An infatuation fanning the fire of higher home prices
An infatuation fanning the fire of higher home prices
Letter from ANNE WONG HOLLOWAY
The condominium that we live in is in the process of negotiating an en bloc sale.
In the course of various informal discussions among those in favour and also those opposed to an en bloc-induced sale, I realised that some of our neighbours have already committed to new developments in the same area — Orchard Road. They have done so in anticipation of selling their units here in the en bloc sale — whether they like it or not — and are fortunate enough to have the money to do so.
I cannot tell if they have done so mainly to ensure a roof over their heads in similar proximity to Orchard Road, or out of kiasu-ness and bet-hedging, expecting that property prices will keep spiralling, especially since the sentiment is that we are nowhere near the peak.
What appears clear to me is that prices of new developments are being supported not only by foreign and local speculators but also by current homeowners and investors.
One might even go so far as to suggest that this current infatuation with en bloc sales is fanning the fire of higher property prices — and all the good and bad that come with it.
Re: An infatuation fanning the fire of higher home prices
Quote:
Originally Posted by joe
An infatuation fanning the fire of higher home prices
Letter from ANNE WONG HOLLOWAY
The condominium that we live in is in the process of negotiating an en bloc sale.
In the course of various informal discussions among those in favour and also those opposed to an en bloc-induced sale, I realised that some of our neighbours have already committed to new developments in the same area — Orchard Road. They have done so in anticipation of selling their units here in the en bloc sale — whether they like it or not — and are fortunate enough to have the money to do so.
I cannot tell if they have done so mainly to ensure a roof over their heads in similar proximity to Orchard Road, or out of kiasu-ness and bet-hedging, expecting that property prices will keep spiralling, especially since the sentiment is that we are nowhere near the peak.
What appears clear to me is that prices of new developments are being supported not only by foreign and local speculators but also by current homeowners and investors.
One might even go so far as to suggest that this current infatuation with en bloc sales is fanning the fire of higher property prices — and all the good and bad that come with it.
The trick is to buy before these en-bloc fellows buy.
Re: An infatuation fanning the fire of higher home prices
Quote:
Originally Posted by Adviser
The trick is to buy before these en-bloc fellows buy.
Of course, it sounds so easy if you have lots of cash lying around.
Re: An infatuation fanning the fire of higher home prices
and for those without cash, you're screwed. Get a HDB flat. I did. I got screwed, in the process of downgrading to a HDB flat and spent my days wondering why I'm in the situation where my nice large condominium that I bought for $500k is now taken away from me through no fault of my own and in it's place, I've a small HDB flat with no facilities and in a location that I didn't like.
Blame it on the Strata laws that favours the developers, blame it on the policy makers who makes those laws, blame it on the Sales Committee who got greedy, blame it on developers who wanted to make a fast buck, blame it on me who didn't earn enough to get a landed property in the first place.
Think I'll just migrate to the US where I can keep my home.
