Dutchy Posted April 14, 2006 Report Share Posted April 14, 2006 Closing deal on Tuesday for $570,000. I'm a very happy man, along with my fiance. Holy crap Thats insane! Quote Link to comment Share on other sites More sharing options...
thomasng Posted April 14, 2006 Author Report Share Posted April 14, 2006 Holy crap Thats insane! I nearly had an heart attack when I heard of this offer. The original market value determined by my real estate agent was $375,000, and the bidding war got insane soon after. It was an insane week, in this timeframe, my apartment rose in value by almost $200,000! Either the real estate agent grossly underestimated the value of my apartment, or people have mental problems. Oh well, who cares. As long as I have the cheque in my hands, and the real estate agent has her 2% cheque, everyone's happy. Beauty of this is too, I have this apartment registered as my primary residence, therefore when I sell it, I don't have to pay a single cent in taxes, even though I stay at my suburban house 90% of the time. Unfortunately, this resulted in my jury summons requesting I show up at a courthouse closer to the apartment, rather than the one closer to my real residence. Quote Link to comment Share on other sites More sharing options...
Dutchy Posted April 14, 2006 Report Share Posted April 14, 2006 I nearly had an heart attack when I heard of this offer. The original market value determined by my real estate agent was $375,000, and the bidding war got insane soon after. It was an insane week, in this timeframe, my apartment rose in value by almost $200,000! Either the real estate agent grossly underestimated the value of my apartment, or people have mental problems. Oh well, who cares. As long as I have the cheque in my hands, and the real estate agent has her 2% cheque, everyone's happy. Beauty of this is too, I have this apartment registered as my primary residence, therefore when I sell it, I don't have to pay a single cent in taxes, even though I stay at my suburban house 90% of the time. Unfortunately, this resulted in my jury summons requesting I show up at a courthouse closer to the apartment, rather than the one closer to my real residence. Man you are living the life..... Quote Link to comment Share on other sites More sharing options...
Duokpenkis Posted April 16, 2006 Report Share Posted April 16, 2006 Why sell it if the market is still bullish. You could get a reevaluation, borror the money, rent the flat and invest proceedings. Regards Duokpenkis Quote Link to comment Share on other sites More sharing options...
Watchmeister Posted April 16, 2006 Report Share Posted April 16, 2006 Congrats admin. Although you might be able to hang on a little longer and get a little more, I suspect that it will turn out that you have sold out near the peak. In the US most major urban areas have peaked. Inventory is up. Number of days on the market has lengthened. And far fewer houses are subject to bidding wars. The market in most major markets in the U.S. is now characterized as neither a seller's nor buyer's market. Quote Link to comment Share on other sites More sharing options...
Edge Posted April 16, 2006 Report Share Posted April 16, 2006 1 million USD will get you a studio flat where I live, maybe a 2 bedroom flat that need some work. The new 3 bedroom detached houses just up from me are going for £5-600,000 GBP, and they really aren't nice. The georgian houses just along from me can go for anywhere up to about £3 000 000 GBP so just the cool, $5 500 000 USD. Hahaha times are good, and the prices are still rising, look out london we are catching........FAST Quote Link to comment Share on other sites More sharing options...
Watchmeister Posted April 16, 2006 Report Share Posted April 16, 2006 Don't feel too bad. In New York, a stock 3 bedroom apartment averages well over $2 million. That 3 bedroom townhouse starts at $4 million. It's all paper anyhow. And yes, London is unbelievable. Quote Link to comment Share on other sites More sharing options...
Edge Posted April 16, 2006 Report Share Posted April 16, 2006 Don't feel too bad. In New York, a stock 3 bedroom apartment averages well over $2 million. That 3 bedroom townhouse starts at $4 million. It's all paper anyhow. And yes, London is unbelievable. Currently looking at buying a second home in NY somewhere in the Upper East. London is ridiculous, but we are RAPIDLY catching up. I love Manhatten, really awesome, Ahhhhhhh the Kebab place oposite MSG........what dreams are made of.......Pierre Luger was decent as well lol. Chris Quote Link to comment Share on other sites More sharing options...
Jetsons Posted April 16, 2006 Report Share Posted April 16, 2006 (edited) I'm with Kruzer. I follow the equity markets closely and anything having to do with US real estate (REITs, home builders, mortgage bankers and the likes), have declined 20%-%40% in value after having peaked during the second quarter of 2005. One thing I have learned about markets is that they have a darn good track record as a predictor of future economic climates. Real estate is a very cyclical beast & after the unprecedented run up it has had, I would be careful specially if relying on variable rate loans & heavy debt load to purchase. It is also the most interest sensitive sector of the US economy and interest rates are on the rise and will continue to do so for the forseeable future. I'm also in Manhattan and property values here are well north of $1K per sq foot, on average. One also must be approved by the building boards which is by no means automatic and pay substantial monthly fees for bulding maintenance. However, the properties on the market are not moving anywhere at these speed of the past. Good idea to sell now, if you must. It was a fun ride from 2000-2005. Jet Edited April 16, 2006 by Jetsons Quote Link to comment Share on other sites More sharing options...
Duokpenkis Posted April 16, 2006 Report Share Posted April 16, 2006 Ok, so if the real estate market is going to level off, and if we asume the general stockmarket also, what are you guys looking to invest in? Gold? Regards Duokpenkis Quote Link to comment Share on other sites More sharing options...
Jetsons Posted April 16, 2006 Report Share Posted April 16, 2006 (edited) I don't have a crystal ball, but commodities' prices in general are in uptrends.. Precious metals are in bull markets as are zinc, copper, titanium, concrete, aluminum, oil, gasoline, heating oil, jet fuel, ethanol, and chemicals in general. Oil service companies have excellent pricing power and powerful long term trends in place so that might also be a good place to investigate further. Another area would be major construction companies as the world mainly India, China & Russia continue to expand heavy infrastructure plus the rebuilding of the southern US. Jet Edited April 16, 2006 by Jetsons Quote Link to comment Share on other sites More sharing options...
eunomians Posted April 21, 2006 Report Share Posted April 21, 2006 L.A. + Tokyo = lots & lots & lots & lots & lots of $ Quote Link to comment Share on other sites More sharing options...
dosanim Posted April 21, 2006 Report Share Posted April 21, 2006 LA + Seoul = $$$$$$$$$$ I concur that! Quote Link to comment Share on other sites More sharing options...
thomasng Posted April 22, 2006 Author Report Share Posted April 22, 2006 Hong Kong is big $$$$ out of all the cities. I have a relative who owns a flat at the Peak, on the top floors with a panoramic view of HK island and Kowloon. At almost HK$50,000 per square foot, it's I think it's one of the most expensive per square foot areas in the world, suprassing London and New York. (HK$50,000 is about $6800 US). Update too: The buyer has issued his cheque to me, and I have deposited it in the bank. I am waiting 2 weeks for it to clear first. I will be moving out in mid-June. Quote Link to comment Share on other sites More sharing options...
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