大咖福利影院

Lat61 wrote:

Due to COVID-19 pandemic, do any of you see prices falling due to lack of income and a falling off of remittance payments.

I haven't seen any reduction in the cost of land or homes, though I have seen an increase in building estimate prices due to an increase in the cost of materials.聽

I have see a reduction in the advertised rent prices on condominiums in our are around Silang and Tagayatay.

pej1111 wrote:

Investments are down. the country is borrowing (selling Bonds) the country will hurt financially.聽 聽Some of the middle class will have to do fire sales and the lower middle class will sell聽 (all generalization's of course).

The government is struggling with its budget now.聽 Do the Banks have enough cash reserve to see them聽 (and there borrowers) through this.聽 The government has already allowed the banks to reduce their reserves.聽

PS don't forget the government is already talking about raising taxes, (they didn't say if that would be income or business or other taxes revenues), to re-funding it self.

Every country is hurting, it is not just the Philippines.

I have seen and heard of聽 more privately owned investments being sold, such as small scale farm lots and (not that a car is a investment) but there are some fire sales out there for second hand cars that people can no longer afford.

My view is that low end properties will drop in price first. Then the middle $$ properties will take a bit longer but they will come down.

For people cashed up to buy things are looking good.

Agreed...It may get much worse in the next 1 to 6 months.
Then there will be a new round of investment/currency risk, higher taxes聽 & the like to deal with.
Invest here with a mindset that whatever you buy to own (Land/Car) is BUT a form of long term RENTAL with cash up front.
(Unless PRO foreign ownership rules on Land/Business set in!...which may happen in the months to come!)
These are indeed troubled times for not only the Philippines and I rekon the full financial impact has yet to be felt!
OMO!

Glen Adkins wrote:

My overpriced, 2 BR, up Philippine apartment, with no kitchen lease just came up for renewal in Angeles City. The landlord still wants the inflated rent for a 1 year lease and 12, postdated checks for the year. 4 of her 7 units are vacant and she doesn't care.聽 聽I agreed to a 3 month extension and want to move. I have found that common sense and real estate do not mix in the Philippines.

They have a strange thing here, if it vacant , or not of a lot of people looking for a unit they put the price up, not down.聽 It happened to me, 3 of 6 apartments were vacant and the owner put our price up.聽 I have spoken to some Filipino friends and they say yep that is what happens

Firezilla wrote:

More than 10 years i'm staying here in Philippine , i noticed landlord with apartment , they just want the money every month and they don't really care about the quality of their own building聽 , basically they don't do maintenance , no pain job etc.. its a strange mindset

It is the case everywhere not only in the Philippines !

pej1111 wrote:

Glen Adkins wrote:

My overpriced, 2 BR, up Philippine apartment, with no kitchen lease just came up for renewal in Angeles City. The landlord still wants the inflated rent for a 1 year lease and 12, postdated checks for the year. 4 of her 7 units are vacant and she doesn't care.聽 聽I agreed to a 3 month extension and want to move. I have found that common sense and real estate do not mix in the Philippines.

They have a strange thing here, if it vacant , or not of a lot of people looking for a unit they put the price up, not down.聽 It happened to me, 3 of 6 apartments were vacant and the owner put our price up.聽 I have spoken to some Filipino friends and they say yep that is what happens

Yes, it defies logic. Units will stay empty for months on end but they will not lower the price..

Jackson4 wrote:

I once checked on local banks' website for foreclosed properties. There is quite a bit there. Maybe, in public, one might not see the falling prices on properties but bank records may show differently.

Agreed... a good place to source for foreclosed properties & repossessed vehicles.
(Free legal fees too when using their in-house lawyers)

geolefrench wrote:

Firezilla wrote:

More than 10 years i'm staying here in Philippine , i noticed landlord with apartment , they just want the money every month and they don't really care about the quality of their own building聽 , basically they don't do maintenance , no pain job etc.. its a strange mindset

It is the case everywhere not only in the Philippines !

I agree. Reminds me of our first rental in San Francisco, CA just after my husband and I got married.

There was centralized heating for the entire building. But the landlord set the thermostat at 60 degrees Fahrenheit or lower. And often he wasn't around to adjust the thermostat. Actually, he avoided going to our building so as to avoid encountering building inspectors. He would be there briefly when it was time to collect rent.

Boiler room / heating needed updating and was not up to code. Carpet at hallways needed changing as they reek of dog urine / odor. He tried shampooing the carpet, but the smell was still there. Some tenants had large dogs in their small units. You can hear tenants arguing about their dogs (noise, smell, waste, etc.).

We had a washer / dryer in our unit, something the landlord boasted about our unit, as other units didn't have washer / dryer. But after some time, we stopped using it as mold started building up around the washer / dryer area. Maybe it's because it wasn't properly vented, or that unit was not meant to have a the washer / dryer.

The landlord charged us US$1,800 because it the rental was at "Pacific Heights." (Technically, it's Pacific Heights, but it's at the cusp of Pacific Heights and Western Addition or really really lower Pacific Heights. It is definitely not the district one would associate with mansions and fancy houses / apartments.)聽 That was around 17 years ago.

We got out of there after our lease contract expired and we got our deposit back. Good bye Jack or John . . . ummm.聽 Heck, I don't even know which of his two surnames is the real one. LOL.

Jackson4 wrote:

Why did you put up with it?

The landlord had our 2-month deposit.

In hindsight, what my husband and I should have done was stop paying rent, and leave the apartment after 2 months of not paying. Our landlord probably won't serve us an eviction notice, as it might prompt city officials to meet with him and visit the building.

We were a young couple. That was our first apartment. We didn't know better.

For our second apartment, the landlord jacked up the rent by 50% after 2 years. We assumed that all rentals in San Francisco are rent-controlled. We were wrong.

When we moved to our third apartment, one of the first things we asked, "Is this rent-controlled?" Yes it was. The asking rent now for a similar unit is at least $4,500. If we stayed in our apartment in SF, we would probably be paying now around $2,400 / month, if you factor in the allowable yearly increase for rent-controlled apartments.