mariarogers

Hi all,

Have a part furnished 40 sqm studio condo for sale in Cubao, part of the Manhatten Garden City development . It is listed with KMAG, an international property specialist, but have had very little interest or feedback from them. We are now back in the UK. We had tried local brokers and SULIT while overseas, but again had no genuine interest. We are very aware of the number of similar properties on the market , and are willing to reduce price for quick sale.Any ideas on how to proceed ? Or even interest in the property?!

Regards,

Maria

mikemike

Maria.

sad to say despite all the sales hype, offloading property is very hard and many have to settle for less than they paid. Many of these units are constructed and still empty I know of blocks where there is 60 % occupancy all others empty not even tenanted.

I am sorry that this is not the best of news

Hope you get a good result and fast

mariarogers

Thanks Mike. An honest reply, and one which we are aware of.

mariarogers

That said, there is someone somewhere for whom this property will make a great home, and can be offered at a great price

Bealinehx

Please send me a PM with more details and a price outline.

Grahamstir

Hi please advise how much you are asking for your apartment

mikek1

What is the asking price. How old is the building. Are the fixtures and fittings of a high quality or typically ,adequate for the Filipino market? How occupied is the block? Who are your immediate neighbours? Who would pay the transfer tax?
Already own a house and lot in Pangasinan, but could be interested as the flights to Clarke are very limited (almost none existent from Birmingham) so may have to use Manila..............ugh!

Zaxx

Hi Maria.
Just wondering if you'd had any luck progressing with the sale of your condo?

I'm currently interested in renting a condo this August/September and may be looking for something more permanent in the near future too.

McFly1

I've been here a while now, and selling "used" condos seems almost impossible. Nobody seems to know how to do it - and agents are all chasing the new-build / off-plan sales (of which there are LOTS). It's not in any way like the European / American real-estate market. Selling privately to another ex-pat is probably your best bet.

The "capital gains tax" is also a sticking point I think (this is a misnomer - its just a sales tax - and from memory it's at least 6% of the selling price). This is a fee that needs to be paid to the government at the point of sale (a bit like Stamp Duty in the UK). This can rise to 12% if the condo is deemed to have been a business (i.e. rented out). Buyer and Seller need to work out who is paying it so it can affect the price quite a bit.

mikemike

Usually the CGT is paid by the seller and has to be paid up front, cannot be deducted from sales proceeds. The buyer owns the other closing costs

knighstrike

Because of so many similar properties in the market, it might be better of for you to have it rented or sell per installment basis instead.

Cubao is not really a good place for real estate investments because there's not much development happening in the area. Makati, Cavite, Tagaytay Pampanga, those are the hot places for real estate now.

McFly1

The other big problem with condos in the Philippines is the expected 50 year lifespan written into the Condominium Law. This implies that after 50 years your condo is worth nothing (other than a share in the land upon which it stands) as it likely to be unsafe, uneconomic and ready for demolition. As such, the market-value is effectively decreasing year on year.

Although destruction after 50 years is not certain (has to be voted on by the owners), it may partially explain why there is so little market for used condos. If you do buy one, you need to at least get your money back via rental income (or saved rental) during the lifetime of the condo. Or sell it to someone who is unaware of the giant 50-year egg-timer positioned on top of the building.