Manila – BGC Real Estate (The Art of Negotiations)

by FI Fighter on October 18, 2018

in Real Estate Updates

Hey everyone, sorry for the lack of updates as of late! In case you were wondering, I’m still hanging around Manila (Bonifacio Global City), and as I’ve alluded to in previous posts, I’m trying to lockdown and secure my very first personal residence.

Although it’s certainly an exciting time right now trying to pinpoint my “dream home”, as anyone who has bought property knows, there’s a million things to nitpick, and at the end of the day, it’s all about trying to find the best deal possible.

In my own case, there’s definitely been a lot of “back and forth” negotiations, and I’ve talked to numerous people… too many to keep track track of: brokers, agents, developers, referrals, friends, etc.

Here’s a typical conversation that I have pretty much every other day or so…

Another one…

Personally, one litmus test I use for vetting a good deal is to ask around, and if other realtors/brokers/agents are saying the following, I know it’s a good sign…

Anyway…

I’m hopeful things will be wrapped up by the end of October… Not necessarily that I’ll have purchased a place that is “move in ready” or “ready for occupancy” (RFO), but I mean finding the “right deal”…

Currently, my own take is that the best deals for residential property (i.e. apartment units) are NEW construction units that are being built and not quite ready to live in… yet… Typically, when going this route, it is possible (although NOT easy) to locate fresh units where the pricing is in the neighborhood of 200k PHP/sq. meter.

Right now, in BGC, it’s not uncommon to find units re-selling at 270-280k PHP/sq. meter.

Yeah, quite the difference!

No joke…

So, I’m trying my best to be selective… holding out for the lowest price possible, while at the same time securing a unit in a location that I really like.

As mentioned, my preference is to buy something in the Uptown area since I think that area is more luxurious/posh, and has the most rent/price appreciation potential.

I’m currently in the final stages of negotiations, so hopefully I’ll have some more comprehensive updates for readers soon… One way or another, stay tuned!

 

Also, I should note — Although my own main focus right now is to buy a primary residence, I am still paying close attention to the overall markets and it’s no different now than in previous months, I still think mining stocks are dirt cheap… Whether we are talking about clean tech stocks, gold/silver stocks, base metals stocks, etc.

My attention may be elsewhere, currently, but I’m still in the process of writing a clean tech ebook, and as a speculator at heart, as you guys are all well aware, I like to target undervalued assets.

 

So, all things considered, nothing has changed…

 

Mining stocks are where it’s at right now, if you asked me where to look for deals.

 

However, for long-term wealth preservation, I gotta say, it does feel kinda nice focusing on real estate again… Albeit for different reasons (perhaps I’m ready to slow down my days as a wandering nomad?), sure, but at the end of the day, I’ve been burned many times in the past buying shit assets (i.e. Shitcago), and now know when in doubt — Stick to the best of the best.

 

World Class Tier 1 assets for the win!!!

 

Screw the haters, I want to buy something next to the Grand Hyatt Residences.

 

Location, Location, Location.

 

Quality, Quality, Quality.

 

That’s what I’m actively looking for now in BGC…

 

Fight On!

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