Cash Strapped Owners Sell High end condos below market price.

[jw5]

Music to my ears!! Buying my first apartment soon.

Where are you buying and what size?

 

[mustpaycashhhh]

I think this time round, pants also drop.

Pants drop neber mind. Lumpar oso disappear.

 

[STUCK_HERE]

I am cash rich this recession is the best thing that has ever happened to me

I am cash rich. This recession is the best thing that ever happened to me.

 

[SIFU]

pls pm me if you need to sell your high-end condos..

i am eagerly waiting for the great spore condo sale..

 

[angry_one]

Where are you buying and what size?

Me? Just a decent 2- or 3-rm HDB in a good location to stay with my wife, no kids. Areas closer to town like Queenstown, Commonwealth or even Kembangan. Must be near MRT, small is ok.

Hold for 1-2 years before migrate. Hopefully prices have recovered by then and we leave with a decent pile of money. Even with the lure of lower prices i think i should still spend just what i need.

What i'm really afraid of is, housing developers/HDB form a cartel and refuse to sell when demand isn't there, so that we'll still end up paying high prices no matter what.

 

[TeeKee]

Read in today's sunday new paper article. It's going to get worse. Understand by from this Nov 08 to mid 2009, there is a lot of project that is going T.O.P. And the banks are not going to base on valuation done 2 years back to give out loans, probably the buyers will have to fork out more cash as against the reduction in loans that the banks are willing to consider and with the stock market in the doldrums, it's going to get ugly.

If you go to websites, you could see private apartments rentals are going down, soon it will edge closer to public rentals levels....

maybe this will add a downward pressures on the public rentals. i.e. drive down HDB prices!!

probably be more visible during 2009...is this the right time to sell your HDB flats going down now after from 2008 peak?

 

[TeeKee]

So dun blame PAPee, right? But mind you, your owners are the BEST PAID in the world and tout beyond-the-cosmos helicopter vision. But it has been shown time and again that the they possess neither vision nor leadership. Instead they score hight as insatiably greedy traitors.

wealth somehow adds fatty acids in the blanes, thereby clogging up the helicopter visions anybody possess!

 

[silverfox@]

If you go to websites, you could see private apartments rentals are going down, soon it will edge closer to public rentals levels....

maybe this will add a downward pressures on the public rentals. i.e. drive down HDB prices!!

probably be more visible during 2009...is this the right time to sell your HDB flats going down now after from 2008 peak?

Now HDB flats are high because condos are priced high. When condo prices drop, HDB flat dwellers will start to buy condos. Demand for HDB will drop. So if you ask me, if don't sell now, wait till 2009, the price for HDB will drop even further.

 

[0939]

Back to the old days of 1998, a lot of HDB new owners forfeited their down payment deposits.
Renting of flat is your best option. After all your first 10 years of loans, you are just
servicing the interests.

 

[visitor]

It's ridiculous to pay $1K psf even for prime areas.

 

[DIVISION1]

It's ridiculous to pay $1K psf even for prime areas.

The highs and lows of prices are determined by business cycles, supply and demand.

 

[lifeafter41]

If you go to websites, you could see private apartments rentals are going down, soon it will edge closer to public rentals levels....

maybe this will add a downward pressures on the public rentals. i.e. drive down HDB prices!!

probably be more visible during 2009...is this the right time to sell your HDB flats going down now after from 2008 peak?

HDB flats does act as kind of a support level with refeerence to the condos, but lately the price gap has been closing, just see the launch price at Pinnacle and Cityview at Boon Keng.

When the economy is good, a 25 to 30 years loan may looks ok, but when times are bad, like now, it's going to be like a stone hanging by your neck. As of now, the banks have the first say to your money in the event of default, it's not going to look good when the economy gets worse a few months from now.

 

[soikee]

Read in today's sunday new paper article. It's going to get worse. Understand by from this Nov 08 to mid 2009, there is a lot of project that is going T.O.P. And the banks are not going to base on valuation done 2 years back to give out loans, probably the buyers will have to fork out more cash as against the reduction in loans that the banks are willing to consider and with the stock market in the doldrums, it's going to get ugly.

Property price in Singapore is unlikely to crash because we are a small island and our land supply is very limited.

If the value of our residential property market corrects during this uncertain time, it's very healthy because then when the 2 IRs are opened for business in 2010, we can expect the property price to shoot upwards again.

The trouble in this forum is that many of you are super gloom and doom types.....like Dr Marc Faber.

I can only think of one reason.....and that is most of you have no vested interest. Right?

 

[lifeafter41]

Property price in Singapore is unlikely to crash because we are a small island and our land supply is very limited.

If the value of our residential property market corrects during this uncertain time, it's very healthy because then when the 2 IRs are opened for business in 2010, we can expect the property price to shoot upwards again.

The trouble in this forum is that many of you are super gloom and doom types.....like Dr Marc Faber.

I can only think of one reason.....and that is most of you have no vested interest. Right?

Vested interest?. I am staying in a rental flat, does that count as vested interest.

 

[soikee]

Rental is not considered as vessted.

It has got to be ownership.

 

[lifeafter41]

Rental is not considered as vessted.

It has got to be ownership.

I like very much to have vested interest or ownership, can anybody help, can you help? soikee. Don't tell to go to the MPs, have tried doing that.......

 

[cass888]

Read in today's sunday new paper article. It's going to get worse. Understand by from this Nov 08 to mid 2009, there is a lot of project that is going T.O.P. And the banks are not going to base on valuation done 2 years back to give out loans, probably the buyers will have to fork out more cash as against the reduction in loans that the banks are willing to consider and with the stock market in the doldrums, it's going to get ugly.

YES!!! FINALLY!!! *rub hands in glee*

 

[The_Latest_H]

Property price in Singapore is unlikely to crash because we are a small island and our land supply is very limited.

If the value of our residential property market corrects during this uncertain time, it's very healthy because then when the 2 IRs are opened for business in 2010, we can expect the property price to shoot upwards again.

The trouble in this forum is that many of you are super gloom and doom types.....like Dr Marc Faber.

I can only think of one reason.....and that is most of you have no vested interest. Right?

I agree that the property prices are unlikely to crash to the ultimate bottom; space in Singapore is limited, and hence there's a strong level of certainity- a range where it would reach and then possibly stay there.

But I fundamentally disagree that the IR would save the housing market. First of all, we don't even know when the IRs would be open. The parent companies like LVS are in deep trouble back in LV and Macau, and they are struggling. Unless they depend on taxpayers money here in Singapore, then even opening them in time is a doubt.

Second, depending on the casinos is like having no economical leadership. The government should be reforming government, improving corporate governance, transparency, openess, and instilling a sense of honesty and humility. They should stop these policies that have encouraged bubble growth in the last few years. They should stop all these stuff that only focuses on 8% to 9% growth for 5 years, only to see us crash to 6% negativity when a worldwide collapse happens.

Finally, I believe that the current policies which has liberalise capital inflows and outflows in almost every market, especially in the banking and housing markets have encouraged over-excessive growth, and in return encouraged pure speculators and small-time mum-and-pop investors to go into the market. This has lead to an explosive growth in the economy. But because of the fact that S'pore is now a developed country, any country that grows 8-9% year on year is probably also growing way too fast. If inflation goes up rapidly during these years of speculative growth, the country is in deep trouble.

So simply put, we can't go on the direction anymore. We have to get ourselves in order, and change tack in terms of the economical policies. We have gone too far in the wrong direction, and the best way to recover is to backtrack. But is the government wise enough, or are they still too focused on quick riches? Their recent actions have not given anyone great confidence, and I fear Singapore is gonna be even more turmoil than ever before.

In finality, this episode also highlights the inept leadership of Lee Hsien Loong. It shows how frail a proxy PM is when the PM has no power, and is relied on an aging man who's clearly out of touch. When a country has to depend on an 85 year old man who clearly cannot understand the new world as it is and as it will be, the country is in deep trouble.

Any more reasons on why the Lees have to go, eventually? Well, just look at the (lack of) economical leadership shown by PM Lee, and you would know.

 

[williamsF1]

times like these, even if they wanna laylong their condo or landed properties, there's no guarantee that there's keen buyers, cos everybody in the food chain also singing 'money no enough'

 

[angry_one]

We can all blame Goh Keng Swee for this, for he was the one who dictated that land and house prices should be this high, even for ulu areas outside the city zone. That's ridiculous!

Research has revealed that while house prices have skyrocketed for the decades, our salaries have not increased by proportion. How many of you remember the prices of 3-rooms at only $10,000+? Since all housing prices are tagged to the price of new HDBs, the govt is at fault

How can a public housing entity charge such exorbitant sums for an essential good?? We are not meant to pay such prices in the first place!

I agree that the property prices are unlikely to crash to the ultimate bottom; space in Singapore is limited, and hence there's a strong level of certainity- a range where it would reach and then possibly stay there.

But I fundamentally disagree that the IR would save the housing market. First of all, we don't even know when the IRs would be open. The parent companies like LVS are in deep trouble back in LV and Macau, and they are struggling. Unless they depend on taxpayers money here in Singapore, then even opening them in time is a doubt.

Second, depending on the casinos is like having no economical leadership. The government should be reforming government, improving corporate governance, transparency, openess, and instilling a sense of honesty and humility. They should stop these policies that have encouraged bubble growth in the last few years. They should stop all these stuff that only focuses on 8% to 9% growth for 5 years, only to see us crash to 6% negativity when a worldwide collapse happens.

Finally, I believe that the current policies which has liberalise capital inflows and outflows in almost every market, especially in the banking and housing markets have encouraged over-excessive growth, and in return encouraged pure speculators and small-time mum-and-pop investors to go into the market. This has lead to an explosive growth in the economy. But because of the fact that S'pore is now a developed country, any country that grows 8-9% year on year is probably also growing way too fast. If inflation goes up rapidly during these years of speculative growth, the country is in deep trouble.

So simply put, we can't go on the direction anymore. We have to get ourselves in order, and change tack in terms of the economical policies. We have gone too far in the wrong direction, and the best way to recover is to backtrack. But is the government wise enough, or are they still too focused on quick riches? Their recent actions have not given anyone great confidence, and I fear Singapore is gonna be even more turmoil than ever before.

In finality, this episode also highlights the inept leadership of Lee Hsien Loong. It shows how frail a proxy PM is when the PM has no power, and is relied on an aging man who's clearly out of touch. When a country has to depend on an 85 year old man who clearly cannot understand the new world as it is and as it will be, the country is in deep trouble.

Any more reasons on why the Lees have to go, eventually? Well, just look at the (lack of) economical leadership shown by PM Lee, and you would know.