Mr Lee Posted February 20, 2011 Posted February 20, 2011 (edited) While walking around Ayala yesterday, my wife and I stopped in the Alveo display where they have a studio and a one bedroom condo set up for display. I was amazed to find out that a one bedroom 50 square meter/ 538 square ft unit on one of the upper floors of a building that is not even built yet, and that comes without appliances or a parking space, is going for just about p6,000,000 which is over $138,000 at todays exchange rate, and the units do no even have a balcony, or aircon, so needless to say, my wife and I will not be buying one. I personally think prices per square meter in Cebu have gone mad, and to compare, a two bedroom two bath 1200 sq ft unit in Florida in a high end building, and that my wife and I looked at, went for $205,000 and included all appliances, including washer and dryer, aircon, a parking spot, etc and a view of the ocean. Also to compare, a brand new 1 bedroom, 2 bath with a den 1001 square ft unit in South Florida can be bought for $199,000 and includes all except it is designer ready, so it would need flooring of choice in the Lr, Den and Br, so something here has gone crazy and believe it or not people seem to be buying quite a few of them. So would anyone wish to venture a guess why people would pay that much money to live in a developing nation? It has to be more than just the women. Edited February 20, 2011 by Mr. Lee change title Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted February 20, 2011 Posted February 20, 2011 While walking around Ayala yesterday, my wife and I stopped in the Alveo display where they have a studio and a one bedroom condo set up for display. I was amazed to find out that a one bedroom 50 square meter/ 538 square ft unit on one of the upper floors of a building that is not even built yet, and that comes without appliances or a parking space, is going for just about p6,000,000 which is over $138,000 at todays exchange rate, and the units do no even have a balcony, or aircon, so needless to say, my wife and I will not be buying one. I personally think prices per square meter in Cebu have gone mad, and to compare, a two bedroom two bath 1200 sq ft unit in Florida in a high end building, and that my wife and I looked at, went for $205,000 and included all appliances, including washer and dryer, aircon, a parking spot, etc and a view of the ocean. Also to compare, a brand new 1 bedroom, 2 bath with a den 1001 square ft unit in South Florida can be bought for $199,000 and includes all except it is designer ready, so it would need flooring of choice in the Lr, Den and Br, so something here has gone crazy and believe it or not people seem to be buying quite a few of them. So would anyone wish to venture a guess why people would pay that much money to live in a developing nation? It has to be more than just the women. Can I ask if the Florida prices you are quoting are much less than what they might have been 2 years ago for the same unit. Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted February 20, 2011 Posted February 20, 2011 Some see condos as trendy. I prefer to rent a house and lot than live in a Towering Inferno (reference to a movie from the 70s). A quick search for high priced condos yields:The highest priced ever achieved for a condo in Beverly Hills has been recorded at The Montage Residences.This record-setting sale of $10,950,000 closed on Friday 4/9/2010($2148 per square foot) And that is US$ Link to comment Share on other sites More sharing options...
Mr Lee Posted February 20, 2011 Author Posted February 20, 2011 While walking around Ayala yesterday, my wife and I stopped in the Alveo display where they have a studio and a one bedroom condo set up for display. I was amazed to find out that a one bedroom 50 square meter/ 538 square ft unit on one of the upper floors of a building that is not even built yet, and that comes without appliances or a parking space, is going for just about p6,000,000 which is over $136,000 at todays exchange rate, and the units do no even have a balcony, or aircon, so needless to say, my wife and I will not be buying one. I personally think prices per square meter in Cebu have gone mad, and to compare, a two bedroom two bath 1200 sq ft unit in Florida in a high end building, and that my wife and I looked at, went for $205,000 and included all appliances, including washer and dryer, aircon, a parking spot, etc and a view of the ocean. Also to compare, a brand new 1 bedroom, 2 bath with a den 1001 square ft unit in South Florida can be bought for $199,000 and includes all except it is designer ready, so it would need flooring of choice in the Lr, Den and Br, so something here has gone crazy and believe it or not people seem to be buying quite a few of them. So would anyone wish to venture a guess why people would pay that much money to live in a developing nation? It has to be more than just the women. Can I ask if the Florida prices you are quoting are much less than what they might have been 2 years ago for the same unit. No, not 2 years ago, yes they are much less than they would have been 3 years ago before the market crashed, but I must point out that Florida is not in a developing nation. You know, it has real roads, :yes: and real traffic lights, :yes: and power and internet that stays on most of the time, and real police and firefighters who show up when called, all of which we end up paying for in our taxes, so I still think the prices here are very over inflated, so seeing all these buildings going up all over, IMO there has to be a crash eventually for many reasons, one of which is that there will be more people than roads and other important infrastructure. I love the Philippines and the people, but at this point I think prices to buy are too high, yet rents remain more or less stable, so maybe best to rent than buy. Link to comment Share on other sites More sharing options...
Mr Lee Posted February 20, 2011 Author Posted February 20, 2011 Some see condos as trendy. I prefer to rent a house and lot than live in a Towering Inferno (reference to a movie from the 70s). A quick search for high priced condos yields:The highest priced ever achieved for a condo in Beverly Hills has been recorded at The Montage Residences.This record-setting sale of $10,950,000 closed on Friday 4/9/2010($2148 per square foot) And that is US$ Well I guess if we want to compare high end units then a new 3-bedrooms 184sqm-229sqm in a higher end building being built soon, the The 1016 Building which are approximately PHP 28M –PHP 45M, did I read that correctly 45 million pesos. And after we compare them, these buildings are still being built in a country which has hardly any infrastructure, so again I ask, why would people buy them? Link to comment Share on other sites More sharing options...
Art2ro Posted February 20, 2011 Posted February 20, 2011 (edited) Who in their right mind would spend P45 million on a condo in the Philippines, let alone $11 million in the U.S.? And a parking space is for how much additional? again!!!!!!!!! Just think what would happen if all the foreigners and people with money all left Cebu? There would definately be a crash leaving a lot of developers and inventors SOL! Edited February 20, 2011 by Fil/AmArt Link to comment Share on other sites More sharing options...
Forum Support Old55 Posted February 20, 2011 Forum Support Posted February 20, 2011 We see the same thing Lee. The newer homes and condos in Cebu City are expensive with shoddy construction and not a good value. Some one is buying homes and condos but with so many new condos at those prices for how long? Frankly it looks like a bubble to us. Clean water reliable power are not getting better... roads... parking...air quality?Outside of the city good values can be found. Link to comment Share on other sites More sharing options...
Mr Lee Posted February 20, 2011 Author Posted February 20, 2011 Who in their right mind would spend P45 million on a condo in the Philippines, let alone $11 million in the U.S.? And a parking space is for how much additional? again!!!!!!!!! Just think what would happen if all the foreigners and people with money all left Cebu? There would definately be a crash leaving a lot of developers and inventors SOL! Parking spaces run about p750,000 in the Sadona building but are included in the 1016 building, well they should be for those prices. And that is the point I am trying to make, I think a parallel between what has happened worldwide and what may be coming in the Philippines can be drawn. What will happen if the dollar or euro collapses. We see the same thing Lee. The newer homes and condos in Cebu City are expensive with shoddy construction and not a good value. Some one is buying homes and condos but with so many new condos at those prices for how long? Frankly it looks like a bubble to us. Clean water reliable power are not getting better... roads... parking...air quality?Outside of the city good values can be found. Poor construction and terrible upkeep by our standards is something I have seen even in the building we live in and especially in the first building next to ours. IMO the workmanship here does not warrant those outrageous prices and my wife and I would have never bought a condo at todays prices and in todays world, but I am not sorry we bought ours when we did, and I am happy we have them now, and our building is still reasonable, but you get what you pay for in the current market. I learned a long time ago, resale or rentals would be easier if you target a price range where many can afford, rather than a price range where few could even hope to be able to buy or rent at. I know there are a lot of rich people with nothing better to do with their money, and there also seems to be a lot of money from corruption worldwide, but I wonder if there is enough of either willing to spend those big bucks here, and why would they even want to here in Cebu. Link to comment Share on other sites More sharing options...
Art2ro Posted February 21, 2011 Posted February 21, 2011 (edited) This is the home we own and live in now in Northern Central Luzon which cost us P3.5 million back in 2001. This is the 'Dream Home" we would love to build and own, but will cost roughly P10 million to build at todays price of land and cost of building materials!With the price of land and cost of building materials today, it's almost impossible for us to attain our dream home in a short period of time and I don't know if we can put up with hassles again of building from the ground on up, let alone the time and money spent on cost over runs! We'll see if we still want that dream home after discussing the pros and cons, because of the difficulties of living on a fixed income since I won't be receiving anymore of my U.S. COLA from here on out due to the changes in the U.S. tax laws affecting my U.S. Government pensions! Edited February 21, 2011 by Fil/AmArt Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted February 21, 2011 Posted February 21, 2011 While walking around Ayala yesterday, my wife and I stopped in the Alveo display where they have a studio and a one bedroom condo set up for display. I was amazed to find out that a one bedroom 50 square meter/ 538 square ft unit on one of the upper floors of a building that is not even built yet, and that comes without appliances or a parking space, is going for just about p6,000,000 which is over $136,000 at todays exchange rate, and the units do no even have a balcony, or aircon, so needless to say, my wife and I will not be buying one. I personally think prices per square meter in Cebu have gone mad, and to compare, a two bedroom two bath 1200 sq ft unit in Florida in a high end building, and that my wife and I looked at, went for $205,000 and included all appliances, including washer and dryer, aircon, a parking spot, etc and a view of the ocean. Also to compare, a brand new 1 bedroom, 2 bath with a den 1001 square ft unit in South Florida can be bought for $199,000 and includes all except it is designer ready, so it would need flooring of choice in the Lr, Den and Br, so something here has gone crazy and believe it or not people seem to be buying quite a few of them. So would anyone wish to venture a guess why people would pay that much money to live in a developing nation? It has to be more than just the women. Can I ask if the Florida prices you are quoting are much less than what they might have been 2 years ago for the same unit. No, not 2 years ago, yes they are much less than they would have been 3 years ago before the market crashed, but I must point out that Florida is not in a developing nation. You know, it has real roads, :yes: and real traffic lights, :yes: and power and internet that stays on most of the time, and real police and firefighters who show up when called, all of which we end up paying for in our taxes, so I still think the prices here are very over inflated, so seeing all these buildings going up all over, IMO there has to be a crash eventually for many reasons, one of which is that there will be more people than roads and other important infrastructure. I love the Philippines and the people, but at this point I think prices to buy are too high, yet rents remain more or less stable, so maybe best to rent than buy. But this is my point,the Philippines and some counties like Australia did not have any real negative affects caused by the global financial problems so there is no reason why one should expect the housing market to be in the state the US is in so the prices reflect the demand and current market of the country.Theres a thread on this some where here only recently.Just because the cost of a condo in America is cheap now, it has no real comparison to the Philippines.Three years ago you would have said how cheap it is to buy in the Philippines because the US was looking like it was booming. Link to comment Share on other sites More sharing options...
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