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Tag Archives: 247Condo

247Condo Receives Consulting Recommendation

CondoFeed is the blog for 247Condo, which received a letter of recommendation for its consulting services from Bank West. Bank West has recently started a condominium loan system for financing reserve fund costs called CondoFlex Maintenance Financing.

Of 247Condo, Bank West had the following to say:

Your expertise and experience in the condominium industry were invaluable to us.  We appreciated your professionalism and candor while assisting us during the product.

I look forward to utilizing your services again and would certainly recommend you to anyone needing information or services in the condominium sector.

You can see the letter here, on our 247Condo Consulting page.

District Energy Advantages and Risks for Condominiums: Research Paper

Phenomenal full envelope failures in the last few years of new development – including Leduc, Fort McMurray, and Calgary all indicate that the industry needs to evolve both the development process, and likely the costs and processes involved in creating multi-unit housing.

For existing buildings, under-funded reserve funds and higher than expected maintenance costs are forcing corporations to find innovative methods (including borrowing against future use) to avoid fiscal hardship or bankruptcy on current owners.

District Energy (the supply of heating or cooling from a central source usually though piped water or steam, also known as District Heating or Teleheating), where available, may be a powerful and sustainable solution for condominiums – both at the development phase and at the maintenance level. Based on experience from existing implementations in Canada, the US and Europe, District Energy may lower development costs, maintenance costs, and reserve fund contributions.

247Condo has released a research paper (with additional focus on the ENMAX implementation in Calgary, Alberta, Canada) that outlines the advantages and risks of tying your condominium to a District Energy solution.