Budapest District VIII - citycentre park development

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dingdong

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Hi

I have purchased a 1 bed apartment with parking in budapest dist.8 called citycenterpark. costing 78,000 euro ready in 1 year.

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The City Center Park, as its name reflects also is located in the central area of the city, in the 8th district of Budapest, at arms’ length to Blaha Lujza Square, under 18-20-22 Tolnay Lajos Str., and 17-19-23 Fecske Str.

does anyone have any views on this development. It was meant to be ready in dec 07, but it looks like nothing has started.
 
Re: budapest - citycentre park development

The area around Blaha Lujza Ter is not the city centre, despite the marketing claims. It is reasonably central and has good transport connections, but it's not a desirable area to live in. It can be quite dodgy at night and is very run down. €78,000 for a one bed in this area seems very high. The government is hoping to improve the area and the re-opening of the 'New York Palota' hotel will definitely improve things, but it's going to take a long time.
 
Re: budapest - citycentre park development

hi
I also purchased a property in this development and now the dead line has being passed for the second time.On my contract it states if I dont sign the prolongation form I am entitled to 10% "earnest money" ie 10 % of the purchase price.Do you think at this stage I should take the money and run or stick with it and sign the extended contract.I paid 70,000 for a 1 bed with garage space 2 years ago.Do you think I will get this extra 7,000 off the developers coral holding.
 
Re: budapest - citycentre park development

Have you any news since on this development
 
Re: budapest - citycentre park development

I think the hand-over of the first part will be this summer. There are plenty of developments in BP with a delay of 1 year (and in some cases even 2, 3 ... years).
If the delay is big, you should receive quite some money from the developer as a penalty. 10% seems to be a fair deal.
 
Re: budapest - citycentre park development

Thanks for the reply.

The problem is if I sign the prolongation form I will not receive the 10% penalty, this only applies if I foil the contract.

Should I cut my losses and run with the 7,000 or stick with it!!
 
Re: budapest - citycentre park development

I don't know your contract, but normally there's a section where they talk about the delays, and you should receive a certain % of the total sum per week that the developer is late.
I I was you, I would talk with a local lawyer and try to get the most out of it.

Personally I don't like the City Center Park project and I wouldn't buy anything from the Coral Holding. I think that most of the people who bought in their previous projects (Andrassy Rose, Royal Residence, ...) regret it now. They paid a max. for mediocre finishings on a B location.
I know from an agent that Coral has 6 projects that are due this year, I'm curious how much will be finished in a proper way!
The only true talent of Coral seems to be to come up with some very commercial project names.
But what's in a name? In Corals case: not much!!!

PS> You are not the first to have problems with them:
http://www.askaboutmoney.com/showthread.php?t=54234&highlight=Andrassy+Rose
 
Re: budapest - citycentre park development

Hi All,
Some more questions about Budapest District 8,
What is the Cordia area like ?
What rental income would be achieved for a 1 Bed in the new premier Suite ?
Is intrest paid in Budapest tax allowable against rental income in Ireland ?
 
Re: budapest - citycentre park development

It's very difficult to predict what will happen with the Corvin area of District VIII. You'll find some other useful threads to read, Paddy01, if you use the search facility for 'Corvin Budapest'. I wouldn't invest here mainly due to the scale of the development and the fact that it will take a decade to complete everything. However, if prices increase significantly for each phase, you may find that you can sell at a profit in a few years' time. Nobody can really judge this just yet. Neither is it obvious whether or not renters will want to live in this area in the same numbers as the investors, who are buying these properties and secondly, whether or not they will pay the level of rent required to give an adequate return on this investment.
 
Re: budapest - citycentre park development

I have also bought in the city center development, and the lastest info i have is that phase 1 will be ready end March - i would reckon it will be closer to end May. Have you all got details of your options for tiles/doors/etc??
 
He has since been sent off to an orphanage in Romania, so it's now safe to return to Blaha!
 
budapest said:
He has since been sent off to an orphanage in Romania, so it's now safe to return to Blaha!
Click to expand...

If he's like that 12 yo and only 120 cm tall,
I'm curious what he will be like when he's
19 yo and 190 cm tall :rolleyes:

Let's hope he stays a while in this orphanage,
because I heard he's the little prince of escapes
and he seems to like Blaha a lot (he lived there since
his parents dumped him in BP).
 
Yeah - abandoned 12 year olds who are out of control should be locked up for life... :rolleyes:
 
Not exactly what I meant!
I don't blame the boy; I think he's in the first place the victim of his family situation and I hope he turns out fine (but if I hear how dangerous he was already on the age of 12, it will need a small miracle).
 
It's a tragic situation. After two days in the orphanage, he has managed to escape and could be on his way back to Budapest.
 
IN SEARCH OF THE BLAHA TERROR KID

http://www.youtube.com/watch?v=a821IrzqXFs

The short version of the video has been going around Hungary, but this is the full reportage. In the video, a crew from Hungarian broadcaster RTL Klub go to the village where the Blaha Terror Kid is from to see if anyone around there knows who he is. Shortly thereafter, the reporter is mugged on camera, and when one of the locals tries to help get his money back, the reporter is attacked by people who promptly take it right back, also liberating his mobile phone in the process, before the TV crew drive off to the local cops.
 
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