BEST. DEAL. EVER.

In all my years as a broker, the best deal I've ever seen was a 174 sqm two-bedroom condo in a mid-market building in a major CBD.

It sold for P14 Mn.

Net of the parking slot, that worked out to about P71,400 per sqm. At the time, that was roughly 60% below the BIR zonal value.

I know what you're thinking.

"Why would anyone sell that low?"

The owner was wealthy and bought the unit during pre-selling. At P14 Mn, he was already making a profit, and that was all he wanted.

"You're pulling my leg, Juan."

I'm not. I saw the transaction myself.

"There must be a catch."

There wasn't. The new owner renovated the unit and later put it back on the market for about double the price.

"Next time you see a deal like that, tell me first."

Deals like this almost never come along. I haven't seen another one since, and I'm not expecting to.

The lesson isn't to wait for a unicorn. It's that pricing is personal. The same unit can be worth very different amounts depending on who is selling, what they paid, and how badly they need to move on. That's why the seller's story is always worth understanding before you make an offer.