Month: October 2018

Condominiums are said to be as one of the most popular and in-demand types of housing in the Philippines today. Part of the reason why is because of its many benefits which can accommodate the needs of modern Filipinos. Here are some of those benefits:

Benefits of Condominiums Condominiums first became popular in the Philippines because of its accessibility. Most condominiums in the Philippines are found within business and commercial districts, such as within Makati City, Ortigas Center, Eastwood, and many other business centers in Metro Manila.

Because of its choice of location, condominiums can offer its residents the advantage of living in a home where they can easily and conveniently access their workplaces and their businesses. This is the reason why most Filipinos that lives in a condominium unit are those that spends more time at work rather than at home, such as company and corporate executives, high-wage earners, and many more.

However, there are other reasons why condominiums became popular in the Philippines. Other than in the city, there are also a number of condominiums which are found in the provinces or in the outskirts of Metro Manila. These types of condo in Philippines are known as condominium complexes.

Condominium complexes are types of condominiums which are mostly found in the outskirts or even in the provinces. Although not as advantageous compared to its city counterpart in terms of accessibility to business and commercial districts, condominium complexes does offer the kind of environment suitable for growing Filipino families.

Because most condominium complexes are found in secluded location, full of greens and peaceful surroundings, as well as in an exclusive community or complex, these types of condominiums can offer the perfect environment suitable for Filipinos planning to start their own family in privacy, safety, and in peace.

Other Popular Benefits of Condominiums Other than its flexible locations, condominiums can also offer other popular benefits that made these types of housings even more popular and in-demand in the Philippine market. This is because of its collection of amenities, including its collection of resort facilities such as swimming pools, gyms, sports complexes, recreational parks, and playgrounds.

There are also a number of new condominiums in the Philippines today, according to many Philippine real estate experts, which can offer a new payment term that made these new condominiums even more popularly in-demand. This is because most of these new houses can now be owned and paid in installment.

Foreigners may under the Condominium Act own up to 49% of the units (in floor space) in a condominium complex in Thailand. The remaining 51% of the units must be owned by Thai nationals.

In the Thailand resort areas such as Phuket and Pattaya condo developments and sales are primarily aimed at foreigners. The 49% freehold units in a condo project are the first units to sell, but the remaining 51% units in the Thai side of the condominium are tough to sell. There is no interest from Thai nationals in these tourist resort condos and the remaining condo are often sold under a leasehold to foreigners. In the end part of the condominium will be owned freehold and leasehold by foreigners.

Buying a leasehold condo in Thailand

Whether you buy a condo leasehold or freehold the purchase price remains the same and foreigners often buy leasehold condominiums in Thailand because the leasehold contracts suggest more rights for the leasehold purchaser than is guaranteed and possible under Thai law. Foreigners often do not understand the concept of lease in Thailand.

What is leasehold in Thailand

What a foreigner pays for when he is buys a leasehold condominium is actually rental for up to 30 years. The leasehold contract is and must be read as a rental contract and is governed by the section hire of property in the Civil and Commercial Code. The foreign leasehold purchaser of a condo enters into a tenant-landlord or hirer- lessor relationship, often with the developer of the condominium as the landlord.

As a rental contract the foreigner must consider the following under Thai law:

Voting rights in the condominium juristic person associated with ownership remain with the owner of the unit and not with the leasehold purchaser. If a large part of the condominium is sold under lease contracts the developer of the condo will have a large part of the voting right and control in matters like condo management. Considering that most condos are managed by the developer’s management company common complaints relate to high maintenance and management fees. The selling of leasehold condos disturbs the democratic voting right system in a condominium.

Selling a leasehold condo down the road

As leasehold is a rental, and by law the leasehold purchaser does not have any rights or authority to sell or assign the leased condo. The buyer of a leasehold condo is a tenant and only has the exclusive right of possession of the condo for the term in the lease agreement. The only person with the right to sell the condo is the registered owner and assignment of the lease can only be done by the landlord/owner.

Sub-rent of the condo
A leasehold owner is only allowed to sub-rent the condo if this is agreed in the condominium lease contract. Otherwise the law stipulate that sub-rent is not allowed.

Inheritance of a condo in Thailand

Even though the Thailand Condominium Act in section 19 does not automatically qualify the heirs of a freehold owner for registration of ownership, freehold owners can pass on a condominium by inheritance to another foreigner.

A leasehold of a condominium is a rental and based on Supreme Court ruling this type of contract is terminated upon death of the tenant/ lessee party of the agreement. The lessee or tenant is an essential element of the agreement and under contract law this type of contract is terminated upon death of the lessee. The remaining term of the lease agreement will not pass on to the heirs of the condo. The lease agreement could include a succession clause however this does not offer any guarantee that the remaining lease term is also registered by the owner in the names of the heirs.

Transfer of ownership of the condominium does not break rent under Thai law, death of the lessee does!

Renewal options in the contract

Most foreigners who buy a leasehold condo are mislead by the term of the lease contract created by renewal options. Under present Thai law the renewal option is nothing more than a promise to renew the lease upon expiration of the first registered term after 30 year. Such a promise to renew has only effect between the parties to the contract. Should the lessee die or should the owner die or transfer ownership this contract option is lost. As confirmed by Supreme Court rulings a renewal option has no effect against third parties and do not transfer by law to any transferee owner.

Right to transfer to freehold

Like the renewal option this is a contract right between the parties only. It could be impossible or difficult to enforce. It is not a guaranteed right or option.

Term of the condominium lease contract

Any lease agreement in Thailand cannot exceed 30 years. Any longer term will be reduced to 30 years. The 30 year lease is not a fixed asset, it is a rental contract. As a contract it can be terminated prior to the expiration of the 30 year term, for example breach of contract by the tenant lessee or death of the lessee.

Taxes

As opposed to freehold condos rental or leasehold condos are subject to a rental tax of 12.5% over the actual yearly lease price or annual assessed lease price. This is often passed on in the lease contract to the leasehold buyer.

Before entering into a leasehold purchase of a condominium foreigners should consider the rights associated with lease in Thailand. Some matters can be anticipated if properly included in the contract, some rights included in the contract are not guaranteed and the relation with the owner remains a tenant/ landlord relationship.

Condominium buyers have to abide by fresh lending rules. This has compelled many developers to scrap new projects. They fear many buyers will not be able to buy condominiums.

The Federal Housing Administration has put a limit on the number of buyers who can avail of loans. There are also restrictions on apartments where there are many delinquent owners and tenants too.

The strict lending norms have been designed to safeguard FHAs financial health. It may be noted that around 18 per cent of loans are in foreclosure or delinquent. FHAs cushion reserve has dipped below the minimum level required by FHA. This move has come as a blow to condominium buyers as FHA is the main source of financing.

Rene Oehlerking, marketing director of Garbett Homes, says that the development has had serious implications for the company. Already the company has scrapped a 300-unit condominium project. The complex will be redesigned as standalone homes. Many of the builders homes went to people who had FHA loans.
The condominium project of Garbett had to be cancelled because of FHA regulation that at least 50 per cent of condominium buyers must have FHA loans. In 2011, the number comes down to 30 per cent. There is also another rule that requires 30 per cent of homes in buildings be sold before the agency insures loans. In 2011, the number will rise to 50 per cent. In Florida, where the real estate sector has been ravaged by the effects of the downturn, there has to be a special approval before the loans are made.

David Ledford, senior vice president of National Association of Home Builders observes that the developers are just not interested in the condominium projects. The risk is too much. They fear that they will not be able to sell them to buyers. Government officials are of the opinion that such rules are necessary to protect consumers from being duped. There must be a flexible yet balanced policy that will help to minimize risks to consumers.

Richard Vetstein says that the tough rules would ensure that consumers be protected. Now lenders would be more careful about projects they handle. This will definitely have a good effect as condominiums would then make for better investments. It may be noted that during the boom phase, the FHA was never a big source of condominium loans. The rules governing the condominiums were not even revised after the 90s.

beat. The Aldyn’s perch at sixty riverside drive offers residents gobsmacking Hudson river perspectives, quick access to the spectacularly landscaped new park along the Hudson Brook , and a coveted Riverside Drive address. Take all that along with the rest the Aldyn offers, and it’s tiny wonder the Aldyn has earned a place on any list of New York City’s elect luxury apartment listings. The Aldyn’s generous floor plans make sure that each flats for sale offers classic Manhattan condo dimensions, but top-of-the-range finishes and fixtures make sure that the apartments for sale at The Aldyn embody the very best of up to date Manhattan luxury. Studio features include solid white oak flooring thoughout with outsized windows washing each residence in natural light and rising ceilings making certain that each loft for sale at The Aldyn has an open, ethereal feel. In each room, in each aspect, The Aldyn’s suite of finishes and fixtures provoke. The Aldyn’s gourmand kitchens feature granite counters and chrome steel appliances ; the classy baths are embellished with white oak vanities and Kohler fittings and fixtures ; each residence includes Bosch washers and dryers. And there are those forty thousand sq.feet of opulent extras.

The Aldyn is home to the biggest non-public amenity space in all of NYC — dubbed “La Palestra,” The Aldyn’s stretching amenity space encompasses a spa, bowling street, game room, golfing simulator, basketball and mash courts, climbing wall, indoor pool, pilates studio, yoga studio and a fully set up weight and cardiovascular room with personal coaches available.

More typical luxury condos conveniences like a twenty four hour doorman and concierge and underground parking share space with more sudden comforts like a personal yard garden and well appointed children’s playroom. The new RiverSide Park is also an amenity in its own right, and offers Aldyn residents access to one of the city’s latest and most interesting green spaces. The Riverside South shuttle also makes getting anywhere in the area a breeze, including the tube heart at Columbus Circle, only one or two blocks east. With a uniquely appealing UWS location, a set of comforts few Manhattan condo lists can match, and a cultured all its own, The Aldyn stands out for its full-spectrum luxury, and lists among the most fascinating luxury condos on the Upper West Side.

be submitted While condominiums around the country can be found in many scenic locations, New York City condos are usually situated in high-rise buildings stacked one atop the other. However, Manhattan condominiums are still considered real estate, and usually the same laws on sales, financing and taxes that apply to other properties also regulate them. Here are some tips to keep in mind when you go hunting for Manhattan condominiums: >>> Approach buying your first condo as if you are purchasing your first home. Try not to overreach financially. Its’ acceptable to put only 20 percent down. >>> It’s also advisable to obtain a mortgage that has a fixed rate, so that you have monthly housing expenses that remain stable. >>> Be conservative. Do not spend more than 35 percent of your pretax earnings on mortgage, property tax and home insurance combined. >>> Plan for the future, particularly if there are children on the horizon. Make up budgets including a proposed mortgage and factor in different variables like both spouses working full time, one employed part time and one remaining at home for a couple of years. >>> Even if you do not have or plan on having children your proposed budget should reflect life’s uncertain variables like industry downsizing and mid-life career changes. >>> Factor the common charges into your budget. This is the monthly fee you are required to pay which goes to the maintenance of the condo building. >>> Fully understand what will constitute the physical parameters of the unit your own, as well as the building’s common elements like the land it is built on and the lobby and hallways. This will be spelled out in the condominium’s declaration and by-laws, which are required from the building’s owner or developer. >> Be aware, that the board does not have the right to deny your purchase of the property. They do have a -right of first refusal- to buy the property themselves, but this is seldom invoked. >>> Be aware of recent court cases that have dealt with the board of managers of NYC condominiums. For instance, the courts have held that board members cannot be held personally liable for the operating decisions they make as long as their members are operating in good faith. >> Gauge the market. The soft economy has taken a toll on prices sellers are getting for NYC condominiums. For instance, the week after Labor Day in 2007, studio apartments new to the market were listed at an average price of $525,000. The following year, the average price was $429,000. In 2009, it slipped to $399,000. When you have a good idea of what condos in your size and price range are going for, you’ll have a better handle on what to offer. Buying your first condo in Manhattan can be an exhilarating and joyous experience. Keep the points above in mind, and your purchase will be that much more satisfying.

Elika Associates works for you as a Exclusive Buyer’s Agent, we specialize in the buying side of the real estate transaction. Your interests as the buyer always come first with us. For more details on new york city condos please visit our website www.elikaassociates.com/condominiums a>

Owners of the condominium should need to pay month-to-month payments for the continuous preservation of a typical area. Home condo owner associations generally are the ones who deal with the upkeep of the condominiums. Condo owner has at his own rights to do everything within his condo but has nothing to do with the outside area. But he or she has the right to know apparently all the connecting position an owner can do or not within the condominium during the time of placing the signature on an agreement impose between you and the condo. See to it that if it convinces the needs that you have desired on the first place.

Getting of a condo is also like buying a detached family houses. Condo provides combined ownership of a real estate and associate can able to utilize frequent pastime in the condo areas. Buying condos is more cost effective choices in comparison with the real estate market. It provides a wonderful way of living in every country. It is also a very fantastic choice of every individual who do a lot of vacation trip. It is quite a lot of owners of the real estate proper provide condominium with the cooking area which allow the household of a condominium to cook and so it can help them save money by doing their own meal in their own kitchen.

Getting a condominium provides ownership with no preservation aggravation, without fixing things and protection issues. Condominiums are usually tends to be extravagance and cost effective home choices for everyone and you can also use up your special days at wonderful places. First you have to inspect on the parking areas, bathroom spaces, chimneys, services like a swimming pool, physical fitness room and others. Buying of a condominium is very essential for monetary investment. Prior to buy anything a very wonderful condominium you should have to ask yourself such question like how much money you are going to spend for a condo. What area would be suitable for you to live in or what kind of condo do you need and how can you buy one? To answer all of these questions why dont you try to ask to your friend who has condo or go and search in the internet regarding the condos or contact.

You have to learn about the buying and sale contract thoroughly and look the stipulations which will use on the operation. Be certain regarding the entire information of the condo association that features the fees of per month about the upkeep cost. The choice of having a condominium needs to be determined by a societal, official and monetary comprehension. You have to know if the condo property is good for you for a long time. Necessary files including the report, managing spending budget, organization contract and contracts about regulations needs to be assessed at the time of investing a condominium. Getting a condo is not really the greatest selection for all of the people. There are people who never wanted to have swimming pools being shared to anybody and people would choose to have a single family house instead of a condominium. There would be time that the full amount of the condo is much lower than a single house alone.
Condo dwellers should be familiar with the condo controls. There would be a monthly conference so that the dwellers can tell their concerns about their living in a condo. It is required to appear on any gatherings. You should participate on any activities as you are living in the condo. It is very important that you are fully aware and know about buying a condominium. You can also contact some professionals to give information about condos and surely they will give you important info to make it easier for you to buy a condo.

Cebu is one the beautiful city in Philippines. Philippines itself is a beautiful country. If you are there for vacations you may find several Condominiums for Rent in Cebu. You may get them as per your need in terms of size and the services. If you need you personal thing not to be shared, you can find the private Condominium for Rent in Cebu.

You can use internet to find the best desired thing in Cebu. On internet there are many of the companies available that let you know about the Condominium for Rent in Cebu online but you can also visit them personally to enquire what you are getting for the money you are spending. Many points need to be considered before you are going to find the condo.

Location: – Once you are going to hire the condo, you must check the location you are going to live in. If you stay at the best place with your life, you feel the great joy of life. You should never select the place near to the crowd area or near to the bus stations or the railway stations. This is not recommended due to the traffic issues. Once you tell about this to the agent they will guide you the best possible way and will tell you the best place to choose the Condominium for Rent in Cebu.
Older or new condominium: – You can enjoy almost all amenities and the services in Cebu at the Condominium since most of them are just renovated or set up for the first time. If you are going to hire the old Condominium for Rent in Cebu you must go there personally before hiring and check if you are going to have all possible amenities and enjoy your stay.
The amenities/Facilities: – The most important thing is about the services and the amenities you are going to be served. You need to see if they have the swimming pools, gardens, shops etc. You deserve the right to ask about these things to the agent. The final thing is about the safety and security.

Always try to consider these points when you are going to hire the best Condominium for Rent in Cebu. You may get confuse with so many real estate agents there and so internet can be used to find the best one. www.cebuhomes.com is the best real estate agency there.

A bank owned condominium is an ideal place to live in, especially for young professionals, single people and small families. Escalating foreclosure rates have created certain wariness in people in terms of buying residential properties, hence the increased number of condominium residents. For those who are considering this kind of living, there are a number of advantages that they can enjoy.

Convenience and Cost

When compared with a home purchase, renting or buying a condo unit is much cheaper. In addition, residents do not need to worry about repair and maintenance costs and responsibilities. All of these are taken care of by the landlord or the owner of the property.

Amenities like swimming pools, gyms and recreation areas are also staple parts of condominium buildings. Unless a homeowner has the means to have these amenities built, he will not be able to enjoy them in a regular house. Furthermore, residents of condos need not worry about cleaning pools, updating gym equipment and maintaining the recreation areas. They can use them but they do not need to worry about them.

Most condominium buildings are also located in places near industrial or office buildings, supermarkets, shopping centers and other structures necessary for a modern, fast-paced living. Majority of developers build a bank owned condominium with professional people in mind, hence the nature of their locations.

Risk Involved

One major risk involved in living in a condo is foreclosure. If the property becomes foreclosed, tenants might get dragged into the battle between the bank that owns the property and the new owners. In most cases, foreclosed condominiums suffer from negligence and lack of maintenance, particularly when the legality of ownership is yet to be declared.

Also, some landlords will not let residents know what the situation is, preferring to continue to get payment from renters only for these residents to find out that ownership has changed hands and they need to vacate the place without enough notice.

Being a resident in a bank owned condominium has a lot of advantages. It is convenient and less costly than buying a house. However, the threat of foreclosure can make life very difficult for condo residents, especially when they are left in the dark as to who really owns the property.