Options Loom Large When Strata Comes to Mind 1/09/2008 Strata style living involves living near others, sometimes at fairly close quarters, but the options that apply to the number of neighbours one wants becomes gigantic once the facts are known.
The choice can be as large or as small as the size of the buildings themselves. And the number of properties extends well past 50,000 units in NSW alone.
According to the man who heads-up one of the States largest strata scheme management companies the array of alternatives on offer provides much for prospective buyers to choose from.
From the traditional semi-detached side-by-side or two storey walk-up, to the sky-high cloud-scraper, there are buildings to suit almost any lifestyle says Mr Richard Tooker, the director of New South Wales Strata Management.
And he recommends that those thinking of purchasing a strata titled property keep this in mind.
Mr Tooker says a quick count shows that NSW has some 65,907 multi-lot properties, or as they are known in real estate terms, strata-titled schemes. These are the ones currently in place with more on the books and scheduled for construction.
The large number may come as a surprise to some but the numbers are a good reflection of the popularity of this style of living.
The largest portion of strata title schemes are occupied by people living in blocks that contain from three to ten lots. Mr Tooker says this explains the wide proliferation of medium sized buildings which have long been the mainstay of apartment living.
“The other popular variants are two-lot schemes, which measure over 18,000, followed by more than 10,000 that house eleven to twenty lots.”
These wide ranging variations makes it relatively easy for people to select just how large a community the might wish to live in.
“There are people who have selected to abide in buildings with more than 100 lots. And there are almost 500 of these. These people like the fact that they live within a building community. New Yorkers’ are famous for such living and cite it as a major drawcard.
The building is a village within itself and many a story has been written about the interactions, lives, trials and tribulations of such a lifestyle. Hollywood of course has caught on to this and has exploited the genre to great effect.”
Mr Tooker, whose company manages literally hundreds of strata title properties in the greater Sydney region, says costs should be remembered as are usually a reflection of the affluence and amenities a particular building will provide.
“The buildings offering owners access to a significantly greater number of extras can come at a premium when it is time to pay one’s way. Periodic fees are required to pay for such inclusions as 24-hour security, a sauna, the swimming pool, gym and perhaps a squash or tennis court too. And whilst such costs are spread widely they must be factored in.”
Nevertheless, he sites some of the larger and often high-rise projects as amongst the most popular.
“People equate such living as being a member of a rather elite village. One can easily think of luxury estates such as Coolum in Queensland as an example. But there are more humble choices too, which can see cost sharing bring down the overall expense of say living with a 12-unit building. Such a site can see a very good lifestyle provided in a setting within walking distance of the seashore or harbour, and still at a highly affordable cost.”
Mr Tooker relates how even the smaller 12-unit size building often finds its Owners Corporation in need of oversight, and that such work remains the hallmark of his company’s business.
“Attending to the administrative details of full compliance can easily fall into what would normally be called the too hard basket for some Owners Corporations. And this is where our inside knowledge of the Strata Schemes Management Act can ensure that compliance can come at a very reasonable cost.”
On a dollar for dollar basis, he says, peace of mind for owners will well worth the investment.
New South Wales Strata Management (formerly Gilmour Strata Management) commenced business in early 1991, as a member of the highly respected J A Gilmour & Sons group of companies. Licensed solely and specialising only in strata management services, the company has steadily grown to become one of the largest such organisations in New South Wales.
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