Resale APT:Asking 1.25M last offer 960K..

[radha08]

Just did a viewing yesterday...D15 Fhold Apt...NO facilties...apt built less than 10 years ago...size 1300sf ft gnd level with patio size 200sqft....owner asking 1.25M but according to agent last offer at 960K rejected(obviously) but agent say above 1mil can try...WOW..market softening...i quite keen except its one of those off the main road....so traffic noise a BIT uncomfortable but if i am buying to INVEST NOT STAY would consider.....

Anyway MY point is THIS....RESALE is DYING...buyers are SPOILT for choice....

subsequently after that i went to view a 99Lh Gnd unit at eastwood green same size...owner asking 1.1Mil...last offer 1mil rejected...

My point is this PROP GURU asking price is CRAP...if u see something appealing DONT get put off by price..just go and VIEW offer LOW nvrmind...U lucky one day will hit JACKPOT...

[Leeds]

View a ground floor FH condo unit in D16 2 months back. Owner asking for $1.48m. Agent said last offer at $1.44m rejected. I doubt there was any offer at $1.44m cause past recent transactions was about $1.2m. I told agent that I found it strange owner not wanting to let go at $1.44m for a mere 40K less to close the deal. Unit still in the market today.

[bigapplefan]

Just did a viewing yesterday...D15 Fhold Apt...NO facilties...apt built less than 10 years ago...size 1300sf ft gnd level with patio size 200sqft....owner asking 1.25M but according to agent last offer at 960K rejected(obviously) but agent say above 1mil can try...WOW..market softening...i quite keen except its one of those off the main road....so traffic noise a BIT uncomfortable but if i am buying to INVEST NOT STAY would consider.....

Anyway MY point is THIS....RESALE is DYING...buyers are SPOILT for choice....

subsequently after that i went to view a 99Lh Gnd unit at eastwood green same size...owner asking 1.1Mil...last offer 1mil rejected...

My point is this PROP GURU asking price is CRAP...if u see something appealing DONT get put off by price..just go and VIEW offer LOW nvrmind...U lucky one day will hit JACKPOT...

Lucky or not still depend on owner.. Some owners got holding power and refuse to lower price even when I bring up the price of recent transactions.

[ysyap]

The tides are definitely switching.. last year was a total seller's market. Now is the transition. A matter of who will blink first...

[radha08]

The tides are definitely switching.. last year was a total seller's market. Now is the transition. A matter of who will blink first...

can u see my eyes... ...OPEN BIG BIG...i NOT blinking...

[Rysk]

Just did a viewing yesterday...D15 Fhold Apt...NO facilties...apt built less than 10 years ago...size 1300sf ft gnd level with patio size 200sqft....owner asking 1.25M but according to agent last offer at 960K rejected(obviously) but agent say above 1mil can try...WOW..market softening...i quite keen except its one of those off the main road....so traffic noise a BIT uncomfortable but if i am buying to INVEST NOT STAY would consider.....

Anyway MY point is THIS....RESALE is DYING...buyers are SPOILT for choice....

subsequently after that i went to view a 99Lh Gnd unit at eastwood green same size...owner asking 1.1Mil...last offer 1mil rejected...

My point is this PROP GURU asking price is CRAP...if u see something appealing DONT get put off by price..just go and VIEW offer LOW nvrmind...U lucky one day will hit JACKPOT...

What's your point?? I don't get it??

1. You are saying PROP GURU asking price is CRAP.. so when asking is 1.25M as last offer is 960k, so meaning market is softening? So what if asking is 1.5M & last "rejected" offer is 960k.. will you say market is crashing?

2. How can Buyers SPOILT for choice when you as a buyer also can't close the deal at the price you want?

3. You mean really need luck like JACKPOT just to get a cheap property? If is so so difficult.. how can buyers SPOILT for choice?

[radha08]

View a ground floor FH condo unit in D16 2 months back. Owner asking for $1.48m. Agent said last offer at $1.44m rejected. I doubt there was any offer at $1.44m cause past recent transactions was about $1.2m. I told agent that I found it strange owner not wanting to let go at $1.44m for a mere 40K less to close the deal. Unit still in the market today.

of course a handful of agents/owners still in dreamland...

[radha08]

What's your point?? I don't get it??

1. You are saying PROP GURU asking price is CRAP.. so when asking is 1.25M as last offer is 960k, so meaning market is softening? So what if asking is 1.5M & last offer is 960k.. will you say market is crashing?

2. How can Buyers SPOILT for choice when you as a buyer also can't close the deal at the price you want?

3. You mean really need luck like JACKPOT just to get a cheap property? If is so so difficult.. how can buyers SPOILT for choice?

Answers....MY PERSONAL VIEW

1...From Wikipedia...
Crap, a slang word for feces, also used to describe something substandard
...so from my point of vIEW asking price of 1.25/1.5 Million that in the eyes of a potential BUYER is worth 1 MILLION is TOTAL Crap(see defination for crap above)...

2. Buyers spoilt for choice cos on propertyguru as of TODAY there are 62823(Apts/condos) for sale....so if THATS NOT spoilt for choice I DONT know what is.... ..so TRY finding one that suits your EVERY need when YOU are in NO hurry....trust ME NOT easy...

3. Jackpot meaning u Find a property that has GOT tremendious future potential that is NOT realised today and because owner is in desperate NEED to sell you get it at a BARGAIN..thats jackpot....

so in SUMMARY YES buyers are spoilt for choice cos there ARE so SO many
units for sale...and If you are LUCKY/PERSISTANT/GOD LOVES YOU...u might hit jackpot

and last last lastly....we can all argue till the cows come home...but in ALL kinds of market there will be BULLS and BEARS....so happy House buying/Selling to one and All...

[Leeds]

of course a handful of agents/owners still in dreamland...

Most sellers are still asking about 20% more than recent transacted prices or using new launches prices nearby as yardstick. Buyers are basing on recent transacted prices as yardstick. The gap is about 20% different or more. It is not surprising why resale is dead.

[radha08]

Most sellers are still asking about 20% more than recent transacted prices or using new launches prices nearby as yardstick. Buyers are basing on recent transacted prices as yardstick. The gap is about 20% different or more. It is not surprising why resale is dead.

yup thats the EXACT scenario...so BUYERS rush to buy NEW launches cos of all the perks....

[ysyap]

Most sellers are still asking about 20% more than recent transacted prices or using new launches prices nearby as yardstick. Buyers are basing on recent transacted prices as yardstick. The gap is about 20% different or more. It is not surprising why resale is dead.

As I wrote, 'see who'll blink first.' Radha08 is not blinking yet ... what about the others?

[Leeds]

As I wrote, 'see who'll blink first.' Radha08 is not blinking yet ... what about the others?

With the government making clear that they are working on to moderate prices, resale buyers who are usually more experience in real estate are not likely to blink yet. However, with new launches still selling at high prices despite various cooling measures, the scenario may not be that clear going forward. It may need another government intervention to clearer things up.

[Rysk]

Most sellers are still asking about 20% more than recent transacted prices or using new launches prices nearby as yardstick. Buyers are basing on recent transacted prices as yardstick. The gap is about 20% different or more. It is not surprising why resale is dead.

Resale is dead cos out of 100% resale in the market, only 20-30% is serious sellers?? The others just let agents test market & if can't achieve their target price, so no deal??

Since sellers not giving in, neither do buyers.......... so in the end is the agents are the one got affected the most, since most of the sellers also not hard-up in selling their properties

[rockinsg]

As I wrote, 'see who'll blink first.' Radha08 is not blinking yet ... what about the others?

I think noone till the interest rate rises and tenants difficult to get.
As a seller, don't need to sell as interest rate low and easily can find tenants.
Buyers, mostly for own stay will go for BTO/EC. Cause cheaper.
Investor will prefer new launch cause perceived better value.

Very few people now who in need of resale as most already have place to stay.
Personally I prefer resale, but I think these days asking price based on recent launches, but quantum is totally diff, so noone will bite.

Wait till interest rate rise or tenancy issues and then will be tested for real holding power.

[radha08]

I think noone till the interest rate rises and tenants difficult to get.
As a seller, don't need to sell as interest rate low and easily can find tenants.
Buyers, mostly for own stay will go for BTO/EC. Cause cheaper.
Investor will prefer new launch cause perceived better value.

Very few people now who in need of resale as most already have place to stay.
Personally I prefer resale, but I think these days asking price based on recent launches, but quantum is totally diff, so noone will bite.

Wait till interest rate rise or tenancy issues and then will be tested for real holding power.

well put..makes sense..

[dtrax]

well put..makes sense..

Yes i made a post on another thread, rental contract/value does show it is trend up till 2012, so despite 'lower' rental rates due to analyst claims that expats moving out, lower hiring etc.. the rental activity is still quite sustainable and does not warrant any desperate sales.

Have you considered checking out those vacant possession units? Maybe these group of pple are more despo. Already way is to do homework what price did the owner buy for; not valid in ur case for this old condo. Gems certainly have but must slowly find, already saw another sail unit transaction at Sky Habitat price liao today lol

[thomastansb]

This is subjective. If I am owner getting 6-7% yield, why would I sell to you at a cut throat price? You want, you can go find another unit.

[rockinsg]

This is subjective. If I am owner getting 6-7% yield, why would I sell to you at a cut throat price? You want, you can go find another unit.

If people go by present value then you won't, buy future value you might.
If you getting 6% yield on MM.
but see lot of other MM coming up in vicinity.
Present value might be 6% but future value? 3%?

you were selling lemonade at $1. Doing good business. Lot of people see that and everyone starts selling lemonade. What will happen to your business then?

Can't drive forward looking at rear view mirror. And there are some serious Sellers who see different then others..can't blame them as wrong

[radha08]

Yes i made a post on another thread, rental contract/value does show it is trend up till 2012, so despite 'lower' rental rates due to analyst claims that expats moving out, lower hiring etc.. the rental activity is still quite sustainable and does not warrant any desperate sales.

Have you considered checking out those vacant possession units? Maybe these group of pple are more despo. Already way is to do homework what price did the owner buy for; not valid in ur case for this old condo. Gems certainly have but must slowly find, already saw another sail unit transaction at Sky Habitat price liao today lol

agree on rental part market still robust..and yes for particular unit i viewed agent was honest enough to teel me buyer bought at $600plus PSF looking for decent profit about $800plus PSF...so thats fair i guesss..anyway....THOUSANDS more units to view...

[dtrax]

agree on rental part market still robust..and yes for particular unit i viewed agent was honest enough to teel me buyer bought at $600plus PSF looking for decent profit about $800plus PSF...so thats fair i guesss..anyway....THOUSANDS more units to view...

LOL SOOOOoooo does that mean if u buy, u r paying for their retirement cashflow?

[Allthepies]

just as some say sellers r dreaming, buyers are in fact dreaming too ; ) they saliva dripping hope to buy at low low price, but of course cant get la unless sellers gone kuku to sell them at cheap cheap.

[Allthepies]

continue from above.. these buyers cant wait any longer and all cheong in to buy new launches and kena chop even more by developers

[radha08]

continue from above.. these buyers cant wait any longer and all cheong in to buy new launches and kena chop even more by developers

and so the world keeps on turning and the sun comes out in the morning and the moon at nite..

[twinkle]

just as some say sellers r dreaming, buyers are in fact dreaming too ; ) they saliva dripping hope to buy at low low price, but of course cant get la unless sellers gone kuku to sell them at cheap cheap.

Or those that need to dispose off their units for some other reasons

[rattydrama]

just as some say sellers r dreaming, buyers are in fact dreaming too ; ) they saliva dripping hope to buy at low low price, but of course cant get la unless sellers gone kuku to sell them at cheap cheap.

only when economy is very bad then we will see fire sales....base on the re-sale data, Dec cm could only knee jerk effect. Lets monitor for another 2Q.

[chiaberry]

Or those that need to dispose off their units for some other reasons

Unless they have financial problems, sellers will not dispose their unit so readily. Remember because of ABSD they are unable to buy anything to replace their current property with the same yield. Many sellers will hold on. Need another major financial crisis to topple this position. Because of financial turmoil in Europe in fact that is to the advantage of the property market here.....because investment on our shores may be seen to be a safer option than in Europe or US. Not only is it physically safer (low crime/good legal system etc) but financially safer.

[ekl2ekl2]

Just did a viewing yesterday...D15 Fhold Apt...NO facilties...apt built less than 10 years ago...size 1300sf ft gnd level with patio size 200sqft....owner asking 1.25M but according to agent last offer at 960K rejected(obviously) but agent say above 1mil can try...WOW..market softening...i quite keen except its one of those off the main road....so traffic noise a BIT uncomfortable but if i am buying to INVEST NOT STAY would consider.....

Anyway MY point is THIS....RESALE is DYING...buyers are SPOILT for choice....

subsequently after that i went to view a 99Lh Gnd unit at eastwood green same size...owner asking 1.1Mil...last offer 1mil rejected...

My point is this PROP GURU asking price is CRAP...if u see something appealing DONT get put off by price..just go and VIEW offer LOW nvrmind...U lucky one day will hit JACKPOT...

For quantum around $1m PLUS, it is still quite rare to find the above situation where seller willing to accept >20% below valuation unless seller needs the cash urgently or there are some hidden deficiencies with the unit which is not apparent to the buyer. Prices of a bad facing unit in a not so good development will suffer most in a downturn, so sellers of these kind of units are more likely to blink. But that does not necessarily mean these are good deals for buyers.

Everyone says now is the buyers'market, but this does not apply to the entire market, and those who are actively visiting and making offers will know this. For example, MM resale units prices are holding firm and asking still close to record prices in many developments. ABSD has lesser impact on MMs. Rentals still very strong in good developments.

Dec prices may well be a knee jerk as many agents (if they are to be believed) say prices and transactions are improving as people are more confident now than 3 months ago.