Cebu Property Boom: Condos Running Out

[Thomas]

Yes theoretically all the owner signed a contract and a lien could be placed on the property (condo?) for failure to pay the fees. But with the state of the Philippine court system it is pretty much an empty threat and the people know it.

But how about writing in the contract, the condo is a collateral that AUTOMATIC is reposseded to the condo organisation, if owner id (3) fees behind?    Then the OWNER would have to go to court to get his condo BACK. I suppouse the owners would be more careful with paying their maintainanse fees then   :mocking:

[Jack Peterson]

But how about writing in the contract, the condo is a collateral that AUTOMATIC is reposseded to the condo organisation, if owner id (3) fees behind?    Then the OWNER would have to go to court to get his condo BACK. I suppouse the owners would be more careful with paying their maintainanse fees then

 

 

Thomas, there is normally, a clause. As these are Leasehold,  usually written, is a clause for just this. However, the Philippine Judicial system is as it is. It can take so very long, to get a Murderer into Court, as we have seen here, what chance does a Management Committee, who are forever changing have, in this instance? The Developers, have long gone and thus, leave it up to a Management committee, to run their own affairs. "Blood out of a stone" comes to mind here. It would be far better, if the owner or the owners agents, were to write into a rental agreement, the amount on top of the monthly rental, to be paid to the condo management. It probably is but.... We know, where we are. :unsure:

 

 

JP :tiphat:  

[Dave Hounddriver]

I also am waiting for the bubble to burst

 

Since condos were first introduced in Phlippines they have gone up in value.  Through the 2008 world crisis they went up in value.  There are a lot who are waiting for the bubble to burst but I don't believe it will unless and until foreigners are able to own land legitimately.  I don't mean the condos will rise in price with no added value.  I suspect they will continue to rise in price relative to the cost of the land, materials, and labor to build them.  Law of profitability says if they cannot sell them at a profit then the builders will stop building them.

 

Just my opinion.

[Jack Peterson]

 Law of profitability says if they cannot sell them at a profit then the builders will stop building them.

 

 

 

This is what I was saying, it is the ones left, that they can not sell, that will be the problem, then you may well, as in other countries, get the Government to intervene and house undesirables in them.Then, what is your Condo worth, when trying to sell it?

 

It is a strange old world.

 

:tiphat:

[Call me bubba]

dont wont to sound morbid,

I cant wait til a( aka1990 )earthquake strikes to see "HOW WELL BUILT these units are"

then we will see the "true value" in owning a Condo/high rise 

[Dave Hounddriver]

dont wont to sound morbid,

I cant wait til a( aka1990 )earthquake strikes to see "HOW WELL BUILT these units are"

then we will see the "true value" in owning a Condo/high rise 

I was in Cebu in early Oct, 2013 when the largest earthquake of my life hit.  The condos did well.  It was about a 7.2 if  recall.  

Google Images: cebu earthquake 2013 if you want to see how bad it was.  All the doom and gloomers were wrong about the condos.