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Prop prices dropped - how to approach rental offer

  1. #11

    Join Date
    Oct 2010
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    18,186
    Quote Originally Posted by MandM!
    You mean when the CE received a 100k rental for free. That's a bit different than a red packet with a couple hundred dollars and a property agent.
    https://www.scmp.com/article/625950/...watchdog-urges

  2. #12

    Join Date
    May 2008
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    1,029

    I see people paying more than 30k as part of the problem here
    If the greedy grabbings sons of pitches cannot get the exhorbitant prices they command, they have the choice of negotiating (shriek) or leaving their ass ets empty
    Now AEOI is operational, China needs to grab a couple of Mainland black money property owners here who have hidden their assets from the China Taxation Bureau and make an example of them

    Judge
    We find you guilty
    The penalty is death
    I wish to appeal
    Bang

    Then see the rush to cut and run and what happens to the market

    an acquaintance whose husband works for CX/Dragonair told me recently that since her hubbie reached 55, he no longer got expat terms and they had to slum it as locals
    When the company paid they were living in a 95k/month apartment and they now had to live in a house in Saikung for 40k on their own dollar package

    Last edited by dynamco; 31-10-2018 at 02:39 PM.
    Skyhook likes this.

  3. #13

    Join Date
    Feb 2011
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    Hong Kong
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    Everytime I have lowered rent, I have regretted it. The tenant feels entitled asking for this and that, complaining left and right. I rather wait for the high paying tenants who more often than not ask for nothing. And even if they want something, I wouldn't mind buying it for the them as their additional rent more than covers it.


  4. #14

    Join Date
    Dec 2013
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    5

    new development.... after all agreed suddenly landlord wish to make it to a 2y fix contract even we agreed on 1+1 (break clause after 1yr)... clearly they worriee mkt drop and i move in 1yr? reality is moving is so much pain i wont be, but i dont like idea of fixing so long

    i argued back saying thats not what we agreed... owner said how about 18mth now. .. getting annoyed how they try to change the deal after we agreed on terms and thats my main concern, who knows what they try next if landlord is not a person of his/her own words?

    i can either say 12mth or nothing, or accept 18mth fix with break clause contingent on relocating out of HK after 1year... how do i structure such clause...


  5. #15
    bdw
    bdw is offline

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    Feb 2009
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    5,309

    I'd say you are getting screwed. If it was originally advertised at $56k and they only agreed to drop $1k to $55k, this doesn't sound like a reasonable concession in a falling market to me. It sounds like they stood firm and a miserly 2% drop is insulting and you should have walked away then.

    Now after you gave in to them yesterday, they are seeing how much more they can screw you today by fixing this inflated price for 18 or 24 months instead of 12.

    One more point. Most people with kids going to schools in Kowloon Tong do not live in Kowloon Tong. You should not narrow your search to only this area. My kids go to the Australian school there and school buses go all over Hong Kong.

    jgl and Kowloon Goon like this.

  6. #16

    Join Date
    Aug 2006
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    9,488

    Ditch the deal whilst you can. The landlord sounds like a likely pain in the ass to deal with later if he's pulling this now.


  7. #17

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    Dec 2013
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    thx response. as u say if they do this now i worry what they can do later which is my main concern... i am a business man, and deal once done is a done deal and people who change terms cant be trusted...

    my kids will go AISHK too... school bus for 3 kids can be a waste of time so we liked idea of walking distance...


  8. #18

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    Feb 2011
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    Quote Originally Posted by carfield
    thx response. as u say if they do this now i worry what they can do later which is my main concern... i am a business man, and deal once done is a done deal and people who change terms cant be trusted...

    my kids will go AISHK too... school bus for 3 kids can be a waste of time so we liked idea of walking distance...
    The provisional is either signed or not signed.

    If signed then the landlord owes you deposit x 2 for backing out ot the deal.

    If unsigned then get your deposit check back asap and inform the agent not to present the offer.

    56k to 55k is not always a bad deal. Many times the prices might be asking 60-65k but the agent tells you 55k because that is a recent transaction. Then the agent bargains to get you 55k. Which is already requiring some work since the landlord is probably asking 60k+.

    If market rent is 55k then the landlord won't be asking 55k. They will add buffer room for negotiation.

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