[FiC]

Dear all,

I have recently moved to HK with my boyfriend. We have been looking at apartments all over HK island and also some in discovery bay this week and think we have found one.

It is on Kennedy Road just near where the peak tram line passes. The building itself is 1965 so old but the flat is being completely renovated by the landlord at the moment and is really really nice compared to the ones we have seen. It is 1500 sq feet, massive living/ dining room and two really good sized bedrooms, brand new kitchen and bathrooms and a balcony. The flat itself wasn't anywhere near finished when we saw it but the agent took us to another one in the building that was finished so that we would have a better idea of what it is going to look like. No facilities like swimming pool or gym at all but because of this I think we are getting much better value for our money.

The rent it 44K a month.

We were torn when making our decision between that flat and one on Repulse Bay Road that we really really liked but eventually decided on the one on Kennedy Road because it is easier to get to work from and the flat was just loads nicer. However, when we called the agent to let them know that we wanted the flat the agent told us that their family actually owned the flat.

My immediate reaction to that is caution because I just feel a bit like the agent played us a bit like mugs while we were looking ie. taking us to loads of unsuitable places and then at the last taking us to this particular flat. However, we both love it and it is by far and away the best one that we have seen.

I would really like to hear your opinions on whether you think that the apartment is worth it or whether we have just been shafted by the agent playing us for mugs (am feeling slightly mug like at the moment I must admit).

Thanks a million in advance!

Fi

[back2HK]

Firstly - the agent was completely unethical in not disclosing his conflict of interest upfront. Give him a severe dressing down. The code of ethics for agents state

3.6 Minimizing any conflict of interest situations

3.6.1 Estate agents and salespersons should avoid accepting an appointment involving a property in which they have a beneficial interest.

3.6.2 Estate agents and salespersons shall, in the event of possible or potential conflict of interest (such as representing both the vendor and the purchaser), disclose to their clients that they are so acting. Any pecuniary or other beneficial interests in relation to the property shall be disclosed fully to all parties concerned.

Threaten him with a complaint to
http://www.eaa.org.hk/welcome.htm

Secondly - the location is great and you may not want to give up the flat. The threat of a complaint should quickly get him to give you the real price (or even below that), a few rent free months etc (assuming you are paying for the rent). Else, you can get him to furnish it with some goodies.

You can easily find out rents for comparable apartments in the same building - ask another company to show you other flats in the same building..

[carang]

sounds kind of expensive to me...

i'd check out some places with other agents before you make a final decision.

the modus operandi of these agents is always to show you a lot of crap then finally take you to a decent place that just happens to be 1000's of $$$ over your budget.

PLEASE....check out some other places first. i know that it can be a pain in the neck and exhausting, but for that kind of $$$ you should be able to get a very nice place (i know you'd get at least that square footage and a garden in DB)...(not that you want to end up in DB, but just so you know)

good luck!

[FiC]

Thanks a million both of you,

We will definitely check out other places in the same building in that case. The agent didn't give us an inkling when we were looking at it that their family actually owned it.

Do you know, will it be easy to get to work in central (exchange sq) from there without having to rely on taxis which I hear are scarce in rush hour?

Thanks again,

Fi

[carang]

i would think tit would take the same time to get to exchange square from there as it would from DB...especially in rush hour. traffic in central is VERY VERY VERY VERY slow!

[back2HK]

FiC

If you have a 7:15-7:30 start, then taxis are plentiful and it takes only 5 minutes. If you have a 9:00 start, then forget taxis. However, diagonally across on Garden road there are many buses going to Central (some close to exchange sq, rest at least to Pedder road). It may take about 20 mins door to door including the walk on both sides.. There are some that loop around McDonnell Road and Central.

Location is good in other respects as well. You can walk down to Pacific Place for a movie after dinner or just pop over to Soho for quick meal. You can't do it from DB.

44K for 1500 sq feet on Kennedy road in an old building is high. Prices there should be mid 30s - a bit higher for renovated interiors and good views.

Good Luck

[freeier]

i think while there is a conflict of interest, you can't just blame the agent for wanting to rent his apartment to you. but the fact is he will know what is your requirement budget and how to push you to pay more.

the key would be to find another 1 or 2 agents to show you a few more flats that meet your requirement. then you have a better comparison.

but be careful the database system is quite similar between the different real estate firms, just make sure you don't end up visiting an apartment previously shown to you by another agent and decide to rent it. you might get caught by their legal and document constraints.

[carang]

no, you're right you can't just pop down to soho, but we do have 16 restaurants in db, many of which are offshoots of ones located in soho...

[Alby]

44k/mnth is heaps of cash. The area you have described ranges from 22k/mnth to 32k/mnth depending on the interior decor (new vs. old) and size.

There is definitely A LOT of baragaining space here for your boyfriend and yourself even more so if you bring up the nondisclosure and ethics with property agent.

The description you given combined with the nondisclosure and ethics plus the fact that this is now the highest time of year when expats leave HK and the new arrivals don't come till August/September - you should be able to get this place in the range of 22k/mnth to 27k/mnth if the owner/agent doesn't want this place to stay empty.

Welcome to Hong Kong and Best of Luck!

[back2HK]

Originally Posted by Alby

The area you have described ranges from 22k/mnth to 32k/mnth depending on the interior decor (new vs. old) and size.

Are you serious ? For 1500 sq ft, on Kennedy Road (not town) !!
I want one as well..