A cautionary tale of losses in Budapest

They are furnished to a high standard and the complex has a gym. there is parking underneath. they are ready to let and in district 6
 
Do you mean the District IX (Lenhossék utca) Toscana Gardens development? What rental estimate have you been given?
 
Sorry yes district 9 silly me! I have been told i can get E300 for apartments and E100 for parking. Why do you ask are you a management company?
 
No, I'm not, but to recommend somebody, I would need to know where the development is, how well your property is furnished and what your rental expectations are. If you turn on your PM feature, I can send you some contacts.
 
Probably aimed at Budapest, but all answers welcome!..........

Friend of mine has just bought his 4th apt in Gizella Park (area 9?), his previous all rented out to his satisfaction.

A friend of his bought a 2-bed apt and is looking to sell, probably because he didn't make 100% overnight.:rolleyes:. Despite all the doom & gloom, my friend reckons this development is still a good bet.

Any thoughts on Gizella park in the medium & long term?
 
Jock04 said:
Any thoughts on Gizella park in the medium & long term?
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The good thing about Gizella is the location. With the new Millennium Towers offices nearly finished (hand-over this summer), the new building of the CEU business school (Central European University) just accross the street (Soroksari utca), you have plenty of possible (upscale) tenants.
The Mill Lofts (building just next door) will also be finished end of this year, so the construction noise and the dust will be history soon.

The bad thing about Gizella is that the construction has a lot of problems. The Israelian developer, the Greenaway Holding, had to change from construction company several times (the original construction company went bankrupt, and so did the second apparently) and of course this is something you see in the work they delivered. The people from the project company Gizella Park Ltd. aka Nagyszombat-ház say they don't have much money left for needed repairs, so I'm not sure how they will deal with the existing problems (construction errors, poor finishes, leaks, ...).

As so often, only time will tell if the advantages will overcome the existing problems...
 
Thanks for the info, UrbanDev.
Interesting reading indeed.
It'd be a real shame if an otherwise good development wasn't finished properly.

Good to hear someone agreeing with my friend that the location seems good, I'll ask him to keep me posted on the finishings & snagging.
 
ok done! thank you . There are 2 studio apartments in 'Toscana' developement district 9. They are funished to a high standard and there are garages too. I would like to attain a rent of 400 euros pcm min. the service charge is 8000hufs and the garage service charge is 1000hufs. Apt 1. is 31.9m2 and balcony 4.2m2
Apt 2 is 31.23m2 and balcony is 6.42m2 many thanks Jill


budapest said:
No, I'm not, but to recommend somebody, I would need to know where the development is, how well your property is furnished and what your rental expectations are. If you turn on your PM feature, I can send you some contacts.
Click to expand...
 
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