Author Topic: Have you ever sold your real estate in the Philippines?  (Read 657 times)

Offline Lee2

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Re: Have you ever sold your real estate in the Philippines?
« Reply #15 on: November 29, 2017, 05:53:56 AM »
Well in our case the building and units were complete when we bought, so we saw exactly what we would be getting, we handed them the money and they gave us the keys. I too would have a hard time making payments on something that I could not live in from day one. A lot of people told me I was crazy to buy but in the long run we more than got our money out of having our units, instead of paying rent and a house would be out of the question for our back and forth lifestyle. We actually liked living in our Cebu condo so much that we bought a condo in Florida too, I had always lived in a house since I was 21.
:) 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 #16 on: November 29, 2017, 10:27:24 AM »
My parents, when my mother was still alive, were big into condo timeshares.  Had quite a few owned and would use/trade them and get more time or different locations they were looking for and all that good stuff.

They took the whole family on a trade they made to a vaca in Branson, MO.  The condo units were single family setup.  Basically, the condo community were single family homes and duplexes in build. 

Wonder when some local contractor will do that in the Phils.  Maybe they already have.  If so, I have yet to see it.  But buy a nice big piece of land, and build single family homes and duplexes, but have them categorized legally as condos.  This would allow the foreigners to own homes legally and the contractor to keep collecting the condo fees and all that.

Maybe the market for such isn't big enough.  But seems like a good way to set up something that could bring in some nice dough in a more rural area near a capitol municipality that has a mall and such.
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Offline lost_in_samoa

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Re: Have you ever sold your real estate in the Philippines?
« Reply #17 on: November 29, 2017, 11:18:14 AM »
The condo units were single family setup.  Basically, the condo community were single family homes and duplexes in build.

Perhaps I am mistaken in my terminology.  I did not think that a "condo" could be a single family house.  And a duplex is .... well a duplex. 

I envisioned a condo as being an apartment in a multi-residence building that you purchased.

I know the places you are speaking of in Branson.  I used to own a repair company not far from there.  Worked on most of the area's ticketing systems at one time or another.  Small world.

We've been approached with the "buy it before it's built" offer so many times.  At one time we ended up on a mailing list and received brochures daily.

I've always considered that type of deal a scam.  Judging by the number of abandoned Resort/Retirement/Gated community entrances, I'd say I was correct.  Seems like every Barangay has a "Verde Palms" or "Placid Pastures" guard shack in front of ........ Carabao.

For me it always came down to a risk versus return decision.  Folks have different appetites for risk.  Glad it worked out for y'all.


Offline David690

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Re: Have you ever sold your real estate in the Philippines?
« Reply #18 on: November 29, 2017, 02:18:03 PM »
IMO ..... (thanks Lee), one of the factors against condo's from an investment perspective, is that within a very short time after construction, they are yesterdays news, as new better condo developments are coming up regularly, each offering better facilities than the previous generation.
There is not much that you as an owner can do about that.
Whereas with a house, it can be extended, remodeled etc etc.

Before we go down the road of ...."Yes but you can't own a house in Philippines" We are discussing selling real estate in Philippines.
Londoner at heart

Offline JoeLP

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Re: Have you ever sold your real estate in the Philippines?
« Reply #19 on: November 29, 2017, 06:53:48 PM »
Perhaps I am mistaken in my terminology.  I did not think that a "condo" could be a single family house.  And a duplex is .... well a duplex. 

I envisioned a condo as being an apartment in a multi-residence building that you purchased.

I know the places you are speaking of in Branson.  I used to own a repair company not far from there.  Worked on most of the area's ticketing systems at one time or another.  Small world.

We've been approached with the "buy it before it's built" offer so many times.  At one time we ended up on a mailing list and received brochures daily.

I've always considered that type of deal a scam.  Judging by the number of abandoned Resort/Retirement/Gated community entrances, I'd say I was correct.  Seems like every Barangay has a "Verde Palms" or "Placid Pastures" guard shack in front of ........ Carabao.

For me it always came down to a risk versus return decision.  Folks have different appetites for risk.  Glad it worked out for y'all.

Dad sold all his shares about a year after my mother passed.  Had them in Hilton Head and a few places in Florida.

When we were in Branson we went through a couple "promo sessions" and got a lot of free stuff for doing it.  Anyway, while in this sessions they showed some stuff to do with the legal law/terms of condo, apartment, homes and all that.  Pretty much made it clear that what differs from a regular house with land status home and theirs is that the homes we are in are, like most condos, owned in the purpose that the condo owner has full run of the interior to do as they desire, within the code of the condominium community and local community codes also.  The exterior of the home, as well as the grounds are still owned by the condominium community.

Found this on wikipedia...so take it with a grain of salt...but this is what they say.

"A condominium, usually shortened to condo, is a type of real estate divided into several units that are each separately owned, surrounded by common areas jointly owned.
Residential condominiums are frequently constructed as apartment buildings, but there has been an increase in the number of "detached condominiums", which look like single-family homes but in which the yards, building exteriors, and streets are jointly owned and jointly maintained by a community association."

But, like you, I always thought up until then, that condos where tall apartment buildings with apartments you could buy...to put in layman's terms.

Here's something to maybe clear up something...if it's proper use of words...condo is a word, at least when used in the USA/Canada...a legal term.  Not a use of description in the style of building.  A lot of cities use "condo ownership criteria" in the shopping malls as much as housing areas.  The concept that contractors or investors or what have you own the land, the building and co-own the common areas...whereas the people owning the homes/shops/spaces own and run/maintain those ares via the specifications of the land/building owners.  If that makes sense.
« Last Edit: November 29, 2017, 07:09:15 PM by JoeLP »
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Offline JoeLP

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Re: Have you ever sold your real estate in the Philippines?
« Reply #20 on: November 29, 2017, 07:02:16 PM »
IMO ..... (thanks Lee), one of the factors against condo's from an investment perspective, is that within a very short time after construction, they are yesterdays news, as new better condo developments are coming up regularly, each offering better facilities than the previous generation.
There is not much that you as an owner can do about that.
Whereas with a house, it can be extended, remodeled etc etc.

Before we go down the road of ...."Yes but you can't own a house in Philippines" We are discussing selling real estate in Philippines.

In the Philippines there could be some kernels of truth to what you are stating.  But in the US, I've seen cities with statutes and laws and codes set up to keep such from happening.  In Grand Rapids, MI they are very purposefully not allowing condos to be built at the pace that is being asked for.  I think only 2 new condo buildings(tall towers) in the last 2 decades.  But, turning old furniture factories in the city once known as the furniture capital of the world into condos has been allowed.  And they are being VERY picky on who they allow to buy/turn those buildings.  Most are turning out very nice and really keeping the whole "build new at the expense of the past" mindset out. 

But, I've been to places like Holmes Beach, FL in the Tampa area and have seen exactly what you are talking about.  The old condos have not been maintained and look like garbage and there were 3 new towers being built with 2 recently finished towers looking for buyers. 

Depends on how a local community wants to go at it.
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Offline Lee2

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Re: Have you ever sold your real estate in the Philippines?
« Reply #21 on: November 29, 2017, 09:43:28 PM »
I have read of townhouses in the Philippines that were sort of condos since the buyers supposedly did not own the land but I also heard those were even harder to sell than houses or condos in tall buildings.

I have said it before, if a large trusted company such as maybe Ayala Land would sell homes with the land below them rented so that foreigners could own them, and put those homes in gated communities, then I feel a lot of expats might buy them but the wife and I would still stick with a condo for the convenience of not having to take care of the outside and not worrying about the roof leaking and it is my opinion from experience that a lower priced condo should be easier to sell since we sold one already and have had offers to buy the ones we live in but Nila did not want to sell ours. 
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline Brisbane

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Re: Have you ever sold your real estate in the Philippines?
« Reply #22 on: December 03, 2017, 10:22:03 PM »

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.

Ive lived in a 21sqm condo in Cebu for about a year. You just get used to it but location helps. Plenty of places in walking distance in the IT park so no need to be in doors much. When the new Ayala mall is completed in a few years or so there's not really much need to leave the park unless you wanted too.

Offline RUFUS

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Re: Have you ever sold your real estate in the Philippines?
« Reply #23 on: December 05, 2017, 02:45:44 AM »
I could live in 10sqm if it had a toilet/shower, ref, and internet  ;D
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Offline JoeLP

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Re: Have you ever sold your real estate in the Philippines?
« Reply #24 on: December 06, 2017, 06:34:37 AM »
I have read of townhouses in the Philippines that were sort of condos since the buyers supposedly did not own the land but I also heard those were even harder to sell than houses or condos in tall buildings.

I have said it before, if a large trusted company such as maybe Ayala Land would sell homes with the land below them rented so that foreigners could own them, and put those homes in gated communities, then I feel a lot of expats might buy them but the wife and I would still stick with a condo for the convenience of not having to take care of the outside and not worrying about the roof leaking and it is my opinion from experience that a lower priced condo should be easier to sell since we sold one already and have had offers to buy the ones we live in but Nila did not want to sell ours.

Single unit condos, at least ones like I stayed at in Branson, are run with the exterior, lawn, and all other "outer" care done by the condo association.  They ran it just like if you owned a tower condo. 

The owner runs the internal care.  Can paint rooms, hang wall hangings, and do all that good stuff.  Even sweeping the sidewalks to and from house fell on the condo association.  The guy said most residents do that themselves, but could leave it for the association if they wanted.

And being a condo, there was no land to rent(part of the condo fees) as the condo association owned it and it was part of their setup.  Basically, just like a tower condo, the owner is buying the "internal parts" of the home and all external parts are maintained and run by the condo association. 

The reason I was no interested in any way with those was 1, because my parents had timeshares and the timeshare organization they were in made renting those cheap enough, and 2, because the condo costs were considerably higher for the single unit condos that a tower condo.

I believe though, like you, if something like that was setup in a neighborhood style setup in a gated community, that foreigners would be interested.  But they would need to budget higher costs to buy and for the monthly fees.
In the land of the blind, the one eyed man is king.

Offline JoeLP

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Re: Have you ever sold your real estate in the Philippines?
« Reply #25 on: December 09, 2017, 09:55:57 AM »
Thanks to a link that Somoa put in another thread, I found this on the law for condos in the Phils.

http://www.lawphil.net/statutes/repacts/ra1966/ra_4726_1966.html
In the land of the blind, the one eyed man is king.

 


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