Soho Central Condominium

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.

Wednesday, December 18, 2013

Elevator Demolition Step - Should an SOS go out now?

Elevator Demolition Step

Should an SOS go out now?

These are photos of the 21st floor elevator demolition. Believe it or not this may be one of the better destructions since large chunks were missing as on the 35th floor and another seen. Yes, the spaces to the side may be large enough for small children to put their heads into for viewing the elevator shafts. Where is the mismanaging of the building? Unit Owners had better take pictures and call your legal representatives. These elevators from what I am seeing are not going to look very nice. Values up or down?

Click for a link to photo folder.

Contact HLURB

Of course this is just one of many actions all Unit Owners in all defective properties should pursue, but send emails to HLUB about all the problems and issues. Be 100% truthful about everything. Plead for help and assistance. http://hlurb.gov.ph/

WARNING: Buyers of units to rent beware

See Gramercy rental ad from Manila Bulletin this past Sunday, December 15, 2013. Yes, the market in rentals is in decline as far as return on investment. See the left column 13th ad down. "2BD Furn GRAMERCY Makati P25K+DUES..." Now how much did the condo unit cost? I know all the advertising from many developers talk about price and many sales reps and others talked about speculation and renting. It is time to think.

Click here for a .pdf of the above image.

(Use browsers other than IE if not working to view.)

Once again...

I was told that approx. 700 units are for rent and less than half of these are currently rented at Gramercy. Is this true? If there are 1,400 units then that is 50%.

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.”…

Tuesday, December 17, 2013

Petition at change.org

"CENTURY PROPERTIES - Developers and property managers of Gramercy, Knightsbridge Residences, Acqua Private Residences, etc.: Address our concerns on questionable miscellaneous fees, high association dues, internet subscription, quality of materials, etc."

http://www.change.org/petitions/century-properties-developers-and-property-managers-of-gramercy-knightsbridge-residences-acqua-private-residences-etc-address-our-concerns-on-questionable-miscellaneous-fees-high-association-dues-internet-subscription-quality-of-materials-etc

Now just imagine based upon our building and what some may know of other turned over buildings new Unit Owners may expect for their futures.

HLURB Forums

Please consider posting to the forums at this site and let them know the issues.

http://hlurb.gov.ph/forum/index.php

Elevator Repair Disaster from Century Properties at Soho Central

I thought you would like to see the partial work being performed on the elevators which one unit owner heard were installed in a rush from a company working on the elevators to finally have them completely installed and inspected. The sign says rehabilitation but they have never been fully installed meaning functioning and inspected as would be expected for a new building turned over in 2009. Century Properties does stand for 100 years to get anything accomplished.

The work as seen in the photos at the folder linked to below involved adjusting the steel frame. A long-term renter we know also heard the newest company involved telling someone that the wiring for the lights was installed incorrectly. I guess the remark of a Director on the Board saying yes to a question about riding the elevators at our own risk is true.

https://drive.google.com/folderview?id=0B0Sq5pyrVRznZVNpSm80SFZpRms&usp=sharing

The photos are numbered and go from the one being fixed to one next to it. You will see the rotten job being done. Spackle is being used to fill in missing moulding along the floor and to fill in adjoining boards framing the elevator entrance in horrible manner. The light fixture is now ruined when it should have been removed prior to the work. It appears that it will remain in place looking like crap. The tile which was cracked apart next to the doors has been replaced with tile that does not match. And yes, this is just the first elevator shaft and just one floor. The Unit Owners are getting the shaft in so many ways.

The noise of work is all day long and now seems to be seven days a week. Those who work at night and sleep during the day are screwed. I would expect renters to leave. We think we saw and heard one do just that stating they were "evacuating." Given the work and quality the values have decreased but by how much we do not know.

This problem should have been dealt with before turnover and I am of the opinion several parties are at fault. Disgusting what must be endured. How many months or years to get the elevators finally installed looking as they should? Where are all those currently in positions of managing? What is going on here?

The photos from the 35th floor are at the link above but here are a few to view.

Rehabilitate to what? Garbage?

Illegal Appointed Board members?

http://sc.judiciary.gov.ph/jurisprudence/2009/september2009/151969.htm

http://www.philippinelegalguide.com/2011/06/corporate-law-case-digest-valle-verde_1734.html...

It would appear that all Directors appointed by holdover Directors are illegal. I asked someone to please confirm that these links are appropriate and if I am reading this correctly. If so, then possibly five of the Directors on our Board are there illegally.

I had asked what if the Board cannot reach quorum what would happen with elections. I was told that the HLURB may intervene and allow a non-quorum body of Unit Owners at an annual meeting or special meeting to elect. Further, let me suggest that if the entire Board leaves or is left with one legal member then as I was told the corporation goes into receivership especially when the entire board leaves. Then HLURB steps in appoints an interim Board until an election is held.

Opinions?