Would the fact that other fourth floor owners also have fifth floor add on units my size or larger/better typically be factored in during negotiations?
Would we get some kind of compensation/consideration for these fifth floor add on units on top of that which will be given to us fourth floor owners if they go ahead and tear everything down and rebuild? I’m liking the sheer size of it, fourth floor 32.9 ping plus fifth floor add on unit 20 ping and dunno if we’ll get 32.9 + 20 ping = 52.9 ping for the redevelopment.
That’s what I would want to agree to redevelopment.
Usually a flat in the new development + cash compensation because your share of the land goes down (more units in the new development means fewer sqm of land per unit). Negotiations can take many years and often fail, hence slow urban renewal.
The illegal rooftop additions are usually not considered in the negotiations these days.
I thought you mentioned that the building of the 4th floor unit was at 30 Minle St, which is close to Lane 31 Mingyue. Also, 30 Minle seems to be a corner building in Google Map’s Streetview, which would be a big plus. When I zoomed in on it in Google Maps, I learned it is an 8 minute walk to the park and District Sports Center - which is also a big plus. The Atomic Energy Council is halfway in between 30 Minle and the Yonghe Sports Center (would the AEC be related to the recent referendum that shotdown the No 4 Nuclear Power Plant?)
You can also see how close it is to the approaches of the Fuhe Bridge. So, would a redevelopment mean a 6 or 10 storey building? With underground parking? If the redevelopment included the building next door on Lane 31, I could imagine this would be a very interesting property.
Here is a view of #30 Minle when standing in front of #26 Minle. I do not see the scooter parking problem around it, so this probably isn’t the right building. It is on the corner and you can see the additions at the roof top – newer to the similar additions to the rooftops adjacent. This looks similar to many 4-storey walkups in the area.
A little further down is a new looking 21+ storey development. Behind it is a FamilyMart and near the front of the 21 storey on Chenggong Road (the main road coming down from the Fuhe Bridge) is a Sinyi Realty office.
I think this is a good sign, and could prove that there are car owners who would be interested in buying in this area.
You’re awesome possum @Celeborn and you know it too
Right, so the locations you highlighted in your pics are indeed super close to the two properties.
Both properties are in Lane 31. One is Alley 6 (the first floor property, this is the one I wholly own) and the other Alley 19 (fourth floor property with fifth floor add on unit). This (Alley 19) is the one being considered by developers for redevelopment. The other one (Alley 6) isn’t (currently).
They’re literally two minutes walk from one another (per Google Maps).
Alley 6 is two minutes walk from the #30 that you pinpointed.
Alley 19 is three minutes walk to #30 that you pinpointed.
I see the exact Sinyi Realty office that you speak of (is this a major real estate company in Taiwan or something?). That’s four min walk from my Alley 6 and also four min walk from Alley 19.
Must say I’m a tad confused by all the lanes and alleys in Taiwan addresses. You live, you learn.
Are there statutes governing redevelopment? Have they been codified into law?
Anyone (developers and people in general) can say or promise anything they want but unless these assurances are in writing they don’t mean much. What happens
a) if the end product isn’t delivered exactly as proposed or
b) they are simply unable to complete the redevelopment for whatever reason?
If you mean something specifically for redevelopment, I doubt it. Is there any legal system that does? Besides, commercial law should cover these questions well.
It would be nice to see contracts like this – in Taiwan or anywhere – as a reference. You might find some in English and use them when reviewing what the Developer proposes. And please share them here as well. Maybe you can ask people you know who have done projects like this for a copy – although I expect most to not be interested in sharing such decisions with others openly, so you may need to be personally close them.
Agreed. I always viewed building on the roof as an obvious illegal addition that is rarely challenged by legal authorities or the fire department. It’s a gray area that government decides to look away from most of the time. And top floor owners know not to push their luck and add more than one to the top.
Since these structures are not part of the original design and not what the local authorities approved (a meaningful approval given that we live on the Ring of Fire), why would any fourth floor or top floor owners be rewarded for taking such risks? If there is to be a redevelopment, then the meaningful stakes would be those of the ownership of legally recognized space.
That would seems fair, doesn’t it. Now, let’s say the rooftop structure was a shared space: I have been to a building where the roof was a true common area with a garden for all the residents to enjoy. Then, that ownership would be shared as the benefit, expenses, and costs were shared. But it’s also moot, since presumably all of that sharing is proportionate to the unit ownership as well. If not, then it would be reasonable to add additional ownership rights disproportionately. (All this is probably covered in the Commercial Code)
Taipei is priced out of range for 98% of the population of Taipei, assuming you’re going off of two average people incomes and no help from family and friends.
So apparently the first floor (Alley 6) was built and bought in 1976 (or thereabouts) and fourth floor (Alley 19) is older.
(Silly me, thought both were built and bought in 1976).
I was thinking, how could the fourth floor (Alley 19) possibly have the fifth floor already built (and bought from the seller as an add on to the fourth floor) if Alley 6 (the first floor property) and Alley 19 were both built and purchased in 1976. Didn’t add up.
Could that be why the fourth floor (Alley 19) is deemed attractive to redevelop? Cos it’s old?
I reckon it could potentially be purchased by that Sinyi Realty and repurposed.
1976 is also old.
Developers look at the location, legal status and how easy it is to get consent from all land owners. in my neighborhood there is prime real estate that sits decaying since the developer cant reach consensus with owners, or the owners live overseas and are difficult to reach, or they are waiting for adjacent plots to become available too.
l don’t see much redevelopment going on in Yonghe. It’s probably too crowded and difficult to tear down enough houses to make it worthwhile. Most “newer” buildings were built when the Orange MRT line opened. There was still some wasteland available at that time, like the whole No. 4 Park and surroundings. l don’t mind the lack of new buildings, cause from my 5-story apartment l have still a nice view over a sea of old 4-story buildings.
You underestimate the average Taiwanese amah/abei. You underestimate them greatly. Underrated, they know their shit. Most own a couple of properties and have enough money in the bank to sustain the next generation. They are fierce negotiators. And won’t sign anything that is not iron clad…in their favor.
That is why redevelopment is going so slowly. These guys want to squeeze every drop they can from the big companies.
Please understand. By redevelopment we mean tear the old gongwu - original four story walkup- and in its place build a brand new skyscraper. A four floor, 8 family dwelling becomes a 10 to 20 to who knows how tall, couple thousand people space.
These are not the 100 year old places in the West, that can become a cozy B&B. We have high humidity, quakes, etc. These concrete eyesores are mostly not given proper maintenance because, at best, they are cheap rental units. At worse, empty ratholes.
You say last work on them was done 20 years ago, on a nearly 50 year old structure. That means it is not up to earthquake code. At this moment, if you wanted to live there, if anyone wanted to live there, for starters, you would need to invest at least 2 million NTD in the basics: change water pipes, renew electric setup, get wall cancer and change all doors/wood frames/aluminum frames.
Most real estate agencies here sell other people’s properties or manage them.
That reminds me: a couple of years ago -after the Tainan quake- the local governments published the maps of liquefaction prone areas. Better have a look at yours.
