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Thread: First time home buyers discussion

  1. #1
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    Default First time home buyers discussion

    Hello all,

    I am a potential first time home buyer working with a 450k to 650k budget. had been looking at studio units in district 15 and 16 but seems to have been priced out of the market. I was just wondering if there are fellow first timers out there who are looking for properties, i would like to know your views! Would really appreciate if there are some experienced investors who would kindly give some advice to newbies like myself too.

    thanks a million!!!

    Smilingcxx~

  2. #2
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    studios usually have higher psfs and also depending on level. For amber rd area, if u cn get anythng with 8xxpsf range n on hi flr, i thnk it is a gd buy.

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    Try Caspian... meets ur budget but a little late as all sold out. Check out in the sub sale market.

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    Quote Originally Posted by Condorich
    Try Caspian... meets ur budget but a little late as all sold out. Check out in the sub sale market.
    But Caspian not in D15/16 leh...

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    Quote Originally Posted by smilingcxx
    Hello all,

    I am a potential first time home buyer working with a 450k to 650k budget. had been looking at studio units in district 15 and 16 but seems to have been priced out of the market. I was just wondering if there are fellow first timers out there who are looking for properties, i would like to know your views! Would really appreciate if there are some experienced investors who would kindly give some advice to newbies like myself too.

    thanks a million!!!

    Smilingcxx~
    Do a search and I am sure you will be able to find. A typical studio will range from 4xx to 7xx sq ft. Even at $8xx psf, you will be able to find one that meets your budget.

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    Quote Originally Posted by Condorich
    Try Caspian... meets ur budget but a little late as all sold out. Check out in the sub sale market.
    Caspian is not sold out. Not sure it ever was , and definately not now as units are being returned to developer.

  7. #7
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    caspian n the lot of condos in Jurong West a waste of time. One stupid plan to transform jurong lake area n all the stupid hdb upgraders flock in to buy caspian, one kind of stupid sheep mentality
    Quote Originally Posted by Condorich
    Try Caspian... meets ur budget but a little late as all sold out. Check out in the sub sale market.

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    sorry, not an agent and didn't know if all sold out.. was informed that it is.. check it out yourself..

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    Quote Originally Posted by Regulators
    caspian n the lot of condos in Jurong West a waste of time. One stupid plan to transform jurong lake area n all the stupid hdb upgraders flock in to buy caspian, one kind of stupid sheep mentality
    one man meat is another man poison

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    Quote Originally Posted by Regulators
    studios usually have higher psfs and also depending on level. For amber rd area, if u cn get anythng with 8xxpsf range n on hi flr, i thnk it is a gd buy.
    Thanks all. I was actually following one amber and other property prices quite closely, which seemed to have been rising for the past few weeks.

    this seems quite strange as today's newspaper just reported a 14% drop in private property prices. Considering that we are in a "one in a generation" recession with our GDP contracting 9% and a pipeline of condo ready to come in the market, it's really hard to imagine a rise in prices....

    I also had a question in mind... are properties in good districts better or properties near MRT better in terms of value preservation?

  11. #11
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    best bet is to go for ptys in the CCR or RCR. the latter has correctd quite a bit so u can cnsider it.
    Quote Originally Posted by smilingcxx
    Thanks all. I was actually following one amber and other property prices quite closely, which seemed to have been rising for the past few weeks.

    this seems quite strange as today's newspaper just reported a 14% drop in private property prices. Considering that we are in a "one in a generation" recession with our GDP contracting 9% and a pipeline of condo ready to come in the market, it's really hard to imagine a rise in prices....

    I also had a question in mind... are properties in good districts better or properties near MRT better in terms of value preservation?

  12. #12
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    Quote Originally Posted by smilingcxx

    I also had a question in mind... are properties in good districts better or properties near MRT better in terms of value preservation?
    For me,i would pick properties in good districts..my worth of thoughts

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    why not something in a good district and near MRT as well?

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    Quote Originally Posted by orange
    why not something in a good district and near MRT as well?
    no money.... based on his budget... can't meet good district AND mrt.........

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    Quote Originally Posted by smilingcxx
    Thanks all. I was actually following one amber and other property prices quite closely, which seemed to have been rising for the past few weeks.

    this seems quite strange as today's newspaper just reported a 14% drop in private property prices. Considering that we are in a "one in a generation" recession with our GDP contracting 9% and a pipeline of condo ready to come in the market, it's really hard to imagine a rise in prices....

    I also had a question in mind... are properties in good districts better or properties near MRT better in terms of value preservation?
    14% drop was result from last quarter. Things are being changed fastly during past 2-3 weeks.

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    Quote Originally Posted by trump7
    14% drop was result from last quarter. Things are being changed fastly during past 2-3 weeks.
    I thought it was also mentioned separately that this quarter expected 8% drop? following quarter of 3%... so in general will drop somemore............

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    Quote Originally Posted by trump7
    14% drop was result from last quarter. Things are being changed fastly during past 2-3 weeks.
    i read all your previous posts. seems to me you're an agent fanboy:
    http://forums.condosingapore.com/sea...searchid=31474

    since things are moving "fastly", how many units have you bought? better buy "fastly" in case asking prices shoot up to 1500psf due to hyperinflation, as you said.

  18. #18
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    Quote Originally Posted by smilingcxx
    Hello all,

    I am a potential first time home buyer working with a 450k to 650k budget. had been looking at studio units in district 15 and 16 but seems to have been priced out of the market. I was just wondering if there are fellow first timers out there who are looking for properties, i would like to know your views! Would really appreciate if there are some experienced investors who would kindly give some advice to newbies like myself too.

    thanks a million!!!

    Smilingcxx~

    D15 has quite a few private condos, some of which may fit your budget & still be accessible to MRTs & bus routes. Look at the condos in the zone between Haig road & Tanjong Katong road, with Dunman road on one side. Less than 10 min walk to Paya Lebar MRT, and direct buses to the city. Proximity to good schools.

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    Quote Originally Posted by hmsg
    I thought it was also mentioned separately that this quarter expected 8% drop? following quarter of 3%... so in general will drop somemore............
    Important thing is that sentiment is on the process of being changed.
    If you don`t believe, try to call several agents to ask psf of those famous condos in this market. Owners have already increased their psf compared to 2-3wks ago after STI soared.
    One thing is that I am also not so sure whether this sentiment will continuousely rise or maybe suddenly sink again for corrention.

    Don`t you know Expectation is not always turning out as reported?

  20. #20
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    Quote Originally Posted by trump7
    Important thing is that sentiment is on the process of being changed.
    If you don`t believe, try to call several agents to ask psf of those famous condos in this market. Owners have already increased their psf compared to 2-3wks ago after STI soared.
    One thing is that I am also not so sure whether this sentiment will continuousely rise or maybe suddenly sink again for corrention.

    Don`t you know Expectation is not always turning out as reported?
    Owners can increase their asking psf all they want but Banks are still conservative in their valuation and very tight in their lending policies... so prospective buyers are walking away from a no. of deals either because the bank reject their loan application or they refuse to top up cash because the bank don't want to match their valuation to the asking price....

  21. #21
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    Quote Originally Posted by firec
    i read all your previous posts. seems to me you're an agent fanboy:
    http://forums.condosingapore.com/sea...searchid=31474

    since things are moving "fastly", how many units have you bought? better buy "fastly" in case asking prices shoot up to 1500psf due to hyperinflation, as you said.
    What do you mean by agent fanboy?? I just presented what I thought at every situation.
    I read the newspaper yesterday and realized that quite number of ads for those auctions for paintings and jewellerys.
    People started to move their money to real assets because they knows very well how to hedge and protect their money value in the near future, in which money will overflow and its value will become trash.

  22. #22
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    Quote Originally Posted by wreckwrx
    Owners can increase their asking psf all they want but Banks are still conservative in their valuation and very tight in their lending policies... so prospective buyers are walking away from a no. of deals either because the bank reject their loan application or they refuse to top up cash because the bank don't want to match their valuation to the asking price....
    If in this kind of situation, buyer may drop thier expection to find other properties, but I think they will still want to purchase the house, not give up.
    As you know as long as there are demands, the prices are either suspending or going up, but never going down.
    It is just the matter of which district properties prices will go up first.

    You go to those recent show flats in surburb areas and ask what is their psf. I did and quite surprised their psf is quite high compared to those prices in D12 or D11.
    The price gap between districts is certainly shrinked compared to before due to bad economy, and the more people knows this, people who wants house in surburb will move to better district and that is how it goes to be risen, then the bank`s policy for loan will be rectified accordingly.
    Last edited by trump7; 26-04-09 at 18:07.

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    One thing that is in my mind is always the gap between bank valuation and the quoted price by sellers... I am not sure why there is such a gap, someone has to be wrong, or does it work like the text book demand supply equilibirum? Was talking to a bank loan officer last week and he said that bank valuation has been falling every week...

    Personally pretty bearish over property prices (hopefully... from a home buyer's perspective, paiseh...). Anyone has any thoughts on property auctions, i notice they have some pretty interesting stuff (e.g. coming the clift in tanjong pagar 507 sqft)? is it worthwhile.

    Thanks!!!

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    Quote Originally Posted by trump7
    If you don`t believe, try to call several agents to ask psf of those famous condos in this market. Owners have already increased their psf compared to 2-3wks ago after STI soared.
    Oh yes, when I saw STI shot up 1%, I immediately upped my asking price for my 1rm hdb by 100% and there were agents so hungry that they willingly advertised for me. End of sarcasm.

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    Quote Originally Posted by firec
    Oh yes, when I saw STI shot up 1%, I immediately upped my asking price for my 1rm hdb by 100% and there were agents so hungry that they willingly advertised for me. End of sarcasm.
    Uhm..the more people like you appear in the market, who are not able to retort back with rational data, but only spitting out sarcastic comment, the closer to the point of time which market will revert to past level of price of house.

    It`s kind of interesting that history always repeats and rotates without exception.

  26. #26
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    Default ground flr unit with patio

    Hi All,

    I jus wonder if Grd floor unit got any problems selling off later. Based on PSF it is rather cheap (around 10% psf) compare to higher flr. Of course u lose some privacy and also more security issue although in Condo.

    Anyone can share ?

    Thanks

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    Quote Originally Posted by flying bear
    Hi All,

    I jus wonder if Grd floor unit got any problems selling off later. Based on PSF it is rather cheap (around 10% psf) compare to higher flr. Of course u lose some privacy and also more security issue although in Condo.

    Anyone can share ?

    Thanks
    its cheaper probably also becos some outdoor/unsheltered/unusable space is included in the pricing ..

    be prepared to find litters in your compound ..

    my friend who lives on the 6th floor which has an walk out terrace ..which is the roof of the living room of the unit on the 5th floor ..

    he gets all sorts of things on his outdoor space : school assessment papar , with the name and class of the student, clothe pegs, nails , the ever present cigarette butts, and many many more .. and the most ridiculous was an empty beer bottle ...of course broken

    not trying to frighten you ..but it can happen ..unless you erect some form of shelter ...

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    Quote Originally Posted by firec
    Oh yes, when I saw STI shot up 1%, I immediately upped my asking price for my 1rm hdb by 100% and there were agents so hungry that they willingly advertised for me. End of sarcasm.
    Noticed agents are all stating the market index is up hence the condo price will go up too (personally got such experience when I call for enquiries). But property is not directly linked to shares...it is more linked to bank interest/valuation, govt policies, land allocations (supply vs demand) etc.

    When somebody earn from shares e.g. 100K they can immediately buy a car but not possible to change/buy a propery as have to evaluate cash downpayment, cpf, loan installment etc. SO agents stop using stock market to jet up prices, of course if there are any takers willing to buy at higher price than valuation then congrats for getting such customers.

    btw, ST index went down today...so am I going to see price reduce immediately?

  29. #29
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    Quote Originally Posted by novel
    Noticed agents are all stating the market index is up hence the condo price will go up too (personally got such experience when I call for enquiries). But property is not directly linked to shares...it is more linked to bank interest/valuation, govt policies, land allocations (supply vs demand) etc.

    When somebody earn from shares e.g. 100K they can immediately buy a car but not possible to change/buy a propery as have to evaluate cash downpayment, cpf, loan installment etc. SO agents stop using stock market to jet up prices, of course if there are any takers willing to buy at higher price than valuation then congrats for getting such customers.

    btw, ST index went down today...so am I going to see price reduce immediately?
    It appears to me that the rallying has caused a sudden spike in asking prices for property prices in Singapore. The same thing also, when i asked the agent, she told me that stock market has recovered and now we're on the upturn...

    Ok folks, I am not an economics major or business major, hence let me just paint u a scenario that I presume in my own humble opinion may be happening right now for a potential property investor:

    Say i am an investor with S$2 million to spend, where should i put my money?? Is it going to be Stocks or property? Can’t decide now, so what should I do? Next, I start reading the papers, internet etc for info and end up with the following news:

    1. Rentals are going 3K for a 2 bedroom unit costing $1.4million at the city fringes. (Propertyguru.com.sg)
    2. More Units will TOP at end of year.(URA Website)
    3. Half of buyers who bought their properties via the DPS Scheme in 2007 have not gotten the loan for their homes (Business Times)

    Nonetheless, some may say that can always buy property for future, they will always appreciate, which I believe is true, but how long should we wait for it to appreciate? 5 yrs? 10 yrs? 20 yrs? Where is the guarantee?

    I do not disagree that property will appreciate, but when and by how much is always a question that can never be answered. And of course the property bulls will give reasons like the following:

    1) Our IR is coming to Singapore (SOUTH PROJECTS)
    2) 4th University is coming (EAST PROJECTS)
    3) Future Water Hub is in Seng Kang (NORTH EAST PROJECTS)
    4) Financial Hub is in Jurong (WEST PROJECTS)
    5) Sports school (NORTH PROJECTS)
    6) Expo is in The east (EAST PROJECTS)
    7) Future MRTs everywhere. (EVERY F#*@*#& WHERE)
    8) Etc etc etc…

    No offence bulls, but it looks to me that “EVERY LOCATION” in Singapore are sprouting a reason for prices to increase, and some even claim triple and quadruple jump in prices within the next 10 yrs.
    So, thus that means location isn’t important anymore? This implies that every location that I buy also have reason for property price to inflate? Hmm. Yet again this is just pure speculation.

    So I am back to square one, what should I do with my money like RIGHT NOW!!!!!

    So what I am saying is, if I am a shrewd investor, property isn’t something I should consider at this volatile moment. Every direction is pointing against it.

    So how I see it, property prices are only capable of being escalated by investors… NOT genuine home stay purchases. Since investors are not looking to bite, I do not see how it can escalate much further as currently claimed by our property bulls.

    Genuine home buyers are price sensitive…unless of course driven by urgency or external factors that is beyond my understanding (i.e. of course some buyers will pay premium prices if they love the place very much, but these people in my opinion forms only a small percentage of the total pool of buyers)

    So where do we go from here? Only time will tell… I will put my money aside; CPF locked in my OA and just wait…

    Having a nice condo can be nice, but having a peace of mind is more gratifying and fulfilling…..one may also not forget health. In pursuit for material gains, do keep ourselves healthy and happy with our families.

    Oh.. last but not least didn't the Japan market just plummetted? I wonder if that has any impact on property too, hence my finishing note to "NOVEL" I am also wondering the same as u are......

    I wonder wonder wonder.....

    Just my two cents worth… God Bless.
    Last edited by Begbie; 22-05-09 at 00:36.

  30. #30
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    there is a theory about investment cycles: bonds, then stocks, then property. after property will be economic bust. then it starts all over again.

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