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Cebu property market?


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Kabisay-an gid
On 8/3/2020 at 9:57 AM, Ozepete said:

Lots of optimism here but none of us has ever been through anything like the sort of economic damage this virus is causing worldwide and its only going to get worse. To sell anything requires a buyer and that buyer has to have or be earning the money to purchase. And contrary to the image here, most housing developments and condo projects promote deposit and monthly payments and that is only going to be available to those with capital or those with employment and both groups are deminishing as a result of this pandemic. 

We are in new territory so forget what happened in the past, its history and tomorrow is a mystery! :idontknow:

 

BRIA Homes, a nationwide "low end" housing developer, enacted a significant price INCREASE at many of their projects nationwide, including Cebu and Leyte. just days ago on August 1. So apparently they haven't gotten the word about alleged "plummeting" prices and "crashes".

I check Facebook almost daily for properties on the lower end of the price scale in both Cebu and Leyte, both "house & lot" and condos, and I'm just not seeing "plummeting" or "crash" prices. The Asian financial crisis several years back didn't cause "plummeting" prices or a "crash" in the Philippines, and I predict the Coronavirus won't either.

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And ability to pay your mortgage which any house over 3 million most likely has no mortgage maybe prices will drop in the 1 to 4 million range  i have not asked everyone but out of the 30 home owners

Lots of optimism here but none of us has ever been through anything like the sort of economic damage this virus is causing worldwide and its only going to get worse. To sell anything requires a buyer

These are odd times. We haven't had a pandemic since 1918. As a real estate investor I can assure you that " odd"  doesn't necessarily mean " bad".    Don't reject a screaming hot deal just becau

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Kabisay-an gid
On 8/4/2020 at 1:02 AM, BossHog said:

Lower end different and that's where bargain hunting is to be found. For a third time, listen to Smokey.

 

I can't speak for Mindanao or Luzon, but at this point in time I'm not seeing any real "bargains" on the low end in Cebu or Leyte, whether it be "house & lot" or condos. It has been alleged that expats are "fleeing the Philippines in droves" and selling their houses and condos "dirt cheap", but I'm not seeing that either.

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govoner
On 8/5/2020 at 1:31 PM, Kabisay-an gid said:

I check Facebook almost daily for properties on the lower end of the price scale in both Cebu and Leyte, both "house & lot" and condos, and I'm just not seeing "plummeting" or "crash" prices. The Asian financial crisis several years back didn't cause "plummeting" prices or a "crash" in the Philippines, and I predict the Coronavirus won't either.

It would seem Colliers International, Ayala Land and Megaworld  lack your foresight.

https://asia.nikkei.com/Business/Markets/Property/Chinese-eye-bigger-slice-of-Manila-as-real-estate-prices-tank

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smokey
4 hours ago, govoner said:

It would seem Colliers International, Ayala Land and Megaworld  lack your foresight.

https://asia.nikkei.com/Business/Markets/Property/Chinese-eye-bigger-slice-of-Manila-as-real-estate-prices-tank

Well gee maybe there  will be some discounts in the 200 million peso and up properties better start looking for a truck bed cover so i can haul my offers i have been here 18 years and downside is houses were sold for cash  up side 0000009 mortgage  two ways to get a discount here   1st find the house you like and wait for the owner to die  or 2 find someone who hates it here and owns your dream house

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smokey
5 hours ago, govoner said:

It would seem Colliers International, Ayala Land and Megaworld  lack your foresight.

https://asia.nikkei.com/Business/Markets/Property/Chinese-eye-bigger-slice-of-Manila-as-real-estate-prices-tank

Well thats one way to get clicks like adds that sell appliances   hurry in today up to 80% off and you get there and the refrigerator that 6 months ago was on sale for Only 29.990 peso is now 29.500 peso

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Even if housing markets do take a turn for the worse after a financial downturn, it usually takes a while to happen. After the crash in 2008, the downturn in the US housing market didn't really start until 2009, and it didn't hit bottom until 2011. Smokey is right, though. The top of the housing market in the Philippines is pretty much a cash market, so it doesn't really react to changes in the economy at all.

The bottom of the market (say properties that sold for 2 million pesos or less) can be significantly affected by changes in the economy because those properties are often mortgaged to the limit of what the buyers can pay in good times, and they have no way to keep up payments during bad times. Unfortunately, banks and development companies usually hold those mortgages, and they would just as soon resell the properties at full price, rather than discounting anything.

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jaybee747
On 7/25/2020 at 5:37 PM, Kabisay-an gid said:

 

Prices are going nowhere but up in most of the condo projects I've checked out in Cebu City and Lapu-Lapu over the last several years. My condo in Cebu City cost about 1.6M in 2016 - they're currently selling identical units in my building this year for almost 3M.

Prices may be going up but from what I am seeing, rents are DOWN.

Last year this time when I was looking to rent near Ayala, the least expensive condo was 25k, now in the same building, there are few condos renting for 20k, even 18k. 

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smokey
5 hours ago, jaybee747 said:

Prices may be going up but from what I am seeing, rents are DOWN.

Last year this time when I was looking to rent near Ayala, the least expensive condo was 25k, now in the same building, there are few condos renting for 20k, even 18k. 

Watch out for extras friend found and said wow cheaper then    but parking space extra   hoa  extra plus get this guy wanted 2 months security and 4 months rent in advance

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Kabisay-an gid
On 8/6/2020 at 1:06 AM, govoner said:

It would seem Colliers International, Ayala Land and Megaworld  lack your foresight.

https://asia.nikkei.com/Business/Markets/Property/Chinese-eye-bigger-slice-of-Manila-as-real-estate-prices-tank

I specifically stated in my previous post that I couldn't speak for the real estate situation in Luzon. The article you quoted specifically referenced Metro Manila ONLY, and said nothing about the situation in Cebu and Leyte that I was talking about. Just so you'll know - Metro Manila is in Luzon, which I clearly stated I wasn't speaking about.

Even more specifically, I was referring to low end real estate like a single house & lot or condo in Cebu or Leyte - while the Chinese buyers referenced in your Metro Manila article deal primarily in high end real estate like resorts, hotels, high end condo projects, entire housing projects, casinos, etcetera. What the Chinese are doing in Metro Manila isn't going to affect the price of low end houses and condos in Cebu and Leyte. 

If you're waiting for a major price crash on low end houses and condos in Cebu and Leyte, I would strongly suggest you not hold your breath, 

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Kabisay-an gid
13 hours ago, jaybee747 said:

Prices may be going up but from what I am seeing, rents are DOWN.

Last year this time when I was looking to rent near Ayala, the least expensive condo was 25k, now in the same building, there are few condos renting for 20k, even 18k. 

 

This thread is about the purchase prices of FOR SALE properties in Cebu, not rentals. Hopefully you and the Govoner can try a bit harder to keep the conversation on topic. Salamat!

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Salty Dog

Now now guys, let's keep it civil, and leave the moderating to staff...

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govoner
20 hours ago, Kabisay-an gid said:

 

I specifically stated in my previous post that I couldn't speak for the real estate situation in Luzon. The article you quoted specifically referenced Metro Manila ONLY, and said nothing about the situation in Cebu and Leyte that I was talking about. Just so you'll know - Metro Manila is in Luzon, which I clearly stated I wasn't speaking about.

Even more specifically, I was referring to low end real estate like a single house & lot or condo in Cebu or Leyte - while the Chinese buyers referenced in your Metro Manila article deal primarily in high end real estate like resorts, hotels, high end condo projects, entire housing projects, casinos, etcetera. What the Chinese are doing in Metro Manila isn't going to affect the price of low end houses and condos in Cebu and Leyte. 

If you're waiting for a major price crash on low end houses and condos in Cebu and Leyte, I would strongly suggest you not hold your breath, 

I think you will find the recession now hitting the Philippines will not be selective in the areas it hits or the type of properties. As they say in real estate "A rising tide lifts all boats" .The opposite is true when the tide recedes and the tide is roaring out now

https://think.ing.com/snaps/philippines-economy-crashes-into-recession-2q-gdp-at-16.5

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smokey
On 8/9/2020 at 6:04 PM, govoner said:

I think you will find the recession now hitting the Philippines will not be selective in the areas it hits or the type of properties. As they say in real estate "A rising tide lifts all boats" .The opposite is true when the tide recedes and the tide is roaring out now

https://think.ing.com/snaps/philippines-economy-crashes-into-recession-2q-gdp-at-16.5

That may be true elsewhere but not many houses in the west are without loans      well i guess that why the peso is at 49 to the dollar now

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41 minutes ago, smokey said:

That may be true elsewhere but not many houses in the west are without loans      well i guess that why the peso is at 49 to the dollar now

I don't think that is the cause, EU market is also heavy on loans, and the euro is actually going up a lot compared to the peso.
During the same time, USD is dropping.
Both the peso and USD are just losing a lot of value, the USD mainly because of the amount of stimulus that is happening, causing quite a lot of inflation.
mepM2vfd
 

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