House prices

[sonjack2847]

On 10/2/2021 at 5:48 PM, Gandang Smile said:

The way I see it, the market is in distress all over the Philippines and whoever hikes the price is fully delusional.

Well that makes all the sellers around here delusional then. Prices have been stable/ rising here since the pandemic started. You might get lucky and buy some land which the owner has to have fast cash. 

[sonjack2847]

On 10/3/2021 at 1:35 PM, Clermont said:

The wife just bought her son a new house, there is a lesson here. A new house consists of an out side shell, no bedroom partitions, no interior paint, no floor tiles, no kitchen, O yes, there is stairs but not painted/varnished. You ask, why didn't he inspect inside before buying. Well they wont open the door to let you in to inspect until they have the deposit in there hand or paid in full and if under finance the finance company has paid in full. This is the way they do business, you are supposed to know these things. So I can see why certain houses on the market seem expensive as to the actual listed price of say two years before. It's not hard to spend 500 K on the interior and that's not flash, just basic. So when buying a house these things have to be taken into account and if your paying cash, the going rate is 20% discount.  

We looked at a few new build properties to rent out and found the same thing, the internal finish was very basic and would take quite a bit of time and money to finish. Some things,  roof vents etc, you might want to install would be done as a basic install  in the UK but here an optional extra.

[OnMyWay]

9 hours ago, sonjack2847 said:

Well that makes all the sellers around here delusional then. Prices have been stable/ rising here since the pandemic started. You might get lucky and buy some land which the owner has to have fast cash. 

Same thing here in Subic and in Angeles.  Asking prices are really high.  I have no idea what the real selling prices are.

When I was looking at Angeles online in 2012, you could see quite a few nice expat houses, even with pool, for 5-7 mil.  Now they ask more than double that.  15-20 mil is common.

[hk blues]

We bought a new build - Camella Homes.  The price was in the 4m php range so neither cheap nor expensive.  It did come with tiled CRs and floors as well as a sink unit but no cabinets.  Fully painted albeit in one colour, wooden doors but cheapish quality.  Over the past 6 years we have upgraded most things but the original state was acceptable - 6.5/10.  

I often muse if choosing the self-build route would have been better but the reviews on here have been mixed in terms of costs/quality etc etc.

[Jollygoodfellow]

I dont know about houses but would say its the same. Here in Cebu city there are a hell of a lot of repossessed condos and I'm sure a lot going cheap as people are desperate now. No work etc for such a long time has caused defaults.

Rent is way down, for what used to be the average in my building for a studio was 20k. Today in the same building I looked at similar units and price is 12k including dues.

[stevewool]

54 minutes ago, Jollygoodfellow said:

I dont know about houses but would say its the same. Here in Cebu city there are a hell of a lot of repossessed condos and I'm sure a lot going cheap as people are desperate now. No work etc for such a long time has caused defaults.

Rent is way down, for what used to be the average in my building for a studio was 20k. Today in the same building I looked at similar units and price is 12k including dues.

That’s cheap.

[sonjack2847]

Another thing when buying property, if you use an agent the price can go up by 1/3 around here so be ready to negotiate as the seller or agent might drop the price.

 

[Clermont]

5 hours ago, Jollygoodfellow said:

dont know about houses but would say its the same. Here in Cebu city there are a hell of a lot of repossessed condos and I'm sure a lot going cheap as people are desperate now. No work etc for such a long time has caused defaults.

Repossessed to a Filipino seems to be a dirty word, don't ask me why, but when we get over there, after our experience with a new house, that will be the way we'll go. I've been studying repo houses for a couple of years and there's thousands of them for sale. One thing I've read is, read as many repossessed agents reports, then write down there due diligent advise and stick to it. Research back to when the ( if in an estate ) was opened and the price of the house, - the deposit - repayments, before accepting any price being offered. Don't forget they are trying to unload it and each year it's on their books, costs them. Some banks are offering 30% discount for cash but be careful, as I've said, that will be the price of the house with interest and all fees since it was built. There are some nice houses repossessed and if you keep your wits about you you'll get a bargain.   

[Dave Hounddriver]

2 minutes ago, Clermont said:

There are some nice houses repossessed and if you keep your wits about you you'll get a bargain. 

Good luck.  Seriously, I wish you good luck because I looked and looked for good deals and could not find a fit.  I found one I liked but the bank was selling it as part of a package where some rich guy or company was buying upwards of 10 units.  Would have been sweet so I know there are some nice repos out there.

[Clermont]

Yeah Dave what I wrote is based on cash sale, as long as you are reasonable with your offer they'll buckle.