"I want to sell my bungalow plot. How much do you think its worth?"
"Perhaps in the region of $70-80 per square foot, without any approvals for development"
"That much only? Youre out of touch with the market. You guys cant just go determining the value based on historical data of how much others paid for similar lands in the past. I've put up plans to put up a townhouse etc. No approvals yet, but there shouldnt be any problems. Its definitely worth much more. Even $90 - 100 dollars per square foot"
"Well, historical data is just but a basis to arrive at a decision. You have to see present conditions. And you have got to foresee what is going to happen at least in the immediate future. If one was to look purely on the basis of infinite possibilities of a property without considerations for prevailing market conditions and demand, specifically, then the end result opinion wouldnt be a considered opinion. Anyone can put a high figure estimate, but whether the market will accept that figure is a different matter. We come in to estimate what the market will reasonably pay for it."
"You guys dont know what the market is/want"
A couple of years later.
"I want to sell my (still unsold) land. How much do you think its worth. Try looking for a buyer."
*chuckling within* "Well, its still worth about $70-80 per square foot."
"Nah, its worth more"
A long time later.
"OK, whats your asking price now. Minimum price. I have a party who is interested, but I need to confirm the asking price"
"Err I cant confirm the price now"
*sigh, potong stim cock-teaser case*
A few months later.
"I want to sell my property. Can you guys help out?"
"Sure, sure, we can." *chuckling within* "Whats your asking price?"
"$80 per square foot"
"Eh, your neighbour has put up their property for sale at around $70. How to sell yours?"
"Nah, am sure I can get it for $80. Ok, put it for sale around $78."
"No problem. We will try"
Many many moons later.
"Eh, i heard you sold it"
"Yeah"
"Why so low eh? Thought you wanted much more"
"No lah. I've always wanted to sell at that price. It was on a need-to-know basis"
*kept a straight face,cos thought it was pointless to LMAO there and then*
The End. Finally.
1 comment:
From my limited experience, I've always noticed that landowners think their properties are the best in the world or has the potential to be one (i.e. planned development nearby for instance).
My take is simple, the land is only worth what the prospective buyer is willing to pay for it.
I've seen people part with their land titles when a buyer flashes some money and pays immediately in cash for a 25% discount.
Oh well, in your case it might be another of those "test the market value and feel good about yourself" incidents.
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