A landmark property in downtown Belleville, Ontario has suffered a string of bad luck that has ended in its demolition. The historic Hotel Quinte had fallen on hard times recently and was the subject of a bankruptcy proceeding – and a sharp drop in value. Its current owners paid $1.9 million, where it was valued at $7.9 million just five years ago.
Even before the sale, the bankruptcy receivers had to spend hundreds of thousands of dollars remediating the property. Alongside fire and electrical violations and a malfunctioning boiler – which has been known to cause fires – the work included fixing a leaking roof in the laundry room along with mould removal and asbestos remediation.
Just as it was finally in the process of being renovated as a chic boutique hotel, the historic edifice was devastated by a fire that tore through it on December 21, leaving only a shell to be demolished.
The real estate drama illustrates some important points the average homeowner may have to consider:
- Maintenance and mould: there’s a clear connection between the two issues. That leaky roof will cause persistent moisture and anywhere that moisture builds up, mould can grow and flourish. In fact it can take hold within 48 hours if the conditions are right.
- Asbestos: a landmark property is often a historic property and asbestos was in wide use in so many areas of residential construction up until the 1970’s that you really need an expert to inspect and test for its presence. That’s especially important when it comes time to renovate, since disturbing the substance will create the breathable (friable) fibres that are known to cause harm.
- The lesson is clear: budget for both maintenance and professional asbestos inspection and remediation service. They’re not a luxury!
When it comes to the deadly results of asbestos exposure, including mesothelioma and other lung cancers, the results are already in. No amount of exposure is considered safe, so you need to know where it is located in your home.
If you are looking to buy or renovate an older home then do yourself a favour and include an asbestos inspection on the list of things to do.
In the Toronto area contact GreenStreamEnvironmental.ca at (416) 818-9414.
Featured in Mike Holmes’ magazine, HGTV’s Income Properties, W Network’s Love It Or List It and chosen by Homestars.com as “Best Toronto Asbestos Removal Company” based on customer ratings and reviews, GreenStream Environmental Services are fully-certified, trusted and insured professionals in the removal and disposal of commercial, industrial, institutional and residential asbestos, vermiculite and mould (hazardous and non-hazardous). Providing emergency service 24/7/365 for all of Toronto and the GTA (North York, Mississauga, Markham, Brampton, Scarborough, Ajax, Oshawa, and beyond) GreenStream has over 40 combined years of experience serving clients such as the City of Toronto, the Toronto District School Board and many more. For a free estimate in Toronto, the GTA and Southern Ontario, call today at 416-818-9414. You’ll be glad you did.
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