2009-11-02 14:34:19

For many British, Australians and Americans, retirement time is just around the corner. At home, with low interest rates and high cost of living, the prospect of trying to live on a pension, in old age, is a daunting one unless you are prepared to substantially downscale your lifestyle. For some, moving to retire in another country is an option which has been successful in the past with Spain, Portugal, Mexico and Puerto Rico being among some of the more popular destinations. But why not consider retiring in the Philippines?

Over the past decade, the Philippines has become a retirement haven for thousands of foreigners, particularly the Japanese, Korean, and Northern Europeans. Along with Thailand and Malaysia, the Philippines developed communications, infrastructure, and service delivery systems specifically geared to meet the needs of foreign retirees. Better yet, unlike most European Countries and South America, nearly everyone speaks English in the Philippines.

The Philippines offers a significantly lower cost of living. The Philippine Peso exchange rate is approximately 48 to $ 1.00 or 70 to 1 Pound [Sterling (GBP)]. Housing, food, and labor costs are quite reasonable. A One bedroom condominium can be purchased for around $ 100,000 or GBP 55,000 or a Studio for only $ 60,000 or GBP 35,000 and one can dine out on average at a three star restaurant for less than 500 pesos. A private driver’s salary is approximately 15,000/month, while trained housekeepers earn approximately 8,000/month. These salaries are lower if you live in the provinces.

Cable Television, Hi-Speed Internet and Satellite Communications are cheap. One can hire an air-conditioned taxicab for eight hours for less than $30.00. In a country where a provincial Governor’s salary is only about 35,000 pesos per month, and a Presidential Cabinet Under-Secretary earns something like 45,000, your pension can go a long way. So, if you have a retirement income in the region of $1,500 to $2,000 per month (70,000 to 90,000 pesos) you can live quite well in the Philippines.

As for health care, most U.S. Health Management Organizations pay for medical expenses incurred in the Philippines. Check with your HMO. The Philippine Department of Foreign Affairs presently has a task force working to have the U.S. government accredit a number of first class Philippine hospitals for Medicare reimbursement. The Makati Medical Center, one of the nation’s best already has such accreditation. Unbeknown to many is that for years, citizens of nearby countries such as Thailand, Nauru, Tonga, Indonesia, and Malaysia have flocked to the Philippines for medical care, particularly sensitive surgical procedures. The quality of medical care at the better Manila hospitals such as the Asian, St. Luke’s, Medical city, Cardinal Santos, Philippine Heart Center for Asia, National Kidney Institute, and Makati Medical Center meet international standards.

A Japanese company is building a medical facility in Tagaytay city, south of Metro Manila, exclusively for Japanese nationals. There are now close to 10,000 Japanese retirees in the country, and the number is growing annually. The British government recently acquired a large tract of land in Fort Bonifacio to build a new Embassy. The British ambassador explained the larger facility is meant to help serve the growing number of British nationals retiring there as well. Japanese and Korean investment groups are buying homes and condominiums in Manila, and tracts of provincial land for retirees. This has contributed to a real estate boom in the country. A retirement village exclusively for Japanese nationals already exists in Tagaytay, and more are planned. These are strong indicators of what is on the horizon.

English is the Philippines’ official business language. Most of the people you will meet, from hotel workers, taxi drivers, sales or service people, government employees all speak English, or have a working understanding of it. The middle class speak English, without exception. All major newspapers and major broadcast companies use English. An English speaking visitor will never get lost in the Philippines. It is the universal use of that language that has been a strong incentive to foreigners. As well, communications links within the country and to other countries via the various commercial gateways is up to international standards. For example, the use of cell phones and text messaging is so common that housemaids, street vendors and food hawkers can be seen using their mobile phones incessantly.

One will never want for adventure and sights to experience in the Philippines. There is always a colorful Fiesta, pageants, street festivals, and open public events going on. Lush with bountiful natural resources, one can enjoy the numerous beaches, resorts, golf courses, and play just about any sport, except skiing. There is an ice skating rink in Manila, though. Scuba diving and fishing are among the sports which draw the most number of foreigners to the rich aquatic offerings.

Shopping is the Filipinos’ second most popular activity, the first is eating. Manila is Asia’s undiscovered shopping Mecca. You will love the golden purple sunsets, the fragrance of the flowers at dusk, and the wonderful array of fruit and food. I used to enjoy watching the Sun set from the bar at the Philippine Cultural Center. There, you can listen to the Symphony, check out a play, or enjoy Grand Opera. There is just so much to explore and discover, specially in terms of nature, culture, and history. If you’re a betting man, there’s horse racing, the Jai Alai, numerous first class casinos, and of course, cock-fighting. Manila is well known for its exciting night life.

The Philippines offers affordable real estate and good investment opportunities for those seeking a retirement haven.

“Where can you find a 350sqft freehold flat in the heart of Central London for only 35,000 Pounds and then get up to 14% per annum ROI from rental returns” enthuses Collingz. “These figures probably seem crazy to London property buyers unless they remember the prices of flats and apartments back in the late 70’s” and all of this comes complete with average 85 degree temperatures and sunshine nearly all year round” said Beth Collingz whom used to live in South Kensington and still owns several Chelsea Embankment townhouses and St. Catherine’s Dock flats before coming over to the Philippines

If you have $60,000 or GBP 35,000 to invest, here are some buys you could make right now with that budget:

1. A Freehold ‘off plan’ unfurnished Studio Condotel Suite at the Lancaster Atrium Manila for Initial Property Appreciation Investment and Rental Income from 2011 in Metro Manila, Philippines.

2. A Freehold fully furnished ready for occupancy Studio Condotel Suite at the Lancaster Suites Manila or for Condo Hotel enrollment and immediate Rental Income in Metro Manila, Philippines.

3. A Freehold fully furnished ready for occupancy Studio Condotel Suite at the Lancaster Cebu Resort Residences or for Condo Hotel enrollment and immediate rental income in Cebu, Philippines.

Pacific Concord Properties, Inc., Flagship Lancaster Atrium Suites Condotel [Manila] development located along Shaw Boulevard, Mandaluyong City, Metro Manila, is one of the hottest Condotel Investments in the Philippines where property investors, apart from real estate appreciation, investors will get projected Rental Incomes on their units of up to 8% per annum once fully operational.

Lancaster Atrium [which is the second Tower adjacent to the existing “Sold Out” Tower I] Condotel Studios, One, Two and Three Bedroom Suites are currently available to Property Investors adopting International Standard Escrow Trust Account “Buyer Safe” Easy Secure Payment Plans… with 6 year interest free payment terms or up to 12 year no prequalification “In-House” financing [available to all overseas buyers], full condo ownership, no management costs for Condo Hotel Suites, no enrollment charges for joining the Condotel Rental Pool, and minimum monthly maintenance fees, as buyers or sellers of Real Estate you really should take a moment to look at this Philippine Condotel Investment Opportunity.

According to Beth Collingz, of PLC International Marketing Networks, a lead marketing partner with Pacific Concord Properties Inc., whom have Condotel developments in Metro Manila and Cebu, and specializes in working with international clients: “My phone has been very busy with buyers from the UK, Scotland and Australia interested in purchasing investment properties and holiday homes here. A lot of this interest is being driven by the relatively cheap entry level prices in the Philippines and the easy payment options available for our condo hotel developments, but there are other factors, too. Offshore property investors, Foreign baby boomers as well as overseas Filipinos, are looking for ways to maximize their return on investments as they approach retirement, and so are purchasing second homes, particularly Condotel Investments where they can use the Condo for vacations and rent it out through our in-house Condo Hotel Management when they are not using the unit thereby gaining rental incomes that on today’s purchase prices, give a projected ROI on their investments of up to 14% depending upon the mode of payment for the unit.”

Beth Collingz, who runs PLC Global Pinoy, an internet based marketing network specializing in Condotel Investments in the Philippines, indicated that more than 85% of all Condo sales in Metro Manila were to international clients. While such a level of foreign-purchasing activity is not as high in the Philippines provinces, Cebu in particular, has seen a sharp increase in real estate purchases by international buyers in the past several years.

“These international buyers know it’s a buyer’s market in the Philippines right now-there are a lot of properties available and fewer local buyers,” Collingz said. “I’m working with clients who are purchasing their second property with me. We also have referrals from many of our prior customers and new clients who have found us through our Web sites, lancastersuites.com and plcglobalpinoy.com which include a special section for international buyers.”

While Metro Manila is still a popular choice with international buyers, Collingz says clients tell her that it makes more sense to buy in a year-round vacation destination. The Lancaster Cebu Resort Residences Condotel conversion by Pacific Concord Properties located in Mactan, Cebu – the area around Cebu International Airport – fits the bill with all it offers to International buyers.

Accessibility from Europe & The United States is also a factor. “London to Qatar, London to Amsterdam to Singapore or Hong Kong, Los Angeles to Tokyo, San Francisco and New York to Hong Kong direct flights to Cebu and Manila, for example, average just 16 hours, add to that the many airline specials from Qatar Airlines whom probably offer the cheapest air fares, that fly directly into Cebu and Manila, and it’s easy to see why the Philippines is becoming an international community.”

Unlike other offshore rental properties, where the rental market is largely seasonal, in the Philippines there is a strong market for rental properties year round. This gives buyers greater flexibility in choosing when to use and when to rent their property. The strong rental/second home market also has resulted in a proliferation of professional property managers and rental agents, making property ownership and rental easy. Pacific Concord Properties Inc with it’s flagship Lancaster Condo Hotel Developments fit’s the bill.

Financing Options and Security open up Philippine real estate market to International buyers. Previously a stumbling block for some international buyers was the perception that it is difficult -if not impossible – to obtain financing in the Philippines. As a result, many purchases in the past were cash sales.

Pacific Concord Properties recently introduced the new affordable easy payment plans for the Lancaster Atrium Manila Condo Hotel Suites where a Studio unit can be purchased without any down payment, and 67% of the contract price payable over 60 months interest free and the 33% balance payable on turnover of the unit or to be extended for another 60 months through PCPI’s no prequalification no hassle finance plan, sales of the companies inventory of units will surely sell out quickly to investors seeking to take advantage of the Condo Hotel Investment “Boom” in the Philippines.

A major stumbling block for some Investors from the UK was the perception that purchasing property in the Philippines was risky with nightmare stories of fraud and deception abounding due to the lack of professional Realtors and internationally accepted principles’ of real estate transactions.

Another drawback to purchasing property in the Philippines was that most overseas buyers of the real estate have become accustomed to normal home buyers standards like putting their money in escrow (which protects them if the developer does not deliver on its commitments) whenever they buy real property.

Pacific Concord Properties Inc., now sets that “International Standard’ in the Philippines with the “Buy Safe Payment Policy” of Escrow Trust Account Banking with Equitable PCI Bank, one the Philippines largest Banks, for the purchase of a Condo Hotel unit in either the Lancaster Suites Manila, Lancaster Atrium Manila or Lancaster Cebu developments.

Buyers of Condo Hotel units at the Lancaster Suites Manila, Lancaster Atrium Manila and Lancaster Cebu Resort Residences in Cebu, pay their Reservations, down payments and all monthly payments directly to the Companies Trust Account with the Bank thereby ensuring that funds are maintained and ultimately used only for the purpose of direct construction related costs. This not only guarantees that the buyers money is safe, but more importantly the development will be completed on schedule and within projected time frames for the project.

Collingz highlights the importance of working with those experienced in this type of transaction. “Buying property in the Philippines is significantly different from buying in the UK and other European countries, for example,” said Collingz. “The purchase process is more direct, with less stress and more accountability; and we work directly with the buyer or collaboratively with the client’s agent or representatives. Our goal-and that of Pacific Concord Properties Inc – is to make the whole process as easy as possible. Prospective buyers can view properties online on our Web site and save listings they’re interested in an online portfolio.”

Communication is the key to the process, according to Collingz. “We spend a lot of time communicating with buyers before they visit, so that we all have a clear picture of the type of property that’s right for them. We also make travel arrangements and hotel accommodations and provide them with information in advance of their visit so they understand the process and their options. That way they can make the best use of their time here-and we can ensure they have time to get to know and enjoy the area.” In many cases, buyers arrive for a three to five-day visit and sign a sales agreement before heading home.

Philippine real estate, medical, social services, and employment agencies are now working together under the government’s Philippine Retirement Authority (PRA) to set up standards and make the retirement industry truly world class. Under the active direction of retired Philippine National Police chief, Gen. Edgar B. Aglipay, chairman of the Philippine Retirement Authority, plans have been put in place to ensure that the growing demand for housing and ancillary services for the retirees are met. The objective is to turn the country into the retirement haven in Asia.

http://www.pr-inside.com/philippine-real-estate-investment-and-r1558598.htm

On Monday, 4th District Court Judge Patrick Owen heard competing salvos from lawyers for homeowners and a lender group led by Zurich-based Credit Suisse Group.

Mexico-based Inmobiliaria Las Fuentes, S.A. de C.V. has offered the loan to reopen the ski resort and to protect unfinished buildings over the next 11 months, but made a deal contingent on being repaid before existing creditors, something Credit Suisse and others are fighting. Tamarack creditors are already owed upward of $300 million.

Without new funding, said Leonard De Los Prados, one of the homeowner group’s leaders, the resort 90 miles north of Boise could share the fate of Colorado’s Stagecoach Ski Area, a major resort undertaking abandoned in 1974 after high hopes of developers and vacation real-estate buyers collapsed. Today, little more than a few lift towers there remain.

“If this doesn’t get approved, Tamarack will be sold as salvage instead of as a resort,” predicted De Los Prados.

He’s the Beverly Hills, Calif., accountant for Alfredo Miguel, the Mexican-Lebanese businessman who the second-largest investor in Tamarack. Jean-Pierre Boespflug, a native of France who controls just over 50 percent of the resort.

The homeowner group said Miguel isn’t involved in the deal with Inmobiliaria Las Fuentes.

After hearing both sides, Owen said he’ll rule soon whether to let the homeowners intervene in the foreclosure case, which he’s scheduled for a trial next March.

But even if he does let them in, it’s no guarantee he’d also approve their plan for the Mexican firm’s loan, especially over objections of Credit Suisse.

“I’m not unsympathetic to the plight of these homeowners whose property values have been undoubtedly affected, not only by the general downturn in the entire economy of the country, but more specifically by the environment of the failed resort,” said Owen. “There’s just very little a court can do about those two overwhelming circumstances.”

Credit Suisse lawyer Randall Peterman contended Tamarack vacation homes aren’t part of the lenders’ foreclosure case, so homeowners should have no legal standing to formally enter the court fight.

“There’s no nexus between the real property being foreclosed on … and the property of the intervening parties,” Peterman said. “This organization has no skin in the game.”

The homeowners fear utilities will soon shut off power critical to heating Tamarack’s unfinished buildings, possibly accelerating decay as winter sets in. They point to damaged resort roofs, dismantled and dirty kitchen facilities, abandoned offices, snow cats parked haphazardly on the mountainside — all things dragging down their investments.

“Everyone who bought anything at Tamarack Resort and continues to own anything at Tamarack Resort has an interest in the entire development,” Steve Lord, their lawyer, told the judge of why the group should be allowed to intervene.

Hans Albert, a native of Hamburg, Germany and a homeowner who was in Owen’s courtroom Monday, said securing the judge’s blessing for Mexican real-estate loan would buy time to attract a new, longterm Tamarack investor who interested in running the resort, not plundering its assets.

“We realize this isn’t a permanent solution,” Albert said. “But in these times we’re in, one year could make a real difference.”

Copyright © 2009 The Associated Press. All rights reserved.

http://www.google.com/hostednews/ap/article/ALeqM5gAspALBLYLGd0IGuJHyqlfMHcoFAD9BETIKO0

http://www.realtor.org/IntUpdt.nsf/Pages/TheNextMiddleClass

 ”People are hunkering down, trying to hold on to what they have,” added Andy Beveridge, a demographer and sociology professor at Queens College in New York. “It’s a depression, recession mentality.”

Plus, a good portion of the population has reached the age where the charm of a new place is more than offset by the fetters of life and responsibilities. “A large share of the population is at the age where they’re settled,” Lang said. “The baby boomers have good jobs and most are not ready to retire.”

 Shunning the lands of sun and surf, perpetually booming Florida may actually have fewer people than in 2007.  During 2008, 2.8% of the Sunshine State’s population hadn’t lived there the year before, and the net domestic migration — the difference between Americans moving into a state and those moving out — was negative for the first time in recent history.

Nearly 10,000 more Americans fled the land of the Dolphins and the Devil Rays than moved in, according to the Census. That followed average gains of more than 200,000 a year from 2001 through 2006.

“It looks like the first time in recorded history that Florida lost population,” Beveridge said.

California also saw a decline in the number of people coming to partake of its sand and sea. A mere 1.3% of California residents moved in from out of state in 2008. That’s off from 1.4% in 2007.  For years, Americans have been fleeing the Golden State. The population kept growing only because of foreign immigration and births. All through the 2000s there has been a net loss in domestic migration, with 800,000 more Americans leaving than moving in during the three years ended in 2007. As it became more difficult to sell homes, that out-flow eased. That, combined with the newcomers, meant the population fell by only 144,000 in 2008.

The housing bust, and the harm it did to employment, seems to have pushed more people to leave bubble markets like California and Florida than have been drawn in by more affordable home prices.  ”The Florida economy is based on growth and home construction,” said Lang. With building projects dying on the vine, unemployment soared to 7.6% for the state in 2008. It’s now up to 10.7%.

 The same job problems plague many California cities, especially Central Valley towns like Stockton, Fresno and Merced. Construction-related job losses helped send state unemployment to 8.7% by December 2008 from 5.9% a year earlier. Today, some cities report breathtakingly high unemployment rates: 30.2% in El Centro; 17.6% in Merced; and 17.2% in Yuba City.

So, where are they moving?
So, if people aren’t heading for the good life in California and Florida, where are they going?

 D.C., Alaska and Wyoming. The nation’s capital saw 7.6% of its residents arrive in 2008; Alaska attracted 6% more people to the Last Frontier (up a full percent from 2007); and 5.2% more people wanted to be Wyoming cowboys.

To be fair, however, small populations in these places convert modest in-migration increases into large percentage gains. They’re each among the smallest states (or district) in the Union. That’s just the opposite of California and Florida where each percentage point represents hundreds of thousands of people.

Don’t mess with Texas
In terms of net migration — those moving in minus those leaving — Texas was the star performer in 2008, with the population growing by 140,000.

That meshes with what moving company Allied Van Lines experienced. “We moved more people here than anywhere in the U.S. in the last several years,” said David King, general manager of Berger Transfer and Storage in Houston, Texas, and Allied Van Lines’ largest booking and hauling agent.

 The moving company recorded 5,891 inbound shipments and 3,988 outbound shipments in 2008, a net gain of 1,903. That was just slightly lower than last year’s net gain of 2,041.

 That influx may be due to the state’s employment picture, which has remained rosier than most other places thanks to the energy industry and a welcoming business climate. Plus, home prices never cycled through a boom-bust period: They’ve remained affordable, which facilitates mobility.

In contrast, battered Michigan, with its housing and job woes, was the least-popular place to move to. The state experienced a net loss of 109,000 people, or 1.1%, in 2008, according to the Census. Allied said its outbound shipments totaled 2,388, more than double its inbound shipments of 1,181.

New York State lost even more people than Michigan — 126,000 people — but because it has a larger population to begin with, the percentage drop is just 0.7%, almost identical to New Jersey’s.

Moving Down the Block
The Census Bureau also reported that fewer residents were moving within their home states.

The percentage of people who lived in different homes within the same state dropped to 12.6% during 2008. It was 12.8% in 2007 and 13% in 2005, when housing markets were hopping.

The decline came despite a boost in the number of people forced to move. More than 860,000 delinquent mortgage borrowers lost homes to foreclosure in 2008, about three times as many as in 2005.

More Alaskans moved within the state during 2008 than any other place; 16.3% of them occupied a different house. That increased from 14.6% in 2007.

Oklahoma (15.8%), Nevada (15.7%) and Texas (15.2%) residents also moved around a lot.

 New Jersey residents, if they weren’t leaving the state altogether, stayed put: 8.2% of them moved within the state during 2008.

 There must be something about the Northeast: Only 9.1% of New Yorkers moved within the state, while Rhode Islanders and New Hampshire residents moved at a rate of 9.2%.

 First Published: September 25, 2009: 4:41 AM ET

 Percent of People 1 Year and Over Who Lived in a Different State
(Including Puerto Rico) 1 Year Ago
Rank State Percent
1 District of Columbia 7.6%
2 Alaska 6.0%
3 Wyoming 5.2%
4 Delaware 4.9%
5 Montana 4.7%
5 Nevada 4.7%
7 Hawaii 4.4%
8 Idaho 4.3%
9 North Dakota 4.2%
10 Colorado 4.0%
11 Arizona 3.8%
11 Utah 3.8%
13 Kansas 3.6%
13 New Hampshire 3.6%
13 North Carolina 3.6%
13 Vermont 3.6%
17 New Mexico 3.5%
17 Virginia 3.5%
19 Oklahoma 3.4%
19 South Carolina 3.4%
21 Oregon 3.2%
21 Washington 3.2%
23 Arkansas 3.1%
24 Georgia 3.0%
24 South Dakota 3.0%
24 West Virginia 3.0%
27 Maryland 2.9%
27 Nebraska 2.9%
27 Rhode Island 2.9%
27 Tennessee 2.9%
31 Florida 2.8%
32 Iowa 2.7%
32 Missouri 2.7%
34 Alabama 2.6%
34 Indiana 2.6%
34 Kentucky 2.6%
34 Louisiana 2.6%
34 Maine 2.6%
39 Mississippi 2.5%

United States 2.4%
40 Connecticut 2.4%
40 Massachusetts 2.4%
42 Texas 2.3%
43 Pennsylvania 2.0%
44 Minnesota 1.9%
44 Wisconsin 1.9%
46 Illinois 1.8%
47 New Jersey 1.7%
48 Ohio 1.6%
49 New York 1.4%
50 California 1.3%
50 Michigan 1.3%

 Source: American Community Survey from the U.S. Census Bureau. 

Although every market is unique they share similar demographic, economic, and migration fundamentals. Consequently, some trends repeat themselves around the country to varying degrees. Foreclosures are having a substantial impact in some markets, while unemployment is the primary concern in other locations. This article highlights some of the broader patterns that are making an impact on regional housing markets.

http://www.realtor.org/research/reinsights/infocus

Friday, August 28, 2009
ASPEN — Despite an “astounding” number of properties for sale in Aspen, summer real estate activity has been encouraging, according to one local broker.

From June 1 through this week, sales have roughly kept pace with last summer’s numbers, according to Carol Hood of Mason & Morse Real Estate.

“When I compare it to last year, it seems like we’re in line with last year’s sales,” she said.

READ MORE:   http://www.aspentimes.com/article/20090828/NEWS/908289998/1058

Date: 8-6-09 – For Immediate Release

Contact: Kevin Lawlor, 202 225 5311

Entrepreneurs don’t retire, they just find a new project.

Over the past decade, baby boomers produced a high rate of entrepreneurial activity, and Dan Stangler, senior analyst at the Kauffman Foundation, says the number of baby boomers starting a business in their traditional retirement years is likely to increase.

In response to that analysis, U.S. News & World Report identified 10 places that it says are the best places for an entrepreneurial baby boomer to retire. It picked the areas because they have an affordable cost of living, proximity to healthcare, fun recreational amenities, and access to information, particularly colleges and university with technology-focused departments.

Here are their 10 best suggestions:

1. Arlington, Va.
2. Columbia, Md.
3. Fargo, N.D.
4. Fayetteville, Ark.
5. Fort Collins, Colo.
6. Knoxville, Tenn.
7. Lincoln, Neb.
8. Madison, Wis.
9. Round Rock, Tex.
10. West Des Moines, Iowa

Source: U.S. News & World Report, Emily Brandon (06/29/2009)