In the 3rd week of November we heard from buyer #4 and his excitement about moving in when we read his ecstatic email from the cyber-cafe. He has resurfaced again with another mail and I am delighted to share his perspective with you. It is nice to hear from a clearly happy buyer to balance some of the more dim perspectives often posted in the blog.
Once again, I thank Buyer #4 for sharing and hope that he gets his wish sometime soon!
Hi Mike, in retrospect some of my thoughts as someone “able to close but hesitant”… but then dove in head first!
- MCL delivered the property is as I expected and envisioned at walk-through and the grand opening… very similar to my Singapore residence prior to my initial signing in 2005
- I recall having to make the decision on the 2nd down payment to either continue “all in” or walk away… I really didn’t consider this current scenario as a possibility
- Real estate, like the stock market rises and falls but given the right location will appreciate eventually (3-5+ years vs. a quick “flip”)
- MCL stated they can hold out for up to 3 years on building expenses which should buffer this downtrend
- MCL’s lenders are the real heavyweights here and will probably insist on “due process” with each contract to protect their investment position
- ~1.33% monthly carrying charges are accruing and given the lawsuits they may be coming into play
- MCL and their lenders could simply rent/lease some of the remaining units (maybe with option to buy) in the near term… I’d assume there would be a lot of interest in this option given the Uptown location but that’s not so good for us residents (hopefully they would keep the rent high to attract the right clientele)
- Website is out of date… I’m speculating some dispute with the original webmaster so it might be a “start from scratch” proposition vs a quick update
BTW, putting the finishing touches on my studio and walked 2 blocks to the Basil restaurant for a great Thai seafood dish last night. Also, having a couple of friends stop by for appetizers/drinks and shoot some pool for my official house-warming… hope to see you and others soon! 🙂
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