Will Edge condos sell?

[scubascuba3]

The speculators have bought ready to flip when the time comes, you just don't want to be the mugs who they sell to

[balo]

So they are sold out ? How many of the foreign buyers are Chinese? 90% ?  

[InMyShadow]

4 hours ago, newnative said:

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

I turns the lights out when I go out at night to dine. Everybody I know TURNS THE LIGHTS OFF. 

[JAZZDOG]

9 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>

Just look at it like getting acclimated to a casket.

[newnative]

3 hours ago, InMyShadow said:

I turns the lights out when I go out at night to dine. Everybody I know TURNS THE LIGHTS OFF. 

Yes.  None of these is an accurate way to determine how many condos have been sold, how many are occupied, etc.

[NanLaew]

15 hours ago, newnative said:

      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.  

They never claimed it was sold out. They said the foreign-owned subscription is sold out. From that we can only assume that it's less than half 'sold out'.

[bkk6060]

I wrote about this in another thread.

As of 3 weeks ago, it was over 50% sold out with full cash paid up front.

A Hong Kong company bought the top 2 floors with the most expensive unit almost 20 millon b.

It is going to be the highest end property Sansiri has in Pattaya.  "Luxury" is how it was described to me much better then Baan Plai Haad which is pretty nice.

Think what you want.  The Base is average and this place much higher end. Doing a sq mtr comparison is very stupid. Sorry.

I think it is a fantastic investment.  

 

 

[newnative]

8 hours ago, NanLaew said:

They never claimed it was sold out. They said the foreign-owned subscription is sold out. From that we can only assume that it's less than half 'sold out'.

Foreign subscription is booked.

[newnative]

7 hours ago, bkk6060 said:

I wrote about this in another thread.

As of 3 weeks ago, it was over 50% sold out with full cash paid up front.

A Hong Kong company bought the top 2 floors with the most expensive unit almost 20 millon b.

It is going to be the highest end property Sansiri has in Pattaya.  "Luxury" is how it was described to me much better then Baan Plai Haad which is pretty nice.

Think what you want.  The Base is average and this place much higher end. Doing a sq mtr comparison is very stupid. Sorry.

I think it is a fantastic investment.  

 

 

       I can't get the numbers to work to see it as a "fantastic investment."   When my partner and I bought off-plan at The Base, we paid 3MB all in for a 35sqm 1 bedroom unit.  That comes to about 86,000 Baht a sqm.  We sold around a year after the project was done for about 126,000 Baht a sqm.  A run-up of 86,000 to 126, 000 Baht.

       We bought a 2 bedroom 68sqm Centric Sea condo off-plan for 7.7MB all in after a ton of improvements, around 113,000 Baht a sqm.  We sold it for 10.5MB, or around 154,000 Baht a sqm.  A run-up of 113,000 to 154,000 Baht.

      The Base condo was top floor, Centric Sea was floor 33, both seaview, both very nicely upgraded and furnished, especially the 2 br.  At floor 33, the Centric condo was higher than anything that will be available at The Edge, at a condo with likely  just as good amenities, in maybe an even better location, being closer to Terminal 21 yet still also not far from Central Festival and the beach.  

      Maybe you can see where I am going with this.  Our two very nice, high floor, seaview finished condos did not come close to the off-plan price per sqm of The Edge.  If we are buying off-plan at a sky high 180,000 Baht a sqm, where is our run-up room to make a profit?   Is it really likely The Edge will appreciate much beyond the 180,000 Baht a sqm?  For mostly no-balcony 26sqm studios?  

    

[bkk6060]

10 hours ago, newnative said:

       I can't get the numbers to work to see it as a "fantastic investment."   When my partner and I bought off-plan at The Base, we paid 3MB all in for a 35sqm 1 bedroom unit.  That comes to about 86,000 Baht a sqm.  We sold around a year after the project was done for about 126,000 Baht a sqm.  A run-up of 86,000 to 126, 000 Baht.

       We bought a 2 bedroom 68sqm Centric Sea condo off-plan for 7.7MB all in after a ton of improvements, around 113,000 Baht a sqm.  We sold it for 10.5MB, or around 154,000 Baht a sqm.  A run-up of 113,000 to 154,000 Baht.

      The Base condo was top floor, Centric Sea was floor 33, both seaview, both very nicely upgraded and furnished, especially the 2 br.  At floor 33, the Centric condo was higher than anything that will be available at The Edge, at a condo with likely  just as good amenities, in maybe an even better location, being closer to Terminal 21 yet still also not far from Central Festival and the beach.  

      Maybe you can see where I am going with this.  Our two very nice, high floor, seaview finished condos did not come close to the off-plan price per sqm of The Edge.  If we are buying off-plan at a sky high 180,000 Baht a sqm, where is our run-up room to make a profit?   Is it really likely The Edge will appreciate much beyond the 180,000 Baht a sqm?  For mostly no-balcony 26sqm studios?  

    

Think what you want.:)

Several of the mid level floors have already sold way way beyond your price per sq. mtr. 7 to 8 million per unit cash up front.

There is nothing in central that is a "luxury" property.  Like I said using sq. mtr. for this property is an inaccurate way to judge the price.

Hey, I am not buying anything but I have a very good Sansiri connection and have solid info. what is going on at The Edge.

But, lets come back in a year of less after some of the sales are more public information and go over the numbers and see.

 

PS:  On all this if you are an investor or property owner you should be rooting for this place to do well.  Because, all it will do is help the value of your properties in the long run.

 

 

[newnative]

2 hours ago, bkk6060 said:

Think what you want.:)

Several of the mid level floors have already sold way way beyond your price per sq. mtr. 7 to 8 million per unit cash up front.

There is nothing in central that is a "luxury" property.  Like I said using sq. mtr. for this property is an inaccurate way to judge the price.

Hey, I am not buying anything but I have a very good Sansiri connection and have solid info. what is going on at The Edge.

But, lets come back in a year of less after some of the sales are more public information and go over the numbers and see.

 

PS:  On all this if you are an investor or property owner you should be rooting for this place to do well.  Because, all it will do is help the value of your properties in the long run.

 

 

     Yes, of course, I hope it does very well.  I was simply pointing out that, as a flipper, I can't make the numbers work.  Flipping has a pretty simple formula:  buy low and, hopefully, sell high.  With The Edge, the formula would be:  buy very high and, hopefully, sell even higher.  That formula is too risky for me with limited funds.       Perhaps the numbers work if you want to own a hotel  in Pattaya without actually building one yourself; hence, the buyers you mentioned buying multiple floors.  If you buy several floors you have about the same number of rooms as a small boutique hotel.  Maybe 180,000 Baht a sqm is ok compared to constructing the hotel yourself.  For me, I'm not interested in owning a hotel or a hotel room.

    

[bkk6060]

11 minutes ago, newnative said:

     Yes, of course, I hope it does very well.  I was simply pointing out that, as a flipper, I can't make the numbers work.  Flipping has a pretty simple formula:  buy low and, hopefully, sell high.  With The Edge, the formula would be:  buy very high and, hopefully, sell even higher.  That formula is too risky for me with limited funds.       Perhaps the numbers work if you want to own a hotel  in Pattaya without actually building one yourself; hence, the buyers you mentioned buying multiple floors.  If you buy several floors you have about the same number of rooms as a small boutique hotel.  Maybe 180,000 Baht a sqm is ok compared to constructing the hotel yourself.  For me, I'm not interested in owning a hotel or a hotel room.

    

OK, no problem I understand your situation.

I flipped about half a dozen properties several years ago in Southern California.  Talk about making quick money. ?

But, not the same appreciation numbers here I know.

[AlexCanada]

What justifies The Edge to be almost twice as expensive as The Base?  The location is more or less the same so it must be more 'luxurious' in some regard to justify the cost.  I assume it will be nicer furniture than the 2000 baht bed or 2000 baht sofa you get at The Base?  Maybe the hallways can be soundproofed in some way so you don't hear every single voice from one end of the long corridor to the other?  I can't see how The Edge can improve on the amenities like the infinity pool or the lobby at The Base.  I'm just trying to figure out why The Edge is so much more, not that I think The Base is worth it by any means.

[Dick Crank]

If you want to buy or invest in property do it in your home country

 

i can count one one hand long term success stories of expats buying in foreign countries, that goes for any country where your not a citizen

[JAZZDOG]

14 minutes ago, newnative said:

     Yes, of course, I hope it does very well.  I was simply pointing out that, as a flipper, I can't make the numbers work.  Flipping has a pretty simple formula:  buy low and, hopefully, sell high.  With The Edge, the formula would be:  buy very high and, hopefully, sell even higher.  That formula is too risky for me with limited funds.       Perhaps the numbers work if you want to own a hotel  in Pattaya without actually building one yourself; hence, the buyers you mentioned buying multiple floors.  If you buy several floors you have about the same number of rooms as a small boutique hotel.  Maybe 180,000 Baht a sqm is ok compared to constructing the hotel yourself.  For me, I'm not interested in owning a hotel or a hotel room.

    

I am interested to know at what point in construction have you invested fully your funds, all in. And how long until you closed on the resale in the two deals you sited. I take it you never lived in the units. Thanks

[JAZZDOG]

4 minutes ago, Dick Crank said:

If you want to buy or invest in property do it in your home country

 

i can count one one hand long term success stories of expats buying in foreign countries, that goes for any country where your not a citizen

Nonsense, I have successfully invested on three continents and retired at 48 and I'm just an average guy. It also depends where your home country is of course.

[newnative]

10 minutes ago, JAZZDOG said:

I am interested to know at what point in construction have you invested fully your funds, all in. And how long until you closed on the resale in the two deals you sited. I take it you never lived in the units. Thanks

      We were actually not the first buyers for either condo.  We bought the booking contracts from the first buyers about a year before both condos were finished--The Base contract was a bargain at just 40,000 Baht, the sellers needed money fast.  We did not live at The Base; we rented the condo for 11 months before we sold it.  We did live at Centric Sea, after making extensive changes, including an entirely new, custom kitchen. 

      Neither condo started out as a true flip.  We were going to have The Base condo as a rental but we got a good offer so we sold it.  The Centric condo was originally for us to live in but we decided we wanted a larger balcony so we sold after about a year and a half.  

[JAZZDOG]

3 minutes ago, newnative said:

      We were actually not the first buyers for either condo.  We bought the booking contracts from the first buyers about a year before both condos were finished--The Base contract was a bargain at just 40,000 Baht, the sellers needed money fast.  We did not live at The Base; we rented the condo for 11 months before we sold it.  We did live at Centric Sea, after making extensive changes, including an entirely new, custom kitchen. 

      Neither condo started out as a true flip.  We were going to have The Base condo as a rental but we got a good offer so we sold it.  The Centric condo was originally for us to live in but we decided we wanted a larger balcony so we sold after about a year and a half.  

Bare with me because this off-plan deal is new to me. How long were you out of pocket to realize the gain at each? The risk of the builder augering in, no great concern? Thanks again. Just like to know how it works,

[newnative]

10 minutes ago, JAZZDOG said:

Bare with me because this off-plan deal is new to me. How long were you out of pocket to realize the gain at each? The risk of the builder augering in, no great concern? Thanks again. Just like to know how it works,

      About 2 years for The Base and 2.5 years for Centric Sea.  We only buy off-plan from big builders with good track records--Sansiri, Lumpini, SC Asset, etc.   We are currently buying a small studio condo being built in Bangkok as a getaway place.  Good location near a popular subway stop.  We are the first buyers for this condo, reputable builder,  and we booked it when the sales opened about a year and a half ago.  Paid 100,000 Baht a sqm and the price is now around 125,000 Baht a sqm.  Condo project should be done early next year and, hopefully, will have gone up a little more in price by then, although we don't plan to sell as we intend to use it for ourselves.  

[Dick Crank]

14 hours ago, JAZZDOG said:

Nonsense, I have successfully invested on three continents and retired at 48 and I'm just an average guy. It also depends where your home country is of course.

Is your money successfully out, or tied up in the properties. If so I suggest you remove it while u have a chance if u can.

[JAZZDOG]

53 minutes ago, Dick Crank said:

Is your money successfully out, or tied up in the properties. If so I suggest you remove it while u have a chance if u can.

For sure, no funds in LOS, USA/ 65%REO/25%CDB/10%CASH

[digbeth]

Heard of a new practice of Chinese/Malaysian companies buying up multiple floors/block, and then selling it on to Thai individual investors, who then get a mortgage from Thai banks, when the bank paid the company in cash, they then invest it overseas for higher interest rate.

 

Not sure how the company would profit? they'd need to have large capital to initially buy the rooms to sell to Thai investors? maybe they then go on to manage rentals? Why do they even need to have Thai investors and Thai bank in the loop? the 51% Thai foreign quota rule? but it does explain how there's talk of many projects in Bangkok got snapped up in blocks quickly. 

 

If these foreign company can't hold the rooms due to foreign quota, they must have 'arrangements' with the developers to 'book' these room to appear as 'sold out' and get huge discounts from developers even.