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Would you sell now

Would you sell now

Old May 1st 2009, 7:00 pm
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Default Would you sell now

Having lurked on this site for months and valueing the the opinions of a lot of posters I'm now registered because I need to ask your advice.

If you had a buyer for your property in Dubai, would you sell now or wait and hope the market improves. I've been offered 30% below the peak price but way more than I paid for it. I'm 99% sure I'll take the offer. I need to make a quick decision and any advice would be appreciated. Thanks
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Old May 1st 2009, 7:51 pm
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Default Re: Would you sell now

take it before they change their minds
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Old May 1st 2009, 8:46 pm
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Default Re: Would you sell now

Originally Posted by whatname View Post
Having lurked on this site for months and valueing the the opinions of a lot of posters I'm now registered because I need to ask your advice.

If you had a buyer for your property in Dubai, would you sell now or wait and hope the market improves. I've been offered 30% below the peak price but way more than I paid for it. I'm 99% sure I'll take the offer. I need to make a quick decision and any advice would be appreciated. Thanks
... what was the peak for your property in dhs/sqft?
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Old May 1st 2009, 11:35 pm
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Default Re: Would you sell now

i'd take it... rent for a few months and buy something bigger for the same amount afterwards
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Old May 2nd 2009, 4:58 am
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Default Re: Would you sell now

Originally Posted by whatname View Post
Having lurked on this site for months and valueing the the opinions of a lot of posters I'm now registered because I need to ask your advice.

If you had a buyer for your property in Dubai, would you sell now or wait and hope the market improves. I've been offered 30% below the peak price but way more than I paid for it. I'm 99% sure I'll take the offer. I need to make a quick decision and any advice would be appreciated. Thanks
Sounds excellent - the £ has moved 25% against the Dirham so you've lost virtually nothing. I think your buyer is making the huge mistake, not you!
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Old May 2nd 2009, 6:14 am
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Default Re: Would you sell now

Diablo, the peak was about 1345 psf and I have an offer of 891. I paid 327 psf. I want to accept as that way I don't have to worry about it dropping further and could clear the mortgage back home and still be laughing all the way to the bank. Just worried that there will be some miraculous recovery in the market and I'll be sorry I sold. Is that greed or just looking out for the welfare of my family.??
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Old May 2nd 2009, 6:25 am
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Default Re: Would you sell now

Originally Posted by whatname View Post
Diablo, the peak was about 1345 psf and I have an offer of 891. I paid 327 psf. I want to accept as that way I don't have to worry about it dropping further and could clear the mortgage back home and still be laughing all the way to the bank. Just worried that there will be some miraculous recovery in the market and I'll be sorry I sold. Is that greed or just looking out for the welfare of my family.??
Reckon you'll be kicking yourself if you wait and miss out. If you are making a profit grab it quick.
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Old May 2nd 2009, 6:29 am
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Default Re: Would you sell now

No brainer,close the deal now.
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Old May 2nd 2009, 7:44 am
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Default Re: Would you sell now

I would have renamed the thread 'Could you sell now'.

You have a buyer on the hook in this market, you'd have to be a diablo to say no.

I love some peoples optimism in this market.
These are the same people that would be on the Titannic and say, don't worry, it's only a small iceberg..
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Old May 2nd 2009, 8:15 am
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Default Re: Would you sell now

Originally Posted by highlander393 View Post
take it before they change their minds
I agree! take their hands off!
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Old May 2nd 2009, 9:25 am
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Default Re: Would you sell now

I think you should sell...you have made a decent profit.
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Old May 2nd 2009, 4:38 pm
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Default Re: Would you sell now

Originally Posted by whatname View Post
Diablo, the peak was about 1345 psf and I have an offer of 891. I paid 327 psf. I want to accept as that way I don't have to worry about it dropping further and could clear the mortgage back home and still be laughing all the way to the bank. Just worried that there will be some miraculous recovery in the market and I'll be sorry I sold. Is that greed or just looking out for the welfare of my family.??
I paid originally AED 407/sqft and had an offer at 1300/sqft a few months back. I did not sell. Maybe I should have; time will tell. However, if you at any time think you may be sorry because you did not sell it - you better sell it now because the times will be worse before they get better.

Also, looking at your buying price - you can always rent it at AED 33/sqft which means it will always give you the money to pay the loan (providing that this is your only debt) which again means it will always pay itself. Why sell then.

If you are going for a profit - sell it (you made it); if you are going for an investment to pay some of your retirement costs in the future leave it and continue paying your investment. I am investing for my retirement.
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Old May 2nd 2009, 8:09 pm
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Default Re: Would you sell now

Done deal and deposit cheque in hand. Nervously laughing all the way to the bank. No mortgage here and cash deal. Sweet Thanks for all your replies. Sending a virtual 'pint' to everybody in the house.
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Old May 2nd 2009, 8:23 pm
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Default Re: Would you sell now

Originally Posted by whatname View Post
Done deal and deposit cheque in hand. Nervously laughing all the way to the bank. No mortgage here and cash deal. Sweet Thanks for all your replies. Sending a virtual 'pint' to everybody in the house.
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Old May 2nd 2009, 10:24 pm
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Default Re: Would you sell now

Originally Posted by whatname View Post
If you had a buyer for your property in Dubai, would you sell now or wait and hope the market improves. I've been offered 30% below the peak price but way more than I paid for it. I'm 99% sure I'll take the offer. I need to make a quick decision and any advice would be appreciated. Thanks
Only 30% off peak? Remember that the 50%-100% price rises last year were driven by speculators. They've gone so I think it's safe to assume we'll see a reversal of that at least - a drop of 25%-50%.
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