Is this a GOOD Deal

[NightRock]

Guy I need a Feed Back from financial Expert or even Bankers Its a Condo Unit in Central Park Condominium 1 Pasay City very closed to Makati Area. Unit is ONE bedroom 31.5 sqm

Taken from Deed of sales..


1. That in the transfer of the aforesaid unit to the herein VENDEE it is understood that such transfer is and shall be subject to the conditions, restrictions and provisions of the following:

a) A sum of the equivalent in dollars of two hundred thousand pesos (PHP200,000.00) is paid to the VENDOR on September 2004.

b) 20 payments of the equivalent in dollars of fifty thousand pesos (PHP50,000.00), is paid to the VENDOR, commencing on the signing of this contract and equal amounts of fifty thousand pesos to be paid per month thereafter.

c) Exchange rate to be used will be based on the website http://www.oanda.com/convert/classic on the 30th of every month

d) Upon reception of the 20th payment and if all conditions stated under articles below have been properly fulfilled, the title of the unit will be transferred to the vendee

2. That the VENDEE will commence to utilize the unit on June 2004 and will give to the VENDOR the first payment of the equivalent in dollars of fifty thousand pesos (PHP50,000.00). If for some reason, the VENDEE wishes to terminate the contract or doesn’t wish to continue paying the agreed fifty thousand pesos per month thereafter, the first payment in June is considered as rental payment

3. That the VENDEE has agreed to issue a guarantee (we still have not discussed about the guarantee) to cover for damages, in case the unit or the furniture therein are not in the same condition as they were at the time the VENDEE has started to use the unit. This guarantee will be given back to the VENDEE as soon as the second payment of fifty thousand pesos is received a month after the first occupancy of the unit.

4. That the VENDEE hereby agrees and binds himself to pay for the following beside the purchase price as aforestated:

a) Real Estate Taxes for the year starting from the year 2005 during which the VENDEE has occupied, either constructively or actually or from the date of transfer of the unit.

b) Documentary stamp taxes, and notarial expenses, documentary stamp, registration, and transfer expenses, shall be for the account of the VENDEE, for the transfer and registration of the unit

c) VENDEE will be responsible in paying all charges and bills relating to the occupancy of the unit (i.e., electricity, water, cable, condominium dues) after the unit has been turned over to him

d) Any delayed settlement payment will bear a penalty interest of 3% per month of delay, such interest should be paid together with the delayed settlement. The delay of the payment of a given settlement does not in any case delay the payment schedule of the remaining settlements.

e) Nothing follows.


5. That the unit is sold furnished with the following fixtures :

a) Wood Parquet in the entire unit (except bathroom which is tiled)

b) Kitchen and Bedroom Cabinets affixed to the wall

c) Air conditioner

d) Dining and Living Room Sets, including paintings and accessories affixed to the wall

e) Computer Table and Chair

f) Appliances, as is condition :

i. Refrigerator
ii. Television Set
iii. VHS Player
iv. Audio Equipment
v. Equalizer and Speakers
vi. Electric Stove
vii. Washing Machine

g) Others

i. Kitchen - dishes, cups, pans and cutlery
ii. 2 Electric Fans
iii. Mirror Stand
iv. Single bed
v. Book Cabinet with glass windows

6. That the VENDEE agrees to comply strictly with all the provisions of the Master Deed with declaration of Restrictions, the existence of which hereby acknowledge and that, he has read the same and acknowledgeably understood its contents

[yebo]

mahal. for 31.5 sqm 1.2 million pesos is too much. 31.5 sqm is just about as big as a 2 car garage! even if it's furnished those are all used furniture and appliances, probably worth less than 50% of their purchase price now.

search www.buyandsellph.com and you will find a condo or even a townhouse unit in that area at a lower price.

[NightRock]

thanks YEBO... that's a good feed back

[qman]

bro try mo rin mag surf sa mga properties for sale ng mga banko sa pinas me mga website naman sila at naka post doon ang mga properties sometimes me pics pa.

[NightRock]

thanks QatarMan hehehe... kala ko good deal na yon pwede ko daw kasi deffered ang down payment meaning pwede na wala parang rent to own nalang

[qman]

nag inquire din ako online sa asiatrust bank me nagustuhan akong property somewhere in QC maganda kasi ang offer 30% DP tapos 8% fixed for 10 yrs

nagpa quote ako sa 3-4 yrs tapos tanong ko kung hanggang kelan pede bayaran ang 30% DP. wala pang feedback.


OT: matagal ko ng pina iksi handle ko binuo mo uli hehehe Qman na lang ngayon:D

[NightRock]

qman

Medyo mabigat kasi pag may interest pa ..sa tao kasi yung property ang alam ko mahal pag mga brand new na Unit..

Kalimitan kasi sa mga Condo na may ganyang terms hindi pa ready ang unit you have to wait kung kelan matapos. but good thing is brand new talaga sya

[theveed]

ano ba hanap mo? condo? what location and how big?

dami ko kasi nakita last month when I was checking out prices... although wala akong alam sa prices sa south/makati... but on average sa qc/san juan/pasig area, new condos rate at around 1M per bedroom... roughly. Kasi mga 2 bedroom nasa 2.+ lagi, 3BR mga 3M na..

madami kung madami... downside ng condo, syempre babayaran mo pa parking space, usually mga 300K din yun... tapos may montly ka pa sa maintainance/admin fee.. usually nasa 1500-2K din yun.

[NightRock]

theveed

Condo nga yung tipo na parang rent to own.. mas ok kung walang down payment.. at fully furnised

[dazedchiq]

NO!!!!!!!!!!!!!! please trust me on this one...... please please please...... my friend lives there and the management sucks!!!!! parati sira mga elevator.. daming vandalism pa... the last time i went there (the other week lang), walang ilaw ung building (except for the units) kasi naputulan ng ilaw ung building mismo.. tpos wala din water at the same time.. naputulan din. they always change the people there din.. kasi reklamo daw lalo na ng mga security guards is that nde sila nabibigyan ng sweldo for months... tpos dinedemanda din ng unit owners ung developer ng condo because of a lot of reasons..... anyway, may electricity and water na daw.. pero madalas mangyari un, e

[sauman]

well kung fully furnished na at wala nang ipagagawa pa kaya't pwede na kaagad tirhan 1.2M I think is quite fair enough malapit din kasi ito sa makati area. I also live in a condo unit (EGI HOMES) at itong unit ko ay 33.5 square m. ang halaga nito nung nabili ay 700K lang way back in 99. at bare na bare lang ito ni walang mga division, cabinet at flooring at my wife and I had to shelve out around 150K more para sa construction

[NightRock]

dazedchiq

Mukhang tama ka heres what I got in Google

Post Penitence at Central Park Condominium • (1120 bytes)
Posted: 5/4/2004 • 12:18 GMT+8


By:
Inahissa
registered: 5/4/2004
member
Philippines
For almost 1 month now, majority of the owners and tenants at Central PArk Condominium 1 & 2 located at D. Jorge Street, Pasay City, are suffering due to no supply of water and electricity on common areas. We are renting 1 unit at the 18th floor and there is no elevator facilities to go up and down. According to the buidling administration, they have so many unpaid bills especially MEralco and Maynilad that's why electricity and water supplies were cut. My family and I cannot stay any longer for this "post penitence". My dillemma is, I have a one (1) year contract with the Lessor. Can I pre-terminate the contract on the grounds that the unit is no longer conducive for living because there's no water and elevator services? Can I still get my two (2) months deposit without forfeiture due to pre-termination? I had issued post-dated checks which I would like to close it but I know there's a law for that. Another problem is, I cannot reach the broker and the unit owner, they are no where to be found. I cannot vacate the place without their clearance. Please give me a sound advice. Thanks a lot. 0918-9296919


sauman

Mas Ok yata dyan sa EGI homes wala pa rin ako complain na rinig dyan... Pero mahirap talaga maka kuha ng Fully Furnished na..

[sauman]

potek kung na-confirm mo na ganyan nga ang service diyan sa Central Park e tingin tingin ka muna sa iba, dito sa bandang Horseshoe Drive sa QC may mga nakikita akong mga condo at townhouse nga lang mukhang pricey though

[NightRock]

Mukhang marami na nga umalis dyan sa Condo na yan.. kahit yung mga nag re rent lang nag ka problema pa.. Ok na sana yung unit kaso yung management ng Condo ang problema.. sayang

[theveed]

Mahal sa Horseshoe/Mariposa area but super nice mga townhouses sa Mariposa.

NightRock: Yung mga catch nila na rent to own medyong dubious... usually sabay sa ad nakalagay no down, but one doesn't go with the other... tipong pwedeng no down, pero di rent to own, kung rent to own may down.

mga sample computations nila usually is 50% down, yung 30% nun pwede istagger to 3 months without interest, once bayad mo na yun 30% na yun, move in ka na, but the remaining 20% na down, huhulugan mo monthly (depende sa usapan kung may interest or not). Tapos yung remaining 50% na balanse, panibagong financing yun through bank/inhouse/cash/ etc...

Usually 10-30% ang down in order for you to move in.

Assuming walang interest, yung first 50% ganito lalabas.

Kung 1M yung contract price, 50% down will be 500K

Down ka 30% of that 50% so 300K ang initial down mo, payable in 90 days without interest. Meaning, 100K/month for 3 months.

Then yung balanse na 200K sa initial 50% na down can be paid in 12-24 months. Assuming 12 months, your monthly amortization will be 16666.66/mo (no interest) for 12 months.

Pag tapos mo na yun, panibagong financing agreement for the 500K balance.

Nakakaloko mga ads nila.

[NightRock]

theveed

ang Lupit naman non.. laki ng kita nila kaya ang hirap pag nadaan pa sa mga Broker.. mas Ok talaga kung sa mismong owner ang ka deal..

[FrankDrebin]

Guys, any info sa Condo (Citiland yata?) near LaSalle Taft?

[the_wildthing]

Buyandsellph has adds for Kingswood rent-to-own. Haven't checked the place out though. Wala naman akong pambili. Hehehe.

Ok sa kanya are the shops/stores within the vicinity, plus church, YMCA, etc.

[bardigones]

ganyan kasi talaga ang price ng mga condo within Makati...

i suggest you look into this condo: the one at Fort Bonifacio tapat ng HatchAsia (Bonifacio Technology Center - yung yellow building na maliit)

pareho lang ng price, pero jackpot ka kasi The Fort ang area. eto yung condo na malapit nang matapos and direct sell siya sa market, wala na daw brokers.... i think it's worth looking into.

[dazedchiq]

btw... their parking space is really bad nga pala..... nde pwede mga kotse nyo dun. haha