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Baby, we got a bubble!?

627 sq.ft. unit, north facing with small 49 sq.ft. balcony. $479,900.
The listing also mentions "Listing agent has interest in the property." So the agent may possibly be the owner of the unit?
Sounds fishy.

It's a great condo in an excellent location with probably the nicest amenities around. However I can't get over how small and expensive most of these units are.

I find it hard to believe that $57K was spent on upgrades.
Here's the list.


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I can't really prove the price I saw because I threw the price list away. But it was pretty high I'm sure. It was after VIP and their second stage of sales. The building was already under construction and they set up a presentation centre where Cinema Condo is being built currently. I was curious about the price for the building so I went to check it out.

If you're interested, I do have a price list for Monde. They're asking pretty crazy prices for an up and coming area.

AKS, i don't doubt the price you quoted for the second stage of sales.
it's just that typically VIPs / R/E agents get first dibs before the public, so odds are they got it at the cheaper price.

out of curiosity, i went to MLS and found 21 units for sale at the Festival Tower on the public site (who knows how many more that aren't visible to us).
the going rate was about $750-800 psf without parking (including this 2377 sf SPH for $1.88 MM:, so i don't see the advertised unit above as being a discount.

btw, there are also 27 units at M5V for sale visible on the public MLS site.

Big headshake at you man, really. The unit is under power of sale. The lender will unload it for what it's worth. Who cares what they're asking? If you're interested offer them $500 psf. Wouldn't shock me if they accept it.
AKS, Thanks for posting the price lists. Cost of parking and locker will push psf prices even higher. Occupancy is scheduled for April 2012 -- that is 4.5 years from now. Anticipated increased costs seem to have been reflected in the price list.

Any idea/guess/speculation as to how the sales are going?
I have no idea how sale are going. I was just shocked at the prices they were asking. I wouldn't doubt it would sell well if there are foreign investors. But I'm sure the local agents with some sense of logic won't be biting. It's a really big risk to pay such a high price for an area where it's just starting to develop and will take years to fill up. I can't imagine what the developments coming up in the next few years will ask for. At the rate it's going, pre-construction will hit $1000 psf in the next few years.
Sorry don't have those numbers. Pre-construction is hard to monitor. Sometimes they say 80% sold but they might have a selected inventory that they are keeping for a stage where they can increase their prices. I personally think the area is going to be a great spot in about 7-10 years.

Back to the point is buy resale. I don't know how many times I need to say this. Pre-construction should not be bought by an end user right now unless the project will be registered within the next year. Suprisingly you can get some really good incentives on leftover units because there is less interest in the project.
Any predictions for the 2012, last chance to place your bets before the new year starts.

The world will not end in 2012. RIM stock will hit $6.50 (which is my buy target). New Condo construction sales will slow dramatically and this thread will hit the 400 page mark.
If there is a housing collapes, what could the government do to prevent it? Interest rates are already at all time low. What other tools do they have?
If there is a housing collapes, what could the government do to prevent it?

They can do as much as the government in the US, Ireland, etc were able to do, which unfortunately was not a lot. Once air starts to escape from the bubble, there nothing anyone can do to put it back in.