The Pattaya condominium market has been quite popular in the past seven years, especially between 2011 and 2013 when new unit launches were the highest in the history of the beach resort city in Chon Buri. The market has been helped by the rapid rise in foreign tourist arrivals, especially Russians who consider Pattaya their favourite destination. Russians have been the biggest foreign buyer group in the market and have also lifted overall hotel occupancy rates in the area.Another factor that fed condo demand was the great flood of 2011 that inundated the central region of the country including Bangkok for weeks. Many residents of the capital started to take a fresh look at Pattaya as a location for second homes as it is just a two-hour drive away.Many developers in recent years have been trying to diversify their revenue streams beyond Bangkok and have been active in all of the tourist cities close to Bangkok including Pattaya. Their interest in Pattaya was strong because of its … [Read more...] about Pattaya condo market pauses
It’s big and it’s real — condo buyers’ and residents’ fear of escalating monthly maintenance fees. But a study by Condos.ca shows condo fees in Toronto rose only 2.5 per cent last year over 2016. The average maintenance cost on a 594 sq. ft., one-bedroom apartment was $386.60.That compares to an annual increase in both 2016 and 2015 of about 4 per cent.Condos.ca found that the average fee among 984 buildings last year was 65 cents per sq. ft. That equates to $628.02 a month on a 956 sq. ft. two-bedroom unit and $881.20 a month on a 1,354 sq. ft., three-bedroom apartment.Those averages don’t include parking or storage lockers, which would up the monthly cost by $46.22 and $15.15 a month, respectively, says the study. … [Read more...] about Rise in condo maintenance fees slowed last year, says study
Grand Unity Development Co, a condo development subsidiary of SET-listed Univentures Plc (UV), plans to launch four new condominium projects worth a combined 12 billion baht, aiming to have 10 billion baht in presales -- the highest amount in the company's history. Managing director Siripong Srisawangwong said the new projects under new brands will have higher sales value than past launches, as they will be in locations either closer to mass transit stations or nearer the inner city."The condominium market grows every year as consumer behaviour changes," Mr Siripong said. "We shift to locations closer to mass transit stations because condo buyers prefer convenience."The new projects will be in four locations: near Sripatum University, opposite Major Ratchayothin Cineplex, on Charan Sanit Wong Road and in the Chatuchak area.All will be close to mass transit stations of existing or new lines. Unit prices will range from 90,000 to 110,000 baht per square metre."Earlier we launched and … [Read more...] about Grand Unity moving closer to trains with latest condos
You previously wrote that a rule banning dogs is clearly unreasonable and therefore unenforceable. Does that apply to a rule banning cats?Yes, a condominium corporation rule banning all pets — or even just cats — would be considered unreasonable and unenforceable. The Condominium Act, and the province’s courts, require rules to be reasonable.But if the pet ban is in the condo corp.’s declaration, then it is valid. The condominium corporation has advised owners that they are installing new smoke detectors in each unit, at a charge of $50. I have a perfectly good working smoke detector. Can they force me to take a new smoke detector?If the corporation has reason to believe that your smoke detector is deficient, and if the detector is part of your unit and not of the common elements, the corporation could require an inspection of the unit. If the detector is deficient, the corporation could require you to replace it. And if you fail to do so, the corporation would … [Read more...] about Is rule banning cats unreasonable, unenforceable in condos?
High-end real estate has continued to sell and appreciate while the rest of the Toronto area property market endured a rockier year, says the CEO of Sotheby's International Realty Canada.Brad Henderson predicted a less choppy year in the real estate market overall for 2018.But, he said, he expects the substantial gains made in the super-luxury homes category — properties selling for $4 million and more — to continue in Toronto, particularly in the condo sector with luxury buyers less vulnerable to interest rate and mortgage rule changes.Henderson called it "the year of the condo" across Canada with strong performance in the country's major housing markets."The condo phenomenon is something that is happening all over North America," he said. … [Read more...] about ‘Year of the condo’ dominates 2017 Toronto luxury market