⌛ House Prices

All,
I was a residential home builder in the states for many years till few years ago when decline hit, so started over. We had purchased our home in 87 for $30,000 then in 2003 sold for $140,000. A month later prices began dropping and have been since. Now we just want to focus on the Philippines. Building or purchasing our home and building many small businesses through out the islands. I love the prospect of helping our tender communities in the Philippines! God bless and be well,
Jen & Bill

 

Just spent a few relaxing days at Sipalay but was in Bacolod last week. For what it's worth, a major broker there is a cousin and she told us business is going flat last few months. She thinks 2009 will be a rough year here for low and mid-range homes as OFW's return by the zillions and heavy distress selling. High end going ok for now, but mid-range is her bread and butter and it's drying up. Don't know if Dumaguete will go the same way...but looks likely to me.

 

Garbonzo,
Everything seems to be about timing I have learned thru' the years, sadly the hard way most of the time! This usually means great timing for buyers, but not sellers. This is partly the reason we've decided to just keep our lot in Balugo, and will purchase bare lot or lot with home if Asawa likes the area well enough. For me doesn't really matter where coz the worse place on Negros is better than best place in the states!!

 

While house prices across Europe seem to be falling steady also in USA it would appear that house prices in PI are going up!!!
Sorry guys but most westerners are not looking for 15-25m homes in Phil with or without sea views, dream on, times are tough, get real.
The truth is, that the attraction for foreigners to retire or relocate to PI was a lower cost of living combined with comfort and affordable housing
DON'T kill the goose that lays the golden eggs.......JB

Spain is one of the most popular "2nd home" places in Europe,right now they have a flood of Villa's and Condo's they can't sell and prices will have to drop to rock bottom to shift those already built. Some builder's will go bust!

 

You hit the nail on the head there John boy. Very, very few people come to the Philippines thinking "boy, I'm going to buy a half-million dollar house". It is after all, a third world nation, and economic growth here is very iffy. The most asked question is "if you had half-a-million dollars, why would you want
to live here"??

 

You Both pose interesting perspective's about the Philippines. I guess for me, it's all about my Asawa, Jen. Her arms really are "home" for me. Doesn't really matter the where, but I truly have fallen in love with the Philippines and not just the islands, but the wonderful people! To me they are the most optimistic people in the world. Seems no matter how bleak conditions might be they always offer a smile and a happy greeting! Reminds of me of when I was just a young kid growing up here in Idaho. My Dad, had just lost his company and shortly our home, cars, even furniture. Luckily one of his employees had a chicken coop that we cleaned out and lived there thru' the long cold winter months. One night a robber broke in planning to steal some eggs, and was very surprised to find my parents and the eight of us kids living there! My Dad and my brothers robbed him this is how poor we were! But I being a kid never realized how bad off we really had it. This attitude reminds me of the wonderful Philippine people! Growing up the way I did and the way Asawa ko did, truly, simple is what we prefer. The home we designed reflects this, just simple with rooftop deck which is probably where we will spend most of our time. I'm looking forward to doing most of the building myself as this is also my love!!
God bless and Be well,
Jen & Bill

 

Gorbana... Jen and Bill
Interesting story...We all love the Philippines its people, the climate, the food etc.
But the topic was house prices around Dumaguete.
Prior to my recent visit I was keeping an eye to the average price but was shocked at just how much housing had increased.
I repeat myself again, Don't kill the goose that lays the golden eggs.
Get greedy and people won't buy.

 

Most ppl I know retire to France, very affordable and historic houses in the country side, with good infrastructure, driving distance from home, safe etc. Couple to Thailand as well, some got a second house in Indonesia.

I said it before Philippines need to be aware they are competing in a global market and the lack of knowledge of what is available in other countries is doing the place no good. The only real ace the country has to attract tourists and expats are its women, the competition on the other strong-points is killing.

 

Had an interesting conversation with a Bacolod uncle a few days ago. This guy is a local zillionaire with companies and interests all over the Visayas. Very wealthy and has his ear to the ground. He tells me that many of the local businessmen are borrowing against their properties to cover their cash flow as things have cooled and business has slowed. He thinks a lot of very nice houses will come on the market next year. Cheap....and he'll be looking himself. Perhaps some bargains in Dumaguete too?

 

Garbonzo,

I think that may be true...I only have anecdotal evidence, but I know of a couple well-off in Cebu who have been forced to borrow against their personal residences for different reasons...but, maybe they are not alone?