I've been watching the property boards like a hawk over the past year. It's become a regular ritual to check every morning. We are trying to move close to my in-laws so there are only a paltry 3 blocks we are eyeing. These are point block units in an old town so they are either over-priced or the reasonably priced ones are pretty scarce and snapped up very quickly. So I set my search criteria and bookmarked the page in hopes I'll chance on a good unit.
Before last week, we had viewed 3 units in the vicinity. The first one was what prompted us to put up our current home for sale. Its on a high 20th floor with unblocked North-East orientation. Meimei liked it very much but its priced at a steep 680k while in a condition which needed a 60-70k overhaul to move in. We were unsure if we could afford it and the unit has been on the market for more than 6 months due to the pricing. So I took a risk and decided on a wait and see approach.
We were ready to take up a 100k delta so we put up ours for sale at 580k. However it was evident early on that we would not be able to get such an offer unless a miracle happens. A few months into our sale, our agent updated us that a 32 year old single mainland Chinese had bought the unit. It seems his rich parents are buying it for him, else he wouldn't be able to qualify to buy given he is single and yet to reach 35. Meimei was extremely disappointed on hearing the news.
We had a viewing for the 2nd unit just as we were told about the first. Its on the 8th floor with South-West orientation. Since the 20th floor unit is sold we took a hard look at the unit. It's first owner condition ... and given that the flats are 35 years old, you can imagine the state they are in. Meimei wasn't really keen on it at the asking price of 615k but we didn't really have a choice. We made an offer of 590k to test the owner's base price but it was a no-go. It seems the owners are staying at a condo and they had been renting out the unit previously. Now that the prices are good they are putting it up for sale and in no hurry to sell.
A fortnight after the 8th floor unit, another unit came on the market. It's on the 12th floor with North-West orientation. Although the owners were calling a ridiculous 680k asking price, we went down to have a look anyways. The condition is just as bad as the previous 2 ... and it's bathrooms are still the traditional squat toilets! At this price, we might as well have bought the 20th floor one. Prices are getting crazier and crazier by the day.
On the same day as we were going to see the 12th floor unit I noticed that the advertisement for the same 8th floor unit now had a 625k starting price. It looks like someone has met the asking price of 615k and yet the owner is attempting to fish for a higher price. Meimei and I were highly irritated on seeing this blatant price gouging. But ... there wasn't a thing we could do. The units here are in very high demand, if we can't come up with the cash someone else would surely do. Meimei was adamant that she would not offer anything higher than 600k. I, on the other hand, was prepared to offer 630k as coincidently we had received a firm offer of 520k for our place. And given the rapidly escalating prices of our target units, the sooner we secure one the better.
I called up our agent and ask her to check with the seller agent on the pricing, with the intention to see if we can make a 620k offer. Oddly enough the seller agent refused to reply and our agent advised us to look for another unit. She has a gut feel that the place is already sold and offered her opinion. "At this price it really makes no sense. I would not advise you to offer anything above 600k. Anyways my colleague tells me that the owners for the unit directly above this 8th floor one is looking to sell too."
I was disappointed to hear that we missed the 8th floor unit. But at the same time we were excited that the 9th floor one may be available. Imagine buying over the 8th floor unit, renovated it and then have to suffer through a bout of renovation on the floor above. That thought gave us a little relief about losing the 8th floor one. The caveat to this is that the 9th floor sale is uncertain. The owner has a tenant staying till May but am thinking of selling due to tenant issues. Hence the earliest we might start the offer is in early June.
So we are now patiently waiting for the 9th floor unit to come onto the market. Hopefully prices have not sky rocket till levels we can no longer afford in the coming months.