SkyscraperCity Forum banner

What do you prefer?

  • Standard Flat Units

    Votes: 14 43.8%
  • Loft Type Units

    Votes: 18 56.3%

Investing in Real Estate in the Philippines

937K views 4K replies 442 participants last post by  grayrhino1 
#1 ·
I wonder if most of the condo/townhouse developers have a good record of delivering the units on time as promised.

I bought a condo during pre-selling and the contract states that there is a grace period of a year from the delivery date they promised.

Anybody knows of the performance of the leading developers like Empire East, Megaworld, Ayala Land and Robinson's?

Thanks.
 
#3,638 ·
It depend on the condo unit owner situation if he/she will lived in that condo property or just rent it out. Through my experience living in a condo its a pity I didn't bought my unit with a parking slot. What happen is that the place I lived all available parking lease slot are already taken up or sold out. Kaya I have to leased a parkslot a block away from where I live. And if you consider the monthly rental fee its almost the same as if you pay your parking slot through a monthly amortization. So I say its a must to have your own parkslot specially if your living in a condo. :drunk:
 
#3,639 ·
Car parks seldom rise in value so it's a dead "investment"

It surely increases the value of condo's though BUT it is critical to evaluate this statement with location as a condo can only have a marginal increased value of the condo is in a very good location e.g. st. francis right on top of a MRT stop.
 
#3,641 · (Edited)
And then there are cases like that of Eastwood where both parking slot prices and rental fees have actually doubled already in a relatively short time. In the end of the day it all boils down to supply and demand. In many CBD's and transit corridors where most condo buildings/projects are usually located/concentrated, there is still a tendency of a shortage in parking spaces more so than excess of it regardless of the location's proximity to public transport. And I'm not only talking about the Philippines. First world countries like the US and in US cities like New York and San Francisco are good examples of this phenomenon and the same can be said in the Philippines. A common reason given by so-called experts is people/families don't necessarily give up their vehicles willingly just because they now live near transport hubs. Unless they really have to, many still keep a vehicle in their possession for such trips and special occasions where public transport just will not do. Status symbol perhaps? Anyway I think this is the kind of mentality shared by car-centric / car loving Filipinos in general and why many realestate advisers / investors consider parking slots as valuable tangible assets that actually work in tandem and in combination with one's unit purchase as one fully performing asset duo/package as oppose to treating them both (unit and parking) as mutually exclusive assets to be evaluated separately in performance/potential. I guess it's all relative depending on how one looks at it. But one thing for sure is definitely do the homework and due diligence since it's your money after all. Good Luck and God Bless! :cheers:
 
#3,642 ·
^^ hmmm... may I make a suggestion? I understand the dillemma on the proper subject heading it should belong in.

However, there is a subset of forumers of SSC Philippines who are just particularly interested in anything Real estate related and do not care to visit the Economy, Industry and Development Issues which has become more of a political forum. It would be better to retain this thread here.

I think the evolution of this thread was a question on how the US real estate subprime crisis would affect the Philippine real estate industry. Of course, we now know that the subprime mess has become a global financial crisis, and that while for some reason, the Philippine real estate industry seems minimally insulated from it, it may ultimately be affected by it to some extent.
 
#3,644 · (Edited)
It would be better to retain this thread here.

^^ hmmm... may I make a suggestion? I understand the dillemma on the proper subject heading it should belong in.

However, there is a subset of forumers of SSC Philippines who are just particularly interested in anything Real estate related and do not care to visit the Economy, Industry and Development Issues which has become more of a political forum. It would be better to retain this thread here.

I think the evolution of this thread was a question on how the US real estate subprime crisis would affect the Philippine real estate industry. Of course, we now know that the subprime mess has become a global financial crisis, and that while for some reason, the Philippine real estate industry seems minimally insulated from it, it may ultimately be affected by it to some extent.

@ Lily, you're so charmingly eloquent that it's such a pleasure to read your many interesting insightful posts here at SSC even when you're "angry!" :tyty:
 
#3,645 · (Edited)
We may just leave it here then.

@ TC IMHO, your re-edited title is very appropriate, sir mod! Thanks!


My turn to gripe.

The sad state of affairs re: US Subprime Crisis led to housing meltdown. This further became worse contributing to Recession which eventually resulted to the present Global Financial Crisis.

This surely affected all of us Filipinos and our Philippine Real Estate investments. Last 2004, my wife and I bought a property in Baguio where we planned to build our retirement home.

However, because of the present circumstances re: inflation - prices of cement, hollow blocks, construction steel rods and labor cost, we have to postpone the project indefinitely. :cry:




Here's our lost (hopefully only temporarily interrupted) Fil-American dream:

Clockwise




^^The white pick-up truck on the left is parked at 11 o'clock of the property.............................^^the green-roofed house right above is at 12 o'clock:







^^ Back view at 3 o'clock facing opposite the main street...........................................................^^back view at 5 o'clock




^^Main area of the 600 sq. meter lot in Amparo Heights, Camp 7 Baguio City.







^^My better half (and her black Camry) is at 6 o'clock of vacant lot:



At 7 and 9 o'clock respectively.








^^Finally back to 12 o'clock.


Our local architects, construction engineers and local laborers have lost our contract - the tsunami effect of our US predatory lenders reaching the mountains of Baguio. :eek:hno:
 
#3,652 ·
@ TC IMHO, your re-edited title is very appropriate, sir mod! Thanks!


My turn to gripe.

The sad state of affairs re: US Subprime Crisis led to housing meltdown. This further became worse contributing to Recession which eventually resulted to the present Global Financial Crisis.

This surely affected all of us Filipinos and our Philippine Real Estate investments. Last 2004, my wife and I bought a property in Baguio where we planned to build our retirement home.

However, because of the present circumstances re: inflation - prices of cement, hollow blocks, construction steel rods and labor cost, we have to postpone the project indefinitely. :cry:




Here's our lost (hopefully only temporarily interrupted) Fil-American dream:

Clockwise




^^The white pick-up truck on the left is parked at 11 o'clock of the property.............................^^the green-roofed house right above is at 12 o'clock:







^^ Back view at 3 o'clock facing opposite the main street...........................................................^^back view at 5 o'clock




^^Main area of the 600 sq. meter lot in Amparo Heights, Camp 7 Baguio City.







^^My better half (and her black Camry) is at 6 o'clock of vacant lot:



At 7 and 9 o'clock respectively.








^^Finally back to 12 o'clock.


Our local architects, construction engineers and local laborers have lost our contract - the tsunami effect of our US predatory lenders reaching the mountains of Baguio. :eek:hno:

Wow! Nice pictures, very graphic! You even have a stream at the bottom of your property. Is is part of your lot?

I had a college classmate who resides in Camp 7 situated in the lower part of Baguio. He said artesian wells in his neighborhood never had any problems with potable water supply. Is this true?
 
#3,648 ·
yup nice piece

one point though, construction here is still ok even as prices have dropped! Construction costs have gone down a bit compared to last year before the crisis as prices of all commodities went sky high. Your dream house should still be very buildable at your 2007 budget.
 
#3,653 ·
^^ @Zodiac: As they said earlier, it's a prime piece of real estate you got there so it's still good investment even if you have not been able to build right away. Take care to keep the pine trees. :)

Thanks for the earlier compliment you gave me about my posting.

(I'm sure you know women do get more eloquent when "angry" :D. But I don't recall getting angry lately. :) )
 
This post has been deleted
#3,655 · (Edited)
Dang looks like the Philippines is starting to show signs now of getting affected by this US recession which has shown to be far reaching and having world-wide implications than originally anticipated so much so that it has triggered a world wide economic slowdown. Oh well so much for the de-coupling theory... We'll just have to tighten our belts and hold on until this blows over. Hopefully sooner instead of later...


Now for a different spin from our President...

RP outside scope of global recession - GMA
By Ding Cervantes
(Philstar News Service, www.philstar.com)

ANGELES CITY, Philippines — President Arroyo said yesterday she is convinced that the country, despite the exports slowdown and rising layoffs, remains outside the scope of the global recession.

In a short talk after a concelebrated Mass yesterday morning at Our Lady of Lourdes Church here, the President expressed “hope” that the Philippines would not be seriously affected by the recession now seriously affecting other countries.

The President arrived here upon the invitation of Fr. Jun Mercado, parish priest of Barangay Lourdes Sur which had its fiesta yesterday to commemorate the feast of Our Lady of Lourdes. Mercado said the Mass yesterday was also to mark the “World Day of the Sick” which was instituted by Pope John Paul II in 1992.

“Let’s hope this crisis will not land in this country,” the President said during the Mass whose main celebrant was San Fernando Archbishop Paciano Aniceto.

But she acknowledged the economic threat to the country as she also asked her fellow “Cabalens” in Pampanga to pray for her amid the global economic crisis.

During a meeting with Lakas CMD party leaders at Clark Freeport last Jan. 30, the President also insisted the country has remained outside the sphere of the worldwide financial turmoil, attributing this to her administration’s unpopular policies.

“Despite the recession in two-thirds of the world, nine out of 10 or 92 out of 100 Filipinos look forward with hope to this new year,” she said in her speech then. “Two-thirds of the world is in recession but we should all be proud that our country is growing at six percent GNP and 4.6 percent GDP in 2008,” she said.

She said, however, that her administration had to resort to hard and unpopular decisions that she now credits for the country’s coping with the global crisis. The government’s economic managers earlier announced a P330-billion stimulus package consisting of infrastructure spending and expansion of social services.
 
#3,658 ·
Dang looks like the Philippines is starting to show signs now of getting affected by this US recession which has shown to be far reaching and having world-wide implications than originally anticipated so much so that it has triggered a world wide economic slowdown. Oh well so much for the de-coupling theory... We'll just have to tighten our belts and hold on until this blows over. Hopefully sooner instead of later...
Cash is King! Especially during down times...
Unless you have plenty of cash (and guts) you can put some money in the stock market (where tons of stocks are very low).

Right now, I won't consider investing in Philippines Real Estate unless its really a great deal.
I would look at foreclosed property in Las Vegas or stock market.

Even if the Philippines doesn't get a direct hit from the US recession.
We have so many OFWs and Filipinos living overseas that invested in the Philippines Real Estate this past few years.

I hope the Philippines won't get affected that much by this US recession...
Keeping my fingers crossed.



Obama did say Its going to get worse before it gets better...
 
#3,657 ·
Well I think the decoupling theory only really works to a degree, when you have the whole world's economies dropping by depression not recession rates then that's a true lifetime event. I think this decoupling thing applies to the US catching a Cold not Cancer!
 
#3,667 ·
The US economy is starting to correct itself albeit definitely slowly, one good indication is the rise of resale homes. Of course there are still many people facing foreclosures but the fact that people are purchasing homes in this trying economic times is a good sign. In Vegas, November and December 2008 posted higher % of resale properties sold compared to a year ago.:)
 
#3,666 · (Edited by Moderator)
not yet sleepy.....@10:09 PM???

oh, oh..you still awake? isn't it past your bedtime?


:lol:

btw, lest you ban me.....


very seriously.. i am a frequent admiring lurker of your excellent website..... most interested in this:

;)

also...my wife wants to know if we could trade in our drab looking ritz condo lobby


with something as sexy as yours:


wink..wink

kasi...sabe mo...

" Success is a state of mind, One not only has to be in that state, One has to live there."
:banana:
 
#3,668 ·
US home prices to hit bottom by yearend
WASHINGTON — The free fall in US housing prices that sparked a global economic crisis will ease by the end of 2009 but not before another leg down, resulting in a 36% slide, a study said on Monday.

The report by Moody’s Economy.com said home prices in the 381 US metropolitan areas have already dropped by an average 25%, and will slide by a further 11% before stabilizing.

"Notwithstanding the intensifying economic gloom, the bottom of the housing downturn is within sight for the nation," said Mark Zandi, chief economist of Economy.com and an author of the report. "Presuming we see strong action by policy-makers to help support the economy and the housing market, prices will begin to recover by the end of this year," he added.

The study predicted that by the time the market correction is complete, it will have led to double-digit declines in 62% of the US metropolitan areas. The economy may take even more time to recover. "Policymakers have not yet been able to break the downward spiral that has developed among the sinking housing market, job losses, frozen credit markets, and rising foreclosures," Mr. Zandi said.

But the report noted that even if the recession ends late this year, the subsequent recovery looks to be lackluster. Growth is not expected to return to its pre-recession peak until late 2010, and the nation will not approach a full-employment jobless rate of 5% before President Barack Obama’s term nears its end in 2012. — AFP
http://www.bworldonline.com/BW021209/content.php?id=103
!!
 
#3,669 ·
US to commit $50B to stop foreclosures

WASHINGTON — The United States will commit $50 billion to prevent home mortgage foreclosures — the epicenter of the global financial turmoil — under a financial stability plan unveiled on Tuesday.

"Stemming foreclosures and restructuring troubled mortgages will help slow the downward spiral harming financial institutions and the real American economy," according to excerpts of the plan released by the US Treasury.

"We will soon be announcing a comprehensive plan" that, among others, will drive down overall mortgage rates, the Treasury said.

The government will commit $50 billion to prevent avoidable foreclosures of owner-occupied middle-class homes by helping to reduce monthly payments in line with prudent underwriting and long-term loan performance," it added.

To drive down mortgage rates, authorities remained committed to spend as much as $600 billion to buy mortgage-backed securities and debt, it said. — Reuters

http://www.bworldonline.com/BW021209/content.php?id=102
!!
 
#3,670 ·
US to commit $50B to stop foreclosures..US home prices to hit bottom by yearend

^^good news...thanks doc!
 
#3,672 ·
Home Sales Better Than Expected in December
January 26, 2009

WASHINGTON — Sales of existing homes posted an unexpected increase last month, closing out the worst year for the real estate market in more than a decade.


The New York Times

The National Association of Realtors said Monday that sales of existing homes rose 6.5 percent to an annual rate of 4.74 million in December, from a downwardly revised pace of 4.45 million in November.

The results were better than expected. December’s sales had been forecasted to fall to a pace of 4.4 million units, according to Thomson Reuters.

Buyers were taking advantage of dramatically lower prices, especially in distressed markets like California, Florida and Nevada, where foreclosures have swamped the market.

The nationwide median sales price plunged to $175,400, down 15.3 percent from $207,000 a year ago. That was the lowest price since May 2003 and the biggest year-over-year drop on records going back to 1968.

“The economy just simply cannot recover as long as home prices continue to decline,” said Lawrence Yun, the trade group’s chief economist, who called on lawmakers to include tax credits for home buyers in the economic recovery package being considered by Congress.

For all of 2008, there were 4.9 million existing home sales, down more than 13 percent from a year earlier, and the lowest total since 1997.

And another encouraging sign — the number of unsold homes on the market in last month fell nearly 12 percent to 3.7 million. At the current sales pace, it would take 9.3 months to sell all the properties, down from 11.2 months in November.
 
#3,673 ·
Another article regarding the real estate activity here in the US. Numbers for January 2009 won't be out until the last week of this month. The US economic recession started with housing market and its recovery will also start with the housing market which is part of the reason behind the tax credit on the stimulus package for first time home buyers.

Whether foreclosed, short sale or new home sale, any activity in the real estate market is always good for the economy. It may not be good news for those people whose properties are being foreclosed but what happened in the real estate market is a sad reality that we just have to learn from.


--------


Existing Home Sales
Last Updated: 2/4/2009

Home Sales Pace

Sales of existing homes rose in December after two months of declines, according to the National Association of Realtors. Sales increased to 4.74 million units, a seasonally adjusted 6.5 percent increase from the 4.45 million units in November. However, compared with the previous year, December's sales were down 3.5 percent.

The national median home price continued to drop in December, falling to $175,400 from $180,300 in the previous month. The median price has fallen 15.3 percent during the last year from its starting point at $207,000 in December 2007.

The NAR defines existing homes as all previously owned single-family homes, townhouses, condominiums, and co-ops. The group "seasonally adjusts" the sales numbers to factor in things like inclement weather, school sessions, winter holidays, etc to smooth out the trends. The NAR also describes its sales data based on an annual pace. The monthly figure represents the total number of housing units sold in one year if the current rate were to continue unchanged.

Sales Pace by Region

Existing home sales increased in every region of the country in December, except the Northeast. Sales dropped there by 1.4 percent from November to 740,000 units. In a year-over-year comparison, sales were down by 14.3 percent.

The Midwest experienced a monthly growth in sales of 4.0 percent to 1.04 million units, although sales were down 10.3 percent for the year.

Sales jumped up 7.4 percent in the South to 1.74 million units in December, the first increase in two months. However, 11.2 percent fewer existing home sold in that area in 2008.

The West saw the largest up tick in sales with a 13.6 percent increase to 1.25 million homes. That accounts for the largest volume of sales in any month in the past year, and overall sales are up 31.6 percent in the West.

Home Prices

The median home price, the point at which half of all homes are sold for more and half are sold for less, fell in December for the sixth consecutive month, with prices sliding in all parts of the U.S. but the South.

The median price for homes in the Western United States fell to $213,100, down from $241,000 in November. The current price represents a 31.5 percent decrease, though, from December 2007.

The Midwest median sales price barely moved in December, slipping down to $140,800 from $140,900 the previous month, and down by 11.4 percent from $159,000 on a year-over-year basis.

In the Northeast, median home prices fell to $235,000 from $257,400 the month before. Prices were down 7.8 percent from the year before when the median was $254,900.

The median price in the South climbed to $158,600 from $153,600 in November. Compared with one year earlier, the price was still down 8.0 percent.


Inventory

The number of existing homes for sale in the U.S. fell to its lowest point of the year to 3,676,210 units, an 11.7 percent decrease from 4,163,000 units in November. December's inventory was down 7.5 percent on a yearly basis and represented a 9.3-month supply at the current sales pace.
 
#3,674 · (Edited)
Global jobs cuts 'could exceed 50M this year'
By Catherine Philp, Davos
Times On Line
http://business.timesonline.co.uk/t...article5604575.ece?token=null&offset=0&page=1

More than 50 million jobs could be lost worldwide by the end of this year as a result of the global economic meltdown, the United Nations warned.

The stunning estimate by the International Labour Organisation (ILO) came only hours after the opening of the World Economic Forum amid a deepening sense of gloom and helplessness among the global business elite.

The UN agency said that its worst-case scenario would see global employment soar from 6 per cent to 7.1 per cent, resulting in a loss of 51 million jobs across the globe since the crisis began in 2007.

The most optimistic forecast is for 18 million jobs to be lost, with the most realistic prediction somewhere in between at about 30 million.

Wherever the axe falls, however, the figures represented no less than a “global jobs crisis,” according to Juan Somavía, the director-general of the ILO.

"If the recession deepens in 2009, as many forecasters expect, the global jobs crisis will worsen sharply," Mr Somavía warned as he presented the agency’s annual report.

Even those who remain employed will not necessarily escape the effects of the recession, he said.

“We can expect that for many of those who manage to keep a job, earnings and other conditions of employment will deteriorate,” he said.

The crisis could also push another 200 million workers into extreme poverty as they eke out a living in informal, underpaid and unstable work, especially in Africa and South Asia, the ILO predicted.

That would swell the ranks of the “working poor” to 1.4 billion, just under half of the entire working population of the world.

News of a global jobs crisis will come as little surprise to the thousands who have lost their jobs in the days of economic carnage leading up to the conference.

On Friday, 30,000 Americans lost their jobs in big staff cuts by Caterpillar and Sprint Nextel, and ING, the Dutch bank, and Philips, the big electronics company, eliminated a total of 13,000 from their workforces.

A further 13,000 jobs were cut worldwide today.

Today the International Monetary Fund cut its forecast for world economic growth and predicted a deeper than expected recession in the developed nations.

In Davos, the well-heeled Swiss ski resort where business and world leaders gather annually for the World Economic Forum, the mood was decidedly subdued.

Pre-conference receptions were dominated by chatter about who would not be attending, rather than who would.

The annual lecture by Richard Fuld, the former chief executive of the collapsed Lehman Brothers Holdings, has been cancelled.

Instead, the gathering this year will boast a higher number of heads of state and political leaders, a reflection of the sudden centre-stage that governments find themselves in as they intervene to prop up ailing private institutions.

Wen Jiabao and Vladimir Putin, the Chinese and Russia prime ministers, will address the conference today on their first visit to Davos.

At the time of their invitations, both leaders were riding high as the saviours of economies not yet buffeted by the turmoil that began in the US.

However, plummeting reserves and investment in Russia and slowing growth and soaring unemployment in China mean that neither power has as much to boast about.

The US, meanwhile, is at its most historically underrepresented as policymakers stay home in Washington, poring over the details of President Obama’s fiscal stimulus package.

The theme for the four-day forum is "Shaping the Post-Crisis World", but most senior delegates made it clear that they believe the crisis is far from over.

A survey presented on the eve of the conference highlighted a global crisis of confidence among chief executives at the world’s leading companies at the prospect for recovery.

An opening press conference by the meeting’s strategic partners underlined the sense of gloom.

Rupert Murdoch, the chief executive of News Corporation, the parent company of The Times and Times Online, said that the crisis was deepening and could take five years to turn around.

"It's going to take drastic action to turn it around, if it can be turned around quickly," he said. "Personally, I believe it will take some time.

"The great majority of the people in the world are depressed and traumatised by the fact that their savings, the wealth in their homes or pension funds ... a big percentage of it has disappeared."

Kofi Annan, the former UN Secretary-General, identified “three interrelated crises: a global recession, energy insecurity and climate change”.

Stephen Green, the chairman of HSBC, one of few high-profile financiers to attend, said: "There are no magic wands and even crystal balls are in short supply."



_________________________________


Global Economic Crisis Raises Risk Of Social Unrest In Asia
Yahoo News
http://ph.news.yahoo.com/afp/20090215/tbs-finance-economy-asia-unrest-social-e65dddb_1.html

AFP - Sunday, February 15SINGAPORE (AFP) - - The global economic crisis heightens the potential for social unrest in Asia, where millions of people suddenly out of work will demand governments take swift and decisive action, analysts say.

And while the prospect of regimes being overthrown is remote at the moment, they say, it will depend also on how long and how deep the financial turmoil goes, in a region not unfamiliar with major political upheaval.

"It's impossible to predict at the moment but the historical record suggests that serious and protracted economic crises may have, in some cases, serious political impact," said Tim Huxley.

The executive director of the International Institute for Strategic Studies in Asia cited Europe's experience during the Great Depression in the 1930s which fuelled the rise of far-right political movements in the run-up to World War II.

"At the moment there's no reason to think that the present crisis will lead to major instability in any Southeast Asian country but it is simply too early to say," Huxley said.

US intelligence chief Dennis Blair last week warned that the current crisis -- the worst since the Great Depression -- could lead to "regime-threatening instability" worldwide.

John Harrison, a security analyst at Singapore's Nanyang Technological University, said that how citizens perceive the effectiveness of government responses to the meltdown is crucial.

"If the public perceives that the government response is reasonable, then they may be less likely to pursue violent means. But the opposite could also be true," Harrison said.

Extremist groups in the Philippines, Thailand and Indonesia could attempt to ride on social discontent spawned by the crisis to pursue their political agenda, he added.

Political analysts in Indonesia said the world's fourth-largest population will be vulnerable to social unrest ahead of and during parliamentary elections in April and presidential polls in July.

"If the country's economic fundamental weakens, social problems cannot be avoided especially when the crisis continues to force more companies to lay off their employees," said Bantarto Bandoro, from the University of Indonesia.

Kusnanto Anggoro, of the Jakarta-based Centre for Strategic and International Studies, said some groups could exploit economic conditions to mobilise "massive demonstrations that will cause social unrest."

Riots, triggered in part by an Asian financial crisis, led to the downfall of then-president Suharto in 1998.

In China, where the government grapples with thousands of violent protests annually, focus is on instability that could arise after millions of migrant workers who have lost their jobs in the cities return to their rural hometowns.

Beijing, always fearful of social unrest, said at least 20 million migrant workers had been left jobless so far, indicating the figure could be even higher.

The Communist Party's mouthpiece, the People's Daily, said a top national public security committee had identified jobless migrants as a key area of concern.

"The flood of unemployed migrants poses big challenges to social stability in the countryside," said Professor Ren Yuan, a labour, migration and population studies expert at Shanghai's Fudan University.

"If they cannot find work in rural areas the situation in the countryside will further deteriorate."

Of particular concern are large numbers of younger migrants whose connection to rural lifestyles has been severed, Ren said.

"If the second generation loses jobs in the city and can't find work in rural areas, and can't or don't want to become farmers, then they are left idle, which certainly increases social instability in rural areas."

In Bangladesh, analysts differed on whether the global economic crisis is a security threat.

Imtiaz Ahmed, a professor of international relations at Dhaka University, said Bangladesh's vital garment exports have remained robust despite the global downturn.

He said Islamic militancy has been the country's major security problem over the last few years, but the militants' influence is on the wane.

"Massive job losses in the coming months or years would not lead to their resurgence as the Islamic militancy in Bangladesh is the direct result of inner struggle within Islam, not any other reasons," Ahmed said.
 
#3,678 · (Edited)
For January 2009 resale homes in Las Vegas once again posted a gain of 70% compared to a year ago. A total of 2,700+ homes sold compared to around 1400+ the year before.

New home sales were dismal but then again the outrageous prices deter people from purchasing new homes. That'll teach the greedy developers who've taken advantage of people. Price of new homes in Vegas are way too high compared to the wages in the city. Permits for construction of new homes also fell because of low demand hopefully this will help with lowering the number of existing homes for sale and in the long run stabilizing the prices.

Of course there are still people on foreclosure, people who should not have been living in these outrageously priced homes. I hope this time people will learn the lesson. Don't bite off more than you can chew.

When people buy homes there will be a trickle down effect, some people will be doing renovations so it is always good for the economy. It may not be the same as in the past but it is a good sign in this bad economic times.
 
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top