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Any Filipinoy or expat here own or are about to take ownership of a high-end condo?
Tell me about it: the good the bad and the ugly. STL Biker, this question is for you to benefit from.
Public Comments
- I bought a preconstruction condo unit from Robinsons Land Corp (RLC). If I knew then what I know now, I wouldn't have made this purchase. Let me discuss the issues: 1. As for preconstruction, RLC tailored the contract so there is almost no risk involved for them. If there is a building deficiency, they can fix it...if they wish. If a unit owner needed to go to court against them, the owner would have to pay all the legal fees, etc. 2. At least for RLC, customer support is terrible; it takes an act of god to get a financial invoice 3. Foreigners cannot own the land and Property transfer taxes are high (6% assessed value)
- Condos are the worst properties to own. I used to own one high end and the member fees were killing me. Ended up selling it and the commissions are a shame on the whole process. Everyone tries to tag in to get a piece of the pie. My advise to anyone that is about to buy one, please STOP cold and don't buy it. They are hard to sell.
- I would agree with Morgan. Owning a condo might make sense in a country like the US where people may have money to purchase a condo. However, in a place like the Philippines the chances of finding someone to buy your condo are probably really really really slim. My mom has a friend that bought a high end condo but it won't be done untill the end of 2010. I haven't heard if they regret buying it or not but its supposed to be a really nice place. My parents considered a condo for retirement but opted for a house and lot instead. You could get a place in a gated community with security guards for the same price. Plus I think you get the lot along with the house. Where as a condo you have to deal with neighbors who complain about too much noise, your dog, ect. Don't get me wrong high end condos are nice, but they don't have the appreciation that a house has. Plus condos are very TRENDY.....Once the architecture and condo are out of style it is a lot tougher to sell. I think high end condos are a waste of money.....Unless you own a condo in Manhattan or Downtown San Francisco (where your money is being spent paying to live in the CITY AS OPPOSED TO YOUR CONDO). Or if you are a millionaire who's got some serious money to burn!!! Otherwise I'd make the safer investment with a house.
- It's so mahal (expensive) that you will think you are supot (uncircumcised).
- I own a 3-bedroom unit at Lafayette 3 in Eastwood. High-end, but not very high-end. Good: The property has appreciated more than 50% from the time I bought it 4 years ago. That is because Eastwood continues to develop, and a mixed-use condo with a mall on the ground floor was built opposite our building. Bad: I don't really have use for it, and it serves as "free hotel room" when I have balikbayan brothers and guests who want to have a night out in Eastwood. Condo rentals are not attractive, and I feel like I am not getting good returns if I rent it out at prevailing rates. Not so many potential tenants, they would rather rent a house than pay same or a bit lower rate and stay in a building without a garden in your yard Ugly : The monthly dues, the property taxes are high, and made worse because I don't derive income from it (although it is more by choice).
- I decided to just buy a house and lot in the province. Condo unit of 47 sq. m. condo unit cost like you can all ready buy a hectare of land in the province. I would only buy a condo or high-end condo unit if I will use it for business purposes like buying pre-selling condos and later on sell it for 200% of it's value in the future. But it's still a gamble. However, I can also have it for rent. The cheapest condo that I know and lived in is that Park Avenue condo (not high-end) unit for 13,000 a month (2 month advance, 2 month deposit which likely you can't refund or consume ever). But like @wrestler said some high-end condo unit in Manila rarely gets a tenant
