Rental Units at Soho Central Condominium

Rental Units at Soho Central Condominium

I have asked and spoken to the situation that Unit Owners find themselves when renting their unit(s) here at Soho Central Condominium in Mandaluyong.  Since turnover in 2009 there have been numerous problems which at this point seem insurmountable.  How do you as Unit Owners feel about the deteriorating conditions?  What have you done to protect your investment?  What are your plans in the future?

Have you read the book by Armando Ang on real estate with warnings about the percentage of units rented in a condominium building and the percentage of those actually rented and how that impacts the value?  There are other warnings but this is a bottom line challenge by the author of "Guide to Homeownership."

BEWARE OF RENTALS: Investment decline
From Guide to Homeownership – Condominiums and Townhouses (chapter) by Armando Ang
Owners, be careful since your investment and for many your home may decline in value due to too many with plans to rent....
Page 372: “Condominiums with too many empty units for rent or for sale or rented out do not appreciate in value very much. It is axiomatic for lenders not finance mortgages for complexes with higher number of rental units. In fact, when a complex drops to less than 60 or 70 percent owner occupancy, lenders believe the values in the complex may start to decline. ”…
Page 373: “ A high ratio (renter) is a sign that the cost of the unit may not be worth the asking price. Rental revenue is very miniscule compared to the invested cost of the condo.”...
Page 373: “The ratio of tenant to owner should not be more than 25 percent.”…

We have no idea how many units are occupied by Unit Owners full time or part time and no idea how many are rented and how many are vacant being occupied one or a few times a year if that.  

The elevators and other serious issues and problems have caused renters to leave and others to say no interest.  What can be done to fix this building?

For Unit Owners renting and those not renting, your unit values would be of prime importance.  When will all Unit Owners attend the Annual or Special Meetings?  If you cannot attend appoint a proxy to vote in your place.  I have heard that some proxies were given a hard time or not allowed to vote.  If this is the case, let us know the details so this never happens again.  We need your attendance for quorum and for a vote that would hopefully be or nearly reach 100%.

There are notices on the requirement that a Unit Owner not be delinquent to vote.  This may be true for many issues before such meetings but one issue may be exempt such as voting for a management contract.  The Philippine Corporate Code says a majority of members with no restrictions as far as being delinquent for approving a management contract - http://sohocentralcondominium.blogspot.com/2014/10/a-vote-for-management-contract-and.html 

Is Soho Central a condotel?  Websites with rent / sale ads:

http://www.olx.ph/index.php/classifieds+directory/q/soho+central+condo+for+rent

http://www.olx.ph/index.php/classifieds+directory/q/soho+central+mandaluyong

http://homes.mitula.ph/homes/for-rent-condo-soho-central-mandaluyong

http://www.islandsproperties.com/properties/condos-townhs/mm-mak-cd-842/

http://homes.trovit.ph/for-rent-soho-central

http://www.locanto.ph/geo/6869/Short-Term-Rentals/306/Mandaluyong/

http://www.cashflowrealty.net/2010/10/soho-central-mandaluyong-2-bedroom-unit-for-sale-or-rent/

http://www.cashflowrealty.net/2010/10/soho-central-mandaluyong-studio-unit/

http://rentpad.com.ph/short-term-rentals/mandaluyong

https://2908sohoprivateresidences.wordpress.com/

http://manila.craigslist.com.ph/vac/4678274253.html

http://www.tripadvisor.com.au/VacationRentalReview-g298453-d6696197-1_BR_apartment_for_rent_Ortigas_Mandaluyong_area-Pasig_Metro_Manila_Luzon.html

http://www.tripadvisor.com/VacationRentalReview-g298453-d6696197-1_BR_apartment_for_rent_Ortigas_Mandaluyong_area-Pasig_Metro_Manila_Luzon.html

http://vigorretravelerlease.com/2014/10/08/condo-for-rent-in-manila-ortigas-soho-central-studioms35/

http://www.vacationhomerentals.com/vacation-rentals/Mandaluyong-City-Philippines-vacation-rental-condo-proID-78367.html

http://www.condo.com.ph/soho-central-condominium-ad6319.html

and on and on ... https://www.google.com/?gws_rd=ssl#q=rent+soho+central+mandaluyong+ortigas