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Reserve Fund Study for High Rise Condominium
 
Morrison Hershfield's experienced multidisciplinary team reviewed the varied components of this high rise condominium complex.  Based on the review, life expectancies were estimated based on the condition of the component, not just the industry-recognized life span.   This provided Westmount Place with a more accurate assessment of future costs and the timing of these costs to enable them to plan the required contributions to the Reserve Fund with greater accuracy.

Westmount Place is a 28-floor, high-rise condominium building.   The first four levels are comprised of commercial and recreational space and the upper 24 floors contain residential suites.   There are four levels of underground parking below the building.

Morrison Hershfield conducted a visual review of all the common property components, including the parkade, roof, mechanical and electrical systems, and glazing systems.    Based on the review, a list of the common property components was developed and their life expectancies estimated.  From this information, a 25-year cash flow scenario was developed summarizing predicted expenditures and the contribution levels required to meet the expenditures. 

Tasks included:

  • Reviewing drawings, reports and condominium bylaws
  • Conducting a visual examination of the complex to assess the condition of the various common property components
  • Assessing life expectancy and replacement cost of each common property item, together with a cash flow scenario to fund the expected replacement schedule
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