Leased-land townhouses, 643 Fourth Avenue, NE

A condominium built on leased land is rare in Alberta, although I've seen more like this in B.C. These 24 three-storey townhouses were built in 1975 by Calgary's Chessor Holdings and condo registered in 1977 on an "L"-shaped lot, the top of which fronts onto Fourth Street, while the bottom of the "L" extends along Third Avenue where it narrows to a lane, then dead-ends. The location is thus a bit hidden, pleasantly quiet, and is shaded by numerous mature evergreen trees.

Each home pays $173.33 per month in land-lease fee, plus the building-exteriors maintenance contribution, which adds up to the monthly condominium fee. The land lease runs to 31 October 2070, which is beyond our lifetime horizons. Mortgage insurance is not available because of the leased-land situation, so buyers need 20 or 25% of the purchase price in cash to borrow the balance. Condo contributions are held down by the assignment 2002 of exterior windows and doors to each suite's owner. The development is restricted to those over the age of 18, and no pets are allowed.

Every suite has about 1,400 square feet, although we deduct the drive-under parking stall from that for interior living space, which then ranges around 1,000 square feet. Four homes on the upper leg of the "L" have windows facing two directions, while the bottom of the "L" suites are back-to-back, so have windows in one direction, either north or south, although four end-located suites can have some extra light from east or west. Some parking is drive-under but open, while most are enclosed garages. Homes can be surprisingly nice, with a wood-burning fireplace and natural-gas log lighter, hardwood floors, and other upgrades. The exteriors are cedar siding and sloping asphalt-shingle roofing. Leased land or not, owners show pride in living and owning here.

REMEMBER each homeowner's responsibility for their own exterior windows and doors. I keep the Condo Plan on file.