Royal Plaza 2

Utilize the important elements of time and space, and claim your state of independence at Royal PLaza II.

MANILA, Philippines. Given the circumstances of this modern-day living, when time seems to be monotonously bound with outside work and where space is being stifled by routines, retreat is then found in the elegance and prestige of the elaborately designed houses in this private community. All these and more we dedicate to families and the values and traditions they uphold.

Go home and retire after a hard day's work to the beauty of the especially preferred house interiors to satisfy what you've been working hard for in the first place. Splurge in the cool waters, cook special dinners together, and realize how rekindled family relationships are no match to any of the tangibles that ornate your exceptional home.

Make Royal Plaza II your home and feel a kind of independence away from the outside urban hassles, and achieve quality time and space with your family.

Resource:
http://buyahouseph.com/manila.html

The philosophy of residential wellness

MANILA, Philippines - The ancients have long recognized that wellness goes beyond just having a healthy body – the Greeks say “mens sana in corpore sana”; while the Chinese philosopher Lao Tze stresses the importance of the soul. However, with the advent of scientific medicine, these beliefs have been forgotten – until recently.

Due to today’s busy lifestyle, this integrated approach rooted in the wisdom of old is rarely practiced. “People find it difficult to relax, get medical attention, exercise or examine the balance between their work and personal life,” shares Anton Sanchez, project development manager of Alveo Land. “And when they do find the time, they have to decide what area needs the most attention and everything else has to wait.”

The Red Oak at Two Serendra offers a lyrical balance of community amenities where residents can easily pursue activities that promote physical, mental, emotional and spiritual well-being.“ We live at a time where passing your corporate check-up with flying colors is no guarantee that you won’t have a heart attack the next day,” quips Sanchez. “It’s not anymore just about the body – the mind and the spirit have to be focused as well.”

For the spirit, amenities like its reflection ponds and prayer room are ideal for self-renewal. Meanwhile, its sunken decks, massage pavilions and leisure pools offer pleasant opportunities to rejuvenate the tired body. There is also a music and theatre room where residents can sit back and enjoy a film or two.

Resource:
http://www.philstar.com/Article.aspx?articleId=469987&publicationSubCategoryId=76

Celebrity homes turn eco-friendly

MANILA, Philippines - No matter how many times they play Superman or Wonder Woman, celebrities are all human in real life. But with their latest efforts in promoting the green movement, these stars may have more than just glitz and glamour up their sleeve.

Multi-million dollar home furnishings are not surprising sights inside a celebrity home. But what’s even more impressive is the way they have incorporated eco-friendly features into their plush abodes. For instance, Oscar nominees Cate Blanchett and Brad Pitt both own solar-powered homes, which reflect their environmental concern. Meanwhile, British heartthrob Orlando Bloom is even planning to build a 100% environment-friendly house outside of London.

Jennylle Tupaz, division manager for project development of Alveo Land notes that the number of high-profile actors and actresses who now own green homes has helped jumpstart the worldwide trend for eco-friendly homes. “Gone are the days when the perfect residential space meant an excellent location and fine furnishings,” says Tupaz.

Resource:
http://www.philstar.com/Article.aspx?articleId=469993&publicationSubCategoryId=76

Asia bracing itself for downturn in property markets

Asian property markets are falling victim to the global credit crisis and seeking ways of lessening the impact at a local level.

In Cambodia the real estate boom which began in 2007 is over according to a leading economist and in the Philippines real estate professionals are calling for investment trusts to be approved in a bid to boost the market.

'Our property markets are closely connected with the stock markets in South Korea and other Asian countries. If these markets fall, we are affected,' Kang Chandararot, head economist at the Cambodia Institute of Development Study.

'Also South Korean and other Asian markets are very closely connected to the US and these countries are our biggest investors. We will see a recession in the short term, perhaps in six to 12 months,' he added.

The South Korean government issued a statement this week urging banks to sell foreign assets to increase liquidity. South Korea is Cambodia's biggest investor and a fall in South Korea would be especially harmful to local growth.

No figures on the depth of the decline are available, but industry experts said the impact could be felt soon. Cheam Yeap, chairman of the National Banking and Finance Committee, said the global finance crisis might affect the real estate market, but not the economy as a whole as it is sufficiently diversified in tourism, agriculture and garment manufacturing to withstand the downturn.

Property firms in the Philippines believe that establishing real estate investment trusts (REITs), will help to boost the local market. Jaime Ayala, president of Ayala Land, Inc., said it would open up another avenue to raise capital and give the public a new investment vehicle.

'It will be a win-win situation. It will allow us to get more capital to allow us to develop more projects, and at the same time, this will be a nice form of investment for the public,' he said.

'This will spur economic activity since this will give investors good yields. This will also give property companies a chance to develop more projects,' said Jeffrey C. Lim, chief finance officer of SM Prime Holdings.

A bill allowing the introduction of REITs is currently going through the House and Senate.

Resource:
http://www.propertywire.com/news/asia/asia-downturn-property-markets-200810111830.html
Image:
http://www.propertywire.com/images/stories/news/10-08/11-3.jpg

New regulation postponed in Philippines amid fears about impact on property market

The Philippines real estate sector has been granted a reprieve from the implementation of a new accounting rule which would have significantly affected bottom lines amid a global financial downturn.

The new regulation,which states that property buyers' payments cannot be booked as revenues until projects are completed, would have taken effect in January. It has now been put off until 2012 as it is felt it would have had a negative effect on the property market.

The decision has been welcomed by property developers who have lobbyed hard for it to be deferred.

The rule still recognizes the cash flow from buyers who have yet to get hold of their condominium units or houses but states that the money would have to be recorded as 'deposits from customers' in the liabilities section of the balance sheet instead of revenues on the topline of the profit-and-loss statement.

'This would have affected property firms' bottomlines, and lower profits would have led to less dividends for shareholders, explained a spokesman for the National Real Estate Association which joined with other including the Chamber of Real Estate Builders' Association and the Housing Developers Association, to demand a change.

'We warned the government that implementing the rule next year would impact adversely on the industry and could trigger a meltdown in the markets as investors lose confidence in the real estate business from the resultant low income or even loss during the period when the project is under construction,' the spokesman added.

A stock market analyst agreed. 'This will affect the bottom-line of companies which will make it hard to attract investors. Investors look at companies' financial statements to decide whether a company is standing on strong fundamentals,' he said.

'Postponing the rule was a good decision as the country faces a worldwide economic slowdown. We are in a global financial crisis and we need more relaxed accounting standards so as not to hamper companies' ability to borrow money from banks,' he added.

Resource: http://www.propertywire.com/news/asia/regulation-postponed-philippines-fears-property-market-200811112032.html Image: http://www.propertywire.com/images/stories/news/11-08/11-5.jpg

Luxury property prices in Manila expected to fall back in 2009

High end property prices in the Philippines are expected to suffer a sharp downturn in 2009, especially in Manila, because of the economic downturn, it is claimed.

Industry analysts are expecting demand from foreign property investors and experts to fall and this will have a major impact on the real estate markets.

According to Christian Cruz, senior economist at Global Property Guide, prices of luxury units in Manila could be affected as expats are called back to their countries because of ongoing job cutbacks.

Colliers International research manager Ramon Aguirre said he also believes that there will be downward pressure on luxury unit prices. 'So far, prices are still flat. Developers are still holding on to current high prices. But when demand dries up during the latter part of the year because of the slowing economy, they would have to lower,' he said.

A lot depends on how much developers are willing to budge. According to Clara Cordero, head of research and consultancy at Jones Lang LaSalle Leeched Philippines, some will have anticipated weaker demand.

'As early as the third quarter, developers realized that they could not count on buyers from overseas so what they did was concentrate on the local market. Local buyers can carry the market for the meantime,' he said.

There is potential room for buyers with cash to consider investing in property rather than stocks and shares because of their volatility.

'People with the money to spare are not investing in financial instruments right now. We could see a move back to basics such as property,' Aguirre said.

Some developers said they are not planning to lower prices. 'We even had a price increase in some of our luxury projects, where demand continues to be strong,' said a spokesman for Eton Properties Philippines.

However some analysts are warning that while local prices remained cheap relative to the region, constitutional restrictions on foreign ownership make neighboring countries more attractive.

Cordero said investors may also choose to invest in other Southeast Asian countries because they have advanced real estate investment trusts, which makes the markets there more transparent.

But foreigners may still be attracted to property in Manila because of its relative low cost of living and political stability.

Resource:
http://www.propertywire.com/news/asia/property-prices-manila-fall-200902102587.html
Image:
http://www.propertywire.com/images/stories/news/02-09/10-4.jpg

Are you Ready to Own?

Home ownership means you no longer pay monthly rent for the roof over your head. You can do what you want with your house (within reason). When you leave, you can sell it to recoup the purchase price and - with any luck - earn a profit too.

But don't kid yourself. Home ownership comes with a slew of disadvantages, responsibilities, and downright headaches.

So before going any further, consider whether your lifestyle and finances make home buying a smart move.

TIP: High costs mean you should be prepared to stay put. Except in a roaring real estate market, it usually doesn't make sense to buy a home you'll own for less than three or four years. Reason: the high transaction cost of buying and selling property means you could lose money on the deal. If you do make money, you'll pay capital gains taxes if you're in the house less than two years.

When home prices are falling, it just makes the case against buying even stronger. So ask yourself if you can really stay put for that long. Will you need to move because you are transferred by your current employer or a new one? Are you thinking of going back to school?

TIP: It may make more sense to rent On the financial side, one key question is whether it costs more, on average, to rent or own in your area. The rule of thumb is that if you pay 35 percent less in rent than you would for owning - including the monthly mortgage, property taxes, and any homeowner's fees - then it's smarter to continue renting.

Only if all those answers still point towards owning should you proceed to the next step - getting the money right.

Resource:
http://money.cnn.com/magazines/moneymag/money101/lesson8/index2.htm

Top Things to Know

Top things to know

1. Don't buy if you can't stay put.

If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market. When prices are falling, it's an even worse proposition.

2. Start by shoring up your credit.

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

3. Aim for a home you can really afford.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

4. If you can't put down the usual 20 percent, you may still qualify for a loan.

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.

5. Buy in a district with good schools.

In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

6. Get professional help.

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

7. Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say three to five years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.

8. Before house hunting, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

9. Do your homework before bidding.

Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.

10. Hire a home inspector.

Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

Resource:
http://money.cnn.com/magazines/moneymag/money101/lesson8/

Before You Buy a Home - Look at Eight Reasons to Buy a Home

If you're like most first-time home buyers, you've probably listened to friends', family's and coworkers' advice, many of whom are encouraging you to buy a home. However, you may still wonder if buying a home is the right thing to do. Relax. Having reservations is normal. The more you know about why you should buy a home, the less scary the entire process will appear to you. Here are eight good reasons why you should buy a home.

Pride of Ownership

Pride of ownership is the number one reason why people yearn to own their home. It means you can paint the walls any color you desire, turn up the volume on your CD player, attach permanent fixtures and decorate your home according to your own taste. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future.

Appreciation

Although real estate moves in cycles, sometimes up, sometimes down, over the years, real estate has consistently appreciated. The Office of Federal Housing Enterprise Oversight tracks the movements of single family home values across the country. Its House Price Index breaks down the changes by region and metropolitan area. Many people view their home investment as a hedge against inflation.

Mortgage Interest Deductions

Home ownership is a superb tax shelter and our tax rates favor homeowners. As long as your mortgage balance is smaller than the price of your home, mortgage interest is fully deductible on your tax return. Interest is the largest component of your mortgage payment.

Property Tax Deductions

IRS Publication 530 contains tax information for first-time home buyers. Real estate property taxes paid for a first home and a vacation home are fully deductible for income tax purposes. In California, the passage of Proposition 13 in 1978 established the amount of assessed value after property changes hands and limited property tax increases to 2% per year or the rate of inflation, whichever is less.

Capital Gain Exclusion

As long as you have lived in your home for two of the past five years, you can exclude up to $250,000 for an individual or $500,000 for a married couple of profit from capital gains. You do not have to buy a replacement home or move up. There is no age restriction, and the "over-55" rule does not apply. You can exclude the above thresholds from taxes every 24 months, which means you could sell every two years and pocket your profit--subject to limitation--free from taxation.

Preferential Tax Treatment

If you receive more profit than the allowable exclusion upon sale of your home, that profit will be considered a capital asset as long as you owned your home for more than one year. Capital assets receive preferential tax treatment.

Morgage Reduction Builds Equity

Each month, part of your monthly payment is applied to the principal balance of your loan, which reduces your obligation. The way amortization works, the principal portion of your principal and interest payment increases slightly every month. It is lowest on your first payment and highest on your last payment. On average, each $100,000 of a mortgage will reduce in balance the first year by about $500 in principal, bringing that balance at the end of your first 12 months to $99,500.

Equity Loans

Consumers who carry credit card balances cannot deduct the interest paid, which can cost as much as 18% to 22%. Equity loan interest is often much less and it is deductible. For many home owners, it makes sense to pay off this kind of debt with a home equity loan. Consumers can borrow against a home's equity for a variety of reasons such as home improvement, college, medical or starting a new business. Some state laws restrict home equity loans.

resource:
http://homebuying.about.com/od/buyingahome/bb/buyhome.htm

Real estate and Recession

Real estate and Recession


There is a whole class of economist that doesn’t believe we are in the midst of a serious real estate bubble, but is nonetheless quite concerned about the health of the real estate market. Barry Ritholtz, chief market strategist at investment firm Maxim Group, is in that camp.

He fears that a mere slowdown in real estate will lead to major job losses and much slower consumer spending. He marshals a lot of the recent evidence on his blog, The Big Picture.

Even worse, he thinks that even if housing prices don't fall by much, the economy could go into recession in 2006-2007. He wrote to clients today:

"Given the significance of this sector and the relative modest strength of the rest of the economy, we suspect the Fed will fail in their attempt to engineer a soft landing. We expect a recession in the 2006-07 time frame."

resource:
http://www.businessweek.com/the_thread/hotproperty/archives/2005/08/real_estate_and.html

Why you should work with a Realtor/Agent?

Why you should work with a Realtor/Agent ?

Working with a professional Realtor to buy a home is a good idea for several reasons:

• They have the knowledge and experience. You don't need to know everything about buying and selling homes if you hire a real estate professional who does.
• They are familiar with the process of selling a home and can explain things to you.
• They can easily access information on all desired properties listed for sale by Realtors in your area.
• They can set up appointments for you to see homes that interest you.
• They will help you complete all the necessary paperwork when it comes time to make an offer.
• They will help you arrange financing.
• They can identify comparable sales and provies these facts to you
• They can provide you data on schools, crime or demographics in the neighbourhood you are looing to buy.
• Based on market supply, demand and the conditions, the agent will devise a negotiation strategy.
• Real estate agents know other professionals(escrow, title, fixure/repair personnel) many of whose services you will need to buy or sell. They do know which vendors have good reputation for efficiency, competency and competitive pricing. Agents can, however, give you a list of references with whom they have worked and provide background information to help you make a wise selection.
• They will be there at closing to answer your questions and make sure everything runs smooth.

resource:
http://www.housingnewslive.com/buyHouse.php

Getting Started to Get A House

Getting Started

Before you start looking for a home you should ask yourself a few questions:

• Where do you want to live? Do you want to be close to schools, shopping or work?
• What kind of house would you like (need)? Are you looking for a particular style? How many bedrooms and bathrooms do you want? Do you want a yard?
• How much house can you afford? Have you consulted a Realtor or mortgage lender to determine the size of the mortgage you would qualify for?

Here are a few buying house tips to help you get organized:

• Pull a credit report on yourself and make sure the information is accurate. If you find any errors take steps to correct them immediately.
• Browse through real estate advertisements in the newspaper and here on buyahouseph.com. This will give you a good feel for the types of homes that are on the market and what they cost.
• Visit open houses on the weekend. It doesn't cost anything to look, and looking at a few different homes might give you ideas for things you'd like in a house but haven't considered.
• Start saving money - you'll need to have cash on hand for a down payment and closing costs.
• Don't incur any additional debt. Pay down your credit cards - and don't apply for any new ones. Don't make any major purchases on credit - buy the furniture or car later.
• Check with a Realtor and find out how much you can afford, and the realtor can provide you with information on homes that may interest you.

resource:
http://www.housingnewslive.com/buyHouse.php
*some contents are changed.

House Developers Warned on Defective Units

House developers warned on defective units


MANILA, Philippines—Vice President Noli de Castro said on Tuesday he would revoke the license to sell of housing developers who failed to comply with the specifications, facilities and amenities they committed to homebuyers.

De Castro issued the warning following complaints received by his office involving a housing project in Rizal owned by REDEVCO.

He said that based on the complaints, the housing units sold by REDEVCO were defective and that the subdivision did not have permanent power and water supply.

“If these allegations are true, then the rights of the homebuyers were violated. Proper remedies must be extended to these buyers who were made to believe that they got the units that were marketed to them. They were clearly shortchanged,” De Castro said.

De Castro instructed the Housing and Land Use Regulatory Board (HLURB) to investigate these allegations.

The HLURB, one of the six key shelter agencies under the supervision of De Castro as chair of the Housing and Urban Development Coordinating Council (HUDCC), exercises jurisdiction over complaints from homebuyers and issues concerning homeowners’ associations.

“I encourage homebuyers to make sure they know what they are buying. They should inspect their units and ensure that the specifications and facilities mentioned in the marketing materials are available. The homebuyer should be informed of all the details before he or she is being made to sign documents on unit acceptance,” De Castro stressed.

In a preliminary meeting with HLURB, De Castro quoted REDEVCO owner Jayson Pascual as saying that the board was encountering problems with homebuyers who moved in but refused to pay the electric and water bills.

Pascual said that he was currently shouldering the cost of these utilities because the homeowners refused to cooperate. He also learned about two homeowners associations in the subdivision.

De Castro ordered the Home Development Mutual Fund, or Pag-IBIG Fund, to suspend all loan applications involving the REDEVCO project and to demand the buy back by the developer of all defective units.

Since February 2008, Pag-IBIG has already stopped the take-out of housing loan accounts being delivered by REDEVCO.

“I shall go after all erring developers who prey on unsuspecting buyers. We have been exercising flexibility to facilitate and ease up access to homeownership,” the Vice President said.

Resource:
http://newsinfo.inquirer.net/breakingnews/nation/view/20090505-203257/House-developers-warned-on-defective-units
Image:
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