We bought a Condo in BGC.. BIG REGRET! 😳
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- เผยแพร่เมื่อ 26 ก.ย. 2024
- We bought a Condo in BGC.. BIG REGRET! 😳
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condo is a big scam, overpriced small box unit plus overpriced monthly amenities dues!
Realltors in BGC should all have their licenses suspended for selling this overpriced condos in a poor country
BGC condos are outrageously, grossly, criminally overpriced. as long as foreigners and balikbayans are duped into buying these, then prices won't come down. but good luck selling these at a profit or even the same price when demand goes down.
Never buy from developers. Buy from a sucker who is trying to unload their shoebox condo for less than they originally paid.
It's mainly for rich Filipinos and Westerners though. For them it is a bargain to live there compared to what they would pay in the big cities of the West.
@@kayflip2233 I am a rich Westerner but not stupid enough to spend 34 million PHP on a small 2 bedroom apartment. I can rent an apartment in BGC for a fraction of that cost.
@@Jimmy-yj9hz Are you a millionaire?
Yes! It's cheaper to rent from the duped buyers at 1% return than buying one yourself. Hahaha
No No No No No RUN!!!!!!!!!
Please do a follow up when you finally move in. Highest viewer and comment rated current video on your channel.
Buy another one. ❤
i give you Advice dont ever buy condo, and dont get condo from megaword that to expensive lady agent they force to buy he got million commissions from you? better you buy Land or house and lot Ayala land,
No Ayala land condos aren’t good compared to megaworld, it’s not even pet friendly, mostly not even tiled and no partition although security is tight, my sister lives in an Ayala Land condo. Megaworld is more world class and are more valuable in the future. I’m in realty for 20 yrs.
Not really, I’ve worked in Smdc, megaworld, Filinvest and Ayala Land and Major Homes. So many comments here comes typical lack of knowledge and ignorance on properties specially condominiums.
Thanks for showing and nice to see you back. The problem with these units are the high prices which run over $600,000 USD. One could buy a large pool home near the beach in Florida for much less than the price of this condo. My Filipino wife and I did not see the investment potential at current price points in BGC. Instead we placed our money in certificates of deposits and use some of the interest to rent in BGC. I understand everyone says it a great invest but tell that to the people trying to resell these units. I have seen some 2 bedroom resales in McKinley - ST. MORITZ selling for under $300,000 USD. Currently there is a high surplus of resales so it is taking some sellers years to sell.
@constructionworker-bc6ki You can get up to 6% interest on a Bank CD rate now in the US. So a $100,000 investment would net $6,000 per year. Also, they are FDIC insured if bank goes out of business. So if someone placed the amount of money that this condo cost in a bank CD, they would receive $39,000 each year in interest. With this interest, they could live a comfortable life any place in the Philippines, and still have access to their money.
100% agree prices are more expensive in US ridiculous....there getting foreigners to invest very risky...I have been monitoring and I can never get myself to get anything except I add acquisition on Lands in areas thar has potential in the next five years
These are value judgements. You can get a house by the beach in Florida, or mansion in Alabama, or a castle falling apart in Italy, or a closet in Manhattan. But then you would be there and not BGC. They like BGC so thats what they want.
If its taking them years to sell, then they are not selling. LOL. There is no guarantee that the price of something should go up. In the US, this is happening because developers aren't allowed to build in most places due to zoning and other strict requirements. Its very bad for everybody else who is not yet settled with property. Basically the government is favoring owners over others.
At least in BGC, there is more than just the investment, there is a sense of economic growth. An expanding BGC means that the units don't appreciate as much but that also means more business, more jobs, more inclusivity from locals and abroad alike, more excitement.
Its a judgement call, maybe years later they will move to a house, but young as they are, they obviously favor the city life.
@@Basta11 It really comes down to renting vs buying. A 78 SM 2/2 condo would rent for $1500 VS 600K to purchase. $1500 a month is a great deal compared to 600K to buy. So I would rent at these price points or until market corrects...
@@buddyboy6765 if a comparable place can be had for $1500 / mo rent, yeah it does make more sense to rent. But it doesn’t seem like they’re concerned too much with making the optimal financial moves considering how young they are and what they can afford now.
Where is the BIG REGRET part?
Fools and there money! come back in 5 years and see what a dump it turns into,
I wonder if these people actually bought a unit. Or just pandering with real estate agent to advertise these units
Mike and Nelly when they were still together purchased a high priced 2 BR condo but I think until now, it’s still on the market. So much with its full furnishings, good luck on potential buyers. I think it’s the same with George and Lucy, their 1BR condo can’t be sold. The prices are high enough to begin with so, you’ll have a hard time selling it with a price higher than the original one. Maybe have it rented so it will gain income….. since they’re only visiting the country once or twice a year. For a family like yours, better choose a house in a gated and secured village. You’ll have more space for you and your kids. Newly married vloggers Martin Solhaugen and Ave have a very nice house with their own swimming pool. They just have a new baby and the house is spacious for extra room as office.
I think that house by Martin and Ave is rented. But the one her grandmother gifted them, they renovated and put for rent too, if I'm correct.
There are nice houses and lots in Cavite(Bacoor, Molino and Binakayan)
Foreigners have no clue what they get into once there here. They think it’s the same thing as where they come from. Believe me, I’m a foreigner. Lol
Yes. Making it happen and the Juicy blog are going to airbnb it for now because that's exactly the problem. You CANNOT sell these property unless you incurr a HUGE loss. Megaworld has armies of sellers and can incentivize, but you as a lone owner do not have that capability. You will lose. Even if you rent, you lose. The return is dismal. You may as well put it in a CD with a 5% return, which is 2.5x better return than renting it out.
@@jakexake2940 They were impulsive in buying condos that expensive. Though they made contents in many of their vlogs furnishing their condo but unfortunately, they broke up their engagement the following after. Juicy vlog had the same unplanned decision to buy a 1 BR knowing they’re going to have a baby and eventually decided to leave and bought a new home in the UK which is their base anyway
where is BGC?
bpi rate on time deposit now is 0.5%
CONDOS ARE NOT GOOD INVESTMENT😊 BAHAY AT LUPA ANG DAPAT SA INYO😊 LUMALAKI NA ANG PAMILYA NIYO😊 WITH 3 KIDS FOR NOW AND YOURE AIMING FOR 6😊
The condo is very nice but I think single detached home is ideal for your family 😊💛🇨🇦
Thank you! Yes we agree :) home much better for the family but we LOVE this area and for house and lot near here it's very expensive
I hate clickbait!!!
This,couple is not practcal at all....nabola sila ng agent...
BGC is NOT in Manila. Cringe.
So nice to see you guys again ❤😊
Megaworld doesn’t maintain their buildings. They’re only nice in the beginning. Look at all those condos now under this developer.
i go for ayala, even my friends who owns 2 condo from different developer prefers ayala
I bought a Megaworld condo last yr and so far I never ever worry about renters. I am located across a major University. Selling it would be breeze.
650k usd for this dump?
I love this kind of video of yours. Hope to continue creating vids, wherever you are
Wont subscribe as you dont mention pricing and use clickbait. 😢
I prefer to buy a resale condo at a very very low price. Many are selling at a lower price. 😊
Places like BGC are the future. Nice, modern Western shops, restaurants, and amenities for just a fraction of what you pay in the US. 100% safe. Lots of Western businesses running their back office from there. Quick 1 hour flights to the 7000+ paradise islands of the Philippines, then just another 3-4 hours to Bangkok, Singapore, Hong Kong, Seoul, Tokyo, Guam USA etc. It's a nice lifestyle.
Condos are money down the drain.
Some eppl buy overpriced condos for $650,000 other rent them after for $270 a month because the owner are stuck with the property and investment.
conclusion:
RENT a furnitured condo with 3-6 month or 1 year contract and u are FREE to move relocate and have the money in the bank in the end.
+11 years working and living in Bangkok and have rented condos all the time...and guess what..my money is invested and growing good with funds and stocks..the suckers that are stuck with houses and condos..well many go bust
God bless your family ❤❤❤
Sorry but condo in Ph is not an investment with HOA fee going up all the time ( expensive) &!propert tax. It’s better to buy a land with a good developer and build your decent house for future retirement in a best locations.
That's right better to have a titled lot and house
They actually love it 😊
yeah Homeowner's assoc goes up too. and there are mismanagement that can occur and would charge homeowner's for the deficit on top of hoa. that is on top of your own repairs annual insurance or taxes. and because of competition in rent rates, you are forced to put the rent to just breakeven if you want to make it for rent. For me, house and condo or property are just liabilities.
agree 100% you will be surprised condos has miscellaneous fees even higher than your fixed monthly ammortization 😂
very true
I own one the fee keep increasing,
tax soo high up even if you are not there 😢
Its always best to buy a house and lot in the Philippines.
Is very nice Condo, especialy the Gym and game Area!
click bait.
Condo is never a good investment, you should have bought a big land on that money
Most of these condos sale start at $1000 per month for 4 years with zero interest and 10% down. However, then you get hit with a large balloon payment, higher monthly payments and interest rates. This is when most buyers get into trouble and may loss their unit. Most of the lending plans by these big developers have been outlawed in most countries. Sorry but I do not trust what this agent has to say or Megaworld. They most likely build these units for a very low cost and then see how much profit they can get for them.
The plus side of condos is no work, no painting of house at least outside. No cutting of grass taking care of your plants etc. And you are close to everything. Also you can go on holidays for weeks or months and your unit is secure. Megaworld did a nice job on this one. But after 15 or 20 years might not look that great no upkeep. Megaworld is one of the best in the Philippines. Top 3 for sure. That's the big question what is better condo or house and lot. I think house and lot.
BGC'S target audience are the wealthy Filipinos and foreigners alike. If one complains about BGC it simply is not the place for you.
If this young guy can afford $650,000 on a condo he’s obviously in a great financial position. Not many guys his age could drop $650,000 (presumably a cash sale) on a condo. He look very happy with his purchase so let’s be happy for him. That’s a lot to pay in a third world country though.
To each his own. I live in Miami and a beach front home here is at least $2 million and it only goes up from there into the tens and tens of millions. Yet every 5 years or so, hurricanes destroy these homes, but they keep on buying anyway. The point is, the rich will buy whatever they want whenever. If they like BGC, then that is their choice. It is a beautiful place that mimics the West if only one square mile.
Hello Kito Fam Hope you doing well and have a lovely weather day. Love you from England UK 🇬🇧
cyril becoming one of 'em too big to fail ppl over there, lol .....
Its crazy end of the day its an over priced apartment what is the view ?
Congrats ! It makes me glad to see this. I bought 1bed in tower c👍🏽
This 2 bedroom unit is listed for $654,000 US on the Park McKinley West website. Based on that price an investor would need to get 1% of that price for a monthly rent which would be $6500. If one could not get this rent, then it would be a poor investment in my opinion. No one can predict what the future value of these units will be, so it would be inaccurate to claim this is a "good investment." In fact, to do so would be illegal in some counties. Most of the finishes looked builder grade with thin stone counters, basic lighting and MDF cabinets. I assume most items were imported from China. If you were planning on living in this unit for the next 30 or more years then purchasing would be the best option. However at $650,000 US it seems like a big risk.
This is just a ripoff. I hope no one purchases it. But POGO owners will invest here to conceal their money.
@@JunBermz I read the same thing. Wealthy, buy a number of these condos and so sit empty. Just look at any building a night and most are not lite up so vacant.
Hello! Thank you for taking the time to comment 🙏🏼 We bought a couple of years ago when prices were less than they are now. This is our investment property, like any investments, prices can fluctuate. We love this area. We personally see great potential in the growth of this area too :) plus mostly sold out now so a lot of other people do too
They only install appliances from Germany actually. As for materials, I'm not sure where they come from. Hopefully not from the very nation trying to destroy the Philippines (China). But yes, I tend to agree with your statement, however, real estate value in the Philippines have gone up dramatically. This has caused investors to put large money into it and has allowed for someone to borrow huge sums of money from banks as collateral for other "projects" they want.
Way over priced! Anyone buying these models are fools. No on in their right minds would invest i9n this! Sorry.
Wow nice ang bigger space condoliving, compared to other condos
Before you buy a condo look at the reviews first of those that bought units in their previous projects & you'll be astonished at the complaints.
650,000US X57 = 37 million pesos at 5% annual interest = P1,825,000. I would rather rent than buy since assuming rent is at 100,000/month at lease I dont pay any strata fee, special assessment, property tax, & whatever extra the strata board may think of.
It’s quiet quite nice actually 😍❤️
You're lucky you can afford to buy a condo in BGC but you shouldn't regret at all unless you approach a wrong people and you experience a wrong deal or location. But it's always a good investment while you're a young couple. How I wish I'm in your position during my young age. I thought you bought a unit long time ago.😀
Not a good investment. Definitely wouldn’t buy a condo in the Philippines. Way over priced, Poorly built, poor maintenance of buildings and around a 50% vacancy rate. Not to mention the roach 🪳 problem that most condos there have.
We missed your vlogs❤I hope everything is fine , thank you for sharing 😊💕🇨🇦
Why would someone pay 35 Million PHP to buy this 2 BR unit when they could rent a 2 BR St Moritz building for about $1600 USD? The St Moritz rentals come furnished with one parking slot. Also, St Moritz unit have floor to ceiling windows so they are are light and bright unlike the units in this building that are dark with limited light.
You’re right. I’m looking at high end condo by Ayala Land in Makati business district. To purchase, P40M but to rent only P90k/ month. Renting gives you less exposure. Also, will never buy a Megaworld condo. Quality issues will surface even after 3-5 years.
If you are a family of 5, this condo seems too small. Sure it might be ok now, but what happens when your kids start growing up? You can say we'll just sell and move on up. Easier said than done. Good luck Kito Fam.
What was the regret?😐🤔
omg i remember first watching you guys 4-5 years ago. was a subscriber at my old account. got busy with life but I'm so happy to have found you guys again! i remember Onyx being so little... now you have 3 beautiful angels and have moved to the ph for good!! wow. so much has happened. but I can see u guys are still the same kim and tom I have found since 4 years ago- always humble and kind ❤️
Condo is not a good investment if you are to sell it afterwards...because the agents will sell i the same price you bought it.
Tip : The cash buyer asks the developer regarding the deed of absolute sale and certificate of condominium units because the developer, they NOT straightforward, this issue usually takes a year. Read PD 957 📚 ... Read the contract to sell carefully before signing. Ask and Due diligence are very important .....I have more information......but basic legalities
DONT BE EMOTIONAL READ FINE PRINT .....GOOD LUCK
See you guys soon.
I love the amenities
I've been to BGC back in September 2019 right before the pandemic struck. It doesn't look anything like the Philippines. If you drop someone there blindfolded they would be surprised they are in the Philippines.
I’ve seen so many ad on fb regarding condos there so I’ve spoken with several real estate agents. I even went to see how Bgc look like and after getting all the infos, NO THANK YOU! It is wiser to visit there and rent and invest your money in the US in my opinion. I was able to check out the country for 6 weeks and it is a third world country. I am a Filipino born and I count my blessings all the time that I get a chance to live here in NB CA
We miss you❤️❤️
What a horrible investment. 1st world prices in a 3rd world country. You should never let emotions take control of big financial investment, especially with a condo. Plus, condos in the Philippines have questionable build quality and lackluster HOA maintenance. Did you do an ROI after rental income, upkeep, etc? You're better off investing in a S&P 500 ETF. Owning a condo in BGC as a long term investment will never make financial sense.
Cyrill is so pretty😇
sinampal ahahaha You guys are the cutest. Are you seriously leaving us?! I couldn’t stop thinking about it after I saw that post. Or was it a prank?!
Very nice condo.
I dont know if to those who own condo has the same problem me as a condo owner my overall remarks is nice to have a condo in a city but having one just the same you are renting the space and the parking space if ever you have a car and it is so expenssive rather than building a big house of your own land
Bgc condo hard to sell why coz the price so high
and there's much competition.
I thought that the Philippines was supposed to be much more affordable than the US? It seems as though you can purchase homes at many locations in the Philippines for much less than in the US, but I have seen numerous videos on condos in Manilla and other metro areas, and I am surprised at how much they cost. On top of the high cost, you would also need to pay the monthly maintenance fee, and there is still a lot of new construction going on in those areas, so I don't see how it could be a good investment. I'm not a real estate expert, but would it be better to rent at a much lower cost and use the money you would spend on purchasing a condo for something that is a more sound investment?
Congratulations on your 15 to 20 years Liability.
You buy both lifestyle and location when you buy a condo. Those two are what we currently need. I myself bought, for my family and we don't regret no matter how much compared to the price of a house in a province. Soon, though, our condo will be our "halfway" to our future house that we're investing in. John 3:16
Just used your common since and always careful to make a big decision.
Buy house and lot instead, there's a lot property cheaper than condo that is within and nearby metro manila.
❤❤❤❤❤
Oh dear poor guys! Hopefully they have enough money to lose.
Looks good but long term is it as good as land 👍
Nice
clickbait title - but in time you will actually regret buying a condo. Sorry guys
so if you think about it, it's an accurate title, No?
Deceptive title promoted by a real estate agent. Makes you wonder if the idyllic family featured here is even genuine.
What a waste of money !!! Who cares about BGC
I don’t regret buying my condo @ MEGAWORLD Preselling ! Very good investment! Total payments-PhP 4.5 million, NOW it’s worth >< PhP 12 million! Just lucky! It was 8 years ago! Perfect location! Along Uptown Mall,Mitsukoshi Mall, Ritz Palazzo, Grand Hyatt Hotel, Morgan Chase Tower, along new Kalayaan Bridge to Pasig City! Though Title Transfer Fee is very pricey, real estate tax is reasonable in Taguig City, and Condo dues ! I don’t need a car to roam around! Friendly walking Zone!
Done watching for me its there decisions condo is city life with House and lot is good for province life you have your own thing with like gardening, fresh air we have our different view of life me i want one condo specially i had growing teens in the future they will working in the cities. But its too expensive one ,maybe too soon keep on savings.
Real Estate agent is there to makes,sales talk, their commission is very big, just rent first then travel asian countries
Feels great to see you back, the loveliest family ever to watch... minus the kiddos today..💖💖💖
Wow! What a rip off! You can buy a decent property in the US for that price! It will be a huge house in Texas! Or even a beach condo in CA!
Competition with developers of new condominiums is a lost cause. As a half Filipino, any chance can wifey qualify for single family home. However, couple may want only condominium.
WOW wow 🍀🍀🍀🍀🍀❤️👍👍👍
Hello there!! If you don't mind me asking how much is the monthly payment and down payment needed?? Congrats
For those that say its overpriced, its called a market. These foreigners or OFWs and some rich Filipinos see this property as ideal for the price. A comparable unit in a comparable location in the first world would be worth millions already. For example, in LA you would be paying close to $1 million for this type of unit, and when you get out into the street, its homelessness galore, filthy streets, and crime. Manhattan, Miami, London, forget about it, they probably wouldn't be able to afford.
They put a premium on safety, walkability, amenities, luxury. They are not use to looking at all the poverty. Or Feeling unsafe walking. They are not use to the Manila traffic, public transportation, noise, and pollution. Being able to walk your kids to school is an amazing luxury because you are not stuck in traffic with everybody else.
For most locals, its overpriced because we don't have that much money. We don't mind commuting. We are use to hours of traffic every day. We don't care too much about gyms, and pools, lounges, playgrounds, and having a doorman. Its not a big deal for us. Local shopping areas are okay for us, but for them its scary.
It's laughable that you're trying to compare a tiny bubble like BGC, which is surrounded by 3rd world mass poverty to a 1st world city like L.A. or Miami. It's not even close and should not be in the same sentence. Condos in BGC have questionable quality, a history of horrible maintenance and prices that don't reflect supply and demand. In fact, you can buy a 2nd hand unit a lot cheaper than buying it directly from a developer or a presentation center in BGC. After HOA fees, maintenance costs and lackluster rental fees, BGC condos are a horrible investment with a piss-poor ROI.
@@leroyleroni3020have you been to those places lately? You pay $6000 to live next to tent cities to walk on piss and needles. Tweakers breaking into cars. Most stores have closed because of the looters. People jacking off on the subway and buses.
You are right it’s not comparable, we don’t have that in the Philippines.
@@leroyleroni3020 To each their own.
Manilla isn’t la or nyc
@@Philippinesbound42would you be able to find this kind of place in Manhattan or Downtown LA for $600K?
Hi Kito Fam ❤ I suggest to buy properties near Metro Manila like San Jose del Monte and Norzagaray Bulacan, it's a free flood area. Mrt 7 will operates next year. ☺️
Hey The Kito Family , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?
Overpriced! Just try to resell your “investment” and you will soon realize that it’s impossible.
megaworld is crook
the problem with condo ownership is that should one plan to sell it in the future, the turn-over is slow especially when the selling price is equivalent or close to the price of a house and lot. there are a lot of resale inventory but no buyers.
Kung me pera lang din ako para sa Downpayment huhuhu hahaha bibili din alo hahah
Yong kaya mo ang monthly ang downpayment lang nakakaloka
Location, location, location that's as important as the house itself not everyone wants to live in Cavite 🙄
Wow so beautiful 👍👍👍👍👍🍀🍀🍀🍀🍀😘🇵🇭
DONT GET FOOLED BY THESE GREEDY
I don’t hear any regrets in this video? So the title of the video is very misleading….
You missed the point , the marketing point of their channel is to make you watch it.
@@jakexake2940It’s misleading marketing….That’s my point
@@MarcRichard-b1u car salesman marketing. Reminds me of a show I saw. Two guys bought a used car. As soon as they left the lot it broke down. They pushed it back onto the used car dealership lot. The salesman who was earlier praising how good the car runs screamed at them "get your car off my lot."
Is this comedy or is this serious? Really can't tell. I'm a first-timer here and still wonder what I did wrong for the YT-algorithm to bring me here...
Actually, it is very funny this agent is selling these units for $650,000 dollars. But not so much for the folks who are actually buying them thinking they will someday be able to make a profit on them.
A friend of mine who lives here in CA, started buying condos in early 2010. He now owns 3 units and he's having a hard time selling them. He said he should have just bought house and lot with the money he spent on the condos.
Huge?? They are so tiny and for the price! I would rather have more space!
They actually love it !!!🤍 just watch the full video 😜 17:10
thanks. as usual, another clickbait title from this channel
@@strahnbrad3979 👍
Is it finally the province life? Anywhere is home as long as there is love and joy...char lang ❤❤❤
👍👍
Over priced and not even that Luxury for that Price!