Pattaya Spotter

On 7/29/2020 at 9:47 AM, newnative said:

     I used to live at VT3.  Many of the best seaview units have been sold; the majority of the unsold units are on lower floors.  Counting windows with lights on at night is not an accurate gauge of how many units have been sold in any condo project.  (With View Talay projects, count the number of balconies without aircon units.)  But, you're right, there are plenty of unsold units.  Once foreign quota is reached at the VT projects, the remaining units are harder to sell.  

    Some years ago my partner and I made an offer at VT8 to buy 2 side-by-side shell units for 2.5MB each.  This was less than the asking price but finished units were only selling for around 3MB so we thought it was a fair price to offer.  We were turned down--in hindsight, thank God.  We were dealing with a lowly sales clerk and we asked her to convey our offer to her boss.  No, the boss has left instructions not to be bothered.  Can only give set discount.  OK, we're out of here.   

     VT8 is actually a different family member's project from the other VT projects--and part hotel.  But, with both, apparently there is not much incentive any more to either make or save money.  My partner and I have asked your same question, why don't they just run a big sale and clear out all their old, unsold units--which are getting older every year?  That's what they would do in the US.  Every unit, every floor, ONE price: 1 MB! First come, first served. Instead, they sit unsold, year after year.  Foreign quota is full at VT3 so it's a harder sell for foreigners but they'd get some buyers at 1MB and still make a profit--and not have to keep paying the condo fees year after year.  

My understanding is the profit margin on the build is all factored into the sales prices for the foreign quota units, so there is no real need to sell at much of a discount the remaining Thai quota. There is no property tax in Thailand either so again no real need to get the unsold Thai units off the books.

Thailand has had over 20+ constitutions over the past 80 years...so what's another one.

5 hours ago, Andrew65 said:

What is an 'invested in condo' retiree. As far as I know, owning residential property in Thailand doesn't necessarily afford one any residential rights in the country (I used to own a condo there).

Yes you are correct, condominium ownership doesn't confer any legal residency rights (though in certain circumstances it can qualify one for a non-immigrant visa).