Current Asking Prices

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18-06-08, 18:29
Farnie

Current Asking Prices

Over the last weekend, I visited a few recently TOP condos as well as show-flats. Most sellers have started to soften their asking, eg a unit in Pandan Valley has reduced his asking px by $250k but still around $1000psf.

For all the units I saw, I countered by offering 30-40% below the asking px and I can't believe that ALL the agents and owners are actually willing to negotiate and asked me to up my offer. 6 mths ago, they would have asked me to buzz off.

Anway, I believe sellers are still holding on to unrealistic px expectation. When more units are TOP in the coming periods, i believe there will be pressure downwards on the asking px. The agents also told me more buyers are beginning to offer much lower px, some 50% lower than the asking px but of coz sellers not willing to accept but i think now is the tipping point downwards.
18-06-08, 18:56
blackjack21trader

Tell you tell you this fine day
The world's gloomy while this island is aplenty with hay !
Where for the world to go the way for work and play
It is this tiny island they all say !

Boom TOWN CHARLIE Commmming.......!
18-06-08, 19:19
Unreg

Quote:

Originally Posted by Farnie

Over the last weekend, I visited a few recently TOP condos as well as show-flats. Most sellers have started to soften their asking, eg a unit in Pandan Valley has reduced his asking px by $250k but still around $1000psf.

For all the units I saw, I countered by offering 30-40% below the asking px and I can't believe that ALL the agents and owners are actually willing to negotiate and asked me to up my offer. 6 mths ago, they would have asked me to buzz off.

Anway, I believe sellers are still holding on to unrealistic px expectation. When more units are TOP in the coming periods, i believe there will be pressure downwards on the asking px. The agents also told me more buyers are beginning to offer much lower px, some 50% lower than the asking px but of coz sellers not willing to accept but i think now is the tipping point downwards.

Does that means that the buyer can now make an offer that is 30% below the asking price and don't get tell off ? That will be good news as I feel that even price in the suburb areas are too high.
18-06-08, 19:30
cadenza

There is still a difference between owners with and those without holding power. Also not discounting those with bigger plans but unable to hold on to both houses/units. Always interesting to ask why owner is selling his house.
18-06-08, 21:30
smartinvest

Are you sure the Seller did not give you a .l. ?

Even 5% is difficult . Anything more than 10% below the banks valuation and you like is even rare to find.
19-06-08, 04:29
basic

Quote:

Originally Posted by Farnie

Over the last weekend, I visited a few recently TOP condos as well as show-flats. Most sellers have started to soften their asking, eg a unit in Pandan Valley has reduced his asking px by $250k but still around $1000psf.

For all the units I saw, I countered by offering 30-40% below the asking px and I can't believe that ALL the agents and owners are actually willing to negotiate and asked me to up my offer. 6 mths ago, they would have asked me to buzz off.

Anway, I believe sellers are still holding on to unrealistic px expectation. When more units are TOP in the coming periods, i believe there will be pressure downwards on the asking px. The agents also told me more buyers are beginning to offer much lower px, some 50% lower than the asking px but of coz sellers not willing to accept but i think now is the tipping point downwards.

This is purely nonsense.
make up story.
If he dare to offer in front of owner, he will be sweeped out on the spot, noneed to give face to such nonsense.:)
19-06-08, 09:04
kal

offering 30-40% below asking price?? :scared-1:
means if its $1M condo, u offer $600-700k??
in yr dream is it??
19-06-08, 09:34
Bishan Kid

Quote:

Originally Posted by Farnie

Over the last weekend, I visited a few recently TOP condos as well as show-flats. Most sellers have started to soften their asking, eg a unit in Pandan Valley has reduced his asking px by $250k but still around $1000psf.

For all the units I saw, I countered by offering 30-40% below the asking px and I can't believe that ALL the agents and owners are actually willing to negotiate and asked me to up my offer. 6 mths ago, they would have asked me to buzz off.

Anway, I believe sellers are still holding on to unrealistic px expectation. When more units are TOP in the coming periods, i believe there will be pressure downwards on the asking px. The agents also told me more buyers are beginning to offer much lower px, some 50% lower than the asking px but of coz sellers not willing to accept but i think now is the tipping point downwards.

My unit in Orchard was offered 90% off the valuation from the potential buyer and I seriously consider.
19-06-08, 16:09
Farnie

Quote:

Originally Posted by kal

offering 30-40% below asking price?? :scared-1:
means if its $1M condo, u offer $600-700k??
in yr dream is it??

Definitely not in my dreams, I have made my offer for 3 of the 7 units I viewed last weekend. All at 40% below asking px and all 3 agents has not kicked my ass but rather urge me to up my offer as the sellers are all `serious sellers' and holding multiple units on deferred payment schemes and thus need to cash out now. In fact, 1 agent told me to increase by 10%, ie 34% below original asking px as the seller still gains and I still benefit by buying at a huge discount from `market px', whatever that means in this hugely inflated market price.
19-06-08, 17:23
bargain hunter

Quote:

Originally Posted by Farnie

Definitely not in my dreams, I have made my offer for 3 of the 7 units I viewed last weekend. All at 40% below asking px and all 3 agents has not kicked my ass but rather urge me to up my offer as the sellers are all `serious sellers' and holding multiple units on deferred payment schemes and thus need to cash out now. In fact, 1 agent told me to increase by 10%, ie 34% below original asking px as the seller still gains and I still benefit by buying at a huge discount from `market px', whatever that means in this hugely inflated market price.

Let's be fair to Farnie. He/She made a bid at 40% discount and agents asked for higher bids. That is fair. No deal was ever done here! Prices are not crashing but there will be some stray 'specuvestors' who might be desperate enough to let go at say, 20% below market price but such cases are very rare and if you really see one such deal, GRAB IT! It could also well be that in your case, the agents are desperate (not the sellers) because volume is so low and he/she is hungry.

A word of caution to Farnie if you are a genuine buyer. From my recent experience, the agent asks you to up the bid by 10% and tells you that he/she is confident of getting the deal done but will come back to you again and say that it is rejected and asks you to up the bid again. I have heard of such stories during the boom last year but I tried for myself last month and this still happens despite the quiet sentiment.

I am looking around for a unit myself but it is not as easy as what all the people who are trying to talk down the market are saying. The agents are posting seemingly fire sale prices but it is often for a very unattractive unit in a new development or the prices do not even exist. I feel very cheated because it seems like a bid to draw me in and get my contact rather than a case where there is a genuine seller at that price.

I think there are some facts which we need to get right here and be realistic:

1) It is true that we can get bargains which are 10%+ off the original asking price (which is normally at peak prices previously). Perhaps some desperate 'specuvestor' cashing out will let go at a 20% discount but this is rare.

2) There are a lot more people with holding power than 'specuvestors'.

3) Agents generally want sellers to believe the market is crashing and want buyers to believe that they are getting a good bargain. It is their agenda (not their fault, ITS THEIR JOB!) to narrow both the expectations of the buyers and sellers. This creates noise in the marketplace. When times are good, its a sellers market and they advertise 'prices go up everyday' to draw in desperate buyers who do not want to miss the boat. In slower times, they advertise 'fire sales' to draw in bargain hunters like myself. This exaggerates the prices on either side, so if you want to buy are unit right now, by all means, put a ridiculous bid and hope that you meet a desperate 'specuvestor' seller. If you really like the unit but seller won't budge, you have to be realistic that you can at best get 10%+ off the peak prices.
19-06-08, 17:25
smartinvest

Obviouslly you are talking to a broker or agent. Both of you are trying your luck or rmay be your agent is trying to kiss your ass.

Why not you try walking to any newly launched condominum showroom or any other settings and make that offer.

You can prove your point simply using your handphone camera to do the recording and post it to youtube. We would be waiting for your posting.

Let see whether anyone will shaft a baton up your tiny ASS !! :scared-5:

We hope to see that too!. It will obviously be the number 1 hit in Singapore. :)
19-06-08, 18:10
kal

Quote:

Originally Posted by Farnie

Over the last weekend, I visited a few recently TOP condos as well as show-flats. Most sellers have started to soften their asking, eg a unit in Pandan Valley has reduced his asking px by $250k but still around $1000psf.

For all the units I saw, I countered by offering 30-40% below the asking px and I can't believe that ALL the agents and owners are actually willing to negotiate and asked me to up my offer. 6 mths ago, they would have asked me to buzz off.

Anway, I believe sellers are still holding on to unrealistic px expectation. When more units are TOP in the coming periods, i believe there will be pressure downwards on the asking px. The agents also told me more buyers are beginning to offer much lower px, some 50% lower than the asking px but of coz sellers not willing to accept but i think now is the tipping point downwards.

He/she mentioned "show-flats" and "For all the units I saw..." , show-flats also try to offer 30-40% discount?? Unless one shot buy one whole blocks maybe la....
19-06-08, 19:15
blackjack21trader

OIL IS COMING DOWN !

Tell you tell you this fine day
The world's gloomy while this island is aplenty with hay !
Where for the world to go the way for work and play
It is this tiny island they all say !

Boom TOWN CHARLIE Commmming.......!
19-06-08, 19:58
Tony Blair

If your prediction is correct than :cheers6: .
19-06-08, 20:56
bargain hunter

Quote:

Originally Posted by smartinvest

Obviouslly you are talking to a broker or agent. Both of you are trying your luck or rmay be your agent is trying to kiss your ass.

Why not you try walking to any newly launched condominum showroom or any other settings and make that offer.

You can prove your point simply using your handphone camera to do the recording and post it to youtube. We would be waiting for your posting.

Let see whether anyone will shaft a baton up your tiny ASS !! :scared-5:

We hope to see that too!. It will obviously be the number 1 hit in Singapore. :)

As mentioned in my post, I agree that agents are the ones creating false impression of crashing prices and not the sellers. I am indeed trying my luck and definitely the secondary market is a lot more interesting for bargain hunters like me. Showflats don't cut prices.
19-06-08, 23:31
Farnie

Quote:

Originally Posted by smartinvest

Obviouslly you are talking to a broker or agent. Both of you are trying your luck or rmay be your agent is trying to kiss your ass.

Why not you try walking to any newly launched condominum showroom or any other settings and make that offer.

You can prove your point simply using your handphone camera to do the recording and post it to youtube. We would be waiting for your posting.

Let see whether anyone will shaft a baton up your tiny ASS !! :scared-5:

We hope to see that too!. It will obviously be the number 1 hit in Singapore. :)

First of all, luck is for people who follow others blindly. I believe in my own instinct. And secondly, I dun have to prove anything to anyone. I'm just sharing my experiences. Since you want to know if its true, you go and video yourself and post on youtube to prove me wrong :rolleyes:

Well, I refuse to up my price but the agent is smsing me to meetup with owner to `discuss'. So you tell me who is the desperate one.

Btw, showflats do reduce price. Dun believe, try it for Shelford Suites.
19-06-08, 23:55
kal

we all know showflats will reduce little bit price..but u mentioned ALL showflats, ALL agents and owners.... 30-40%.. Shelford Suites can bargain 30-40%? Great Singapore Sales...giordano/Bossini huh.. hehe
20-06-08, 00:47
bargain hunter

Quote:

Originally Posted by Farnie

First of all, luck is for people who follow others blindly. I believe in my own instinct. And secondly, I dun have to prove anything to anyone. I'm just sharing my experiences. Since you want to know if its true, you go and video yourself and post on youtube to prove me wrong :rolleyes:

Well, I refuse to up my price but the agent is smsing me to meetup with owner to `discuss'. So you tell me who is the desperate one.

Btw, showflats do reduce price. Dun believe, try it for Shelford Suites.

Sure, follow your instinct if you believe it will lead you to a good bargain. I never said to depend on luck, I am a believer of my own instincts too but since properties are unique, you will need some luck to meet the right seller. Seems like in your case you have met the right seller so good for you, go ahead and negotiate a 40% off market price deal and let me know the good news if you are successful so that I can go and look for the right seller/agent as well.

I have been to Shelford Suites. I would not consider that a price reduction at all. Earlier this year, 2 people purchased units at 1800psf. They bought at overpriced levels as CDL tried to test out the market then. 2 units are not statistically significant enough to draw a conclusion that that was the market price. I think journalists are creating too much hype by comparing one or two units in newspapers and concluding that prices have already fallen 20%. To me, these reports have no meaning other than trying to talk down the market.

I think the 1600psf that Shelford Suites is offered at now is not cheap either but would expect some people to bite. If Jardin and Floridian do drop prices from their 1700psf then yes, that would be a cut in selling price. Even then, that is also likely to be only 10 to 15% at best. 15% off 1700psf is 1445psf, I don't think they will go that low. Far East is so financially strong they will probably leave their units vacant and sell them after 10 years as they have been doing for many of their other developments hee.
20-06-08, 06:01
smartinvest

Yes , Brokers and Agents are smsing you to "DISCUSS" , did you go
down?

May be they will be discussing how to SHAFT your little ass . :banana:

smsing and disucssing is of little use,

Please prove the fact with CAVEAT filed.

You seem quite desparate to spread such rumours and nonsense .
Seller, Brokers or agent are quite hard luck to meet people like you.

Indeed a real :asshole:
20-06-08, 06:40
basic

Quote:

Originally Posted by Farnie

First of all, luck is for people who follow others blindly. I believe in my own instinct. And secondly, I dun have to prove anything to anyone. I'm just sharing my experiences. Since you want to know if its true, you go and video yourself and post on youtube to prove me wrong :rolleyes:

Well, I refuse to up my price but the agent is smsing me to meetup with owner to `discuss'. So you tell me who is the desperate one.

Btw, showflats do reduce price. Dun believe, try it for Shelford Suites.

cheapskate made up story, hope to buy low....sigh.....
21-06-08, 00:50
rogerang

Hi Farnie,

If there are so many deep discount at 30-40% over asking price, my qns is why u have not attempted to meet and discuss with the owners? Agents can tell u many things. You will be disappointed after meeting with the owners im sure. Agents are pretty free these days. Meetings is one way to soften the sellers.