Got a few questions for you experienced expats on here…
My wife and I are having our formal wedding in Mid-May, and come to find out her parents have found an apartment/home for us and are willing to pay the deposit to buy (50%) and help with the financing. All of this is good, the apartment is great (48 ping, 3bedroom/3bath, 1st floor, courtyard in front has pond and a small yard in the back, one parking spot in a gararge/one in front(uncovered), and only the wall seperates us from the universities track and gym), but much to my suprise the total cost of the apartment in 20mil NT… Wow!!, that is when my jaw hit the ground…
I arrived here in January, so I know nothing about real estate here… I have seen the financing papers and we can afford the financing on the remaining 10mil, but I dont know if it is worth it… That seems like a tremendous amount of cash for what we are getting, but that is where I run into a wall… Her family says it is a great deal, something given all the benefits of the home, is hard to find and cheap, but that just seems way too much considering what I know I can get for that much cash where I live in the states… Something new, clean, penthouse style almost (from Atlanta and Miami), but here I am not sure…
Can some of you seasoned veterans give me some advice. Is this something I should expect to pay for this home or is it overpriced… Should I go look elsewhere??? Has real estate hit the top there or would this be a good investment in that area??
Thx in advance!
The Shida area is VERY expensive and you are buying a relatively large apartment, so it sounds to me like its in the ballpark. Go have a look at any of the real estate agents on Heping E. Road near the university. You can get an idea of how much similar units are going for by looking at the ads in the windows.
Have you checked the prices around the World Trade Center in Taipei.
41000 a ping isn’t that bad for that area. Your closer to the “Old Taipei” as locals call it of the city. So prices are reasonable.
Don’t compare it to the USA. If you do, think NYC or San Fran.
Real estate is steady. The trend in Taipei is the most expensive places are usually the newly developing places, like the WTC area in taipei. As a district gets older the prices drop accordingly in the city. Since Taipei City is still growing on the outskirts. This of course an overgeneralization and each district might have an area that doesn’t depreciate.
The in-laws are putting down 50% as a deposit, just like that, and buying you a huge apartment in the Shi-da area?? Do they have any unmarried sons they want to get rid of??
That sounds like a good deal to me.
The price is right for the area. Maybe even cheap considering that Da-An District is the most expensive in the city, 48 pings is fairly large, and 1st floor is always more expensive.
The great part is that your inlaws are paying a 50% deposit. I’d leap at the chance if I could afford repayments. First time mortgage rates are very low - 2.something % I think.
As I recall, the local realtors in Taipei will put up advertisements in their windows with the $/ping for units being sold. So it’s easily comparable if you check out the price per ping of other units in the area.