Thursday, July 17, 2008

Philippine Condo Hotels or Condotels "Open the door to Lifestyle Real Estate"

Condotels in the Philippines "How this little-known Real Estate Investment Opportunity could be your secret weapon to building wealth"

The big picture about Philippine Condo-Hotels or "Condotels" one of the hottest products in today's Real Estate market. Imagine Hotel Style Living 365 Days a Year!

Condo-Hotels provide the resident unit owner with more facilities than regular Condominium buildings. Unit Owners in a Condotel enjoy the benefits and privileges of full Hotel Services in a Residential environment. Condo-Hotels are also the newest trend in vacation home ownership. Live in it when you're there, and rent it out when you are not. These types of projects are becoming more and more attractive for businessmen, vacation homebuyers and individual investors not only because of the superior facilities and amenities but more importantly the attention to maintenance of the buildings through the 24-Hour Condotel operations

Philippine Condotels open the door to luxury or "Life Style" Real Estate

Beth Collingz, overseas sales director, PLC International Marketing Networks and lead marketing partners for Pacific Concord Properties Lancaster Brand of Condo Hotels in the Philippines said many new real estate investors hesitate to jump into the luxury real estate market. They either don't know how to jump in or where to begin, or they think luxury real estate is too far out of their
reach. While it's true that the price tags on luxury properties can be staggering, especially for individuals new to real estate investing, the only way to get used to dealing with luxury properties is to get started. Condotels offer an excellent way for real estate investors to become quickly acclimated to luxury real estate

The luxury real estate market is not going away. It's growing steadily, driven by strong demand. Much of this demand comes from a young demographic, which means in the long run, the demand for luxury real estate is likely to increase significantly. As a real estate investor, this is the time for you to become involved in the luxury market, before prices rise further. Your appreciation potential can be tremendous, and the right condotel properties in the right locations can play a significant part in your luxury real estate portfolio

If you're going to become involved in luxury real estate, including condotels, act confidently. Even if you're new to the luxury "Life Style" market, act as if you're familiar with it already. Too often, newcomers fail to do well in luxury real estate because they become overwhelmed. They go to see luxury properties and they act as if they're overly impressed, as if they're not used to being around luxury real estate

This is a problem when buying and selling. If you act too impressed or overwhelmed when you buy luxury real estate, including condotels, you won't get the best deal. If you act too desperate to unload the luxury property when you sell, as if you're afraid to hold onto it because it's out of your league, you won't get the best deal either. In order to succeed in luxury real estate, in order to gain the most profit out of your luxury condotel properties, you have to act comfortable with luxury, even if you're not said Collingz.

Condotels can help you open the door to dealing in luxury real estate. While to best condotel properties are pricey, they still cost less than some luxury homes you might want to become involved in down the road. Financing is increasingly available for condotel properties. Condotels are located in all the best real estate markets, the places that draw tourists, businessmen, luxury buyers and investors. And condotels are a hassle-free investment, a great way to diversify your portfolio while getting started in luxury real estate

When you select the right condotel property, backed by a reputable builder, in a hotel that offers great service, you won't have to worry about attracting the right renters and buyers. A professional hotel management will keep your condotel unit occupied with renters, with some condotel properties, one week's rental can cover a monthly mortgage payment, and they will practically bring potential buyers to your door when you wish to sell the property. When you stay in the condotel yourself, you will become increasingly acclimated to luxury living and understand what your buyers are looking for.

If you can appreciate the long-term growth potential of the luxury market, if you're willing to jump in and not be overwhelmed or intimidated by luxury properties, you can expand to a new level of real estate investing and develop a lucrative portfolio. The right condotel properties in the right locations can be a great way for you to become involved in luxury real estate

To get started, lean more about the demographic that is driving the luxury real estate market; visit and become familiar with luxury properties, including staying in hotels in the area, for example the
Waterfront Airport Hotel in Mactan; and follow the big builders to the best condotel properties in the hottest markets, like Mactan, Cebu and Metro Manila said Collingz.

If you're willing to become involved in "Life-Style" real estate, via condotel investments in the Philippines, you will have a distinct advantage over other investors that hesitate to enter the high-in-demand realm of lifestyle properties and you need look no further than investments in the Lancaster Cebu Resort Residences in Mactan, Cebu or the Lancaster Suites, Shaw Boulevard, Metro Manila

Collingz said for those planning to reside in Condotels in Cebu or Manila, Pacific Concord Properties Inc Lancaster Suites owners & residents can utilize the services provided by the Condotel, such as the swimming pool and other recreational facilities, restaurant & bar, concierge, 24-Hour housekeeping and room service.

Condotel Advantage Now In Cebu

Since Lancaster Cebu will be operated as a full service Condotel, unit owners also enjoy full hotel services such as 24-hour telephone operator service, a local PABX telephone line in each unit (no need to apply for your own landline), 24 hour housekeeping service, laundry pickup service on demand, even as a resident.

Unit owners in the rental pool enjoy totally hassle-free CONDOTEL management. They need not worry about unpaid electricity bills, unpaid rent, and other problems so common in conventional leasing. All concerns, down to the payment of electricity bills and utilities are taken cared of by the professional hotel management operator. Lancaster Suites unit owners can sit back, relax, and wait for their monthly rental income from anywhere around the world.

What could be more perfect than owning a vacation home in Mactan, Cebu; and receiving rental income whenever you aren't using it said Collingz.

The condominiums can be purchased as vacation homes to buyers whom would probably only occupy the units no more than one month per year. In normal circumstances the unit owner pays the maintenance and upkeep of the unit for the entire year without deriving any benefit. However in a Condominium Hotel, during the time they do not occupy their units, they have the option to rent out their Condo through the hotel management and receive rental income on their property making the ownership of a unit an income generating property and self-liquidating investment with hassle-free property management as the hotel can rent out their unit, with all the services provided, by day, week or month. Because of the additional features and services provided by the hotel, the residential units are normally valued 20 to 30 % higher than the same size residential units without a hotel

Condotels Are Hot!

While the term "Condotel" is nothing new in the Philippines, it's meaning has changed dramatically since the hotel-condominium hybrids were introduced 30 years ago. Back then; a condotel unit might look-and feel-like a cramped, converted motel room. Not Now!

Pacific Concord Properties Inc introduces the Condotel Concept through newly built Condominium Buildings designed and conceptualized as Residential Condo Hotels

The Lancaster Cebu Resort Residences and Lancaster Suites Manila, are privately owned condominium units, made available by the individual unit owners through the Condotel Management Company for short-term rentals. They are more spacious and with amenities such as 24-hour Security, Concierge and Reception, Business Centers, Retail Shops and Restaurants, Swimming Pool, Spa and Exercise Facilities

For buyers looking for a vacation property with rental-income potential, The Lancaster Cebu Resort Residences Condotel units are completely furnished and equipped, making them ideal for out-of-town owners. Those same "feels like home" qualities appeal to vacationers seeking an alternative to the traditional hotel room. In fact, popular vacation "hot spots" such as Cebu are seeing a surge in Condotel development, with some hotels being earmarked for conversion to condotel units and other properties being built exclusively for the short-term rental market

Collingz said “My phone has been very busy with buyers from the UK, Scotland and Australia interested in purchasing investment properties and holiday homes here. A lot of this interest is being driven by the relatively cheap market prices in the Philippines compared to Europe, especially UK Housing prices, and the easy payment options available for our Condotel Developments, but there are other factors, too. Offshore Property Investors, Foreign baby boomers as well as overseas Filipinos, are looking for ways to maximize their return on investments as they approach retirement, and so are purchasing second homes, particularly Condotel Investments where they can use the Condo for vacations and rent it out through our In-House Condotel Management when they are not using the unit thereby gaining rental incomes that on today’s purchase prices, give a projected ROI on their investments of some 14% per annum depending upon the mode of payment for the unit”

Collingz, who also runs PLC Global Pinoy, an internet based marketing network specializing in Condotel Investments in the Philippines, indicated that more than 85% of all Condotel sales in Metro Manila were to international clients. While such a level of foreign-purchasing activity is not as high in the Philippines provinces, Cebu in particular, has seen a sharp increase in real estate purchases by international buyers in the past several years.

“These international buyers know it’s a buyer’s market in the Philippines right now—there are a lot of properties available and fewer local buyers,” Collingz said. “I’m working with clients who are purchasing their second property with me. We also have referrals from many of our prior customers and new clients who have found us through our Web sites, and which include a special section for international buyers”

While Metro Manila is still a popular choice with international buyers, Collingz says clients tell her that it makes more sense to buy in a year-round vacation destination. The Lancaster Cebu Resort Residences Condotel development by Pacific Concord Properties located in Mactan, Cebu — the area around Cebu International Airport — fits the bill with all it offers to International buyers.

Accessibility from Europe is also a factor.

“London to Qatar, London to Amsterdam to Singapore or Hong Kong direct flights to Cebu and Manila, for example, average just 16 hours, add to that the many airline specials from Qatar Airlines whom probably offer the cheapest air fares that fly directly into Cebu and Manila and it’s easy to see why the Philippines is becoming an international community.”

Unlike other offshore rental properties, where the rental market is largely seasonal, in the Philippines there is a strong market for rental properties year round. This gives buyers greater flexibility in choosing when to use and when to rent their property. The strong rental/second home market also has resulted in a proliferation of professional property managers and rental agents, making property ownership and rental easy. Pacific Concord Properties Inc with its flagship Lancaster Condotel Developments fit’s the bill.

Financing Options and Security open up Philippine real estate market to International buyers.

Previously a stumbling block for some international buyers was the perception that it is difficult —if not impossible — to obtain financing in the Philippines. As a result, many purchases in the past were cash sales.

Pacific Concord Properties recently introduced the new affordable easy payment plans for the Lancaster Atrium Manila Condotel Suites where a Studio Unit can be purchased without any down payment, and 67% of the contract price payable over 60 months interest free and the 33% balance payable on turnover of the unit or to be extended for another 60 months through PCPI’s no prequalification no hassle finance plan, sales of the companies inventory of units will surely sell out quickly to investors seeking to take advantage of the Condotel Investment “Boom” in the Philippines.

“Where can you find a 350 sqft Freehold Flat in the heart of Central London for only 30,000 Pounds or a Studio in Manhattan for only 60,000 Dollars and then get up to 14% per annum ROI from rental returns” enthused Collingz. “These figures probably seem Crazy to London Property Buyers unless they remember the prices of Flats and Apartments back in the late 70’s” and all of this comes complete with average 85 degree temperatures and sunshine nearly all year round” said Beth Collingz whom used to live in South Kensington and still owns several Chelsea Embankment Townhouses and St. Catherine’s Dock Flats before coming over to the Philippines

You must have the answers to the six primary factors to consider when making a real estate investment--and how each one affects your level of income said Collingz

1. Why you're making the investment. Do you intend to use and enjoy the property? Or, are you only looking at the investment potential? That's important to your initial outlay and your long-(or short-) term returns.

2. What's your tolerance for risk? Learn your Risk Comfort Level, is this investment within those parameters?

3. Your options for financing. Cash or credit. Your answer helps determine your investment.

4. What fits well in your existing portfolio? To be well-balanced, your portfolio should have a range of assets including real estate--and your portfolio should include a range of properties.

5. Your level of experience in the market. Experience is the roughest teacher--because it gives the test before it gives the lesson.

6. Your desired level of involvement. Your level of participation will help you determine your type of investment.

Then act. Take a first step. Don't invest money you can't afford to lose. Control the circumstances as much as possible. But don't wait for a sign from above that the timing and the opportunity are ideal. The sign won't come...and the market won't wait. For a first deal you should probably invest no more than $60,000.

Here are some buys you could make right now with that budget:

1. A Freehold ‘Off plan’ Studio Condotel Suite at the Lancaster Atrium Manila for Initial Property Appreciation Investment and Rental Income from 2011 in Metro Manila, Philippines.

2. A Freehold ‘Ready for Occupancy’ Studio Condotel Suite at the Lancaster Suites Manila for immeadiate Rental Income in Metro Manila, Philippines.

3. A Freehold ‘Ready for Occupancy’ Studio Condotel Suite at the Lancaster Cebu Resort Residences for rental income from 2007 in Cebu, Philippines.

A major stumbling block for some Investors from the UK was the perception that purchasing property in the Philippines was risky with nightmare stories of fraud and deception abounding due to the lack of Professional Realtors and Internationally accepted principles’ of Real Estate Transactions.

With Pacific Concord Properties Inc adopting International Property Standards and the only Philippine Real Estate Developer to operate the internationally accepted practice of Escrow Trust Account Banking for all payments made by buyers of its Condotel Suites, international offshore property investors need no longer worry about the security of their investments

Another drawback to purchasing property in the Philippines was that most overseas buyers of the real estate have become accustomed to normal home buyers standards like putting their money in escrow (which protects them if the developer does not deliver on its commitments) whenever they buy real property.

Pacific Concord Properties Inc., now sets that “International Standard’ in the Philippines with the “Buy Safe Payment Policy” of Escrow Trust Account Banking with Equitable PCI Bank, one the Philippines largest Banks, for the purchase of a Condotel unit in either the Lancaster Suites Manila, Lancaster Atrium Manila or Lancaster Cebu developments.

Buyers of Condotel units at the Lancaster Suites Manila, Lancaster Atrium Manila and Lancaster Cebu Resort Residences in Cebu, pay their Reservations, down payments and all monthly payments directly to the Companies Trust Account with the Bank thereby ensuring that funds are maintained and ultimately used only for the purpose of direct construction related costs. This not only guarantees that the buyers money is safe, but more importantly the development will be completed on schedule and within projected time frames for the project.

Collingz highlights the importance of working with those experienced in this type of transaction. “Buying property in the Philippines is significantly different from buying in the UK and other European countries, for example,” said Collingz. “The purchase process is more direct, with less stress and more accountability; and we work directly with the buyer or collaboratively with the client’s agent or representatives. Our goal—and that of Pacific Concord Properties Inc — is to make the whole process as easy as possible. Prospective buyers can view properties online on our Web site and save listings they’re interested in an online portfolio”

Communication is the key to the process, according to Collingz. “We spend a lot of time communicating with buyers before they visit, so that we all have a clear picture of the type of property that’s right for them. We also make travel arrangements and hotel accommodations and provide them with information in advance of their visit so they understand the process and their options. That way they can make the best use of their time here—and we can ensure they have time to get to know and enjoy the area.”

In many cases, buyers arrive for a three to five-day visit and sign a sales agreement before heading home. Pacific Concord Properties’ staff then handles every detail of the closing so that on their next visit, the buyers can enjoy their new home or investment property

For further info regarding Lancaster Philippines Condo Hotel Investments please do not hesitate to contact us....

Beth Collingz
PLC International Marketing Networks
Pacific Concord Properties Inc.,
Manila Head Office
Shaw Boulevard, Mandaluyong City.
Metro Manila. Philippines
Phone: Manila [632] 717 1958
Fax: Manila [632] 718 1828

Pacific Concord Properties Inc.,
Cebu Branch Office
Lapu-Lapu City, Mactan.
Cebu. Philippines
Phone: Cebu [6332] 340 0721
Fax: [6332] 495 4938
Web: [Lancaster Condotels]
Web: [Lancaster Suites]
Web: [Lancaster Atrium]

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