loopaimod

What an absolute load of crap you guys (Norrona, Stingray) are talking about!! Why would an agent expect half of a 10% deposit for a failed deal. Any agent I use, and there are plenty, only charge their fees upon full completion of the deal. If a deal does fall through I normally pay them a percentage of the deposit but nothing like 50%. Generally 5% of the received deposit. Even that is 5,000 Baht for every 100,000 deposited and I can assure you that it does cover a lot of petrol costs and a few sheets of paper used for a contract. Why should you pay them more percentage wise for a failed deal rather than a successful one?

Get new agents to market your home. Simple. If they need their money up front they cannot be trusted to hold any of your funds. Take care using such companies.

You contacted 8 companies already. There must be 200 out there. Give some more a try, they might be more professional.

I only ever pay once the deal complete. No decent company would charge before transfer. Interesting though, can you post the names of the companies that charge before completion so I can be aware of these idiots when my next condo is ready for sale. Hate dealing with cowboy agents.

Site is DEAD!! Heard a few owners were meant to be seaking legal council. During these times I would suggest looking at complete or near complete buildings. Too much gamble otherwise.

Only trying to help. Check with the owners of houses in the previously mentioned villages on their thoughts on the developer if you don't like others opinions.

How far off the road are the current buildings? What do you think is going to fill the rest of the site? It will take years to finish if at all. It is massive. The first buildings are right at the back you will be driving through a building site for years or a derelict area!

Ask the developer about Soi Buakow. They still hold that land.

No skin off my nose if you buy or not but again I would advise against investing here as an investment it won't be. Up to you. Don't be too proud to walk away, it may save you a fortune and a tremendous headache.

Would be very wary of buying in any development like this at the moment. They have only started the first building with many more planned before the site is complete. I cannot see how they can sell out this 1 building let alone another 7? Even if they do manage to sell the others you will be living in a construction zone for years!! Walk away and take it as a lesson learned.

Only buy in completed or near completed developments. In the city you should check out the Pride, City Gardens, Avenue etc. They are either ready to move in or will be in the coming months. Also check out re-sales as there will be many looking to get rid of contracts at day one or less prices.

The developer is involved with the Soi Buakow development by the way.

Pattaya and Sattahip still charging the full rate for transfers at the moment. They say they have no notification to extend the low rates. If you did transfer right now and pay the full figure can you claim money back if they do decide to reduce it again?

I am actually very interested in purchasing in Southshore Lofts at the new prices. Only problem I have is what happens to your money once you have signed up and paid the initial deposit/payments. If I bought Southshore how can I be sure that the funds are not being used to pay for Northshore, River, etc. If they fail for any reason then Southshore monies would be gone even if the project is successfully sold. Am I being worried for no reason?

"I had no worries until I happened upon this forum two days ago. While I don't adhere to a policy of "ignorance is bliss", fear mongering (rumors) is not exactly what I'm after. I can't help but wonder if some on this forum are purposefully trying to cause problems/market upset."

Couldn't agree more. Think the worst offenders are the idiots who say don't buy more than you can afford to lose.... There are no rights for foreigners in Thailand..... Thais hate us..... Nobody ever made money investing in Thailand etc, etc, etc whilst they sit in a 3,000 Baht a month rental condo in Soi Khaotalow dreaming about getting enough money for their next hourly girlfriend....

Yeah - late entrants to an already overcrowded, overblown market, chose spectacularly badly when it came to developments, and are now paying the price.

I am so sorry for Linda Ord - head of Pattaya office - probably the only real estate person here who was honest with me. Certainly not a lying scammer type trying to con you out of your money (like the rest of them are). I see it plain and simple: in the bubbled market dominated by sharks and money-grabbers honest people can't survive. Besides, CBRE came here a bit too late, too untimely.

Is that you Linda?? Don't worry, nobody blames you for the demise of CBRE Pattaya..... We all know you are a lovely lady. Relax and enjoy the break it's Xmas after all, good will etc

The mark up on gems and jewellery is tremendous. In such places as World Gems I wouldn't purchase unless I had at least 30-40% discount. In some of the smaller shops around town you can get up to 50% of marked price!!

To be honest I have never been to World Gems but many similar establishments and find the above to be true. Do you realise how much commission their sales guys are on and also any tourist guides etc that take people there. They wouldn't do it for 5-10%.....

It doesn't matter where you buy jewelry, you're going to pay handsomely. The lifetime exchange guarantee seals the deal for me.

You cannot even start to guess "real" value of gems and you're never going to be able to compare 2 pieces of exactly the same jewelry from different stores because they all they all carry their own unique pieces. World Gems manufactures jewelry on site.

Perhaps you should visit there before making comments.

Perhaps you are correct. I still would try and negotiate much harder and I never buy any gems without proper documentation regarding cut and clarity. Anytime I have bought jewellery it has been for gift purposes and I would hope that they would have enough sentimental value to never require a return policy. I would also hope that I had purchased at a price that would make them an investment for the recipient. No reason then to take a like for like return policy. I would hope they could sell in the open market and make a few Baht's.

The mark up on gems and jewellery is tremendous. In such places as World Gems I wouldn't purchase unless I had at least 30-40% discount. In some of the smaller shops around town you can get up to 50% of marked price!!

To be honest I have never been to World Gems but many similar establishments and find the above to be true. Do you realise how much commission their sales guys are on and also any tourist guides etc that take people there. They wouldn't do it for 5-10%.....

Well when they've hung their hat in Pattaya on being sole agents for The Sails and The Chateau, both of which are not going to be built then it comes as no surprise.

I wonder what they'll do with the buyers deposits for those 2 projects though?

Yeah - late entrants to an already overcrowded, overblown market, chose spectacularly badly when it came to developments, and are now paying the price.

But I think I would fancy my chances of getting a deposit back from CBRE more than from other agents in Pattaya in the same boat. At least CBRE had the decency to announce their closure. Many others who will go under will simpy disappear - developers and estate agents alike, with deposits, never to be traced or seen again. A worrying sign of the times, for sure.

It said in their letter to LennyW that they are concentrating on sole developments only. It is private listings they are stopping. By all accounts they haven't sold many private listings at all. They will still continue to work in Pattaya area on large projects.

For your info. Anytime I have bought property in a new build project the deposit/payments go to the developer not the sales agent. Why would you think it CBRE's responsibility to hand back deposits. They don't hold the money. It is CBRE that is pulling out not the developments they are marketing?

For sure be aware what agent you use and if selling or purchasing a property make sure you control the funds and make sure everything is properly documented. I also feel that 90% of all the local agencies are facing dire hardship. The chances of deposits going missing are a big possibility. I would suggest making sure that no middlemen hold deposits and that you pay only directly to owners with proper receipts and purchase contracts in hand the deals are less likely to go sour.

Met with a real estate agent today that attended the "Beaches" agent launch party this week. Seems they are offering a discount rate of 165,000 Baht per sq.m for anyone who purchases in the next few days!!! Starting price is really from 280,000 Baht per sq.m!!! To give you an example 65sq.m units are selling from 17,900,000 Baht up. Is this for real? Think I'll stick to my VT units and pay 200 Baht to get in the water park on a day pass..... and keep the spare 15,000,000 or so in my pocket for a rainy day.

Ray08 bet your one of those guys that doesn't leave your bedroom and pisses in a bucket in case the seat falls on your willy. What you wrote is nothing but what ifs and could happens. Nobody knows of anyone that has lost properties through this method. Please read Eastcoasts post as I think it makes simple sense of the situation. Why do people like to be scaremongers? I only buy and own condos because I like the convenience of condo living but I would feel quit comfortable buying a company owned house if my circumstances changed. Eastcoast stated facts you stated BS.

Hi,

Does anyone have any information or links to something along the lines of a Thai Tenant Act - i.e. a document outlining the rights and responsibilities of both Tenants and Landlords?

We have a tenant (Thai) who can no longer afford to rent our property, but is trying to extend their stay under the premise that they can substitute the security deposit for rental payments. We need to evict these people sooner if possible, because there is *definitely* damage to the property that their deposit will have to cover.

What can we do?

I would suggest looking at the rental contract you hopefully signed when you moved the tenant in. The rental contract should state clearly what happens upon tenant default.

Hello Everyone is beautiful Pattaya.

I wondered what the view overall was on the Northpoint Project, Southshore and Raimon Land pedigree?

Do people believe this developer will complete the projects mentioned? If they do and others are not completed due to build cost, poor backing planning/licensing, does this not mak these projects more valuable if they are completed?

All views very welcome...I have or may have financial interests involved hence the questions................

I have 2 units in LaRoyale Beach Condo, Jom Tien. I am trying to sell one of them. I'm sure this project will get completed, but its eighteen months behind schedule. Never considered the possability that it would'nt get completed. Obviously thats a real risk in Thailand.

Faranglandoz

I suppose thats my point. That building started I think in 2005 or 6. They missed most of the price rise stuff apart from the last year. Think they were affected by K-Tech going out of business or something. I know the project well and I'm sure they have sold something like 80% and even they have obvious cash flow problems. How can the new buildings survive if they only sell 49%? I think even the strongest developers must be worried and purchasers of such projects are mad. Do like La Royale though. At least it was realistically priced. How much do you want for your unit?

Also agree that the building is a nightmare waiting to happen. Main thing is Thais will never buy a building right on walking street. Bang... half the building unsold. Many foreigners would not buy due to boats, noise, new go-cart track right out side their doors and don't forget the open sewers that run through South Pattaya all meet up only 50 metres from there!! No fun on a hot day. Can't believe they are even atempting it. Really looks like some kind of scam. As stated by Bangkokdam, why no budget to advertise properly and no big release of pictures etc. Very fishy indeed.

I would stick with existing buildings if I was purchasing. I'm sure you could buy units in Royal Cliff or similar cheaper that they want for waterfront with no gamble. I know where my money would be if I had enough to buy 1 of these over priced units.

I haved looked closely at their projects since I stupidly missed out on Northshore back in 2004. That units WERE great investments. The main reason I think because at that time nobody was overly worried about the Thai ownership quota. When the foreign quota was sold out people just bought under company name. That is not happening now. I am sure they will find enough foreigners to buy 49% in either project but I can't see Thais buying 1 bed apartments at 7-12 million Baht or 2 beds at anything up to 30 million!! They can buy houses etc. Thais only buy these properties for weekend homes and at these prices that is not feasible. That is the main reason even after my friends making large sums on Northshore I keep away from their developments.

If they only sold 49% is that enough to pay for the entire project? If so I think they are taking the p#ss with us foreigners... If not and with the construction price rising dramatically, I think they will fail. In saying that Northpoint seems to be going up quite well but still a long way to go. I would say stay away but then I was wrong with Northshore.

Just checked out www.thaiproperty.net from the link on this site. In the new development section on the home page there are many developments that could be considered including Avenue Residence etc?? Actually found a few listings in the search function cheaper than developer prices.... 950,000 for a Suan Suwarn unit!! May be worth checking out. Nice site by the way. In fact one of the best I've seen........ No it's not mine but I do fully recomend and know the company that owns it. I don't often say that about real estate agents.

Anyone bought in Suan Sawarn ? If so what is the latest projected completion date?

It was originally November/December 2008,but things change !

Happy Holidays

I bought a couple there. Think they are good value and an unusual design which makes them interesting. I feel they will offer good rental returns. For sure they will be late in completion but then I've never seen anything complete on time down here. If it is completed with 6 months delays that would be normal. I think over the next few years these low budget, entry level buildings are the best buys and will offer re-sale potential as well. Not everyone can afford 100,000 baht per sq.m++++

What holidays??

Hey guys,

Please stay on topic and argue elsewhere. I appreciate all information, positive or negative, as it helps me to make a balanced decision.

I have bought property before in Thailand, so I am no newbie. I know most if not all the pitfalls and risks and, on this forum, am just looking for any helpful info on this particular project and the Na Jomtien area.

The asking prices seem reasonable for the area, especially compared to La Royale.

When my friend was in the market to buy a condo last year we went everywhere. He eventually picked a unit closer to town but we did check out Musselana? We thought that Portofino and La Royale were miles ahead of it in many areas such as direct beach access, facilities, construction standard, floor plans, views etc. Very difficult to compare prices of high rise against low rise. High rise is always going to be more expensive and believe me 70,000 per sq.m is not cheap for a low rise. We dealt directly with David Gray from East Coast and got offered units in La Royale cheaper than list. We went directly to Portofino without an agent. Always try and negotiate. This is a buyers market.

Just a quick update. Seems my friend who purchased from Indochine in Regent Pratumnak Condominium (same developer as Reggatta) is still awaiting closure on his purchase. Developer is not honouring his words and returning the knowingly over invoiced monies!! Been weeks now and still nothing. Seems the agents that sold are also struggeling to get any information as well. He has talked to a few and all agents who sold there have the same problem with developer. Word is that Indochine are totally broke and cannot find funds to payout. Hopefully this means they cannot fund the Reggatta project. Suppose time will tell. Noticed Reggatta did not start construction June 1st as promised?

"That's a bit bad to generalise all agents as being like used car salesmen, there are some very reputable agents in this city who adhere to strict guide lines, ethical codes and are members of associations who regulate their conduct. "

Checked the list and seems David Gray, East Coast, is not one of the companies in the "Association". What does this mean? Is Brooklynbridge dealing with a non-regulated agent! Are there really good companies outside the handpicked 10? mmmmmmmmmmmmmmm. Must admit have dealt with them myself and found them also very professional. Do wonder why they didn't join the real estate club though. Sure it would help to build the groups reputation having the better companies as members. Jomtien Property, Nick Real Estate, Pattaya Realty (member REBA) would also be on my best agent list. Just my thoughts.

Am I the only one, please squeak up all you mice on the side lines.

Sorry didn't meen to annoy you. Was it my post. Wow... My first time using this medium and got someone angry. Main reason for post was to inform Jomtien Condotel owners not to trust this developer. Think if they can do this to existing clients they can also do dodgy stuff with getting building permissions. Dig deep JC owners and I'm sure something will come up. Will not post in this segment again. Thanks, Bye....

New to this forum but here goes. Read this thread and noticed a mention of Regatta Condo. A friend (no really) of mine bought a unit from this development company in Regent Pratumnak condominium. Turns out his unit is much smaller than was advertised and promised in the contract. The developer is reluctant to return his overpaid monies. The amount of money I'm not sure about but he says it is more than 500,000 Baht difference. They even charge the maintenance fees based on advertised size not actual size? Just thought I'd bring this up as a buyers beware report. He has also spoken to a couple of other purchasers and they are still getting invoiced for the full amount for their final payments on transfer. Is this illegal? Surely purchasers must be told before transfer and final payments of the true size and surely this must be reflected in the final payment price?

That does not make sense. My experience tells me that whatever the agreed purchase of the square metres of the condo, the final title deed of the unit shall be the final basis of payments. In most sale agreement, there would be a clause stating that the final square metres as stated in the deed shall be adjusted on the final payment.

Checked with my friend and there is a clause stating unit will be sold at a certain price per sq.m. Seems the developer has had the deeds for a few months and never told any of the purchasers?? Even sent out final payment sheets on the listed size instead of actual size. Only once they received the deeds did they find out the size difference! Now they have a fight to get funds back.