Your thoughts about layaway properties.

The situation is, one buyer is happy to pay 5.5m for the beach house which is originally priced for 6.5m but we have to shoulder all costs including the agent and the transfer fees so will probably end up a clean 5million while the other one is happy to pay 6million and shoulder everything but funds is not enough.

 

At 5.5 million and you shouldering all transfer fee and agent costs, it is highly unlikely you will walk away with a clean 5 mil.

Larry

 

After completion of your project and able to dispose it in 1 year making 10-15% net profit is already a good figure. Beachfront property now adays are crucial considering if your frontage is less than 10 meters away during high tide. Due to global warming, typhoons & etc. coastal areas in philippines are eroded at least half a meter every year.

Building maintenance is another factor to consider; steels fabrications, fittings and appliances needs to be re furbished in short time. So, if your balance sheet looks okey its better to sell it at the earliest.

 

Global warming? This thread was goin' pretty good until You brought that up.... Leave that to the Al Gores of the World.... Cheers Mate

 

Depending where you are located, erosion of the shore line is not a joke, if it's because of Global warming or changing currents does not matter if you are the one having to deal with it and according to "Greenpeace" there are changes here in the Philippines that are attributed to rising sea water temperatures...

 

Guys the frontage of the beach units has been riprap so i really have no problem with soil erosion. A little bit of the saltwater maybe if theres a big typhoon but never tried being flooded yet except for some water hitting the outside walls of the house other than that, theres been no problem but i know in the long run we have to think of the furnitures we have inside because they wont last for too long. Itll get rusted.

To give you some ideas i have attached the link of the place. @shadow- i think we will give it another 6-8 months and see if theres any better offers.

Bedrock Cottages - Fully Furnished Beachfront Cottages in Bacong

 

NS, I have looked at your pics and it is a nice property on the beach however I do think it is a bit overpriced. If it were me, I would probably take the 5.5 offer. There is an old saying that goes; "Money talks and BS walks". Take the money as the buyer will probably not be around a few months from now. If he is a crudy old geeser that trades in real estate as I do, a few months later he will be willing to pay less. Then you have another decision to make.

 

we've actually been told its a fair price?next door beach lot only 300 sqm yet nothing in it was sold for 1.5million recently and completely nothing. no riprap and looks more like a lot of work to be done. its 600 sqm right on the beach but yes i completely understand your point. still weighing our options at the moment,we might take the 5.5m and walk away with clean 5 million but still hoping if there's gonna be a better option for this layway buyer because he wants to pay half and the rest of the payment is payable for 8months to a year.

 

Anyone can say it is a fair price especially if the money is not coming out of their own pocket.

 

true true but its not like we just made it up, we've relied on current zonal valuation for beach properties its not like its overly priced like you think considering if you look at islandproperties and other real estate websites. for someone that doesnt know the value of properties in philippines and maybe who doesnt have the money will definately say its expensive but if you take into account the things thats been done to the property and add it up then its a different story :-).