Condo In Tipolo

[SNIXX]

Hello all. Looking for intel. 

 

This is my first post so I didn't want to seem like a shill and post any real estate links.

 

google..  Deca Homes 8990 Condo Tipoli Mandaue

 

All I'm getting is the useless sales clutter when I search the internet- zero substance.

 

Good area? Overpriced condo? Am I just another foreigner that doesn't know value?

 

My only logic (however flawed) is a 15k php rental somewhere would add up pretty fast vs 25000 USD in one painful shot.

 

 

[Bruce]

Hello all. Looking for intel. 

 

This is my first post so I didn't want to seem like a shill and post any real estate links.

 

google..  Deca Homes 8990 Condo Tipoli Mandaue

 

All I'm getting is the useless sales clutter when I search the internet- zero substance.

 

Good area? Overpriced condo? Am I just another foreigner that doesn't know value?

 

My only logic (however flawed) is a 15k php rental somewhere would add up pretty fast vs 25000 USD in one painful shot.

 

What do you want to accomplish? Mandaue? Why? How long? Tell us the bigger picture about your goal here and then 'we' may have some good ideas for you to think about.  I have been there and searched the area already and can put you in touch with a local guide if you need one.  I looked at about 8 different projects there in 2009 ans 2010.

[MikeB]

My only logic (however flawed) is a 15k php rental somewhere would add up pretty fast vs 25000 USD in one painful shot.

Conventional wisdom is don't buy anything for at least a year. Buying is easy, selling maybe not. That p15k rental may look pretty good in hindsight if you want to sell the $25k condo and can't. From what I've heard that is not an uncommon situation.

[Bruce]

My only logic (however flawed) is a 15k php rental somewhere would add up pretty fast vs 25000 USD in one painful shot.

Conventional wisdom is don't buy anything for at least a year. Buying is easy, selling maybe not. That p15k rental may look pretty good in hindsight if you want to sell the $25k condo and can't. From what I've heard that is not an uncommon situation.

25k is a bit short unless there is an issue with the building. In 2010 the cheapest I saw was about 1.4 mil and up up up. As for price... the CHEAPEST I saw were Small townhouses on Mactan starting at about 800,000p.  No appliances or air con or interior finishing. But I am concerned about flooding there and toilet issues in the rainy season, which in the Philippines runs from Jan1st all the way through December 31st.

[SNIXX]

Bruce/Mike thanks for the replies. I originally left out detail just not to be boorish.

 

Hypothetical question based on tending to be in the Cebu City area when I visit from the states. My contacts (the  Filipina I am most attached to, her relatives, expats I know that hang out at Bo's coffee etc etc. push me focus toward Cebu.

 

I might be able to afford the 1 million without too much hardship and I might move there for months at a time or even full time.

 

I'm in the typical gray area of wanting to take the leap but not knowing if I actually will.

 

Appreciate being here...thanks all.

[Bruce]

Bruce/Mike thanks for the replies. I originally left out detail just not to be boorish.

 

Hypothetical question based on tending to be in the Cebu City area when I visit from the states. My contacts (the  Filipina I am most attached to, her relatives, expats I know that hang out at Bo's coffee etc etc. push me focus toward Cebu.

 

I might be able to afford the 1 million without too much hardship and I might move there for months at a time or even full time.

 

I'm in the typical gray area of wanting to take the leap but not knowing if I actually will.

 

Appreciate being here...thanks all.

Well if you plan on buying... make an excape plan and look into resales and the success or lack there of in any building you look at. Also, you might look into someone who bought but wants out and you can take over from them at a reduced price.

[i am bob]

If you are just thinking about taking the leap, then you definitely want to rent.  Why?  

 

Decide not to take that leap - better off renting.

Decide the young lady is not the one for you?  Better off renting.

like the country but not the neighbourhood?  better off renting

karaoke starts at 6 am and ends at 3 am?  better off renting

been married for a few years, have a great life and get along well with the inlaws, decide you want to stay forever and the lot next door to where you are now is for sale and has a clear title?  sometimes you are still better off renting but this you could check out for buying.

[SNIXX]

If you are just thinking about taking the leap, then you definitely want to rent.  Why?  

 

Decide not to take that leap - better off renting.

Decide the young lady is not the one for you?  Better off renting.

like the country but not the neighbourhood?  better off renting

karaoke starts at 6 am and ends at 3 am?  better off renting

been married for a few years, have a great life and get along well with the inlaws, decide you want to stay forever and the lot next door to where you are now is for sale and has a clear title?  sometimes you are still better off renting but this you could check out for buying.

 

I am Bob, you can get dozens of opinions about the subject but what you said seems to be a baseline recommendation. There's obviously something to it.

 

I'm past the island paradise that I can move to for 600 USD a month and meet a Filipina that loves me for me phase, not that I was ever in that phase in the first place. 

 

What I still can't process is a 3rd world country that prices out appartelle's, condo's, etc. 400-1000+ USD a month? 

 

I can get a massage 20x cheaper in Cebu and rent a car 10x cheaper but housing is half or more as in a western country? I personally don't get it.

 

My only thought, and therefore reason for the OP, was buying something very basic in cash would get me off the hook for monthly rent expenses.

 

Tricky subject.

[i am bob]

If you are just thinking about taking the leap, then you definitely want to rent.  Why?  

 

Decide not to take that leap - better off renting.

Decide the young lady is not the one for you?  Better off renting.

like the country but not the neighbourhood?  better off renting

karaoke starts at 6 am and ends at 3 am?  better off renting

been married for a few years, have a great life and get along well with the inlaws, decide you want to stay forever and the lot next door to where you are now is for sale and has a clear title?  sometimes you are still better off renting but this you could check out for buying.

 

I am Bob, you can get dozens of opinions about the subject but what you said seems to be a baseline recommendation. There's obviously something to it.

 

I'm past the island paradise that I can move to for 600 USD a month and meet a Filipina that loves me for me phase, not that I was ever in that phase in the first place. 

 

What I still can't process is a 3rd world country that prices out appartelle's, condo's, etc. 400-1000+ USD a month? 

 

I can get a massage 20x cheaper in Cebu and rent a car 10x cheaper but housing is half or more as in a western country? I personally don't get it.

 

My only thought, and therefore reason for the OP, was buying something very basic in cash would get me off the hook for monthly rent expenses.

 

Tricky subject.

 

You will find real estate to be the trickiest question out there.  Let's look at Cebu though you can say this for many different cities in the country.  You can stop and look at a building and it will be P50,000 a month rent.  Go 2 blocks and see a similar building and it might be P25,000 a month.  Head away from the more popular areas and you might see the same building one more time for P12,000 or so.  Now if you don't have to stay in Cebu itself, you can go to one of the smaller cities nearby and still get cheaper rent than you would in Cebu.  Some different provinces are much cheaper than Cebu.  It's all getting there, looking around and finding out what is suitable for you and your situation.  

[Dave Hounddriver]

First, if you really could buy a condo in Cebu for 1 million pesos there would be a line up.

 

Second, you can buy many 'soon to rise' condos for that price but they are still pictures on a computer which is why there is no substance to the ads. (Sometimes you will see an 'actual picture' and then find that all those units are sold and what they are selling now is 'Phase 2' which has not been started even)

 

Third, when you do buy a 'soon to rise' condo you either find the project goes broke, sits in development for 10 years waiting for all the units to be sold so they have the money to build, or you actually do get it . .  and find out all they have sold you is a shell with absolutely no finishing done.  4 concrete walls and a roof.

 

Fourth.  In the event I am wrong and you do find a finished condo for 1 million, Make sure, REALLY make sure, you look at it in person before buying it.  Make sure you can live in that location and check with the neighbors to find out why it is so cheap.  Also remember that Philippine condos are very small.  When they tell you it is 25 square meters does that include the public hallway?  Just saying.  Do your due diligence and if it really what you want then buy it,  For comparison, that money would also buy you a row house in an entry level area (if you have a filipino wife who can own it) or a small, crappy, falling down house in an almost inaccessible area of Cebu.  In short, 1 mill is not much money to buy anything in Cebu so if you get what you want, GO FOR IT.

 

Real and livable condos sell for 1.8 million and up.  Anything less than that (if you happen to really like it) is a fair price for Cebu.

Edited February 22, 2013 by Dave Hounddriver