Condo town Jomtien 2nd road

[tomas557]

I noticed that near Lumpini Beach they are building a complete small town, with all buildings in a special style and fancy colors.

 

Looks like it's almost finished, but I didn't see any name or sales office signs.

 

Anyone has some more info regarding this project?

[newnative]

    Probably what you saw was a new project called 'Espana', meant to look like Spain.  Just one more of what I call 'theme park' condo projects.   Usually built in not great locations, they often feature some sort of theme and have a big interior pool.  Espana joins Venetian (Venice theme, just down the road), Atlantis, Maldives, Seven Seas, and several others.  

[tomas557]

16 minutes ago, newnative said:

    Probably what you saw was a new project called 'Espana', meant to look like Spain.  Just one more of what I call 'theme park' condo projects.   Usually built in not great locations, they often feature some sort of theme and have a big interior pool.  Espana joins Venetian (Venice theme, just down the road), Atlantis, Maldives, Seven Seas, and several others.  

Yes possible, as it looked like Spain.

 

Any idea about prices and if this could be considered as a reasonable investment for the rental market?

 

Point is that I have a considerable amount of cash sitting in the bank that earns Nada.

[KhunBENQ]

29 minutes ago, newnative said:

a new project called 'Espana'

Far out where 2nd road makes the bend towards Sukhumvit.

Transport needed.

 

8 minutes ago, tomas557 said:

Point is that I have a considerable amount of cash sitting in the bank that earns Nada.

Good precondition. They will help you.

 

And Kev was there just lately (11 July 2018)

 

[tomas557]

I thought it was almost finished, but according to the video it will probably take another 2 years before any earnings can be realised.

 

Some better ideas for current investment?

 

Not looking for Airbnb, more interested in renting to expats, which will create a lower but more steady income.

 

Bank is 1%, so think not to hard to beat that.

[tontraveller]

17 minutes ago, tomas557 said:

Yes possible, as it looked like Spain.

 

Any idea about prices and if this could be considered as a reasonable investment for the rental market?

 

Point is that I have a considerable amount of cash sitting in the bank that earns Nada.

I should be wary about investment for rental returns... Thousands of units are for rent now with Airbnb alone in Pattaya..  

[newnative]

59 minutes ago, tomas557 said:

Yes possible, as it looked like Spain.

 

Any idea about prices and if this could be considered as a reasonable investment for the rental market?

 

Point is that I have a considerable amount of cash sitting in the bank that earns Nada.

         I, myself, would not invest in any of the 'theme park' condo projects, for several reasons.  First, I always, always buy a condo that I could live in myself, if I had to.   If I don't want to live in it, how am I going to convince someone else to rent or buy it?  I don't want to live in a theme park so that rules them out. 

      The second reason is I feel the projects are all too big and the units too look-alikey.  The projects are usually 8 stories and you either have a noisy pool view or a parking lot view.  Usually no seaviews on offer, locations not always the best, and hard to make your unit stand out from the large crowd.  There are some other drawbacks but those are the main ones for me.

         I think some investors are of the impression that they can buy a condo in Pattaya, rent it out daily (illegal, by the way), and pocket a small fortune.  I, and several others on Thai Visa, have run the numbers and, unless you are prepared to do a lot of the yucky and tedious grunt work yourself, you will likely not clear much more than you would renting the same condo long-term. The daily thing may make a nice profit if you own 20 condos and are, essentially, running a small hotel.  But, again, illegal.

       My partner and I have bought and sold around 15 condos in the last 8 years, always at a profit.  We have also rented 4 different condos at various times, all long-term.  People often complain that long-term renters are scarce but we never had a problem finding them--possibly our product was attractive to them.  

     We are taking a breather at the moment but if we were looking for a Pattaya condo to buy as an investment to rent, in the current market, we would be searching for:  a.) seaview  b.) seaview  c.) seaview (we always buy seaview)  d.) on baht bus line or very near to it.  e.) project with good amenities being managed well, in a popular location.  f.)  we try to buy the best unit type in the project, in the best location in the building.  g.) we look for a good floorplan and a balcony at least big enough for a bistro set.  h.) space for clothes washer.  i.) if buying off-plan, only from a large, well-financed developer with an excellent track record of completing projects.  j.) if a new project, 500-600 units or less.

       Final thoughts would be to take your time and do your homework.  Don't be quick to buy--look at a lot of condos and get educated on what's available and at what prices.   In a condo show model, look beyond  the glitzy lighting and mirrors and focus on what's important--the room sizes and layout, balcony size, clothes washer electric and water hookups, storage, quality of materials, etc.  If you have a choice, don't buy the furniture package--it's over-priced, likely not good quality, and you don't want to look like all the other condos.  Don't be rushed into buying by a high-pressure salesman telling you all the units are about to be sold out--they are not.   As an alternative to a condo, you might want to consider a shophouse with a ground floor shop rental and a couple of upstairs rooms to rent.  Good luck.

 

      

[gaff]

3 hours ago, tomas557 said:

Yes possible, as it looked like Spain.

 

Any idea about prices and if this could be considered as a reasonable investment for the rental market?

 

Point is that I have a considerable amount of cash sitting in the bank that earns Nada.

 

Same problem here, what to do with all the cash ?

 

I am even looking for investment abroad or just burn it with a new Porsche ?

 

 

 

 

[HauptmannUK]

I don't think condos like these appeal to long-term expat renters. More likely to appeal to short term holiday renters.  Expats are more likely to value location and convenience e.g. on songtaew route etc..

[Henryford]

It's a shit location. No one would want to live there and AirBnB rentals under 30 days are illegal. It will soon become a slum like the others along 2nd road.

[Jack100]

3 hours ago, Henryford said:

It's a shit location. No one would want to live there and AirBnB rentals under 30 days are illegal. It will soon become a slum like the others along 2nd road.

Sees you don;t like it then Henry ?

[pegman]

10 hours ago, HauptmannUK said:

I don't think condos like these appeal to long-term expat renters. More likely to appeal to short term holiday renters.  Expats are more likely to value location and convenience e.g. on songtaew route etc..

They at least need something bigger than a bar fridge.

[Jack100]

I live in a high floorJomtien  condo and I can see several of these  huge theme park type "condo towns" - frankly the newer  built one's a bit further out look either completely empty and sad - (I wonder what it is like to live there ?)  or they look like they will never be completed .

As for an investment  ?

[johng]

Its all very well having pirate ships and massive swimming pools...but someone has to pay to maintain them...if there are a large portion of unsold/used units it could be costly...not to mention bad management or someone running away with the  funds.

[Jack100]

1. Well  , I would imagine the pirate ships , windmills and wave machines will be the first to go when the condo owners take over and face       " fiscal'  reality .

[Henryford]

19 hours ago, johng said:

Its all very well having pirate ships and massive swimming pools...but someone has to pay to maintain them...if there are a large portion of unsold/used units it could be costly...not to mention bad management or someone running away with the  funds.

"Attractions" like this would totally turn me off a condo. The last thing i want is a load of screaming kids around the pool.