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Thread: Heritage View asking 1 m for 1163sqft?

  1. #21

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    there are problems buying in resale market also. My friend wants to buy a condo where the latest caveat lodged in Jul was for 950k. it is heard that a recent transaction went through at 1.06m. my friend now wants to buy a unit where the nett asking price is 1.1m. After stretching to the max, the bank can only value at 1m and is asking him to top up 100k. Other owners after hearing of the 1.06m deal are now inviting him to view their units asking for 1.1m to 1.3m! He is walking away. He thinks 100k in cash can be better depolyed elsewhere let alone 200 or 300k.


    Quote Originally Posted by gfoo
    i'm getting the same feedback from my lawyer friends that do conveyancing. what's more, it's really dumb money that's chasing up the mass market new launches, while smart money is targeting the resale market. the problem is that out of every 100 buyers, only 1 or two really read forums like this, and do in-depth research. the rest get hyped up by the papers, relatives, agents and deceptively appealing showrooms.

  2. #22

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    nowadays sellers r asking for >30% from the last caveats lodged. i try offering 5% above the last caveats with no luck. think now better to stay at the sideline and see how things progress.

  3. #23

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    as you can see from the dwindling discussions in the past week in this forum, more people are now on the sidelines even before the seventh month started.


    Quote Originally Posted by Allthepies
    nowadays sellers r asking for >30% from the last caveats lodged. i try offering 5% above the last caveats with no luck. think now better to stay at the sideline and see how things progress.

  4. #24

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    Quote Originally Posted by Allthepies
    nowadays sellers r asking for >30% from the last caveats lodged. i try offering 5% above the last caveats with no luck. think now better to stay at the sideline and see how things progress.
    That's correct but 30% could be an exaggeration. Sellers also learnt in 2007. Some sold their properties in early 2007 to find that they have been priced out of the market in June 2007 because prices increased 20% over the period. In other words, if you sell early you may not be able to buy back a unit in the same area in a rising market. Banks cannot value too high above the last caveat. Hence the buyer will have to top up and this becomes a show-stopper.

    On the otherhand for new developments, the banks & developers has agreed on selling price which is sometimes close to resale asking prices in the same area. There is no gap between selling price and bank valuation. Hence it's a done deal at 20% cash. That's one reason the primary market looks attractive.

  5. #25
    Join Date
    Nov 2008
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    it's all abt risk. banks can match valuations coz disbursements are in stages and can be withheld when market valuations cannot match, but the buyer still must make good the payment to the developer

  6. #26

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    Quote Originally Posted by yokoosi
    let's go to the basics.

    Past months properties report card looks incredible and unbelieveable. Record sales during recession. Now, the questions is

    a) How many are new project sales and how many are sub-sale units?

    Correct me if i am wrong, but from what i gathers, most are new project sales. So, what does this buying pattern tells us?

    a) Not all, but most of the people who bought the new projects sees it as a opportunity to park their money there and hopefully make a capital gain by the time the project TOP. Like someone mentioned, HV is a better located project, but why is it not selling at about 1000 psf and why this group of people not buying? Why?

    For new projects, 20% down payment is all you need and you don't have to worry about the monthly bank payment. Once this group of people are exhausted, the buying trend will slow down for new projects down the road. Where got so many people with so many money to park? In another words these people are speculators with no confidence in current economic situation now. if you are not in the rush to buy, wait for next year or so.

    b) Current seller saw the uprise in price, so think that the market is recovering..and so the high asking price, but if you check the URA transaction, this is not the case. The difference between asking price and transacted price has a big gap.

    So if you are a serious buyer, print out the URA transaction and show it to the agent and seller. I am sure there are still seller with realistic expectation in the market...



    I seriously doubt that this buying trend can continue.
    to most part, i agree with you .. once these 'cash rich HDB upgraders are exhausted' prices may fall ..

    whar is disagree is using data from URA caveat .. very often the data released are 2 mths old for resale old projects, and maybe 1mth old for new launches .. its not really a good guide ..

  7. #27

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    Quote Originally Posted by bargain hunter
    there are problems buying in resale market also. My friend wants to buy a condo where the latest caveat lodged in Jul was for 950k. it is heard that a recent transaction went through at 1.06m. my friend now wants to buy a unit where the nett asking price is 1.1m. After stretching to the max, the bank can only value at 1m and is asking him to top up 100k. Other owners after hearing of the 1.06m deal are now inviting him to view their units asking for 1.1m to 1.3m! He is walking away. He thinks 100k in cash can be better depolyed elsewhere let alone 200 or 300k.
    this is precisely the issue i mentioned sometime ago ..BANKS are the biggest culprits...

    for new launches they have the banking of the developers ..those where developers pay the interest until TOP .. so banks are comfortable and match their ridiculous psf ..

    while old projects, banks are not really matching the psf ..hence buyers need more cash ...

    in short, banks are still kiasu, kiasi , not confidence in the recovery (if any) ...

  8. #28

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    Quote Originally Posted by proud owner
    this is precisely the issue i mentioned sometime ago ..BANKS are the biggest culprits...

    for new launches they have the banking of the developers ..those where developers pay the interest until TOP .. so banks are comfortable and match their ridiculous psf ..

    while old projects, banks are not really matching the psf ..hence buyers need more cash ...

    in short, banks are still kiasu, kiasi , not confidence in the recovery (if any) ...
    Bro,

    Still in States? I am back in SG this month. Went to see a few projects, ridiculously high price.

    Today on 938 live, heard on radio SG is the second most expensive place to live in Asia after Tokyo, but when it came to wages per hour, we are behind Tokyo, HK, etc..i think something about $7 per hr. Uniquely Singapore again...sigh

    With wages not moving and more and more job loses in SG including PMEs, I really wonder how many % in the population can really afford or even dare to purchase a Private Properties in long run. You guys read about the Dr. Cai who lost his job as a researcher in A*Star and now is a Taxi Driver? Saw yesterday chinese paper he stays somewhere East on a some Private Properties.

    So, when buying a Private Properties, please have PLAN A, B, C...in another word have a entry and exit plan. Tread with caution, i don't see light in the Tunnel in the near future.....

  9. #29

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    Quote Originally Posted by yokoosi
    Bro,

    Still in States? I am back in SG this month. Went to see a few projects, ridiculously high price.

    Today on 938 live, heard on radio SG is the second most expensive place to live in Asia after Tokyo, but when it came to wages per hour, we are behind Tokyo, HK, etc..i think something about $7 per hr. Uniquely Singapore again...sigh

    With wages not moving and more and more job loses in SG including PMEs, I really wonder how many % in the population can really afford or even dare to purchase a Private Properties in long run. You guys read about the Dr. Cai who lost his job as a researcher in A*Star and now is a Taxi Driver? Saw yesterday chinese paper he stays somewhere East on a some Private Properties.

    So, when buying a Private Properties, please have PLAN A, B, C...in another word have a entry and exit plan. Tread with caution, i don't see light in the Tunnel in the near future.....

    yes still in NY at least 2 yrs

    i am not sure about more job losses ...but 5000 new jobs at sentosa IR this weekend is a joke ... 5000 chambermaids and tram drivers and bellhops ... be it Singaporeans or neighbourians .. can these jobs pay enuff for them to rent studio units which so so many singaporean have bought , in anticipatiion of rental demand from IR ???

    Yes singapore is 2nd most expensive ... but not pay wise ... BUT govt is HIGHEST paid in the world leh ...

    so average out ...pay wise we are high also lah ...ehehee

  10. #30

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    by next year, govn will open more PR quota = more sell of HDB = more HDB upgraders --> PVT Property

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