Originally Posted by
stalingrad
(1) banks have problems since jan'10 to match sellers' asking prices valuations....also
bearish sign. Don't fight the banks. they are smarter than you. they know that there is no demand for luxury condos on the resale market.
(2) resale sellers now keep on shifting goal posts as prices of new launches keep going up.....
it is a free country. let them keep their unoccupied condos unoccupied. Who are we to tell these guys" enough is enough, don't inflict more pain on yourself."
(3) agents not so keen to service resale market with the new launch market so hot and easy to move....sell 1 new launch 0.3% and 1 resale 1 to 1.5% is like selling 3 to 4 new equivalent to 1 resale....why not go for new launch that sell like roti prata....
Don't fight the agents, who know that the resale market for luxury condos is not moving. they, like the banks, are smarter than you and me. bearish sign again.
(4) buyers have no time to react that the value of difference between the 2 is huge and in no time when this gap gets bigger it will push them to resale market...
They are smarter than you are giving them credit for. They are not buying in the resale market, because they are in the market not to buy condos to live in to begin with, but rather to enjoy the thrills of gambling.
As I said, if you own a luxury condo, you are cooked. be prepared to lose 30 to 40% in the second half of the year.