In dilemma

[braja]

Hei Guys:

First time for posting in this forum. Just a brief description of me, i am a foreigner PR here, been working for like 5 years and recent bonus from good years 2006-2007 make me have enough savings and i just bought a 2nd hand condo at district 16 (east coast area) for 670k, about 700 sing dollar/square feet. (err. is it ok to post figure here? let me know if not).

that was in June 08 before the collapse of lehman and all other bank.

these days, i awake with the news stock keep dropping, property predicted to drop even further . I am In dilemma currently, should i sell it now (cause me loss) but at least if property drop like 40% as Merril lynch predicted in 2009-2010,, it will save me more in the end.

Hmm, Anyone feel i should keep hold on or? Quite confused currently. What is the standard price for second hand resale condo that is generally acceptable with singaporean. Do i pay too much for my condo ?

Sorry for posting too much questions, guys.

Thanks

[Relax]

Hei Guys:

First time for posting in this forum. Just a brief description of me, i am a foreigner PR here, been working for like 5 years and recent bonus from good years 2006-2007 make me have enough savings and i just bought a 2nd hand condo at district 16 (east coast area) for 670k, about 700 sing dollar/square feet. (err. is it ok to post figure here? let me know if not).

that was in June 08 before the collapse of lehman and all other bank.

these days, i awake with the news stock keep dropping, property predicted to drop even further . I am In dilemma currently, should i sell it now (cause me loss) but at least if property drop like 40% as Merril lynch predicted in 2009-2010,, it will save me more in the end.

Hmm, Anyone feel i should keep hold on or? Quite confused currently. What is the standard price for second hand resale condo that is generally acceptable with singaporean. Do i pay too much for my condo ?

Sorry for posting too much questions, guys.

Thanks

Only fools will listen to Merril Lynch who can't even take care of themselves. Was Merril Lynch able to predict that prime property prices were going to rise 80-100% in the recent bull run. They along with all other analysts were caught wrong footed. So would you want to believe these ANAL-ysts now? 40% price declines will being it reverse all the gains in the bull run and bring it back to 1997 prices. The local economy is much stronger and future looks much better than it was in 1997.
Median prices for prime property will come down 20% max and the rest no more than 10-15%. So relax.

[Old Mike]

I don't think anybody knows what will happen even a week ahead.
If you bought the condo as a place to live in, sit tight. You are not paying rent. In the long term prices will go up.
It is just that nobody has any idea how long long is.

[Kubes.SG]

Braja:

A smart person is one who changes his opinion when the facts change.

I am very negative on the Singapore prime property prices and have held this opinion for over 12 months.  At some point I will view Singapore property as a great investment, but suspect that will be a number of years into the future.

Buy of hold?  If you can hold for 5-8+ years you should not lose (but the would an opportunity cost).  However you need to be sure you can handle increasing interest rates, job insecurity and potential bank margin calls.  So it comes down to your holding power, and the duration you plan to hold.

[seller of condo]

Get out now if you bought to invest. Take a small loss if need be. In 3 years you will be able to buy it back at 50% of what you paid.  Cut your losses.   Even in 8 years, there is no guarantee you will break even again.

[So many fools here]

Get out now if you bought to invest. Take a small loss if need be. In 3 years you will be able to buy it back at 50% of what you paid.  Cut your losses.   Even in 8 years, there is no guarantee you will break even again.

So if he sells and it does not fall by 50%, you will refund him the balance? What a fool you are.

[braja]

Braja:

A smart person is one who changes his opinion when the facts change.

I am very negative on the Singapore prime property prices and have held this opinion for over 12 months.  At some point I will view Singapore property as a great investment, but suspect that will be a number of years into the future.

Buy of hold?  If you can hold for 5-8+ years you should not lose (but the would an opportunity cost).  However you need to be sure you can handle increasing interest rates, job insecurity and potential bank margin calls.  So it comes down to your holding power, and the duration you plan to hold.

I am pretty new to the real estate industry even though my father was long involved with land buying investment and over the years and with the result i see myself, it is true that in long runs, no other investment will give you more profit than property which probably influence the decision for me buying this house.

As Kube says that within 5-8 years, the housing price will increase, the question is what happen if the price do increase at that time? Lets say we sold the house at high price, rich in cash but we have no house to stay in, hmm, so, we buy a new house which is also expensive at that time (zero gain then) or we rent a place and wait for another major depression again?

[20%]

Braja:

A smart person is one who changes his opinion when the facts change.

I am very negative on the Singapore prime property prices and have held this opinion for over 12 months.  At some point I will view Singapore property as a great investment, but suspect that will be a number of years into the future.

Buy of hold?  If you can hold for 5-8+ years you should not lose (but the would an opportunity cost).  However you need to be sure you can handle increasing interest rates, job insecurity and potential bank margin calls.  So it comes down to your holding power, and the duration you plan to hold.

Well your 20% median price fall target for prime properties by Apr 09 has a long way to go before it materialises.So will you stop dishing out unsolicited advice if proven wrong ( which you definitely will)?

[braja]

Get out now if you bought to invest. Take a small loss if need be. In 3 years you will be able to buy it back at 50% of what you paid.  Cut your losses.   Even in 8 years, there is no guarantee you will break even again.

So if he sells and it does not fall by 50%, you will refund him the balance? What a fool you are.

50% is alittle bit too much, I am expecting 10-20%.

Imagine buying condo at Orchard for like 500/600 thousand... Trust me, many ppl will line up to buy, especially the rich ppl from neighbouring countries.

[seller of condo]

Get out now if you bought to invest. Take a small loss if need be. In 3 years you will be able to buy it back at 50% of what you paid.  Cut your losses.   Even in 8 years, there is no guarantee you will break even again.


I honestly do forsee a major crash in property here and in many other places.  This is a bad time for anyone who owns investment property.  Thos who bought last year may never recover their money and are already down by 30%.  Another 20% is not unrealistic.  Watch the news, or just keep your head in the sand.  Your choice.

So if he sells and it does not fall by 50%, you will refund him the balance? What a fool you are.

[seller of condo]

Get out now if you bought to invest. Take a small loss if need be. In 3 years you will be able to buy it back at 50% of what you paid.  Cut your losses.   Even in 8 years, there is no guarantee you will break even again.

So if he sells and it does not fall by 50%, you will refund him the balance? What a fool you are.

50% is alittle bit too much, I am expecting 10-20%.

Imagine buying condo at Orchard for like 500/600 thousand... Trust me, many ppl will line up to buy, especially the rich ppl from neighbouring countries.

Sorry but even the rich know only Cash is King.  The get rich quick days from property are long gone. Only a fool would believe otherwise.   Dream on - Its over.

[______]

Get out now if you bought to invest. Take a small loss if need be. In 3 years you will be able to buy it back at 50% of what you paid.  Cut your losses.   Even in 8 years, there is no guarantee you will break even again.

So if he sells and it does not fall by 50%, you will refund him the balance? What a fool you are.

50% is alittle bit too much, I am expecting 10-20%.

Imagine buying condo at Orchard for like 500/600 thousand... Trust me, many ppl will line up to buy, especially the rich ppl from neighbouring countries.

Sorry but even the rich know only Cash is King.  The get rich quick days from property are long gone. Only a fool would believe otherwise.   Dream on - Its over.

The rich will forever remain invested in property. If you have been reading the Sunday Times articles on personalities, 80% of them invest heavily in property. Only those who can't afford a property will keep on saying Cash is king. Why don't you go and put all your cash in an American bank and see for how long you will believe in Cash is king nonsense.

[The Market]

If you live in the property and you think you will remain in Singapore over the next few years then I see no reason to realise a loss now.  I still think prices will go down but I, like everyone else in the world, have no idea by how much.

It will also depend on what you bought.  A well located, well designed property will retain more value than one that isn't.  There are markets within the market so there is no 100% correct answer.  Can you afford to hold it ?  Or are the repayments starting to hurt ?  Would this be an in demand property ?  What sort of yield could you get on it if you were to rent it out.

There are many ways to skin a property cat.

[This is]

some kind of advice. To me it is poor advice.

[seller of condo]

Yes normally that is true BUT, this is going to be a major downturn, worse than anything you or I have known.  Dont apply normal theory. The worlds markets are going itno freefall. You dont want to be holding any property at all unless of course you live in it.

I still feel its time to take out what you can get before its too late and I still feel property prices here will tank in a big big way and may never recover.