Lee

[Split Topic] Buying a Condo

96 posts in this topic


That does look like a nice place. Something must be wrong with this location? Anyone know?

nothing wrong with the unit i think its a renters market 

location is crown regency near fuente circle

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govoner it does matter that you lived in cebu 7 years . Funny how a guy who gets his real estate info from local paper and doesnt live here is such an EXPERT. I think petrolhead post are closer to the truth than the expert here. I think buying a condo in cebu is ok if you plan to live in it full time. There are so many rentals available now in cebu compared to 5 years ago and  thats the only reason i bought.  I saw beautiful condo on this forum at ramos tower and they were asking a great price of 25k a month for 83sqm.  I be curious to see how fast he rented the unit and im guessing the condo cost 6 million plus. Do members  here think thats a good return on your investment ?

 

 

  :troll:

 

 

Funny how a guy who doesn't even know my name is such an expert on my knowledge of and experience in the Philippines.

 

There are over 22,000 condo units in Cebu - precisely how many of those has the govoner been in and examined closely, and exactly how many of the sales of those units (new and used) does he have personal inside knowledge of?

 

Actually, most of my real estate info comes from a Filipino husband/wife team of Cebu-based licensed real estate brokers, both of whom have over a decade of experience each in their field. In 2015 and 2016, they walked me through dozens of units in numerous condo buildings in Cebu. A majority of the condos were nice and of good quality, a few were somewhat lacking in quality and a little "rough around the edges", but every single one was in significantly better condition than Mikala's.

 

As for your statement that "buying a condo in cebu is ok if you plan to live in it full time" - congratulations, you have an opinion. LinC member Lee owns three condos in Cebu and does NOT live in the Philippines most of the year, yet is satisfied with his situation. I'll take Lee's advice based on his proven extensive knowledge of condos in Cebu, over the opinion of somebody like yourself who doesn't own a condo there.

dockfish, Mikala, Skywalker and 1 other like this

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I own 3 condos here in cebu and i wish i had your positive attitude toward condo market here in cebu.

I got lucky i really haven't had any problems with the 2 units and i get a really good return on my investment.

At  current prices i would never ever buy a condo when you can rent so cheap.

Funny on the 3rd unit that leaks water during any storm lol i  net 14000 pesos on 1.35 million pesos investment. I dont believe this is the normal unless you bought back several years ago.

I dont know lee but like me i think he bought many years back

I f i didnt know better i swear your penny stock broker hyping cebu condos as some great investment

Funny how i retired at 49  from real estate investments.

I actually rather talk to people who own condos to get there opinion but i f you think walking thru a condo with a realtor and the unit looks good more power to you.

By the way i dont want to know your name but i would love to have your positive attitude toward the Philippines When and if you ever live here that will change quickly.

PLEASE keep us updated on your great condo investment and where did you do your extensive research on condos in cebu from friends on facebook ha ha ha. 

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Look its all individual, one persons agony is another's ecstasy, im so glad i bought when i did, Sept 2012 ~ 2 bedroom in the southern suburbs of Manila 52K AUD ~ 2 million PHP, i looked at

5 different places but was offered a deal i couldn't refuse, the day before was shown 16 SQM great location for 1.6 M PHP, considered seriously that, then found 55 SQM 2 million 2 Km up

the road, well had no choice really, if your a genuine buyer...well when presented with opportunity/

 

The AU Dollar was high, i wanted to lock in a retirement location/situation, was happy with the location and developer, had access to the funds (good girl locked in)...was all go and had

to make a decision while i was there and could sign etc, so i jumped in full of anxiety and fear but understanding that tens of thousands of normal Filipinos were on the same journey, trusted

that i would be ok and that the system mostly worked, after all this was middle income worker housing, i was just a little wealthier than the average middle income local.

 

I mean a developer spends X millions PHP to buy a property and develop it, well its a genuine concern, i paid the deposit and signed my life away, except that it wasn't my life it was 50K

Australian, to be paid over 11 months (cash over construction terms) it was very difficult to come up with the $4300 Aust per month, crazy hard to do, but i planned it and took out a 24K

line of credit so that what ever i was short i could just pull the cash of that LOC and i would be fine, sold 10K worth of shares and threw every last cent of my 2800 monthly pay check at it.

 

Paid the $4300 transfer every month to cover the BPI checks my partner wrote to cover the monthly payments and after 11 months it was over, average exchange rate was actually lower than now...

 

Top class condos can still be had for less than a 15% deposit on a similar apartment in Sydney...its crazy cheap still, and just 2 hours from HK..probebly the second best investment i have

ever made, 4 years later im still happy.

Edited by Contango
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Just saw on olx.ph grand ciena aka quest hotel has 60sqm for 25k a month. My friend bought new in this building at the time it cost in dollars about 160k . I dont consider this a great investment even if this was well built and its not. 1 guy i know wouldnt even take ownership and is taking filinvest to court. I just read in today's paper both SM and FILINVEST will have there building permits cancel at SRP. Expert  these are 2 of the biggest developers in cebu. I remember some kinda problem with filinvest  property where the hoa board was fighting and a AK47 was pulled out ha ha ha

https://cebudailynews.wordpress.com/2011/09/22/2-rival-groups-in-filinvest-subdivision/

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I've tried for 3 months (oct-dec) to find a nice condo to rent at Grand Cenia.    No luck.  Nice ones in the 45-50K range are scooped up pretty quickly.  I'm assuming those prices were negotiated down 5K or so by the renter.  That 25K one is a good price, but it basically does not have a kitchen, and the furnishings are sparse to put it charitably.   I would not be comfortable with them.  Still, if you can get dues thrown in and possibly negotiate the price it may be a good deal.

 

After looking at 15 or more condos, I finally settled on the Marco Polo.  I have a car which made it a good choice.  Except for some music from the hotel pool area and Filipinos in the houses below who play music at almost any hour, it is a very nice and fairly upscale place to stay.  You won't find a place for 25k, but after I already had a gentlemen's hand shake agreement to rent a condo, a realtor came back and offered me a rate of 33k/mo on a new or almost new furnished one bedroom..not sure if dues was included. 

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I am on the fence about a condo purchase and have no strong opinions either way. I think it is a lifestyle choice. I am skeptical that it is a good investment for monetary return but, to me, it may be a good investment in my sanity and happiness.

 

In addition to the prior posts listing the positive aspects, my main consideration is that I need a serenity zone to escape to.  I need a place that has my stuff, the way I want it; a place people can’t just stop in whenever they want; a place where I don’t feel like I am camping at a music festival 24/7.  You know, where I can get cleaned up, drink a beer in the air conditioning, cook up a pot of chili in a clean kitchen and feel like a normal person once in a while.

 

Otherwise, it’s the constant flow of friends and relatives; people sleeping on floors; eating all the food; drinking all the beer – it’s non-stop.   Don't get me wrong, I do enjoy the company and socializing and music festivals... just not all the time. Maybe I am being naive thinking that I could have some control over that but it would be easier to do so in a condo.

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I've tried for 3 months (oct-dec) to find a nice condo to rent at Grand Cenia.    No luck.  Nice ones in the 45-50K range are scooped up pretty quickly.  I'm assuming those prices were negotiated down 5K or so by the renter.  That 25K one is a good price, but it basically does not have a kitchen, and the furnishings are sparse to put it charitably.   I would not be comfortable with them.  Still, if you can get dues thrown in and possibly negotiate the price it may be a good deal.

 

After looking at 15 or more condos, I finally settled on the Marco Polo.  I have a car which made it a good choice.  Except for some music from the hotel pool area and Filipinos in the houses below who play music at almost any hour, it is a very nice and fairly upscale place to stay.  You won't find a place for 25k, but after I already had a gentlemen's hand shake agreement to rent a condo, a realtor came back and offered me a rate of 33k/mo on a new or almost new furnished one bedroom..not sure if dues was included.  I can only go by the ad i just saw today that was posted last week it was a 60sqm unit and that size does have a kitchen. I would post the link but i think that is against the rules of the forum. 

 

Edited by nsx

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