Are there condos in Dumaguete

[Dave Hounddriver]

24 minutes ago, robert k said:

Are you saying people should not look at what they say?

I want to start by saying  I agree with what you are saying.  It seems to me that you are talking about the 'people who discuss the condo bubble' when you say people should not look at what they say so . . .

For resale, there is a bubble.  Developers inflate the expectations of condo owners so that these condo buyers believe their condo is worth more than a brand new unit.  This means condo buyers think they are buying low and expect to sell high.  Once they give their head a shake they realize they need to sell for less if they need to get out of it.  Fortunately people don't usually sell for a few years so inflation often allows them to get their money out of it.  SO: Retail buyers think they can sell at an inflated price and get their bubble burst when they figure out the truth.

For new construction:  Its a friggin brilliant strategy because it makes NEW condos look more attractive than the used unit sales.  The condo developers never build on spec.  They 'presell' half the units which are priced to be sure the developer can built with that money and break even, the rest of the units they sell are pure profit.  So there can be no bubble for the developer.  He does not build until half the units are presold so as long as they are building condos then you can be absolutely positive there are buyers. . .  They already have them in their back pocket.

Just so we are on the same page, my idea of a bubble is that developers build more condos (on spec) than they can sell.  That means the inflated price will burst and condos will lose a tremendous amount of value when too many spec condos hit the market and there are no buyers.  As I said, the do not build on spec, they build with other people's money.  When you see a bunch of condos started and work has stopped then you know they could not sell enough units.  All that happens is the early buyers lose their money, the developer just walks away OR waits until more units are sold to continue the project.  So the lesson here is don't be one of the EARLY buyers.  Wait until the units are at least half sold.

Edited March 27, 2016 by Dave Hounddriver

[robert k]

Ok Dave, in the US the bubble concerns whoever owns the property, not just the developer.

[RBM]

Guys this nonsense about two bed roomed condos at 32 sq meters is as said a nonsense. I lived two years in a studio of 35 sq meters in Cebu, talk about a shoe box. How they can possibly fit 2 bedrooms into 32 is beyond me. 

Even for the best of us in time would drive most people crazy, it certainly did myself. Although it basically was just for sleeping as I was pretty active its just way to cramped.

[Dave Hounddriver]

2 hours ago, RBM said:

Guys this nonsense about two bed roomed condos at 32 sq meters is as said a nonsense.

32 sqm is too small for a 2 br condo but here is a floor plan for a 38 sm 2 br condo at One Oasis Cebu where both of the bedrooms are about 8 ft x 10 ft which is do-able.  Yes, condos are SMALL but as you said, condo people in Philippines  don't spend a lot of time at home.

[mogo51]

Not doable for me Dave I am afraid.  My SO and I lived in 36sq.mt. condo in Jomtien (Pattaya) for about 8 months and it was a nightmare.

It was that small that I had to go outside to change my mind.

[DavidK]

Tricky question isn't it. A house that can only belong to your spouse or a condo that you can own but which is likely smaller and more expensive but with extra security. We lived in a 2-bedroom condo at Guadalupe which was too small, now we have a 3-bedroom (140 sq metres) at Marco Polo which is big enough, beds for 6 plus the maid's, 3 bathrooms, 2 3-seater sofas in the living area plus an 8-seater dining table all of which fit very comfortably. If you're retired and limiting your chattels then a condo is adequate. If you have a family and need living space then it's probably not. Yes you have to pay condo dues but then my rule of thumb for property is you have to pay 10% of the value for maintenance each year anyway. Security is provided and you have all the extra facilities (swimming pool, tennis courts etc.) which come with it at no extra cost. A good investment? Who knows but I have bought it to live out my natural in so I'm not terribly troubled by how much the value increases (or doesn't as the case may be). Anyhow it's airy, breezy, with great views and still takes less than 30 minutes to get to the golf course of a morning and is only a short ride into the centre of town.

[Dave Hounddriver]

13 hours ago, Dave Hounddriver said:

a 38 sm 2 br condo

There are houses here which are just as small as these condos.  I live in such a house.  Its a 38 sq m townhouse in my spouse's name. Cost of townhouse is about 1/4 to 1/3 the cost of a similar sized condo but I could own a condo.

So I don't believe its all about size but more about money.  Would I risk 1 million pesos with a property in the SO's name or risk 3 to 4 million pesos for the same amount of space in a condo which I can own?  Both purchases have risk.

If a person is young enough and is determined to live here for the rest of his life, why not do both?  Buy the 4 million peso condo for yourself and a 4 million peso house for her.  Rent out the condo and live in the larger house and if it all hits the skids the split it in half and you're good to go.  But I'd get the condo first for safety (well I would in an ideal world but for now this is just conjecture)

[RBM]

23 hours ago, Dave Hounddriver said:

 

 

If a person is young enough and is determined to live here for the rest of his life, why not do both?  Buy the 4 million peso condo for yourself and a 4 million peso house for her.  Rent out the condo and live in the larger house and if it all hits the skids the split it in half and you're good to go.  But I'd get the condo first for safety (well I would in an ideal world but for now this is just conjecture)

Maybe Dave few people are able to do both.

Personally feel people put to much emphasis worrying about the SO taking off or some other factor relating to us loosing the home.  If one has doubt why be in the relationship to begin with. Further if we take the course OK but what if......There are inexpensive measures available to offer us some form of protection. Sorry guys I do not subscribe to this common theory we have no rights....

Naturally in many cases its stacked against us, not every case. I know quite a few people whom have won minor cases in court. We do have rights. 

One poster mentioned 10% maintenance costs, if the house is built correctly no, have to  disagree. having built a new place we virtually spend nothing unless its on improvements. An older place this could apply, not sure.

House vises condo......the proverbial...how long is the string....Each to his own, Perhaps people considering one or other should rent a condo for a while before committing.  I did, and condo living was not for me.

[Dave Hounddriver]

33 minutes ago, RBM said:

If one has doubt why be in the relationship to begin with. Further if we take the course OK but what if......There are inexpensive measures available to offer us some form of protection. Sorry guys I do not subscribe to this common theory we have no rights....

Naturally in many cases its stacked against us, not every case. I know quite a few people whom have won minor cases in court. We do have rights

Your experience is vastly different from mine.  This is just an observation and could be a result of the people I hang around with.  I know a lot who have a house in their spouse's name with no problem whatsoever.  I know a very small handful who have had a relationship breakdown who have been afforded any 'rights' (in all but one of those cases the ex-spouse did not fight them too hard or too smart).  Somewhere in the middle are the number of people who have lost their shirts when they break up with a filipina spouse (whether she kicks them out or vice versa).

I was just talking about this to one of my very good friends from the hash (you may remember Indian Sucker from the times you hashed with us?) who was married for many years when she took off with someone else and screwed him out of everything.  He said "its useless to tell anyone else about my experience because they just won't believe it until it happens to them.  I know I didn't expect it or believe it was going to happen."

[RBM]

6 minutes ago, Dave Hounddriver said:

Your experience is vastly different from mine.  This is just an observation and could be a result of the people I hang around with.  I know a lot who have a house in their spouse's name with no problem whatsoever.  I know a very small handful who have had a relationship breakdown who have been afforded any 'rights' (in all but one of those cases the ex-spouse did not fight them too hard or too smart).  Somewhere in the middle are the number of people who have lost their shirts when they break up with a filipina spouse (whether she kicks them out or vice versa).

I was just talking about this to one of my very good friends from the hash (you may remember Indian Sucker from the times you hashed with us?) who was married for many years when she took off with someone else and screwed him out of everything.  He said "its useless to tell anyone else about my experience because they just won't believe it until it happens to them.  I know I didn't expect it or believe it was going to happen."

Yes there is no doubt this sadly happens in a number of cases. We seem to hear about these unfortunate situations more than we do of others whom have a more successful outcome.

Know one individual whom had meticulously kept records of every centavo spent in his construction and had all bank details to back this up. Total surprise to all when the marriage broke down. Long story short after some court cases it was ruled that the house proceeds would be returned to him once sold.

Now Dave, I am not suggesting this would be a common out come, perhaps a rare fair minded judge and again a rare good attorney.   I readily admit its tough and most loose out how ever its worth a go to fight. Further there are precautions we can take when making these investments. Not fail safe how ever better than nothing.

My argument is more that I do not accept this common saying the foreigner has no rights.