I bought a new condo today. Actually, I am in the process of buying one. But that is not why I haven't been blogging; you can attribute that to my laziness. Anyway, I am never one to do a full-on planning to much of anything, and, yes, that includes buying a home. My banker advised me earlier that if I wanted to buy another property, the time is now, because the real estate market is starting to pick up, along with the slumming Hong Kong economy. I can see the economy is picking up from a business standpoint, so it reasons that real property should as well. Besides, who am I to argue with my banker?
Then one night after work last week, I walked to Peace Avenue and ran into my former real estate broker; she rented me the two apartments on that street prior to my buying a condo in Hung Hom. I asked her about that new building next to where I used to live, the one I always wanted to move into but felt it was too expensive at the time. She told me only a few is available for sale in that building, but one unit is especially good deal. Thus, she made an appointment with the owners for me, so that the next night I can see the apartment.
The unit is on the 23rd, out of perhaps 28 or 29 floors. I have seen other units in that building before, and they are small but well laid out. This particular one, though, the owners have knocked down one of the two bedrooms to make a bigger living room. I like that. In fact, I might even knock down the other bedroom to turn the apartment into one, big studio. But the interior isn't what sold me. It is the view.
From the 23rd floor looking out of the ceiling-to-floor windows, I saw a magnificent view of the city. There are no other buildings to block my view, because straight ahead are the train tracks to New Territory. And from where I stood, I can even see our shop. What a nice bonus. Having a nice view means a lot to me, as it is also the major reason I chose my first condo.
Today I put in an offer of HK1.5 million and it was accepted. I figure it is a decent deal. The units in that building first sold in 1999 for HK3-HK3.5 million each. Then soon after the market crashed. Two years ago when I was shopping for my first condo, a similar unit there was asking HK1.8 million. I passed and bought in Hung Hom for HK$1 million instead. If the market is indeed on the rise, then I am fairly safe buying in at HK1.5 million.
About the only thing I haven't decided is when the keys are in my hands, whether I should move into the new condo, or stay at the also fairly new condo here. I have been living here for two years now, and I grew accustomed to the neighborhood. The convenience is unbeatable, and the view from this apartment isn't exactly bad, either. From a practical standpoint, I can get higher rent on Peace Avenue than in Hong Hom, so it makes even more sense that I stay. Either way, I have until March 31st to decide what I want to do. Stay tuned.