Another Fantasy article on condos

Another Fantasy article on condos

Why Rentals In The Philippines Make Attractive Investments (?) - http://www.imoney.ph/articles/why-rentals-in-the-philippines-make-attractive-investments/?utm_source=taboola&utm_medium=paid-content

If you want to know about the real facts behind the condominium boom in the Philippines and the many stories that give just the tip of the sad iceberg, then contact those with condo units and they will tell the vast problems. High demand for condos not now since there is a glut and current unit owners are on the losing side. There is not a high occupancy rate as many buildings have large percentages of vacant units waiting for a price to cover the costs to the unit owners who have been duped. Prices may be affordable for the property but what is to be gained? Not much unless as one friend who buys only at fire sale prices would tell you. He says he must buy at that level or he could not stay in business. Run those numbers on not just the price to buy with all associated expenses but the "association dues" and all other charges many condominium buildings now feel with many if not most with Boards that are not elected and with Master Deeds and By-Laws that are unfriendly to Unit Owners at best.

I have not told a friend who is a broker/caretaker for many units in Metro Manila about the section "High rental yield" but I can hear her laughing now. The section "Growth potential as more tourists opt for budget, or cultural accommodations" has one key word to focus on and that is "potential." Ask where and ask for proof. As for the "Cons" in the article, where is this recovery? The glut is here and there is no recovery. There are several articles in this blog about the industry and there was one series that should make those considering fear until all their questions are answered. http://www.sohocentralcondominium.blogspot.com/ - See Sept. 2014 "Is the real estate bubble about to burst?" and the Special Reports. 

There were so many lies in advertising, the housing department Board had to reinforce Presidential Decree 957 with HLURB Board Resolution 921 and now there are calls to end that since the truth does lower sales. Yes, the almighty truth.