"People wishing to buy an apartment in our building enter into a partnership agreement. In effect, they are buying an interest in the partnership," says Alan Baiss, one of the original group of buyers for Athlone Court, a 1940s-era apartment complex beside Beacon Hill Park. The building had originally been a rental apartment. When the owner decided to sell, she offered it to her tenants. They registered the joint-ownership
Newport Carton of the property as equal partners. "It is more intimate than a condo because we all own the building together."
With a share in the partnership, the new buyer is allocated the
Marlboro Red Cigarettes use of one suite. In the case of Athlone Court, that means use of a character one-bedroom, one-bath apartment of about 645 square feet.
Co-ops and partnerships tend to sell for less than a strata condo, making them an attractive alternative for buyers. It is hard to say how much less because units don't often come on the market. Although they might be considered less valuable than other condos, their prices can sometimes be close to other condos because of their prime locations.
"Almost without exception, these are really nice old buildings in very desirable locations," says Patricia Parkins, a real estate agent with Newport Realty who has sold a few units in Athlone Court. "Some are scattered about, most notably in Oak Bay."
