Although I like Lotus Hill in Xizhi, and love the price (although I’m sure prices have risen since the original post), as neither the missus nor myself drive anything, it’s simply too isolated.
At the moment we live in a 30-ping, 2 bedroom, 1 bathroom penthouse [for lack of a better term] near Nangang MRT. Our building is one of a series of 10- to 13-storey buildings (6 to 10 buildings in total) all of which are less than 4 years old. We overlook a school with views of Elephant Mountain, Taipei 101 and even the Shinkong Mitsukoshi building at Taipei Main Station. Carrefour is a 5 minute walk, my wife’s bus ride to work takes 15 minutes, as does mine (although mine is two buses, not one). Some days, I even walk home ~ 3 km or so , 75% of which is along the river.
I love it. So why don’t I buy it? A few problems. It’s underneath a flight path (needless to say my Bose headphones get a lot of use). Also, there is really nothing in the area in terms of decent food, cafes, etc. Not even a laundromat. And most depressing is the price. The landlord has it listed at 19.5 million.
Does anyone want to take a guess how much the rent is?
[quote=“amarbaines”]Although I like the area, and love the price (although I’m sure prices have risen since the original post), as neither the missus nor myself drive anything, it’s simply too isolated.
At the moment we live in a 30-ping, 2 bedroom, 1 bathroom penthouse [for lack of a better term] near Nangang MRT. Our building is one of a series of 10- to 13-storey buildings (6 to 10 buildings in total) all of which are less than 4 years old. We overlook a school with views of Elephant Mountain, Taipei 101 and even the Shinkong Mitsukoshi building at Taipei Main Station. Carrefour is a 5 minute walk, my wife’s bus ride to work takes 15 minutes, as does mine (although mine is two buses, not one). Some days, I even walk home ~ 3 km or so , 75% of which is along the river.
I love it. So why don’t I buy it? A few problems. It’s underneath a flight path (needless to say my Bose headphones get a lot of use). Also, there is really nothing in the area in terms of decent food, cafes, etc. Not even a laundromat. And most depressing is the price. The landlord has it listed at 19.5 million.
Does anyone want to take a guess how much the rent is?[/quote]
Maybe the landlord thinks it is better than the bank’s 1.2%… whatever, it is one more dusty hole in a mosquito hall, a stamp in a collection, a trinket on the wall… not a serious investment.
If my memory serves me correctly, the landlords (there are actually two of them, old college buddies in their late 30s) bought it at pre-construction pricing for around 300,000/ping. So they have more than recouped their investment. Collecting rent is incidental, whether someone occupies the unit or not, they have made a killing.
For those not in the know, Nangang MRT is tucked inside Nangang Station, which is a hub for TRA and will be a future and final stop for THSR (and which is also something my wife uses a lot for business). Nangang Software Park is a hop, skip and jump away. Property valuations are priced accordingly.
To here realtors tell it, my wife and I are getting the bum’s rush on our rent. However, I wanted a new building, I wanted a top floor and I didn’t want to be peering into anyone’s window [or vice versa]. I wanted something quiet, and at night, it is. Moreover, there are only three units on our floor, one of which is unoccupied. And having grown up in Toronto where it took me 2.5 hours to get to class by public transportation, I place a premium on location. I have co-workers who live in Muzha or Banciao, and one guy even lives in Taoyuan (but he’s gone now). Sure, they own their own places, but spending two hours a day commuting is not for me.
One other thing, New Year’s Eve affords us a spectacular, unobstructed view of fireworks all over the city, not just Taipei 101.
Is it pricey? Sure, but after living in one of those 40-year-old walk-ups (3 bedrooms for only 13k - Fude Street) for a few years, it was time to upgrade. I am still puzzled as to Icon’s valuation - the gap between 13k and 30k is huge.
You’re paying THAT for Nangang MRT? Wow. I wish I had known you when I let my brand new apartment (same specs, but right next to nangang software park, and with pool, gym, KTV lounge, movie theater, carpark and 2 scooter spots) for 29 k. I might have made 35 K!
Also, it was unfurnished when we moved in and the landlord bought everything for us. Flat-screen TV, fridge, washer, sofas, etc - I would say a good 50k, maybe more.
We’ve got a gym, theater, etc, but we rarely use any of those facilities.
My wife’s company might be moving to either Neihu or Nangang Software Parks next year. Lots of units available, but no top floors. Is yours?
Then I stand corrected. nangang I’d say 13K for the location being so far out, but in your case, location is playing 30K plus because of connectivity. It is a prime rib of real estate. It’s OK price for a new building with such transportation facilities.
