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Cebu condos and even the bungalow style houses and newly build low rise apartments near IT park are overpriced, not to mention the new condo units.

 

Lets say I buy a condo in Cebu at Php 2.5M and I rent it out for Php 20k a month, partly furnished, condo dues and aircon unit included - without electricity, water, tv and internet fees.

 

Its a good deal for someone who wants to rent and be in the city centre - and its a good rental income too.

 

This is something I would definately consider doing if I move part time to Cebu in order to get some extra cash flowing in

 

So IMHO its good to buy it as a rental investment if you are living in Cebu - and its also good to buy and modify the unit to your tastes in order to feel home

Edited by Zamora
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Oh yes I forgot to mention, one time I visited a condo unit priced at Php 20k a month in Winland. It was also for sale the manager of the building said... price: Php 6M

 

Hilarious

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Lee

Oh yes I forgot to mention, one time I visited a condo unit priced at Php 20k a month in Winland. It was also for sale the manager of the building said... price: Php 6M

 

Hilarious

 

From what I have been told, there is still one 40 sq meter studio, and one 50 square meter studio, and some 53 sq meter studios left in Winland and then the rest would be 2 and 3 bedroom units which IMO are way over the top. Buy the lowest price unit you can find in any building because renters for the most part want inexpensive rentals, so the lower the price, the less you can rent it for and the more people who will be interested in renting it. A 40 sq meter units in Winland cost about 2 million if you pay cash, and you can rent it for about p15,000 naked and to me that is the best way to rent because it is pretty much trouble free. Also remember if you have an agent rent for you, then you have to pay one month out of a one year lease, and you also have to pay taxes, so figure that into the money you will get as well. If you read some of my older posts, I have a young man named Angelo who watches over our unit when we are gone and takes care of our bills for us, so find a good honest person like him and you will be all set because it is a pain to get things done if you do not know your way around, so he can have electric turned on for you and handle some of the things you need such as barangy clearances etc, and he knows who to call for issues that may come up. Having a local friend is a blessing, believe me Angelo has saved us tons of time and money, so if you find a good person, then latch onto him and keep him and his number around.

Also the tenant usually pays for the water and the maintenance besides the rents, since they get to use the facilities. You usually get first months rent and last months rent and two months security and the rental agent will usually take the first months rent for his fees, so you get the rest.

Edited by Mr. Lee
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smokey

Cebu condos and even the bungalow style houses and newly build low rise apartments near IT park are overpriced, not to mention the new condo units.

 

Lets say I buy a condo in Cebu at Php 2.5M and I rent it out for Php 20k a month, partly furnished, condo dues and aircon unit included - without electricity, water, tv and internet fees.

 

Its a good deal for someone who wants to rent and be in the city centre - and its a good rental income too.

 

This is something I would definately consider doing if I move part time to Cebu in order to get some extra cash flowing in

 

So IMHO its good to buy it as a rental investment if you are living in Cebu - and its also good to buy and modify the unit to your tastes in order to feel home

 

 

 

i think getting it rented will in part be determined on the size of the unit the average hotel room in the US is 28 sq meters and what is in a hotel room.... now try to fit a condo with kitchen in this space or half of this space and i dont think many foreigners will rent it...

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David_LivinginTalisay

Ask Billy Reese (Aerosick) and his wife Eda, what they think of their Loft Unit in Ultima Residences Tower 3

Me and Sha-Sha could not make it to their 'Apartment Warming' as something came up, so dont have any photos of it 'finished'.

 

10673-3-mvswu.jpgoriginal.jpg

 

 

10673-3-etnrz.jpg10673-3-jjnmp.jpg

 

fuente-kitchen.jpgfuente-loft.jpg

 

fuente-living.jpgfuente-bed.jpg

 

Billy and Eda's Loft Unit looks very different as they had an ensuite Batroom installed upstairs with walk in closet.

 

They also created a wall by the stairs with under stair storage areas, rather than 'open-plan'.

 

They took us to an empty bare unit nearby, so we could see what you get for your money.

It is virtually un-liveable, in the state it gets turned over to the owner in!

 

At the ceiling level, all the waste pipes of the unit above are visable, and the steel flooring section of the loft above also visable.

 

You need to install false ceilings to cover these up!

 

I was given details of a Loft Unit in Tower 3 that was available in August 2010

 

 

Typical Loft Unit in Tower 3 is 64.75sq m (34.75 ground floor + 30 sq m of Loft floor)

 

The price then was TCV of Php4,418,924.64

Php2.4M of which went to FTRDC (with no VAT),

leaving the Balance of Php2,019,924.64 to ASEAC Develomment Corp to which there was 12% VAT added (Php247,390.96)

Total Price with VAT was going to be Php4,662,315.60

 

I know Billy and Eda put their money down long time before that so got a lower price.

 

Out of my price league howver, so I went with Studio Unit in Ramos Tower for about Php2M

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Lee

Ask Billy Reese (Aerosick) and his wife Eda, what they think of their Loft Unit in Ultima Residences Tower 3

Me and Sha-Sha could not make it to their 'Apartment Warming' as something came up, so dont have any photos of it 'finished'.

 

 

 

Billy and Eda's Loft Unit looks very different as they had an ensuite Batroom installed upstairs with walk in closet.

 

They also created a wall by the stairs with under stair storage areas, rather than 'open-plan'.

 

They took us to an empty bare unit nearby, so we could see what you get for your money.

It is virtually un-liveable, in the state it gets turned over to the owner in!

 

At the ceiling level, all the waste pipes of the unit above are visable, and the steel flooring section of the loft above also visable.

 

You need to install false ceilings to cover these up!

 

I was given details of a Loft Unit in Tower 3 that was available in August 2010

 

 

Typical Loft Unit in Tower 3 is 64.75sq m (34.75 ground floor + 30 sq m of Loft floor)

 

The price then was TCV of Php4,418,924.64

Php2.4M of which went to FTRDC (with no VAT),

leaving the Balance of Php2,019,924.64 to ASEAC Develomment Corp to which there was 12% VAT added (Php247,390.96)

Total Price with VAT was going to be Php4,662,315.60

 

I know Billy and Eda put their money down long time before that so got a lower price.

 

Out of my price league howver, so I went with Studio Unit in Ramos Tower for about Php2M

 

My wife and I were fortunate enough to have been invited to their unit house warming, and I found his unit to be beautiful and I would highly recommend someone go over there and take a look. I personally do not have the balls to buy something that is not already built because I worked very hard for the little bit that I was able to save up during my life after my previous divorce, and time with my current wonderful wife, so I give people a lot of credit that do, and it does seem that Billy was correct and I was wrong because he had the guts to buy before that building was built. I also give David credit for doing the same with his unit.

So the only problem I have with those towers is that a person would probably have to have a Filipino wife, or speak the language themselves, or have a friend who does, in order to get all the upgrades done because with our units which are not in that building, I would have gone out of my mind (heck maybe I did) having all the upgrades done that we had done, had I not had my wife to speak to the contractor and workers and follow them around and watch them during the upgrades, since most units come with just the 4 walls and pipes sticking up from the ground in Billy's building and not much more in the building we bought in, yet ours did have tile floors, and a kitchen and bathroom sink, and a toilet before we started to do the upgrades of knocking down walls, etc. So I would have to say that that building is way above our building in fanciness and maybe many other areas, but at a price.

Edited by Mr. Lee
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billy

wow that's a beautiful unit how much is that unit with loft now? with vat? 4.6 million?

Ask Billy Reese (Aerosick) and his wife Eda, what they think of their Loft Unit in Ultima Residences Tower 3

Me and Sha-Sha could not make it to their 'Apartment Warming' as something came up, so dont have any photos of it 'finished'.

 

10673-3-mvswu.jpgoriginal.jpg

 

 

10673-3-etnrz.jpg10673-3-jjnmp.jpg

 

fuente-kitchen.jpgfuente-loft.jpg

 

fuente-living.jpgfuente-bed.jpg

 

Billy and Eda's Loft Unit looks very different as they had an ensuite Batroom installed upstairs with walk in closet.

 

They also created a wall by the stairs with under stair storage areas, rather than 'open-plan'.

 

They took us to an empty bare unit nearby, so we could see what you get for your money.

It is virtually un-liveable, in the state it gets turned over to the owner in!

 

At the ceiling level, all the waste pipes of the unit above are visable, and the steel flooring section of the loft above also visable.

 

You need to install false ceilings to cover these up!

 

I was given details of a Loft Unit in Tower 3 that was available in August 2010

 

 

Typical Loft Unit in Tower 3 is 64.75sq m (34.75 ground floor + 30 sq m of Loft floor)

 

The price then was TCV of Php4,418,924.64

Php2.4M of which went to FTRDC (with no VAT),

leaving the Balance of Php2,019,924.64 to ASEAC Develomment Corp to which there was 12% VAT added (Php247,390.96)

Total Price with VAT was going to be Php4,662,315.60

 

I know Billy and Eda put their money down long time before that so got a lower price.

 

Out of my price league howver, so I went with Studio Unit in Ramos Tower for about Php2M

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In my country a Loft apartment or office is an old warehouse or factory building converted into an apartment or office.

 

In the Philippines when talking about a Loft they actually are referring to a Mezzanine floor...?

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Aerosick

In my country a Loft apartment or office is an old warehouse or factory building converted into an apartment or office.

 

In the Philippines when talking about a Loft they actually are referring to a Mezzanine floor...?

 

They're talking about a (not full) 2nd Floor. If you're a country boy, it's like the hay loft in a barn with the front open to pitch down hay...

 

Our ground floor is 34.0 square meters and our loft is 29.5 square meters. Total = 63.5 square meters.

 

Billy

Edited by Aerosick
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Aerosick

wow that's a beautiful unit how much is that unit with loft now? with vat? 4.6 million?

 

That's for an unfinished one. In March '08 we bought ours for 3.75 mil. Finished Condos start off at 5 mil +. My wife Eda is one of their Realtors so we keep up to date with them.

 

Billy

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  • 2 months later...
David_LivinginTalisay

Every persons reason for buying a Condo, may be different?

 

Here is a summary of why I bought/buying a 28 sq m Studio Unit in Ramos Tower of just for just over php2M:-

 

  • In-House Financing (0% Interest)
    (Ok so they offer 8% Discount for Cash, so it not really 0% Interest, but 6%pa Interest as I am paying over 18 months)
  • I got 70% off Membership of Club Ultima (worth about Php310K)
  • Club Ultima Memebership Dues are just over Php1,000 a month and one can use the Gym and Swimming as much as you like (in other Crown Regency also, including Boracay). You get 1 Night 'Accommodation Voucher' to use in any Crown Regency (additional Voucher if paying dues for whole year). You get php500 Vouchers that are 'consumable' and/or transferable. They also have 'Promo' offers for these Vouchers for accommodation and/or Buffet Meals.
  • These Crown Regency properties are built to a high standard, but how YOU finish them depends on who you use and how much you want to pay. (Ask Billy Reese to confirm this as he and Edna have a Loft Unit in Tower 3).
    issue. You would have to factor in cost of Financing /Home Loan to your price to make it attractive to buyers (ie undercut FTRDC's current List Price by more than 8%)
  • It is a property that I can own in my own name (but my son, Paul, now owns 50% with me, as he helping with 50% the balance of payments, so his name will also be on the CCT when issued after final payment on handover this December)
  • Option to sign it over to Crown Regency Condotel Leaseback Program. The good thing is no Home Owners Dues/Maintenance Fees to pay or anything. Share of the Rental Pool appropriate to Sq M size of unit, regardless if anyone actually stays in that Unit. One gets 15 x Accommodation Vouchers per year (for use in any Crown Regency unit - including Boracay, and any time of year - subject to availability). The bad part being i) 10 Year Contract, ii) I now learn it will be kitted out as a Hotel Room not a Condo ie NO Kitchen/ Breakfast Bar, iii) They take approx 50% of the Total Rental Pool Income for running costs, Maintenance fees and Letting Management. On 60% Occupancy of all Units in Rental Pool, they estimate a Net income (for Studio Unit of 28 sq m of approx Php20K per month (so that is 240K pa or about 10% ROI? Even if it were 30% Occupancy this should give 5%pa ROI, (which is as good or better than some Bank Time Deposits).

  •  

 

 

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Ozepete

David, can you advise the annual cost for Home Owners Dues/Maintenance Fees? All the expected outgoings for a year.

 

Cheers..

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David_LivinginTalisay

David, can you advise the annual cost for Home Owners Dues/Maintenance Fees? All the expected outgoings for a year.

 

Cheers..

 

OzePete,

 

My Ramos Tower Unit not getting handed over until December, possibly earlier, so we wont be given actual details before then, perhaps the cost of Electricity gone up more by then so higher communal cost of hallway lighting and lighting of 'other common areas', Lifts etc!

 

Best ask Billy Reese what he is paying for his much bigger Loft Unit in Tower 3, as Ramos Tower Studio Unit will/should, be a lot less than Billy is paying

 

I guess they may have 'Estimates' however, so will ask FTRDC'

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