Property, time to Sell?

[hongkongfooey]

If you purchased a 400,000 place in the UK, Aus or the Us back in 97

I know KA won't pay for a place in another country and I'm fairly sure CX the same
Rent money is dead money ( in this situation ) and long term you would think paying 40-50K a month off the principal of any mortgage beats renting. Sure if/when rates go up this could reduce to 10-20K, but in the long run you should come out of it with something......underline: In the long run.

[And Then]

I have an 9 million dollar property almost paid off- bought for 6. Now I am soon to upgrade and keep the original.

House purchase is common sense and worth ruthlessly pursuing with all the cautions of buying property anywhere else.

Good luck. The guy I joined with still bags HPS. He rents. I own!

[anotherbusdriver]

To each his own.

The money one may make by purchasing a property in HK may not be worth the value of the sacrifice in lifestyle reduction over the period of time to some people.
Ie. buying a small apartment vs renting a large luxury home for a single guy is different to those people living here with a family.
Some people may prefer 10 years living on The Peak in a colonial 3,000' lowrise or townhouse, enjoying lifestyle and space regardless of their loss in "property profits". Instead of 1,000' in Mid Levels or DB.

Either way, if you're happy with your choice then it doesn't matter what goes on in the other camp really, does it? And each is correct in his choice.

However, if you do choose to buy , I say: buy when everyone is selling and sell when everyone is buying! It really is that simple!!

[Cafe City]

I have an 9 million dollar property

Ummm. Says who?



Edited: As of 2 am today (HK), you may be lucky for it to be worth what you paid for it.

[Humber10]

Interesting to see the large amount of property up for sale on the board at cx. Good luck

[Apple Tree Yard]

...friend just callled. His property sale was due to go to contract today. Buyer called at 5pm and said he was pulling out unless friend dropped his price by 1mill (originally agreed at 8.5m). Needless to say, in despair... (he suspects that if he agrees..the buyer will ask for a still lower price...etc). Sell now...if you can.

[Frogman1484]

he should say f off and take the deposit. Unless he has to go on a base and has to sell...etc etc. After all as the thread has stated CX is paying it off while he lives in it!

[christep]

Yes - take the deposit (850K I guess) and then put it back on the market at 8M. Still 350K up.

[willnotcomply]

Take the deposit, keep the flat. 850k is a nice cash reserve, especially coupled with the housing allowance. Stay calm, be rational and don't follow the crowd for the exit.

[1200firm]

I am guessing the deal never got as far as him getting the deposit.Anyway don't sell if you don't have to.
In fact this might be a good opportunity to sell your (small) place & buy a bigger one.

[And Then]

Edited: As of 2 am today (HK), you may be lucky for it to be worth what you paid for it.

Well I hope so. I want to upgrade. Your statement could become reality. WHo knows? But as it stands now, in a retreating market, in reference to my repatriating currency, the property is being buffered by a 20% strengthening in the HKD in the last few months.

In my position with HPS I feel I lose with a falling property market and weakening USD. Otherwise riding a winner.

[Frogman1484]

he must have got some deposit. You only have to pay 10% when you sign the final agreement. None the less a contract is a contract.

[watsup]

Time to sell was yesterday.......

[christep]

Originally Posted by Frogman1484

he must have got some deposit. You only have to pay 10% when you sign the final agreement.

Or when backing out of the Preliminary Agreement, which is what seems to be happening in this case. (Or at least that's how the paperwork has been when I have bought here.)

[hongkongfooey]

Min deposit to owner is generally 3% ( can be agreed to differently, more or less ) on signing of initial S&P, balance to be paid in 2 weeks ( from memory ). At any stage after signing of the initial S&P if either party backs down from the deal they have to pay back the deposit plus 100% penalty, also as a rule the Agent will want his/her full fee ( 1% ) on top.
Pulling out of a 8.5M deal in the first two weeks should cost the buyer 3% of 8.5M = 255,000 plus 100% plus agents fees, after that initial period it becomes a hell of a lot more costly.
Owners can elect to except the full deposit ( 5 or 10% ) straight up which makes it far more costly to default in the early stages.

[Bograt]

For Frogman...

Reference your post #35 in this thread (previous page).... 852realestate.com is owned and run by a CX Captain and his wife.

[Frogman1484]

Thanks Bograt...it still does not justify pinging him every time we post something.

[Bograt]

Yep, I agree with you

[Loopdeloop]

Mind you, if you want to buy at least you can now. Whilst the market's going up you can often offer at the asking price only for the seller to say "thanks but it's another 1/2 mil now". You then think about it for a few days and go with the extra 1/2 mil but the seller now says "well, if you'll pay that much then someone will pay an extra mil" etc...You can end up wasting a lot of time and increasing the old BP significantly and still have no flat to show for it!

ATY, we're all dying to know - did he go for the 1 mil reduction or keep the deposit? Personally I'd just say "bog off" and rent as I hear rents are quite good at the mo.

[Apple Tree Yard]

he just had it independately valued. came in 1.5m less than it did a month ago. buyer is no longer interested at even his Monday offer of 1m less than originally agreed. starting to remind me of 1997 again....