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airforceone

Because a foreigner can own a condominium here in the Philippines, I might try getting one. They told me the unit are going to be turn over next 2 years, has anyone ever bought a preselling condominium in Avida Towers in Cebu IT Park?

 

This http://www.cebuparks.com/items/two-bedroom-unit-avida-towers-riala/%C2'> seem perfect for me and my wife.

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miles-high

I posted it elsewhere but here’s my checklist:
1. Window type AC’s are common here but are noisy/not efficient; so see if they allow split type AC’s and there are provisions for the heat exchangers outside of the unit
2. If they are to be installed on balcony, adequate ventilation for the heat exchangers (no concrete walls)
3. Adequate space (under the sink) for the large water filters
4. Provision for the dryer (not a big deal to have one way valve, or whatever it is called installed but still costs money)
5. Bath tub space, if already installed, make sure it is not a round bottom European type (flat-bottom tubs are safer)
6. Fiber (at least to the building)
7. Standby generator (sufficient to power one or two lights, 1 AC and 1 fridge in each unit, 1 elevator…)
There may be more to check (no kids/no pets, etc. ;)) but those are the same common sense matters everywhere in the world…

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Was looking into it as well but I`ll rent two more years and then decide. Too many condos to choose from as it is, let alone few years from now.

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SomeRandomGuy

not sure if they will go down in price though... was speaking to a real estate guru a few months ago as I was wondering who the hell is buying all these condo's.

 

According to him OFW's so if they come buying them, they will keep building them.

 

my opinion please note I am not an economist.

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According to him OFW's so if they come buying them, they will keep building them.

 

Yeah, only paying condo dues at 45-60 piso per sqm each month,  but they will not encounter too many daily use wear and tear maintenance issues if they sit there empty till the handrails on balconies rust out, sliding windows jamb shut or ceramic tiles pop up on the floors, cement plastering cracks and falls off and curtains being closed all time will fade and fall apart .

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smokey

Yeah, only paying condo dues at 45-60 piso per sqm each month,  but they will not encounter too many daily use wear and tear maintenance issues if they sit there empty till the handrails on balconies rust out, sliding windows jamb shut or ceramic tiles pop up on the floors, cement plastering cracks and falls off and curtains being closed all time will fade and fall apart .

and we pitched a fit in our subdivision when the maint. fee went from 1 peso a sq meter to 3 ... 

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stevensanph

i've seen the new SMDC condos in manila asking for 100peso/sqm.  I am yet to see a (mid range) condo project (other than the highest of the high end projects) where the price was cheaper in preselling than it was on the private market after handover when people realise they can't afford the financing after enjoying nice easy 0% interest downpayment deals.

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Buko Beach

Because a foreigner can own a condominium here in the Philippines, I might try getting one. They told me the unit are going to be turn over next 2 years, has anyone ever bought a preselling condominium in Avida Towers in Cebu IT Park?

 

This  seem perfect for me and my wife.

The problem with IT Park IMO is the view. You buy a condo on a higher floor and are amazed at the nice view so you pay the ask on a nice unit. Better hurry up and enjoy it before another condo tower gets built directly across from yours. Your great view just went from hero to zero in 16 months, and when it comes time to flip your condo you might only dream about breaking even.

 

See all those empty lots around IT Park, there will be condo towers rising from every one of them. It's only a matter of time. Even with the condo tower ban the developers will find a way around things and the towers will keep going up.

Edited by Buko Beach
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Buko Beach

I posted it elsewhere but here’s my checklist:

 

4. Provision for the dryer (not a big deal to have one way valve, or whatever it is called installed but still costs money)

 

A one way valve for a dryer? Do you mean a one way valve for a washing machine? Kinda like a water shut off valve? Or are you talking about a washing machine tray designed with a one way drain valve in case of a broken pipe? Depends upon the area and building code, but in the West a lot of condos require a drain tray be used under washing machines for insurance purposes.

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miles-high

A one way valve for a dryer? Do you mean a one way valve for a washing machine? Kinda like a water shut off valve? Or are you talking about a washing machine tray designed with a one way drain valve in case of a broken pipe? Depends upon the area and building code, but in the West a lot of condos require a drain tray be used under washing machines for insurance purposes.

 

In most condos here, you would need to vent the dryer through the vent for the kitchen extractor fan (unless you buy a vent-less dryer but it takes 3 to 4 times more to dry)... thus a sort of one-way flapper vane is needed on each duct... Sorry I don't know the technical term for it... :)

Edited by miles-high
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Scottiev

In most condos here, you would need to vent the dryer through the vent for the kitchen extractor fan (unless you buy a vent-less dryer but it takes 3 to 4 times more to dry)... thus a sort of one-way flapper vane is needed on each duct... Sorry I don't know the technical term for it... :)

umm dryer vent??

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According to him OFW's so if they come buying them, they will keep building them.

 

True. I go to the occasional pinoy fiesta overseas and they always have sales "offices" which seems to be doing a roaring trade.

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Monsoon

My condo in the Philippines are the worst performing things in my investment portfolio. Well, next to a savings account at 0.2%. So overall, that's what I think about them - they are the worst investment I've ever made.

 

So if you look at a condo purchase purely for your own utility and enjoyment, ignoring any investment factors, maybe you won't regret it.

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