Resale market really dead?

[pisandre]

Hi all,

I know it is a tough story to resale properties. Specially off-plan. Still. Since 1 month, i don't stop reading only negative news. However, when I look at the Freehold magazine, I hardly see good bargains. I would like to know if some of you were able to resale recently off-plan properties with 0 or negative premium. If so, which area, which price?

Thanks all

Pi

 

[FrancoB]

nobody is buying

Hi all,

I know it is a tough story to resale properties. Specially off-plan. Still. Since 1 month, i don't stop reading only negative news. However, when I look at the Freehold magazine, I hardly see good bargains. I would like to know if some of you were able to resale recently off-plan properties with 0 or negative premium. If so, which area, which price?

Thanks all

Pi

sorry to say but people who have money are waiting for prices to fall and those without cant get a mortgage as banks are making it very difficult.

 

[TommyC]

Hi all,

I know it is a tough story to resale properties. Specially off-plan. Still. Since 1 month, i don't stop reading only negative news. However, when I look at the Freehold magazine, I hardly see good bargains. I would like to know if some of you were able to resale recently off-plan properties with 0 or negative premium. If so, which area, which price?

Thanks all

Pi

No haven't been able to sell even one of my two apartments during the last 3 months. Even have it out on offer "15% installment for free" (100% loss, which I'm facing anyway since it's not possible to get a mortgage, and if you had assets in the stockmarket...not much to say, it s****s!) to simply not give the money to the developer, but NO takers and NO interest from anyone. I guess some people who doesn't need to sell right now (= no threatened to lose all) offers their apartments for whatever price, the more the better, but as time flies by even those prices will start going down.

 

[pisandre]

TommyC. Why are you not able to get any mortgage? Because of the reduction of the LTV? Because your property is not financed by a bank?

 

[TommyC]

TommyC. Why are you not able to get any mortgage? Because of the reduction of the LTV? Because your property is not financed by a bank?

Reduction of LTV, and also, since I bought early the developer didn't have the deal signed with the bank at the time. I was "promised" (typical sales-promise, no writing) 90% and when they had everything ready to apply, LTV was down to 75%, shortly after that 60% and now stopped (for Schon Properties, according to a mortgage broker). This at the same time as the stockmarket came crashing down was/is a really bad combination in terms of liquidity...

 

[Fran]

How about late charges? Usually 1% or 1.5%. Most developers can tolerate payment delays up to 4 or 6 months.

Or pay a portion of the installment and postpone the rest.