I've found the most important thing when dealing with developing world businesses is to assess honesty. That can be a challenge but diligence is best done personally once that is established you can move on to discussions
ohhh, never heard of the 50 year rule. Very interesting. Wish the stores here in the US could afford security like they have in the Philippines. It definitely makes you feel safer. Always enjoy your videos, Rod...Jim
Great update. Have you been up around The Rise at Monterrazas lately? Wondering about the progress of luxury developments like that. Most reports say the problem is with middle level properties but I don’t know how many locals are buying luxury condos. They like landed homes when they have real ₽
10% is a correction or a pull back, 20% is a crash in a quarter, 40% in a quarter is a collapse. Rules for context. Buying the dip is timing the market. Looking for the bottom is timing the market. Selling the peak is timing the market. Good luck timing the market.
There's more to buying a condo than price. Orientation is important. Sun in the mornings, or sun in the afternoon etc. Don't be the foreigner who thinks screwing a Filipino on price is okay. Negotiations are fine. Most Filipinos are pretty ethical. More so than many foreigners as my partner, a qualified Real Estate Broker has found.
True points Rod but price and value are very important to most. Prices have increased rapidly for a decade and the are several factors driving this correction.
If anything all foreigners should be paying triple what locals pay because we can afford it and should not take advantage of filipinos by paying their low prices.
It depends where you buy. My wife and I bought three residential properties in cash - 2016-2018 - for 6M, 5.6M and 7.1M pp. These were bought in a province close to Manila, around 2 hrs away. They have increased in value by 80%. Covid helped us since Manila residents realised the benefits of living in our area.
That's what the Realtors told you. You haven't made any profit until you sell, pay taxes on it, and then deduct what you paid on it + what you put into it. The real estate market in the Philippines is very illiquid so good luck with that.
Those units were never worth what they were asking. Too many natural disasters like typhoons, earthquakes and then the substandard materials and workmanship they just arent worth it. Then add on how the condo rules and fees can be usually changed after the sale. Then add that if the land is leased the condo is leased longterm ownership is just makes it a bad purchase.
Foreigners: never never never buy a condo in philippines.. 😮 you have the upper hand if you rent month to month. do not lock yourself into a 6 month or 1 year contract term. if they cannot agree to month to month. WALK and keep renting a hotel. its easier on your wallet (in the long run)😂
I would rent to you month to month, but you are paying 3 months up front to move in whether you are on a 6 month lease or not. I'm okay with you paying the same for a cramped fleabag hotel as my spacious furnished house, doesn't hurt my feelings at all. It would make me wonder, but it wouldn't hurt my feelings.
I really think renting is the way to go. Too many hassles with trying to buy outright, and as an expat I can never fully own anything but a condo.
I've found the most important thing when dealing with developing world businesses is to assess honesty. That can be a challenge but diligence is best done personally
once that is established you can move on to discussions
Good point. Lack of transparency in this market creates its own challenges.
ohhh, never heard of the 50 year rule. Very interesting. Wish the stores here in the US could afford security like they have in the Philippines. It definitely makes you feel safer. Always enjoy your videos, Rod...Jim
Great update. Have you been up around The Rise at Monterrazas lately? Wondering about the progress of luxury developments like that. Most reports say the problem is with middle level properties but I don’t know how many locals are buying luxury condos. They like landed homes when they have real ₽
10% is a correction or a pull back, 20% is a crash in a quarter, 40% in a quarter is a collapse. Rules for context. Buying the dip is timing the market. Looking for the bottom is timing the market. Selling the peak is timing the market. Good luck timing the market.
Perfect timing for your comment.
😮😳😬
There's more to buying a condo than price. Orientation is important. Sun in the mornings, or sun in the afternoon etc.
Don't be the foreigner who thinks screwing a Filipino on price is okay. Negotiations are fine. Most Filipinos are pretty ethical. More so than many foreigners as my partner, a qualified Real Estate Broker has found.
True points Rod but price and value are very important to most. Prices have increased rapidly for a decade and the are several factors driving this correction.
If anything all foreigners should be paying triple what locals pay because we can afford it and should not take advantage of filipinos by paying their low prices.
It depends where you buy. My wife and I bought three residential properties in cash - 2016-2018 - for 6M, 5.6M and 7.1M pp. These were bought in a province close to Manila, around 2 hrs away. They have increased in value by 80%. Covid helped us since Manila residents realised the benefits of living in our area.
That's what the Realtors told you. You haven't made any profit until you sell, pay taxes on it, and then deduct what you paid on it + what you put into it. The real estate market in the Philippines is very illiquid so good luck with that.
Those units were never worth what they were asking. Too many natural disasters like typhoons, earthquakes and then the substandard materials and workmanship they just arent worth it. Then add on how the condo rules and fees can be usually changed after the sale. Then add that if the land is leased the condo is leased longterm ownership is just makes it a bad purchase.
🏠🏠🏠🏠🏠🌴
😮
34 month for now, add foreclosure and selling to get out. that would be 50 month
60% for Filipino citizen, 40% for foreigners, does that mean 60% of filipino are RICH ?
The uniformed personal always look sharp (PNP)
Foreigners: never never never buy a condo in philippines..
😮 you have the upper hand if you rent month to month. do not lock yourself into a 6 month or 1 year contract term. if they cannot agree to month to month. WALK and keep renting a hotel. its easier on your wallet
(in the long run)😂
@@rayrdelle thousands will buy condos or houses regardless of any warnings.
I would rent to you month to month, but you are paying 3 months up front to move in whether you are on a 6 month lease or not. I'm okay with you paying the same for a cramped fleabag hotel as my spacious furnished house, doesn't hurt my feelings at all. It would make me wonder, but it wouldn't hurt my feelings.
@@robertkubrick3738 why are you renting a spacious furnished house for the same price as a fleabag hotel?
Hotel prices change daily. Best to rent apartments. I don't mind paying in advance installment.
@@bobdobbs7828bad location is cheap. Prime location is expensive