Bank on it!It is a sad fact that those who want to buy enbloc are more experienced
than Stayers. It's a case of Mr-Developer-saw-a-chance-to-make-a-huge-profit-from-unwitting-condo-owners-and-went-laughing-all-the-way-to-the-bank.
This scenario will undoubtedly change as owners become more savvy about en
blocs. Or because many lambs to the slaughter have been examples for all
of us to learn from. Take for instance the many owners who sold out and
found that the market for their properties increased THREE OR FOUR TIMES
from the day they signed the CSA to the day they received their pittance
payments from the developer. Hopes crumbled for reaping profit. Anxiety
replaced euphoria. Even those who voted "yes" asked those who voted "no"
to negate the sale. Actually, there's a simple way to look at it. You sold at X. The developer puts in X+C. He needs to make a profit. So he charges X + C+ P. Oh no. That new price is the benchmark sale for condos in your area by the time you get your cash. So you have to stump up X+C+P+stamp duty +reno cost+moving cost. That's a far journey from X, yes? And not a profit, right? Why didn't you realise this earlier? To be fair to those who fell before you, those sacrificial lambs, they were new to the game. And the game had so much glamour! Fever! Beware of wolves in saucy alluring clothing. Here are some of the sentiments expressed by the lambs before the slaughter:
Here are some of the sentiments expressed by the lambs after the slaughter: "I will fight to keep my home. My chances of winning may not be high
but I will exhaust all legal means to protect my home." Your biggest single investment. Please... consider a financial model? Financial models are all about basic maths. So here goes
Now. Minus all the above against the en bloc offer price. Positive cash flow and profit? No? At the end of the day, en bloc profit is a myth. Created by the people-who-laugh-at-you-all-the-way-to-the-bank. En blocs started in 1999. But really only caught on in the past few years. Mistaken assumptions have been made by the many. But their tales are good guide posts for YOU. Only you can become Mr/Mrs Stayer-who-wised-up-and-realised-that-profit -from-en blocs-is-a-big-load-of-hogwash. Not worth the drama and the trauma. That's my opinion anyway. And that of all those sacrificial lambs from
the condos that en bloced. They are now wearing shorts. Because in the en
bloc process, you see, they lost their pants! |