How much discount from Developer - beach condo?

[RoadWarrior371]

Looking at purchasing a beach condo in Pratumnak - the Sands.  Does anyone have any experience or feedback on how much of a discount is possible from listed price when buying from developer?  This is not a reseller sale.  Thanks for any info, this is a great forum!

[CH1961]

No discount from developer at all. If you looking for a bargain try to get a Condo from someone need to leave LOS ?

[NCC1701A]

4 hours ago, RoadWarrior371 said:

how much of a discount is possible from listed price when buying from developer?

the price of a new condo from a developer only goes up as you go though the various stages.

 

[murraynz]

i doubt that you will get a discount off a developer....it is VERY  risky buying before completion..

a good way to loose money.

wait until completion....then, there are always re-sales from buyers who need to cash-out..

just look at southpoint-was due for completion june 2017. very little work has been done there for over a year..

i live close by-its interesting watching the stop-starts on these buildings....

if you wait until completion-- you can ACTUALLY see what you are buying, not what the developer proposes ????

its also important to buy into a condo with sound management...

[CH1961]

7 minutes ago, murraynz said:

it is VERY  risky buying before completion

Yesssss, I guess everybody remember the Waterfront ?

https://www.thailand-property.com/condo/3240/waterfront-suites-residences

[catman20]

plenty of bargain price condos about i would think just look around theirs 1000s of them

[Stevemercer]

Good advice here. A developer (or there agents) are not going to discount. If they do, any savings will be illusory. As others have suggested, you would do better looking at recently completed projects and owners who need to sell-out).

[RoadWarrior371]

3 hours ago, CH1961 said:

No discount from developer at all. If you looking for a bargain try to get a Condo from someone need to leave LOS ?

 

3 hours ago, NCC1701A said:

the price of a new condo from a developer only goes up as you go though the various stages.

 

Thanks for the feedback, I did not get the feeling they were going to give up much.

 

 

 

2 hours ago, murraynz said:

i doubt that you will get a discount off a developer....it is VERY  risky buying before completion..

a good way to loose money.

if you wait until completion-- you can ACTUALLY see what you are buying, not what the developer proposes ????

its also important to buy into a condo with sound management...

Good feedback.  This particular building is the Sands, which seems to have kept the schedule pretty well.  Currently 60% of the rooms are complete and occupied, and the remaining are very close to complete.

 

I think the Sands development team is NEW to Pattaya.  Does anyone have insight on their track record?  I can fly back to LOS, but still not sure how I would evaluate sound management at this stage....

 

http://www.sandspratumnak.com/

 

 

2 hours ago, CH1961 said:

Yesssss, I guess everybody remember the Waterfront ?

https://www.thailand-property.com/condo/3240/waterfront-suites-residences

 

1 hour ago, catman20 said:

plenty of bargain price condos about i would think just look around theirs 1000s of them

Yes, lots of Condos, but many are inland and very boxy.  I think there will be a reckoning coming, just not sure how widespread.  Thanks

 

 

 

 

[newnative]

     I would go without a realtor, so the developer doesn't need to pay a realtor commission.  Without a realtor in tow, you can try to negotiate at least a 5% discount.  Developers will vary, some will negotiate more than others, but definitely you should  bargain.  

[newnative]

3 hours ago, murraynz said:

i doubt that you will get a discount off a developer....it is VERY  risky buying before completion..

a good way to loose money.

wait until completion....then, there are always re-sales from buyers who need to cash-out..

just look at southpoint-was due for completion june 2017. very little work has been done there for over a year..

i live close by-its interesting watching the stop-starts on these buildings....

if you wait until completion-- you can ACTUALLY see what you are buying, not what the developer proposes ????

its also important to buy into a condo with sound management...

He's interested in the Sands, which I think is about done.

[RoadWarrior371]

8 minutes ago, newnative said:

     I would go without a realtor, so the developer doesn't need to pay a realtor commission.  Without a realtor in tow, you can try to negotiate at least a 5% discount.  Developers will vary, some will negotiate more than others, but definitely you should  bargain.  

 

Thanks for this.

[ThaiBob]

View Talay offers 10% on selected units. 

[KittenKong]

4 hours ago, newnative said:

 I would go without a realtor, so the developer doesn't need to pay a realtor commission.  Without a realtor in tow, you can try to negotiate at least a 5% discount. 

I think that agent's commission is often around 8% on new builds. I would expect to get a discount on the list price in addition.

[tryasimight]

8 hours ago, catman20 said:

plenty of bargain price condos about i would think just look around theirs 1000s of them

Where? Most seem to be overpriced by farang owners trying to claw their money back from currency crashes due to the strong baht.

I've been offered one for 3 million baht that cost 1million baht ten years ago. Real estate can appreciate but not at three hundred percent over that time frame and certainly not a condo. 

[bobbin]

7 hours ago, tryasimight said:

Where? Most seem to be overpriced by farang owners trying to claw their money back from currency crashes due to the strong baht.

I've been offered one for 3 million baht that cost 1million baht ten years ago. Real estate can appreciate but not at three hundred percent over that time frame and certainly not a condo. 

Not that often you get to see a post that is so completely wrong... 555

 

Those foreign currency "crashes" mean the owners would actually make a profit when figured in their own currencies, which they were required to bring into Thailand to purchase the condo.

 

And real estate can not appreciate 300% in ten years? You haven't been paying attention have you?

[newnative]

11 hours ago, ThaiBob said:

View Talay offers 10% on selected units. 

     Should be at least 20% or more.  Old product, most of the projects are at least 8 years old; many of the high-floor choice units have already been sold; dated design; most with no or very limited garage parking and few amenities; and the buyer has to finish the shell unit as it does not even come with a floor.  And, is the 10% off the original or current pricing?  Even though sales at VT have been slow, some years they still raised the prices.   (Umm, few are buying your condos at XXX.  Why would you raise the price to YYY?)

[ThaiBob]

36 minutes ago, newnative said:

     Should be at least 20% or more.  Old product, most of the projects are at least 8 years old; many of the high-floor choice units have already been sold; dated design; most with no or very limited garage parking and few amenities; and the buyer has to finish the shell unit as it does not even come with a floor.  And, is the 10% off the original or current pricing?  Even though sales at VT have been slow, some years they still raised the prices.   (Umm, few are buying your condos at XXX.  Why would you raise the price to YYY?)

No argument here, the 10% discount is on the current pricing. When the new condos have price increases based on sqm you can count VT to raise their prices accordingly. They are definitely old school; no advertising, no website, no showroom, no commission sharing, etc., all this to the chagrin of co-owners who want units sold because it helps our sinking fund. Personally I liked designing my own shell and if I bought one of these cheap shoeboxes the first thing I would do is gut the interior and start over. 

[newnative]

30 minutes ago, ThaiBob said:

No argument here, the 10% discount is on the current pricing. When the new condos have price increases based on sqm you can count VT to raise their prices accordingly. They are definitely old school; no advertising, no website, no showroom, no commission sharing, etc., all this to the chagrin of co-owners who want units sold because it helps our sinking fund. Personally I liked designing my own shell and if I bought one of these cheap shoeboxes the first thing I would do is gut the interior and start over. 

     Yes, definitely old (and possibly clueless) school.  I'm with you--rather do my own design as the developer's is usually poor.  My partner and I bought 7 condos from the VT developer, at VT3, 5C, 5D, and 7, and enjoyed renovating the shells--but perhaps not something most buyers would want to take on.  I still vividly remember the very first time we opened a VT door and saw the empty shell with the unfinished floor--the floor was so dirty that at first I thought it was dirt!   A challenge and mostly fun while it lasted.

    With the 7th condo, the wood front door was in very bad shape and you could actually see into the condo, the cracks in the molding were so wide.  (VT7 finally upgraded the doors.)  We asked the boss lady if she could change the door (hundreds and hundreds of unsold units with the same door, such an easy fix).  Did buying 7 condos count for anything with her?  Big no.  We finally got the door changed but it was like pulling teeth and after that we decided we had had enough of VT.

[CH1961]

1 hour ago, newnative said:

My partner and I bought 7 condos from the VT developer, at VT3, 5C, 5D, and 7, and enjoyed renovating the shells

Serious, you must be really bored ... and have a workpermit ? 

[newnative]

3 minutes ago, CH1961 said:

Serious, you must be really bored ... and have a workpermit ? 

      One person's boredom can be another person's fun.  As far as I know, you don't need a work permit to buy a condo, fix it up using Thai workers, and then sell it at some point.  

[CH1961]

4 minutes ago, newnative said:

fix it up using Thai workers

Initially you wrote nothing about Thai workers but the joy you had with renovating ?

[newnative]

2 minutes ago, CH1961 said:

Initially you wrote nothing about Thai workers but the joy you had with renovating ?

     I didn't mention the Thai workers because I figured readers would assume I didn't actually do the work of installing the tile floors, kitchen, A/C, lighting, etc.  The fun part was (and is) dreaming up a beautiful and functional design, with all that entails, often in a small, challenging space.  The fun comes from all the design choices to be made from what is available or can be custom built and seeing the finished result.   In other words, the fun part for me is selecting the wallpaper, not hanging it.    

[CH1961]

4 hours ago, newnative said:

the fun part for me is selecting the wallpaper,

Wallpaper in Thailand ? You are british, aren't you ?

[JAZZDOG]

Please tell me exactly why one would even think about buying a condo in a totally saturated market with many thousands on the market going on years. Thousands of others for rent yielding very little return on investment after costs, actually a loss when you figure in opportunity costs, time spent as a landlord and inflation. On top of that taking a huge risk saving a few hundred grand buying off-plan. Do yourself a huge favor and take advantage of one of the best rental markets on the planet. Doing otherwise is just plain foolish.

[CH1961]

1 hour ago, JAZZDOG said:

Doing otherwise is just plain foolish.

It is, at least, foolish to call others foolish because they do not share your opinion.

 

1 hour ago, JAZZDOG said:

Please tell me exactly why one would even think about buying a condo

Because I can afford it ?

[newnative]

2 hours ago, CH1961 said:

Wallpaper in Thailand ? You are british, aren't you ?

USA.  Forget your gran's cabbage roses on the walls; a well-selected, neutral wallpaper with a subtle pattern can step things up from ordinary paint, add texture, hide some wall imperfections, and provide a nice background for your art.

[dddave]

Another risk of buying in advance of completion is that once all the units are sold, there is no incentive to fulfill all the promises made.  This often shows in the quality of interior finishing materials and fixtures such as cabinets, sinks, doors, moldings, built in lighting and especially tile and electrical work.

 

As soon as developers have all the cash inflow they're going to get, they throttle all the outflow they possibly can.

[newnative]

2 hours ago, JAZZDOG said:

Please tell me exactly why one would even think about buying a condo in a totally saturated market with many thousands on the market going on years. Thousands of others for rent yielding very little return on investment after costs, actually a loss when you figure in opportunity costs, time spent as a landlord and inflation. On top of that taking a huge risk saving a few hundred grand buying off-plan. Do yourself a huge favor and take advantage of one of the best rental markets on the planet. Doing otherwise is just plain foolish.

    Except...some people have a rental mentality and some people have an owner mentality.  Nothing wrong with either.   Me, I'm miserable as a renter.  Short-term here, maybe better to rent.  Long-term and you enjoy having your own space, your own things, not paying rent, and being able to make changes, etc., you should do ok owning.  

      Just as an aside, there are not 'thousands' of high-quality, seaview condos in excellent locations on the market.   There may be thousands of not good condos in not good locations with not good views.  Give those a pass.  Buying off-plan has little risk if you select a large, well-known builder with an excellent track record.  We are buying off-plan a Bangkok getaway condo from just such a builder.  Not only will it be completed, we have just found out that it will be done several months early.  

    

[RoadWarrior371]

Developer agreed to provide half of the agent commission as a discount against a new unit (finished, not built to plan), and throw in free furnishings\TV, if I decide to purchase.   Likely because I am a Hansum man. 

 

Thanks for all the feedback.

[JAZZDOG]

19 hours ago, CH1961 said:

It is, at least, foolish to call others foolish because they do not share your opinion.

 

Because I can afford it ?

Many expats can afford a relatively cheap 8M condo. Since you did not dispute that buying a condo here is a bad investment I can only assume you mean you can afford a bad investment. Others claiming to wanting a place of their own must realize that for the same outlay of cash they could live in a condo at least twice as desirable as the one they bought and parked cash that is producing little or no income. Many offshore investments would yield upwards of 70K / month if left in place. I live in a new 39th floor absolute direct ocean front 68m/2 condo listed for 7.3M. I pay 25K/month rent which equates to the current yield on 3M invested. I would imagine 70K/month would allow me the finest in most buildings.