After reading the 'CONDO-FLIPPING' woes - Bought last year Stuck this year and Newly-weds dominate queue for flats on The Sunday Times newspaper, i wonder how long do i have to wait to get a reasonable price house. I do not mind paying higher than the valuation for a place i like but not at a ridiculous high price!
Or should i come to the terms that this is just the beginning and the price will go even higher since now many items like oil and gold are at it's all time high.
Assistant Manager Samuel Tan commented on Sunday Times that he didn't expect so many people to apply (so do i ) because the surplus flats in mature estates are quite expensive. He said he might just have to buy a resale flat. I think he may get disappointed again...
Surfing through the web on the selling price of HDB and private property, you can see some of them are asking quite high above the valuation. Many can be trying their luck since they keep hearing flats transacted at record high price and hope they can use this opportunity to sell at a 'GOOD' price. I will get tempted too. It also means that many are not really sincere in selling and do mind waiting for a buyer to agree on their favourable price.
Seeing so many others are asking such high price, the rest will follow. Those who waited long for a buyer will probably just lower the selling price a bit since their neighbours are still quoting a high price.
I met one during Sept 07. 4-room flat at Toa Payoh, simple furnishing, 2 mins walk to Braddel MRT, highest floor with quite a nice view, asking for 100k cash. No bargain. 100k cash. New to all these valuation and cash thingy, I didn't know that 100k cash above valuation is a lot and i brought my parents to view it as i kind of like the place.
When i told my friends and colleagues about the 100k cash, all said is too much. They explained to me that for them during the 'normal times', if they like the house a lot, they will pay about 20k above the valuation and many got their house below or at valuation price. Really?
One of my friend in property suggest a third level unit at Kovan Melody for 1 million (neg). I know where is Kovan Melody and remember it was around 500k plus when it was first launched. My first thought was this owner is crazy, is 99yrs and only 3rd level! I make a search on the web and o.. wow.. 1 million is like the minimum.. the higher units are asking higher!
Not willing to come to the terms of accepting that this is what is going to be from now, i told a friend who is searching around for his first property investment. More agitated than i am, he said how many Singaporeans with 1 million can there be!? They can shout all the price they want but who are buying!?
Sharing over our views, we realise that most property agents whom we met at the showroom gave a very very rosy view on the property market. Most bet on the IR and the increase in population that Singapore hopes to achieve. Two months ago, i asked one of the agent at a showroom on my concern of the sub prime and the banking woes in US and will it affect the property market here. He answer confidently that it will not affect Singapore much, sub prime is a temporary phase, and Singapore is doing very well and with the IR ....
For me, i guess i just got to wait. I'm not married yet but planning for this year, so i guess family planning just has to be pushed back.
I know getting new flat at Punggol or Jurong is easier but i really prefer to be more centralised. I think i saw some selling 5 room Seng Kang flat stating it's near MRT close to 400k, i find it pretty expensive.
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