never get high on your own supply

[SKY]

I have spoken to and heard a lot the real estate agents started to believe in the hype of a quick buck and started to buy 4 or 5 apartments at a time (off plan) to flip, rather then just one at a time to sell.

A lot of these guys were experienced and doing well agents (making a alot of money),and now have all their money stuck in 20 - 40% paid * 5 off plan units and cant make next payment or sell them due to no business/commission and the attention of flipping.

Never get high on your own supply - frank (scarface) had a point oka tony

I hope developers who can see sense and where people have brought several properties in same development and cant make payments, will allow them to - say merge them together i.e - u own 4 off plan props and paid 20 - 40%, maybe give you a studio and one bed and keep making rest of payments, rather then taking them all back and leaving people with next to nothing.

 

[TommyC]

I have spoken to and heard a lot the real estate agents started to believe in the hype of a quick buck and started to buy 4 or 5 apartments at a time (off plan) to flip, rather then just one at a time to sell.

A lot of these guys were experienced and doing well agents (making a alot of money),and now have all their money stuck in 20 - 40% paid * 5 off plan units and cant make next payment or sell them due to no business/commission and the attention of flipping.

Never get high on your own supply - frank (scarface) had a point oka tony

I hope developers who can see sense and where people have brought several properties in same development and cant make payments, will allow them to - say merge them together i.e - u own 4 off plan props and paid 20 - 40%, maybe give you a studio and one bed and keep making rest of payments, rather then taking them all back and leaving people with next to nothing.

Actually exactly what investors that have got stuck are trying to do. But developers have shown zero interest in such solutions so long which definitely causes suspicions about what is really going on behind the scenes (zero transparency). More project cancellations coming?