How much COV did you pay?

[kiatme]

Every owner is looking to sell above last transacted mah, it won't be surprising if some of the last few transactions already got COV.

 

[ZacharyA]

Every owner is looking to sell above last transacted mah, it won't be surprising if some of the last few transactions already got COV.

Of course that would be the mindset of every seller. But not all units are equal, you also don't know if the other fellow who sold high is because the unit is in good condition / move in / with renovation done in last 5 yrs. vs an original condition, very lok, maybe leased out to tenants and some of the wall sockets hanging in the open with exposed wires.

I have seen those units before as well. sibei rabak.

I also viewed one 5 room, 1300+sqft, but house like 3 room like that. Hoarder with so many things. Impossible to look at the condition of floor tiles etc. And the kitchen is a mess with pots and pans all over. The sort where you can expect cockroaches to emerge from any holes and crevices.

 

[lethiaa]

If you really concerned, once you locked on to your unit, like blk 124 level 8 93sqm 4rm, then just go see HDB transactions around, then see recent transactions - like for example block 123 level 9-11 93sqm, go doorknock all the units there and find out which was the unit sold, ask the owner how much COV he paid.

Then you know whether or not your offer will have COV or not.

People are already so unwilling to share cov online.. I doubt they will want to reveal if you door knock. It's like asking them straight in their face how much their salary is.

 

[8zaoyu]

Of course that would be the mindset of every seller. But not all units are equal, you also don't know if the other fellow who sold high is because the unit is in good condition / move in / with renovation done in last 5 yrs. vs an original condition, very lok, maybe leased out to tenants and some of the wall sockets hanging in the open with exposed wires.

I have seen those units before as well. sibei rabak.

I also viewed one 5 room, 1300+sqft, but house like 3 room like that. Hoarder with so many things. Impossible to look at the condition of floor tiles etc. And the kitchen is a mess with pots and pans all over. The sort where you can expect cockroaches to emerge from any holes and crevices.

Actually, this type of seller is usually the PGs staying in Nursing Homes/a kid's home, and kiddoes do not want to take over flat as inheritance (whether Full/in-Portioned). It is called "original" condition even the landed ones are even like this. Take it or leave it, got buyers one. Just need to have money to renovate it, leave it to an ID.

 

[ZacharyA]

People are already so unwilling to share cov online.. I doubt they will want to reveal if you door knock. It's like asking them straight in their face how much their salary is.

On the contrary, I ever viewed an unit before with the seller's agent. And as the unit is a corner unit, we walked past many other units (about 3).

Then all kaypo and lined outside their main door. As we were leaving, they all asking, eh the owner selling ah??? How much ah???

lol

 

[stsilverbullet73]

the market is cooling unless it is ultra rare with ultra good features i doubt we will see new records
even new records will not result in 100k COV unless u submit some crazy offer

tampines area should command no more than 10k COV .. u budget 20k u should be very very safe.

 

[kiatme]

People are already so unwilling to share cov online.. I doubt they will want to reveal if you door knock. It's like asking them straight in their face how much their salary is.

I think face to face its easier, like its harder to reject people. Online people tell you they 100k COV at Tampines you also

Tampines very tricky at some areas because the same estate one block can be st xx while the other block can be ave xx. If you use funny tools like squarefoot or what you will miss out on a lot of units.

Use HDB amenities around the map 200 meter to see recent transactions, some of the valuers also miss out or choose to ignore the next block because one is st xx while the other is ave xx. If you see the prices, some of the 5 room transaction just 50k above the 4rm transaction.

 

[kiatme]

the market is cooling unless it is ultra rare with ultra good features i doubt we will see new records
even new records will not result in 100k COV unless u submit some crazy offer

tampines area should command no more than 10k COV .. u budget 20k u should be very very safe.

Every month HDB also got record broken leh, just yesterday the news report Geylang 1st million dollar 4rm HDB.

 

[ZacharyA]

the market is cooling unless it is ultra rare with ultra good features i doubt we will see new records
even new records will not result in 100k COV unless u submit some crazy offer

tampines area should command no more than 10k COV .. u budget 20k u should be very very safe.

meanwhile an agent just quoted me a top floor unit at Pandan Gardens with 80K COV.

 

[lethiaa]

meanwhile an agent just quoted me a top floor unit at Pandan Gardens with 80K COV.

wow.... you did the valuation and found out it's 80k cov?

 

[PC]

the market is cooling unless it is ultra rare with ultra good features i doubt we will see new records
even new records will not result in 100k COV unless u submit some crazy offer

tampines area should command no more than 10k COV .. u budget 20k u should be very very safe.

Market is cooling?? Doesn't look like from the statistics.

https://www.straitstimes.com/singap...es-rise-03-per-cent-volume-climbs-53-per-cent

SINGAPORE – Prices of Housing Board resale flats rose for the eighth consecutive month in May, with prices inching up by 0.3 per cent and more units sold. The increase was at a slower pace than the 0.9 per cent rise in April, according to flash data released by real estate portals Singapore Real Estate Exchange (SRX) and 99.co on June 5. Year on year, prices rose by 6 per cent. An estimated 2,513 HDB units changed hands in May – a 5.3 per cent increase from the 2,387 units resold in April, the data showed. Seventy-four flats were sold for at least $1 million each in May, equal to the record set in January and up from the 68 lodged in April.

 

[ZacharyA]

wow.... you did the valuation and found out it's 80k cov?

No, the agent told me

 

[stsilverbullet73]

Market is cooling?? Doesn't look like from the statistics.

https://www.straitstimes.com/singap...es-rise-03-per-cent-volume-climbs-53-per-cent

SINGAPORE – Prices of Housing Board resale flats rose for the eighth consecutive month in May, with prices inching up by 0.3 per cent and more units sold. The increase was at a slower pace than the 0.9 per cent rise in April, according to flash data released by real estate portals Singapore Real Estate Exchange (SRX) and 99.co on June 5. Year on year, prices rose by 6 per cent. An estimated 2,513 HDB units changed hands in May – a 5.3 per cent increase from the 2,387 units resold in April, the data showed. Seventy-four flats were sold for at least $1 million each in May, equal to the record set in January and up from the 68 lodged in April.

vs last year i think it is for sure slower.. unless you want prices to fall. i cannot see prices falling ever

 

[ZacharyA]

vs last year i think it is for sure slower.. unless you want prices to fall. i cannot see prices falling ever

Not true, we are somewhere around the half way mark now for HDBs built in the 1960s 1970s. Some flats have been SERS. Others not.

So in the coming 10-20yrs, unless there are new regulations or more SERS projects coming up, these units will lose its value compared to today, in real terms.

Although another school of thought would be, a 4 room flat can easily get $3-4k rental per month, $36-48k a year. Even remaining 10-15yrs can still fetch a $500k value in use valuation.

 

[Taeyeonie]

I paid $30k COV. It was a well renovated high floor corner unit with unblocked view and I moved in without major renovation, just replace some stuff.

 

[lethiaa]

I paid $30k COV. It was a well renovated high floor corner unit with unblocked view and I moved in without major renovation, just replace some stuff.

Which location if I may ask?

 

[cloudystar]

>$100k COV are not uncommon in RCR region HDBs. 4rm at Kallang/ Toa Payoh area quite a few recent transactions at 1.15 to $1.2mil and the valuation is estimated around 1.0xmil.

 

[Taeyeonie]

Which location if I may ask?

Bukit batok west. Recently MOP area (last year)

 

[TheAlphaLion]

HDB transaction is the transacted price, which may or may not include COV. That's not the valuation price. So looking at HDB transactions only tell you the price trend, not the COV.

This shows you don't know how valuation works. The valuation of a flat depends on past nearby transactions and adjusted for floor, size, overall property market, etc. So even if flats in District 19 is 900K valuation today but everyone pays $1M for flats this year with $100K COV, by next year the new valuation will be $1M liao.

I recommend to use SRX X-value to get an estimated valuation of the flat you're looking at. It's not exact but usually not too far off (maybe plus minus $20K IMO).

 

[ZacharyA]

Bukit batok west. Recently MOP area (last year)

sounds like block 450s area