Advice Needed on private property

[jamhoe2]

hi bros,
i needed advice on a property that i am really keen in .
development: D15 Villa Marina, TOP 2002
size: 1130 sqft
asking: 780K, $690psf
few of my bankers mentioned valuation at 700-715K despite agent said its 780k,
which i am very sure he asked his bankers to up the value.:argue:
i've also gathered that pass transacted price in June was only 690k !!!
Now, according to info stated, this must be a bad deal.
my take is that if i were to spend $650psf on a property, i would rather stay in siglap than places like tanah merah, simei or bedok which are priced very closely.
do i sound logical? bro, i really need adviced:errr: :errr: :errr: ............................thks

 

[ryan]

Re: Advice Needed on private property

Market is on upside and sellers are looking to base asking on emotional sentiment. Best you get an independent valuation through through your banker's valuer who has no vested interests. Valuation could be true, however taken 3-4 months ago (hence getting various sources to confirm most current $ is ideal). Was past transacted price the same floor? (though i remember VM is about 4-5 stories) so variance shouldn't be large.

My personal take is that if you're buying to stay, PSF value should take a secondary precedence to feeling comfortable in a place, especially in the long term. You should get a valuations from neighboring units in the region to compare with Villa Marina, and if you're really keen in the unit in Villa Marina, just offer on the spot cheque based on 650 PSF......and see whether the current owners bite...

Agent will push seller to take action if PSF is based on or close to actual value. It's up to you to really determine the "value" of a property and throw a price at it based on your own research. If you're keen and have the signed cheque to offer..that's where the whole game changes....

Best is if you can also talk to agent and get a cop feel on how desperate the owner is to sell if you're really keen. I recently transacted a property 80psf off the "asking value" and got to 20psf to the actual valuation. Saved quite a bit of reno money in the process.

good luck to your purchase!

 

[ktnpl]

Re: Advice Needed on private property

$690 psf is certainly very steep compared to recently transacted prices for the same property:

see transacted prices

The new ones at East Coast area were marketed around $600 psf a few months ago when I went for a housewarming party and there were still plenty of vacant units in move-in condition.

 

[timechaser]

Re: Advice Needed on private property

Contrary to whatever the agents tell you, unless you fit the {moneysense} category, don't pay a cent above valuation.

 

[bugaboo]

Re: Advice Needed on private property

Contrary to whatever the agents tell you, unless you fit the {moneysense} category, don't pay a cent above valuation.

agree on not paying above valuation. But if you really like the property and want it, im sure you can find a banker that will match the valuation. The 65K delta in valuations sound abit much to me, but i've heard its possible especially if you have a relationship with the bank.

just fyi

 

[RSCT]

Re: Advice Needed on private property

Every buyer's aim is to push the price as low as possible and this is reflected in how motivated you r to buy this subject property. Check a few sources for a fair valuation - a valuer always has a range of values which he/she is comfortable to put down on paper as he/she need to earn a living too.

I say negotiate based on the lowest end of this valuation range and call seller's bluff. I try not to pay above valuation.

But note that all sellers are probably thinking pty prices are slowly creeping up again....

my 2 cts

 

[longhorn]

Re: Advice Needed on private property

Valuations are a lagging indicator. Valuations are done based on past transacted prices, not based on current asking prices. So in a rising market like today's, you will be hard pressed to find anything if you are not willing to pay above valuation.

In this case i agree w Ryan. If u r buying to stay, being comfortable with the location, development, unit, unit # (if u believe in fengshui), facing, layout, neighbours, amenities, etc is more important than $psf.

Note i said "more" impt. I didnt say $psf is not impt.

2 cents...

 

[leebmer]

Re: Advice Needed on private property

i agree with what Ryan said..do your research so that at least it is an informed decision at the end of the day..i got mine slightly above valuation becoz i really like the unit for staying purpose..

 

[jamhoe2]

Re: Advice Needed on private property

thks for all the advices.

anyway, saw Ryan's car this evening at Mcnair Road.......................wah damn damn chio

 

[helenk579]

Re: Advice Needed on private property

i agree with what Ryan said..do your research so that at least it is an informed decision at the end of the day..i got mine slightly above valuation becoz i really like the unit for staying purpose..

I also think so.

__________________
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[hitmee]

Re: Advice Needed on private property

if TS had bought then, he would be a rich man now. tsk tsk

 

[C3P0]

Re: Advice Needed on private property

if TS had bought then, he would be a rich man now. tsk tsk

but still lose out to Hitmee :chinese:

 

[T6]

Re: Advice Needed on private property

Most agts have lobang to bankers that wil try all they can to match the seller's asking price. But that is not what you what. What you want is a fair value for the property. A fairly good gauge is URA's website on past caveats lodged for the project. Thereafter, you should call up a few bankers (from different banks) and ask them to give you a desktop valuation of the specific unit you wish to buy so that you have an independent take on the value.

Of coz there are other consideration the bankers will not know, like the condition and facing of the unit, whether it is well removated etc. But at least from the independent valuation they give you, you can then decide how much premium you wish to pay above that.

In my view, if your bankers valued at $700k and seller wants $780k, that is a whole 10% more and that is alot.

Furthermore, in the East, most projects are freehold save for few like Bayshore Park, the Bayshore, Mandarin Gdn, Cote De Azure and Del Sol etc. Villa Marina is not a very new leasehold so take all these into consid.

 

[gexer]

Re: Advice Needed on private property

bro first of all ask all bankers that you can find. i can intro if you need. i am a property agent myself.

first of all the difference from your banker to the asking to too much a diff. i dun think banker can match up to 80k for a D15 property. prob they can try to match 20-40k difference.

also for the last trans data of 690k is only a bench mark coz diff stack and height commence diff price. so if the asking is 780k and your banker can only support to 715k then the diff is purely seller asking for sentimental value. so in this case you have to consider:-

1) do you like the house a lot and have a great feel when enter the house.

2) can you stretch your budget if you like the house

3) what is the highest caveat log? if it ever went above 780k then might be able to consider as there are chance of capital appreciation. if not then you be the first to log in this caveat thus lossing in the capital side.

hope these are helpful.

just happen to start browsing this thread, sorry if i am too late.

hi bros,
i needed advice on a property that i am really keen in .
development: D15 Villa Marina, TOP 2002
size: 1130 sqft
asking: 780K, $690psf
few of my bankers mentioned valuation at 700-715K despite agent said its 780k,
which i am very sure he asked his bankers to up the value.:argue:
i've also gathered that pass transacted price in June was only 690k !!!
Now, according to info stated, this must be a bad deal.
my take is that if i were to spend $650psf on a property, i would rather stay in siglap than places like tanah merah, simei or bedok which are priced very closely.
do i sound logical? bro, i really need adviced:errr: :errr: :errr: ............................thks

 

[chershen]

Re: Advice Needed on private property

villa marina is a nice place - just next to siglap.

the valuation, most times, the agent can chu pattern with their friendly banks and indeed, pushing it up is not an issue, so you may not be buying the pty above valuation. however, it may be above the current mkt prices.

most imptly, as have highlighted, you like the place? i rem i paid a bit more for my current place. you know it one - there is a nice feeling when you step in the place: and it may not be objective at all, esp. if you are staying there for good. but as true blue singaporean, can bargain still press lor. write the cheque and test the seller.

huat ah!

and thanks for all the coilovers' advice. ( :

 

[gexer]

Re: Advice Needed on private property

villa marina is a nice place - just next to siglap.

the valuation, most times, the agent can chu pattern with their friendly banks and indeed, pushing it up is not an issue, so you may not be buying the pty above valuation. however, it may be above the current mkt prices.

most imptly, as have highlighted, you like the place? i rem i paid a bit more for my current place. you know it one - there is a nice feeling when you step in the place: and it may not be objective at all, esp. if you are staying there for good. but as true blue singaporean, can bargain still press lor. write the cheque and test the seller.

huat ah!

and thanks for all the coilovers' advice. ( :

yes bro, thats right. if you like it, and stretching a bit doesnt hurt, then its good to buy. if you want bankers leads to double confirm let me know i will swing all my bankers details to you yah. cheers bro.

 

[XXX]

Re: Advice Needed on private property

hi bros,
i needed advice on a property that i am really keen in .
development: D15 Villa Marina, TOP 2002
size: 1130 sqft
asking: 780K, $690psf
few of my bankers mentioned valuation at 700-715K despite agent said its 780k,
which i am very sure he asked his bankers to up the value.:argue:
i've also gathered that pass transacted price in June was only 690k !!!
Now, according to info stated, this must be a bad deal.
my take is that if i were to spend $650psf on a property, i would rather stay in siglap than places like tanah merah, simei or bedok which are priced very closely.
do i sound logical? bro, i really need adviced:errr: :errr: :errr: ............................thks

Hi from your comments I'm wondering, Condos in Siglap vs Condos in Bedok, what makes those in Siglap better than the ones in Bedok?

Thanks

 

[T6]

Re: Advice Needed on private property

Hi from your comments I'm wondering, Condos in Siglap vs Condos in Bedok, what makes those in Siglap better than the ones in Bedok?

Thanks

Siglap is like mini Holland Village of the East. It is nearer to the beach, to Parkway Parade , to City and more it is a lot more residential than Bedok away from public housing.