Transaction records

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  1. #1

    Join Date
    Feb 2010
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    15

    Transaction records

    Hi

    I was going through some of the sites displaying transaction records (such as ricacorp, centradata ...), in order to get some feel of rental prices.

    Does anyone know if the rental prices in those website are inclusive of "goverment rates and management fee" ?

    Thank you


  2. #2

    Join Date
    Jun 2005
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    Hong Kong
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    Almost always, yes.


  3. #3

    Join Date
    Feb 2010
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    15

    Thank you, in such case I'm wondering why generally the asking rent price given by the agents is quite higher (lets say at least 10-20%) from the price I see in thoe website ?

    Are they most likely "trying me" since I don't speak cantonese (are they working more on the favor of the owners ?) For example I notice when they tell me the current market is at 25K... I see that recent transactions are done more at 20K for the same property.

    My feeling is that apart from some odd "internal transaction" (i.e. between family or relative), the average price seen in those site should be a good indication of what I should aim to land for ?


  4. #4

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    Sarcasm - because beating the crap out of people is illegal
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    "Asking price" isn't the same as the transaction amount.


  5. #5

    Join Date
    Aug 2006
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    Quote Originally Posted by Grum
    Thank you, in such case I'm wondering why generally the asking rent price given by the agents is quite higher (lets say at least 10-20%) from the price I see in thoe website ?

    Are they most likely "trying me" since I don't speak cantonese (are they working more on the favor of the owners ?) For example I notice when they tell me the current market is at 25K... I see that recent transactions are done more at 20K for the same property.

    My feeling is that apart from some odd "internal transaction" (i.e. between family or relative), the average price seen in those site should be a good indication of what I should aim to land for ?
    They are higher because you are expected to negotiate. Nearly everyone does.

  6. #6

    Join Date
    May 2006
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    Siu Sai Wan
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    Are you sure they are the "same property".

    Facing one way or another can add thousands.
    Also a higher floor can be more expensive. Or a different floorplan or view can change things.

    I have found agents really don't want to rip you off - they want you to take the place also. If you think it is too high, show them your information and get them to explain the difference.

    Another factor is that prices may rise (all fall) in just a few months, so a price paid 2 months ago may not be valid now.

    If you are looking at a larger estate, I am sure someone on here will know more about it and can help point you in the right direction.


  7. #7

    Join Date
    Mar 2010
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    The price difference is in negotiation, market factors, like others have said different units with views, height, etc. will all come into factor.

    Asking price is what the landlord is asking for and agents have to put that in their advertisements, but transaction prices are what the landlord and tenant have agreed on.


  8. #8

    Join Date
    Feb 2010
    Posts
    15

    Thank you all, I think it is mosly the negotiation portion which I did not consider.

    I don't think its other factors - as I was quite specific when analyzing the data (to be precise, I was looking at three areas - all big development, with a lot of recent transaction records, and I made sure i'm comparing as much as possible apple to apple, i.e. layout, size, view, floor)

    The 10-20% difference was seen by all three agents, so I was at first glance wondering wether I was missing something (either price increased very sharply in the last few weeks, or the price in the centadata doesn't include govt rates)


  9. #9

    Join Date
    Mar 2006
    Posts
    4,018

    After I posted found this community legal site that has good information on HK leasing properties - the rules that is.

    I. Things that you need to know before signing a Tenancy Agreement or a Lease

    http://www.hkclic.org/en/topics/land...nt/index.shtml

    II. After signing a Tenancy Agreement (or a Lease), how should the parties handle the document?

    1. How is stamp duty calculated on a tenancy document?

    Last edited by Football16; 11-08-2010 at 05:18 PM.