Condo or house

[Hestecrefter]

7 hours ago, hk blues said:

My SIL had a studio apartment there, in the very last block nearest the highway, was reasonably nice and the finish was acceptable.  Big swimming pool which was usually very quiet.  My son actually goes to the school opposite the apartments.  

Her place was probably very close to where we have stayed, which is known as "Madison One".  I think too, the unit is considered a studio.  We have stayed in 2 that are the same.  If one is not available, we book the other, and pay about P30k/mo.  The units in which we have stayed are quite small - no more than about 300 square feet on a good day.  But, they are well-appointed, have a kitchen and full-size ref, etc.  Good A/C and internet (about as good as you can find most places in the Phils and better than the dialup I have had in Manila and Tuguegarao.  There's a big screen TV with Netflix and capability to watch YouTube etc.  No extra charge for utilities.  All very good for short-term, particularly given the location, but too cramped to make it a permanent home.

Of course, walking through the nearby mall, one is endlessly approached by people trying to sell you on local condo projects.  We broke down one time and agreed to check out a display suite across the road from us.  This was for some planned project called The Pinnacle, yet to be built.  They were trying to generate pre-sales. If I bought, I would like 2 bedroom, 2 bath, so that's what we looked at.  The display suite was very nice, but not cheap, what they were asking.  

I asked about price details.  He sent me this:

 

Total Contract Price - 16,054,000.00
Total taxes and fees - 802,700.00 
(only approximate , I cant get the exact because same as banks they can only give the computation In real time and our 
pinnacle will be turned over in 2025)
Total                         - P16,856,700.00

Sample Computation (all in pesos, still just approximate)

Monthly Dues P120/sqm , 82.50sqm
9,900.00/month

Tax per Year Approx. 1% = P160,540.00
P13,378.00/month

Total fix expenses per month = P23,278.00

 

If we rented the unit when not there, he said 

 

Daily Rent would more likely be from P7,000.00 - P10,000.00 per day. Because yours is a executive 2 bedroom. 2 bedrooms plus an extra room.

Long term lease would be as of the moment P70,000.00 to P80,000.00 per month. But for sure it will rise up to P100,000.00 - 120,000.00 per month once all development rise up in the Commercial District.
Operational expenses (all approximate only)
Netflix - 500/month
Electricity + water - 3,000.00-4,000.000 (approximate)

Cleaning (600.00-800.00) only every cleaning
 

So, in my assessment, the numbers were all somewhat inflationary.  Not cheap by Philippine standards.  Even if willing to pay that, I would be gunshy about committing money to a project not due to be complete until the end of 2025.  I don't recall the detail (maybe I have it in an email somewhere), but to to the deal required a down payment and a commitment to monthly payments (of around P30,000 as I recall) until completion.  I have seen enough of these things in my own country to know that developers often run into difficulty and projects never complete.  Or, they do complete and the quality of what is delivered is subpar.  One can lose one's shirt.  

[RBM]

22 hours ago, jimeve said:

 

Barking dogs don't bother me at all, been living in the jungle for over 6 years. Ear plugs are compleatly ineffective against the disco.

 

Jim would take you task here, we lived in San carlos for a time, capital of Dogs, Woman over road kept 2 beautiful Malinois on a short chain, they barked extremely loud 24/7, even locals complained. We ended up going to court as one just could not sleep, a case in which of course we lost.

Be thankful at least your discos soon end after a short time, barking dogs no ending. 

[RBM]

20 hours ago, hk blues said:

Megaworld? 

Sounds like Avida to me, we just love our trips to Iloilo, beautiful clean Esplanade, the lovely Muelle Deli resto on river. Personally I dislike malls, how ever the mall in Iloilo  at Fiesta Walk is most pleasant, just like in any European country.

Normally stay in Avida or Spatial both are quiet and nice. The traffic uptown after Bacolod is again almost European, cars often stop at pedestrian crossings unlike Bacolod where they tend to increase speed upon siting one trying to cross. Have trip planned in two weeks..... 

[Kingpin]

On 8/4/2023 at 4:18 AM, Hestecrefter said:

 I would guess to buy the equivalent in the Phils would cost millions.

Probably, but you'll never find that minimum lot concept here. Regulations are only implemented by private subdivisions, and they're only a few hundred sqm at most.

Filipinos are generally easy to please, so they're content with the tiniest houses and lots and condos, which is the vast majority of what's available.  The expat who wants a more Western living environment will always get gouged because supply is extremely limited.

[hk blues]

3 hours ago, RBM said:

Sounds like Avida to me, we just love our trips to Iloilo, beautiful clean Esplanade, the lovely Muelle Deli resto on river. Personally I dislike malls, how ever the mall in Iloilo  at Fiesta Walk is most pleasant, just like in any European country.

Normally stay in Avida or Spatial both are quiet and nice. The traffic uptown after Bacolod is again almost European, cars often stop at pedestrian crossings unlike Bacolod where they tend to increase speed upon siting one trying to cross. Have trip planned in two weeks..... 

Actually, you are likely correct that it's Avida - I use Megaworld for all that area which is not strictly correct as Megaworld really only includes the mall and condo buildings around it. I will say though, that the Megaworld condos look better than Avida - then again, they are way more expensive.   

[Gator]

10 hours ago, RBM said:

Sounds like Avida to me, we just love our trips to Iloilo, beautiful clean Esplanade, the lovely Muelle Deli resto on river. Personally I dislike malls, how ever the mall in Iloilo  at Fiesta Walk is most pleasant, just like in any European country.

unlike Bacolod where they tend to increase speed upon siting one trying to cross. Have trip planned in two weeks..... 

The wife and I are on our way to Boracay and are in Bacolod now. It was almost a pleasure driving here from Dumaguete. Once we were out of the city for the most part slower traffic, trikes and even motorbikes kept to or moved into the right lane. But once we got into Bacolod it was like they checked their courteousness at the border.

Thanks for the heads up about Fiesta Walk, might check it out on the way back to Cebu. We already restocked our “road trip” supplies at SM in Bacolod, lol. 

[Gator]

On 8/3/2023 at 6:44 PM, stevewool said:

I’ve stayed in a condo for a month and it was ok , small and some of the folk that live there could be noisy at times and the pool was not looked after very well so what’s best a condo or a house or a apartment any of members living in those who can give there likes and dislikes from where they have or are living , plus the cost too 

Currently I live in an apartment in Angeles City, spacious 2bed / 2cr, gated and in a dead end street so it’s very quiet at night. Rent = 12k plus water, electric and fiber internet (average per month: 300 for water, 4,500 for electric and 1,500 for internet). My landlord is quite strict about noise. She won’t rent to  families with small children or anyone with dogs. Developments are on either side and rather pricey, so I believe that helps with keeping the noise down. In front of the complex the street is blocked off at night as the vice mayor and a councilman live there; so no thru traffic. Right now it works for us, but if it didn’t we can easily move. That’s the one big pro to an apartment.

Long story short - the wife and I moved to Angeles from Cebu before Covid hit as she had a good job lined up managing one of the better hotels. Covid hit and the job fell thru. She managed to get back to Cebu and got her teaching position back. 

We (really she, lol) recently bought 5 hectares of property up in the mountains in the south western part of Cebu (325k all in). The land is close to the family farm. What she left out is that it’s barely accessible! Even with 4 wheel drive on dry “roads” (read that as trails) I barely made it. It’s a short walk from the in-laws house and the family will farm on it …..there are two fairly level sections, plateaus I guess you could call them, that they will plant various fruit trees like dragon fruit, rambutan and lemons (there’s already a well established coconut grove, some mango and jack fruit trees). It’s really beautiful there but since it’s so hard to get there we won’t be building a house there.

I do plan on moving back to Cebu, and I would prefer to build my own house. Will perhaps move in the early or middle part of next year. Last night before we left on our road trip the MIL, who’s the barangay captain, mentioned that at a meeting she attended yesterday with neighboring LGU officials she learned the barangay just south of her released land for sale at 1k per square meter. Is just off the Cebu south road (inland side) and within walking distance to the ocean (Tanon Straights between Cebu and Negros). We will be looking into it later in the week when we’re back in Cebu. 

Edited August 5, 2023 by Gator

[Sea Turtle]

house or condo.   for me, it is probably about budget.  with a huge budget I could find a condo or a house I would love.

If you like to have lots of ppl around,  can't do better than a large house.  If you want to travel and just visit home sometimes,  a condo is the way to go.

I live in a house that we own.  once a month or so its noisy when one of the neighbors will entertain his workers.  other than that its quiet while being walking distance to anything.  its a city of about 2 or 3 hundred thousand ppl. 

 

[Kingpin]

On 8/4/2023 at 10:27 PM, Hestecrefter said:

Total fix expenses per month = P23,278.00

Or double that, save 16 million, and triple your square meter living space. I know what I'd choose.

[JJReyes]

On 8/4/2023 at 7:27 AM, Hestecrefter said:

So, in my assessment, the numbers were all somewhat inflationary.  Not cheap by Philippine standards.  Even if willing to pay that, I would be gunshy about committing money to a project not due to be complete until the end of 2025.  I don't recall the detail (maybe I have it in an email somewhere), but to to the deal required a down payment and a commitment to monthly payments (of around P30,000 as I recall) until completion.  I have seen enough of these things in my own country to know that developers often run into difficulty and projects never complete.  Or, they do complete and the quality of what is delivered is subpar.  One can lose one's shirt.

Makes sense not to commit to an overvalued real estate development project.  Greed, not need, is the basis for their construction.  My preference would be to make the purchase in the secondary market when you can bring along a professional inspector to determine the quality of the unit and building.  The real estate boom all over Asia, with the exception of Singapore, is over.  Property prices are plunging in China, Hong Kong, Vietnam, and the Philippines.  One large bank in Vietnam has already repossessed 358 development properties because the builders have been unable to sell.