Property Prices In Your Area

[scott h]

3 minutes ago, OnMyWay said:

How can we get data on done deals here in the Philippines?

I don't think you can here. I know the sites you are referring to, we used one a lot when selling our house before moving here. 

I did a little research when my Brother in law was trying to sell a piece of property. Their is no (IN OUR AREA) mechanism for property valuation. It is all done by zip code and can be picked up at city hall. Prices are just given by square meter weather it is along a main road, a malaria ridden swamp or a squatter encampment . Houses are valued by square meter of "living area". All prices after that are just subject to negotiation.

[OnMyWay]

45 minutes ago, RBM said:

IMHO many list at stupid prices where there is no chance of selling

There are only one or two or three brokers who list in our neighborhood, although you will see places advertised multiple times by "agents" hoping to get a piece of the pie.  One of the brokers is this one:

https://www.property24.com.ph/property-for-sale-by-janice-stuka-a284523

And she lists at outrageous prices.  Again, I have no idea of actual selling prices, but I do know her stupid prices have caused others to ask stupid prices, and create a market that nobody understands.  She is married to a foreigner  and I'll bet he has some skin in this game.  Am I pissed?  Yes.

She listed my neighbors piece of crap house for 15 mil two years ago.  Still sitting with the sign but I don't see it on property 24.

If you look at the property 24 listing, there is one for 30 mil, 9 bedrooms.  I know the guy.  Norwegian.  He has had if for sale for 5+ years.  It is not really one house, it is a duplex.  First he had it priced together, then separate for only 13 and 14 mil each.  Now she is asking 30 mil for both.  It is very nice but it doesn't even have a garage or carport.  Street parking.  What a joke!

[graham59]

30 mil ?

That would probably buy our whole village...with plenty of off-road parking, and a Carabao thrown in. 

[OnMyWay]

2 minutes ago, graham59 said:

30 mil ?

That would probably buy our whole village...with plenty of off-road parking, and a Carabao thrown in. 

In the U.S., this is what we call overbuilding for a neighborhood.  Our neighborhood is considered higher end, but this is over the top, thus no sale.

https://www.property24.com.ph/9-bedroom-house-and-lot-for-sale-in-subic-114094322

[jimeve]

42 minutes ago, OnMyWay said:

In the U.S., this is what we call overbuilding for a neighborhood.  Our neighborhood is considered higher end, but this is over the top, thus no sale.

https://www.property24.com.ph/9-bedroom-house-and-lot-for-sale-in-subic-114094322

It's on a leasehold for 38 years, looks pretty but 30 million. And it doesn't specify the size of the land. Looks small too for that crazy price.

[OnMyWay]

Here is another boondoggle in our neighborhood.  It was brand new about 4 years ago and sold by an agent we know, for 16 mil.  It looked beautiful back then.  The agent used to live in the U.S., and after she got her commission, she moved back to the U.S.

Someone lived it for a while and apparently the roof and walls leaked so bad, and the wiring got ruined.  It became uninhabitable.  Something to think about for those who might consider buying a "spec" house here in the Philippines.  There are a lot of those in Angeles.  Cookie cutter modern look but questionable construction.  Spec house is what we call a house built by a contractor speculating that he can sell if for a lot more than his cost.

So it was sold and they started tearing it apart early this year.  Roof and exterior walls are gone.  The neighborhood was wonder what the heck is going on so finally the owner, Scandinavian origin, said they were rebuilding it and it should be done by Christmas.  That was was in the spring.  The only thing I have seen done since is digging that big hole next to it.  Swimming pool?

[graham59]

Hence my comment about hollow block/steel construction (concealed by pretty paint and fittings ? ).

That certainly looks to be a beautiful property. 'Built to European Specification' is certainly an interesting statement though. 

One really needs to witness a building being constructed from day one, if investing that kind of money...IMO, quite apart from the 'paperwork' side of things. 

Edited November 7, 2019 by graham59

[Marvin Boggs]

This whole discussion kind of reinforces my belief that professional quality here is difficult to attain, and I better plan on doing most things myself.  Or at least, managing them directly step by step.  Have visited some of the spec homes, and quickly realized to get something I consider 'quality' would require an absurdly high amount of money. 

[Tommy T.]

40 minutes ago, OnMyWay said:

Something to think about for those who might consider buying a "spec" house here in the Philippines.  There are a lot of those in Angeles.  Cookie cutter modern look but questionable construction.  Spec house is what we call a house built by a contractor speculating that he can sell if for a lot more than his cost.

Before deciding to build, L and I looked at more than 2 dozen condos/homes for sale. At the asking prices, they were all underwhelming.

We looked at one house just completed. I forget the asking price. The location was lovely and next to a quiet park. But the road was steep and it was built on a hill. Even though just completed, the walls were spiderwebbed with cracks. L spoke with the caretaker who happened to be the foreman during construction and he told her (not very smart in my opinion) about them using weaker cement mixes to save money - as instructed by the real estate speculator couple who commissioned the build. We are not sure but guess they also used the weaker class B hollow block and possibly substandard rebar too - maybe that Chinese stuff that won't pass strength tests?

That was pretty much the turning point to making us decide to build our own house so we could participate and at least observe some of the construction. As you, OMW and others have said, you cannot tell the quality (or likely the lack of) when buying a used home or condo. Almost two months on and it is sound and solid even after the multitude of quakes. But we know that is no guarantee either...

[Tommy T.]

4 minutes ago, Marvin Boggs said:

This whole discussion kind of reinforces my belief that professional quality here is difficult to attain, and I better plan on doing most things myself.  Or at least, managing them directly step by step.  Have visited some of the spec homes, and quickly realized to get something I consider 'quality' would require an absurdly high amount of money. 

That's what we are doing - although not quite as hands-on. The builder constructed this apartment building and at least 15 others for people - none of them spec homes and all with positive feedback... It's the best we can do because I am too old to make a career out of this and L works a full time job and then some...