We are Unit Owners at Soho Central Condominium Corporation's building, a project of Century Properties Inc. from a joint venture of Meridien Development and Greenfield Development. This blog will teach and consolidate information regarding our building. Please submit comments; and if anyone would like to meet for tea/coffee to discuss the building, please send us an email. Unit Owners have been unable to witness decisions being made with our money at private board meetings.
Plan, plan and plan some more
QUESTION: Is Stonewall Central a better name for the property?
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.
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
Here is a photo of a box thrown on to a balcony. How many have garbage, cigarette butts and as seen on this blog the loads of garbage on the large balconies of the 4th floor Mayflower Tower? Recently, we had two loads of water dumped on our extended balcony with only three units above as possible sources. What did the management and security do? They could not discover the culprits?
MRT Strategy for Soho Central Condominium Elevator Travel
Depending upon which way one is going and whether at the upper or lower floors with the middle getting shafted the most, statistically speaking, the MRT Strategy needs to be employed for the elevators.
Due to the elevators being packed and waiting for another, think MRT at Ayala when going north at rush hours. It may be necessary to go south and then return going north due to the stream of packed cars. So when planning your day around the elevators think strategy to get to the lobby or the reverse to upper floors.
We would like to hear from all Unit Owners (voting Members) and renters. Yes, renters please tell us what your experiences are and your feelings on renting at Soho Central Condominium in Mandaluyong.
It is assumed that a management contract was established in 2009. Since documents and records of the condominium corporation are not always available, it is unknown what the date of the contract was so January 1, 2015 will be the date to watch. Unless a new management contract is established according to the Philippine corporate code, is it to be assumed that no contract will exist and Soho Central will be without a management operating under contract? See previous message - http://sohocentralcondominium.blogspot.com/2014/10/a-vote-for-management-contract-and.html
For all the Unit Owners who are legal Members of the condominium corporation whether you purchased pre-built, prior to turnover or after turnover, I know there are other problems with Soho Central Condominium that need serious attention but the elevators are an acute situation that are getting worse. What was experienced in the lobby after the 30-minute journey to get on an elevator eventually heading down prior to our return at 3PM? The current situation of only three elevators in operation. Well, sort of, anyway. Number 1 is out of service, Number 2 is operating as usual whatever that means, Number 3 is out of service, Number 4 only operates manually so not known who is on an upper floor waiting, Number 5 has a light with 41 meaning its new home until the mess is fixed, and Number 6 is the service elevator with unknown stops and down buttons that do not work from our experience. Disaster. So many complaints, so many complaints with the city, so much writing about the elevators and what has been done to give the Unit Owners as Members of the Soho Central Condominium Corporation the elevators expected? Repairs, repairs and more repairs. And, still no six (6) elevators fully functioning in a safe manner with full and complete government inspection with all proper certificates. Oh, do not forget the repair needed to the entrances that were demolished. Again, a plea for HELP!!! Oh, why would anyone rent here? Please let us know. Were you told of the problems?
IS THERE A GOVERNMENT AGENCY OUT THERE THAT HAS THE EXPERTISE TO FULLY INSPECT AND GIVE A FULL & COMPLETE EXPLANATION AS TO WHAT IS GOING ON WITH THE ELEVATORS?
HELLO, WE NEED HELP!
Some have asked about my posting and why none lately. Well, I had other things to do and I could all day, every day write about the deteriorating conditions at Soho Central Condominium. It is not just the elevators as far as their safety, maintenance and awful work done on repairing the entrances once some work had been done on two requiring the demolition of entrances on all floors, there are many other issues that just go on forever.
Yes, I have now had hundreds of conversations about this building and hundreds about other buildings and the endless problems. What is going on and why were and are ads made that do not reflect reality? Read this blog and other websites and you begin to understand the serious situation we have all suffered under.
Now, I was told why Elevator 1 was put out of service. How many in this building have been stuck in the elevators? How many have been in the elevators when they have dropped not just one floor but many? How many have been in the elevators when the door opened and the floors inside and out did not match? How many have experienced other problems with the elevators?
In 2009, the building was turned over to Unit Owners who are then Members of the Soho Central Condominium Corporation. What did this mean? What do the By-Laws and Master Deed mean? What does the Condominium Act and Presidential Decree 957 and Valle Verde vs Africa mean? Are they all just pieces of paper? Hello, does anyone have an answer? Has anyone read these documents, fully understand what they mean and follow them?
