Urgent Park Island Advice!

[ceolooking]

We are moving to Hong Kong and have looked into Park Island. The price there is more affordable and the club/facilities are excellent. We know that the logistics and transport are a bit inconvenient, even though there are buses and ferries. Can anyone who live there PLEASE advise us if there are drawbacks to this place? The price for a 1600 sq ft apartment, with beautiful view and balcony is around 35K. Is this fair price at this place? And how is the noise level from rooftop?

[sunniefaith]

I've been living in Park Island for more than 2 years. We do enjoy it very much. The noise from the airplanes does not really bother us that much. But a couple of nights ago when it was really foggy, the ships did honk quite a bit.

With respect to the transport situation, you can catch a cab into Park Island between 11pm and 7am in the morning. You do have to pay for the toll charges though. Can't remember how much. Think it might be around 30 or something like that.

1600 square feet for 35k in my opinion is too much. There's one thing about the real estate agents and landlords that we've learnt. They charge locals and foreigners different prices and especially when they know that you're new to the country. Do not just go to one agency. We went to every agency on the island. And bargain hard and stand your ground. You should be able to shave around 20 percent off 35K. Plus, obviously ask questions like how long has it been on the market and stuff like that. The longer its been on the market, the more they are willing to lower the prices. Oh, do not forget to ask for 2 weeks free rent. That's the standard. And we did also manage to get 10% off the commission. Hope this helps.

[leedseagle]

We went to every agency on the island.

i'd be careful following this advice because if an agent shows you a flat you have already seen with a different agent, and you eventually move into it - you'll owe both a fee

[wtbhotia]

i'd be careful following this advice because if an agent shows you a flat you have already seen with a different agent, and you eventually move into it - you'll owe both a fee

Thats only if you sign a document with the agent. If they refuse to show you flats before you sign a document, find another agent.

[Raccon]

Thats only if you sign a document with the agent. If they refuse to show you flats before you sign a document, find another agent.

Agree, some don't bother if you ask while others insist.

Using several agents gives you more choice but I found prices to be consistent when I was looking.

[panda05]

You are only allowed to see one flat once with an agent, but make sure you let the other agent know that you use more than one agents. You can check past transaction prices on the homepage of centaline and midland. I managed to get 50% the initial asking price. In the current market you can bargain hard and ask up to 1mt of rent free. Try to get a feel which landlord is a bit under pressure, you might have more bargaining power if the flat has been empty for some time. Never give the impression that you are under pressure to find something.

[timklip]

i'd be careful following this advice because if an agent shows you a flat you have already seen with a different agent, and you eventually move into it - you'll owe both a fee

this can be avoided by simply keeping track of the flats you've seen, and notifying each agent you use (IF you choose to use multiple agents) when you've already seen a flat...