Kiener Hills Condo - End Times? (SDR Apartments)

[LastManStanding 70]

I believe I saw this run down condo on my way to the airport a few months back and I thought it was abandoned.

 

Then I saw this

http://kienerhills.com/kiener-cebu-apartments/photos/

 

Then I saw this

http://www.foreclosurephilippines.com/database/page/3/?s=lapu

 

3 pages of foreclosed units mostly for this condo.

 

 

The problem I see with buying a condo now in the Philippines is that what happens with all these people who buy for investment decide to throw in the tool and those who bought their units outright have to pay all the condo expenses.  Its a death spiral.

[JasonEcos 263]

On my first trip here yrs ago I stayed at SDR Apartments and I remember running into a guy in the lobby a few times and each time I saw him he was talking about how I should buy an apartment/condo there "Man I bought this condo a few years ago and its doubled in value already! You should do like I did an buy a few." I'm looking around at all the vacant rooms where construction was at a halt (I assume because lack of buyers) thinking "well its definitely not demand thats making the price increase...."

 

Out of our entire floor the only 2 rooms occupied where mine, and the property managers.

[Brucewayne 3,803]

And it gets worse.

I have a friend who bought into a condo 10 years ago and he is still the only tennant.

The guard is there, but most of the floor tiles have broken over the years with no replacement and all of the hall lights are burned out except for the one above my pal's door and only because he changes it himself.

He paid a million for it when he bought it and says it will probably just sit abandoned long after he dies.

[spooks 1,729]

And it gets worse.

I have a friend who bought into a condo 10 years ago and he is still the only tennant.

The guard is there, but most of the floor tiles have broken over the years with no replacement and all of the hall lights are burned out except for the one above my pal's door and only because he changes it himself.

He paid a million for it when he bought it and says it will probably just sit abandoned long after he dies.

where is this wonderful investment

[roadhaze 170]

And to think the the only upkeep is a lightbulb in the hallway.

[Skywalker 19,177]

I live in a rented unit on the top floor of Ramos Tower.

 

There are 17 units.

 

I am the only tenant on my floor.

[Brucewayne 3,803]

And to think the the only upkeep is a lightbulb in the hallway.

No, he still has to pay his monthly maintainance fee.

 

I live in a rented unit on the top floor of Ramos Tower.

 

There are 17 units.

 

I am the only tenant on my floor.

 

Aren't they the same people who advertise "Only a few units remaining"?

[Skywalker 19,177]

"Only a few units remaining"?

 

Yes, and the truth is pretty much every one of the 499 units here are sold.

 

The problem is the owners think that these units have a rental value in excess of 20,000 a month (plus condo dues).

 

And that is why the building is almost empty, despite the great location.

 

One of the main indicators of a bubble in my view.

Edited August 11, 2013 by Skywalker

[Paul 55,114]

Well, look at it this way. If you live in a condo building where there are no / few other tenants, you don't have to worry about neighbors being too noisy, etc.

[no one 112]

Well, look at it this way. If you live in a condo building where there are no / few other tenants, you don't have to worry about neighbors being too noisy, etc.

or rent out the units your self for less and make money

[SomeRandomGuy 6,596]

 

or rent out the units your self for less and make money

 

Ha Ha Ha . We all know that is not how the locals think.

If you do not have enough customers in your bar instead of reducing prices to attract more people they will actually increase prices to increase revenue.

 

I was in the market for renting many times in Cebu and every year the same units that were over priced were still the same ones that were empty and over priced the next year.

[no one 112]

Ha Ha Ha . We all know that is not how the locals think.

If you do not have enough customers in your bar instead of reducing prices to attract more people they will actually increase prices to increase revenue.

 

I was in the market for renting many times in Cebu and every year the same units that were over priced were still the same ones that were empty and over priced the next year.

i was talking about renting it out with out asking any one 

squading condo style 

shit half the ph is squading 

or start huge parties there if you have the entire floor for your self who would know 

party like a rock star just charge cover charge

 

off topic 

If you do not have enough customers in your bar instead of reducing prices to attract more people they will actually increase prices to increase revenue.

 

there is a reason for that here and i now know why and it works as well 

well not every where but in some places

Edited August 11, 2013 by no one

[USMC-Retired 10,995]

When I moved to Toledo Fanboat and I looked at many places. There was one that was nice they wanted 15,000 a month. I offered 12500 and they said no. 18 months later still unrented another person checked it. Now they want 18,000 a month. This logic kills me. Failing to rent to me was just lost income and I bet its still empty.

[pinipig 9]

i was talking about renting it out with out asking any one 

squading condo style 

shit half the ph is squading 

or start huge parties there if you have the entire floor for your self who would know 

party like a rock star just charge cover charge

 

how will you do this ?  

 

break in ? 

 

what are you talking about ?

 

 

 

 

off topic 

If you do not have enough customers in your bar instead of reducing prices

to attract more people they will actually increase prices to increase revenue.

 

 

why is this     ' off topic '   ? ? ? 

 

its the same like  asking too much rent for a property   ......  the same nonsense you can find here daily

 

 

there is a reason for that here and i now know why and it works as well 

well not every where but in some places

 

tell us please !   what's the reason for it  ?   and where does it work  ?

[Davaoeno 37,503]

When I moved to Toledo Fanboat and I looked at many places. There was one that was nice they wanted 15,000 a month. I offered 12500 and they said no. 18 months later still unrented another person checked it. Now they want 18,000 a month. This logic kills me. Failing to rent to me was just lost income and I bet its still empty.

 

see !!! they were right !!  You wanted the rent to go down but by standing their ground they now have a place that is available for rent for 18,000  !!  All you foreigners think you are so smart but you dont need to be a Keynesian economist to see that 18000 is better than 12,500 !!!