Parc Lafayette Condominiums

[EastsideAl]

I had a very close school friend whose family lived there in the late '70s, just before the place went condo. I remember them complaining even then about fit and finish issues and the difficulty of keeping their place warm. What I recall from having been in their apt. many times was what looked like a very pleasant modern layout, but also drafty, with squeaky, noisy, and somewhat saggy floors and staircases.

Is it true that these were built on wood frames? If so, why? That would explain some of the problems.

From the sound of things it seems to have gotten into the "vicious cycle" that plagues many aging condo buildings. As the buildings age, costs rise, As the costs rise fewer people are willing to pay what the upkeep actually costs. Maintenance is deferred, services and amenities are scaled back, wealthier owners move out, owners with fewer resources move in, owners stop paying their charges, legal costs rise. Eventually, of course, large-scale work is needed to deal with deferred issues, assessments are made, charges go up more, scaring away more owners and potential owners, and causing more to fall into arrears. All of which causes sale prices to fall, meaning owners are losing value while paying ever-escalating maintenance charges for a declining level of maintenance and amenities. It can be extremely hard to get out of this sort of trap. It requires a hard core of dedicated owners with deep pockets and a willingness to spend with uncertain returns.