Burgernev

Can anyone explain to me why there will not be great deals possibly coming up when the pinch is really on, for condos where the block is say 50-60% sold and new buyers are few and far between for remaining units.

Will it not be the case for the condo developers, that are not seriously cash rich, that as the building progresses they would normally be relying on the remanining units customer funds to finance the completion ?

What would happen in this situation, cheap units, work stop for years, they borrow money from bank and finish it off even though loads of unsold units ?

Cheers

Because when the developer has sold 50% of the units he's already recoverd his costs so anything more is all in his pocket and he'll want to maximise his profit.

I'm surprised the profit margin is 50%, nice if it is.

But when 50% are sold they only have half the deposits, the units need to be finished to get the further payments in. Also many that are sold are the popular penthouses etc, the final monies from them doesn't come in until the last knockings I would have though.

Cheers,

Yeah Barella your OP is about land/house, sorry I'll put my post in a condo thread where more approriate.

Good luck with your hunt.

Cheers,

Some options:

New park opened 20 mins away with crazy golf, fishing, giant chess, petanuque (<deleted>?), camping, BBQ, massage, bar etc

Golf courses and driving ranges

Khao Takiab mountain (feeding monkeys and view across HH bay)

Pala-U waterfall about 70 minutes away

Khao Wang Petchaburi (old palace and temples set high on a mountain with fantastic views, cable car etc for those who don't like the hike up)

Fishing Pier

Elephant trekking places near town

Markets in town are always interesting and good eating places

Boat trips to monkey Island, fishing and to Sam Roi Yod National Park

Maruekatayawan Palace halfway to Cha Am, old Teakwood Palace that you can walk round, next to beach

Khao Hin Lek Fai near town with various viewpoints over town and beach

Muay Thai boxing nights

Fishing, two fishing parks (lakes) nearby stocked with large fish

Bowling alley and cinema

Shooting (at the ranges round town)

Paintball, Go karting, ATVs

Sam Roi Yod National Park - lots to see there, 1 hour away.

Can anyone explain to me why there will not be great deals possibly coming up when the pinch is really on, for condos where the block is say 50-60% sold and new buyers are few and far between for remaining units.

Will it not be the case for the condo developers, that are not seriously cash rich, that as the building progresses they would normally be relying on the remanining units customer funds to finance the completion ?

What would happen in this situation, cheap units, work stop for years, they borrow money from bank and finish it off even though loads of unsold units ?

Cheers,

I've always said the best policy may be to offer to buy a new 30 year lease term, every say 10 years, for an agreeable fee to both parties. People say they do not need to as they have 30+30+30

Take an average 3 bed pool villa in Hua Hin, cost 5M, 25k a month rent. After 10 years a Thai landowner would bite your hand off (rather than have to wait another 20 years) if offered 500k to issue a new 30 year lease. Those extra 10 years saves you 3M in rent at current rates.

No brainer to me, everyone's a winner.

Taking it on a step, a corporation comes into town and buys up all the leased land, then says to you "sorry your additional 30+30 is dead", you can have rolling renewals with us every 10 years for 500k or it's 10M to extend when your 30 years are up. What do you do ?

Burgernev

Rather than a 30 year lease my lawyer recommended "end of life" lease. Its recorded as such on the title deed.

There's no such thing, maybe a 'lifetime Usufruct' ?

Asbestos wrote:

Conclusion Hua Hin is very expensive compared to Pattaya;

Hotel same standard about the 70% of the price.

Taxis about slightly cheaper.

Food cheaper.

Beer cheaper about 70% of the price (San Miguel 50 baht).

Where is this Park???????

Seeing as your main criteria for having a good holiday is saving a few bob I better not tell you where it is as it cost 5 Baht each to get in.

Pattaya is much better.

Cheers,

nothing

Here's a list of stuff:

New park opened 20 mins away with crazy golf, fishing, giant chess, petanuque (<deleted>?), camping, BBQ, massage, bar etc

Golf courses and driving ranges

Khao Takiab mountain (feeding monkeys and view across HH bay)

Pala-U waterfall about 70 minutes away

Khao Wang Petchaburi (old palace and temples set high on a mountain with fantastic views, cable car etc for those who don't like the hike up)

Fishing Pier

Elephant trekking places near town

Markets in town are always interesting and good eating places

Boat trips to monkey Island, fishing and to Sam Roi Yod National Park

Maruekatayawan Palace halfway to Cha Am, old Teakwood Palace that you can walk round, next to beach

Khao Hin Lek Fai near town with various viewpoints over town and beach

Muay Thai boxing nights

Fishing, two fishing parks (lakes) nearby stocked with large fish

Bowling alley and cinema

Shooting (at the ranges round town)

Paintball, Go karting, ATVs

Sam Roi Yod National Park - lots to see there, 1 hour away.

Cheers,

Hi,

Am I right that you have not actually 'completed' yet and registered the land title? If you register in a Limited Company you would have big problems sub-dividing the land at my local land office in Hua Hin.

If the land is registered in a Thais name the will apply to sub-divide and you will not have any issues as Churchill says. If you have a Thai you can implicitly trust with all that land value.

I understand different land offices apply the rules in a different way. A new regulation was issued a good while back putting much tighter restrictions of foreigners sub-dividing land for real estate business, I know that is not why you are doing but they may take some convincing.

Good Luck,

Re: Leasehold being a diminishing asset, I agree. The latest leasehold contracts where I am have started including a clause, at lawyers request, that the lessee can extend/renew for an additional 30 year period at any time during the initial registered 30 years. Another un-enforceable 'option' like the 30+30+300+30+3000+30 ?

What's going to happen to all leased land when its 10-15 years away from the end of the 30 year term. Some lessors may sell it and stuff the lessee, some may extend for a nice fee, option to extend or not. If I had a leasehold property and wanted to sell with just 10 years left, I think it would be in my interest to offer the lessor a serious sum to extend me there and then for 30 years so I can sell.

Will be interesting.

Cheers,

Think too mut, I think you are not getting why some of us choose to live in Hua Hin.

Yes it has far less facilities than other bigger resports, it has less farangs, less traffic, less in-your-face nightlife, less meth freaks, less crime ..... but guess what? That's why we like it here.

If Hua Hin had 4 malls, a 10 screen Multiplex thing etc etc it would be because it was a big busy place, thankfully its not.

If we wanted to be part of the set instead of the sub-set we would be living in Pattaya. Every now and then some of us want Nana and Q-Bar so we pop up there for it, but I don't want to live with it.

Horses for courses and all that.

Cheers,

Its pointless making comparisons between Hua Hin and Pattaya. They're chalk and cheese.

Hua Hin is a great place to live bring up a family etc, but it has limited (boring) nightlife. When we want a bit of a blast we go up to Bangkok.

I used to go to Pattaya when I first started coming to Thailand but its full of scum now and not worth a w**k.

For a beach resort with a bit of everything, particularly good nightlife, I'd go to Phuket.

If coming over with mates and looking for a bit of a time then it has to be Pattaya over Hua Hin, you'd die of boredom in HH, you probably won't die in Pattaya.

Cheers,

I've got it a few days back at MBK, totally love it. Except I've always had problems with Nokia build quality, I have some chrome peeling off at the bottom of it already, and I use the supplied pouch all the time.

Hi Paveet,

I'm after getting the Omnia too, is it officially released here now or was that an 'unlocked' version ? And how much are they selling for ?

Thanks,

Burgernev

When is the next court date/decision due ?

Burgernev

usufruct crap

dam_n, I thought they were part of Thai law. Are you telling me they are no good BL4U, what's wrong with them ?

Burgernev

Hang on, hang on - just a minute ... Whether or not you personally think about a risk or you personally find it an acceptable risk does not mean it is not a risk

Yes I agree, that's why I was careful to say that I do not consider it a risky investment, obviously that's just my personal view.

I will not say it is not a risk or try to convince people there is no risk.

Burgernev

Hi beginner,

About 1. The average return on property, as far as you can tell in this land of half-truths, outright lies and dodgy statistics , is probably less than the return on bank deposited money in safe offshore accounts. Landlords often claim that they have made good returns but this is not really true unless they have actually sold the property and received the capital appreciation they claim.

I've always seen property increase way in excess of "bank deposited money in safe offshore accounts" or the like. But I'm talking about over a long term. Over short term it's obviously less certain, but I don't see property as a short-term investment.

About 2. They do not for many reasons including the sheer convenience of being able to move from one rental to another with minimum hassle and inconvenience if they want to.

I agree with that. But the people I've met choose to rent principally for the convenience of moving around, not because they're worried of the 'ownership' risks. To me that's more of a 'lifestyle' choice.

About 3. You can say the same about developers who have developed wonderfully effective marketing strategies to part the innocent from their money. They may eventually get some or even all of it back again but if they rented and kept their capital intact then they could access it at will.

Not sure who you mean about "may eventually get some or even all of it back ", the developer or developer's customer ?

Cheers,

Burgernev

However, I still may move the property into a USUFRUCT in my wife's name

The only thing with lease or usufruct is you have to sign over land to a Thai. Then there's no changing to other options IF the Thai does not allow it.

With the Limited Company you can decide in future to take up other options. Say 70/90 year leases come in, under Company you can change to that. If you're already on a 30 year lease I don't think you can 'upgrade' to the new longer lease if the landowner says no. I do not believe a clause in the lease agreement between you and current landowner, permitting you to upgrade to any new government lease terms, would hold if say the landowner sold the land to his brother??

Burgernev

I own a house and land via the company route and do not understand why you dont consider it to be a risk.

Because the Government welcome foreign investment, can close these loop-holes ifthey wish but do not and because no-one has ever had their property taken away yet. To me it'll never happen so not a risk I think about. If they do and some bloke in Pattaya is the first, I'll be straight down the land office getting a lease on the Limited Company land.

Never mind the constant 'threat' of the FBA changes (its on, its off, its on, its off) hanging over us

What changes to the FBA ? The last lot proposed did not affect FBA List 3 companies that we have to hold our property.

Burgernev

No No Johhny you got it wrong my friend.

The government do not actually know what us tricky farangs are up to.

When they find out next month, we will all be homeless.

Me and you will be sleeping on the floor of the U-Turn, it's ok I know the owner, a nice Canadian chap

Burgernev

Agree about 'ownership', but I 'own' properties here through Limited Company and Lease because I don't consider it a risk, I don't believe in enriching landlords and I'm not scared of the dark.

But of all the people I know here that rent, I haven't met one yet (honestly) who is renting because of concern over the ownership laws, they all rent because they can't afford to buy.

When it comes to Condo's, which you can own, the one's who do not buy (I believe because they can not) blame it on 'their' notion that the prices will drop to 500Baht/Sq.M. a week next Tuesday.

Maybe I need to get out more, but I don't believe these scaredy-cats really exist.

Only one of the above is certain, that a landlord will take your money and it will never be yours again.

Burgernev

Hi,

Scenario: A foreigner is having a house built their wife's land, forigner will paying for house construction, their name will be on building contract with builder, they'll register house at land office under their name when complete.

Question 1: Can anyone apply for the building permit for foreigner under their name, without power of attorney. Ie: A.N.Other takes the architect's drawings down to Tessabahn and applies for the building permit with A.N.Other's name on it. Might be the builder, a developer, foreigner's brother, wife's brother, milkman etc. Would this be a legal build ?

Question 2: Under the above could the foreigner just register house at land office under his name or would the person whose name is on the building permit have to 'transfer' it to the foreigner at land office ?

Thanks for any help chaps,

Burgernev

Can i own the home but not the land ?

Yes you can own the building (house) on the land, movable or immovable. You need to register the house in your name at your local land office.

Sorry not sure about bills.

Burgernev

As quicksilva rightly pointed out the future tax liability is a concern.

Apart from saving a relatively small amount of property tax (see rates below) sellers also mark prices down to save on personal or corporation tax.

I would insist on declaring the full amount otherwise YOU will be taking on the liabilty of this 30%.

When you sell your buyer may refuse to under-declare your selling price. IF tax is liable by you on the profit/gain made it will be far more as you'll have this extra 30% 'profit' to declare.

Property taxes are currently very low, something like: Transfer Fee 0.01%, Specific Business Tax 0.1%, Stamp Duty 0.5%

But IF profit/gain tax is applicable to you when you sell, it could be liable at a worse case of 37%.

Burgernev