Subsale house at my taman asking price reduce from rm690k to rm600k

As a broker who handles multiple cases each day for the past 7 years (I was a banker too)... house price have definitely droppped in many areas.. it used to be that getting the MV to match the selling price was almost impossible unless I beg beg beg hahaha...

now the MV is actually HIGHER than the selling price.

GOod luck guys, you keep on buying and selling ya. hehe

Not the banks, but the valuers. The banks empanel the valuers which are different entities to the banks, to get a 3-rd party valuation of the properties, within reason. Usually they will use past transactions, but during hot times, the prices went up up and up (!!!) that the rencet transactions did not catch up fast enough..

so people were like "well last month someone bought it at RM500k, how come I can't get RM520k valuation for this property?!"

If the valuation doesnt match the selling price, that is fine, the house can still be sold/bought but the loan will be based on which ever is lower, either the MV or the selling price... so if the property was sold at RM520k, but the MV was only RM500k, loan would be given based on the RM500k.. there will be a shortfall and the buyer will have to fork out more cash...

This is the dangers of subprime cirisis. That is why I love it when Zeti made it difficult to borrow money, because the easy of credit will only make the house price go uncontrolably higher. I'm a good broker, I don't need speculation to drive sales because my services are tip-top. I would find it more difficult to run the business if the market crashes, than if the market is being tightened.

Lol. Same. Dealt with 2 agents concerning two different properties.  I ended up buying elsewhere. Many are still in dreamland and/or hoping to net many gullible buyers just like the good 'old days'. Both properties have been for sale since middle of last year. No joke. (this was despite my attempts to negotiate with them with realistic figures from NAPIC and not just relying on their 'asking prices' which are just plucked out of thin air. It was futile, like talking to a brick wall)

Sold for: RM3.35 million

Concluded by: Jacob Chin (REN 06912) of Vivahomes Realty (017-612 2331)

When: April 2017

Noteworthy:
● Freehold
● Land area: 1,650 sq ft
● Built-up area: 6,490 sq ft
● Intermediate unit
● Nearby amenities include F&B outlets, financial institutions, shopping mall and offices
● Accessibility: Damansara-Puchong Expressway (LDP), Sprint Expressway and Jalan Damansara

Located on Jalan SS21/56b in Damansara Uptown, the commercial hub of Damansara Utama, the four-storey shopoffice faces Jalan SS21/56 and some double-storey terraced houses.

Although it is situated in a busy commercial area and surrounded by various amenities, including banks, F&B outlets, offices, a shopping mall and residential areas, the shopoffice was transacted at below the average price of similar units in the area which are going for between RM3.8 million to RM4 million, said Vivahomes Realty senior negotiator Jacob Chin, who concluded the deal.

“This is because the unit is located on a relatively quiet street, hence the price and rent are lower than those located in the inner parts of Damansara Uptown facing office buildings,” Chin said, adding that the shopoffice is fully tenanted with a monthly rental of RM10,700.

He pointed out that the seller decided to sell the property at below market price as it has been on the market for quite some time.

“The seller bought this shop from the developer around 40 years ago at a price of about RM400,000. He wanted to sell it to fund his business,” he added.

https://www.theedgeproperty.com.my/content/...a-petaling-jaya

$400k to $3.4m in 40 years is about 5.5% p.a. compounded.