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[Split Topic] Buying a Condo


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#11 govoner

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Posted 08 January 2017 - 12:42 PM

Absolutely. I bought a unit in the pre-sell phase in 2016, still under construction. Cebu is in the early stages of an economic boom, prices are going nowhere but up. If one wants a condo, the time to buy is soon. In just a few years you'll be paying a lot more.  

 

I have yet to hear of anyone selling a second hand condo for more than they brought it new in the last five years in Cebu

Sure new prices may be going up but try and sell second hand and it is a different story.

On a good day you may break even. 


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#12 PeteHK

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Posted 08 January 2017 - 1:40 PM

We bought a condo in Cebu three years ago or so off-plan and got a decent discount.  We also bought a car park space as I thought that eventually car parking would become a big problem here and spaces would command a premium.  In Hong Kong there is a good market in parking spaces and some property investors just specialise in them and have done very nicely.

 

Our experience wasn't agony but then my expectations were not that high but I wanted to make sure my wife had additional assets here.  The build quality was not great but nothing that a bit of additional spending couldn't put right.  The problem was as much to do with the materials as with the workmanship. 

 

One thing where condos here tend to score is on space measurements.  Ours is 42 sq. m. which seems right to me as the one we have in Hong Kong is almost the same in terms of net usable floor space.  Hong Kong developers are the masters of games when it comes to floor measurements (i.e., gross versus net) and it's only recently that they have had to state the net floor space that can be actually be used.    

 

I expect prices here to flat-line at worst over the next 5 years or so but much depends on the local economy of course.  Maybe they will take off a bit if the economy really booms and Chinese move into the market to park money they can still get out of China.  The outlay for our condo wasn't that large and unlike Hong Kong, where I have bought and sold several small apartments over the past 15 years, I don't expect to make much money on it anyway.  It will generate some additional income which is fine. 

 

My biggest gripe about the property sector here is the lack of transparency and the way that so little information is easily available.  I am used to being able to go to property company websites and getting financial details of all the latest transactions, both sales and rentals.  Alternatively, many banks offer property valuations through online banking for the most popular apartment blocks in different districts.  But this is in a real market.

 

Another gripe concerns real estate agents and their charges which I find unbelievable given the prevailing standards of service.  To hit sellers for 5% and landlords one month's rent for their service seems to be way over-the-top.  Hong Kong charges are 1% each from buyer and seller on a sale/purchase and half a month's rent from landlord and tenant for a rental.  Since the buyer/renter is also getting a "service" why shouldn't they pay too?   


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#13 aussiekangaroo

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Posted 08 January 2017 - 1:54 PM

 
Another gripe concerns real estate agents and their charges which I find unbelievable given the prevailing standards of service.  To hit sellers for 5% and landlords one month's rent for their service seems to be way over-the-top.  Hong Kong charges are 1% each from buyer and seller on a sale/purchase and half a month's rent from landlord and tenant for a rental.  Since the buyer/renter is also getting a "service" why shouldn't they pay too?


I use an agent for buying condos and he gives me back 50% of all commission he receives from the developer.
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#14 Kabisay-an gid

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Posted 08 January 2017 - 2:53 PM

I have yet to hear of anyone selling a second hand condo for more than they brought it new in the last five years in Cebu

Sure new prices may be going up but try and sell second hand and it is a different story.

On a good day you may break even. 

 

I couldn't possibly care less, since I'm not buying my condo (currently under construction) for an investment, and I have no intention of ever selling it. It's for a permanent residence for my Filipino wife and myself during our yearly visits to the Philippines. It's only a few minutes from major hospitals, shopping malls, etcetera. It will be paid for in full before we move in.

 

With a total of only 1 to 5 trips to the Philippines under your belt, I have no doubt that the number of second hand condo sales you're aware of in Cebu is incredibly small.

 

If you feel buying a condo in the Philippines is a bad deal, then don't buy one. For me personally, a condo is undoubtedly the best option. Different strokes for different folks.


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#15 aqd

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Posted 08 January 2017 - 3:35 PM

I have yet to hear of anyone selling a second hand condo for more than they brought it new in the last five years in Cebu


The city is getting full. Once they run out of land for new ones they will buy.

But bad price could be good for new buyers... I could get the unit next to mine after clearing my loan, if upgrade turns out too costly.

#16 govoner

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Posted 08 January 2017 - 4:27 PM

I couldn't possibly care less, since I'm not buying my condo (currently under construction) for an investment, and I have no intention of ever selling it. It's for a permanent residence for my Filipino wife and myself during our yearly visits to the Philippines. It's only a few minutes from major hospitals, shopping malls, etcetera. It will be paid for in full before we move in.   With a total of only 1 to 5 trips to the Philippines under your belt, I have no doubt that the number of second hand condo sales you're aware of in Cebu is incredibly small.

 

Thats fine I only put a contrary view as you were firing everyone up to buy before prices rise

 

Absolutely. I bought a unit in the pre-sell phase in 2016, still under construction. Cebu is in the early stages of an economic boom, prices are going nowhere but up. If one wants a condo, the time to buy is soon. In just a few years you'll be paying a lot more.  

 

Not that it matters but i lived in Cebu for 7 years, returning to NZ about a year ago and heard many condo stories while their.

PS still waiting for someone who has brought new and sold at a profit in the last 5 years, even excluding real estate fees and capital gains tax.


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#17 aussiekangaroo

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Posted 08 January 2017 - 5:21 PM

PS still waiting for someone who has brought new and sold at a profit in the last 5 years, even excluding real estate fees and capital gains tax.


I recently bought another unit in the same building that I already have another 2 units on fire sale from a OFW in Dubai he paid over 1.7M about 2 years ago only and I just bought it for 1.39M 50/50 fees and tax's and fully furnished with about 100k worth of stuff and 31 month's to pay interest free on about half of it the othe half is under assume. There are some good deals to be had but it's not the norm.

#18 Lee

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Posted 08 January 2017 - 8:53 PM

PS still waiting for someone who has brought new and sold at a profit in the last 5 years, even excluding real estate fees and capital gains tax.

People lose money on houses too and people buy cars and lose money on those as well, but the convenience of owning those cars still makes owning them worthwhile, just as it does with a condo, yet condos are surely not for everyone, to each his own but I am happy we bought ours and most people I know who bought condos have been happy that they bought theirs as well, yet I feel bad that Mikala is having so many issues with his.


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#19 nsx

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Posted 09 January 2017 - 6:55 PM

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 ?



#20 aqd

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Posted 09 January 2017 - 8:01 PM

 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 ?


why is ramos that cheap?

price in the north is P100K per sqm on average, exclusive of the VAT. a 83sqm would be high end given the size so 10 millions should be the minimum.

rent would be double of that.




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