The Truth About Buying An Old Condo: Homeowners Reveal Their Top 5 Regrets
The Truth About Buying An Old Condo: Homeowners Reveal Their Top 5 Regrets Some homeowners may find themselves regretting certain...
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TLDR
The Residences at W Singapore Sentosa Cove has slashed prices by over 40%, but there are important details to consider. The property has a 99-year lease since 2006 with slow sales and recorded losses. Maintenance fees are high, starting from $1,200 per month. The floor price may impact future buyers. While the condo offers prestige and lifestyle perks, high maintenance fees can affect rental yields. Sentosa Cove may not be suitable for everyone due to limited resale market and transportation challenges. The elite may find it appealing, but compromises are necessary. Real estate trends show a shift towards preferring locations with HDB blocks for amenities, marking a new era in property buying preferences. It’s important to assess your unique situation before deciding to buy or sell property. Strategic real estate advice and connecting with the right buyers can guide you through your property journey.
You may have heard the news: The Residences at W Singapore Sentosa Cove have announced a jaw-dropping price slash of over 40 per cent. However, before you jump on the bandwagon of excitement, there are a few important details that seem to have been left out of certain media reports:
Firstly, let’s not forget that the 99-year lease for this property started back in 2006, with completion only occurring in 2011. That’s a whopping five years on the market and still, only 228 units have been sold. Talk about a slow burn.
And if that’s not enough to make you think twice, take a look at the one recorded transaction on 7th September 2023, which shows a devastating loss of $1.46 million. Ouch.
But wait, there’s more. The maintenance fees for a modest two-bedder unit are a staggering $1,200+ per month. And for the larger units, be prepared to fork out anywhere from $1,400 to $1,600+ per month. That’s a pretty hefty price tag just to keep the lights on.
But perhaps the most crucial detail to keep in mind is the floor price. If a large number of units are being sold at a 40 per cent discount, then that becomes the new benchmark for future buyers. Suddenly, the discount off the original price may not seem like such a steal after all. Don’t be fooled by the numbers, my friends. Always consider the bigger picture.
Is it fair to say that this particular Sentosa Cove condo lacks the appeal it once held? Not exactly. Like its counterparts, it exudes prestige and offers unrivaled lifestyle perks. However, some individuals may be lured by its seemingly low price. With units starting at $1,648, it may seem like a steal compared to the skyrocketing prices at Lentor. But beware, for the high maintenance fees greatly diminish the potential rental yields. And let’s not forget the limited target market for resale. While Sentosa may be a paradise for beach enthusiasts, families and typical Singaporeans may find it a challenging place to settle. Besides, owning a car is a must, and commuting may not be as convenient as you think. This type of investment is best suited for the elite who can afford to overlook gains and yields. Only those with a longstanding desire to reside in Sentosa and are willing to make compromises should consider this attractive deal.
When discussing real estate – not just in Singapore but in any market – the relationship between affluence and impracticality becomes evident. In fact, this correlation seems to exist regardless of location. Once you’ve indulged in the luxurious delicacy of Bird’s Nest, a peculiar aversion to the common folk begins to take hold: suddenly, you’re convinced that every drug lord in the world has their sights set on you and you must retreat to the most secluded and inconvenient location possible. A place where your opulent abode is hidden behind impenetrable hedgerows, rendering food delivery services useless, or where the mere thought of a $32 Grab ride is enough to deter any visitors.
However, this trend has led to a dangerous game of copycat among the elite: the wealthy flock to areas devoid of HDB flats, leading some of us to believe that any location without these public housing units must exude sophistication. A lack of towering buildings becomes synonymous with $600 dinners and overpriced timepieces.
Gone are the days when property agents would boast about the absence of HDB blocks in their listings. The era of selling based on “there are no HDB blocks in sight” has long passed, buried in the annals of time. Nowadays, the response to the new Bayshore estate has been overwhelmingly positive. The residents, once skeptical, now eagerly welcome the prospect of having more amenities within their grasp. How times have changed from the early 2010s, where the mere mention of an HDB enclave would elicit shock and horror from potential buyers.
But things have taken a sharp turn. In recent discussions, buyers have been actively seeking out HDB enclaves within walking distance. It seems we have finally accepted the undeniable truth that HDB equates to a plethora of good amenities. The night owls can rejoice in the abundance of late-night supper joints, the caffeine addicts can have their pick of coffee shops, and even the cravings for a quick burger fix can be satisfied with a nearby McDonald’s. The tide has turned, and we are fast approaching a time where nearby blocks of flats are seen as a major selling point for potential buyers. Truly, we have reached a new era in the world of property.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
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