Condos are Quickly Becoming Vacant in BGC Philippines 🇵🇭
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- Опубліковано 3 чер 2024
- Condos are Quickly Becoming Vacant in BGC Philippines 🇵🇭
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People should remember that Taguig, where BGC is in, has a fault line running through it.
NO. There no fault like running through it. There is a fault line adjacent to it but not through it.
Who cares were all just gonna die anyway?
Correct. Condo developers in the Philippines have created a bubble with their super inflated prices. That's why I only buy "low-end" lower-priced condos located in strategic & booming areas under the VAT threshold. That way when the Philippine real estate market crashes in 8-12 years, I'm okay holding on to a decent & reasonably priced and fully paid retirement pad that I can actually use when I fly to the islands when I'm on vacation.
What is the VAT threshold amount?
Also, what areas areas are buying in?
The VAT limit is at around P3.12 million. Anything above that amount will be subject to an additional 12% VAT by the Philippine government.
I already bought my first condo for less than the VATable amount/limit. I'm currently considering Cebu Land Master's ongoing condo development in Puerto Princess where the one bedroom units are priced below P3 million.
Wouldn't buy in the PI anymore than I'd consider it in Thailand. There is just too much instability in both countries, hell, the world in general. NEVER buy something you're not willing to walk away from on a moments notice!
@@realpropertymangement7640 really good advice. It’s like lending money . don’t lend more than you’re willing to never get back.
Work-from-home arrangements hit these condos really hard. If you can work and live with your family at the same time, away from traffic and all, you'll definitely ditch the city life. And many companies are holding their ace cards for now while anticipating the economic boom in Bataan because of the Bataan-Cavite bridge project. House and lot sales in Cavite and Bataan will soon increase, affecting real property prices in nearby cities.
That means prices in the cities should go down then.
Inflation ? 10%
90% greed…
At least the scale of greed is only 1/3 of US.
They keep building new condos as if they are selling them like jellybeans. For expats rental prices in PH are good but selling prices are insane. In Cebu most units are unoccupied. Speculative investors bought up chunks to keep prices inflated. You can buy a nice condo in a developed country like the US in a state like Florida for the same price of what they are asking for condos in the Philippines. Though BGC is like living in a bubble, it is a nice one.
yes i agree with the pricing on purchasing a condo, i'd prefer just to rent vs buying because for the space i can buy a house in usa
I think condos in Kansas City can be purchased for half the price of some buildings in Cebu.
Except, in florida HOA has a monopoly on real estate in florida. Also, rising property taxes and insurance is driving people out of Florida.
@@deadcell1 The HOA are the HOA. It's not an external company. It's Homeowners Association. People who live there. So yes, they monopolize and they vote on the how they want to live.
Exactly I live in Florida. Between HOAs Home Insurance,car insurance and property tax,you have to be wealthy to live here now,where it used to be the affordable place to retire. The downfall really started with COVID.@@deadcell1
I'm 5:54 minutes into the video and I can't help but make a comment on that first 1 BR condo that is so puny. That costs 45k?? omg. If you're someone who's watching this for the reason of moving into a condo, heed my advice. Look around and be patient. There are a lot of condos in the metro that offers a better deal. Bigger, better developer, same area or in Makati and to top that half the price of 45k! These guys are pushing it too hard, taking advantage. I was just in the same position at about a month ago and I saw a couple of units, when you do find that unit that fits your budget right, it doesn't have to be low end just to meet your financial capability. Trust me, when you find it, it almost feels like other units are a scam.
This is the problem with most Philippine architectural designs. They look modern & futuristic outside but, the interior design doesn't make sense at all. Because of the expensive types of furniture that go inside a house or building most of these designers grew up never really had the feel of a full house.
Very good point. Modern and beautifully outside, plain and simple and small inside
@@jlmarc01 5:18 it's just plain idiotic
Expats live in the Philippines for economical living. Not many want to pay 800-1000 US dollars per month for rent. Most are wanting 500 max per month. In Bangkok, you can still get a nice condo for $150 (small) -$300 (roomier) per month, right near the BTS too. $500 will get you a larger, well located condo. Imagine what you can get outside of Bangkok in some of the suburbs or outlying smaller cities.
I have no knowledge of Bangkok, but in the Philippines, this is basically the most expensive area. You can find places all around the Philippines for a. Couple hundred dollars per month. My wife and I stayed in a place for $60 per month while building our house.
So for being the most expensive area, not bad??
I have no knowledge of Bangkok, but in the Philippines, this is basically the most expensive area. You can find places all around the Philippines for a. Couple hundred dollars per month. My wife and I stayed in a place for $60 per month while building our house.
So for being the most expensive area, not bad??
I lived in Min Buri, Bangkok for a year and paid $185/mo for a new condo unit.
not many want to live in BKK when they are trying to make ppl pay tax on already taxed money. BIG mistake!
@@thomasincali supposedly depends on how long or what season 🤔??
Makati CBD still better, bigger and more diverse. BGC is just modern but no character.
Utterly small, unimpressively furnished units. I live in Tijuana Mexico, and I pay $950 a month for a fully furnished unit (2000 sq. feet, 3 balconies, 2.5 bath, huge kitchen (16ft X 13cft).; laundry room with washer & drier, and panoramic ocean views from all balconies.
Tijuana is a place for those who can't afford to live in San Diego, and San Diego doesn't even have a place comparable to BGC. Tijuana has a small population of 2.3 million, so no wonder real estate there is cheaper.
Good to see more videos of those Federal Land developments. Hope you can have one for their newest tower, Park Avenue, and how it compares to their older towers and against Parksuites 👍
@beachkid1 Hahahaha, you should really educate yourself before shouting from your soapbox. the Philippines doesn't have a federal system so obviously "Federal Land" is just a name they called their company 😝😜🤪
45,000 php per month for a one bedroom is highway robbery.... filter in utilities.. no bargain there. No wonder so many are empty
Your tight budget, may limit your choice. You wouldnt get a decent unit in my Condo with that budget
@@friarnewborg9213 Perhaps, but it begs the question... would I even want one? For that amount I should think knot.
You are right 😅 is totally criminal man
@@Mega-zi7ysThe bigger picture? What throwing away your money? Units sitting empty because they are over priced? What is the bigger picture pray tell?
@@kennethschweighardt4920 you will never understand what the real deal is outside your fishbowl 😂.
Bye 😂😂😂
Ps envy is a sin.
I just want to weigh in on the smart TV issue. TVs can last anywhere between 10 and 15 years and rarely more than that. The issue is media streaming technology is changing very rapidly. If you have a smart TV with Android ## built-in, it is possible that it will be non-functional in as little as 4 years. In my honest opinion, I believe in getting a non-smart TV and then adding whatever streaming device dujour so that you can easily upgrade when it ceases functioning properly. 👍
You can upgrade your TV, if smart or not, anytime with the newest apple TV, Chromecast, Fire Stick or whatever comes in the future.
TVs do not last that long.
@@gantenbeinable I have seen Smart TVs that are almost non-functional because they depended on the Android system to be able to select the inputs.
@@fernan5320 sounds like you've had some bad luck with TVs. I can fix audio and video electronics blindfolded since it's something I've done for almost 30 years. If you don't get at least 10 years out of a TV then you've had bad luck or you bought a very low quality product line. Sony products tend to break early even though they tend to be on the more top end of product lines because they use non-leaded solder which is brittle and cracks.
a smart box could turn a non smart tv into one...
The view from the pool!😍
There was a time I thought of buying a condo but I felt I was being scammed because of the prices. Glad I did not. Real estate bubble will be good for the Philippines.
These people are delusional to think people will pay those asking prices for a condo in the Philippines
Very informative condo tour❤
These unnits are claustrophobic, there are two aircon units in the balcony, how can you relax from the sound while admiring the view? Lol
most expensive Barangay in the Philippines.. BGC it was called Fort Bonifacio.. I was thought Fort Bonifacio was a army training camp and the same time as cemetery when I was a kid..
Not bad nice Condo unit the amenities good
Merry Christmas 🎄
Definitely you are quite a real estate presenter.! The units quite small as to square footage fit for a single renter or a couple. That bed in the first unit is I believe a full. A queen will be too big for the room. Rates are reasonable! I would consider any unit with a parking space located in the lower floors. The units must be to be leased 6-12 months or more?
Unlikely month to month rent.
Condo living is not for eveyone, not for the claustrophobic, those afraid of height, fire, earthquake..
Could it be the gym requires a fee ? The security a plus.
Thank you for posting. It's not the furniture arrangement. The problem is the architecture design is very elementary. For a high rise building, i would get a Japanese Site Architect consultant who specializes in minimalist coordinate with the Building Planner. Instead of wall replace it with glass to maximize view. If you sacrifice the layout of the living room, the owner will forever regret buying that condo. Takes me a year looking and comparing condos in San Diego, California. Even if you have the money, don't be in a hurry. Hope this helps.
The developers are greedy and are maximizing profit, they know alll that ,but a floor to ceiling glass window would cost more than a plain wall.
Absolutely agree!! I have no idea who designs the layouts of the condos, but they are often absurd.
Good thing our unit at Park West was only vacant for 1 month during the pandemic.
Does anyone know if the backup generators for the condos in the Phils usually provide power to outlets? I would imagine that it might vary, but I am curious about what people are seeing, specially in bigger-city areas such as BGC. Thanks.
Wow nice place
Where is ur email ad? Im interested on the 1st Condo?
Nice to see, thanks. The first place you showed you said quite a big kitchen, lol. It's not big at all.
My CR is bigger than the kitchen.
Are they not very dark? Small windows and deep?
Manila is on gigantic real estate bubble. It’s crazy, properties are ridiculously priced, some of them are even more expensive than properties in some cities in the US
Purchasing power makes keen connections - so there we go
The 1st one is cool 😎
what agent did u use? trying to find a place in bgc rn
How about serendra and Essensa and West Gallery?
Those are nice condominiums
Hello, what is the process of getting one of those rentals?
Whats average cost for a 2 BR 1 bath with tub and a balcony in BgC i notice most bgc has narrow living rooms and old ac and w/d units
❤
that brick wallpaper is ghastly
This is why ppl r leaving for Thailand . Almost $1000 for 1br apartment with no sea view
And no condo dues/ All included in rent which are also cheaper and better designed.
Good evening dude!
Hi Mergim!! 🫶🫶
My condo is in the park west buildings. Im in Timesquare West on the 9th floor. I pay 40k php fully furnished and new.
Yes area very nice and convenient and less noisy . Title is sorta click bait actually.
Many friends have units fully leased out after very short Listing periods.
@@Mega-zi7yscouldn't agree more I've listed 3 units and most have been tenanted within a month so yes crafty click bait
@@markymark7631 👌 somehow there's this fella who keeps insisting it's hard to lease out 🙄
@@markymark7631What's your cap rate (the only metric that matters)?
@@bureaucrazy1234 the only metric that matter is Marks metric mate no offence my situation is not A typical...I'm all paid off on my units.... I'm setup for income purposes aswell as asset relocation outside of my primary dwelling....FYI to all please invest the necessary money to Fit out your units this is the difference between 3monrhs of Vacancy compared to 1
Staysafe and God blessed enjoy 😊😊❤😊❤❤😊❤❤❤😊❤😊😊😊❤😊
Can't believe that they are using window's A/C. Haven't they heard of quite mini-split units🤔
Are they built to withstand an earthquake? If so how strong of an earthquake?
I can't wait til the bubble pops to snag one of these condos. Meanwhile, I can just rent an Airbnb for $19 a night if ever I go home for vacation.
What's the highest you'd pay for one of these condos?
i like it!!!!!!!!!
Prices have gone too high since pandemic lifted. Similar units use to be as low as 40k which is still too high for what it is but better than now many people even trying to get up to 1400 per sqm it’s stupid
98% of Filipino households have less than the equivalent of $2,000 per month in income.
How are you able to tour the units without an agent?
There’s probably a glut now considering the many condos being constructed there
Nice location, but tiny space and overpriced.
It would be interesting to make a video on the options that someone could request. Could someone get a new mattress, TV added, washer/dryer, lower rent, etc? Some of these things I would not think of negotiating.
You can always Ask
@@friarnewborg9213 Yeah, but if you don't know what to ask, you might miss something.
Philippine condos are still renting very cheap compared to what you have in Hk and New York.
@@envillain"better units" is subjective, and island nations are always more expensive is what you clowns don't understand, Thailand and Malaysia are pricing things for Chinese and Indians, of course their stuff is slightly cheaper PH is pricing stuff for people from US, Thailands visitors are moreso less rich people US people have more money, no shit the stuff will be priced higher, plus Thailand and Malaysia have nothing near a BGC to compare, so yeah.
Yeah but u dont have the income potential you can have on those city in BGC other than online work for overseas firm or vlogging, taxation can be messy too.
@@RhoelsJourneyVlogsTrue, but if you work online, you can. BGC is the best city for less than $2000.
@@phoenix5054At that price, better buy so you don't pay someone's mortgage.
@@gangstagummybear3432 Thailand is much better because even though they are more expensive, you get ocean in front.
45 sqm is basically the average 2 car garage in the U.S. 😢
Yes but not in the middle of new York or san Francisco or Chicago. Apartments like this are more common in those areas. Without garages.
@@BransenPass yeah, those are mansions there. 🥸
This is a CBD area. There are many high end villages in nearby C5 and makati..but they'll cost you far far more than condos. And their average sizes are 9,000sqf and up. Newly built homes are required to have a minimum of 5 car garages as well. Many have basement parkings.
And they're sold on cash basis, no mortgages like in the States.
You’re not comparing BGC two first world developed cities are you? Because Manila is not…
@@willieshoemaker8680 but bgc and makati are comparable.. business scale is smaller but amenities are about on par as for food I don't think makati and bgc lose out to sfo at all.
Wish you could create vlogs on cheap condos in BGC.
There really aren't any at the moment so that's why lol
@@TheNYCexpat There is surplus, lots of vacant rooms due to 10 years of construction. Lots of disgruntled owners whose units that once had views are now blocked by other buildings, so dispatching them for whatever they can get. I got one already for under $3M and looking for another.
@@bigradwolf5001 nice 3m is a good price for the area. I guess you have to find the right owners. Was it private sale?
@@TheNYCexpatYes private sale. Go to the property offices and talk to them, they have lots of disgruntled owners looking to sell, especially those where one's balcony is facing another's balcony you could almost cross over.
@@bigradwolf5001 thank you. How exactly did you approach the property office about buying? I feel like of course they're going to push their higher priced or at least regular priced units first. How did you play it?
45K pp pesos equal $807.61 U.S.
above 70% of BGC flashy office buildings are vacant, same goes with most highrise condos all over Manila. Only a matter of time bubble pops and landlords regret being greedy
I travel the world. Other than CIA, I have no idea what 3-letter acronyms mean. If it's Bad Girls Club, count me in!
Bangkok condos are like half the price of these? What does Manila has to offer that Bangkok doesnt? I dont get it
Philippines condominiums are over supplied and expensive. Specially in prominent city in Manila. The rent is so high, and the bills are way too much. Not to mention the electricity bills, you’ll be lucky id you electricity goes down below 10k a month.
Even the tourist spots are also starting to get expensive here in the Philippines. Unlike the neighbouring Asian countries which is much more cheaper to go there including food and lodging. And this is me a Filipino saying this.
What cost for association dues?
Don’t worry about prices. Remember there is an all powerful law. The law of supply and demand.
I don't see the second unit..hhmm...Did i missed it..huh..
Paranaque City IS ALSO VERRY MODERN IN THE PHILIPPINES
What floor? How accessible is it to restaurant, shops and night life?
Entire BGC is a 15min neighborhood/CBD.
You have everything you need 24/7 .
Just across those condos is a mall and another street away is a large supermarket and across that are wholesome high end young people party clubs .. several of them. Check out videos of XYLO , etc
Hope this helps. Cheers
Did he tell the prices? I couldnt watch it fully
Prices are too high right now to buy like 5x higher prices compared to what they charge 12yrs ago and it's smaller.
Are tall buildings/condos, certified earthquake resistant in the Philippines 🇵🇭 ?
Passport bro what your favorite place in Asia is the 🇵🇭 cus English ? Or what ur deal living there
Building with best amenities?
45,000 Ouch ! Much better values in Bangkok.
If he got paid to promote those condos but didn't say it, it's dishonest.
If it's the best deal you can find over there, it looks bad.
they should go broke for charging their fellow Filipinos TOO MUCH!
I was baffled when i went penthouse shopping and i seen some going for 3-4million USD i'm like wtf. Some didn't even have that nice of a view either.
Impractical layout, who's going to sit on that lonely sofa? If you Netflix and chill you do it in your bedroom with the large TV
In thailand that kind of condo is only 3000 pesos and has much better amenities
Thailand is cheap but language barrier is a no no.
Apples and oranges
Please tell me which part of Thailand?? Location please??
@@nlf17 pattaya 😁😁😁😁😁
@dantesalazar7805 Stop spreading Misinformation Please....❤
In thailand thats kind of condo is only 3000 pesos and has much better amenities
Condos are so beautiful in BGC!
LETS GO PHILIPPINES 🇵🇭 🎄🎄🎄
for beautiful prices too
Yes they sell all of them to the foreign but waiting for bubble to poop. They need to focus on what locals can afford. Greed greed 😂
How can I contact the agent here
Main reason in my opinion is cost of living at BGC. No fishball like turo-turo/vendors is not allowed on its clean and modern streets.
I blame the fish balls too
@@krisb-travel those pesky fish balls ruining everything
Yeah quality / decor / space is way out of wack.
Im interested in the first one for 45k who do I call im stateside
I spent a month there looking for a place. Too expensive. Too small. 2 months deposit scam. There was no reason to stay. Went to Thailand and found bigger better and cheaper. And the people are nicer.
I think it's the developer making money not the owners. The monthly dues in a 1BR unit there is $100 and RPT is also expensive. Buying a unit there is not worth ur money as the ROI is slim.
It takes time, the kids will be the ones to benefit when they inherit. By then, it will be 0 capital, 100% profit.
The developers always make the most money, that's why they keep building when there is an oversupply. Everyone else downstream gets the shaft.
Watching your Premiere Video Mergim, just came from the New Uploaded Video of "Making It Happen Vlog" and "Josh Cahill"....
It just too many condo’s everywhere.
Condos in the Philippines are overvalued and overbuilt
i hope condo rent prices goes down so people like me will be able to afford
THE CONCRETE COUCH FROM HELL ! 😂 🤣 😂
Too expensive, condos here even with Ayala Premium are crazy prices!,,, more expensive than buying in US ( my daughter house in NJ is $375k for 3 bdrms, 3 t& bath, with a huge garden. Here 25M is only 1 bedroom. Really crazy price, in Japan you can also buy a very reasonable condo for $100k in Tokyo area
1st condo you showed was 45k a month, jeez that's pricey... Low cost rent would be around 7k to 15k for filipinos... 20k is okay if you have someone else to pay with you, 25k is extending it but yeah if they can afford why not. but 45k I wouldn't... I think that pricing is for foreigners definitely.
👍✅😜✅👍
When artificial interlligence takes over customer service and wipes out call centers in the Philippines, you'll be able to buy these cheap. I'm not sure about my logic tho, it's what I assume will end up happening. Who knows.
These places aren't being bought or rented by call center folks.
50k? So overpriced for what you are getting.
You know that 50k php is about 900ish USD, right?
Crackhead
@@joec3390 in 900 USD you can get your own rental house for a month. In some areas in LA.. secondly these condos are small
@@joec3390 You're probably talking to a Filipino. P50k is expensive for a condo in Manila.
@@joec3390that's equivalent to a condo price in USA. Who can afford 50K a month when a minimum daily wage is 500 pesos. That's daily rate, not hourly.
Outrageous prices... I'd rather get one in Quezon City or Manila Area.
This bro cooms when he sees TVs
These unit owners are getting to be greedy. They will just wake up one day with no takers at all.
Hahahahahahahahahaha! I could get something similar for the same money in Florida for godsake!
Margin, you know reputable and reliable real estate agent in BGC?