Isn't that escada view? When I came to SG in 2009 June when the credit crunch had just got over, I had an offer for that condo for 1.8k. Melville park too went for 1.8k for 2 bedrooms those days. Now its 2.8k for a 2 bedroomFaeLLe wrote:I was renting I paid 2100 for a 2 bedroom condo in kembangan...ksl wrote:You would be surprised how fast rents are rising in HDB tooFaeLLe wrote:Welcome to Singapore I suggest you consider a hdb far away from the city?
Yes agreed, I have been lucky that my own place in London has only been empty for a couple of months out of 5 years and I would have reduced the price slightly to get someone in if it had gone much longer. Doesn't seem to be the same in Singapore though, they'd rather let it be empty than take a price that they deem below their valuation, cultural thing related to 'face' I thinkJR8 wrote:Interesting. I wasn't aware of the acceptance of voids in SG. One of the key mantras for the more experienced UK landlord is 'Voids kill', i.e. it is better to have a place let at a price lower than you had hoped for, than to have it sitting empty.JayCee wrote:There's the thing though, landlords in Singapore who are renting condos know that their main market is foreign expats who have a limited time to find somewhere to live when they arrive (typically between 2-4 weeks) and jack up the prices accordingly knowing that there are enough people who will pay it not because they think it's good value but because they don't have much other choiceJR8 wrote:
I not sure why some people think a vendor should take less than the market is willing to pay
The funniest thing is that some are actually prepared to let their places sit empty for months until they find someone who will pay the inflated prices.
I can't speak for HDBs, but I wouldn't be surprised if similar happens there.
Good for you. I tend to be very pragmatic, and for example on my own place in London when I left for SG in '08 I took a 15% haircut on the rent to get it let with a circa 3 week initial void. That was right at the Armageddon stage of the GFC though, so basically the market was quite clearly entirely f'd. Three years on I'm right back to the rent level I initially wanted and have had one change with IIRC a one week void. I consider that a result.JayCee wrote: Yes agreed, I have been lucky that my own place in London has only been empty for a couple of months out of 5 years and I would have reduced the price slightly to get someone in if it had gone much longer. Doesn't seem to be the same in Singapore though, they'd rather let it be empty than take a price that they deem below their valuation, cultural thing related to 'face' I think
I concur with this and the same goes for selling too. I don't know whether its stubbornness or the fact the properties are owned outright meaning no real pressure to meet costs, or they don't see the longer-term trade off between watching the yields and profit so tightly that common sense goes out of the window?JayCee wrote:Yes agreed, I have been lucky that my own place in London has only been empty for a couple of months out of 5 years and I would have reduced the price slightly to get someone in if it had gone much longer. Doesn't seem to be the same in Singapore though, they'd rather let it be empty than take a price that they deem below their valuation, cultural thing related to 'face' I thinkJR8 wrote:Interesting. I wasn't aware of the acceptance of voids in SG. One of the key mantras for the more experienced UK landlord is 'Voids kill', i.e. it is better to have a place let at a price lower than you had hoped for, than to have it sitting empty.JayCee wrote: There's the thing though, landlords in Singapore who are renting condos know that their main market is foreign expats who have a limited time to find somewhere to live when they arrive (typically between 2-4 weeks) and jack up the prices accordingly knowing that there are enough people who will pay it not because they think it's good value but because they don't have much other choice
The funniest thing is that some are actually prepared to let their places sit empty for months until they find someone who will pay the inflated prices.
I can't speak for HDBs, but I wouldn't be surprised if similar happens there.
My landlady is the same as well. She has been trying to sell the place since I rent this place almost 2 years ago. She asked for $1.5mio 2 years ago, and there was no buyer. About a year later, she decided that she wants $1.6mio (despite her unsuccessful attempts to sell the place for $1.5 mio for a year). I was told someone offered her $1.5mio and she rejected. Recently, she decided (again) that she wants $1.8mio for her place.BillyB wrote:
I concur with this and the same goes for selling too. I don't know whether its stubbornness or the fact the properties are owned outright meaning no real pressure to meet costs, or they don't see the longer-term trade off between watching the yields and profit so tightly that common sense goes out of the window?
My landlady has our condo on the market for $1.8 mn. Gets an offer of $1.78 and refuses it. Stays unsold for 9 months and then she decides she wants to sell again. Drops the price to $1.75 and the original offerer comes back and offers the full price. She refuses and puts it up to $1.8 and won't budge on price now. Yes its tenanted but she risks it being vacant shortly and losing the monthly yield and also has no potential buyers in the pipeline. All over the sum of $20k which is around 1.1% of the asking price.
Bizarre mindset!
Me having specific context....the nerve of that woman!Girl_Next_Door wrote:My landlady is the same as well. She has been trying to sell the place since I rent this place almost 2 years ago. She asked for $1.5mio 2 years ago, and there was no buyer. About a year later, she decided that she wants $1.6mio (despite her unsuccessful attempts to sell the place for $1.5 mio for a year). I was told someone offered her $1.5mio and she rejected. Recently, she decided (again) that she wants $1.8mio for her place.BillyB wrote:
I concur with this and the same goes for selling too. I don't know whether its stubbornness or the fact the properties are owned outright meaning no real pressure to meet costs, or they don't see the longer-term trade off between watching the yields and profit so tightly that common sense goes out of the window?
My landlady has our condo on the market for $1.8 mn. Gets an offer of $1.78 and refuses it. Stays unsold for 9 months and then she decides she wants to sell again. Drops the price to $1.75 and the original offerer comes back and offers the full price. She refuses and puts it up to $1.8 and won't budge on price now. Yes its tenanted but she risks it being vacant shortly and losing the monthly yield and also has no potential buyers in the pipeline. All over the sum of $20k which is around 1.1% of the asking price.
Bizarre mindset!
To me, I am amazed how she can keep increasing her asking price, when there are obviously no buyers. I suspect that she is not even interested in selling and is merely waiting for a dumb fish to hook.
Vulturing over the victims of the euro?aster wrote:Where is a good place to invest in properties nowadays? Maybe it's just me but I looked at UK prices yesterday in the Bournemouth area and they seem quite high. Has the property market in the UK gone through the global financial crisis relatively unscathed, or is it just the south that has been resilient?
I've been reading that flats in Dublin are available at 25% of their previous value, is this just a headline-grabber or something worth looking into?
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