Personally, I am anti-bridge, so I am quite happy if it doesn’t happen.

Thanks for your explanation, Lea.

I am not sure who the buyers are re land and condo. I know most of the buyers in the marina site are mixture of locals and overseas workers (Professionals). For the condo, we have not started selling. Interest come from people outside the city who probably are sending their kids to universities here. Some are foreigners who probably come for short periods of stay. Like you said, time will tell.

I don’t own a car – and not looking for one. So I am not really aware of those things. As for the global market, I know. The last of the dominos has not been reached as yet. I sure wish I was out sailing so I won’t have access to TVs, radios and internet. Now, I keep the TV on CNN or BBC to hear all the doom and gloom so I can fall asleep.

Thanks for your comments.

Who are the main buyers of land and Condos in Davao and Samal at the moment? I think a very small % are foreigners, so who is the main buyers? i estimate maybe 80% + are families with OFWs. Now if you read the news its all about the world recession which has started to hit jobs in a major way. All the big car companies are laying off their workers or going to a 4 day week for one example.

Jobs will be lost and people will be tightening their purse strings. I think OFWs remitence will be hit bad, thats why short term i dont see any big gains in prices in land and a slowdown in real estate. Its already happening in the west and now its started in Asia, look at singapore property market

. I hope the Philippines will be ammune but i really cant see it. I have noticed all over Davao car`sellers have a big number of SUVs for sale now, people cant afford to run them anymore, this is a sign that things are becoming harder here.

Hope im wrong…..

you can find the R.A. 6552 here

This is in reply to your comment to what I said yesterday. Actually, the deposit and any other payments will not be lost incase the contract between the buyer and the developer is cancelled because there is a law that protects the buyer from transactions like these.

Republic Act 6552, known as the Maceda Law, is a Realty Installment Buyers Protection Act.

The provisions are kinda long, but in essence it gives the buyer a grace period to pay the unpaid installment dues without additional interest/penalties. And if the contract is cancelled, the developer is supposed to return a minimum of 50% but not more than 90% of the total payments made.

For all the buyers out there, you may invoke this law incase you have problems with the developers you bought your properties from. Your lawyers should know this. For those who want a copy of this law, just drop by my office to get one. Please email me so I can give you the address.

You are right John, the developers will re-sell the properties eventually. But this law applies first specially for those who paid a minimum of 24 months payment already.

Thank you and God bless.

Lea

Cheers.