Author Topic: Have you ever sold your real estate in the Philippines?  (Read 1644 times)

Offline Lee2

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Have you ever sold your real estate in the Philippines?
« on: November 26, 2017, 01:22:05 AM »
I keep hearing from friends and reading online, that it is almost impossible to sell Philippines homes or condos that it makes me wonder if anyone has had any luck selling their Philippine property and if so, how did they do it?

In my case I was able to sell an extra 30 sq meter condo unit we had in Cebu that we had bought when we bought our condo unit that we live in part time, we were going to use the extra unit for relatives and friends stays and storage when the time came for us to move to the Philippines full time when I had turned 65 but when we decided to continue our part time lifestyle instead, we put that unit up for sale earlier this year and was luck enough to be able to find someone who wanted an inexpensive place to live part time, so it worked out for us but how about you all, anyone sell a property and if so did you advertise it in the news, online, or use a realtor and how long did it take to sell?
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline JoeLP

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Re: Have you ever sold your real estate in the Philippines?
« Reply #1 on: November 26, 2017, 01:44:48 PM »
I haven't sold anything yet.  That said, a Brit near where I live built a nice large home right on the national road in the municipality to the west of where I live.  Put over 12mil php into it and it was on a large lot of over 2 hectares with a wall around it.

He decided almost a year ago to sell it.  Was finally able to this last late July/early August.  But he was only able to get 8mil php.  He started at 14mil on the price. 

So, I'm going to wait before I build anything on land that Tina and I have.  Don't really want to touch that until we are for sure going to be living in the Phils full time and permanently.  Right now we plan a move back to the US for LJ so he can attend better schools than what is currently available here in Catarman(Tina doesn't want to move to a different place in the Phils, so either we stay in Catarman, or go to US).

I have a USAF friend also over near where the Brit was with his house up for sale.  He put around 10mil php into it and just recently put it up for sale for cost.  If he has the same trouble selling it....that will cement my plans to wait till a later point in life.  Do not trust any pinoy to watch a house that's fully first world.  Seen/heard too many horror stories of very nice houses being destroyed by locals.
In the land of the blind, the one eyed man is king.

Offline marshie

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Re: Have you ever sold your real estate in the Philippines?
« Reply #2 on: November 26, 2017, 02:20:29 PM »
^I am trying to sell the condo I’ve been paying for 6 months already but to no avail.  This is on pre-selling state and expected turnover will be in 18months.  Not as easy to sell the property despite asking for the the downplayment I paid only.  I have an agent who do the legwork in selling.

Offline FastWalk

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Re: Have you ever sold your real estate in the Philippines?
« Reply #3 on: November 27, 2017, 05:04:52 AM »
I think..  it is about location and price range.   We just bought a house that was for sale for a long time.  The price we paid was much less than the asking or even the prior estimates used when the previous owner pawned it.  I could not justify building from scratch when it was possible to get so much discount on used.  If I ever sell it (I mean my wife ever sells it) I expect to not get a profit and likely loose something. 

In the area we purchased there are other foreigners trying to sell in the range of 12-14m,   on the market for long time(years) with no buyers.

Raw land is a different story.  In a developing area land can have multiple bidders with nice returns for only 1+ years.

“Old men do not grow wise. They grow careful.”
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Offline Lee2

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Re: Have you ever sold your real estate in the Philippines?
« Reply #4 on: November 27, 2017, 09:39:34 PM »
^I am trying to sell the condo I’ve been paying for 6 months already but to no avail.  This is on pre-selling state and expected turnover will be in 18months.  Not as easy to sell the property despite asking for the the downplayment I paid only.  I have an agent who do the legwork in selling.
It is extremely hard to second hand sell a pre-sell condo unless you find someone like yourself who is willing to buy and wait, I hope you find a buyer.

Out of curiosity, what area is the condo unit located in and how many sq meters is it?
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline marshie

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Re: Have you ever sold your real estate in the Philippines?
« Reply #5 on: November 28, 2017, 07:27:36 AM »
It’s within Metro Manila and location is good.  I think another reason why it is harder to sell maybe because it isn’t ready for occupancy yet.  One bedroom unit - 38.5 sqm including the balcony. 

Thanks :). I hope to be able to sell this soon too.

Online David690

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Re: Have you ever sold your real estate in the Philippines?
« Reply #6 on: November 28, 2017, 09:52:27 PM »
I was toying with the idea of buying a condo here in Davao as an investment.
I received this from one developer.........

As an option, I looked into another Ayala Land project in Davao: Patio Suites. We have few studio units that are available. Floor area is 31sqm at approximately PhP 4.2M

4.2m for a 31sqm studio condo........!!! I don't think I'll be interested, thank you very much.
Londoner at heart

Offline iamjames

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Re: Have you ever sold your real estate in the Philippines?
« Reply #7 on: November 28, 2017, 10:19:25 PM »
NEVER expect to make a profit (or even get your money back) buying or developing property in the Philippines. So many different rules and strange logic here.

Offline Lee2

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Re: Have you ever sold your real estate in the Philippines?
« Reply #8 on: November 28, 2017, 10:53:06 PM »
I was toying with the idea of buying a condo here in Davao as an investment.
I received this from one developer.........

As an option, I looked into another Ayala Land project in Davao: Patio Suites. We have few studio units that are available. Floor area is 31sqm at approximately PhP 4.2M

4.2m for a 31sqm studio condo........!!! I don't think I'll be interested, thank you very much.
In our situation we just bought the two units that we live in part time and put them together to make up 80 sq meters but they were much less expensive back when we did that in 2007 and I suspect those people who feel units are too expensive currently, will likely find that they cost even more in the future, thus for anyone who does not wish to pay the current price then my advice would be to look for a second hand unit from someone who has to sell, not someone who wants to sell, deals are out there, we sold our 30 sq meter unit at a profit but sold it way below what the builder was offering theirs for since we needed a quick sale due to the small amount of time we are in the Philippines yearly.

As for the size, most of us think with our home country minds, I have found that in the Philippines many people buy what they need rather than what they might want.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Online David690

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Re: Have you ever sold your real estate in the Philippines?
« Reply #9 on: November 28, 2017, 11:56:45 PM »
In our situation we just bought the two units that we live in part time and put them together to make up 80 sq meters but they were much less expensive back when we did that in 2007 and I suspect those people who feel units are too expensive currently, will likely find that they cost even more in the future, thus for anyone who does not wish to pay the current price then my advice would be to look for a second hand unit from someone who has to sell, not someone who wants to sell, deals are out there, we sold our 30 sq meter unit at a profit but sold it way below what the builder was offering theirs for since we needed a quick sale due to the small amount of time we are in the Philippines yearly.

As for the size, most of us think with our home country minds, I have found that in the Philippines many people buy what they need rather than what they might want.

 I agree with your logic in general terms Lee, but seriously P4.2m for a 31sqm condo that will not be completed for 5 years?!.  I built my 155sqm 2 story house for that.
Londoner at heart

Online David690

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Re: Have you ever sold your real estate in the Philippines?
« Reply #10 on: November 29, 2017, 12:00:21 AM »
As for the size, most of us think with our home country minds, I have found that in the Philippines many people buy what they need rather than what they might want.

My wife and I are currently living in a 1 bed apartment in Dubai that is 900sqft.  That feels claustrophobic, cannot imagine living full time in anything less than that.  I appreciate that in your situation, you are only living part time in Philippines, but for full time, no way.....
Londoner at heart

Offline Lee2

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Re: Have you ever sold your real estate in the Philippines?
« Reply #11 on: November 29, 2017, 12:12:05 AM »
I agree with your logic in general terms Lee, but seriously P4.2m for a 31sqm condo that will not be completed for 5 years?!.  I built my 155sqm 2 story house for that.
There is no question that houses are a better value per sq meter, only problem is that we as foreigner cannot own them. Also another concern may be safety and then comes cost to keep them cool if a person is one who needs a/c. I also like the factor of location of our condo and many other condos, walking distance to just about anything we need, that is usually not the case with most homes.  it is hard to compare a home miles from the city with a condo right in the heart of the city but for many city life is a no go.

Again as for size, I cannot blame anyone for wanting something bigger but condos in the Philippines are not built with westerners in mind, they seem to be mostly built for OFW's as investments or a place for them to live in when they get home or retire to. Think about our extended families homes, most of mine live in very small homes, our condo is huge compared to our families homes.

Different strokes for different folks, I have one westerner friend who lives full time in our condo building who lives in just one 40 sq meter unit and has done so for years now and he and his lady are quite content.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Online David690

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Re: Have you ever sold your real estate in the Philippines?
« Reply #12 on: November 29, 2017, 12:20:20 AM »
There is no question that houses are a better value per sq meter, only problem is that we as foreigner cannot own them. Also another concern may be safety and then comes cost to keep them cool if a person is one who needs a/c. I also like the factor of location of our condo and many other condos, walking distance to just about anything we need, that is usually not the case with most homes.  it is hard to compare a home miles from the city with a condo right in the heart of the city but for many city life is a no go.

Again as for size, I cannot blame anyone for wanting something bigger but condos in the Philippines are not built with westerners in mind, they seem to be mostly built for OFW's as investments or a place for them to live in when they get home or retire to. Think about our extended families homes, most of mine live in very small homes, our condo is huge compared to our families homes.

Different strokes for different folks, I have one westerner friend who lives full time in our condo building who lives in just one 40 sq meter unit and has done so for years now and he and his lady are quite content.

It is true that most houses are probably not in the city centre.  Whether that is a negative or not depends on your point of view.  My house is 15km from downtown Davao, close enough for our needs, far enough to be free of the noise and pollution, and built on a beautiful golf course.  I have the security of a guarded subdivision and all I hear all day is birds and crickets in the evening. But you're right of course, horses for courses.
Londoner at heart

Offline marshie

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Re: Have you ever sold your real estate in the Philippines?
« Reply #13 on: November 29, 2017, 02:04:43 AM »
I agree with your logic in general terms Lee, but seriously P4.2m for a 31sqm condo that will not be completed for 5 years?!.  I built my 155sqm 2 story house for that.

31sqm is bigger than the usual 24sqm condo here in Makati.  The one I am paying has only 29sqm livable area plus balcony for the price of Php3MM and is on a pre-selling state (usually goes at around 5years before turnover).  Buying a condo unit that is already built means that the 10-30% equity will be paid upfront and remaining balance can be paid by getting a loan.  Price is expensive for a local like me who wants to have a place of my own though small.  I would’ve wanted to own something bigger but it is not within my means.

Offline lost_in_samoa

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Re: Have you ever sold your real estate in the Philippines?
« Reply #14 on: November 29, 2017, 05:26:15 AM »
but for many city life is a no go.

I never have been able to wrap my head around the concept of purchasing a condo

Its analogous to a "file folder" in a drawer, in a filing cabinet for humans.  One box of many on a shelf.

UN-inhabitable without continuous water, septic, and electricity. Totally dependent on management for every amenity.

Property prices and resale value now dependent on 50 more factors beyond your control.

But to finance this, (non-nonsensical in its own light if you calculate out the principal and interest), all before the thing is built ....




And people think I'm crazy.

« Last Edit: November 29, 2017, 05:44:46 AM by lost_in_samoa »

 


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