C'mon guys, firesales/cheap lobang will never reach the open market!

[sunboy77]

Unless you are a property agent, you will never see a true-and-true firesale landing on your table.

For quite some time already, I have always believed that a genuinely, damn bloody good lobang will always end at the property agents stage. I mean, if you are a property agent, and some desperate owner now asks you to let go of his Sail, high floor, bay view, at $1500 psf (example for illustration purposes only), will you not, as a property agent, buy over it yourself and flip? Or pool fund from friends/colleagues and buy?

That's why I say, a genuine firesale will never come to the open market.

[devilplate]

Unless you are a property agent, you will never see a true-and-true firesale landing on your table.

For quite some time already, I have always believed that a genuinely, damn bloody good lobang will always end at the property agents stage. I mean, if you are a property agent, and some desperate owner now asks you to let go of his Sail, high floor, bay view, at $1500 psf (example for illustration purposes only), will you not, as a property agent, buy over it yourself and flip? Or pool fund from friends/colleagues and buy?

That's why I say, a genuine firesale will never come to the open market.

possible for prolonged recession

[jwong71]

possible for prolonged recession

In a prolonged recession, buyers will be worrying for their stomach 1st. with more cash in bank during recession,they feel safer..

what if they get the sack/retrenchment when their company /whole world is suffering in recession?

get any tenants,in a PROLONGED recession..??
even pathetic low rental, barely covering mortgages and costs.

*some studio get 1k+ rental, btw 2008-2009

[sh]

why is everyone expecting firesales now?

Do you think sellers are stupid enough to sell below market value? They will put their unit up for sale and wait for best price....

Are sellers really desperate? I don't see desperation. Job market is good. Interest rates are low. Economic outlook rosy. rentals are improving....

Who are the sellers of firesale units?

[jwong71]

Or pool fund from friends/colleagues and buy?

http://www.ura.gov.sg/pr/text/2011/pr11-07.html

With effect from 14 January 20117, an LTV limit of 50% will apply to all residential property purchasers who are not individuals. This includes corporations, trusts and collective investment schemes, among others. The 50% LTV limit for housing loans will also apply to joint property purchases by an individual and a purchaser who is not an individual.

never share to buy, there will be alot of problems surfaced..
i come across cases,1 partner was in urgent to cash out,but his partner refused to sign.

[sunboy77]

Even if there is a firesale, some genuinely good deal, property agents would have taken it first, won't they?

Thant's why I believe that there are really good firesale deals out there. But no property agent will tell you. It's like finding gold, why tell you?

[hopeful]

why be property agent? why not work in a bank's mortgage/credit department.

better than property agent.

During recession, send a bank letter to those property owners who are late in mortgage payment, demanding that property buyer to top up to reduce his loan amount. Pressure owner into selling.

best is credit officers. eat first before any property agent. if cannot eat anymore, work on retainer basis for a property agent.

[devilplate]

why be property agent? why not work in a bank's mortgage/credit department.

better than property agent.

During recession, send a bank letter to those property owners who are late in mortgage payment, demanding that property buyer to top up to reduce his loan amount. Pressure owner into selling.

best is credit officers. eat first before any property agent. if cannot eat anymore, work on retainer basis for a property agent.

haha...got $$ to eat anot tats another thing

[Wild Falcon]

Individuals pool finds will still be considered individuals. The rule is to target the funds. For instance, recently 20+ units Bukit Sembawang's Paterson Suites was sold to a fund. These units will be kept empty and intended to be flipped. It will hit the Bukit Sembawangs and SC Global where the high-end units are not sold to individuals for self-stay but to funds for flipping. The rule is to ensure such funds can only get 50% financing, i.e. discouraging funds from speculating in Sg property.

http://www.ura.gov.sg/pr/text/2011/pr11-07.html

With effect from 14 January 20117, an LTV limit of 50% will apply to all residential property purchasers who are not individuals. This includes corporations, trusts and collective investment schemes, among others. The 50% LTV limit for housing loans will also apply to joint property purchases by an individual and a purchaser who is not an individual.

never share to buy, there will be alot of problems surfaced..
i come across cases,1 partner was in urgent to cash out,but his partner refused to sign.

[kingkong1984]

wrong! firesales do reach the market. Even agents also fight with each other right?

It's the highest buyer who wins. Pay more if you want to win. It's like BIDDING. so cheap?

LANDED HOUSING DEVELOPMENT YIO CHU KANG ROADTerrace House
510,000
3,269 Land
156 psf
Feb-10

[devilplate]

wrong! firesales do reach the market. Even agents also fight with each other right?

It's the highest buyer who wins. Pay more if you want to win. It's like BIDDING. so cheap?

LANDED HOUSING DEVELOPMENT YIO CHU KANG ROADTerrace House
510,000
3,269 Land
156 psf
Feb-10

mabe got catch one....99LH?

knew it....tick tock tick tock

212 Yio Chu Kang Road
99 Yrs From 04/01/1954
$153
3305
$505k
28 Dec 09


flipped:
212 Yio Chu Kang Road
99 Yrs From 04/01/1954
$265
3305
$875k
07 Jun 10


actually not bad...100psf more 6mths later....99LH landed aso can make $$

[devilplate]

mabe got catch one....99LH?

knew it....tick tock tick tock

212 Yio Chu Kang Road
99 Yrs From 04/01/1954
$153
3305
$505k
28 Dec 09


flipped:
212 Yio Chu Kang Road
99 Yrs From 04/01/1954
$265
3305
$875k
07 Jun 10


actually not bad...100psf more 6mths later....99LH landed aso can make $$

in fact 70% gain in 6mths

[sfwoo]

in fact 70% gain in 6mths

57 years left?
Buyer buy with cash?
I thought bank dun loan below 60 yrs of lease?
Paying advance rental of $1279 per month for 57 years, quite cheap hor.

[Localite]

wrong! firesales do reach the market. Even agents also fight with each other right?

It's the highest buyer who wins. Pay more if you want to win. It's like BIDDING. so cheap?

LANDED HOUSING DEVELOPMENT YIO CHU KANG ROADTerrace House
510,000
3,269 Land
156 psf
Feb-10

I agree- firesales DO come to open market...most agents are not in a position to keep soaking up the good buys...I picked up a unit 20% lower than market price for a unit in Newton in 2007 because the owner had to sell of the unit after the other joint owner went missing in the tsunami so he sold at his buying price from 3 years before....so they DO make it to the open market.