Dumaguete Info Search


Land / house prices

Discussion in 'Dumaguete City' started by charlyB, Jul 22, 2019.

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  1. OP
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    charlyB

    charlyB DI Senior Member

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    I agree with what you say but in my experience most of the sellers don't negotiate too much, it's as if they don't care if they sell or not, in fact I can see properties that have been still for sale for many years.
    A big problem also is trying to get to the seller direct, all the so called agents / brokers swarm around like flies on a turd, the last place we went to see ended up with 6 of them hanging around.
    One of the few times we were dealing with a direct seller was a woman who wanted 6m for her property, it was out of our price range and she would not negotiate so we declined and left, the very next day a broker tried to show us the same place for 7m, apparently this was him adding on a bit for himself.
     
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    charlyB, Jul 25, 2019
    #11
  2. IggyPop

    IggyPop DI Member Showcase Reviewer

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    What you have been seeing is all the old stock of which if a good offer comes along they will sell.

    It may pay to keep in touch with these agents/brokers for anything new that comes to market, and be quick to it.

    Also you could do well to ask around the local barangay, you never know your luck.
     
    IggyPop, Jul 25, 2019
    #12
  3. Dr. Shiva

    Dr. Shiva DI Senior Member

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    Another oddity is that condos are much more expensive than a house (of the same size as the condo) and lot.
     
    Last edited: Jul 26, 2019
    Dr. Shiva, Jul 26, 2019
    #13
  4. Swissrider

    Swissrider DI Member Restricted Account Showcase Reviewer

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    As you say. Take the new Marina Spatial, by Filinvest. If I'm not wrong a 35 sqm Condo is about 2.5 mio. Peso (about 43 000 €)
    So I give you an example of a brand new 2 bedroom condo, ca. 57.5 sqm in southern Germany. This one cost 41 000 €:

    https://www.immobilienscout24.de/ex...-3961-a821-7794cea6d56a&searchType=district#/

    In other words something is wrong with the prices in the Philippines or Germany. Make your choice. In my opinion the prices for condos in the Philippines are far too high. But as my former boss always said, the market is always right. Up and down.

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    Swissrider, Jul 26, 2019
    #14
  5. furriner

    furriner DI Forum Adept Restricted Account

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    We were offered p3200 for a 1500sm lot in Cantile in 2016 and accepted. Sale was put on hold due to adverse claim on TCT that we were surprised to see. Sale was cancelled due to time it took to clear title of adverse claim. We now have clean title and put it on the market again for p3500 to account for legal fees and personal time/trouble. We were offered p2800 which we did not accept. Don’t care if it sells or not at this time, really. In 2020 we will raise price to p4000; some realtors think we can get that. Market is soft right now due to decline of foreigners moving here but that is highly variable. Most sellers don’t mind holding out for higher prices because they generally don’t need the money urgently. If we needed the money due to some emergency we could easily get p3000 or less but unless that happens, why not hold out for p3500 or p4000? I mean, land is improved with water, cable and electricity, and flat & in good location and fronting good paved road. We paid p700 in 2004. This is just to let you know how one seller is thinking.


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    furriner, Jul 26, 2019
    #15
  6. furriner

    furriner DI Forum Adept Restricted Account

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    I am a seller. What you call over rated is what I might call under rated. I don’t know where you are finding the “real value”; that value is simply what the market is willing to pay. If a seller finds that market value is not worth it, he doesn’t sell. He waits. Land values here vary wildly; if you wait long enough, somebody who has the cash and likes the property will meet your price.


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    furriner, Jul 26, 2019
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  7. furriner

    furriner DI Forum Adept Restricted Account

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    Sellers generally know what current land offers are for similar lots but if they have no current need for the money, why bother go through the trouble of a real estate transaction if we don’t feel good with the price? So we keep the land until we get an offer that makes us feel like the price is worthwhile. You may say that it is futile, I will never get the price I want. My response is, I don’t care.


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    furriner, Jul 26, 2019
    #17
  8. SkipJack

    SkipJack DI Senior Member

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    I mean no disrespect to @furriner. Under the current scheme, they are entirely within their rights to do whatever they want with their property. It is the current scheme I am speaking to.

    I only wish to point out how the current scheme of property ownership causes a false scarcity in the market. Essentially the older generation gets to park their savings in real estate and sit on it forcing the younger generation to pay more.

    In other types of law. If you "do not use it you lose it". Patent law is a great example. One cannot sit on a patent to keep the product from the market. They must produce and market the invention in order for them to have legal standing to enforce the patent.

    I prefer "do not use it you lose it".
     
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    SkipJack, Jul 26, 2019
    #18
  9. Philpots

    Philpots DI Senior Member Restricted Account

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    less hastles. You can buy a Condo. A house has to be bought by a Filipina.
     
    Philpots, Jul 26, 2019
    #19
  10. RR_biker

    RR_biker DI Senior Member Veteran Marines

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    You call it the market, let me put as simple as can be: it is what one "idiot" is asking for and what another "idiot" is willing to pay for. Real estate prices in the PH no longer realistic. Take for example the price comparison of a condo in South Germany and one here @Marina Spatial. Only a matter of time it will collapse like it did in Thailand years ago. I, for myself not interested for even 0,0000000000099999999999999% to by property here. My money is better invested in Europe.
     
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    RR_biker, Jul 26, 2019
    #20
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