How Hard Is It To Sell Land A Condo Or A House Here?

[Travis]

I am wondering if anyone has ever tried to sell their land home or condo here & how hard was it to sell. the reason I ask is coz I see the same condos land & houses listed for what seems like years on some web sites so are they just overpriced or are there more for sale than buyers? I always thought that if the price was right anywhere then it would sell but maybe that is not true here?

[UZI]

I am wondering if anyone has ever tried to sell their land home or condo here & how hard was it to sell. the reason I ask is coz I see the same condos land & houses listed for what seems like years on some web sites so are they just overpriced or are there more for sale than buyers? I always thought that if the price was right anywhere then it would sell but maybe that is not true here?

Well good time to ask the question as we are just (fingers crossed) concluding the sale of our house in a couple of days time.First of all, we put the house up for sale a year ago. Priced correct for the area in a prime location too. We put an ad on Sulit which got 100's of hits but no response. We have had loads of viewers from passing enquirers & lots from Brokers but after 12 months with only 2 or 3 showing any real interest but with low offers, we finally have one that has placed a real offer.Now we are on the other side of the coin. We had a house that we were interested in buying in Cebu but that has now been sold, so we are looking for somewhere to buy. We don't want another new house on a sub division. I am very frustrated in the fact that there are VERY few houses advertised in the internet. We are looking at Naga Cebu & so far not one single house for sale. Can't believe that. So if all goes to plan we will have to go 'boots on the ground' next week to see what we can find.Anyone got a tent.......:mocking:Uzi.

[Mr Lee]

I am wondering if anyone has ever tried to sell their land home or condo here & how hard was it to sell. the reason I ask is coz I see the same condos land & houses listed for what seems like years on some web sites so are they just overpriced or are there more for sale than buyers? I always thought that if the price was right anywhere then it would sell but maybe that is not true here?

Well good time to ask the question as we are just (fingers crossed) concluding the sale of our house in a couple of days time.First of all, we put the house up for sale a year ago. Priced correct for the area in a prime location too. We put an ad on Sulit which got 100's of hits but no response. We have had loads of viewers from passing enquirers & lots from Brokers but after 12 months with only 2 or 3 showing any real interest but with low offers, we finally have one that has placed a real offer.Now we are on the other side of the coin. We had a house that we were interested in buying in Cebu but that has now been sold, so we are looking for somewhere to buy. We don't want another new house on a sub division. I am very frustrated in the fact that there are VERY few houses advertised in the internet. We are looking at Naga Cebu & so far not one single house for sale. Can't believe that. So if all goes to plan we will have to go 'boots on the ground' next week to see what we can find.Anyone got a tent.......:mocking:Uzi.

Good to hear you had luck selling your house within a little over one year and good to know there are some buyers out there.   :cheersty:  I did a google search and came up with a some old listings for sale but they may still be available and I hope it is the correct Naga.      http://naga.olx.com....5m-iid-52189002   http://www.ahyer.com...r-sale-10070-13  http://www.noypf.com...ot-in-naga-cebu  http://www.beta.suli...Lot+for+sale+in   http://cebucity.olx....ga-iid-42009901     Good luck and hope you find what you are looking for and we hope to get to meet you both in person one day down the road in Cebu.added some more http://www.cebuestat...ail.php?pid=621http://bahay.ph/ads/...ther-areas.htmlhttp://realestate.ce...y-house-and-lot Edited May 30, 2010 by Mr. Lee
add a listings

[tropicalwaste]

There are a few problems in the Realtor market I have had discussions with sellers over. Near my place in Minglanilla there has been a couple trying to sell a house for ages to find the realtor wasn't happy with the 5% commission and he had actually added an extra P500,000 for himself to the sale price. Same can be said for another house that took 3 years to sell by another expat that had a whopping extra realtor P1million added to it. How do you combat this? Well its something we have just started doing as most realtors advertisements are poor at best not sure if its they can't be bothered or the fact that things are spread out all over the place but either way I have started discussions with 2 realtors for Talisay,Minglanilla and Naga to help them develop their sales at the same time take out overcharging I will cut in on the percentage of sales but at the same time I will be looking at making sure everything is market value as its long-term business I am looking to do but at the same time improving the advertisements that people put out as most of them are poor at best. I can also understand realtors cautious of putting locations of sites online but at the same time its why I am looking at targetting only the areas around us because you could arrive and literally see 20 houses in a day because they will be within a small radius. I have to admit I generally don't like realtors and its that reason I decided to do it because I know what they are like and I can help get the pricing fixed at what it should be instead of what the realtor thinks they can get away with. There are 15 locations I know of in Minglanilla for example for sale and not one of them is even on the internet might be something other expats can do in other areas to make a few pesos. Although I know people may get harrassed by competition but be aware if your not "LEGALLY" allowed to work here make sure your partner does the website etc. and ideally you find someone who is already licensed or get your partner licensed.Like most businesses in the Philippines its not a failure its an opportunity if you want to get out there and turn it round you can't do any worse than most of the people already in business.

[Mr Lee]

I am wondering if anyone has ever tried to sell their land home or condo here & how hard was it to sell. the reason I ask is coz I see the same condos land & houses listed for what seems like years on some web sites so are they just overpriced or are there more for sale than buyers? I always thought that if the price was right anywhere then it would sell but maybe that is not true here?

IMO, when you buy something in the Philippines, you have to buy with the understanding that you may not be able to sell it for a long time unless you make the price very right for the buyer and it is also in a desirable area. The condos we bought were bought with the idea that we would probably never be able to sell them and get our money back, but with that said, quite a few second hand units have been sold in our building during the last few years and one of those was sold to us because the price was too right for me to pass it up. Location, location, location and then comes great value for the pesos. I also believe that lower priced homes or condos often sell much faster than higher priced ones, so only buy what you need because if you overbuy, then you would have to wait for someone who really needed what you are offering for sale, or the prices have gone up so much that what you are selling is a very big bargain and in the location that they seek to buy, and of course they have the money because loans are very hard to get in the Philippines.In our building, studio units have sold probably 25 to 1 for each of the 2 or 3 bedroom units which sold, so much so that the third building that is now in the stage of applying to the city so they will be able to pre-sell some of the units and with plans to build in the next few years, will only have studio units in it from what I was told earlier this year by the builder/owner. Always buy with caution and full well knowing that you may never see your money again. In other words, IMO know that buying could be a gamble.

[Singers]

I am wondering if anyone has ever tried to sell their land home or condo here & how hard was it to sell. the reason I ask is coz I see the same condos land & houses listed for what seems like years on some web sites so are they just overpriced or are there more for sale than buyers? I always thought that if the price was right anywhere then it would sell but maybe that is not true here?

IMO, when you buy something in the Philippines, you have to buy with the understanding that you may not be able to sell it for a long time unless you make the price very right for the buyer and it is also in a desirable area. The condos we bought were bought with the idea that we would probably never be able to sell them and get our money back, but with that said, quite a few second hand units have been sold in our building during the last few years and one of those was sold to us because the price was too right for me to pass it up. Location, location, location and then comes great value for the pesos. I also believe that lower priced homes or condos often sell much faster than higher priced ones, so only buy what you need because if you overbuy, then you would have to wait for someone who really needed what you are offering for sale, or the prices have gone up so much that what you are selling is a very big bargain and in the location that they seek to buy, and of course they have the money because loans are very hard to get in the Philippines.In our building, studio units have sold probably 25 to 1 for each of the 2 or 3 bedroom units which sold, so much so that the third building that is now in the stage of applying to the city so they will be able to pre-sell some of the units and with plans to build in the next few years, will only have studio units in it from what I was told earlier this year by the builder/owner. Always buy with caution and full well knowing that you may never see your money again. In other words, IMO know that buying could be a gamble.

"truism" in the West do not seem to apply in PI.IMO buy in PI - as above by Lee - waving your $$ "Bye and consider it a reward if you try to sell and succeed!. If contemplating a possible sale of your purchase, later on, then buy now in a "Low Rent" area.IME the "big spender" when buying is likely to end up as a "big looser" when selling.The "luxuries" you added DO NOT have a "Added value" when selling in PI.Caution, as always, is the best attitude . IMO. Rent for the first few years. UK TomGOOD LUCK

[Travis]

I am wondering if anyone has ever tried to sell their land home or condo here & how hard was it to sell. the reason I ask is coz I see the same condos land & houses listed for what seems like years on some web sites so are they just overpriced or are there more for sale than buyers? I always thought that if the price was right anywhere then it would sell but maybe that is not true here?

IMO, when you buy something in the Philippines, you have to buy with the understanding that you may not be able to sell it for a long time unless you make the price very right for the buyer and it is also in a desirable area. The condos we bought were bought with the idea that we would probably never be able to sell them and get our money back, but with that said, quite a few second hand units have been sold in our building during the last few years and one of those was sold to us because the price was too right for me to pass it up. Location, location, location and then comes great value for the pesos. I also believe that lower priced homes or condos often sell much faster than higher priced ones, so only buy what you need because if you overbuy, then you would have to wait for someone who really needed what you are offering for sale, or the prices have gone up so much that what you are selling is a very big bargain and in the location that they seek to buy, and of course they have the money because loans are very hard to get in the Philippines.In our building, studio units have sold probably 25 to 1 for each of the 2 or 3 bedroom units which sold, so much so that the third building that is now in the stage of applying to the city so they will be able to pre-sell some of the units and with plans to build in the next few years, will only have studio units in it from what I was told earlier this year by the builder/owner. Always buy with caution and full well knowing that you may never see your money again. In other words, IMO know that buying could be a gamble.

"truism" in the West do not seem to apply in PI.IMO buy in PI - as above by Lee - waving your $$ "Bye and consider it a reward if you try to sell and succeed!. If contemplating a possible sale of your purchase, later on, then buy now in a "Low Rent" area.IME the "big spender" when buying is likely to end up as a "big looser" when selling.The "luxuries" you added DO NOT have a "Added value" when selling in PI.Caution, as always, is the best attitude . IMO. Rent for the first few years. UK TomGOOD LUCK

thank you. I already live here over a year & rent & I am just thinking ahead coz so many ladies I meet seem to want to live in a house coz that is the way most seem to grow up. I guess that is if you can call what the ladies whose homes I have gone where they say they grew up a house. maybe it is just not natural to many people here to grow up in a hi rise & some have been afraid to get in the elevator or get too close too the edge of the balcony. maybe afraid of heights coz they have never been high off the ground except maybe while climbing up a tree to get coconuts or fruits & those are no where near as high. I wonder if others have noticed the same things in their ladies? are most afraid of heights or afraid to get into an elevator? does every lady want to live in a house?

[tropicalwaste]

The other thing if your looking at a house is that there is always someone wanting to buy beer etc. So adding a small Sari-Sari to a window on a street for example could make a few pesos back each month. Would take a while to pay the full amount of the house but at the end of the day every little helps. Personally I look at things as everything has to make money. The next lot will hopefully have 12 apartments built on it the next one after that our home, but even then I would be looking at finding a way to get it to pay. Main thing is never be in a rush to buy let people bring the properties to you as they need to sell. I often will ask people how much they are selling their homes for but at the same time I wouldn't buy until they came back and asked if I was interested after it hadn't sold for 6 months. Prime example is a house that went from P1.9m to P1.3m last week to close the deal. IF you have the money ready it opens more opportunity but just be aware that you need to make sure everything is legal. A Japanese guy married a neighbours daughter who then constructed a house on a lot in Naga. Only to find the real lot owner hadn't sold it. Not sure how much that is going to cost either lose the house or pay twice/over the odds.

[Singers]

The other thing if your looking at a house is that there is always someone wanting to buy beer etc. So adding a small Sari-Sari to a window on a street for example could make a few pesos back each month. Would take a while to pay the full amount of the house but at the end of the day every little helps. Personally I look at things as everything has to make money. The next lot will hopefully have 12 apartments built on it the next one after that our home, but even then I would be looking at finding a way to get it to pay. Main thing is never be in a rush to buy let people bring the properties to you as they need to sell. I often will ask people how much they are selling their homes for but at the same time I wouldn't buy until they came back and asked if I was interested after it hadn't sold for 6 months. Prime example is a house that went from P1.9m to P1.3m last week to close the deal. IF you have the money ready it opens more opportunity but just be aware that you need to make sure everything is legal. A Japanese guy married a neighbours daughter who then constructed a house on a lot in Naga. Only to find the real lot owner hadn't sold it. Not sure how much that is going to cost either lose the house or pay twice/over the odds.

Hi Pen,OK - curiosity calls me Cat -- What about the "Loving Couple" ???Tom

[Mr Tropic]

I basically agree with most of what has been said on this subject.I have been marketing my condos and beach house for a few months with some interest but as yet no offers. As with Mr. Lee I bought with the idea of holding them for a long time but as life changes so do the plans so now I want to liquidate and I figure it will be a year long process. The lower prices value units do way out sell the higher end units. As mentioned loans are not easy for expats and Filapinos will want the BIG discounts. My market is expats so the best I can do is offer real nice condos and a beach house at a great price. As for the Filipina ladys wanting the "House and Lot" package I think that is pretty standard, problem is putting it in their name is risky. To many bad stories about that subject. But I can understand the security and the pride that comes to them from home ownership.Mr. Tropic