Sunday, March 15, 2009

Living in Olympic security zone means big bucks, big headaches

Barry Artiste Op. Ed

While a homeowner renting out their suites for $11,000.00 a month, sounds just peachy keen, what many do not realise are five things that could and will make this Dream Cash Grab a Nightmare!

1.  You live in a Strata, say your tenant gets real drunk, breaks the toilet and it floods not only your condo but like ten floors below you, resulting in say, oh I dont know say, 20 other flood damaged condos below you.  Think your Strata will be picking up that $100,000 Clean up bill and Alternate living expenses for all the other condo tenants below you?  Think again! What makes you think you can make $11,000 a month and walk away scot free! Trust me the Condo association will hang you out to dry and take away your Condo to pay all the damages that may occur!

2.  Try and find home insurance to covers the cost of renting out your place to a tenant.  Hey, Good luck with that!

3. Guess how Tenants living in these pricey digs of yours will set up a Meth Lab or Crack Den in your Condo?  More than a few, Why? Cause getting Drugs through the Olympic Security perimeter will be next to impossible.  This way the Drug Dealers are already inside the Olympic Security Perimeter.   I have seen in my profession, more and more Meth Labs in Growops in these pricey downtown digs than you can shake a Crack Needle at!
Guess how many times I find Crack needles imbedded in furniture or carpets.  But Hey, you now know this!

4.  Hookers Galore.  Yep Escort agencies will certainly take you up on your offer to rent out your digs!  MMMM just imagine after they leave, everything you touch or sit on may or may not have sticky bodily fluids from both sexes all over it.

5.  Think all that Cash is yours for the taking?  Think again, Revenue Canada will want a  large slice of that Rental Income, at around 30 %!  Gee, seems unfair eh?   Try and screw Revenue Canada, and you may find yourself homeless!

So all in all does this all seem like a great deal for Condo Owners?  Guess it all depends on your Greed, Risk and Stupidity Level!

Residents of a building near two Olympic venues are being courted to rent out their suites during the Games — and if the 2010 road plan is any indication, it might not be such a bad idea.

Spectrum is a four-tower condominium development at 111 W. Georgia, home to more than 800 households.

It's also directly across the street from BC Place Stadium, which will host the opening and closing ceremonies, and General Motors Place, where many of the Olympic hockey games will be played.

Some of Spectrum's residents are excited about being in the centre of all the action.

"It's going to be awesome. It's going to be a lot of fun, a lot of people," said Robert Finlayson.

However, being in the centre of things also makes those condos valuable.

Residents have been getting letters from event planning companies like Prime Strategies, which is looking to rent 100 units during the Games.

Its clients are European broadcasters and technicians, and they want to put their employees in a home away from home during the Olympics.

Condo owners are being offered as much as $11,000 a month for a two-bedroom unit.

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