Condos in Makati

Americans Struggling with Rising Rental Costs – Makati Next?

admin — Fri, 30 Apr 2010 09:12:53 +0000

Recently, a report from the National Low Income Housing Coalition has claimed that the disparity between the wages of working families and the cost of renting an apartment in the US is continuing to grow. This gives a dreary outlook for the more than 38 million renters in the country – roughly comprising a third of US households.

Currently, the average US family must have a yearly income of $38,355 ($18.44 per hour) in order to rent a simple two-bedroom apartment. The bad news, however, is that the average US renter wage has dropped from $14.69 to $14.44 an hour. Add to that the fact that around 60 percent of US renters live in areas where a one-bedroom apartment cannot be afforded by average wage earners, and the problem becomes very real indeed. Not to mention that minimum wage earners have no capability to rent one-bedroom apartments, even as the US Congress hiked the minimum wage to $7.25, up from $6.55 last year.

It gets worse

According to Dean Baker, co-director of the Center for Economic Policy and Research, the average hourly wage actually fell by half a percentage point due to inflation, and is predicted to stay the same for the next few years. “So the ability of people to afford decent housing is not likely to get any better in the next few years. It’s more likely to be worse than better. We aren’t on a good path,” he adds.

Today, affordable housing in the US is becoming increasingly harder and harder to find. The John D. and Catherine T. MacArthur Foundation claims that for every affordable housing unit created, there are probably two that are destroyed or converted into more expensive condos and rentals. Harvard’s Joint Center for Housing Studies, on the other hand, says that an estimated 200,000 affordable housing units are lost every year. This has led the Low Income Housing Coalition to persuade policymakers to put more funds to affordable housing and rental assistance.

It also desires for the US Congress to funnel money into the National Housing Trust Fund, in order to have a permanent source of funds for the construction and renovation of 1.5 million rental housing units. The trust fund was approved back in 2008, although the economic recession had prevented Congress from funding it.

According to the coalition’s president, Sheila Crowley, “Providing $1 billion for the National Housing Trust Fund will help address the growing shortage of affordable housing, which is one of the most serious economic problems facing the country.” Crowley also expects the House of Representatives to start deliberations about the fund. “We are very much hoping that the Senate will take it up as well,” she adds.

This was answered by House Speaker Nancy Pelosi, D-Calif., who says that the coalition’s report has helped shed light on the current problems of low-income families. “We are grateful for the NLIHC’s efforts, and we will continue our partnership to ensure that more Americans have better access to decent and affordable rental housing,” she assures.

Makati too?

Makati is perhaps the most important financial district in the Philippines, so it is only fitting that different types of businesses like call centers, banks, fast food establishments, and real estate can be found there. This means that office spaces, condos, and apartments are among the most valuable pieces of real estate in the city. Buying or renting such spaces, however, can be somewhat expensive, given the country’s high housing rates and the increasing demand for properties.

Condos and apartments, in particular, have been rising in popularity in recent years, with corporate people, businessmen, investors, and workers seeking to have a property of their own. Thus, it can be very hard to find properties that are both low-cost and high-quality because they are more or less already occupied.

Pros and Cons of Renting a Condo

admin — Fri, 30 Apr 2010 06:53:50 +0000

Condominiums are currently among the Philippines’ hottest pieces of real estate, especially among the businessmen, investors, and the high-ranking people of society. This is especially true in Makati, the country’s most important financial center. Condos in Makati are very popular places of residence, given their proximity to office spaces, companies, bars, clothing shops, malls, and restaurants. Over the past few years, the demand for Makati condos has increased significantly, as more and more corporate people and officials are seeking to rent or have their own.

Makati’s condominiums have not only changed the city’s skyline, but also the way their residents live and interact as well. At present, Makati housing costs are through the roof, and low-cost homes on small tracts of land can only be found at the city’s fringes. Condos, in contrast, benefit from not coming with land costs, thus increasing the prospects of getting a cheap one.

Where to stay in Makati

These days, many people are choosing to move to Makati, as it contains major companies and businesses. When it comes to living in Makati, it is common for many to make the decision of renting an apartment. That is a possible option, but a nice alternative is renting a Makati condo. In the city, the number of decisions one must make can become complicated and overwhelming, especially when it comes to renting. It does not necessarily have to be that way, however, as sitting down and exploring all options, pros, and cons can go a long way in helping a person make his decision.

Pros

Renting a condo obviously comes with its various perks and advantages. One is the lack of responsibility, as keeping the place clean and in good condition are the only things expected out of a tenant. If problems like plumbing or electricity ever arise, the landlord has the responsibility of fixing and paying for repairs.

Another advantage of renting a Makati condo is that the renter has the flexibility to move to a new location with little fuss if he so desires. Tenants are required to pay their dues monthly, and once their lease expires, they have the option whether to renew or not. This is in contrast to buying a house, where a person is stuck in the area, and his job options are limited to those located nearby. In fact, a renter can even terminate his lease early, although he will also have to pay an early termination fee before moving. If one is lucky, kind landlords will even let him go without such fees. Thus, renting a condo is most beneficial for businessmen, contractual workers, and the like.

Apart from those stated above, cheaper insurance is also a main advantage of renting a condo, as compared to buying a house. Usually, a renter’s insurance will only cost about a tenth of that charged on homeowners. Condo renters are also free from paying fees like homeowner’s dues, property taxes, and recreation fees, among others.

Cons

Of course, with pros come a few cons as well – and renting condos is not exempted. One of the most glaring is that a renter will never be considered as a bona fide property owner, and thus will not have a property to call his own even after years of leasing. Another is that condo complexes are often designed to contain multiple property or building units, which come with their own bathrooms, kitchens, dining rooms, offices, family rooms, and bedrooms. This means that amenities like swimming pools and lounges are considered as community property, so privacy is not at a premium in condos. It can also be hard to find top-quality condos at low prices, so many often have to make do with more expensive ones.

The Philippines: An Excellent Place for Retirees

admin — Mon, 26 Apr 2010 05:51:37 +0000

“The Philippines has a lot of potential especially if more and more retirees from other countries will come and choose to live in the country,” says Philippine Vice President Noli De Castro. The entry of retirees and their decision to stay in the country may ignite a boom in many aspects of the country’s economy, namely tourism, care-giving, and real estate.

In terms of real estate, the country has been experiencing improvement in this industry. More and more buildings are being built and are getting rented one by one. It seems that there is no stopping people from getting a place to rent or to buy, may the property be residential or commercial. Makati, The Fort, and Ortigas are slowly being filled and soon, retirement homes in the form of condominiums are expected to rise. The following are the reasons why the Philippines is an ideal retirement option:

Hospitable and caring locals

Care-giving is a popular job in the Philippines. Schools and training institutions were even built to give people the license to practice the profession not only in the country but also abroad. Thus, people who are going to retire in the country may be assured that there are expert hands that can take of them and attend to their needs. They will also be assured of good service, loyalty, and kindness, as these are among Filipinos’ innate characteristics.

Many real estate facilities to choose from

Real estate properties are no longer just for people who wish to have their own place. Some of the properties left unrented or not leased are being transformed into retirement homes for local and foreign retirees. These real estate properties are mostly designed like condominiums, with individual units that may be acquired by anyone interested. These provide amenities like indoor parks and golf courses. There are also homes with clinics that supervise the condition of retirees who are ill or bedridden. Definitely, these homes have maintenance personnel to make sure that everything is working well and in good condition.

Clubs for the retirees

Apart from places to live in, the Philippines also offer many retirement organizations that provide sports and leisure clubhouses for members. These organizations are meant to help retirees find other retirees in the country. By being a member of these organizations, the retirees may easily commune with other people retiring in the country. They can develop new friends and have fun with them through the clubhouses provided for them. They can play a sport together, chat in a gazebo, spend time reading in a relaxing park, or relax under a tree. The retirees may be assured of safety and security as clubhouse facilities are custom-made for the target market.

Many tourist spots to see

For retirees who still have the strength and the resources to travel, the Philippines is the perfect place to retire as it has many tourist spots that are well-preserved and well-maintained. For one, there is Palawan, with its Honda Bay beaches, World Heritage Site, Underground River, El Nido, and Coron. Another go-to destination is Puerto Galera, with its white-sand beaches and blue-green waters, which contain the highest concentration of marine biodiversity in the world, according to scientists. While retirees may not be able to do strenuous activities, just to see and to experience these sites can be rewarding.

Good Facets of Condominiums

admin — Mon, 26 Apr 2010 03:57:48 +0000

Based on market statistics, the number of condominiums for sale in the country has increased within the last few years. This indicates that more benefits and advantages may be acquired by owners and residents. In Makati City, many new buildings are appearing from one corner to another. Apart from commercial buildings with office spaces for rent, these new buildings are condominiums catering to the Makati Central Business District (CBD) workers looking for convenient residential locations. These structures offer amenities and benefits that can change the lifestyle of their tenants. Here are some of these benefits.

Advantages of condominiums

A condominium is a housing system where there are properties individually owned within a certain real estate. While units or properties are owned by different private individuals, facilities such as hallways, elevators, exterior areas, heating systems, and recreational facilities are common features that may be used by all unit owners in the building.

The feel of permanence

Apartments may be similar to condominiums because they both come in units and offer various facilities, but condominiums offer a sense of permanence unlike apartments. This is because condominium units are typically sold to different private individuals. On the other hand, apartments are leased out or rented to tenants. In addition, condos are usually run by real estate managements, while apartments are usually owned by private landlords.

Fixed monthly rate

Condominiums have a fixed monthly rate, as indicated on the contract. The indicated rate is the dues you have to constantly pay. In case of apartments, the units are owned by private persons. Thus, these people may raise the monthly rate as they wish. What you may be paying this year may be different from what you will need to pay next year.

Amenities

Amenities are facilities provided by condominiums for their residents. Some of these commonly include swimming pools, gyms, saunas, lounges, and concierge. These amenities may be used by residents for free. As compared to traditional living, these amenities are difficult to acquire as they are very expensive. Most people cannot afford it in their own homes.

Maintenance personnel and foremen are also amenities offered by condominiums to its residents. These are also uncommon to traditional homes, are free of charge, and are done regularly without falter, thus, assuring owners of a well-maintained property.

Location-wise

Another advantage of condominiums is its location. Most condos in the country today are found in convenient locations such as in business districts like Makati, Ortigas, and The Fort, or at least near these areas. Thus, tenants can easily get to their respective work, enabling them to avoid rush hour. These locations make it easy for residents to get to commercial centers where they can relax and unwind. Thus, condo residents live in ease and convenience.

Price

As compared to townhomes, condos are reasonably cheaper. They provide the same kind of luxury offered by townhouses, only that condos do not ask you to spend more on mortgage or other monetary aspects. Condos, thus, are more affordable for the middle class. There are condos, however, which are even more expensive than traditional houses or townhomes. These condos usually provide better and classier facilities such as gyms with complete equipment, internal parks, large pools, and other recreational facilities.

Makati Condos

admin — Thu, 18 Mar 2010 08:48:50 +0000

Makati Condos or Makati Apartments are considered as prime real estate in the Philippines. This is because Makati City is the Central Business District of the country. The biggest offices and most profitable companies can be found in the city, hence the big shot investors and businessmen live here as well to be close to work (and avoid the notorious Manila traffic). Because of this, the demand for high end condos and apartments have gone up. At the same time, services such as restaurants, bars, clothing and apparel shops who aims at this target market have opened up everywhere in the Makati City Central Business District.

With all the amenities and convenience of modern living, more and more businessmen, officials and high ranking corporate people are wanting to get a Makati condo for their own. The demand has quickly risen up over the years. Today, real estate and construction companies are trying their best to coup with the demand with new high rise luxury condominium projects sprouting up every now and then.

A typical Makati Condo or Makati Apartment is lined with features and amenities. Aside from the great location, typical properties come ready for cable installation, high speed internet installation, telephones and any other communication needs the tenant may need. Aside from that, condominium buildings in Makati are always well guarded with twenty four hour security. A lot of other needs are also covered by a typical Makati Apartment or condo.

Of course, executives and businessmen are not “all work and no play” type of people, they also love to enjoy their hard earned success every now and then to relax. This is why most Makati condos offer free use of swimming pools, gyms and more. This covers the wants of their tenants.