PEAK SEASON PROPERTY Resale Listings Escalate

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Posted: 20 Dec 2010 | 6:00 am

The magic ball of peak season property prospects is seeing a massive surge in owners listing properties for resale.

Talking to a number of the leading brokerage houses on the island everyone is pointing to a rise in secondary properties coming on the market.

While this seasonal trend has existed in years past the sheer volume over the past month has many agents becoming more selective or even rejecting ad hoc owners.

In many cases owners pricing has now shifted from the past two year trend of stressed discounting. A new twist is embarking on a fishing expedition with expectations of cashing in on premium values.

Whether this is a healthy trend or not it's too early to know. But at the moment the floodgates of resales and common listings throughout the distribution channels and agencies make it hard for consumers to clearly distinguish between products.

One thing for certain is that property owners are perceiving a renewed interest in investor sentiment. They are now trying to capture the upside - be it real or imagined.

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