Will Edge condos sell?

[elgenon]

I have been reading on TV for a while now how there are many empty condos in Pattaya. Yet they are building the Edge condos at Second Rd and Soi 13. Seems a very good location. So will these sell easily?

If you don't think so why do you think they are being built?

[champers]

Growing demand from Chinese buyers (to rent out to other Chinese). On the baht bus route for 3 malls when Terminal 21 is finished, which it will be by the time Edge is completed.

[dragonaus]

According to the newsletter emailed to me from Rightmoves Pattaya is the following:

Last week saw the successful launch of “The Edge” a new project by Sansiri in Central Pattaya. All foreign ownership was sold during the first weekend. Prices reportedly range from 170,000-215,000 baht per sqm. I honestly didn’t think Pattaya would stomach these prices. A combination of location and a quality developer has ensured the initial success boding very well for the rest of the market.
 

[The manic]

Dozens of new developments around Pratumnak but dozens of halted projects and many condo, ostensibly uninhabited.  When the taxes/bills build up too much in empty condos they are auctioned off via the land office....

[DrTuner]

They might sell again for good discount if the crackdown on illegal Chinese hotel keepers keeps going.

[newnative]

      The location is good; the price per sqm isn't.  No way will my partner and I pay 180,000 baht and up per sqm for a condo that is not even built.   When you buy off-plan, you expect to get a low price per sqm and by the time the condo is built you hope the price has appreciated and you can either sell at a profit then or hold the condo knowing it has increased in value from your purchase price.  I can't see The Edge increasing much when it is priced at the very top right from the start.

     If I wanted that location, I could go next door and buy a bigger condo for less at The Base.  If I didn't need a sea view (I always do), I could get something even cheaper at nearby Grand Avenue.   I've talked to several Thais who buy condos as investments and they have all declined to buy at The Edge.  I expect the sales will mostly be to Chinese buyers, which will make the project even less desirable for some buyers of other nationalities.  

[NanLaew]

As I mentioned in another thread, check on the amount of Chinese checking in/out of The Base condo just next door. I wouldn't be surprised if there's a Chinese equivalent of airbnb already.

[dragonaus]

Well if the foreign ownership can sell out during the first weekend at prices from 170,000 -  215,000 bht per Sqm.

 

I would say the future is very good  for this condo block

[JAZZDOG]

26 minutes ago, newnative said:

      The location is good; the price per sqm isn't.  No way will my partner and I pay 180,000 baht and up per sqm for a condo that is not even built.   When you buy off-plan, you expect to get a low price per sqm and by the time the condo is built you hope the price has appreciated and you can either sell at a profit then or hold the condo knowing it has increased in value from your purchase price.  I can't see The Edge increasing much when it is priced at the very top right from the start.

     If I wanted that location, I could go next door and buy a bigger condo for less at The Base.  If I didn't need a sea view (I always do), I could get something even cheaper at nearby Grand Avenue.   I've talked to several Thais who buy condos as investments and they have all declined to buy at The Edge.  I expect the sales will mostly be to Chinese buyers, which will make the project even less desirable for some buyers of other nationalities.  

Please explain to me exactly how a profit is made off a condo investment, example. thanks

[moonseeker]

180'000 / sqm????   Seems a bit exaggerated....Now, their website is very promising.....Would probably be the # 1 Central Pattaya address, if it turns out the way it is presented. Anybody can confirm that price??  Just curious....MS>

[altcar bob]

3 hours ago, dragonaus said:

Well if the foreign ownership can sell out during the first weekend at prices from 170,000 -  215,000 bht per Sqm.

 

I would say the future is very good  for this condo block

Must be on a par with Pattaya Posh,now these were not cheap either and reputedly 80% owned by Chinese, The developers knowing the Chinese, asked for 18 months maintenance costs up front,as Chinese do not bother paying maintenance,here or in China

[Pattaya46]

4 hours ago, The manic said:

Dozens of new developments around Pratumnak but dozens of halted projects and many condo, ostensibly uninhabited.  When the taxes/bills build up too much in empty condos they are auctioned off via the land office....

No idea what you are talking about .

Taxes/bills/fees of unsold units are paid by the promotor until sold, so this has no impact on the condo accounts.

[Pattaya46]

4 hours ago, dragonaus said:

Well if the foreign ownership can sell out during the first weekend at prices from 170,000 -  215,000 bht per Sqm. I would say the future is very good  for this condo block

There are not "sold", just "reserved" by resellers who will try to make a profit on them in the coming months or years, but they will not keep their reservation when the time will come to really pay for them.

[The manic]

Just now, Pattaya46 said:

No idea what you are talking about .

Taxes/bills/fees of unsold units are paid by the promotor until sold, so this has no impact on the condo accounts.

In MY condo 4 units are being auctioned off due to absent owners defaulting on condo bills and debts. Indeed you do not know what I'm talking about, fortunately I do know.  The condos will be auctioned,  the proceeds used to pay any outstanding bills and any left over money returned to owner. That is how to get a good deal.

[The manic]

Just now, Pattaya46 said:

There are not "sold", just "reserved" by resellers who will try to make a profit on them in the coming months or years, but they will not keep their reservation when the time will come to really pay for them.

But wont they lose their deposit? When I reserved  an off plan place in the UK i had to pay 5 k sterling deposit.  If  I had  reneged on the deal I would have lost the deposit 

[newnative]

3 hours ago, JAZZDOG said:

Please explain to me exactly how a profit is made off a condo investment, example. thanks

     Here are two examples.  Buy off-plan 1 bedroom at The Base for 3MB all in and sell a year later for 4.2MB net.  1.2 MB profit.  Buy off-plan 2 bedroom at Centric Sea for 7.7MB all in and sell a year and a half later for 9.5MB net. 1.8MB profit.   If you bought off-plan at The Base or Centric Sea it would be next to impossible not to have made money.

    

[Pattaya46]

17 minutes ago, The manic said:

In MY condo 4 units are being auctioned off due to absent owners defaulting on condo bills and debts. Indeed you do not know what I'm talking about, fortunately I do know.  

Sorry but yes I do, too 

Your "dozens of halted projects and many condo, ostensibly uninhabited" made me think you were talking about unsold units, but you now clarified with "absent owners defaulting on condo bills"

[newnative]

4 hours ago, dragonaus said:

Well if the foreign ownership can sell out during the first weekend at prices from 170,000 -  215,000 bht per Sqm.

 

I would say the future is very good  for this condo block

      The Edge is not 'sold out'. A project is only sold out when 100% of the condos have been actually bought and the condo sales registered at the Land Office.  It might be 100% 'booked', which is not the same thing at all.  The Base was supposedly 'sold out' a week after sales were opened.  When the condo was finally built and the buyers had to actually buy their booked condos, something like 300 condos were turned back in to the sales office by buyers who had booked them but could not complete the sale.  

[newnative]

1 hour ago, moonseeker said:

180'000 / sqm????   Seems a bit exaggerated....Now, their website is very promising.....Would probably be the # 1 Central Pattaya address, if it turns out the way it is presented. Anybody can confirm that price??  Just curious....MS>

   The condos being almost all small studios with no balconies rules The Edge out as  being #1 for me.  That title is still held by Northshore in my book.  (No, I don't own at Northshore.)

[moonseeker]

7 minutes ago, newnative said:

   The condos being almost all small studios with no balconies rules The Edge out as  being #1 for me.  That title is still held by Northshore in my book.  (No, I don't own at Northshore.)

Great point... Who would wanna spend his retirement in a shoe box. I just looked at the beautiful 3D pictures... My wrong. Good night. MS>

[newnative]

6 hours ago, The manic said:

Dozens of new developments around Pratumnak but dozens of halted projects and many condo, ostensibly uninhabited.  When the taxes/bills build up too much in empty condos they are auctioned off via the land office....

Can you give us a list of the "dozens of halted projects"?  Thanks.

[AlexCanada]

I'm assuming The Edge is also Sansiri.  I made the mistake of renting 6 months at The Base when it was first built.  I couldn't wait until my lease was over.  What a horrible place to live.  One of my friends came over and he said the hallways made it feel like he was walking through a prison.  I've already seen some people reselling The Edge before it's even built at stupid prices.  

[champers]

2 hours ago, moonseeker said:

Great point... Who would wanna spend his retirement in a shoe box. I just looked at the beautiful 3D pictures... My wrong. Good night. MS>

More to the point would be someone (probably Chinese) spending just a few days there.

[InMyShadow]

Nobody knows how many empty condos are in Pattaya or anywhere else. There is no official manner in which to quantify it. 

 

But there are several highly esteemed members who drive around all day logging the number of balconies with no washing hung out 

 

????????

[digbeth]

To the Thais still queue like crazy to put a deposit down to buy off-plan sight unseen in Bangkok? Even the deposit for a rights to buy at off-plan price can be flipped for profit.

 

The Bangkok developers might not have the best location like local Pattaya developers that had snapped up all the good spots years ago, but they can put lipstick on a pig and sell them to Bangkok Thais.

[newnative]

13 minutes ago, InMyShadow said:

Nobody knows how many empty condos are in Pattaya or anywhere else. There is no official manner in which to quantify it. 

 

But there are several highly esteemed members who drive around all day logging the number of balconies with no washing hung out 

 

????????

Some of us have clothes dryers.

[newnative]

1 hour ago, champers said:

More to the point would be someone (probably Chinese) spending just a few days there.

The studios look like a small hotel room.

[SheungWan]

4 hours ago, Pattaya46 said:

There are not "sold", just "reserved" by resellers who will try to make a profit on them in the coming months or years, but they will not keep their reservation when the time will come to really pay for them.

Careful. My understanding is that reservations do not qualify as deposits and the price can go up in the interim.

[InMyShadow]

7 minutes ago, newnative said:

Some of us have clothes dryers.

Well that proves my point! 

[newnative]

12 minutes ago, InMyShadow said:

Well that proves my point! 

Yes, it throws them off.  But, there's always the tried and true 'lights on at night' and 'curtains on the windows'.