Jun 25, 2011

crazy cebu real estate price???

For Rent To Own Payment Scheme
1. Pay 2 months advance,3 months deposit Php 47,765.49 / month

2. Rental : Php 47,765.49 / month for 20 yrs

I saw an ad on facebook, a rent-to-own townhouse. I was curious as to how rent-to-own works so I view it. I cannot believe the price -- 50k / month for 20 years of my life!!!! CRAZY!!!! Well, the place is banawa so maybe the price but still. Well, it's business but still.

It makes me wonder how much is an average working-middle-class family income now in Cebu? 200k? For me to afford that, I need to earn at least 200k/month, right? As I still need to buy food, pay for transpo, and send my kids to school, and yes, the many malls waiting for me to enjoy.

The minimum wage is at how much now? 300 / 400/day? If it's 500 -- so a minimum wage earner gets 15k-20k/month. Let's just say an executive gets 10 more times so that townhouse is targetted at executives. But then just how many executives are there compared to the minimum wage earners? Isn't there a big disconnect in Cebu right now?


Anyhoo, my uncle-in-law is a real estate agent and he's handling Sta. Lucia Estates. Sta. Lucia is developing a new 'high-end' subdivision and they're pre-selling it. Lot (240sq m) sells at Php 990 000++. They offer a 3-year-payment scheme at Php 26k+ / month for 3 years - no downpayment. Vista Verde is the name of the subdivision. It's located in the mountain area. =) It's a nice place.

I'm not sure if this is a better offer but at least it's not 20 years of your life. Though, no house yet. But I think it will be a good investment. And, at least the double-minimum wage earners can somehow afford it as long as no babies yet.


Gaahhh, still I think Cebu's economy is kind of weird!


chelo a said...

kamahal gud! basin geared for executives or millionaires..daghan naman kuno millionaires sa cebu, kamahal na gyud diay no?

karenjen ♥ said...

it just means that they are banking on the real estate bubble rosee...there is property development everywhere supposedly because of a demand. but is there really? it is just the influx of it-related jobs over there that pay big bucks and those who do not watch out for the variables that affect an economy and dictate inflation would be tempted outright with the rent to own. you're very smart to purposely process decision-making in this manner. on the other hand, since the phil stock exchange is not listed globally, we might not be directly affected by the crisises and turmoils around the world. this excessive greediness of real estate developers is frustrating, because really, isn't cebu having a water crisis? whenever i look at the real estate industry in cebu and gasp at the deliberate and conscious effort to widen the social demographics, i like to think that cebu is upping its worth as a city. its very urbane kunuhay.

rose buenconsejo said...

karn, i really have no idea about stock exchange.
it's just i felt there is too much pressure for us to just work and work to have that 'that' life.
i felt it's driving us to work abroad just to have some decent kind of life here in cebu.
as they would say, it's the 'modern day slavery.'