Consult brokers, developers told-A A +A
Thursday, September 12, 2013
REAL estate developers planning to projects in Cebu are advised to consult Cebu-based brokers first to avoid “unsuccessful” projects, a broker said in an interview Monday.
Anthony Gerard Leuterio, founder and president of Leuterio Realty and Brokerage, said it is vital for developers, especially those who are not from Cebu, to consult brokers who know the state of Cebu’s resources and its market as this will help them succeed in their operations.
Even if many developers have succeeded in Cebu, Leuterio said there are also a number of them that have failed and were unable to sell a big percentage of their properties.
Leuterio said some property developers set a very high price for units, starting with P4 million, without having a solid background of who their market is.
He said it is only when problems arise that they consult brokers.
Leuterio said developers should not just consult “individual brokers” but also “network brokers” or those who belong to a group who does research and development in their operations and share insights on the industry.
Leuterio said developers should not concentrate their developments in the city as this will cause more problems in the future such as the worsening road traffic conditions in major cities in Cebu and the possibility of experiencing a shortage in water and
Leuterio said developers should consider developments in the South.
Architect Jun Palafox, founder of architectural and urban planning firm Palafox Associates, also addressed this during a forum organized by the Metro Cebu Development and Coordinating Board.
Palafox said he sees a big potential of going south with land values in the north getting high.
Published in the Sun.Star Cebu newspaper on September 13, 2013.