Hi Dianne,

I respect your posts a lot. What about the remaining shareholders who are very likely injured by a sale such as this? Per my original post, the corporation owns, is renovating and will sell two units in the same line (we are a six floor building so they are all close together). Are you trying to say that a low ball (under market - we have recent appraisal and sales data) sale in the same line will not have any impact on those two units? Two people - a buyer and a seller, can hurt remaining shareholders too, no? Does one shareholder take precedence over all shareholders? In some senses, brokers have it easy in that they get to walk away after the deal is done (unless they happen to live in the same building).

I disagree with you on why units don’t sell – I believe that most units don’t sell because they are not worked.

My thoughts are that yes, we can not control the market but we can influence it. We do it every day by replacing landscaping, repairing buildings, having reserves, painting hallways and all the other things that Boards do to maintain value. Why give up all of the hard work to a deal such as this? I can’t buy it.

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There is no question that one sale MIGHT have an effect on others. Typically appraisers will look at any that seem atypical and either throw it out completely or do a little investigating into the reason for he low price. My real point is that we just can't prevent someone from selling at any price they choose unless we are prepared to buy the property from them and resell it at whatever price we choose to. I understand your position and rationale, but we need to look at the legality of it. Because you live in a six story building one sale will a greater impact that if it were a 50 story one. Where do you draw the line? At what point is a single sale relevant. So many things seem unfair to one person but might have little or no impact on another. Look at another side of the coin. Have you considered the overall share price as a way of generalizing prices. In other words if 3 units have sold add up their cumulative shares add the total sale prices and divide, giving an average at which shares are sold. It might be a little less glaring for a potential buyer than comparing actual sale prices. Do you factor in the floor the unit is on, higher is more expensive or views are there any negatives one floor to another. These all need to be considered, not just the line. You frustration is well taken, but fair trade is fair trade.
Happy New Year

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I have noticed a consistent problem with sales and sublets over the years. Inexperienced and not too bright Agents, and older lazy Agents who know better. The problem is undervalued appraisals by Agents who do not know better, and lazy Agents who instead of really selling just sit back and say lower the price, because they are interested in turning the sale over, not selling for the right amount. As a Board President I get the calls from upset shareholders about low ball sales pricing, and know that we can neither ban nor refuse a legitimate sale. Being sent inappropriate applicants is easy to deal with, an upset shareholder who has been led down the path by a foolish Agent is painful to deal with. A building with a lot of Estate sales is going to be so devalued over the years because of fire sale pricing that it ruins the asset value of the remaining shareholders. How do you compensate for that? How do you lift the pricing against that tide?

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