FAYE BANOGON, DANIELLE LIM, JEFFERSON ONG, LYSANDRA TAN, ABIGAIL VILLAFUERTE, RENSON YU FIN 103 JTA B I.

Overview of the Real Estate Market ( FAYE BANOGON ) A. What is a Real Estate Market? The Real Estate Market is a market wherein land, and any other thing permanently fixed to it, is sold, bought or rented out to owners, investors and developers (Real Estate Definition). The Real Estate Market is not limited to residential living, it also includes fixed and permanent properties used for commercial and industrial purposes. Moreover, as the real estate market covers not only immovable properties attached to the land, but also the land itself, it includes all the natural resources and fruits that come with the land. Participants in the market include the following (Real Estate Market): 1. Owner a. General Owner/Investor General Owners/Investors are those who own the property but do not use or consume it. This includes those who rent out apartments but live in another area or vicinity and those who own condominium units but have it rented out to renters. Imagine an uncle of yours owning a unit in one of the condominiums in Serendra, and you begin to realize that he is not the one living there. Basically, general owners/investors buy properties and use them for profit. b. Owner/User An Owner/User is one who owns the property and at the same time, uses it, or are tenants of the property. The best example of an owner/user is one who owns a house and lives in it. 2. Renter Renters are those who consume the property and pay rent to the owner/investor on a regular basis. Renters are usually subject to terms put up by the owner/investor. 3. Builders Builders are those who buy raw lands and develop it through building residential properties, commercial buildings and other immovable properties.

Now, imagine a Chinese friend of yours, as business-minded as ever, buying a lot because according to him, the land is a good business investment. 4. Renovators Renovators are those who acquire real estate properties, renovate them and resell them in the market.

B. Forms of Real Estate Property 1. Residential Residential Properties include immovable property used for housing or residential purposes. This includes homes, condominiums, apartments and other properties used for similar purposes. The rise of Residential Real Estate Market is correlated to the population growth of a locality. As residential properties are a big chunk of the Real Estate Market, most studies on the Real Estate Market focus on residential properties and its development in different countries. Forbes released a list just this year entitled, The Hottest Real Estate Market on Earth (Rapoza), and listed Hong Kong as the best real estate market. This is due to the fact that, in 2012, the housing prices rose up by 23.6% showing immense growth in their real estate market. Dubai came in second with 19% growth in housing prices. The real estate markets of both countries are booming because of the rise of luxury condominium units situated in high-end or higly urbanized locations. The study mainly focuses on the housing or residential side of the real estate market as it is the biggest component of the market thus, driving it to growth as a whole. Moreover, 7 out of 10 of those in the list are in Asia. This is due to the continents overall economic growth. This purports the population of the continent to focus their investments to the real estate market as residential properties are a sure investments considering that housing is part of everyones basic needs. Another study also reveals that Dubai is the worlds top performing rental market as rents in the country rose by 18.3% in 2012. This reveals that the real estate market of Dubai is mainly composed of residential properties rented out to people. As globalization and migration become prevalent, more and more people just rent in prime locations rather than buy properties. The rise in global mobility means that there is a bigger chance for one to move from one country to another

thus renting a property is optimal. Because Dubai is an expensive country with a prime location and a booming economy, more business people move to the country to look for opportunities but as economic growth is seen in different parts of the world, global mobility is considered by investors thus renting properties becomes the popular option. (Deulgaonkar) 2. Commercial Commercial properties refer to immovable properties solely used for business purposes. This includes your favorite Ayala malls, office buildings, retail stores, shopping outlets, convenience stores and even gas stations. More often than not, investors own the commercial property and have it leased or rented out to interested parties. This is also usually the case for malls like SM and Robinsons wherein businesses only rent the space and do not own it (Commercial Real Estate...). Unlike residential properties, income on commercial properties is dependent on usable square footage. This means that investors get bigger cash flow with the commercial properties. (7 Steps...) As a result of the credit crisis in 2008, commercial property values dropped by 10.6% (7 Steps...). However, as of 2013, investors have spent a great deal on commercial properties because of the low interest rates. The low interest rates coupled with the appreciating cash flow collected from renters are also very attractive to investors (Look to Commercial Real Estate...). Another study on commercial real estate shows that real estate transactions continue to increase with 53% of those who participated in the study saying that they had more real estate transaction in 2012 compared to 2011. (Bentley Forbes...) 3. Industrial Industrial Real Estate Properties are properties solely used for manufacturing, warehousing, research and development, distribution or

production processes (Woychuk). Industrial properties include economic zones operated by the Philippine Economic Zone Authorities, as well as factories and distribution centers of businesses. Industrial Properties are usually tied up with a main branch of a certain business which is involved in manufacturing a certain product. This happens in the case of companies which need a property to conduct their manufacturing and warehousing processes thus creating a need to buy or develop an industrial property.

4. Mixed-Use Developments Mixed-use developments are all of the above, combined. It integrates two or all types of real estate properties in one suburban development, or even one building (Thrall). It utilizes all types of real estate properties and condenses them in a single property. Studies show that there is a preference for urban walkable communities. This pushes investors and developers to convert properties and meet the demand for communities, which can cater to more people rather than limit the property for single-use (Fields). Mixed-use developments encourage the use of bicycles and walking as everything is just in one place; thus, reducing the need to use cars. This brilliant hybrid may be the solution to the scarcity of land in urbanized places. The rise of mixed-used developments have been prevalent in the world as people continue to patronize venues which requires lesser travel time and lesser energy consumption. The conversion of malls to mixed-use developments is also prevalent and can be seen in the country through SMDC and the rise of BPOs. Business Process Outsourcing Companies usually rent building space and as the rise of employees created certain demands, food establishments are now introduced usually to the first few floors of the building. In the case of SM, they first created malls and when the opportunity and demand rose, they created condominiums near or connected to their malls. The best example of mixed use development on the Philippines would be the Bonifacio Global City wherein it combines residential buildings and offices in one area or vicinity.

C. Instruments 1. Deed of Trust A Deed of Trust or Trust Deed is a legal document which facilitates a structure of real estate transactions. The title to the property will be held in trust until it is paid off. Basically, the instrument serves as a security for a loan. (Trust Deed Definition) A Deed of Trust includes three parties: a trustor, a trustee and a beneficiary. The legal title is transferred to the trustee by the trustor. The trustee then holds the title as a security for the loan between the trustor and the beneficiary. In case of default, the trustee, through the Deed of Trust, has the

power to sell the property and, in turn, pay the lender to pay off the debt. The said power to sell the property by the trustee is called foreclosure by power of sale. (Deed of Trust) 2. Mortgage and Notes Investopedia defines Mortgage as, A debt instrument that is secured by the collateral of specified real estate property and that the borrower is obliged to pay back with a predetermined set of payments. A mortgage has two parties the mortgagor or the debtor and the mortgagee or the lender. A mortgagor pledges his/her property to the mortgagee for a certain sum of money. If the debt is not paid off by the mortgagor, the mortgagee would get the title to the property and gain rights over it. In the Real Estate Market, the mortgagee is usually a bank which provides a loan to an individual mortgagor. The mortgagor gets the loan from the bank and at the same time pledges his property as a security for the loan he has acquired. Once the loan is paid off by the mortgagor then the bank sets the mortgaged property free. In case the mortgagor fails to pay the loan, the bank will gain the right to foreclose or use the property to pay off the debt. 3. Interest a. Fixed Interest Rate Fixed Interest Rate is the rate which remains fixed for the entire term of a mortgage or a loan of a property. Once a buyer acquires a real estate property at a fixed interest rate, then he is secured that no fluctuations regarding the rate will occur he is also free of all the risks that come with economic overturns. (Fixed Interest Rate Definition) This type of interest rate usually attracts and encourages buyers to acquire real estate properties for longer terms. However, if certain externalities make market rates better, the fixed interest rate would remain and the buyer would have no choice but to follow the interest rate until the end of the term, trapping them in the end. b. Floating Interest Rate Floating Interest Rate or Variable Interest Rate is the rate which moves according to the market rates. If market rates go up or down, Floating Interest Rates would just follow the trend and it would just be spread above or under the market rate. Unlike the Fixed Interest Rate,

the Floating Interest Rate does not remain for the whole of the term as it is dependent on the market rates or industry index, which, in turn, are subject to externalities. (Floating Interest Rate Definition) Floating Interest Rate can be beneficial to buyers if the market rates or industry index are good. However, once the industry goes down and market rates fluctuate, then the buyer will be hit and would be subjected to a rate similar to the market rate. This type of interest is attractive to buyers who will invest for a shorter period of time especially if economic conditions are good.

II. Local Real Estate Industry ( LYSANDRA TAN ) A. Philippine Real Estate Market 1. Economy A round of applause for the Philippines because its economy is doing extremely well for the first quarter of 2013. The economy achieved a growth of 9.8% compared to the last quarter of 2012; as well as, an increase in GDP of 6.6%. (1Q13) The growth of GDP tells us that there are more investments in the Philippines as there are more activities and projects done in the Philippines compared to before. Colliers International believes that the BBB investment rate given by Fitch (which is the highest that the Philippines has gotten) could be improved on given more time (1Q13). Real estate appears to be the main channel for investment in the country that helped push the countrys economy, given the multiple projects being constantly churned out at the moment. Another push for the economic growth is the remittances given by the Overseas Filipino Workers (OFW), these remittances bolster domestic consumption thus pushing forward the economy. (4Q12) 2. Office The office sector of the real estate industry has been experiencing major growth due to the continued growing strength of the Business Process Outsourcing (BPO) Industry and the Outsourcing and Offshoring (O&O) Industry. (4Q12)

The BPO industry experienced an 18% growth in the first quarter of 2013 and is predicted to grow to a 25 billion US dollar industry by 2016. At present, the BPO industry is worth around 13 billion US dollars. (1Q13) These two industries drive other countries to invest in the Philippines, which lead to sustainable demand from these industries and drops in the vacancy rates with regards to offices, especially in Makati CBD (1Q13). Another trend is of the increasing rental charges due to the landlords confidence, which leads to their increase in pricing power and higher rental charges. (4Q12)(1Q13) There is a trend in increasing the supply of office spaces for 2013. Nearly half of the new inventory for the first quarter of 2013 was developed in the Fort Bonifacio area to suit the demands of the BPO and O&O Industry. (1Q13) 3. Residential The residential sector has also been doing exceedingly well for the first quarter for 2013. There was an increased demand in the premium segment for premium condominiums which led to a continue growth of 1.6% (4Q12). There are currently 18 new condominium projects ongoing for 2013. A notable trend is the decrease in the residential vacancy rate in Makati CBD. (1Q13) This means that there are more and more people investing in residential property. A trend with regards to the Residential escorts is the creation of units which are simpler, studio or one-bedroom condo but expatriates continue to prefer a unit with 3-4 bedrooms. (1Q13). There continues to be a high demand for leasable properties in Rockwell, Makati and Bonifacio Global City but expatriates appears to be changing their preferred destination to the Pasay-Manila area, especially those expatriates particularly engaged with the Pagcor Entertainment City. (1Q13) 4. Hotel and Leisure The hotel and leisure industry also received some growth due to the constant development of new hotels or the improvement of old hotels. The development of the hotel and leisure industry is based on the Governments forecast that 2013 will bring great tourist arrivals, which this sector is trying to address. These has been a 30% increase in terms of hotel rooms supplies though the tourism growth remained positive due to the 4.2 million visitors arrival. (4Q12)

5. Industrial The industrial sector of the real estate industry is also improving over time. Colliers International noted a slight increase in the average land leasehold rate (4Q12). Global business confidence is slowly coming back, especially in the USA and Europe, where they have started to recover from their poor economy in the past. The improvement of their economies, lead these countries to increase their demand for export products. (4Q12)(1Q13) Another driver for the progression of the industrial corporation is Japanese firms expressing their interest of relocating to the Philippines. Some firms have already started developing in the Philippines. There is also minor expansions happening in Batangas, Laguna and Cavite. (1Q13). These investments from other countries drive the industrial real estate industry to progress further and improve.

B. Major Players in the Market 1. Ayala Land, Inc. Ayala Land can be considered to be the largest real estate developers in the Philippines based on its nine billion peso net income in 2012 . Incorporated in 1988, Ayala Land Inc has since diversified into different real estate projects. It is currently developing projects for residential, commercial and industrial spaces, mall and hotel operations, construction, as well as, property management services. (Histroy & Heritage) Ayala Land Inc specializes in the sales of residential and industrial land, as well as, leasing of shopping centers and office spaces. It is from these two activities that Ayala Land Inc takes 62% of its revenue. (History & Heritage) One of Ayala Lands projects for 2013 is in collaboration with the Philippines Racing Club Inc. to convert the Sta. Ana racetrack into an entertainment hub in Makati aiming to become an interactive entertainment venue targeting families. Ayala Land also plans to convert the Food Terminal Inc. in Taguig into an Information Technology (IT) Park that targets the business district. (The Builders) Ayala Land Inc.s ever-so-effective strategies is to create different brands to target all classes of people. For example, they originally were known for highend developments like the Garden Towers in the Ayala Center; the also have

brands targeting middle to upper markets like Alveo Land. They have also ventured into brands that target the mass markets like Avida and Amaia Land. (The Builders) As mentioned earlier, Ayala Land Inc. also leases office spaces such as Vertex One in Manila, UP-Ayala Land Technohub on Commonwealth Avenue, One Evotech Nuvali in Laguna and Solaris One in Makati. These office buildings cater to IT and BPO companies. (The Builders) Part of Ayala Land Inc.s leisure projects includes Raffles Residence and Fairmount Hotel in the Ayala Center as well as the Seda Hotels in BGC, Davao, Nuvali and Cagayan de Oro. (The Builders) 2. SM Land, Inc. SM decided to venture into real estate development because of it already had experience in buying land for its malls, which gave birth to SM Land Inc. SM Land Inc focuses on residential development but also dabbles into the development commercial and leisure properties. (SM Land) SM Land Inc.'s residential arm is listed as SMDC which focus on creating "affordable, yet luxury homes;" their residential properties often include five-star amenities and are strategically located near schools, malls, transport hubs and other commercial institutions which make them attractive to the buyer. One of their strategies is to focus on targeting the premium middle market by creating high rise condos but they also plan to create more medium-rise projects to target overseas homebuyers. SMDC posted a net profit of three point three billion pesos (Php 3.3 B) in the third quarter of 2012 (SM Land) (The Builders) SM Land Inc's commercial projects include developing various office buildings around the Mall of Asia Complex, as well as in key cities to promote the growth of the business process outsourcing (BPO) industry. The BPO industry is currently one of the drivers for the improvement of the Philippine economy and is growing at a steady pace. (The Builders) SM Land Inc also developed an eco-tourism and leisure project in Nasugbu, Batangas called Hamilo Coast. This leisure resort includes SM Land Inc.'s signature five star amenities like the beach and country club, sports facilities, restaurants and even a ferry service. This resort is merely an addition to SM Land's other leisure properties like the Taal Vista Hotel in Tagaytay, the

Radisson Blue Hotel in Cebu and the Radisson Hotel in Manila Bay, among others. (The Builders) 3. Megaworld Corporation Megaworld Corp. is recognized internationally as the country's top residential condominium developer by The Colliers International and CB Richard Ellis. Megaworld Corp focuses mainly on residential properties and has developed around 200 buildings since 2005, though their portfolio also includes developments in hotels, resorts and leisure projects. (Projects Launched) The strategy that makes Megaworld Corp unique is their incorporation of mixed-use developments into their projects by combining different kinds of real estate projects, such as residential with entertainment or office. (The Builders) One of Megaworld's main and notable projects is the Eastwood Cyberpark. Megaworld Corp. employed a mixed-use development strategy for this project by combining residential condo towers, malls and the cyberpark in close parameters for one project. The project targets the demand of BPO firms and has turned the Libis area into an emerging business district. (The Builders) Other notable projects under the Megaworld Corporation include the development of the breathtaking McKinley Hills and Forbes Town Center in Taguig which cater to the higher end markets as well as other international buyers. McKinley Hill also houses multiple office buildings and a small mall, which further promotes the emerging business district in the area. (The Builders) Although Megaworld Corp focuses on luxury real estate developments, it also has subsidiaries (Empire East Land Holdings and Suntrust Properties) that cater to the low to middle-income sector. Examples of these projects are the Suntrust Capitol Plaza in Diliman. (The Builders) 4. Robinsons Land Corporation Robinsons Land Corp was named as the best-managed company in Asia by Euromoney Magazine based on a real estate poll in 2012 of 130 equity analysts in the Asia Pacific region. They reported revenue of Php 10.56 billion for the first half of 2012. (The Builders) Robinsons Land Corp. appeared to have focused their strategy on projects with recurring income bases, such as shopping malls, hotels and office

developments. Part of that strategy was to promote public services in their establishments like opening offices for NBI Clearance or passports in their malls so as to increase foot traffic. Government agencies like NBI, SSS, GSIS, PhilHealth, Pag-Ibig, DFA, LTO, LRA, and DOT currently have satellite offices present in different Robinsons Malls for convenience. Profits coming from these recurring income based projects make up around 81% of the total revenue. (The Builders) Robinsons Land Corp also decided to open another hotel branch (Go Hotel) in Puerto Princesa, Tacloban, and Bacolod due to the success of the pilot Go Hotel in Mandaluyong City. Robinsons Land Corp. aims to own an extensive chain of budget hotels. At present, Robinsons Land Corp has hotels managed by the International Hotel Group, such as Crowne Plaza Galleria, Inn Galleria Manila and the Summit Circle Hotel in Cebu and Tagaytay. (The Builders) To address to BPO boom, Robinsons Land Corp plans to expand into more office spaces. Currently, Robinsons Land Corp dominates the Ortigas Business District with its multiple office development projects (such as the Robinsons Equitable Tower and the Galleria Corporate Center) (The Builders) With regard to the residential projects that Robinsons Land Corp holds, they have 4 different brands (Robinsons Luxuria, Robinsons Residences, Robinsons Communitites and Robinsons Homes) to cater to different target markets. (The Builders) III. Risk and Return ( RENSON YU ) A. How to Lower Risk In the real estate market, these are the measures that may be taken to lower risk: Location. You can lower risk when investing in real estate by looking for areas that have low cost of living, low cost of housing, and low average rental price. In other words, the entry cost must be low and the monthly cash flow is high. However, factors of risk like consistent move-outs, high costs of repair, etc. are still present so it does not mean that when an investor finds a location that has low cost, the risk is already automatically low. (Real Estate Investing) Base the Purchase Price on Historical Performance. Another way for an investor to lower risk in real estate investing is to study the propertys historical financial performance. The investor must get at least the previous years income and expenses.

By doing this, you can be assured that you are not overpaying for the property. The investor should do this instead of basing the purchase price solely on the brokers financials of the property. (Cullor) Perform Thorough Due Diligence. An investor can reduce risk by thoroughly inspecting the property both physically and financially. The investor must hire professionals when necessary to inspect the property to get through and audit every lease, bank statement, bill, and any other financial information that may be relevant. Other than financial inspecting, the investor should also do a physical inspection of the property itself to find out if there are damages that need to be repaired or other relevant information regarding the physical condition of the property. Doing a thorough inspection might seem like a big burden and hassle but it will definitely reduce the potential surprises that you will eventually face; thus, reducing the risk. (Cullor) The AVP for Asset Management Operations Group of Philippine National Bank, Mr. Adalzon Banogon, suggests that you should enter into a joint venture with a wellestablished, track record positive construction company to share the capital burden and ensure quality of projects (Banogon).

B. How to Maximize Return In order to maximize returns, investors should understand and assess the numbers and financials associated with the investment deal. You can renovate and improve the existing property to make it more attractive to lessors. To ensure optimum capital gains, you should find a property that is well-located; and the deal should be made at the right time - in other words, matching with the prevalent market sentiments. The investor should also keep in mind the local economic conditions and infrastructural developments since these are the main factors that influence on real estate investment. Therefore, having a good knowledge about this can give the investor an advantage and he will be able to use this information to get good returns on the investment. Lastly, you should maximize cash flows since generally and usually, the higher the cash flows, the higher the expected return. (Sharma) C. Debt and Equity Structure

With regard to debt-equity structure, your choice of whether to use equity or debt to invest depends on how much risk the investor is willing to take. Investing in equity is riskier but it generally yields more reward. (Woychuk) When investing in debt, it is like the investor is lending money to the owner of the property or the buyer of real estate. The investor earns money by receiving interest from the borrower. At the end of the term of the loan, you get back the balance of the principal, just like how bonds work. (Woychuk) When investing in equity on the other hand, you are most likely to be the owner of the property. When the propertys value increases, you will earn a lot of money. But when something goes wrong, like when you lose tenants and you are not able to pay your mortgage payment, the mortgagee may make you forfeit your equity position to satisfy their security. Investing in equity is like owning common stock of a certain company. (Woychuk) IV. Real Estate Bubble ( DANIELLE LIM ) A. What is a Real Estate Bubble? A real estate bubble occurs when there is a rapid increase in housing prices due to the increase in demand and the assumption that current market trends will continue in the future, without taking into consideration the long-term rates of price appreciation and mean reversion. Mean reversion would refer to situations in which markets that experience rapid price increases or decreases will eventually fall back to a point where their long-term average rates specify they should be. In a real estate bubble, properties are not fairly valued. Prices do not rise gradually with the rate of inflation or the rise in average income. Instead, they rise to unforeseeable heights until they reach unsustainable levels and eventually decline. (Why Housing Market Bubbles Pop) Real estate bubbles generally begin with an increase in demand despite limited supply. People start investing in the market believing that short-term buying and selling can raise profit. However, there comes a point in time when demand stagnates or drops but supply continues to increase. When this problem is not addressed, the bubble bursts. Prices tumble, causing the eventual collapse of Bubble) the real estate market. (Housing

B. Causes of A Real Estate Bubble The driving force that causes a real estate bubble is the relationship between supply and demand. In the real estate market, there may come a time wherein there is an increase in the demand for properties but there is limited supply. The limited supply is mainly due to the fact that it takes awhile to build houses, buildings, condominiums, and other forms of real estate properties. A long-term increase in demand eventually pushes the prices up to above average rates. (Why Housing Market Bubbles Pop) The next question now is what causes the increase in demand? The most obvious answer would be the possible increase in economic prosperity in the country (Why Housing Market Bubbles Pop). If the economy is doing well and most of the population is employed, people generally would have more money to spend. Since they have more money, they may allot some for the investments in certain properties that they believe will allow them to earn even more income. Another factor that could lead to the increase in the demand is the increase in the population (Why Housing Market Bubbles Pop). Increase in population would mean more possible consumers interested in the real estate market. With the increase in real estate property prices, there is a general low level of interest rates (Why Housing Market Bubbles Pop). This increases demand because it makes the property more affordable. The lower interest rates encourages people to take on more risky debts that may seem manageable at the present but will eventually work to their disadvantage in the future. Another factor that may lead to the increase in demand is the general easy access to credit. This is possibly due to the lowering of credit underwriting standards which attracts more consumers into the market (Why Housing Market Bubbles Pop). Different mortgage packages may also lead to the increase in the demand of real estate properties. Mortgage bonds that promise high yields and more credit and mortgage products with low initial monthly payments appeal to the consumers and encourage them to invest in the real estate market. There are also instances wherein mortgage lenders misprice risk, creating more credit for debtors. Short-term relationships between the broker and borrower also encourage the latter to accumulate even more risks (Why Housing Market Bubbles Pop). Generally, all these make it seem like real estate properties are affordable which, in turn, encourage the buyers to start investing or buying on credit.

Lastly, what really contributes to the occurrence of a real estate bubble is the idea of speculations. Both the sellers and the buyers make a mistake with regard to forecasting the future trends. Sellers drive their prices up to unsustainable standards just because of the increase in demand. On the other hand, buyers keep relying on risky credits in order to invest in supposedly affordable property. Eventually the reliance on risk leads to losses. The losses cause the decrease in demand. On the part of the seller, since there was originally an increase in demand, they have strived to increase supply. However, due to the losses incurred by the investors, demand suddenly decreased, which leads to a surplus of properties that are not being sold. This eventually results to the decrease in prices and the bursting of the real estate bubble.

C. Forces that Cause the Bubble to Burst As was mentioned already, taking on more risks eventually leads to the collapse of the real estate market and the bursting of the bubble. The sellers experience losses since no one is buying their properties. Buyers incur their own losses since they invested too much on credit. The question now is what factors trigger the sudden losses experienced by the consumers that become detrimental to the very state of the general real estate market? One factor that may suddenly drive down purchasing power is the general economic downturn (Why Housing Market Bubbles Pop) Unemployment rates may be rising which means less people have jobs. Since less people have jobs, they no longer have enough money to spend on more expensive properties. They cannot even repay their debts. This decreases demand for properties but increase the available supply, which is actually not a good sign for the producers. Another factor that leads to the sudden losses is the exhaustion of demand. Eventually supply and demand reach an equilibrium, slowing the rapid increase in prices. This increase in prices was originally what the buyers depended on to make their purchases affordable. When prices suddenly stop rising, those who rely on the price appreciation suddenly lose their investment, once again, increasing the supply of property. (Why Housing Market Bubbles Pop) Lastly, the sudden increase in interest rates and tightening of credit standards would also affect the consumers purchasing power. The reasons why buyers were originally willing to invest on the real estate properties were because of the lower interest rates and lenient credit standards. Increasing the rates and tightening the credit

standards would make the properties suddenly unaffordable to others. Hence, this decreases demand and increases supply. (Why Housing Market Bubbles Pop) In a nutshell, when the aforementioned factors suddenly occur, losses may be incurred on the part of the buyer. This takes away their ability to purchase the property. Demand decreases. Supply increases. The buyers leave the market. The properties decrease in value. Prices drop. The real estate market collapses. Recession occurs.

D. Effects of A Real Estate Bubble To The Consumer Generally, people should only allot about 25% of their income for housing expenses. When people invest too much on housing, they are often forced to rely on credit to pay the real estate property and for their other expenses. In the beginning, they may believe that they have a stable financial status since their investment is appreciating in terms of value. However, the truth is that they are actually being charged large interest rates. More often than not, payment is long-term so people do not realize that they are paying large amounts since they only pay a small portion every year. (Real Estate Bubble or Boom?) Eventually, when things take a turn downhill like the sudden increase in interest rates or an economic recession, those people who invested on credit can no longer afford the properties they have been paying for on installments. Their credit for many years end up becoming ruined. They end up incurring more losses than the actual value of the property they invested in. Those who already had the property in their possession are forced to give it up because they can no longer pay for the mortgage. (Real Estate Bubble or Boom?)

E. Avoiding A Real Estate Bubble In order to protect yourself from suffering the consequences of a real estate bubble, below are things to take note of when you want to invest in the real estate market. Some of the information below are derived from Deborah Fowless article entitled, Real Estate Bubble or Boom? DO NOT OVERDO THINGS. You have to know your limits. Invest only in what you can afford. As much as possible, go for ordinary mortgages wherein you have the principal and interest payments at a fixed interest rate.

LIMIT YOUR HOUSING COSTS. Ideally, the amount of money you should spend on your housing expenses should be limited to 25% of your income. A little more would not hurt. However, it should not go overboard. You have to remember that you have other things to spend for aside from housing.

DO NOT ASSUME. RESEARCH. Do not assume that your property will rapidly appreciate in the next couple of years. Anything can happen. The problem with most people is that they speculate without doing actual research. There is nothing wrong with seeking the advice of mortgage professionals but it would be better to do your own research as well. Keep in mind also that the economic conditions in the country may change any time. No one really has any control over it so everyone must be prepared for whatever circumstances may occur in the future. THINK LONG-TERM. When it comes to finance, you should not only consider what may happen a week, a month, or a year from now. You should be able to think of what may occur, for example, in the next five years. Do not choose a home because you think its price will appreciate quickly. Choose a home because you think it will actually last long despite the changes in the economy.

IV. Land, Sea, and Air Real Estate ( JEFF ONG ) Land real estate, apparently, has two sisters: sea and air real estate. As surprising as it may be, these two fancy types of real estate are apparently just as important as the former. Starting off with air real estate, you should be familiar with the theory that the space above your property should be limitless and unending. With all your common sense, you might ask, But dont we only benefit from a few stories of space above my house? There are two common types of air real estate: one is the literal space above your property, and the second is the space or air where planes fly around. Unfortunately, the latter forces civilians to waive their rights over this real estate. So, unless you are a VIP, you can never invest on it. You have to remember though that space is limitless, vertically, so no matter how high the plane is, if our rights are not waived, we technically have rights of it. The concept is applicable to the military air force trainings of different countries. Some countries need to go beyond their air space for their military training. Once they do pass their air space or air real estate, they would already be renting the air space they are using. Each country has its own boundaries on air too. You should

not underestimate air real estate because although it is often new or unnoticed, you can also earn a whole lot from your air real estate.

The picture above practically screams the entire concept of air real estate. Imagine that Mr. Parlan owns the small brown building on the right corner of the photo and is benefiting from his air real estate. The tall building beside it has a portion directly above the brown building. As mentioned, air real estate is literally the space above your property. In this case, the tall building has to pay rent to the brown building because of his air real estate. This kind of setting is more common in metropolitan places such as New York where this photo was taken. Now you realize that you can actually earn from air real estate. Compared to the other two, creativity is needed in order to benefit from air real estate(Home Buying Hub). Sea real estate, on the other hand, is actually more similar to land real estate compared to air real estate. The concept is the same in such that there are also boundaries in the sea. The difference would be on the purpose of the real estate. In land real estate, houses and commercial areas are built; but in sea real estate, the space is used for fishing, studies, and discovering new things. Although people have started to build houses on sea, it is limited. V. Whats in it for you? ( JEFF ONG AND ABIGAIL VILLAFUERTE ) A. Buying a House or a Condominium In the Philippines, individual houses and condominiums are the two most common forms of housing. According to the 2008 National Statistics Office Annual Poverty Index Survey, 93% of Filipinos live in houses while residential condominiums

come in second with almost 4%. The remaining question is this: Which of the two is a better option, considering the Philippine setting? In the next paragraphs, the benefits of both housing options and its major differences will be discussed. It should help you in deciding whether or not you should invest and buy a house or a condominium. One of the factors you have to consider is your civil status. Are you single or married? If you are single and marrying is still not yet part of your plan, buying a condominium might be better and more practical for you. One of the advantages of having a house is its big space, but if you are living alone and having a family is not yet part of your future, you would not be able to maximize the size of the house as well. You will also have common areas such as hallways, elevators, swimming pools, gym, and a good-looking lobby where you can build and foster this community. On the other hand, if you have a family or you plan to have a family, having a house might be a better option for you. The greatest advantage of having a house is the freedom and control you have over your own property. You have freedom in everything legal when you have a house unlike when you own a condominium, you might be restricted with the rules inside the condominium. After all is said, location still remains to be the greatest factor when it comes to choosing your residence. Houses are everywhere, unlike condominiums, which have a specific location. Condominiums are normally seen near offices, malls, schools or busy areas. If you are working in one of the busy areas in Manila like Ortigas, Makati, and recently Fort Bonifacio, you might consider looking into nearby condominiums. This will make it easier for you to go to work by escaping the horrible traffic going to work and the long ride home. Another benefit in living in a busy area would be everything will be accessible. A mall might be in walking distance when you live in a condominium in a busy area. Most of the condominiums use the nearest mall as their selling point. Condominiums around Serendra and The Fort use the close proximity of the two as their main selling point since it makes everything accessible. The One Shangri-la in Ortigas is actually right beside the Shangri-la mall and it has an access from the condominium to the mall as if the mall is part and an extension of your house. The next factor involves your very own sophisticated taste and classy preference. Together with lifestyle, your very own personality should also be considered. Are you the kind of person who likes a relaxed-paced lifestyle or are you the type who does not waste a minute? Houses are more suited for slower lifestyles. Condominiums are built for faster-paced lifestyles. Their easy access to different locations is a great benefit for

fast paced people. The small space they have like kitchens show that they do not use the kitchen that much and prefer eating take outs or eating out. Lastly, you have to look at your financial capacity. This will also help us transition later on in comparing the two as investments and not as personal residences. Houses are generally more expensive than condominiums. One of the reasons of this would be in houses, you do not only buy the house, but you also buy the lot. You can look at this better by comparing houses and high rise condominiums. In a same space, the price of the lot will only be divided into one in houses, unlike in high rises the same price will be divided into many houses. Houses are also generally bigger than condominiums. You have to consider the space being occupied by backyards, gardens, parking lots which we all see in a house and not in a individual condominium. It is also more expensive in maintaining a house compared to a condominium. Your pipes, wires are all made and built under your supervision unlike in condominium where experts and engineers were the one who designed the systems of the building. But then again, in a house, you have ultimate freedom, as long as it is legal, to do whatever you want. At the end of the day, buying a house is a long term goal and needs to be planned ahead of time. For those, who have not yet reached that point, they may settle for a condominium unit for the mean time. Now you look at the two as investments. Start off by looking at the location. Location is key when choosing your investment. Investments in terms of property are only good when youre able to either develop it or you can sell it to other people. This means the property must have value and is sellable. For condominiums, you would more likely invest in one that is built on a busy place since that is the charm of condominiums as mentioned. You would also likely want to invest on a house built in a village or a residential area where the basic needs are 15 minute drive away. In both cases, you have to be able to see the diamond in the rough. You have to see the value of the place five to ten years before everyone does. This will help you buy the property at a low price and by the time everyone sees the value of it, youll be able to sell it at an extremely higher price or you can develop your own in that property if you have the resources. An example would be the Taguig, specifically Fort Bonifacio area, ten to fifteen years ago, it used to be an army base camp with hectares of plain grass. Land there back then was cheap and people who have owned lots since then until now have surely made a fortune today. You also have to consider the fact that unlike houses, condominiums can be turned into a commercial building or a mix of both commercial and residential. You can

allot the first few floors as commercial or office space and then rent out the top floors as condominium units. In this way, you get different sources of income and the commercial spaces below do not only pay rent, but also add value to your residential units. You also have to consider that houses and property lots appreciates over time as mentioned in the case in Taguig where lands have appreciated together with the development of the city and the area. Condominiums, on the other hand, are subject to depreciation since you do own the land. Moving on to the regular taxes and fees incurred in the two properties, you can refer to the table below as reference for the following fees and taxes: Table 1 Taxes and Fees incurred in the Two Properties Condominiums 12% of Purchase VAT Document Stamp Tax Local Transfer Tax Price 1.5% of Purchase Price 0.5% of Purchase Price Transfer Tax (B) VAT (B) Document Stamp Tax (B) Houses 12% of Purchase Price 1.5% of Purchase Price 0.75% of Purchase Price 2-3% of Purchase Association Dues Maintenance Fees P75-P90 per sqm. Real Property Tax (B) Capital Gains Tax (S) Price 6% of Purchase Price

In the end, given all these factors, you have to weigh each, from price to preference. You cannot base your decision by considering only one factor. Both options have their individual pros and cons and each fits a different style. B. Buy vs Rent To rent or to buy? As seemingly and deceivingly simple as it may appear, the question happens to be critical in your life-long decisions, financially and personally. Imagine the ever-so-sophisticated Victoria Beckham in her high Christian Louboutins

driving around Corinthian Gardens. She stands in front of a very charming house, with a sign right beside the mailbox. She stares at the sign for a while, takes off her Chanel sun glasses, and smiles. What does the sign say? Was it a FOR SALE Call 0917 -8381009? Or was it a FOR RENT Call 0917-838-1009? Now imagine the young and talented country singer Taylor Swift, in her bright red lipstick, walking around the condominiums in Serendra. Would she buy or would she just rent? Buying and renting property concerns different people from different ages, different races, different faces, and different classes. These people will, at one point in time, face the inevitable

question: to rent or to buy? Pride of ownership is usually why people long to own their own house. It means freedom to unleash your creativity in having the walls of your kitchen painted with a classic nude color, or a bold pink color. It also means attaching permanent fixtures, and anything else that would gve you a sense of stability and security. Most of the time, those who buy houses are accomplished, and are ready to build a family. On the other hand, renting suits a lot of people as well. Dependents are more likely to rent a condominium, while they attend a university located far from home. Those freshly graduated would also choose this option as they may be uncertain about their career and pay scale. The rationale is obvious; if you are not sure of your job, or when your job demands that you move to different places, then you will need a place to stay with all the flexibility available. Most of the time, it is the bachelors and bachelorettes trying to escape long-term commitments, who rent. Whether you are to buy or to rent property, your decision will have to be thought of thoroughly because the decision may be the one to determine your happy, or tragic, ending. Here are some factors to consider before buying and renting: First, you should consider your own financial health and credit. Are you financially able to buy a home? Is now the right time for you to buy a home? Is your income and credit good enough to have a mortgage approved? The better your credit, the better your interest rate will be. If your credit is not good enough, then renting might be a good idea for you to improve on your credit rating. Second, and as quickly mentioned earlier, it is important to consider how long you plan to stay in the area and the home, especially in todays real estate market. If you are unsure how long you will remain in the place then it is better for you to just rent. If you purchase a house and then get a job transfer, or if you decide to move out after only a few years, then you could end up losing money. The value of your property may not

have appreciated enough returns to cover the costs you paid upon purchasing, and the costs you will pay in selling it. Third, you should keep in mind and in heart that there is power in homeownership. Quoting Spiderman, With great power, comes great responsibility. Homeownership is a big, fat, responsibility, and a big, fat, commitment. Therefore, you should ask yourself whether or not you are ready. One of the painful responsibilities in owning a property is the required maintenance. If you are not prepared to keep up with the home repairs, and if you are not at all interested in cutting the grass, then you would probably be better off renting. Lastly, and finances aside, the most important factors may be those of the more personal ones. How is the neighborhood around your house? Does the public amenities suit your needs? What are the crime rates in the community? And how is the location affected by natural disasters? Take out your most trusty pen and grab a piece of paper that is at least clean and blank in one of its sides. Sometime in history, an incredibly genius logician named John Venn, once invented the Venn Diagram. To aid you in your decision making, here are the pros and cons to buying and renting property for your personal use: As for buying, owning a house would mean that its value may increase over time. It means that when one day, you decide to sell, you should be able to get more than what you paid for. You can start using that equity to buy an even bigger house. This may not always be the case but the possibility is undeniably exciting. Once you pay off your mortgage, then the house will be completely yours and you will be living a rent-free life. It is an investment after all. Also, owning a house has tax benefits. You can claim your mortgage interest on your income taxes. And since mortgages are at a fixed rate, you can expect the same monthly payment and housing costs. In addition, paying mortage means that you are building on your equity. People like Victoria Beckham who do not like to be controlled by landlords, or anybody else for the matter, will be able to enjoy improving the property and increasing its value. (Murray) However, buying a house is not all rainbows and butterflies. There are several cons and warnings to take into consideration. For example, according to Mr. Adalzon Banogon, the AVP for Asset Management Operations Group of Philippine National Bank, buying a house entails a high initial cash outlay. This includes reservation fee, 10% downpayment, real property tax, and a whole lot of paperwork. You should be ready to pay for that, as well as for maintenance costs such as for fixing a leaking roof. In an

online article for the Pittsburgh Post-Gazette, Heather Murray says, Its a big financial commitment - you need to be sure you can afford what youre taking on (Murray). Also, owning rather than renting gives you less flexibility because estate agency and legal fees are costly. Furthermore, selling property is never easy and it is dependent on the market. We better hope that Victoria does not split up with his all-star husband, David Beckham, for the process of sorting out the property is very complicated and expensive, Now as for renting, the pros and cons would generally just counter the abovementioned statements. Perhaps the favorite benefit of many in renting property is that you are not required to come up with the massive amount of money for your initial cash outlay. In fact, most of the time, no down payments are necessary. Maintenance may cost less and you will not be subject to real property tax. If there comes the unfortunate event of having pipe leaks and electrical problems, then you will not have to stress about it so much because maintenance will be taken care of. Your rent includes maintenance fees, which would keep your landlord in charge of these problems. And ultimately, you get the chance to invest your money somewhere else, like in the stock market. In contrast, one of the very reasons why people end up regretting their decision of renting property is because of the natural fluctuations of prices. You would not have control over it. Another major setback in renting is that you cannot freely drill a hole on the walls of your new bedroom to attach your iconic Audrey Hepburn frame, and neither can you turn the house into a glass house. Basically, your design and dcor options are limited. You could imagine Taylor Swift writing a song about her most loathed landlord, because that is the truth about renting. If you have a landlord who is not patient or friendly, then you will most likely have to deal with his rules and decisions that are not in your favor. Finances aside, the decision on whether or not to rent or buy a home ends up being a personal one. At the end of the day, it all comes down to who Victoria Beckham and Taylor Swift are, what they have, and what they want. If they are financially stable, confident in their employment (and relationship) status, and ready for the added responsibility of homeownership, then buying a house is for them. It is only safe and smart to be financially prepared no matter what future housing plans hold.

C. Developed vs Undeveloped Land Now suppose Victoria Beckham grabs her Chanel, leaves Corinthian Gardens, and agrees to go on a roadtrip to Tagaytay with you. You end up facing the elegant Taal Volcano, and her heels start to sink on the ground. You are both standing in an empty land. Suddenly, surprisingly, she does not yell. She takes out a paper towel and wipes off the mud covering her Louboutins, and she lets out a sigh. She is in love with the parcel of land beneath her and she decides, I will buy this land and you begin to worry that her decision to buy might be of sheer impulse, so you ask, Are you sure? Looking for a home of your own does not automatically suggest that you are to buy an established property. There are those who would rather buy a vacant land and have a house built according to their own preference and plans. This often means buying a lot for sale in a subdivision. A hundred factors should be considered while debating on whether or not the purchase of that beloved land of your is intelligent or not. Here are some, and the first three are gathered from the Government of Western Australias Department of Commerce: First, there are the inescapable costs. Site costs are the expenses from having the lot prepared for the foundations of the house or other buildings. Then, you also pay for title insurance, protecting you against any property loss or damage that may arise from defects in the title of the property. Other costs incude utilities, where you pay for ensuring that the septic system is in order, as well as building costs. Second, there are restrictions known as encumbrances to be aware of. These may hamper the future use of your land and it includes easements and restrictive covenants. An example for the first is having an adjoining landowner have the right to cross your land. An example for the latter is having precise restrictions on building heights. The lands in Urdaneta Village are likely to have restrictions already placed, which you should know about before buying. Following the rules of the association could dictate where you park your car and what kind of pets you have. Third, you should consider the risk of having your money tied up. Off-the-plan sales include the sale of vacant land, wherein a contract is signed before the subdivision is finalized. Usually, the buyer pays the developer a deposit upon signing the contract. By this time, you are still not the owner of the land. Ownership is transferred upon the issuance of the Certificate of Title. The sale contract is merely a conditional promise by

the seller to deliver a parcel of land, at some future time. The greatest risk is if the developer is unable to proceed with the development within the time specified in the contract. This means that your money gets stuck, sometimes even for several years. And even if the development falls through, you will have missed out on other opportunities in letting your money grow. (Australia) Fourth, and the most obvious factor to consider is the location. There is a reason why Victoria laid her eyes on that piece of land in Tagaytay either she decided that her family could build a home there, right in front of the most breath-taking scenery, or she decided that she could put up her own ultra-posh shopping mall. No matter what your reasons are for purchasing a parcel of land may be, nothing is more important than location. If you are making an investment, then you avoid lands without resale value. If you are planning to start up a business, then you do not buy land completely isolated from potential customers. And if you are looking to build a house for yourself, you do not land you can't build on. Last, but probably the most sensible to even a ten-year old boy, you should know if the land you are eyeing is subject to flooding. Unless you want your new lot to be a swampy swimming pool, you have to inquire about past occurrences. Now with regard to your build-a-house-on-developed-or-undeveloped-land, you should take out your trusty pen and another clean sheet of paper to draw another lucky Venn Diagram. In the simplest sense, developed land is fully prepared for home building, while undeveloped land is not. Each has its own advantages and disadvantages. Vacant land has its earning potential. If you develop your raw land, it can increase its value in a short time. You can convert it into a recreational facility, with Ferris Wheels, carousels, and all. You can rent it as farmland, with cows, pigs, and all. You can also build a house, with David Beckham, kids, and all. Developing your raw parcel can increase its value by three to five times its original price (Taylor). It also comes with freedom of choice and expression. You will have so much freedom in deciding what you want to do with your precious property. You get to decide what your house will look like and what it will be made of. Undeveloped land is usually the canvas of the most sophisticated architects today, as options are far less limited. However, buying a lot in a subdivision means buying into layers and layers of government regulation including building departments and homeowner associations. Both groups will have a say about the size, location, design, types of exterior finishes,

and maintenance of your house (Taylor). Also, building on undeveloped land could mean providing your own private septic system and water well, because there may be no utilities anywhere nearby. If you decide to buy a land that is developed though, you will have fewer headaches in finding the utilities you need. Owning a lot in a new subdivision typically includes bringing all utilities onto the site, where the new house is easily connected to them. Electricity, gas, water, etc. will be readily available for use. In addition, a house in a subdivision may have a temporary price advantage over stand-alone homes, since according to Ohios architect Taylor, Its [land] value will be related to the selling prices of other homes in the area. (Taylor) If you value predictable price appreciation, a close community, and want less hands-on involvement in the building of your house, build it on a developed land for building on undeveloped land will require more from you, your architect and your builder.

Works Cited Australia. Government of Western Australia. Department of Commerce. Buying Vacant Land. N.p., n.d. Web. 5 July 2013. Banogon, Adalzon P. "The Basics of Real Estate." Personal interview. 7 July 2013. Cullor. "Real Estate Investing 5 Ways to Protect Your Investment & Lower Risk."Multifamily Investing Investment Property Real Estate Investing Apartment Investing Private Equity Groups Make Money in Real Estate How to Make Money in Real Estate Real Estate Training Apartment Training Multifamily Training Apartment Investing Real Estate Consulting RSS. N.p., n.d. Web. 08 July 2013. Colliers International. Philippine Real Estate Market Report 1Q13. n.d. PDF File. Colliers International. Philippine Real Estate Market Report 4Q12. n.d. PDF File. Deulgaonkar, Parag. "World's best-performing rental market: Dubai - Emirates 24/7." Emirates 24/7. N.p., 7 July 2013. Web. 8 July 2013. Fields, KJ. "Mid-Rise Mixed-Use Development Revitalizes Neighborhoods - Mixed-Use Development - Multifamily Executive Magazine." Multifamily Executive Magazine. N.p., 8 May 2013. Web. 8 July 2013. Murray, Heather. "Good Question: Several Factors Affect Choice to Buy, Rent." Pittsburgh PostGazette. PG Publishing Co., Inc., 2013. Web. 07 July 2013. Rapoza, Kenneth. "Location, Location: The Hottest Real Estate Markets On Earth - Forbes." Forbes. N.p., 29 Mar. 2013. Web. 8 July 2013. "Real Estate Investing | Managing Risk vs. Maximizing Return." HubPages. N.p., n.d. Web. 09 July 2013. Sharma. "Find It at Central." Find It at Central. N.p., n.d. Web. 09 July 2013. Taylor, Richard. "Pros and Cons of Building on Developed or Undeveloped Land." Zillow Blog. Zillow Inc., 3 May 2012. Web. 07 July 2013. Thrall, Grant Ian. "Business Geography and New Real Estate Market Analysis - Grant Ian Thrall Professor of Geography University of Florida - Google Books."Google Books. N.p., n.d. Web. 8 July 2013. Woychuk, Ian. "Exploring Real Estate Investments: Types Of Real Estate | Investopedia." Investopedia - Educating the world about finance. N.p., n.d. Web. 8 July 2013. Woychuk, Ian. "Exploring Real Estate Investments: What Is Real Estate?" Investopedia. N.p., n.d. Web. 08 July 2013. "7 Steps To A Hot Commercial Real Estate Deal." Investopedia - Educating the world about finance. N.p., n.d. Web. 8 July 2013. "Bentley Forbes Sheds Light on Optimistic Commercial Real Estate Report - Yahoo! Finance." Yahoo! Finance. N.p., 14 May 2013. Web. 8 July 2013. "Commercial Real Estate Definition | Investopedia." Investopedia - Educating the world about finance. N.p., n.d. Web. 8 July 2013. "Deed of Trust." Legal Dictionary. N.p., n.d. Web. 8 July 2013. "Fixed Interest Rate Definition | Investopedia." Investopedia - Educating the world about finance. N.p., n.d. Web. 8 July 2013. "Floating Interest Rate Definition | Investopedia." Investopedia - Educating the world about finance. N.p., n.d. Web. 8 July 2013. "History & Heritage." Ayala Land. N.p., n.d. Web. 08 July 2013.

"Housing Bubble." Definition. N.p., n.d. Web. 06 July 2013. "Look To Commercial Real Estate In 2013 (IYR, SPG, EQY, VTR, HCN)."Investopedia Educating the world about finance. N.p., n.d. Web. 8 July 2013. "Mortgage Definition | Investopedia." Investopedia - Educating the world about finance. N.p., n.d. Web. 8 July 2013. Padillo, Theresa. "The Builders: 12 Top Real Estate Developers in the Philippines (Part 1 of 3)." Housing Interactive. N.p., 23 Jan. 2013. Web. 08 July 2013. "Projects Launched." Projects Launched. N.p., n.d. Web. 08 July 2013. "Real Estate Bubble or Boom?" About.com Financial Planning. N.p., n.d. Web. 08 July 2013. "Real Estate Definition | Investopedia."Investopedia - Educating the world about finance. N.p., n.d. Web. 8 July 2013. "Real Estate Market." Economy Watch. N.p., 23 Oct. 2010. Web. 8 July 2013. "Robinsons Land Corporation | Official Website - About Us." Robinsons Land Corporation | Official Website - About Us. N.p., n.d. Web. 08 July 2013. "SM Land - SM Investments Corporation." SM Land - SM Investments Corporation. N.p., n.d. Web. 08 July 2013. "Why Housing Market Bubbles Pop." Why Housing Market Bubbles Pop. N.p., n.d. Web. 06 July 2013.