Plan, plan and plan some more

QUESTION: Is Stonewall Central a better name for the property?
UPDATE (click): 2012 Audited Financial Statements
UPDATE (click): 2013 Annual Meeting packet
UPDATE (click): 2013 Special Meeting packet

AUDITED FINANCIAL STATEMENTS ANALYSIS 2009-2012 (click): A CPA analysis of SOHO Central Condominium Corporation's Audited Financial Statements

The Fantasy Vision

Does everyone remember this among the wonderful ads and brochures and how about the salespeople and what they told us. I hear such fantasies continue. So after watching and remembering, cry and then laugh at the truth that is being exposed.









And, if the above is not enough and you need elevated blood pressure, here is the project's brochure.

Many posts are still issues and need to be read once again. At this main hub of postings watch for new posts and updates. Please get involved by spreading the word as to the issues here. We must document all that is taking place. Many documents need retrieval and assistance is needed in getting them scanned and posted.

Monday, April 29, 2013

The Condo Games

The Condo Games


Yes, a name inspired by a recent film.  What is the game here?  I have developed a theory based upon the actions taken as a whole prior to and the subsequent buying of a condo with the final and long-lasting experience of developer control.

Condo units in the Philippines for most projects and perhaps all are de facto trusts and not true ownership.  The projects once turned over become condominium corporations with developer controlled Boards slowly grooming selected Unit Owners for appointment prior to elections.

The Games continue during this long period of several years with the corporations treated as cash cows for milking.  When the milking ends a building may be in such disrepair and deficient in its construction that years and much money are needed for refurbishing if possible.

The endpoint is for the building to be completely renovated or sold.  The closer one comes to this event sees values dropping with Unit Owners losing and not gaining on their investments.  This financial evaluation was done in a previous post.

So who wins in the end?  Developers once again lay claim to the prize of property to be redeveloped and sold for the process to begin anew.

Welcome to a new world.

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