Private property prices... Up or Down?

[merc280v6]

Merc: "A 2-Tier Market Looms"

 

Exactly my read on Singapore's property market evolving into "A Tale Of Two Cities" !

[Pinobii]

Yes very very very possible.

 

Hmmmm...okie dun wanna go sales anymore le, time for savings mode

[Throttle2]

Bro, did you check bank valuation for the house you are looking at?

Bro, bank valuation, is quite a lot of bull. Plus minus 10% to 20% no problem

[Icedbs]

Bro, bank valuation, is quite a lot of bull. Plus minus 10% to 20% no problem

 

Doesnt matter, cos these days, the banks are more conservative and we are not asking as a seller by giving the bank a asking price to match.

 

Ask for fair market valuation from the 3 local banks.  Determine the lowest and highest valuation between these banks.  Lurpsexxr see if he can afford the price between these valuations. If he cannot afford, then no point going into a negotiation with the seller 

 

If can afford, then Lurpsexx can use this data as a starting point to determine if the asking price of the seller is fair or not. If the average bank valuation (which is conservative at this moment)  points roughly to $1m for this house and Lurpsexx can only do $850k, then I suggest our brother should really look elsewhere. 

[Throttle2]

Doesnt matter, cos these days, the banks are more conservative and we are not asking as a seller by giving the bank a asking price to match.

 

Ask for fair market valuation from the 3 local banks. Determine the lowest and highest valuation between these banks. Lurpsexxr see if he can afford the price between these valuations. If he cannot afford, then no point going into a negotiation with the seller

 

If can afford, then Lurpsexx can use this data as a starting point to determine if the asking price of the seller is fair or not. If the average bank valuation (which is conservative at this moment) points roughly to $1m for this house and Lurpsexx can only do $850k, then I suggest our brother should really look elsewhere.

Just As guidance point, i understand

[Kusje]

Hmmmm...okie dun wanna go sales anymore le, time for savings mode

So...

 

Friend's friend is you Leah.

[Pinobii]

So...

 

Friend's friend is you Leah.

No lah, else won't be so amazed Liao coz think it's not possible

[Tedlhw]

Spoken with wisdom and experience.

 

Indeed, most of us are small fry, that's the way the world is.

 

But still, it is not justifiable to set the bar at top 0.01% considered high income and 99.9% middle and lower income tio boh? If it is really GCB, the pricing structure will indeed be set at that level to cater to UHNWI. But here, talking about 500K loan, we are definitely not near that category.

 

Overall, the public to private housing ratio is set at 1:4 to 1:6. Roughly speaking, it will be fairer to look at the income level of the 20th percentile or so to determine affordability to house all and not just the top 1%, much less the top 0.01%.

 

There was a study that says most people associate with other people on a social basis(as in people that you hang around with in leisure) , who are normally within 10-20% of their income range, not including relatives.

 

So its all relative perspective, and i understand where all the bros here are coming from.

From one perspective, making 500k per year is nothing.

The thought is " thats what my employee/staff/sub-con/banker/assistant/manager makes per year, thats nothing(or peanuts in some other people words)"

 

From the other angle, where my family used to be from, the neighbour who bought a new 80K Toyota corolla is doing damn well.

In fact i was super proud when i bought my first car a vios, like 15 years back. I felt like i made it.

 

My job demands that i view the world from the UHNW view, other wise i would be constantly in awe.

At this point, i have a unique perspective from both ends of the spectrum.

So i will say both sides are correct in the argument, its all relative perspective. 

 

However, some bros here have a penchant to rub it in more than is sometimes necessary.

 

I think i saw some quote/cartoon before

Something to the effect of :

 

"When you look up, all you see are overfed, un-deserving, full of shit a**holes that pour shit all the time.

When you look down, all you see are stupid shitheads that dont know what they are doing, simple thing like picking shit also dunno, and they want to make it big??"

[Theoldjaffa]

There was a study that says most people associate with other people on a social basis(as in people that you hang around with in leisure) , who are normally within 10-20% of their income range, not including relatives.

 

So its all relative perspective, and i understand where all the bros here are coming from.

From one perspective, making 500k per year is nothing.

The thought is " thats what my employee/staff/sub-con/banker/assistant/manager makes per year, thats nothing(or peanuts in some other people words)"

 

From the other angle, where my family used to be from, the neighbour who bought a new 80K Toyota corolla is doing damn well.

In fact i was super proud when i bought my first car a vios, like 15 years back. I felt like i made it.

 

My job demands that i view the world from the UHNW view, other wise i would be constantly in awe.

At this point, i have a unique perspective from both ends of the spectrum.

So i will say both sides are correct in the argument, its all relative perspective.

 

However, some bros here have a penchant to rub it in more than is sometimes necessary.

 

I think i saw some quote/cartoon before

Something to the effect of :

 

"When you look up, all you see are overfed, un-deserving, full of shit a**holes that pour shit all the time.

When you look down, all you see are stupid shitheads that dont know what they are doing, simple thing like picking shit also dunno, and they want to make it big??"

Can't praise your post now. Well said.

 

Views and opinions are all relative based on individual perceptions.There are no absolutes. No need to insist on academic definitions and use that as as absolute yardstick to prove a point.

 

It's like if every food "expert" says this chicken rice deserves the highest rating of 5 stars, if I feel it only deserves 3 stars then so be it. No point arguing who is right.

[Newbie26]

Times have changed. The Brave new world is here

$ gets smaller, Needs get bigger

 

But one thing might not change so easily

Human Nature

 

When it comes to material needs and desires, it is always hard to satisfy human nature

We all want better and bigger stuff.

 

The problem comes when we start comparing.

Being happy with what we have and what we have achieved is always easier said than done

Because we do not live in isolation, subconsciously or other wise there is peer pressure

 

What the top 1% is earning, we should not care so much. Be happy for them

For most of us, we will die happy in our grave if we can even earn 200k a year

In Singapore, think we can already live a very comfortable and happy life with 100k a year, go visit some of the other countries, we already feel like millionaires 

 

 

 

There was a study that says most people associate with other people on a social basis(as in people that you hang around with in leisure) , who are normally within 10-20% of their income range, not including relatives.

 

So its all relative perspective, and i understand where all the bros here are coming from.

From one perspective, making 500k per year is nothing.

The thought is " thats what my employee/staff/sub-con/banker/assistant/manager makes per year, thats nothing(or peanuts in some other people words)"

 

From the other angle, where my family used to be from, the neighbour who bought a new 80K Toyota corolla is doing damn well.

In fact i was super proud when i bought my first car a vios, like 15 years back. I felt like i made it.

 

My job demands that i view the world from the UHNW view, other wise i would be constantly in awe.

At this point, i have a unique perspective from both ends of the spectrum.

So i will say both sides are correct in the argument, its all relative perspective. 

 

However, some bros here have a penchant to rub it in more than is sometimes necessary.

 

I think i saw some quote/cartoon before

Something to the effect of :

 

"When you look up, all you see are overfed, un-deserving, full of shit a**holes that pour shit all the time.

When you look down, all you see are stupid shitheads that dont know what they are doing, simple thing like picking shit also dunno, and they want to make it big??"

 

[Mercury1]

Wah lan eh property thread becum a HNWI discussion thread 

[antelop]

http://hk.on.cc/hk/bkn/cnt/finance/20170107/mobile/bkn-20170107104411173-0107_00842_001.html

 

282sf

 

3 bedrooms, a store, plus 2 bathrooms.

 

For our HDB scholars’ reference lol

[Nav14]

Hello, i didnt say he is 30yrs old leh

He not so young lah, now i think at least 37, 38 already.....

 

Hhhhmmmm, actually still young....

Still bright future unlike me down and out

But you always sound like a rising star. Only giveaway are your old Rolexes.

[Nav14]

Thanks for your quick reply bro.. appreciate it..

 

This unit I think relisted a few times already.. so close to a year on ads?

 

Even if $50K off his $1M price, still a long stretch for us... But yes, no one likes insincere and waste time lowballers but neither does one want to be a carrot head too...

 

Will go look see soon and gauge the development's surrounding conditions, residents, amenities, sinking fund level, neighbours, unit's condition etc... Then maybe I can justify a discount factor...

I would say go ahead and lowball at around 840k and then work upwards especially since it has been on market for one year. Nothing to lose. But you will be lucky if you get any lower than 700psf.

[Nav14]

i no have 100k in my bank account by 40 even ð

 

 

 

 

 

 

 

ok ok honest answer ... very flattered that chief requested it from me

 

 

 

 

 

i still don't have 100k in my bank account by 40

 

ð­

That's because you have 10m tied up in properties and stocks. Asset rich cash poor.

[Nav14]

This is quite depressing... 250k a month.. hard to believe that, but I know that there will be bros here who can top that easily...

Sigh... be happy, live within our means..

I will go to ABC market and have my fav mee pok and drown my sorrows in Hylam Coffee...

Most of whom making 250k a month would not have time to come to MCF or even find it meaningful. Yes we may have many multi- millionaires in MCF but they would either be the average educated successful businessman or old money.

[Mercury1]

Can't say on pricing, but when you view the unit be sure to turn on the tap see the pressure, water color okay boh and look for spots of leak at toilet ceiling (in above unit toilet water proofing issues). 

 

You can also chat the guard to see if in general got any issues (difficult neighbors etc)

 

Oh yeah some older developments in D5 (Pasir Panjang area) got rat issues, mostly impact ground floor units.

 

Good luck bargaining

 

Dear Old Property Birds and Sifus in here...

 

Need to ask your kind advice and views...

 

If I'm looking for a owner occupied property, in a quiet District 5 corner, lets say the asking is $1M for a 1.3K sqft condo ($769 per sqft) .. Its not too new, Tenure 99 yrs & is about close to 20 yrs old now...  Saw the location not much sales transactions this year and prices are about this range ($760 PSF).. 

 

In terms of asking for discount from seller, how much is too much or too little? My budget is abt $850K and would be nice to have this 1.3K sqft but 1.1K sqft is acceptable if got another unit that fits my budget... So for this unit is abt $150K gap between expectations.. how can I gauge how much lesser the seller will bite? Or how much should I up my budget to get this unit?

 

Our combined income definitely is in the lowest 10% bracket as per your latest discussions  , so need your expert views on this issue.

 

Thanks a lot again....   

 

[Theoldjaffa]

Can't say on pricing, but when you view the unit be sure to turn on the tap see the pressure, water color okay boh and look for spots of leak at toilet ceiling (in above unit toilet water proofing issues).

 

You can also chat the guard to see if in general got any issues (difficult neighbors etc)

 

Oh yeah some older developments in D5 (Pasir Panjang area) got rat issues, mostly impact ground floor units.

 

Good luck bargaining

Yah, talk to the guards. One of the condos I shortlisted, the guard says the asst commissioner of police stays there.

 

Dunno true or false though