The Messenger with old and new
Meetings, Security not reduced, Renting now and in the future discussed below. It is time for Unit Owners to face cold hard facts. In August, there is an Annual Meeting for Soho Central Condominium Corporation (SCCC). Unit Owners are members and need to attend! We need everyone there or your proxy for serious issue discussion and election.
Do not let the developer controlled board dictate your choice for proxy. Cross out any mention of the board or chair using your proxy if your choice misses the meeting. YES, you may change or write your own proxy form or letter. Read the By-laws and Master Deed. Take the time since these documents are not being taken seriously for Unit Owner concerns. The laws of the nation are also ignored.
I must also clearly state that the Soho Central Condominium Corporation (SCCC) is not a Homeowners Association. A Homeowners Association is a different entity under Philippine law. Such an entity has not been formed at Soho Central. There are several terms and entities being referred to incorrectly. As you speak, ask for others to make corrections and ask questions so that this and so much else gets clearer.
---
So the security force was replaced or was it? Yes, several personnel moved to the new company and number about 1/3 of the new guard. Clean slate we do not have. What we do have is the same number of guards. Same number some may ask after pointing to the expense of CCTV cameras being installed. Yes, same number. So where is the savings? What is happening with OUR MONEY in those secret and private board meetings?
Remember, what do we call words?
I want us all to recall past and current sales agents for the various condominium development companies in their many remarks talking about purchasing for the opportunity to rent. Time for the messenger to pop that bubble.
There is a glut. I have just read in the papers that the banks here will not interfere with the current loans. Yes, reminds me of the predicament of Europe, Japan and the US. China is just starting their dive. But why learn from the mistakes of others. Now for the bubble. But do not tell anyone. After all, let us all hope it does not happen and a miracle takes places.
Has everyone been reading the building memos? Oh, that's right those living abroad are treated as second class unit owners. Well do not be too concerned since those of us living here are 11/2 class unit owners since meetings take place with various decisions impacting us and we are not even allowed to witness. Now I have just been told of a meeting with brokers and some unit owners who rent.
This meeting as told to me was with the property manager who said that units must be at priced at 18,000 pesos month. Hmm. Who can enforce this? No one. And let me tell all unit owners a little secret, there are thousands of units coming online within the next few years. What will happen to rents? I guess what we were all told by the sales agents is true? Talaga? Or, will reality finally hit?
The sales gimmick may be shown for what it is.
Unit Owners, we all spent MILLIONS of pesos on our unit(s). Why is there not vocal and consistent outrage at the lack of unit owner control and the ignoring of hard cold facts?
I had posted what Armando Ang wrote in his book, "The Guide to Homeownership." Has anyone thought about his comments on renting & value not only of an individual unit but the building as a whole?
http://sohocentralcondominium.blogspot.com/2013/03/limit-rentals-or-investment-decline.html
Do not be afraid of the hard cold facts embrace them and let them teach you what you must do to maintain value if not increase it for your property.
UPDATE (07/06/13): So much happens and I get so many calls, texts and emails about the continual nonsense in the managing of the building sometimes I just do not know where to place comments or should I create a new post. But since I had written a small piece in this message on security here is another recent comment on this serious matter.
from a caretaker: "Hi, number of security was NOT REDUCED. Still 35 including 10 from former agency. If we could reduce due to CCTV installed, Association Dues can lessen too. On my email they said, 'why spend budget for installation of CCTV if security will still be 35 guards on duty. Money is just wasted and decisions were done without votes of Soho members.'"
Yes remember, the members, Unit Owners, who are supposed to be important factors in the Soho Central Condominium Corporation? Remember members, Unit Owners, who are refused witness to the Board meetings and now Residential Area Committee meetings comprised of Directors appointed not elected by members, Unit Owners. All meetings are secret and private. All Minutes & Resolutions of these entities have not been given to us for posting. Why? It has been many months when many requests and demands have been made. Letters were even composed and then 17 letters were submitted asking for information on issues once again.
We are laughed at with some of us called "foreigners" and some of us "FAGGOTS" by Directors on the Board. Xenophobes and homophobes sit on the Board and we cannot witness meetings. We have also been getting reports from this Residential Area Committee where signatures are written with no titles. Why no titles? These individuals were appointed by the unelected developer-controlled Board to be on the Board and then given appointment to this committee. Why no open meetings for Unit Owners to witness how our MONEY and building is being handled? What is taking place behind all the closed doors? Can it be as bad as what some have surmised and stated to me?
Here is another thing they may copy, open the meetings to Unit Owners answering not only the 17 letters but all other questions. Or, will this be another Bel-Air Soho with so much damaged and then subsequent legal complaints and investigating.
I must also clearly state that the Soho Central Condominium Corporation (SCCC) is not a Homeowners Association. A Homeowners Association is a different entity under Philippine law. Such an entity has not been formed at Soho Central. There are several terms and entities being referred to incorrectly. As you speak, ask for others to make corrections and ask questions so that this and so much else gets clearer.
---
So the security force was replaced or was it? Yes, several personnel moved to the new company and number about 1/3 of the new guard. Clean slate we do not have. What we do have is the same number of guards. Same number some may ask after pointing to the expense of CCTV cameras being installed. Yes, same number. So where is the savings? What is happening with OUR MONEY in those secret and private board meetings?
Remember, what do we call words?
I want us all to recall past and current sales agents for the various condominium development companies in their many remarks talking about purchasing for the opportunity to rent. Time for the messenger to pop that bubble.
There is a glut. I have just read in the papers that the banks here will not interfere with the current loans. Yes, reminds me of the predicament of Europe, Japan and the US. China is just starting their dive. But why learn from the mistakes of others. Now for the bubble. But do not tell anyone. After all, let us all hope it does not happen and a miracle takes places.
Has everyone been reading the building memos? Oh, that's right those living abroad are treated as second class unit owners. Well do not be too concerned since those of us living here are 11/2 class unit owners since meetings take place with various decisions impacting us and we are not even allowed to witness. Now I have just been told of a meeting with brokers and some unit owners who rent.
This meeting as told to me was with the property manager who said that units must be at priced at 18,000 pesos month. Hmm. Who can enforce this? No one. And let me tell all unit owners a little secret, there are thousands of units coming online within the next few years. What will happen to rents? I guess what we were all told by the sales agents is true? Talaga? Or, will reality finally hit?
The sales gimmick may be shown for what it is.
Unit Owners, we all spent MILLIONS of pesos on our unit(s). Why is there not vocal and consistent outrage at the lack of unit owner control and the ignoring of hard cold facts?
I had posted what Armando Ang wrote in his book, "The Guide to Homeownership." Has anyone thought about his comments on renting & value not only of an individual unit but the building as a whole?
http://sohocentralcondominium.blogspot.com/2013/03/limit-rentals-or-investment-decline.html
Do not be afraid of the hard cold facts embrace them and let them teach you what you must do to maintain value if not increase it for your property.
***
UPDATE (07/06/13): So much happens and I get so many calls, texts and emails about the continual nonsense in the managing of the building sometimes I just do not know where to place comments or should I create a new post. But since I had written a small piece in this message on security here is another recent comment on this serious matter.
from a caretaker: "Hi, number of security was NOT REDUCED. Still 35 including 10 from former agency. If we could reduce due to CCTV installed, Association Dues can lessen too. On my email they said, 'why spend budget for installation of CCTV if security will still be 35 guards on duty. Money is just wasted and decisions were done without votes of Soho members.'"
Yes remember, the members, Unit Owners, who are supposed to be important factors in the Soho Central Condominium Corporation? Remember members, Unit Owners, who are refused witness to the Board meetings and now Residential Area Committee meetings comprised of Directors appointed not elected by members, Unit Owners. All meetings are secret and private. All Minutes & Resolutions of these entities have not been given to us for posting. Why? It has been many months when many requests and demands have been made. Letters were even composed and then 17 letters were submitted asking for information on issues once again.
We are laughed at with some of us called "foreigners" and some of us "FAGGOTS" by Directors on the Board. Xenophobes and homophobes sit on the Board and we cannot witness meetings. We have also been getting reports from this Residential Area Committee where signatures are written with no titles. Why no titles? These individuals were appointed by the unelected developer-controlled Board to be on the Board and then given appointment to this committee. Why no open meetings for Unit Owners to witness how our MONEY and building is being handled? What is taking place behind all the closed doors? Can it be as bad as what some have surmised and stated to me?
Here is another thing they may copy, open the meetings to Unit Owners answering not only the 17 letters but all other questions. Or, will this be another Bel-Air Soho with so much damaged and then subsequent legal complaints and investigating.
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