Purchasing a Condo in Cebu.

[Happyhorn52]

How do you market a condo without including photos of the unit?

[afathertobe]

I know the OP is banned, but I did quite a bit of research on condo prices in Cebu and Manila - you would have to at least double that amount (from 2-2.5M PHP to over 5M PHP) to get anywhere close to what you are looking for. Condos of a reasonable quality really aren't cheap anymore, Thailand and other SEA countries have higher quality and lower prices at the moment. 

[earthdome]

On 8/6/2016 at 3:07 AM, Fandango said:

As I understand it, I deposit monies into a Philippine account (10,000 USD) and agree in order to use said monies am required to purchase a property no less in value of 50,000 USD. I am here to get advice.

Not any property. Only a condo. Foreigners are not allowed to own land even with an SRRV.

[Happyhorn52]

11 hours ago, afathertobe said:

I know the OP is banned, but I did quite a bit of research on condo prices in Cebu and Manila - you would have to at least double that amount (from 2-2.5M PHP to over 5M PHP) to get anywhere close to what you are looking for. Condos of a reasonable quality really aren't cheap anymore, Thailand and other SEA countries have higher quality and lower prices at the moment. 

I knew the OP pricing estimates were unrealistic. I was expecting to pay between 5M-8M pesos for a waterfront view condo but still don't know what area of the Philippines I want to retire to. Again, thanks for the information!

[Steve GCC]

I can see OP has gone but couple of actual condo prices for you, if interested........

Studio....27m2, 12th floor, great building with pool/gym etc, has see and mountain views in centre of cebu.....Cost 2.6m Peso!!!

Friends 2 bed, c50m2 cost 4.6m in not such good area with no views.

Both above where bought about 3 months prior to completion NOT off plan

 

[earthdome]

8 hours ago, Steve GCC said:

I can see OP has gone but couple of actual condo prices for you, if interested........

Studio....27m2, 12th floor, great building with pool/gym etc, has see and mountain views in centre of cebu.....Cost 2.6m Peso!!!

Friends 2 bed, c50m2 cost 4.6m in not such good area with no views.

Both above where bought about 3 months prior to completion NOT off plan

 

That matches what I have seen in Baguio, approximately 100k pesos per sqm.

[RBM]

For those considering buying a condo in Cebu would do well to consider it a place to live not an investment. To sell a unit which is pre owned is extremely difficult. Further consideration should be given to dues, some of which are crazy.

Ovoid near garbage shoot, elevator, what are my neighbours like and so on. It's not for everyone and when one considers same monies can purchase a home with green grass and heaps room I found dead it a no brained.  This after living 3 years in a condo.

The one thing which is cheap here is labour, Maids gardeners and such can cost a lot less than conventional dues. One other mention is there are available various protections for the payer of of a lot which to do not contradict the law of foreign ownership, how ever one must be sure of his relationship.

[robert k]

One thing I will say for a condo is the title work is done and if not done properly, it will be the developers problem and not yours which you can't necessarily say about a land purchase outside a subdivision.

Inside a subdivision, once again you are looking at home owners association and possibly crazy dues which i have heard more than once that the dues are embezzled.

I also read of a foreigner (member here) and his wife who were basically run out of a subdivision with threats of violence because they complained about a loud party that spilled out into the street late at night, both of which were against the regulations. They ran off to the UK for a few years but the HOA dues kept on rolling, fines for the grass not being cut and so forth so they are looking at several thousand pounds just to get current and avoid legal action. I wouldn't think that rules will be enforced equally and that is why I wouldn't live anywhere with a HOA.

[OnMyWay]

10 minutes ago, robert k said:

HOA dues kept on rolling, fines for the grass not being cut and so forth so they are looking at several thousand pounds just to get current and avoid legal action. I wouldn't think that rules will be enforced equally and that is why I wouldn't live anywhere with a HOA.

Same in the U.S.  The HOA can foreclose on your house if you don't pay.

[robert k]

The scary thing about condos is the contract. After seeing what is happening in Florida in the US with people paying dues equal to renting a house somewhere else. No matter how badly the place is mismanaged, you are still responsible for the costs. It's like signing a full book of checks and giving them to the HOA.

Then there are the condos in the Philippines. A member posted pictures of one for rent and I said at least you don't have to worry about people leaning against the wall loitering, because it was filthy and nobody would lean against it by choice. The green slime growing all the way down the wall under the window a/c unit on the third floor gave the place a bit of color but I think it clashes with the red paint. Of course it's the inside that matters. Strangely there were no pictures of the inside and I don't know if that is a good thing?