The enactment of condominium legislation has allowed fractional ownership of a larger piece of property that previously could not be subdivided, by creating separate smaller real property units with separate legal titles. Over the years we have seen a decrease in unit size, with an increase in the common elements and the amenities available to unit owners.
Parallax Investment Corp has taken this concept to new limits, as it intends to construct a condominium (Safebox Condominium Vaults) where the units will be comprised of safety deposit boxes within a secured vault. The common elements will comprise a reception area (with on-site refreshments and snacks), private viewing rooms and a parking area. As set out on the Safebox website, common expenses will cover 24/7 security and insurance on the contents of the boxes to a set amount. Optional pickup service to and from an owner’s home or office will be available at an additional cost. While not mentioned on the website, common expenses will also include contributions to the condominium reserve fund, just like any other condominium.
The fact that the condominium corporation will have insurance on the contents of the units is certainly not the norm in standard condominiums, where it is up to the owners to obtain insurance on the contents of their units.
The developer’s website states that purchasing a unit will be an investment opportunity where property values could increase over time. As with real estate in general, we expect that the property location will be one of the most prominent factors in determining future property value.
It will be interesting to see if this type of condominium will catch on with buyers and if so, the market values over time.