Against our expectations we managed to find a property which was available for less than bank valuation. Based on a combination of the bank's valuation and very recent sales in the same building, we negotiated a purchase price which (in our opinion) gives us the car parking space for free as well as a discount on the recent interior decoration. It may not be the bargain of the century but it represents reasonable value in the current market.
The property is located in the western Mid-Levels, is less than 20 years old, is well maintained, is within walking distance of Pacific Place and Wanchai and (as mentioned) comes with a car parking space.
The flat (but not the car parking space) is also leased to a corporate so we will not have the usual period of post-completion vacancy while we look for a tenant and redecorate.
Mrs traineeinvestor and I will buy this property as a joint venture. We are currently shopping around for mortgage financing.
Completion is scheduled for mid-March.