Posted by
cym
15 yrs ago
THE BLD IS TWENTY YEARS OLD> BLD IN GOOD CONDITION> VIEW IS PARTIAL OF THE ROAD >BANK EVALUATION TWO POINT SIX MILLION>ASKING PRICE TWO POINT SEVEN MILLION NON NEGOTIABLE Is it worth buying a ground floor apt off caine road
WHICH IS IN A QUIET ROAD
FIVE TWENTY FIVE SQ FT
FOR TWO POINT SEVEN MILLION
GROUND FLOOR
NEW RENOVATION STUDIO WITH OPEN KITCHEN
VERY CONFUSED AS I DONT KNOW IF THIS IS A GOOD OFFER ? GOOD BUY?SHALL I WAIT?
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cym
15 yrs ago
its hospital road near the hospital
the net area is 380 and the gross is 525
what do you think thanks
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Looks over priced to me if it’s an older building (more than 15 years). If you're looking for an investment you're going to find it harder letting in that area. I would spend more and get a similar sized place on Caine Road next to the escalator. For 3-3.2 million you should be able to find something reasonable and it would always have a tenant. Sai Ying Pun is quite grotty
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cym
15 yrs ago
its nearer to the wellcome and shama apts. so its not really sai yun pun its sheung wan .
caine road is very high for my budget
so confused?
is it a ghostly area??
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cym
15 yrs ago
i am looking at it as an investment . The bld is in good shape but its old 30 years old. I am so confused as from inside its nice but small. But its ground floor so thats whats confusing me and now im hearing about bad luck ghosts etc? help please thanks
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cym
15 yrs ago
i just got another evaluation
hang seng bank says 2.4 million
hsbc says 2.6 million
land lord selling for 2.7 million
??
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cym
15 yrs ago
i would love to tell you but i dont want to talk about the exact location till it comes through
this is my first time
why are the banks so diffrent in evaluation which is the right ones??
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cym
15 yrs ago
so is it worth it to buy something so above evaluation and a 388 net area for 2.7 ? is it worth it or shall i wait for prices to fall .am i paying too much
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Keep shopping. I think the market looks pretty flat for the next few months so you have time.
I sold a flat, 20 seconds from the escalator on Caine road 535 sq ft in a 16 yr bldg for 2.93 million just a few of months ago (much better deal than you’ve got). It wasn’t that easy to sell!
Agents talk up the prices but you can still find bargains. 2.7 For a ground floor 520 sq ft flat in a 30 year old property in a weak location it’s nothing to get excited about.
If you’re buying for an investment you shouldn’t be rushed into a decision. Also if you need to come into a forum like this for advice perhaps it’s not the right investment choice for you.
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cym
15 yrs ago
thanks Danny I have closed the chapter on the flat buy gonna keep shopping around .Do you have any good agents to recommend thanks?
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cym
15 yrs ago
Lord grossman its on hospital road 10- 12
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I've owned several rental properties and they've always been in Midlevels as close to the escalator as possible. Pick a mid aged building (15-25 years old) with a good lobby. I personally only buy flats under 600 sq ft (rental under 20k) because they are easier to let (this site is brilliant for letting flats). I like to go for flats rather than studios as they are also easier to let.
I can't recommend an agent as they're all as bad as each other (in my opinion). You just have to beat the streets looking in all the windows at what’s on offer and see loads of places (you’ll get a feel for the different buildings quite quickly). I’ve probably seen 30-40 flats for every one I’ve bought. Use recent transaction records (most up to date one seems to be on the gohome.com.hk website) to check the real market price. Be abusive to agents who show you over priced rubbish they can’t shift and never believe what they say… check everything out yourself.
Once you’ve got a feel for the market you’ll be able to spot the very occasional bargain. Make offers backed up with a cheque even if you’re well under the asking price (a cheque will often sway even the greediest of sellers). Also make sure all your financing is in place in advance, a low offer is more likely to be accepted by someone if they think it’ll be a quick completion.
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sifting through the mountains of garbage listings to find good value is the chief obstacle to investors interested in property. its a huge timesink at the start. the first property I probably saw 100 to 150 flats before making a decision. Over time, like dannyboy says, you can learn to spot the better deals with experience.
after visiting a bunch of shops and proactively seeking deals, agents who you bought flats with will call you everytime they think they have a good deal. A lot of the time its crap they are selling, so this is when you begin to know which agents are good and which ones just dick you around.
once you gain a reputation as a competent serial property buyer with cash available, you will form a network of good agents who seek you out when they locate good deals. Agents are always the first to know about a good deal, normally due to some owner having distressed finances and required to sell. At that point you are dealing with a specific group of agents who are not sending you crap, because they know they can't sell you on it. This is ideal since you are among the first to know about a great deal and can cherry pick at your whim. the time investment required to find a good flat goes down dramatically, which makes life nicer.
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