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Thread: Urgent advice

  1. #1
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    Default Urgent advice

    Hi all, I have been looking at this unit and was almost about to put up an offer when my parents advised me to wait another 6 months as prices will definitely go lower. I am now really confused as to whether I should wait in this current climate or just go for it if I have found a place which I like and which matches the bank's valuation. Any advice/comments would be appreciated, thank you!

  2. #2
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    2 possibilities:
    1) u buy it now & find out 6 mths later u overpaid.
    2) u wait 6 mths, unit sold in the mean time and no longer available


    current climate not good, probably will get worse.
    so depends how badly you want THIS particular unit.

  3. #3
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    Quote Originally Posted by august
    2 possibilities:
    1) u buy it now & find out 6 mths later u overpaid.
    2) u wait 6 mths, unit sold in the mean time and no longer available


    current climate not good, probably will get worse.
    so depends how badly you want THIS particular unit.
    Yup, tt's precisely what we're agonising over, either wait and risk losing the aptment or buy it now and kick ourselves for overpaying 6 mths later. We're having problems deciding cos although the location is ideal for me and my husband (in terms of work place/parents' place/quite central) but the rooms are a little on the small side and the conservancy is high ($350 for a 3 bedroom).

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    What August said is very true.....But since you will be buying for your own stay (not investment), the only comfort is to tell yourself that you will NOT regret later and say "Should have waited...". It is the buyers market now and you have an edge. Bank's valuation in the hay days also matched S&P price, so Bank's valuation is really of no value to us buyers. Patience pays.....

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    I was quite amused today when my husband asked how much I think property prices would fall in the next 6 mths...yeah, if I knew, I wouldn't have a headache now! Been trying to read up online but it seems there are conflicting views, some say it will drop but not a lot but some say a lot...feels like it's anyone's guess....

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    Yup, it is anyone's guess and no one has a crystal ball. Hence, my view is : If it is something that you are buying for your own stay and like it very much, then just do it and not look at the transacted prices again.

  7. #7
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    Hi,

    Maintenance charges is normal for a typical 3bed ($350) cause the share value of a 3 bed will be higher, in case of en blocked in future you will be paid accordindy to your per share. Hope this piece of info helps........

  8. #8
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    Quote Originally Posted by Gen Sahiro
    What August said is very true.....But since you will be buying for your own stay (not investment), the only comfort is to tell yourself that you will NOT regret later and say "Should have waited...". It is the buyers market now and you have an edge. Bank's valuation in the hay days also matched S&P price, so Bank's valuation is really of no value to us buyers. Patience pays.....
    Even for own stay, regret can also come in terms of better units available.. hehe

    bell78, if u absolutely loves THIS unit, then the answer is clear, otherwise for me i'll wait for a choice unit before agonising

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    Quote Originally Posted by Party
    Hi,

    Maintenance charges is normal for a typical 3bed ($350) cause the share value of a 3 bed will be higher, in case of en blocked in future you will be paid accordindy to your per share. Hope this piece of info helps........
    Hmm...I had the impression that $350 is ex cos my friend stays at a 3-bedroom in Balestier and she's paying $260. Hers is a fairly small devt. I also heard Raintree is $250 for 3-bedroom.

  10. #10
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    Quote Originally Posted by august
    Even for own stay, regret can also come in terms of better units available.. hehe

    bell78, if u absolutely loves THIS unit, then the answer is clear, otherwise for me i'll wait for a choice unit before agonising
    That's the problem, we love the location and the layout of the unit but find the size of the rooms a bit disconcerting, seems rather small compared to other devts. So we are trying to decide whether it's worth the "sacrifice" (so to speak) by buying a place with tiny rooms but in a good location.

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    Just wanted to add tt i just had a seriously long discussion with my husband and we're seriously getting nowhere. Somehow I can't help thinking tt if we can't even decide after all these discussion, then perhaps we don't love the apartment enough (either that or we're really bad at discussing...)

    I think perhaps we're just tired of the search, we're one of those couples who wanted to get a place since 2006 but couldn't find anything suitable as prices were shooting up

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    Quote Originally Posted by Bell78
    Just wanted to add tt i just had a seriously long discussion with my husband and we're seriously getting nowhere. Somehow I can't help thinking tt if we can't even decide after all these discussion, then perhaps we don't love the apartment enough (either that or we're really bad at discussing...)

    I think perhaps we're just tired of the search, we're one of those couples who wanted to get a place since 2006 but couldn't find anything suitable as prices were shooting up
    Maybe by telling us more info about the said unit then you can obtain more constructive comment

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    You mentioned you were looking for a place since 2006? That's like 2 yrs in the making?
    I think seriously, it is you two having problems not the place.

    Two of you are afraid of making a major financial commitment.
    That's why both dare not stick to the gun.
    I thought 2006 was quite an alright time since price then was still very acceptable.

    Anyway, I have friends who are like that. They have been talking about wanting to buy since eons but when you drilled deeper, it seems they dare not take on such financial commitments even though their combined income is already around $12k.

    For buying a property, i think the main consideration would be to work out how much you realistically can afford in installment and then set your budget around that area and then if you find one apartment you like at your budget, then you make a decision. 'Coz there will always be better ones if you wait.. (i think that's what you were doing since 2006?)

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    Quote Originally Posted by isaaclim
    Maybe by telling us more info about the said unit then you can obtain more constructive comment
    It's mera springs, 1,227 sqft for 980,000.

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    Quote Originally Posted by focus
    You mentioned you were looking for a place since 2006? That's like 2 yrs in the making?
    I think seriously, it is you two having problems not the place.

    Two of you are afraid of making a major financial commitment.
    That's why both dare not stick to the gun.
    I thought 2006 was quite an alright time since price then was still very acceptable.

    Anyway, I have friends who are like that. They have been talking about wanting to buy since eons but when you drilled deeper, it seems they dare not take on such financial commitments even though their combined income is already around $12k.

    For buying a property, i think the main consideration would be to work out how much you realistically can afford in installment and then set your budget around that area and then if you find one apartment you like at your budget, then you make a decision. 'Coz there will always be better ones if you wait.. (i think that's what you were doing since 2006?)
    Yes, tt's true. I think we both find the idea of taking on a loan quite daunting...but in 2006, the places which our agent showed us then were already rather overpriced. It became worse when it shot up more quickly than we expected.

  16. #16
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    Quote Originally Posted by Bell78
    Yes, tt's true. I think we both find the idea of taking on a loan quite daunting...but in 2006, the places which our agent showed us then were already rather overpriced. It became worse when it shot up more quickly than we expected.
    yes taking a big loan can be daunting. Under current climate also need to factor in worst case scenarios, like wat if one of u lose job etc.

    I met a friend, couple in early 30s last week for kopitiam lunch, they r somewhat asset rich cash poor. Both drives own car, and upgraded to a condo in '08. They are quite apparently overstretched, but luckily both work in civil service so rather stable. Friend hates his job but cannot leave for obvious reasons.

    everyone's risk appetitie is diff. There is really no good advice, u just have to discuss with ur other half all possibilities and contingencies.

  17. #17
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    Bell78.. first we must understand that there can be many private agenda in many of the postings in this forum (and other related ones). Next, whether the market will trend down is anyone's guess but the psf trend does not take into considerations if a unit is high-floor, good-facing, or well renovated. Since you are looking for a place to live in, you can always try to bargain the price down. One does not have to wait till the general market has bottom-out before buying (in the first place info on market bottom-out is always on hindsight) because you can always try to price your target unit forward. Like what other say, this unit that your heart is going out for may not be there 3 or 6 months down. What's available then (at a cheaper psf, in the same condo) may something that you can live in. Is that what you want?

    In case you start to ponder, I'm like some people here waiting for opportunity to strike to buy a unit and what I have share in the above is always in my mind.

  18. #18
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    Hi Bell,

    Blessing in disguise that you haven't brought your dream home in 08'
    Prices today is not much diffrernt in 06' (mera spring). i would says at $798psf for a freehold apart is reasonable. Fact is prices won't drop so dramastic for these "home stay" apart. Not much of ppl will specluate these unit.

  19. #19
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    Hi Bell,

    Don't know if this helps. But I have also seen that particular unit and feel its a fair price given the current market. But I guess I will be holding as:

    1) Luanch price around 6xx psf.
    2) Adjacent units can look into ur mbdrm
    3) Lots of developments around the same area with better specs. Can afford to wait for mkt price drop.

    Just my 2 cts worth, but don't know how this will affect your decision though as I have just highlighted some cons, but now you know that there are also others like me eyeing the units closely.

  20. #20
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    Thanks for the advice everyone, it's good to hear different views so that we don't rush blindly into anything. Generally, we tot the price seemed ok currently given the location + FH, but the cons are also there, like small rooms, high conservancy and facing expressway (noise and dust). I know there's prob no such thing as a perfect unit (unless one pays thru the nose for it), but we do have to decide if it's worth putting up with the cons for a good location, esp since this is for home stay.

    Edwin78 - Did u find the rooms at mera springs very tiny? We were quite concerned by how small they were.

  21. #21
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    is there still a showflat avaiable for mera springs?

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    Quote Originally Posted by Bell78
    Thanks for the advice everyone, it's good to hear different views so that we don't rush blindly into anything. Generally, we tot the price seemed ok currently given the location + FH, but the cons are also there, like small rooms, high conservancy and facing expressway (noise and dust). I know there's prob no such thing as a perfect unit (unless one pays thru the nose for it), but we do have to decide if it's worth putting up with the cons for a good location, esp since this is for home stay.

    Edwin78 - Did u find the rooms at mera springs very tiny? We were quite concerned by how small they were.
    Is there any specific reason to stay at that location?

    I think another point need to consider is - It is on the "other" side of CTE.

    This is a major reason for it not able to touch 1.5kpsf even in 2007.

    If you really want to stay around that area, i would recommend you to consider Park Infinia.

  23. #23
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    It's mera springs, 1,227 sqft for 980,000.

    Quote Originally Posted by august
    2 possibilities:
    1) u buy it now & find out 6 mths later u overpaid.
    Chances this will happen is more than 80%. The question is how many % lower as compare to today asking. I personnally believe it will fall another 10-15%. Hence 100K to 150K cheaper.

    2) u wait 6 mths, unit sold in the mean time and no longer available
    I rejected an offer in Jan 08 to buy over my house , at that time subprime crisis already started in US. Hence , I was struggling if I rejected this offer will I be worse off to look for another buyer. Fortunately , I sold my house in July with 15K more than my previous offer. Hence , it may not be bad to wait. There are many good unit out there, don't forsake the jungle because of one tree.

    current climate not good, probably will get worse.
    so depends how badly you want THIS particular unit.
    There is no good or bad time to buy house. But u must set some criteria to safe guard your investment. For me, I don;t mind to commit if both my wife and me like the unit and it must be at least 10% lesser than current market value.

    It is stupid to say it does not matter when u buy an own stay house. If u over paid , it is still your money. Be it 100K or 150K, it will take u years of saving to accumulate that amount and extra years for u to clear off the loan with your bank

  24. #24
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    Quote Originally Posted by i12buyhouse

    There is no good or bad time to buy house. But u must set some criteria to safe guard your investment. For me, I don;t mind to commit if both my wife and me like the unit and it must be at least 10% lesser than current market value.

    It is stupid to say it does not matter when u buy an own stay house. If u over paid , it is still your money. Be it 100K or 150K, it will take u years of saving to accumulate that amount and extra years for u to clear off the loan with your bank
    ya agree, remember those who overpaid for bishan hdbs in the 90s, even the boom of past 2 yrs never rose to the same level again..

  25. #25
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    Quote Originally Posted by isaaclim
    Is there any specific reason to stay at that location?

    I think another point need to consider is - It is on the "other" side of CTE.

    This is a major reason for it not able to touch 1.5kpsf even in 2007.

    If you really want to stay around that area, i would recommend you to consider Park Infinia.
    Yup, cos it's near workplace and parents.

    Park Infinia is a bit ex...

  26. #26
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    Quote Originally Posted by i12buyhouse
    It's mera springs, 1,227 sqft for 980,000.



    There is no good or bad time to buy house. But u must set some criteria to safe guard your investment. For me, I don;t mind to commit if both my wife and me like the unit and it must be at least 10% lesser than current market value.

    It is stupid to say it does not matter when u buy an own stay house. If u over paid , it is still your money. Be it 100K or 150K, it will take u years of saving to accumulate that amount and extra years for u to clear off the loan with your bank
    Agreed. Even if it is a relatively small amt of money, it's always good to save whenever u can.

    But we were also wondering if the price fall would affect mera springs if the occupants are currently own stay and have holding power. Wldn't tt be more for new devts/speculators?

  27. #27
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    Hi all,
    I did take a look at Mera Springs as well, and I had a few concerns

    1. The CTE just beside it
    2. Rooms seem alittle small, but the sitting area pretty spacious
    3. Lack of privacy due to the design of the 2 blocks looking into one another
    4. The environment, with older housing around it with little greenery.

    Not sure if you all had the same input for those who had seen it already.

  28. #28
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    Quote Originally Posted by Bell78
    Yup, cos it's near workplace and parents.

    Park Infinia is a bit ex...
    Firstly, near workplace and parents is not something that can really put into value. This is priceless. I have a hard time sourcing for a condo that is near my parents due to our children are being taken care by them. The reason for the hard time is due to the prices of condo near my parents are too expensive.

    If you really interested in the Condo, I suggest that you look at the advertising and see how many units are currently being listed to resell.
    What is the highest per sq ft sold and the lowest per sqft sold. What is the per sq ft price you willing to pay.

    Yes, the price may drop further, but if not many units are selling and you have waited for the price to drop, the chances are that you may not get the unit you prefer.

    I am not an expert in housing or Mera Spring. But I do know that if if a particular unit layout or facing is popular, the chances of losing it is higher.

    Since now is the buyer market, you can offer the price below bank valuation. This will give you the comfort or buffer should the price drop further. However, when the market turns around, you may not be able to do that.

    I always belive that let others earn a bit is fine since they are holding the unit for you when you cannot afford. However, you must be able to guess the original buying price of the the seller such as if he/she purchase during the launch and what is the average launch price. What are the high and low prices around the area. Under normal circumsatances, noone will sell their unit below the launch price and if they do, most likely they are already faced with difficulty. So do you still want to drive the person to the wall under such circumstances?

    My 2 cents. 8)

  29. #29
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    Quote Originally Posted by Bell78
    Agreed. Even if it is a relatively small amt of money, it's always good to save whenever u can.

    But we were also wondering if the price fall would affect mera springs if the occupants are currently own stay and have holding power. Wldn't tt be more for new devts/speculators?
    Unless the project is very unique. Otherwise, if your similar neighbor apartment is "crashing". Yours will also face the same fortune.

    Have you visited Park Infinia? Their showflat is still open for viewing.

    Seriously, if I die die need to stay at that area, i will wait for CSR. It is going to break the 700psf level soon.

  30. #30
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    Quote Originally Posted by korianary
    Hi all,
    I did take a look at Mera Springs as well, and I had a few concerns

    1. The CTE just beside it
    2. Rooms seem alittle small, but the sitting area pretty spacious
    3. Lack of privacy due to the design of the 2 blocks looking into one another
    4. The environment, with older housing around it with little greenery.

    Not sure if you all had the same input for those who had seen it already.
    Yup, totally agree. This was the same feeling we had, as well as comments from some others who viewed it. The noise from the CTE (even though our block is not really facing it), the dust, the really tiny rooms which can only fit a small single bed and a small desk...and the equally tiny master bedroom which can only fit a queen size bed. We didn't notice anything about the lack of privacy though, maybe cos the block nearby appeared to be largely unoccupied. In fact, the more we looked at it, the more problems we had with the devt itself (and not just tt particular unit)...

    That said, for the location and price, we initially tot it was still ok cos others in the same area are at least $1,000 psf now. But now we're starting to have 2nd tots for the reasons above.

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