You’re welcome.
Guy
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There are several factors that would depress prices: invasion talk, climate change, and a desire in government to address the long-term complaint that Taipei is priced out of range for people starting out. These are some factors that should keep weigh on prices.
At this point in time, real estate prices in Taiwan as a whole are still steady to high in my opinion, with higher prices expected in the south because of TSMC’s latest project in KHH. Meanwhile, the Greater Taipei area seems to be holding steady at expensive in downtown and merely overpriced in New Taipei for new buildings.
If China shifted back to a more open, less military invasion, more investor-invasion mode like 10 years ago, I would expect prices to shoot up. At 68 years old, Xi Jin-Ping’s hold on power could reasonably run for another 10 to 15 years - a stabilizing factor with a twist in the middle: invasion chatter will reach a high in 5 years, or 2 years into the next US presidential term. If Trump and the Republicans are in control in 2024, that will be either be a strong defense for Taiwan or will worsen the risk of a conflict (given the recent books coming out about the post-2020 election and the concerns more than a few Trump admin and US military leaders had of a Wag-the-Dog scenario).
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I know lots of people buying their neighbors apartments in anticipation of redevelopment.
It’s generally win/win except for the building period.
That won’t affect you at all though.
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Lovin the fresh (from my vantage point) insight @Celeborn Cheers mate.
Livin and learnin.
Keep it comin folks.
Hmm. So I’m a tad confused. What’s generally the percentage of residents that needs to approve the proposed project in question for it to go ahead? I’m seeing different numbers where consensus is concerned. Is there a standardized figure from an administrative (City and County of New Taipei?) standpoint?
Would the other fourth floor owners and I have any legal recourse in case they do manage to push it through despite our fervent objections? (I’m still of two minds as to what to do in the eventuality that the plague subsides and they do put it to a definitive vote). Go ahead with the redevelopment or not. Yay or nay.
Also, are proxies allowed when voting? Do I have to be physically present? I imagine a quorum is necessary for the final and definitive vote to be valid.
I think you are talking about the 管委會
Here is a resource page from the Taipei City municipal government on how to form and manage your own Building Management Committee
https://dba.gov.taipei/cp.aspx?n=B33630DC1B56F597
In other words, I expect such rules are case by case and determined primarily by the residents or apartment owners (or both?) in the building. There may not be a law or standard specifically about how such decisions are made.
Your parents may have some insight into the neighbors in the building, especially since your dad was able to do things like build exclusive entrances and limit access to the rooftop, which normally is a shared area.
I’m seeing different numbers where consensus is concerned.
Where do you see this feedback? A link would be helpful
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Can you share a bit more about where you have seen this? Are the people you are referring to in Taipei or spread all over the island? Are there any particular neighborhoods or districts that seem to be particularly active?
I expect a lot to be focused around new MRT lines in all cities. I was once told there is a rule of thumb when looking to rent office office space in big cities (not just in Taiwan) – office rent drops sharply if a space is located more than a 13 minute walk from public transportation because commuting employees prefer to stay closer. So, it might make sense for a middle-class dominated economy like Taiwan’s to see residents have a preferred zone around major public transportation stops – and where redevelopment would be most intense.
In the case of Mingyue St in Yonghe, having an understanding of the free shuttle buses might be interesting: who uses them, are they predominantly students or office workers or grandparents? How frequent are they? And who pays for the drivers and gas?
These studies below do not prove the 13 minute rule, rather I think they point out that cities do have zones around public transportation that home owners should be mindful of
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Thank you @Celeborn
The rooftop itself is common area.
The dedicated entrance and access to the fifth floor 20 ping unit (built pre 1995) is exclusive to us (it’s currently not being considered to be sold or rented out. If anything, I want to use it when I go back to Taiwan to check things out. Possibly rent out the 32.9 ping fourth floor unit.) Other people use the common shared entrance and access to the roof.
My Dad was a civil engineer and designed and built it that way.
So I don’t think I was clear enough. Developers are wanting to tear this whole building down and rebuild a whole new building complete with elevator and such. But “I don’t want this” was my initial gut reaction. However, based on the anecdotes I’m reading, perhaps it would be a good idea to let them do so.
The proposed project has been put on hold due to the pandemic. Once it’s deemed safe to do so, they’re wanting to meet to persuade us fourth floor owners to let them develop.
So the figures I’m hearing and seeing for consensus (to redevelop) range anywhere from 70%-90%. That’s a pretty big range. Which is it specifically is my query.
Just one thing: what determines what you get paid/traded of your apartment is the original design.
You will not get counted for the additions/alterations. And no, not on common areas. Those are split semi equally as per ground rights.
As you keep asking about the neighborhood shuttle, it is a nice feature but value wise, it tells me the place is far away and I might be weary as normal buses may not have reached it yet. Those shuttles usually stop services quite early and people here work late. You won’t attract young folk.
Dunno why you fear redevelopment. Here in Taiwan, that’s the goal. The jackpot.
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I’m curious to know how the developers will pitch recalcitrant residents and owners, especially those who own more than one unit. What do they expect you to want – a proportional stake in the new project? A bit more?
Also, I understand that Taipei City has a mathematical formula for determining how high new buildings can be depending on their location and footprint size. Maybe New Taipei has something similar, which may be looser or none at all (hopefully so, for the developers/owners). You might find it useful to know how big or how much more the new project will be and calculate what gain or benefit you can expect in a best/worst case analysis.
Will the Developers handle commercial rentals after the project is over? That’s a big plus, especially if you are based abroad. Target residents, maintenance issues, and any staffing (handyman, security, sanitation) that are expected in brand new buildings that seek to attract well-to-do residents – all this can be shouldered by the Developers while you focus on living your life. This can be a good deal for many of us.
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btw my pops even designed and built exclusive entrance and access to the fourth floor unit. That’s probably a selling point a lot of other fourth floor units don’t have.
All this is moot though if they do go ahead with redevelopment. Hence my hesitancy.
Haven’t seen it for myself so dunno how it works or looks.
I agree with this. Normally, redevelopment is the jackpot! In an environment where new materials, modes of transportation, building codes, and population shifts remake the upside of an area, the prospect for literally creating wealth out of thin air (or thin airspace) seems possible.
But there are a lot of details that will chip away at the ultimate takehome payout – from limits imposed on new projects by the City to the actual prospects of new tenants or owners. So whether you can believe the Developers pitch is critical.
But as an owner who is not the lead in the project so is pretty much along for the ride (and one who doesn’t even live in Taiwan!), the OP seems to be in a sweet position. At least, we can hope this is the case. Life is usually a lot more complicated
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Even if it is made of Italian marble, it is still a walk up 4 flights of stairs. Not having to share it with neighbors is not a key selling point.
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If you think you will get more holding out and selling yourself, well, that is not the case in Taiwan. The ultimate prize is redevelopment.
Northern Taiwan is a public transport place. That is another difference with the West. And hence you do not have such extreme social segmentation by income. It’s all semi thrown together. You’ll see what I mean when you come here.
Again, consult local real estate agents or get a lawyer. Someone trustworthy. I gather you have more than one unit in the building? You definitely need to exercise caution. And definitely talk to your neighbors. Get the real picture on the ground.
No, I only have one unit in the building, fourth floor 32.9 ping. Roof top add on 20 ping (built pre 1995).
In another building, 2 min walk way, same Lane 31, have a ground floor 41.9 ping.
k then, under what circumstances would it NOT be considered desirable/the jackpot?
The property is not in your name?
You have to split the earnings with 56 other relatives?
Your family has debts and the property barely covers them interests?
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Your 15 to 20 year outlook doesn’t look promising for the neighborhood?
You are unable to verify the trackrecord and reliability of the developer?
The projected income from sales or rentals for the neighborhood is too difficult to calculate? (this is kind of like the same question as the 2 above)
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