Info for Real Estate Agents
In an effort to supply information to Real Estate Agents regarding the property, and the most frequently asked questions please note the following:
- The building's Rules and Bylaws are posted on this website. Please ensure that it has been read and understood by yourself and clients wishing to purchase.
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Any significant building improvements have been noted on the Improvements section of the website
- An owner of a strata lot, or its agent when selling or renting his/her strata lot, will not permit "For Sale" or "For Rent" signs to be placed on or about the common property. This Includes posting MLS listings on the Glass of the Front Door during open house events.
Parking
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As 1010 Howe was a former government building before its conversion into strata units, there are less parking stalls than strata lots. Not each suite has a parking stall. For more information see Parking section of the website. PLEASE NOTE: Parking stalls are NOT for sale in the building as they are common property. Stalls may be rented from owners to tenants who reside at 1010 Howe. Renting or leasing parking stalls to a person or company who does not reside at 1010 Howe is strictly forbidden for security reasons as set out in the Rules & Bylaws.
Strata Fees
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Strata Fees include hot water to suites on the 2nd to 10th floor. Penthouses are equipped with their own hot water heating units. Each owner is responsible for their own electricity, cable television, telephone service and internet services provider
- Each strata lot has electric baseboard heat which is part of the individual strata lots electric bill
Inspections
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Currently, building inspections are not permitted due to the amount of time it takes to perform thorough inspections.
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If there is a client who is insistent on a property inspection, it will be charged for at a cost of $100. Checks can be made to the Strata Corporation LMS-2586.
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Inspectors must be licensed with the City of Vancouver, Insured and Bonded, and must produce proof of such before inspections can begin.
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Rentals
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Currently, there are no rental restrictions in the building. Please note that this is constantly revisited due to the high number of rental suites in the building, and the problems associated with renters and poor landlords.
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The Strata Council will heavily enforce all Strata Rules and Bylaws against poorly behaved rental units.
- Non-resident Owners are advised that the Strata Council has already evicted tenants.
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In an effort to curb potential rental problems with poor tenants or landlords, Council has decided to formally name in the minutes from the strata meetings the problem units. Please note that if your unit / tenants appear in the minutes more than 3 times, Strata Council will proceed with eviction notice against the strata lot / tenants at the owners expense.
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It is not enough to rent the unit, collect the rent, and take no further interest. If you are non-resident Owner, please keep in close contact with your tenants to ensure that all is in order.
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If you are planning to purchase a unit for investment or for rental, please make sure that you screen your tenants and fill out the proper forms
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Strata Council has discussed at length the fact that there are numerous units in the building which in the past have caused significant disturbances to other tenants. Council approved a letter, which was mailed to all Owners, which will discuss details of the rental situation, and emphasize to all non-resident Owners that they are 100% responsible for any an all actions of their tenants. It cannot be emphasized strongly enough that, if you are renting your unit, to please take the time to ensure that you find the best renters possible.
- Strata Council would highly encourage all landlords to perform a credit check on all rental tenants and perform unit inspections.
Building Specifications
- The twelve story reinforced concrete development at 1010 Howe Street is located in the downtown area of Vancouver, on the corner of Howe and Nelson St
- Originally constructed for commercial use, 1010 Howe, or Fortune House, spent the first 14 years as an office building.
- In 1996 it was converted into strata units.
- One person or company retained ownership of all strata lots, and for the next 10 years, the individual strata lots were rented on a monthly or yearly basis.
- In 2006, the building was purchased by local developer, Wall Financial Corporation, who sold the individual strata lots to the general public.
- Currently the property is configured for a mix of retail space on the ground floor with 130 residential units on the upper floors.
Building Condition Assessment Reports
to the best of our knowledge, most, if not all deficiencies in the below reports have been repaired or replaced by the developer in 2006 / 2007. Please see Improvements for more information.
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