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Tips to buying a condo...


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Skywalker

The Devil is often in the detail.  I looked at buying a condo in Park Point (Ayala) - until I noticed that the balcony at the unit I was after, was right next to the balcony of the unit next door.  No privacy at all.

 

There is a balcony right next to my current (rented) unit - however that unit is still a shell, as the owner has been trying to flip it.  As soon as someone does buy it and move in, I shall be leaving.  However I am not holding my breath, since nothing seems to be shifting in this building at all.

 

There are 17 units on the top floor here.  I am the only occupant.

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Houses tend to find their own level.   The condo explosion is being fuelled by very slick, intensive, high pressure marketing, they are more about selling a dream, a concept, a fantasy than the rea

After the children are grown and out the door, we will be getting rid of the maids and moving to a condo near Ayala Mall. However, we are going to rent. No matter what the price, the flexibility of no

Trust me, I lived in Bangkok for 8 years, the condo market there has been established for much longer than Cebu, it's flooded with property, and loads of empty condos - many for years.   Not a place

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billy

On CNN property sales in Hong Kong plunge 60%

Edited by billy
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Lee

On CNN property values in Hong Kong plunge 60%

It did not say that exactly, it said 

Hong Kong property sales plunge 60% -- with prices following so prices will no doubt follow, just as we suspect they will in Cebu.,

 

I agree most prices in Cebu are overpriced. One way to beat overpriced units is to rent in a building or know someone who is renting or owns in that building and then spend lots of time there talking to residents trying to find owners who must sell, that way you can buy below market. Buying many of the new units at today's prices may very well be a gamble but only time will tell. 

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Skywalker

 

Buying many of the new units at today's prices may very well be a gamble but only time will tell. 

 

It's a good point.  If you are buying the place to live in, rather than investment, then I think the price might be less important than somebody looking to make a fast buck.

 

Personally I think it's hard to find a better location in the City than Winland Towers.  Whether it represents a good investment is another thing entirely.  I think the oldest condo building in the City is Park Tower 1 in Ayala Business Park.  It's less than 15 years old (I think) but looks incredibly dated - a lot to do with the choice of architectural style.

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Thelandofku-an

It's a good point.  If you are buying the place to live in, rather than investment, then I think the price might be less important than somebody looking to make a fast buck.

 

Personally I think it's hard to find a better location in the City than Winland Towers.  Whether it represents a good investment is another thing entirely.  I think the oldest condo building in the City is Park Tower 1 in Ayala Business Park.  It's less than 15 years old (I think) but looks incredibly dated - a lot to do with the choice of architectural style.

Park Tower is  great inside,  more like apartments than a condo, I think the oldest are

Golden  Peak and Sentinel?

Back then they were maybe more solid and only 50k sqm!

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Lee

It's a good point.  If you are buying the place to live in, rather than investment, then I think the price might be less important than somebody looking to make a fast buck.

 

Personally I think it's hard to find a better location in the City than Winland Towers.  Whether it represents a good investment is another thing entirely.  I think the oldest condo building in the City is Park Tower 1 in Ayala Business Park.  It's less than 15 years old (I think) but looks incredibly dated - a lot to do with the choice of architectural style.

Agreed. When we bought our units to live in, we did not worry about if it was a good investment, even when we were told by some people it was a bad investment, yet I have been offered over twice what I paid for them and turned it down because there is no where for us to go to get even close to as many sq meters as we have for even close to the price we could have sold ours for. Location is great but as you wrote, being a good investment at today's prices I am not sure about but if a person can buy one here or anywhere way below the market, then it would be my opinion that they would then a least be in a position to either break even or lose less money if forced to sell, and in the mean time have a place to live.

 

Bargains are usually found in second hand units yet IMO there is nothing like moving into something brand new. It is all a balancing act, had I paid rent all these years, then I would have already spent way more than we paid to buy. 

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smokey

It did not say that exactly, it said 

Hong Kong property sales plunge 60% -- with prices following so prices will no doubt follow, just as we suspect they will in Cebu.,

 

I agree most prices in Cebu are overpriced. One way to beat overpriced units is to rent in a building or know someone who is renting or owns in that building and then spend lots of time there talking to residents trying to find owners who must sell, that way you can buy below market. Buying many of the new units at today's prices may very well be a gamble but only time will tell. 

well that has a risk ask anyone who picked up a cheap house in 2007 in the us...

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ThomsonJr

If condos stay that expensive then they'll need to see a large influx of Korean tourists or students and maybe some more Sexpats too because I don't think many people are interested in renting a 22sqm unit for 25,000 in Cebu. It's too much for what you get in this city. Now if you'd want a decent condo unit with 1 or 2 bedrooms and not just a studio unit, then you'll be looking at atleast 40,000 pesos per month + charges.

The people who bought the condos at pre-sale prices aren't going to lose any money I think, but they aren't going to make alot, unless they find a ridicilously naive tenant. 

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Thelandofku-an

If condos stay that expensive then they'll need to see a large influx of Korean tourists or students and maybe some more Sexpats too because I don't think many people are interested in renting a 22sqm unit for 25,000 in Cebu. It's too much for what you get in this city. Now if you'd want a decent condo unit with 1 or 2 bedrooms and not just a studio unit, then you'll be looking at atleast 40,000 pesos per month + charges.

 

The people who bought the condos at pre-sale prices aren't going to lose any money I think, but they aren't going to make alot, unless they find a ridicilously naive tenant. 

 

I guess it also depends on how long ago people bought their house or condo, I rent mine out nowadays at 400/sqm fully furnished, but when I bought them new more than a decade ago is was touch and go meeting ROI, which I guess is about fourteen years at todays rental.

 

I can still afford to sell at 67,000/sqm nowadays and be satisfied with the modest increase, I guess I'm old generation and

don't expect as much as those born into the present generation of volatile property prices and the realty agents resale

speculation which perhaps sparked it off!

 

The benefits which attracted me to the older condos was the lesser number of floors and  spacious dimensions, for example

there are only five units on my particular floor and two elevators, so no waiting around.

 

Another thing is that the children of the few families living here are mostly "grown and flown", so it's peaceful for reading or

just contemplating what to do next.

 

Many of the units are vacant because owners were cash buyers from Mindanao or the provinces who just visit during public holidays and their kids have the option of using it as a dorm when entering college.

 

Basement parking clearances are generous (14sqm) and my SUV doesn't hit the overhead crap like in Ayala basement!

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Thelandofku-an

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Edited by Thelandofku-an!
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ThomsonJr

I'm not sure how the market is going to look like in 6 to 10 years from now but we will have quite a large choice when they are done with their building sprees. Theres projects on the way all over the city from Banawa to Banilad and Mandaue.

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Thelandofku-an

I'm not sure how the market is going to look like in 6 to 10 years from now but we will have quite a large choice when they are done with their building sprees. Theres projects on the way all over the city from Banawa to Banilad and Mandaue.

 

Haha! I remember many years ago my saying "1,000 Php a metre, they'll never get that for it"!

 

I also remember saying"1,000,000 Php for a shack in Sto Nino Subdivision! F****** crazy"!

 

Then that brings us to 2013....

 

Note. No-one's gonna take a fall in the last 30 years, because we're not $3,000,000 dollars each in debt at birth, if you wanna check; go in the banks here and look at repo "bargains", which include previous owners debts and nothing to do with market value!

 

Fractional reserve banking has worked a little differently here for a long time, when things get tight we borrow through US banks from the "Fed", this adds 90% of the "collateral" to the banks bottom line and increases American citizens

spending on, guess what?

 

Pgon...

Edited by Thelandofku-an!
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dc3driver

So you are saying there no bargins in bank repos.  Probibly right, but I never looked.

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Thelandofku-an

So you are saying there no bargins in bank repos.  Probibly right, but I never looked.

There probably are, just they get taken up through internal contacts gaining commissions from investors.

Generally speaking, the banks are so slow in taking action on defaulters that the outstanding debt often exceeds the equity!

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Contango

Don't be afraid of fire... be afraid of this:

Ah nothing like being stuck in a time warp :) 1 bad Manila building that didn't actually collapse means all Manila buildings collapse..the logic is brilliant. Edited by Contango
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