Best and Worst Real Estate Developers

[jandeaux]

One Serendra Section A 6th Flr 3 Bedrooms 171 square meters maid's room w/ balcony & 2 parking slots. Facing pool area. 22M

Two Serendra Section A 8th Flr 1 Bedroom 52 square meters w/ balcony & parking slot. Facing Bonifacio High Street. 6.8M

+639052522571
+639234172449

[shoe_addict]

Hindi ok ang Forbeswood Heights Condominium ng Megaworld sa The Fort. Overcharged kami sa association dues! Wala pa sa amin ang susi ng unit eh may umandar nang metro ng dues!

Im so agree with you! We have our key na but we payed over 40k na dahil nag start na pala yung monthly dues kahit di pa na turn over ang unti sa owner..

Wala din kwenta ang system nila sa guarding, madali makakapasok ang ibang tao since its not guarded sa elevator on basement

ang dami nila charges before namin na realease ang unit, we have no choice but to pay for it haaay

[AltarBoy^_^]

nagtataka din ako sa property ko sa brittany corp. wala pang bahay lote pa lang yong nabili ko pero may binabayaran na akong homeowners fee every month. ganun ba talaga dyan sa pinas?

One thing I know is that It's a way for Megaworld, Ayala, and other Real Estate companies to suck you away from your lifesavings by the mere sign of an acceptance receipt. It's like giving them the authority to look after your property even if you haven't used it.

[bunny329]

hi..... after reading some of the negative feedbacks.... im beginning to think if it was a wise decision that we had avail a unit @ Eastwood.

Its a nice place but after my uncle's disappointment with his unit @ The Columns, esp. it being an Ayala Development, im beginning to think twice..... hmmm....

[shoe_addict]

hi what happens to your uncles unti in the coloumns ?

[Smile100]

Im so agree with you! We have our key na but we payed over 40k na dahil nag start na pala yung monthly dues kahit di pa na turn over ang unti sa owner..

Wala din kwenta ang system nila sa guarding, madali makakapasok ang ibang tao since its not guarded sa elevator on basement

ang dami nila charges before namin na realease ang unit, we have no choice but to pay for it haaay

This is how someone explained it to me why we investors have to pay monthly dues even before we have our keys...

Regardless if how many people have the turnover, the building has still needs to operate...
The common areas have to be lit, AC and elevators have to be turned on, the condo staff has to be in place, the common area have to be maintained...

Now if everybody turns over later how will the condo be maintained in the earlier stages. What happens if some investors purposely delays their turnover, Would the people who got their keys shoulder the additional monthly dues that the other investor haven't paid?

Some developers don't charge dues until building occupied to a certain percent but they already accounted for this when they sold you the unit (its built in the contract price).

[AltarBoy^_^]

This is how someone explained it to me why we investors have to pay monthly dues even before we have our keys...

Regardless if how many people have the turnover, the building has still needs to operate...
The common areas have to be lit, AC and elevators have to be turned on, the condo staff has to be in place, the common area have to be maintained...

Be that as it may, but why would you charge us for a unit that was long overdue in terms of turnover? Forbeswood was supposed to be turned over by 2004, not 2006. And the money that should shoulder costs in operating the condo should come from the initial revenue of pre-sold units. It's like compounding liabilities masked as association dues. Do these real estate developers know the meaning of social responsibility and ethics? But I am thankful that they were delayed. Otherwise I would be counting my dues from 2004 up to this year. And to think I moved in by 2008.

Now if everybody turns over later how will the condo be maintained in the earlier stages. What happens if some investors purposely delays their turnover, Would the people who got their keys shoulder the additional monthly dues that the other investor haven't paid?

But what if the delay was not by the investor/buyer but through banks that the developer didn't consider viable for a loan to acquire the unit? Second is that they don't give you the key when they haven't reviewed that loan? Third, they delay the process to give you the title of the unit? Of course the other investors that got their key shouldn't shoulder the costs. The developer should've forseen that and didn't pursue other developments until units are seen fit to be given to investors. Now that leaves them strapped for cash after getting the pre-sold revenue off the first investors and then continues to build other buildings and units because of their overconfidence to fulfill the dream of making communities. And lastly, a keen eye for condo developers should be developed by every buyer when they see the "little details" that they missed after they get the key and start living there. Quality of window locks, sliding doors, hard-plastic doors, and such. Of course after-sales was never an afterthought.

Some developers don't charge dues until building occupied to a certain percent but they already accounted for this when they sold you the unit (its built in the contract price).

That is the problem when you expand too much and don't fulfill something at the right time that it should be turned over properly. Plus they didn't anticipate the sudden increase in commercial rates of the land. Then they pass it to gullible buyers who happened to be excited to see their units without the benefit of an architect/interior decorator friend that can help them see the flaws. It makes you wonder why a lot of investors from previous buildings made a point to remind you of the proverbial line, "see, I told you so..." I could go on about this and share with you people who won over them through lawyers and probably through media but that would be hijacking this thread for myself.

[Smile100]

Great points you brought up. I wholeheartedly agree with your points. I am just stating why some developers charge dues earlier before some investors get their unit.

Of course it would be unfair to charge someone monthly dues if the condo is still in construction phase. But if the condo for example is suppose to turnover like Jan 2008 and you turnover July 2008 - that could be the reasoning why the developer can charge you dues starting Jan 2008.

Again good points.

[AltarBoy^_^]

Don't worry, I am just ranting since I am contemplating to move out and sell or lease it to someone else. Of course, the damage is done already and we have to move on. I just hope that what I shared in this thread can help other people think not just twice but many times to see if what they bought was worth it. I just don't want other prospective buyers to fall prey to what sounds too good to be true, a good deal.

Other than that, I am still looking for a government agency other than the HLURB (Housing and Land Use Regulatory Board) that can address such problems between developers and buyers. It makes no sense making noise since it has little impact or no effect at all to people from Megaworld and other developers who don't have the knack to explain why they blind you with fantastic deals that leave you breathless with anticipation and then stressed after you bought it and charged you for more than what was agreed upon. I leave it all to karma for now while I aspire for a better approach to the problem with their management and gather enough legal counsel to make them look back to where they made a mistake.

[Smile100]

Good Luck with your plans.

From an someone who did not invest early in BGC, I've always envy the earlier investors. I always thought that Forbeswood Heights was a great investment. Atleast you got your unit early before all the other condo projects turnover in late 2010 and 2011.

You don't have to worry about construction of the building anymore, especially with the slow down in global economy.

If you do sell you have so many choices to pick from for its replacement. I think soon it will be a buyers market.

[AltarBoy^_^]

Well it was a great move to buy it at a pre-selling rate but it also blinds you from the "little details" involved with acquiring such units on a delayed basis and pay for what seems to be a "complete unit" but with flaws that were not-so-obvious at the beginning when you inspect it and then realize that the key is beyond reach if your loan was not yet approved. It makes you cringe at the thought of roasting your sales agent alive. After sales never existed for these guys.

[Smile100]

Great Point.

I agree with you on that one. Being an "Inexperienced Condo Investor" I have heard people say to apply for the loan very early and bring a contractor or someone who is used to inspecting construction when doing your walk through.

His loan took about 8 months to process.

[--SuperBoy--]

Well it was a great move to buy it at a pre-selling rate but it also blinds you from the "little details" involved with acquiring such units on a delayed basis and pay for what seems to be a "complete unit" but with flaws that were not-so-obvious at the beginning when you inspect it and then realize that the key is beyond reach if your loan was not yet approved. It makes you cringe at the thought of roasting your sales agent alive. After sales never existed for these guys.

question, why is your loan not immediately approved? i have a condo due for turn-over late this year. im planning to get a loan. ano ba ang dapat gawin ko agad prior to turn-over? should i get a bank na agad? your experience could be our guides.

thanks.

[jandeaux]

Joya North Rockwell 24th Flr 1 Bedroom 66 square meters w/ balcony & parking slot. Facing Power Plant Mall. 7.7M

Joya South Rockwell 38th Flr 2 Bedrooms 100 square meters maid's room w/ balcony & parking slot. Fully furnished. Facing Pasig & Ortigas Skyline. 13.5M

Joya Loft 3rd Flr 1 Bedroom 57 square meters bare unit w/ parking slot. Facing Estrella St. 5.9M

+639052522571
+639234172449

[AltarBoy^_^]

question, why is your loan not immediately approved? i have a condo due for turn-over late this year. im planning to get a loan. ano ba ang dapat gawin ko agad prior to turn-over? should i get a bank na agad? your experience could be our guides.

thanks.

It was not immediately approved because it was not Megaworld's preferred bank. And yes, get a loan as quickly as you can especially if you made a downpayment for your unit. This will help decrease the processing time for the developer as the transaction would probably be from their preferred bank to your preferred bank. But if you choose their bank then that's another matter that I cannot answer for you.

[--SuperBoy--]

what's their preferred bank anyway? my unit is from MW too, actually just across your building hehe. i will be getting loan around 30-40% of the TCP since mostly it's been paid for through the years.

getting loan from the banks where i maintain accounts i would imagine would be easy. but i would like to explore chinatrust loans where interest rates can go as low as 3.5% as long as you maintain some money with them.

anyhow, will wait for your feedback. kung ano mga pinagdaanan mo and what should one avoid.

thanks!

[--SuperBoy--]

also, why didn't you chose MW's preferred bank?

[AltarBoy^_^]

Simple, we don't have an account in their preferred bank and we trust our preferred bank. Let's not get into the details. But it's not just the issue about preferred banks. It's how they properly turn over the unit to you. Just don't forget to never sign the acceptance receipt until you get an expert opinion on how your unit was finished and ready for inspection, that's where the problem started for me. And as long as the key is not with you or you will be greeted by unpaid bills.

[--SuperBoy--]

thanks for the advice! i will certainly keep that in mind come turn-over.

[DirtyGolfMan]

FYI, be careful of FIL-ESTATE!! 400 plus of their SouthWoods golf shares don't have certificates! And they allow this to be traded in the secondary market! Malas mo lang if you bought one of these! You won't have a certificate of title! And hard to sell again! Their other projects like Sherwoods & Forest Hills are also languishing! Down in value & nobody wants to buy so impossible to unload! Last thing I heard, they were bringing in Korean investors! Beware...a lot of their properties have title problems!

Careful of DMCI also!! All of their projects are cheap & geared towards the OFW market!! So your neighbors will be relatives of OFWs! In Mayfield Park in Cainta/Pasig they have put up a sari-sari store in one of the units fronting the clubhouse!! Then they formed a gang called Spartans to support the sari-sari store operator so she wouldn't be kicked out! These Spartans are composed of uneducated, out of work relatives of OFWs who just bum around day in & day out, playing basketball & drinking in front of the sari-sari store! They also drink in the clubhouse till the wee hours of the morning! The guards can't do anything about them since they are close to the manager! Last Christmas, during the Christmas party, they beat somebody up! Ran after him up to his unit & broke all the windows to his unit! They also overcharge homeowners for monthly dues! Imagine paying P400 a month for monthly dues on your 12 sqm parking space!! A group of homeowners is quarreling with DMCI for takeover of the project while another group is organizing for retention of the project with DMCI! Ang gulo! Parang tenement of squatters! Jeeploads of OFW relatives would come & swim in the pool dressed like they were in manila bay, spitting in the pool & others!!! Then they go up to their units all wet! Their children play with the elevators, up & down all day long!!