Here is the advice I give to anyone who wants to buy a condo in the Philippines. 1.Don't buy a new unit.2. Go to any major bank such as BDO and ask for the list of foreclosed properties. 3. Get a reputable lawyer. The real estate people are very funny in the Philippines. They have no idea about the product they are selling and make up responses. I am always told that it is a good investment and it will go up in value. I then ask them what happens if it goes down in value. The look on their faces is priceless. I tell them that a real estate person in the US can be sued if they tell a person it will only go up in value.
Good advice. There is cheap deals on to be had if one does the homework, especially foreclosed properties. There is talk of softening in the real estate market also. I think the real estate people are kept in the dark by developers as they are the front line marketers. Thanks for watching and commenting Philip.
I agree that foreclosed properties can be lucrative but there are several risks of undisclosed lawsuits or liens to the property that could make it more expensive in the end (if not a complete nightmare). Due Diligence and experience is the key. An advantage of buying a new unit from a reputable developer is that they can offer in-house financing, bypassing expensive bank loans that are around 9% still in the Philippines. This said, famous developers do not undersell their products, they want a consistent piece of the cake. Make your calculations before deciding.
The Philippines' market is overpriced. It is more expensive buying there than in the USA. I've bought foreclosed in the USA and will never buy another property that is for sale by realtor or owner. Just like the USA you can go to the tax office in the Philippines to see if there are back taxes or liens. I also stated to get a good lawyer that knows what they are doing. The foreclosure market in the Philippines always has a long list of properties for sale. Sales people always tell the people what a great investment it is because they can rent it to the rich foreigners. The problem is they are building too many units and they people can't afford the properties in the first place.
If u are really keen into investing a property here, do the math! Do not compare it to your country coz it different. If its an ayala land projects, value always go up. Quality and locationwise, and considering a Mark of ayala land project, ur investment is way better than others.
Better than the other ones that you've shown but they need to bring in Vietnamese builders to build them like they got in Ho Chi Minh City. Solar. hot water heater on the roof instead of a pool. Stoves was made in Italy they should have Toshiba energy efficient appliances.
Model units are always lavishly furnished and interior designed. Ask to see the "raw unit" after being shown the "model unit" -- to get a clearer picture of what you're really getting. "Provisioned" means NOT included but you can acquire/install it at your expense. Some units may not have openings for a window aircon or range hood, or plumbing for a water heater. It's good to know if those things are pre-designed into the construction because most condos will not allow major revisions.
I have seen one where the flooring, paint and ceiling finish was also up to the buyer. I assume nothing is furnished and work from there and get it all in writing for certain. Thanks for watching and commenting Roger.
roger x very true. but if I where to show and impress someone I would go all out to seal the deal. you don't wear sweatpants on a first date, or maybe you do I'm not judging. peace😀
Hey Phil, can you give us an update on this condo? We have subscribers who are interested in this condo. Can you give us an updated tour? We appreciate your work. Thanks
Thanks. I should get back over there soon. I am curious who your "viewers" are as I didn't see any related videos on your channel. Are you a RE agent or broker?
The 1 bedroom looked really nice.... Plenty of counter space in the kitchen.... When you look at the studio, you wonder what appliance you would cook with?? Maybe a hot plate on the small counter, then where do you do the prep on your meat, and produce.... No place for a fridge... I guess your supposed to eat out all the time.... Thanks Rod.....
Not much functional space in the kitchen in many condos I look at. Hot plate cooking is the norm and you require a hood vent to do that. My landlady thought I should go out to eat and would not provide the vent. I cook and run my fan and open my windows but I still occasionally set off the smoke alarm. It is silent but security comes running to check. Thanks for watching and commenting Bruce.
LOL. Real estate agent use the term often but cannot tell me what it is in relationship to the tile they are describing. Trying to get clarification on specs. Thanks for watching and commenting Rob.
That is the market in Cebu City at this time. The area is growing rapidly and there is much foreign investment here this is helping drive the prices up.
Yes, thanks. I have heard real estate people use the term a number of times and I was wondering if they new why it was significant. I don't think so in most cases.
Some days it depends on how hot or windy which hat I will use. I am also very fashion conscious also, of course. hahahaha. I have walked past this model office at the mall many times and decided to peek in when I received the pitch. interesting. How is the weather in your part of the world? Typhoon is hitting further north as you probably know. Doesn't seem to be affecting up as partly sunny here. Thanks for watching and commenting mercxmorris.
I rented a condo apt in the Solinea via booking dot com. it is an one bedroom apartment. 34 sq meters. here is reality. no hot water. thank God it's hot in the Philippines. very low water pressure. Air conditioning unit is very loud. only in bedroom. windows in living room does not open. no fitness center. no dsl wifi. only pocket wifi very slow connection. no cable tv. not set up yet. won't be buying from Solinea.
I am not sure Steven. If you do an online search several real estate companies will come up with some showing different payment schemes, pricing and layouts. Thanks for watching and commenting.
Amazing Philippines didn’t mean anything about it~ i am just amused on how he presented it~ and forgot what it meant? Love the presentation though stylish condo and stylish furniture ~ love it...
New Condo units in the R.P. are way overpriced for the less than quality workmanship and materials. These particular tiny, cramped, cheaply made units are not worth the investment. A 60 m2 = 646 f2, two bedroom unit for 7 million pesos = $142,857 US is another housing bubble that has formed in the Philippines by greedy developers that are trying to milk foreign naïve investors and Filipinos that are suckered into a mortgage because they presently have employment that pays 50K pesos a month. I wouldn't touch these units until 2-4 years when the prices adjust to normal values. Instead, purchase land property with a trusted wife or if single a 25 year renewable property lease for another 25 year lease of quality land in a safe area. A 200 m2 lot is an adequate size for a retiree and build a 100 m2 = 1,076 f2 house for 2,205,000 pesos = $45K US. If it is just you and your wife a 72 m2 house = 775 f2 is plenty of room and less upkeep, less expensive to cool with aircon. Having that size house sit on a 200 m2 lot is ample for most and leaves room for gardening and breathing room between any potential neighbors. The latter, 72 m2 house would cost between 980,000 pesos = $20K US to 1,470,000 pesos = $30K US, depending on location, the builder and materials used. You can go smaller and less expensive also with a 100 m2 lot and a 36 m2 house but wouldn't suggest much smaller, if single. The 7 million pesos alternative condo is absolutely insane for Philippine standards.
Thanks for the good info Clark. There are people wanting to unload property/condos for much less than they bought them for also. Land and house is the best value for those wanting that. The quality is not up to western standards also in many cases. Thanks for watching and commenting Clark.
Amazing Philippines Thank you for all your valuable info. Your unique twist on Philippine living is quite interesting. You have touched on topics that other channels have not mentioned that I find wise and important to know. Watching the mahogany furniture video, now. The S&R membership club was of interest and I noticed you had Costco's Kirkland brand on 2 items you purchased at S&R. Love the overhead food toss. I assume they land on your bed?
I understand what you mean, I have however a different perspective. For this particular type of development you pay for the location first, the amenities second and the square meters third. SOLINEA is an upscale Ayala development that offers safety, comfort and convenience, just look at Tower 3's fantastic pool and resort type features that will be built just across the Ayala mall (check Ayala's other projects in the Philippines to see that they do deliver). I live in Shanghai and I have seen much older and dilapidated real estate in the city center that keeps selling and selling for higher prices with rents skyrocketing since 2004. All calls for a bubble have never materialized and it is only now that the pricing starts to cap and growth will remarkably lessen. The Philippines has a GDP growth of 6%-7% (second after China), with a huge demand for infrastructure upgrades and a steady urbanization rate (people keep migrating to cities contributing to the real estate inflation). The BPO and the ASEAN market will drive the growth for at least a decade. While the development won't be as fast as in China, there are similar growth patterns. For these reasons I do not expect prices to drop in the premium locations in the city center for many years to come. For cheaper locations check out Amaia Steps Mandaue for example. Land is also a good investment if you know where to buy and you know how to properly develop it, but do not use a third party to buy land. The only land you should buy as a foreigner is through you own respected wife and it will be a family property, beware of any other offers. Lease land is not a bad option either. If for own use and not for investment, of course a house and lot might be a fitting choice.
Good points. Philippines is one of the "bargain" areas still in Asia with much growth projected. Relatively low cost English speaking work force also. Location is definitely key. Thanks for watching and commenting Patrick.
Love seeing what’s available in condo market. Looking to retire in cebu City in 2020
Thanks Vince. You may know I have many condo review under the Playlist: Condos, Hotels, and Homes. Good luck hunting.
Here is the advice I give to anyone who wants to buy a condo in the Philippines. 1.Don't buy a new unit.2. Go to any major bank such as BDO and ask for the list of foreclosed properties. 3. Get a reputable lawyer. The real estate people are very funny in the Philippines. They have no idea about the product they are selling and make up responses. I am always told that it is a good investment and it will go up in value. I then ask them what happens if it goes down in value. The look on their faces is priceless. I tell them that a real estate person in the US can be sued if they tell a person it will only go up in value.
Good advice. There is cheap deals on to be had if one does the homework, especially foreclosed properties. There is talk of softening in the real estate market also. I think the real estate people are kept in the dark by developers as they are the front line marketers.
Thanks for watching and commenting Philip.
I agree that foreclosed properties can be lucrative but there are several risks of undisclosed lawsuits or liens to the property that could make it more expensive in the end (if not a complete nightmare). Due Diligence and experience is the key. An advantage of buying a new unit from a reputable developer is that they can offer in-house financing, bypassing expensive bank loans that are around 9% still in the Philippines. This said, famous developers do not undersell their products, they want a consistent piece of the cake. Make your calculations before deciding.
The Philippines' market is overpriced. It is more expensive buying there than in the USA. I've bought foreclosed in the USA and will never buy another property that is for sale by realtor or owner. Just like the USA you can go to the tax office in the Philippines to see if there are back taxes or liens. I also stated to get a good lawyer that knows what they are doing. The foreclosure market in the Philippines always has a long list of properties for sale. Sales people always tell the people what a great investment it is because they can rent it to the rich foreigners. The problem is they are building too many units and they people can't afford the properties in the first place.
Philip Gaynor
Calculations and due diligence is the key, whichever strategy is chosen.
If u are really keen into investing a property here, do the math! Do not compare it to your country coz it different. If its an ayala land projects, value always go up. Quality and locationwise, and considering a Mark of ayala land project, ur investment is way better than others.
Hello po.New to your channel.
Thanks for coming by and take care.
Better than the other ones that you've shown but they need to bring in Vietnamese builders to build them like they got in Ho Chi Minh City. Solar. hot water heater on the roof instead of a pool. Stoves was made in Italy they should have Toshiba energy efficient appliances.
Thanks for watching Philip.
Model units are always lavishly furnished and interior designed. Ask to see the "raw unit" after being shown the "model unit" -- to get a clearer picture of what you're really getting. "Provisioned" means NOT included but you can acquire/install it at your expense. Some units may not have openings for a window aircon or range hood, or plumbing for a water heater. It's good to know if those things are pre-designed into the construction because most condos will not allow major revisions.
I have seen one where the flooring, paint and ceiling finish was also up to the buyer. I assume nothing is furnished and work from there and get it all in writing for certain.
Thanks for watching and commenting Roger.
roger x very true. but if I where to show and impress someone I would go all out to seal the deal. you don't wear sweatpants on a first date, or maybe you do I'm not judging. peace😀
Hey Phil, can you give us an update on this condo? We have subscribers who are interested in this condo. Can you give us an updated tour? We appreciate your work. Thanks
Thanks. I should get back over there soon. I am curious who your "viewers" are as I didn't see any related videos on your channel. Are you a RE agent or broker?
@@AmazingPhilippines1 i'm an agent. i currently work in Makati. I have buyers who are interested in condos near the Ayala mall in cebu.
The 1 bedroom looked really nice.... Plenty of counter space in the kitchen.... When you look at the studio, you wonder what appliance you would cook with?? Maybe a hot plate on the small counter, then where do you do the prep on your meat, and produce.... No place for a fridge... I guess your supposed to eat out all the time.... Thanks Rod.....
Not much functional space in the kitchen in many condos I look at. Hot plate cooking is the norm and you require a hood vent to do that. My landlady thought I should go out to eat and would not provide the vent. I cook and run my fan and open my windows but I still occasionally set off the smoke alarm. It is silent but security comes running to check.
Thanks for watching and commenting Bruce.
Very nice..
Thanks for watching and commenting.
Thank you Rod, Happy Holidays!
Happy holidays Ned.
Thanks for watching and commenting.
To put it in the words of the real estate agent, I like your homogenous way of taking videos and your provisional hat :)
LOL. Real estate agent use the term often but cannot tell me what it is in relationship to the tile they are describing. Trying to get clarification on specs.
Thanks for watching and commenting Rob.
Nice. I would like to see the 2 bd units. Thx for sharing.
I think these were the only models available when I was there Jerome.
The prices of condos are crazy!
That is the market in Cebu City at this time. The area is growing rapidly and there is much foreign investment here this is helping drive the prices up.
Homogenous means all are the same.
Yes, thanks. I have heard real estate people use the term a number of times and I was wondering if they new why it was significant. I don't think so in most cases.
Wow! a very nice condo.
I just happened to be walking by when I saw this model office at the mall.
Thanks for watching and commenting Malou.
wonderful, thanks
Any updates on solinea?
I plan to visit next week Xander.
Better and safer to rent.
Renting leaves one with more options as time goes by. Thanks for watching and commenting, Paul.
Watch the small prints. Happy holidays in Cebu from AC.
Happy holidays to you Jo. The details are very important.
Thanks for watching and commenting.
I see you were wearing your very stylish condo-window-shopping hat today - hahaha.
Some days it depends on how hot or windy which hat I will use. I am also very fashion conscious also, of course. hahahaha. I have walked past this model office at the mall many times and decided to peek in when I received the pitch. interesting. How is the weather in your part of the world? Typhoon is hitting further north as you probably know. Doesn't seem to be affecting up as partly sunny here.
Thanks for watching and commenting mercxmorris.
poor quality wall not concrete only wood separate each room, crazy
I rented a condo apt in the Solinea via booking dot com. it is an one bedroom apartment. 34 sq meters. here is reality. no hot water. thank God it's hot in the Philippines. very low water pressure. Air conditioning unit is very loud. only in bedroom. windows in living room does not open. no fitness center. no dsl wifi. only pocket wifi very slow connection. no cable tv. not set up yet. won't be buying from Solinea.
Thanks for sharing this information Henry. These type of issues make for a challenging stay.
thank you for your time making the video. Your efforts and time are appreciated in this community.
the laser pointer was in no way annoying !!
Yes, just a bit. lol.
Thanks for watching and commenting Kevan.
Studio Price ?
I am not sure Steven. If you do an online search several real estate companies will come up with some showing different payment schemes, pricing and layouts.
Thanks for watching and commenting.
lol
homogeneous
what is homogeneous?
the homogeneous is the type of ~ i forgot the meaning.LOL
That was a little comical Theresa. Thanks for watching and commenting.
Amazing Philippines didn’t mean anything about it~ i am just amused on how he presented it~ and forgot what it meant? Love the presentation though
stylish condo and stylish furniture ~ love it...
New Condo units in the R.P. are way overpriced for the less than quality workmanship and materials. These particular tiny, cramped, cheaply made units are not worth the investment. A 60 m2 = 646 f2, two bedroom unit for 7 million pesos = $142,857 US is another housing bubble that has formed in the Philippines by greedy developers that are trying to milk foreign naïve investors and Filipinos that are suckered into a mortgage because they presently have employment that pays 50K pesos a month. I wouldn't touch these units until 2-4 years when the prices adjust to normal values. Instead, purchase land property with a trusted wife or if single a 25 year renewable property lease for another 25 year lease of quality land in a safe area. A 200 m2 lot is an adequate size for a retiree and build a 100 m2 = 1,076 f2 house for 2,205,000 pesos = $45K US. If it is just you and your wife a 72 m2 house = 775 f2 is plenty of room and less upkeep, less expensive to cool with aircon. Having that size house sit on a 200 m2 lot is ample for most and leaves room for gardening and breathing room between any potential neighbors. The latter, 72 m2 house would cost between 980,000 pesos = $20K US to 1,470,000 pesos = $30K US, depending on location, the builder and materials used. You can go smaller and less expensive also with a 100 m2 lot and a 36 m2 house but wouldn't suggest much smaller, if single. The 7 million pesos alternative condo is absolutely insane for Philippine standards.
Thanks for the good info Clark. There are people wanting to unload property/condos for much less than they bought them for also. Land and house is the best value for those wanting that. The quality is not up to western standards also in many cases.
Thanks for watching and commenting Clark.
Amazing Philippines Thank you for all your valuable info. Your unique twist on Philippine living is quite interesting. You have touched on topics that other channels have not mentioned that I find wise and important to know. Watching the mahogany furniture video, now. The S&R membership club was of interest and I noticed you had Costco's Kirkland brand on 2 items you purchased at S&R. Love the overhead food toss. I assume they land on your bed?
I understand what you mean, I have however a different perspective. For this particular type of development you pay for the location first, the amenities second and the square meters third. SOLINEA is an upscale Ayala development that offers safety, comfort and convenience, just look at Tower 3's fantastic pool and resort type features that will be built just across the Ayala mall (check Ayala's other projects in the Philippines to see that they do deliver). I live in Shanghai and I have seen much older and dilapidated real estate in the city center that keeps selling and selling for higher prices with rents skyrocketing since 2004. All calls for a bubble have never materialized and it is only now that the pricing starts to cap and growth will remarkably lessen. The Philippines has a GDP growth of 6%-7% (second after China), with a huge demand for infrastructure upgrades and a steady urbanization rate (people keep migrating to cities contributing to the real estate inflation). The BPO and the ASEAN market will drive the growth for at least a decade. While the development won't be as fast as in China, there are similar growth patterns. For these reasons I do not expect prices to drop in the premium locations in the city center for many years to come. For cheaper locations check out Amaia Steps Mandaue for example. Land is also a good investment if you know where to buy and you know how to properly develop it, but do not use a third party to buy land. The only land you should buy as a foreigner is through you own respected wife and it will be a family property, beware of any other offers. Lease land is not a bad option either. If for own use and not for investment, of course a house and lot might be a fitting choice.
Good points. Philippines is one of the "bargain" areas still in Asia with much growth projected. Relatively low cost English speaking work force also. Location is definitely key.
Thanks for watching and commenting Patrick.
I did not break any groceries. lol. Thanks for watching and commenting Clark.