The seduction of Greed
The en bloc sales panic is easing with new laws coming in to stamp the euphoria. Property prices suddenly took a turn for the worst, or becoming more stable. But before the ink dries, the media are reporting on another new frenzy. Property prices in the eastern shores are rising, and rising and rising. Quick, quick, grab what you can find before prices run away. We are now seeing two opposing camps singing different tunes. On one side, there is a call for caution and to keep the lid on property prices shooting to the sky. On the other, the stirring and fuelling of news of how prices will rise and the encouragement to buyers to start buying at whatever price. Some will get burn by greed and some will make a fortune from this greed. Heard of a case where the owner stood to gain $400k during the en bloc madness. But when the new regulations came in, the price fell through the bottom. The buyer chose to forfeit his option money of $15k than to pay for a property that he could now get for $400k less.