Is the property market nuts? Poll
This post in part to answer some PM's i've gotten on the Sail and other prime areas. forgive me if my posts are long - sometimes i write these diatribes to help me think better as i'm getting old. too bad they don't got no viagra for the head on top of my neck.
Before Feb, the whole property market was in a freefall. then came alexis & caspians where our local champion citizens came in and bought it up at ridiculously high PSFs - this sparked off mi casa, kembangan, and a whole load of others. Thus developers came to this reality - either i play quantum for good locations, or low psf for the suburbs. thus one of two things happened.
1. $650sq ft was the floor set for the suburbs mass market (mi casa, caspian etc)
2. $1100psf was the floor set for not so f@cked up localities (not exceeding $600k)
So at around end Feb, people were starting to think: 'Eh, if a boondogs condo can fetch $650 PSF, 99 year somemore next to a mosquito infested lake, why am i selling my one amber for $750psf?' or 'Eh, if a condo apartment the size of my dining table in some cock area sells for $1100psf just because it's 5 mins away from raffles place by WRX, why am i selling my Sail for $1200psf?' and so on.
Then Geithner came in to announce that the printing presses are on overdrive. at the same time, ST at the behest of EDB no doubt runs stories on new property funds from Dubai, Korea and EU setting up shop here. 1 week later, Li Ka Shing says buy property now can ka-ching!. Soros also came out to say inflation is here to stay (property is one of the hedges for inflation).
at around the same time, dunno how agents get my number, but everyone starts calling me to sell my unit. they are offering $100-$150psf above what i bought. 3/4 of the calls are from agents representing indonesians, china chinese, or mideast investors.
Now, you hear about owners upping their PSF prices across the board. i was looking at an MBR studio advertised for $1350psf. i offered $1300psf coz i was paying more attention to the agent's twins than anything else. but the ad turned out to be a fake just to gauge interest. it's still going for $1550psf.
So i'm here wondering:
- is this a false bear market rally just like in the stock markets
- or are investors fearing inflation that much that they are buying up commodities and assets in Asia with their USD
- or are Singaporeans just gullible sheep?
let's have a poll and let the people decide
P.s: for those that ask me how to get the best deal - my response is the same: lotsa lotsa homework, emails and calls. always get an army of agents to represent you so you won't kena kotok