Debating Buy a Condo or Rent in Pasay

I wouldn’t touch it with a 10 foot pole.

RFO prices are down anything up to 25-30% in Manila right now (usual Philippines BS cloud obscuring everything though & agents refusing to look reality in the face)

Pasay isn’t exactly a pleasant area to reside (compared to other areas of the NCR) & doesn’t have the rental draw that the direct MOA area has.  Plus, the whole market has been a bubble waiting to pop for years now.

If you’re committed to buying in Manila, I’d keep my powder dry, do my homework & wait for a motivated seller (there are plenty)

Oursus wrote:

I wouldn’t touch it with a 10 foot pole.

However many posts there are in this thread, Oursus is number #1

Agents tend to be manipulating liars with no interest in anything past how much cash they can extract from customers. Expats are especially good targets for nasty scammers because they don't always know the situation in any given country.

Anyone considering buying property should note post #2

Agree with Oursus.

Rent, don't buy. So many scams with no legal recourse, shoddy construction, and rules that might prevent you from renting your unit when you're not there, plus difficult to sell as condos are so overbuilt, etc.  Seriously I have read of expats that eventually walked away from their investment.

Plus, renting is cheap, and you can try different areas. It's the way to go unless you're in the country full-time.

Also take into account monthly homeowners association (HOA) dues. You'll need to pay this regularly whether or not you live in your unit.

And you should consider hiring someone you trust who can clean your unit regularly, especially to check if appliances are still working. It would suck if you arrive there and find that your aircon doesnt work properly or refrigerator stinks or isn't working.

Fil-Am Mom wrote:

Also take into account monthly homeowners association (HOA) dues. You'll need to pay this regularly whether or not you live in your unit.

And you should consider hiring someone you trust who can clean your unit regularly, especially to check if appliances are still working. It would suck if you arrive there and find that your aircon doesnt work properly or refrigerator stinks or isn't working.

Rent brother.  Less headaches.  Don't forget, there are yearly tax. Must at cityhall

do not buy any property in philippines , only after you live here for 3 years at least .
many scam!!!!!!!!!!!!!

When everyone says don't...I say maybe just maybe now's the right time to shop around/but do do your homework thoroughly.
My 1st stop would be to a reputable bank that deals with repossessed properties/vehicles/etc that offers a very decent deal maybe even with free legal advice thrown in if you are persuasive.
Omho

manwonder, what happened to the beach resort you were considering buying?

agents refusing to look reality in the face,,,,sooner or later they will its call real estate bubble

Jackson4 wrote:

manwonder, what happened to the beach resort you were considering buying?

Yes am still working on it...but the one that I really wanted had no outstanding bank loan & was not a a repossessed asset. 
But there are others that have sparked some interest.

mikebrant1973 wrote:

agents refusing to look reality in the face,,,,sooner or later they will its call real estate bubble

Yup I don't deal with agents here.

LOL, My turn. So many apt opinions that I would agree with,,,,,, don't go there unless you get a steal like we did. (but not a condo) Purchased 4 years ago on the beach in the province and not looking back. We lived/rented in Manila for 12 months, 3 bed 3 bath home, maids quarters with own bathroom,,,,,,,, that was our closet storage room, no maid. Rent negotiated 12 months paid upfront was down from 30K to 25K and 2 months deposit,,,,, we got the deposit back no problems as we dealt directly with the owner. Through FB. No agents, owner wanted to sell to us for 6M, that was nearly 9 years ago. I'm sure prices have dropped given the over supply.
Was a reasonable place to live, huge pool, full time security, down the elevator and walk across the road (80 metres) to the mall,,,,, SM had 36 registers and 36 packers, taxi's, Jeepnies and tricycles, one block (300 metres) up PNR rail system etc etc. Very convenient to everything. The 6M was cheap but. As Ben was working 5/6 days a week it was me 90% of the time that cleaned all the surfaces and washed trinkets constantly, every day because the black oily grime never left us. 2 balconies with doors open lets the noise and grime in. Our/my bad wanting fresh polluted air, never again.

For less than 6M we purchased a 3 bed 2 bath, large detached studio, 2,600M2 land titled absolute beachfront with all the needs we want, sure no Starbucks but clean air and the "vacant" blocks are 13M now. Not selling so far but there is the headspace and the 2 story house 3 doors up was sold 2 years ago for 21M and on the market again for 35M for a month. Off the market now, sold? Change of mind? Pick your market.

Though the OP is silent with all the responses for some reason I would suggest to listen to other peoples opinions, do your research as you mentioned this scenario is some 4 years away. All ready owning a property in PH. (your wife/partner)I would be starting there and focus putting your bucks away while you and your (you said we're) possibly wife already has a leg in. Sell it if you are both happy and if you are only looking at 4 months a year in PH. then I would simply do a longer term airbnb and save a sh*t load of money and heart ache. Research and research well, listen to your partner as well as the people here that you asked.

Perhaps you Gracembrly could introduce yourself to the other members that you kindly asked for info from.

Sorry for my regular rant and OMO.

Cheers, Steve.

Gracembrly wrote:

At this time we have a property already in Philippines but not in Manila trying to sell but don’t have time to stay there to wait for a buyer so it’s rented for now but this is not where I want to stay when we are retire  prefer in a condo where it’s safe etc..

Well. Big local differences, but there are many more killings in citiies than rural.  I know of around 100 killings of foreigners, only 4 of them were rural...
2 of them depending of land disputes.
One seem to have been an a-hole treating employee terrible. At least that's the reason the murderer said.
One was a nice guy    who made some people angry by protesting concerning serious environment damaging. 
In Phils it can be dangerous to not stay out of political and religious discussions  - as I have hard to        

Many believe guarded communities are safe.  I know of two kill shootings by guards to them he were suppoused to guard... 
And do you plan to stay inside the condo all the time...?   

Some Americans I know, who live RURAL in Phils, have said directly they have never felt more safe...
(Although they compare with dangerous USA,, not with safe Sweden   
And several other foreigners living rural seem relaxed  - except when they are in traffic     which is much more in cities too...

Do you really think a bank is going to look out for your best self interest?  If so, I've got some property to sell you.  Just kidding, there are scammers everywhere in the PI.  My best advice is to just rent until they get some realistic pricing.  You might just find that you can't stand the neighborhood after a year or so.

RENT!!!

NO AGENT other than a Pilipino spouse!!!

Bubbles happen very routinely and with the collusion of the banks as it is in their "best" interest (profits) given the regulatory climate.

Many professionals and strangers see you the foreigner as a money tree to be plucked.  Not that this is limited to the Philippines.  Given the what is yours is mine culture of Philippine family there is much to beware of there as well Mr. Money Tree

That said, deal only directly and very carefully with the other party in any exchange and you pick the lawyer.

Gracembrly - I heard SM condos are pricey since they have good locations. I also heard SM has by-laws that are more strict than others. If you buy, you will have to pay the monthly dues for the whole year even if you stayed only 4 months/year.
Renting it out on months you're not there? Do you really need this headache? I would say rent and enjoy your retirement.