Saturday, 17 April 2010

Selling Condos

The market has been picking up so we decided to put our condo on the market.  Loh and behold within a month we had an offer we could comfortably accept.

Singapore Real Property GuideThis new reality makes life considerably easier as we consider our options for the future, unemcumbered by the need to sell a property.

As a seller one pays an agent 2% of the purchase price as a commission.  In our particular complex there have been several 3+1's sold during the past month but 2 bedrooms units such as ours (2+1 to use their popular title) are harder to find.

In the current market one aims to get over $1,000 per sq foot.  Unlike New Zealand, the property market swings in Singapore are far more pronounced.  Having bought in just before the start of the last boom we have made a nice capital gain over the three years of our occupancy.

The purchaser first secures a fortnight's option on the property and if still satisfied at the end of this short period, the sale is then confirmed.  Most settlement periods after eight to ten weeks after the sale confirmation.

As our buyer has since confirmed, this means that we move out mid June.  The Singapore property market is like riding a wave with larger peaks and troughs than one finds in New Zealand.  We were fortunate to buy three years ago before the last buying frenzy took hold. Fortuitously we are also not selling in a cycle of depressed prices.

Now comes the joy of packing up although in our case we have given the buyer all of our furniture.  To pack furniture and freight it overseas is simply not economically viable.

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