Condos: Buy Now Or Wait?

[bepgof 20]

Yes, have to buy within our means...real estate is more suitable for investors with holding power...

1. Personally come across a PR buying 4-bed rm at Livia, ended mortgage loan not approved, 5% bye bye.

2. Come across a PR buying HDB resale at blk 32, bedok south, bank loan not approved, $1000 bye bye. I was there almost wanted to buy, but found COV was crazy high, not worth, but this PR went ahead of me & paid $1K, then.....agent keep calling me: "seller willing to lower COV.....", sigh..

Edited May 17, 2010 by bepgof

[ngunadi 2]

1. Personally come across a PR buying 4-bed rm at Livia, ended mortgage loan not approved, 5% bye bye.

2. Come across a PR buying HDB resale at blk 32, bedok south, bank loan not approved, $1000 bye bye. I was there almost wanted to buy, but found COV was crazy high, not worth, but this PR went ahead of me & paid $1K, then.....agent keep calling me: "seller willing to lower COV.....", sigh..

Wow ... seller could earn "a lot" by giving OTP to people who are not qualified.

[Zelly 0]

i guess its norm to be "judged" on the external (cars, attire, watches etc) haha...but the key for me is never look down on anyone...i guess the salespple shd more or less have heard the urban legend of an uncle in slippers in C&C and ended up buying the most exp S class paying in cold hard cash..

*quote i dun know if this is real haha!

Actually this could happen but the story i heard like happened around 20 yrs ago. I think my mom was telling me about her officemate's grand uncle wanted to buy a car. This is a 60+ year old man who dressed inthose mata teh kor and singlet and slippers. He walked into the first car showroom and was looked down upon. He got fed up and went to another more expensive car showroom and bought the car with cash! (my mom said her officemate told her that the old man was a old school type of business man and believes in cash more than anything.)

[Zelly 0]

1. Personally come across a PR buying 4-bed rm at Livia, ended mortgage loan not approved, 5% bye bye.

2. Come across a PR buying HDB resale at blk 32, bedok south, bank loan not approved, $1000 bye bye. I was there almost wanted to buy, but found COV was crazy high, not worth, but this PR went ahead of me & paid $1K, then.....agent keep calling me: "seller willing to lower COV.....", sigh..

I had scenario 2 happened to me, or rather someone was trying to outbid us. We over heard the other buyer's agent telling them the bank loan maybe abit steep for them, but they gone ahead with the otp but the bank loan was not approved. By then the market cooled down alot and i gave them a missed. From my agent I heard that they did not manage to get as much as the COV I initially offered them too.

[wj888 0]

bepgof,

Do u had a feeling that some agent trying to find out which type of car you are driving?

Nope. They are more interested in finding out where you are currently living.

Anyway, just go into showroom .. Don't bother abt the agent. If they dont want to service you, just ask for a brochure and look at it yourself. No problem. I'll be bringing a friend down to a showroom coz she never been to one before and afraid to go alone.

[bepgof 20]

Nope. They are more interested in finding out where you are currently living.

Anyway, just go into showroom .. Don't bother abt the agent. If they dont want to service you, just ask for a brochure and look at it yourself. No problem. I'll be bringing a friend down to a showroom coz she never been to one before and afraid to go alone.

Agents must have been taught(by their upbring education, agencies)to "judge/perceive" a potential client's purchasing power & intention of buying, by whatever ways & means, philosophy is " HIT THE TARGET WITH MINIMUM RESOURCES". Judgement/perception follow by attitude, behaviour & actions & these J & P are a one-way ticket decision making, with 50-50% accuracy. They have forgot the wise saying: "Never judge a book by its cover"

If I've intention to buy and the serving agent is of the mentioned "one kind", I'll ignor him & look for another one immediately to show him my "another kind". My style is do homework first before walking into any showroom. Will look at floor plan, filter out those having "evening sun", 8 storey & below, stacks at L junction( 2 roads)......

Edited May 18, 2010 by bepgof

[blueocean 0]

It also the same when you walk into a car showroom. The sales people will judge to see if you are a potential buyer or not ...

Showrooms operate on a queue number system ... so if they serve a client who has no intention of buying ... they will miss their turn and may have to wait for another hour or more to get to serve another potential ...

And also notice the distance between the reception counter to the "model of the condo" is put a few steps away to give the agent another chance to ask screening questions - "own stay or investment", "how long have you been looking around for houses" etc

Usually when i walk into the showroom ... i normally say i have been here before and just take a brochure so that i dont have an agent shadowing me. I then flip to the last few pages to look at the specifications (types of flooring provided etc) and have a look at the model to appreciate the build up of the place. Then before i go, i pop back to the counter to ask for the rough pricing.

Nope. They are more interested in finding out where you are currently living.

Anyway, just go into showroom .. Don't bother abt the agent. If they dont want to service you, just ask for a brochure and look at it yourself. No problem. I'll be bringing a friend down to a showroom coz she never been to one before and afraid to go alone.

[silverfins 0]

are there any cases of condos selling undervaluation?

Yes, even in current market.

[silverfins 0]

Actually this could happen but the story i heard like happened around 20 yrs ago. I think my mom was telling me about her officemate's grand uncle wanted to buy a car. This is a 60+ year old man who dressed inthose mata teh kor and singlet and slippers. He walked into the first car showroom and was looked down upon. He got fed up and went to another more expensive car showroom and bought the car with cash! (my mom said her officemate told her that the old man was a old school type of business man and believes in cash more than anything.)

Yea, it's a big mistake to judge people. Lots of stories like this. There was an old man wore shorts and slippers to the showflat and bought 2 units immediately, and yes, with cash too!

But maybe the "seeing what kind of car you drive" syndrome happens more with car salespersons? Just guessing beacuse I always get that feeling when I visit car showrooms.

[bepgof 20]

Yea, it's a big mistake to judge people. Lots of stories like this. There was an old man wore shorts and slippers to the showflat and bought 2 units immediately, and yes, with cash too!

But maybe the "seeing what kind of car you drive" syndrome happens more with car salespersons? Just guessing beacuse I always get that feeling when I visit car showrooms.

Waterfront Gold, $820psf, worth to buy?

Edited May 19, 2010 by bepgof

[blue_skies 3]

Waterfront Gold, $820psf, worth to buy?

I think that's expensive for a 99 yr leasehold condo not near MRT.... but then again, if buying for your own (long term) stay, I guess most people won't mind.

For that price ($820psf), I would look for an older, 999 yr / freehold apartment - maybe near Jln Loyang Besar? (If you like to be next to the park / water)

[eiffel76 1]

ya i second your views...a fren jus asked me yest and i said for me its a no-go....averagely it wil stil b a quantum of $1m..and the TOP is so long away..

[bepgof 20]

I think that's expensive for a 99 yr leasehold condo not near MRT.... but then again, if buying for your own (long term) stay, I guess most people won't mind.

For that price ($820psf), I would look for an older, 999 yr / freehold apartment - maybe near Jln Loyang Besar? (If you like to be next to the park / water)

Points taken.

- I'm still wondering whether worthy to park 5% +15%+ stamp duty for a project's TOP, say in 2014 (3 years away), however,

I also recognise the fact that early birds eat "better" stuff - in term of floor, view, stack, etc.. Leave the progressive payment one side first.

-Also notice those "small" units very hot, besides "investment" and "cash flow" reasons, what else could have led to this?

Edited May 20, 2010 by bepgof

[wj888 0]

Points taken.

- I'm still wondering whether worthy to park 5% +15%+ stamp duty for a project's TOP, say in 2014 (3 years away), however,

I also recognise the fact that early birds eat "better" stuff - in term of floor, view, stack, etc.. Leave the progressive payment one side first.

-Also notice those "small" units very hot, besides "investment" and "cash flow" reasons, what else could have led to this?

The main reason is easy on the pocket. The absolute amount is lower (most are sub $1mil). But for cashflow and investment reasons? They got it wrong with the mickey mouses in the suburbs. CCR and RCR is ok, but not OCR.

[bepgof 20]

- URA to release more land in 2nd half year.

- HDB to launch more BTO & DBSS.

Gov said & acted. Expected $psf to head south from 2nd half yr. Worth to wait & hold. Expect public & private transaction have sharp decrease from June.

World cup's comming, ppl cash out from stock mkt......sigh, "tough" months ahead.

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Edited May 25, 2010 by bepgof