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Which better condo in Cebu


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smokey

the condos here in cebu city generally are so small and the prices are through the roof. the quality is also a joke. now here goes probably piss off the moderators. the chinese that are building these condos and getting rich off the foreigners... it's about time the foreigners stop buying these overpriced condos. in manila there so overbuilt. the prices on resales are coming down otherwise they won't sell. in some of these new condos i've seen studios with no windows going for 80,000 dollars. let them keep building and hopefully the market for condos will dry up. i thought for a while why can't foreigners own property it's because if they could the chinese wouldn't be making money on us foreigners with these condos they'd drop 50% overnight.... the problem is in this country they let the chinese buy property here but not the rest of the foreigners now the chinese own 85% of all big business here. what a shame the filipino has to work for the chinese i could go on for days how the chinese keep the filipino under there thumb and treat and pay them like dogs..... i think i've said enough... oh by the way for you moderators i didn't say all chinese but maybe 95% or most that's what i've seen in my time here in the philippines.... this is my observation if anyone has any other storys to prove me wrong i'd be willing to listen....

 

 

 

 

well maybe the chinese are the builders but this great country is the one who says... foreigners can not own land but they can buy overpriced condos...

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The problem is a lot of Filipinos are very stubborn and will watch their properties turn to dust before they will lower their prices

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smokey

The problem is a lot of Filipinos are very stubborn and will watch their properties turn to dust before they will lower their prices

 

 

 

 

 

well because the units are paid for they can afford to watch them turn to dust before giving them away... i think its funny to see people thinking your selling because your broke and giving you a low ball price.. i usually say to them... Keep looking and then they make a big deal about offering you their phone number just in case .. to that i usually say .... my pen is out of ink maybe next time.. oh and have a great day

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well because the units are paid for they can afford to watch them turn to dust before giving them away... i think its funny to see people thinking your selling because your broke and giving you a low ball price.. i usually say to them... Keep looking and then they make a big deal about offering you their phone number just in case .. to that i usually say .... my pen is out of ink maybe next time.. oh and have a great day

 

 

I,m sure you look at it differently when you are buying a house or Condo. The prices are very high in the Philippines right now

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smokey

I,m sure you look at it differently when you are buying a house or Condo. The prices are very high in the Philippines right now

 

 

 

 

the prices are what they are... ... but just beause you think they are to high dont mean they will come down.. put yourself on the other side... you buy a place for 6 million then you are selling it and i tell you hey its only worth 3 million to me and you will never sell it for 6 so give it to me for 3... there was a foreigner here who built a house already married when they came here well after the honey moon was over he wanted to sell he paid 14 million peso and wanted to sell for 14 hired a realtor a so call real realtor trusted church going guy... well after 1 1/2 years he finally gave in a moved leaving the house for sale by this realtor ... well it was broken into 2 times and he had to pay to re paint repair damage finally he gave up and sold cheap... 8 million peso and the guy who saved him was the realtor who turned around and listed the house and sold it for 12 million only months after buying it... hummmmmm for me i would rather destroy my house piece by piece then get scammed like that...

 

The problem is a lot of Filipinos are very stubborn and will watch their properties turn to dust before they will lower their prices

 

 

 

 

 

well the best way to buy cheap is move where NO one else wants to move then its cheap.... maybe cebu was cheap 30 years ago but i think the cheap time has passed you want cheap try some island with no mall and nothing but locals there it will be much cheaper ... location location

 

 

to all the guys waiting for the bubble to pop so they can buy cheap i dont think that will happen becuse 90% of the places are owned outright...

Edited by smokey
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Kabisay-an gid

The plan for my life is to have a small apartment in a city like Cebu, but for the most time in the year live in a island...like Tablas, or Palawan!

 

Cebu Pacific has a daily flight from Cebu to Palawan, and of course vice versa. About 70 minutes, and reasonably priced.

 

Unfortunately, there's no direct fast ferry between the two, so travel by sea isn't recommended if time is of the essence.

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the prices are what they are... ... but just beause you think they are to high dont mean they will come down.. put yourself on the other side... you buy a place for 6 million then you are selling it and i tell you hey its only worth 3 million to me and you will never sell it for 6 so give it to me for 3... there was a foreigner here who built a house already married when they came here well after the honey moon was over he wanted to sell he paid 14 million peso and wanted to sell for 14 hired a realtor a so call real realtor trusted church going guy... well after 1 1/2 years he finally gave in a moved leaving the house for sale by this realtor ... well it was broken into 2 times and he had to pay to re paint repair damage finally he gave up and sold cheap... 8 million peso and the guy who saved him was the realtor who turned around and listed the house and sold it for 12 million only months after buying it... hummmmmm for me i would rather destroy my house piece by piece then get scammed like that...

 

 

 

 

 

 

 

well the best way to buy cheap is move where NO one else wants to move then its cheap.... maybe cebu was cheap 30 years ago but i think the cheap time has passed you want cheap try some island with no mall and nothing but locals there it will be much cheaper ... location location

 

 

to all the guys waiting for the bubble to pop so they can buy cheap i dont think that will happen becuse 90% of the places are owned outright...

 

Well what I have been noticing is, as the years go on it gets more expensive to live in the Philippines compared to places in the west. I don,t know how much of an impact foreigners have on the economy or housing market, But if it starts to get more expensive to live in the Philippines then other places I would think people will stop coming, so less people to buy up these expensive homes and Condos. Philippines is not a good Bang for your buck, and its only getting worst. You know yourself that a lot of these buildings are poor quality built.

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smokey

Well what I have been noticing is, as the years go on it gets more expensive to live in the Philippines compared to places in the west. I don,t know how much of an impact foreigners have on the economy or housing market, But if it starts to get more expensive to live in the Philippines then other places I would think people will stop coming, so less people to buy up these expensive homes and Condos. Philippines is not a good Bang for your buck, and its only getting worst. You know yourself that a lot of these buildings are poor quality built.

 

 

 

 

the days of cheap living in the philippines if you want western style is over....Cebu is very close to having first world prices without all the sturcture to go with it... the only way cebu will get cheaper is if there is some sort or major porblem .. think if you owned a condo in tokyo right now and wanted to sell.... your screwed .... now if your buying the prices are now looking better... for me personally i came here because my wife was here and now my wife is in the US so it seems my reasons to stay here are not that strong the rest is just making the best of what you have... Most are on the earth 75 years so you make the most of them years ... Now that my wife is in the US my reasons to live in the philippines are not the same... like a game of chess i have to plot my next move...

Edited by smokey
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Buying a condo and renting it out to foreigners is a good investment.....

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smokey

Buying a condo and renting it out to foreigners is a good investment.....

 

 

 

 

so if you overpay for a condo then you rent it by overchanging a foreigner.. dam i am been here tooooo long... better rent to a politician they have lots of money much more then foreigners..

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the condos here in cebu city generally are so small and the prices are through the roof. the quality is also a joke. now here goes probably piss off the moderators. the chinese that are building these condos and getting rich off the foreigners... it's about time the foreigners stop buying these overpriced condos. in manila there so overbuilt. the prices on resales are coming down otherwise they won't sell. in some of these new condos i've seen studios with no windows going for 80,000 dollars. let them keep building and hopefully the market for condos will dry up. i thought for a while why can't foreigners own property it's because if they could the chinese wouldn't be making money on us foreigners with these condos they'd drop 50% overnight.... the problem is in this country they let the chinese buy property here but not the rest of the foreigners now the chinese own 85% of all big business here. what a shame the filipino has to work for the chinese i could go on for days how the chinese keep the filipino under there thumb and treat and pay them like dogs..... i think i've said enough... oh by the way for you moderators i didn't say all chinese but maybe 95% or most that's what i've seen in my time here in the philippines.... this is my observation if anyone has any other storys to prove me wrong i'd be willing to listen....

 

 

Couldn't agree more, These Mafia builders first removed the poor squatters by arsoning their homes and then they built poor quality high rises and ask for 100 times the cost. Its all too familiar story back home in India and they repeat this all over in a third world country...

 

Its the politicians-builder-mafia nexas..Politicians circumvent all legal, fire, safety, sub-standard building codes etc-[thats one of the reason you can buy the condo-cos of politicians bending the law] mafia provide the muscle to clear the squatters and builder built the over-priced homes...The cost is high..'cos the price you pay has to fill the pockets of all three parties involved...

 

I can guarantee you, the price will never ever come down..like in the west...which works more with market forces...here, its just black money that goes into the projects...They will give a rats a** if the condo is empty for another 100 years....you have to understand the evil dark heart of these people than market forces...they don't care..

 

Just google Chinas Empty cities...Millions of homes empty no buyers but they wont reduce the price...In Mumbai 80% of the populations lives on slums..yet many condos are empty..they won't reduce the price..'cos many parties are involved, illegal money etc...they don't do business that way...The most hated group in India after the politicians are these condo builders for inflating the prices of condos everywhere they go...

 

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I understand the topic is for buying condo in Cebu, but as the OP is from Italy and new here...he should know what goes on behind the scenes in building a condo in a third world country not just the sticker price, before been duped by the condo builders...if you have extra money, by all means go ahead...personally, having lived for 30 years in a third world country and knowing the pshye of these people who built these condos...I wouldn't touch them with a two feet stick...

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David_LivinginTalisay

The first 'property' that I bought in the UK after getting married in 1979, was a 2 bedroom 'Flat' (Apartment) in a small low-rise, development called Rodney Court. I paid

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Davolives

I dont usually ask people personal questions about their financial affairs but since you have made it a topic of conversation David I would like to ask you a question. You say that you only have 2 options with your condo- either sell it back to the developer or else sell a 1/2 interest to your son. Now you tell us that you paid 2M but that if you sell it to the developer you will lose 30%- which means they would pay you 1.4 M for your unit. [ which i find surprising considering that you say the developers current selling price [with financing] is 2.4 M .

So you have offered it to your son to buy a 50% share from you. I assume you are offering him the 1/2 interest for 700,000, since that is exactly 1/2 of the amount that you say you will get if you excercise your other option and sell it to the developer. Just wondering ??

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David_LivinginTalisay

I dont usually ask people personal questions about their financial affairs but since you have made it a topic of conversation David I would like to ask you a question. You say that you only have 2 options with your condo- either sell it back to the developer or else sell a 1/2 interest to your son. Now you tell us that you paid 2M but that if you sell it to the developer you will lose 30%- which means they would pay you 1.4 M for your unit. [ which i find surprising considering that you say the developers current selling price [with financing] is 2.4 M .

So you have offered it to your son to buy a 50% share from you. I assume you are offering him the 1/2 interest for 700,000, since that is exactly 1/2 of the amount that you say you will get if you excercise your other option and sell it to the developer. Just wondering ??

 

I bought that Ramos Tower Codo for TCP (Total Contract Price) of approx Php2M and was on 30/40/30 Terms.

 

I do believe I have posted about that before, ie 30% Down Payment (over 3 months), 40% Amortisation (over 14 months, of which nearly half way through, but behind on some monthly payments), and final 30% on 'Handover' (ETA December 2011).

 

I may lose 30% of payments made to date if I was to sell it back to FTRDC. As I have not paid Php1M, then Php300K is most I could potentially 'lose' if selling back to FTRDC. However I saved Php201K on the Club Ultima Membership, so actual loss not as bad as 30%. One can only SELL ones Club Ultima Membership, until after 2 years, and is subject to prospective Member buying, getting approval.

 

In addition to the Php2M 'TCP', there is the cost of Finishing, fixtures. fittings and appliances and furnishings etc required to bring it up to Crown Regency Condotel standards. This could Total up to Php350-400K, so we will be paying out about Php2.4M for fully kitted out Condotel unit to get the pooled income.

 

My son will be paying me half of the Total Price ie about Php1,2M which will give me the funds for the balance of payments and the kitting out.

 

I may well see if I can get a Home Loan in December, when completed (they wont do Home Loans on condos until then) to cover the remaining 30%.

For example HSBC Home loan Rate is 5.3% and should get higher than that from rental income.

 

If my son 'buys in', then I/We wont be selling, just Renting it out through the Crown Regency Condotel Leaseback Program!

Edited by David_LivinginTalisay
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Lee

Buying a condo and renting it out to foreigners is a good investment.....

 

 

so if you overpay for a condo then you rent it by overchanging a foreigner.. dam i am been here tooooo long... better rent to a politician they have lots of money much more then foreigners..

 

I have found that most condo rentals are not to round eye foreigners. In Winland, many of the rentals will end up going to kids in nursing school and other close by colleges, or the Korean students within the building if you wish to rent to them, or local business people who wish to live near work. Yes some round eyes do end up renting, but most I see end up buying, like myself. Now is buying a condo a good investment, so far yes the last 4 years, but only the future will tell for sure. Don't buy anything in a developing nation if you cannot afford to lose the money, that is my advice. Renting seems to be a better idea if you work the numbers, unless you intend to stay for a lifetime and want to know exactly where you will be in the future. As for overcharging, prices are pretty well set unless you can find suckers online who are coming over from other countries, and then you may be able to rip them off. I have found that a 5 to 10% a year income on the cost of the unit seems to be what most are making by renting, depending on when they bought their units. So if a person intends to use their unit as a rental, then first make sure there are plenty of people interested in renting in the area you wish to buy, as some condos I have seen are not accessible to local transportation, so would therefore be geographically undesirable as rentals. Oh another tip I can give is to leave the unit naked, so therefore rent it as it came, less problems to have to fix all the time because the tenant would supply their own aircon, water heater, furniture etc, and therefore nothing but the lock on the door and the plumbing and maybe the electical to complain about, and the plumbing and electrical is usually fixed by the in house plumber and electrician, well in Winland anyway, maybe check that with other buildings if that is true there too..

Edited by Mr. Lee
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