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

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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?

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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.

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