yu Group, willing to do a land assembly at a lower commission rate than the Klein Group. I do not have a copy of the listing agreement from the Yu Group, but I have requested one. Until I have seen the actual agreement, I cannot be certain of its contents. However, in the email from the APSC, it says that the listing agreement with the Yu Group follows the APSC proposal sent to Klein by Ed Wilson, the APSC attorney. The discussion below is based on the APSC proposal. If the substance of that proposal is not what is sent out by the Yu Group, then these comments will be updated as appropriate. In short, be wary. The email states that the basic provisions are a land assembly at a lower commission rate and a shorter term. The listing amount is higher but that is fundamentally irrelevant – it is sim...

I received the following message from an owner that was seeking to refinance his AP unit: "I thought I would share a recent experience regarding our potential sale of the property. We are renewing our mortgage for one of our units and looked at moving to another lender. They had an appraisal of the property completed and the appraiser noted that the local media has reported that the strata has voted to 'WIND DOWN' the strata corporation and potentially sell to developers.  The MLS listings for units in the complex indicate: 'Great investment. Potential Anchor Point Land Development proposals in the works. Priced below the proposed offering prices. Buy today and hold.'  This report assumes that the subject is in transition for development and as such has approximately 5 years remaining economic life. Redevelopment in the foreseeable future is highly likely." The owners challenged this appraiser's interpretation of events. However, t...

There was an article in the Globe and Mail published Friday, July 7 pointing out some of the intense financial conflicts that have arisen in Bill 40 windups. The same problems that we have warned other owners about with respect to Bill 40 windups are, unfortunately, leading many stratas into ever more complex, costly and time-consuming litigation. The article refers to issues that are limited to a single strata situation. With AP having three stratas, the litigation complexity and costs will be substantially higher if a Bill 40 approach is used. http://www.theglobeandmail. com/real-estate/vancouver/a- new-hitch-for-group-condo- sales/article35609135/ As noted in the article, the potential financial conflicts were not understood by owners when they purchased their units as, until now, windups and assemblies were extremely rare due to the then 100% agreement required. I would urge those reading the proposed contract put forth by Ed Wilson to review that prop...