When you walk out of your home, watch out, if not you get knocked down and crashed by a lorry. Good luck.Originally Posted by chr
When you walk out of your home, watch out, if not you get knocked down and crashed by a lorry. Good luck.Originally Posted by chr
Wah. People here so violent. You got to be careful as well. Your god is watching your every move.Originally Posted by be careful
The next time you have dinner may you choke to death.Originally Posted by u're watched
All property agents stop your nonsense postings please.
Then what do we do?Originally Posted by orange tee
This is a D3 condo you are talking about.Originally Posted by Dazzled
Are you expecting it to be cheaper than DR in D14?
No right?
Originally Posted by URAOriginally Posted by dakota shines
QUOTE: This is a D3 condo you are talking about.
Are you expecting it to be cheaper than DR in D14?
No right?
Quote:
Originally Posted by URA
Project Name ....... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Dakota Residences . RCR ........ 5 ............................... 1,073 ............. 983 .............. 947
Why was DR picked as a comparison? Why not any other district? Do u mean the lower the district, the higher the psf??
District 9,10,11,12 cost a lot higher.
District
Err ... maybe compare with this 99-year-leasehold KR in D19?Originally Posted by Registered
D3 vs D19!
Originally Posted by URAOriginally Posted by UnregĄstered
I dun get your point! D3 Vs D14 and now D3 Vs D19? Are you saying the higher D the lower or higher PSF? I am totally confused...Originally Posted by UnregĄstered
Ai ya, when the market crash, you will not have any fundamentals to talk about pricing. Even orchard condos will drop to 1000psf.Originally Posted by Registered
Your "if" is not answering his question.Originally Posted by Pessimistic
Have been observing the average selling price for Metropolitan for last 9 mths and seems that currently the average asking price has been dropping gradually to around $850 - $900 psf from $1000 psf. Looks like folks holding on to these units are getting the jitters with TOP drawing nearer. Seeing similar trend with Regency Suites, Beacon etc.
Looking at gloomy economic situation right now, which many think would worsened in the next 6 - 9 mths and likely to last 2 - 3 years or more, the prices would definitely fall much more steeply than the last couple of months. Even SM Lee said that it would take at least 3 to 5 years to recover.
Unless the current owners are able to rent at the current monthly rental rates, they would have to start digging into their pockets to top up the monthly mortgage. Example, taking from URA site, Q3 08 25th and median percentile $ rental psf pm for Tanglin Regency is $3.61 and $4.22 psf respectively, a Metropolitan 1076 sqft unit rental is likely to yield around $4K rental per mth, which is barely enough to cover the mortgage. If the economy is to continue heading south in the next couple of months, the buyer would be considered fortunate if he/she is able to fetch similar Q2 07 price which is $3.11 psf pm to $3.30 psf pm for 25th and median percentile rental pm. With the additional surpluses of condominium available in 2009 onwards plus gloomy economy, likely the rental $ psf pm would be lower than that. With all that taken into consideration, it would be very high chance that the buyer would need to top up from his own pocket to finance the mortgage.
To make things worst, banks would definitely ask the buyer to top up the difference if the current property valuation is lower that the price he/she paid for at the pt of purchase.
To sum up, it looks like a ticking time bomb waiting to explode in a matter of time.
I can't help but agree with your observation. The market is definitely going south. Hopefully it will not crash...Ouch...Those who bought during the launch can still breakeven at this point of time. But if they choose to wait for market to improve, it may take 2 years or more. With the TOP coming up very soon, well...anyone can guess what will happen.Those good old days of $900 to $1000 psf are gone. The most recent transaction of a 1033 sqft unit was at $682 psf!!! Still I think the seller was smart. If he was to hold on to the unit, he would definitely have lost more $$$. I think the current support level is $800. By next year, it may drop to $700.
Many people have lost a lot of money in the stock market. Big ticket items like cars and condo will have to wait indefinitely. They are of very low priority now.
The recession has yet to hit the man in the street, so the worst effect has yet to be seen. I predict the market will slow to a crawl if not a standstill next year. Jobs will be lost, expect salary freeze if not cut. Living day to day will be a struggle. Even after the recession ends, people will have to earn and save for a long long time before they are ready to consider buying cars and condo...Alas...the worst is yet to be...:-(
The $682psf transaction was the original purchase from the developer.Originally Posted by DaZZled
Bank will not aks you to top up lah.Originally Posted by Concern
Are we near the kind of economic difficulty faced during the Great Depression? The US economy today is much stronger than it was in 1929 and the fundamentals are still pretty strong regardless of the crisis we're in.Originally Posted by Pessimistic
If you look at the numbers, they are so dramatically different. GDP growth in the US is about 1% and I'm sure it will fall but it is nothing like the -27% during the Great Depression. Unemployment is about 6.1%, but during the Great Depression it was 25%.
Today's world is very different from the Great Depression period - there is greater linkage between fiscal policies and the economy than before and all policymakers are working together. So we are not even close to the level of difficulties faced then.
So?Originally Posted by Prof Lilian Ng (NBS, NTU)
Don't be too happy lah!
Everyone is a loser here!
Only IRAS is the big winner who is smiling now!
Originally Posted by The Straits Times
The $682psf transaction was the original purchase from the developer.
I am not too sure abt that! $682 from developer??
1)Why would the caveat be filed 2 years after it was bought? Very strange...
Very fishy...
2)Unless the website listing the transaction was wrong, it was clearly
stated "RESALE"! Contract Date: Oct 2008!
I could only sensed Denial...
His point is THIS:Originally Posted by UnregĄstered
Unless the current owners are able to RENT at the current monthly rental rates, they would have to start digging into their pockets to top up the monthly mortgage... A Metropolitan 1076 sqft unit rental is likely to yield around $4K rental per mth, which is barely enough to cover the mortgage... With the additional surpluses of condominium available in 2009 onwards plus gloomy economy, likely the rental $ psf pm would be lower than that. With all that taken into consideration, it would be very high chance that the buyer would need to top up from his own pocket to finance the mortgage.
I totally agree on the above point.
But:
To make things worst, banks would definitely ask the buyer to top up the difference if the current property valuation is lower that the price he/she paid for at the pt of purchase.
I am not so sure about this. But I doubt the bank will ask owner to top up the difference...(speaking with caution).
To sum up, it looks like a ticking time bomb waiting to explode in a matter of time.
This, I agree too...
[QUOTE=Prof Lilian Ng (NBS, NTU)]Are we near the kind of economic difficulty faced during the Great Depression? The US economy today is much stronger than it was in 1929 and the fundamentals are still pretty strong regardless of the crisis we're in.
US economy today is indeed stronger, but so are the fear factor. The psychological effect is something you can't control. Numbers and figures dont have much effect over fears...
"If you look at the numbers, they are so dramatically different. GDP growth in the US is about 1% and I'm sure it will fall but it is nothing like the -27% during the Great Depression. Unemployment is about 6.1%, but during the Great Depression it was 25%."
It is hard to tell the future. Like I said, The Worst Is Yet To Be. It has not hit the man in the street hard enough yet. Only time can tell...(With respect)
You will be in for a surprise my friend. Banks are not your friend. They are money making business.Originally Posted by Dazzled
If your current outstanding loan is higher than the valuation of the property, YOU NEED TO TOP IT UP WITH CASH.
That is why those who bought high are at risk if the property price drops by a high %. You can get bankrupt bcause of this if you can't top it up.
By the way, valuations have just went up a little.Originally Posted by Top Up
Why would these folks buy Livia when The Metro is selling at the same price?Originally Posted by DaZZled
Originally Posted by URA
Why?Originally Posted by Curious
... cos' DaZZled is a conman telling a lie here ...
If your current outstanding loan is higher than the valuation of the property, YOU NEED TO TOP IT UP WITH CASH.
That is why those who bought high are at risk if the property price drops by a high %. You can get bankrupt bcause of this if you can't top it up.[/QUOTE]
Thanks for info...
Originally Posted by Curious
There are thousands and one reasons...Price is only one factor
There is no need to resort to name calling. Just go and chk up www.nationproperty.sgOriginally Posted by UnregĄstered
This is something which Bank don't explain to you when you take up the mortgage. It is important for buyers to do research and ask around. Many people I spoke to who have bank mortgage do not know of this rule.Originally Posted by Top Up
"I could only sensed Denial..."Originally Posted by DaZZled
What?
There is no need to resort to name calling. Just look at the Livia URA transaction.
If The Metro is selling at the same price as Livia, why are so many buying Livia?
Your thousand reasons are these buyers are stupid.
There is one more reason.
There must be a conman here.
Because DaZZle conned them into buying. Ha ha ha!Originally Posted by Curious