Pikkolo or Park dist 8 Budapest: is Capital Eyes a good real estate agent to go with?

J

JoeV

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Hi, I am considering buying a one bedroom apartment in Pikkolo or Park apartments in 8 District Budapest. Does anyone have any useful comments on these two developments. It is not for rental but a summer home away from the Australia's cold during May - September. Also is Capital Eyes a good real estate agent to go with?
 
Re: Pikkolo or Park dist 8 Budapest

I wouldn't invest in either of these projects. The location is terrible and would be the last place I'd want to spend my Summer in Budapest. Have you spent much time here already? Would you not prefer to be closer to the cultural centre of the city, in a nicer, more popular area?
 
Re: Pikkolo or Park dist 8 Budapest

According to this article from the SBP, a company called Capital Eyes Holdings was being liquidated. I'm not sure if it's the same agent, but I would thread very carefully. Sorry if I didn't post the link correctly. If you do a search in google for "Capital eyes" the article comes up on the first page.



[broken link removed]
 
Re: Pikkolo or Park dist 8 Budapest

Capital Eyes Ireland is a separate company from Capital Eyes Hungary. The former is in liquidation but the latter is still in business. I agree though, DonKing, that if it were my money, I'd still be very cautious, despite repeated assurances from Capital Eyes Hungary that it is a totally separate entity.
 
Re: Pikkolo or Park dist 8 Budapest

budapest said:
Capital Eyes Ireland is a separate company from Capital Eyes Hungary. The former is in liquidation but the latter is still in business. I agree though, DonKing, that if it were my money, I'd still be very cautious, despite repeated assurances from Capital Eyes Hungary that it is a totally separate entity.
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I would have no doubt that it is a separate legal entity but that only protects the owners of the company if "sister" companies are going into liquidation. I see from the Capital Eyes Hungary website that a guy called David Healy is the Director of Corporate Finance. According to the SBP, a David Healy was/is a co-owner of Capital Eyes Group.

I would certainly be asking serious questions if I was going to buy anything from Capital Eyes International/Group/Hungary/Holdings/Ireland/Berlin.

In saying all this, Capital Eyes Hungary could be an excellant and honourable agency.
 
Thankyou for your feedback. I was born in Budapest but have not been back since 1966. I have retired from working and want a home base in Europe. My wife and I want to see all of Europe over the next 5 years. I'm choosing Budapest as a base as I still speak the language. I also can only afford to tie up 60,000 EURO so I am looking at a new one bedroom apartment. Pikkolo seems to offer me that option. It will not be ready till January 2009 and that suits me as well. Look forward to more of your comments.

budapest said:
I wouldn't invest in either of these projects. The location is terrible and would be the last place I'd want to spend my Summer in Budapest. Have you spent much time here already? Would you not prefer to be closer to the cultural centre of the city, in a nicer, more popular area?
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Yes I would like to be closer to the Danube, but I want a new place and not till 2009 and have only limited funds to tie up on a property.
 
Re: Pikkolo or Park dist 8 Budapest: is Capital Eyes a good real estate agent to go w

JoeV said:
Yes I would like to be closer to the Danube, but I want a new place and not till 2009 and have only limited funds to tie up on a property.
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Pikkolo is in a bad neighbourhood; for the same price you can buy in a better location.
There are plenty of new builds closer to the Danube; in the Ipar Utca for example (only 50m away from the Danube)


Concerning Capital Eyes: if you contact the developers directly, it will save you directly +/- 7% (4% commission & 3% surcommission).
 
Re: Pikkolo or Park dist 8 Budapest: is Capital Eyes a good real estate agent to go w

I agree with you, UrbanDev. District IX, close to the Danube and the new Millennium District is a much better option for JoeV, given his budget and requirement for a new build. There is good availability in this area at the minute and it's a lot closer to the cultural centre of the city. When it comes closer to the time to move here, you could also look at almost-new apartments in the area as they can sometimes be bought at lower prices than brand new. Short-term rentals is another option instead of buying.

Have you totally made up your mind that you want a new apartment, JoeV? District V would probably be too expensive, but District I or II, close to the river might also be an option, if you don't mind doing a little bit of renovation to a classic property.
 
Re: Pikkolo or Park dist 8 Budapest: is Capital Eyes a good real estate agent to go w

I have put a 3000 EURO deposit down with Capital-eye on the Pikkolo apartments. I guess I was enticed by their no mediation fees and 1500 Euro furniture allowance before xmas. I am not worried about a bad neighbourhood as I will not be wondering around at night. I guess I have to go ahead with things now. I wish I had found this website earlier! I do not want to waste time renovating, I am going to Europe to holiday. Just like the idea of a home to go to. I guess if the place is not to my likening I can always move. Thank you for your feedback! I have chosen a one bedroom apartment on the 3rd floor over looking the courtyard for 13,815,455 huf which I think is a good price. In Australia that is about 1.5 years average wage. What I would really like to know is how construction is going on this project. If anyone can help with information and photo's that would be greatly appreciated.
 
Re: Pikkolo or Park dist 8 Budapest: is Capital Eyes a good real estate agent to go w

Is it just a booking deposit or have you signed contracts? It may be refundable. In any case, I think I would sacrifice the €3,000 and invest elsewhere, more than likely in District IX, based on your stated requirements.

In relation to renovation of an older apartment, you could potentially end up spending a lot more time snagging a new property than it takes to renovate an older one. People tend to assume that renovation in Hungary is always problematic and that new builds are stress-free purchases, but in my experience, it's entirely the opposite.
 
Re: Pikkolo or Park dist 8 Budapest: is Capital Eyes a good real estate agent to go w

No contracts signed yet, but I am not good at leaving money behind no matter how hard it is!! What is available in district IX? and where do you have property in Hungary that makes you so informative? I was told not to buy in Rockingham WA 19 years ago because it was no good. But I went ahead and bought anyway for $19,000 now it is worth $475,000. What those snagging mean? I have only ever heard that word while fishing!
 
Re: Pikkolo or Park dist 8 Budapest: is Capital Eyes a good real estate agent to go w

JoeV said:
No contracts signed yet, but I am not good at leaving money behind no matter how hard it is!! What is available in district IX? and where do you have property in Hungary that makes you so informative? I was told not to buy in Rockingham WA 19 years ago because it was no good. But I went ahead and bought anyway for $19,000 now it is worth $475,000. What those snagging mean? I have only ever heard that word while fishing!
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JoeV,

It seems you have made your mind up already.....I don't know why you bothered to post your question.

Good luck to you anyway and I hope it works out for you.

Snagging by the way refers to the identifying or rectification of issues(snags) at the close out stage of a project.
 
Re: Pikkolo or Park dist 8 Budapest: is Capital Eyes a good real estate agent to go w

The reason why we all post questions: to see what other people think!
Thankyou for your input and clarifying (snags)
 
Re: Pikkolo or Park dist 8 Budapest: is Capital Eyes a good real estate agent to go w

I have several properties in Budapest and have lived here for years. There are much better options on the market than the Pikkolo development. There is an oversupply of new-builds at the minute and many developers are finding it hard to sell their stock. 13,815,455 HUF might sound good, when compared to Western prices, but in the local market and in that location, it's not that great.
 
Re: Pikkolo or Park dist 8 Budapest: is Capital Eyes a good real estate agent to go w

budapest said:
There is an oversupply of new-builds at the minute and many developers are finding it hard to sell their stock.
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There will be so much new-build crap in the BP market in the next years, that I really don't know who they will sell it to.
Last week, I had an architect friend over, and he couldn't believe his eyes when he saw all the activity on the construction sites, at minus 5°-7°C. Apparently, working with concrete at this temperature is one of the worst things and will give a lot of problems in the (near) future.
 
Re: Pikkolo or Park dist 8 Budapest: is Capital Eyes a good real estate agent to go w

You know, I have been looking for something new, good and affordable for a while. Keeping in mind, to live in it, not for rental. I have read a lot about the redevelopment of district 8 and it sounds encouraging. I know you never let the truth interfere with a good story. But I am looking forward to returning to my birth place after 52 years.
If the market is so over supplied, why is there so many developments going on?
 
Re: Pikkolo or Park dist 8 Budapest: is Capital Eyes a good real estate agent to go w

JoeV said:
If the market is so over supplied, why is there so many developments going on?
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One of the factors is factor is the disproportionately large number of banks active in the Hungarian real estate financing. With over forty banks involved in real estate business, lending rates are low for developers, financing is easy to find, and these factors yield a construction boom / oversupply.

Here you can see some of the latest figures (Nov. 2007).
(11% of residential realtors reported a significant oversupply in the housing market, 78% complained of oversupply and 11% found the supply/demand conditions to be balanced).
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Re: Pikkolo or Park dist 8 Budapest: is Capital Eyes a good real estate agent to go w

Another reason is that Hungary doesn't really care if/where low-quality new housing stock is built. There are no real quality benchmarks in terms of design or build-quality, so you tend to see awful, cheaply-constructed new developments sitting totally out of place in the middle of a neo-classical neighbourhood. There are some good new developments in the city, but you have to be very careful.

The market for low-quality new builds is mostly locals, who have to pay a lot less money upfront for a new apartment or foreigners, who buy off-plan and have to live with the results on completion.
 
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