Asking price and what you actually pay for House/Lot

[Jack Peterson]

1 hour ago, Joey G said:

Buyer beware !

 Due Diligence before buying is what is needed and sadly not done 

[craftbeerlover]

2 hours ago, graham59 said:

p250 per m2 for our 600 m2 lot,

That is a GREAT price, my hats off to you.   Not even going to tell you what I paid, wow that is a great deal!!!!

[Mike J]

15 hours ago, graham59 said:

Back in 2016 I paid p250 per m2 for our 600 m2 lot, which is roadside, and has all 'mains' services. 

In about 2009, we paid 600 peso per m2, 1247 meters, in Moalboal.  Paved road about 1km from town center.   Not sure but I think equivalent land/locations are going for about 3-4K per meter.

Edited July 9 by Mike J

[earthdome]

We are currently considering a 200m2 lot in the home province, price 3500m2. There is a second adjacent lot of the same size also for sale. About 24k USD per acre.

[Mike J]

12 minutes ago, earthdome said:

We are currently considering a 200m2 lot in the home province, price 3500m2. There is a second adjacent lot of the same size also for sale. About 24k USD per acre.

???

200m2 = .0494 acre (so approx. 1/20 of an acre)

3500 peso per m2 = $61.40 per m2 (at exchange rate of 57 to 1)

$61.40 X 200 = $12,280 (price of lot in dollars)

20 (lots per acre) x $12,280 (price per lot) = $245,600 per acre in US dollars

I think this is correct.  Can one of you math wizards check the numbers?

[earthdome]

3 minutes ago, Mike J said:

???

200m2 = .0494 acre (so approx. 1/20 of an acre)

3500 peso per m2 = $61.40 per m2 (at exchange rate of 57 to 1)

$61.40 X 200 = $12,280 (price of lot in dollars)

20 (lots per acre) x $12,280 (price per lot) = $245,600 per acre in US dollars

I think this is correct.  Can one of you math wizards check the numbers?

I must have dropped a 0 somewhere because 245k USD per acre did not seem believable. Sometimes it is easier to be ignorant of the real facts.

[Mike J]

43 minutes ago, earthdome said:

I must have dropped a 0 somewhere because 245k USD per acre did not seem believable. Sometimes it is easier to be ignorant of the real facts.

I know what you are saying.  Many years ago we bought land at 600 peso per m2 and I thought that was a really good price especially considering the location.  The man needed the money to send his daughter to university.  Then I did the calculation and it turned out the price was about 68K US dollars per acre (exchange rate was lower then).   I was shocked to say the least.  Very happy that we were able to buy then instead of now.  No wonder lots are small and even tiny houses are two stories with no yard.

[graham59]

Yep...things can get tight. 

.

 

[Mike J]

8 hours ago, graham59 said:

Yep...things can get tight. 

.

 

A fixer upper, but no low ball offers.  I know what I've got. 

[BrettGC]

Where we are it's approximately 2000PHP/m.  How did everyone selling in the area come to this conclusion?  About 12 months ago, someone put up a sign on the lot they were selling for that amount and then everyone else just did the same.  No idea what it's based on; some of the lots are fully serviced by water, power etc, others aren't, some are across the road from the beach, some aren't, and so it goes on.  It's still 2kPHP, the same as it was a year ago....  It makes as much sense as so many other things in PI. 

We contact anyone owning new properties advertised half out of interest.  We are sort of loosely in the market.  

As with many properties elsewhere title is an issue, but for more than why you'd think.  A lot of the land in this area was gifted under the various land reform acts over the years and for the most part, no one can produce title documents for those properties.  

 

Edit:  And the one property that did produce a title the land was designated/zoned "agricultural only".  Granted, the title was dated in the mid '70s but still could be an issue. 

Edited July 10 by BrettGC