Advise on whether my "near ready" property would sell

[dxb997tt]

Seeing how things are going in Dubai, I wanted to get an opinion on this forum on my situation. I am sure there are a lot of people in my situation.

I have invested in a 1 bedroom apartment in Sports City, Golf View residence to be precise.

The price I paid is 1,093,000 to be precise. It is 1068 sq ft. So approx 1028 AED/sqft.

It is going to be ready on April 2009 (on paper), but when I personally went to visit the site, I would say, its more like May/June 2009. The structure, etc is up, and now they are doing the interior.

I have paid 35%, and the next payment (15%) is due Jan 27th 2009, but I got it extended to Feb 27th.

To be frank, I do not want to make another payment, as I have other commitments to make, so I want to put the apartment in the market. I would sell it at zero (0) premium. I just want less commitments.

How hard do you think this would be to sell? It is a "near ready" project, so at 0 premium would be a good buy?

Thanks in advance for your inputs.

[financier888]

Originally Posted by dxb997tt

Seeing how things are going in Dubai, I wanted to get an opinion on this forum on my situation. I am sure there are a lot of people in my situation.

I have invested in a 1 bedroom apartment in Sports City, Golf View residence to be precise.

The price I paid is 1,093,000 to be precise. It is 1068 sq ft. So approx 1028 AED/sqft.

It is going to be ready on April 2009 (on paper), but when I personally went to visit the site, I would say, its more like May/June 2009. The structure, etc is up, and now they are doing the interior.

I have paid 35%, and the next payment (15%) is due Jan 27th 2009, but I got it extended to Feb 27th.

To be frank, I do not want to make another payment, as I have other commitments to make, so I want to put the apartment in the market. I would sell it at zero (0) premium. I just want less commitments.

How hard do you think this would be to sell? It is a "near ready" project, so at 0 premium would be a good buy?

Thanks in advance for your inputs.

I suggest you contact some active brokers and list it. With ZERO premium and a close completion date you may be able to find a buyer but be sure to include the commission on top of it. The next question however, relates the payments due upon completion - namely the payment plan... that may be a factor

You may need to make the next payment to secure your investment. Properties that are completed or near completion have value and your purchase price is good. (per sq ft cost)

You may have luck in finding a purchasor

good luck!

[Sportsman]

Doubtful it would sell. A mortgage is unlikely available, so you would need a cash buyer. The price is not unreasonable, but it needs to be completed, then banks will have a closer look and lend against something that has been build. For now, I would make the payment and rent or sell on completion. I would guess if you had to sell now, you would be taking a 200k loss, that is if anyone would buy it. Sports city will be great once it's completed but it'll need some time for development and for things to settle down and stabilize. If they say it'll be ready in May/June, I would guess Sept/Oct.....which would be better as more buildings out there will be completed as well. I don't see many being ready before the end of the year.

[dxb997tt]

Originally Posted by financier888

I suggest you contact some active brokers and list it. With ZERO premium and a close completion date you may be able to find a buyer but be sure to include the commission on top of it. The next question however, relates the payments due upon completion - namely the payment plan... that may be a factor

You may need to make the next payment to secure your investment. Properties that are completed or near completion have value and your purchase price is good. (per sq ft cost)

You may have luck in finding a purchasor

good luck!

I think I may have to make my next payment, but any lead as to who would be good to contact as a broker. I do not want any "big" names as they would be flooded with sellers.

[PropGuy]

Originally Posted by dxb997tt

Seeing how things are going in Dubai, I wanted to get an opinion on this forum on my situation. I am sure there are a lot of people in my situation.

I have invested in a 1 bedroom apartment in Sports City, Golf View residence to be precise.

The price I paid is 1,093,000 to be precise. It is 1068 sq ft. So approx 1028 AED/sqft.

It is going to be ready on April 2009 (on paper), but when I personally went to visit the site, I would say, its more like May/June 2009. The structure, etc is up, and now they are doing the interior.

I have paid 35%, and the next payment (15%) is due Jan 27th 2009, but I got it extended to Feb 27th.

To be frank, I do not want to make another payment, as I have other commitments to make, so I want to put the apartment in the market. I would sell it at zero (0) premium. I just want less commitments.

How hard do you think this would be to sell? It is a "near ready" project, so at 0 premium would be a good buy?

Thanks in advance for your inputs.

I would recommend same as others to hold on to this property but I suppose you have other properties that would be much difficult to sell and you could lose more money on them. I would recommend swap with property that you can hold on to for long-term without much commitment.

[dxb997tt]

Originally Posted by PropGuy

I would recommend same as others to hold on to this property but I suppose you have other properties that would be much difficult to sell and you could lose more money on them. I would recommend swap with property that you can hold on to for long-term without much commitment.

The only other property I have is Badrah 2 (which they have postponed payment unitl June '09 - but to be frank I doubt that will ever happen).
Yes, I could continue and pay for the apartment at Sports City. I guess continue to make payments, but will keep it on the market too.

[Roshan]

Originally Posted by dxb997tt

Seeing how things are going in Dubai, I wanted to get an opinion on this forum on my situation. I am sure there are a lot of people in my situation.

I have invested in a 1 bedroom apartment in Sports City, Golf View residence to be precise.

The price I paid is 1,093,000 to be precise. It is 1068 sq ft. So approx 1028 AED/sqft.

It is going to be ready on April 2009 (on paper), but when I personally went to visit the site, I would say, its more like May/June 2009. The structure, etc is up, and now they are doing the interior.

I have paid 35%, and the next payment (15%) is due Jan 27th 2009, but I got it extended to Feb 27th.

To be frank, I do not want to make another payment, as I have other commitments to make, so I want to put the apartment in the market. I would sell it at zero (0) premium. I just want less commitments.

How hard do you think this would be to sell? It is a "near ready" project, so at 0 premium would be a good buy?

Thanks in advance for your inputs.

Bad time to sell. Wonder if anybody would buy even with zero premium. The property market has zeroed out for now. You could still try, give it a shot if the investment is bothering you.

You need to have a good nights sleep when you have invested. If your sleep is disturbed, then you should exit.

Look into options of any relative who would like to pool in.

Regards

Roshan

[stephen gilmartin]

does anyone know for definate when lotus breeze will be complete some say august ,september .december i dont want to go over to early i want to wait until nearer the time thanks steve

[TommyC]

Originally Posted by stephen gilmartin

does anyone know for definate when lotus breeze will be complete some say august ,september .december i dont want to go over to early i want to wait until nearer the time thanks steve

Well, if some say august, september, december they are probably correct, especially considering you don't mention which year (I assume though that you mean 2009). I don't know anything about the project you mentioned, but can give you an idea what you probably can expect; Delays are the rule, most likely no one can tell you anything that's definite right now, that term simply doesn't exist. My advice would for you is to stay in continuous contact with the developer demanding information about the project, don't be satisfied with their regular standard answers ("everything is on track/time and is doing great/perfect/good/excellent", "will be finished, for sure, by this and that date"). Demand answers on paper signed by someone in charge, possibly also with some delay penalty clause (never gonna happen)! And also find someone located in Dubai that can go to the site and have a look themselves, so you can get an unbiased opinion about the progress. Be prepared though that you could be facing several years of delays, it's happened before and will undoubtly happen again. Don't want to sound to negative, but this what is actually happening here right now and it would save you a bit of disappointment to be aware of it. At least it can only be better though! Best of luck with your property!

[stephen gilmartin]

thanks tommy for info steve