Landed homes hit the auction block as more businesses fold

More prime condos were also listed.

A total of 15 landed homes were put up for mortgagee auction in the first quarter of the year, according to a report by Colliers International.

The report showed that many of the landed properties which were auctioned by lenders were those with larger areas such as corner terraces, semi-detached houses and detached houses.
These properties have areas which are around or above 3,000 sq ft and are worth more than $3 million.

“Often, detached houses emerging as mortgagee sale is a sign of business failure by the owners,” Colliers noted.

Apart from landed homes, large condominiums in prime areas also went under the hammer in the quarter.

There were a total of 48 residential listings as mortgagee sales during the quarter; of which, 33 were non-landed properties and 15 were landed properties.

“Unsurprisingly, many home owners found it tough to secure their own buyers due to the weak buying sentiment, following multiple rounds of government cooling measures, loan curbs, as well as the generally uncertain economic conditions and interest rate risk. There was also a wide gap in the price expectations between sellers and buyers,” Colliers said.