Condominiums are really selling big nowadays. If you go to malls during weekdays or weekends, chances are, you will see sales agents giving flyers of the condo units they are selling, complete with a miniature model displayed in a small booth. Trade fairs and events are favorite venues for agents selling condos and if you are looking for one, chances are you'll have lots of choices by now.
SM and Robinson's have joined the bandwagon of selling high rise condominiums recently. Robinson's has a high end condo under construction in the middle of Ortigas area and SM just finished 3 towers along Aurora Boulevard near SM Sta. Mesa. At the same time, Megaworld Corporation is almost done with its own 3 condominium towers in Cubao, Quezon City. Ayala, through Avida Land is constructing Avida condominiums in different locations in Quezon City, Makati and Manila. These are the well known companies known to be involved in different types of businesses. How about companies who are the realty business since day one? They too, are putting up condominiums around the metro and offering competitive rates against the big companies i mentioned.
Are condominiums really in demand nowadays? Can the average Filipino who works from Mondays to Fridays afford to buy one? Last time i checked, the cheapest units being sold ranges from 9,000 - 11,000 a month. This does not include the initial downpayment, taxes, other fees and parking rates. These units are so small, about 30-36 sq. meters, has 1 bedroom, a bathroom and kitchen, dining and living room all located in one area. It is made for single people, but if one decides to have a family of his own, a bigger place is a must. Maybe OFWs are the ones purchasing condos which is why the demand is high. I was told by an agent before that companies would not start construction if the units would not be sold out. So I guess, the demand is really high.
How about you, do you live in a condo? Are you planning to buy one? Is it a good investment?
4 comments:
There was a time when we tried checking out condos, but we really felt that it's not for us. We still want the traditional house because we want a lawn and a garden; I love outside spaces. And I feel like being in a condo is like living in a hotel room, albeit with divisions and a little bigger... So, I'm not much into condos. Maybe it will work better for others. :)
There are so many advantages of living in a condo, but there are also disadvantages. Since we are currently living in a condo, we conclude that living in a condo is not what we want. A traditional house with a porch, own covered garage and a lawn is still what we want. Maintaining a house is more strenuous than living in a condo. Living in a condo means sharing the washer/dryer in the laundry room, sharing a parking garage (and ours is not a garage ,it's a parking lot so the vehicles parked are exposed to weather conditions such as rain, snow and sun), we cannot turn our music as loud as we can, the pool is shared, and neighbors are just a wall away.
So we are really into looking for a house now.
We don't live in one and are not planning to buy one anytime soon. "Is it a good investment?" That's very much dependent on location, the developer, location, the market, location, and a bunch of other things. I don't currently have any datum for that and the only answer I'd trust regarding that question would be the results in my spreadsheet. They generally have good returns, though. But then again, "generally" is not something you'd want to bet your money on.
I would rather have the traditional house and lot, I will not even try to invest in condos, what if an earthquake comes and destroy the building which is not a far fetch situation, land is always there no matter what happen, condo is temporary, and not suitable for growing family.
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