650,000 b for a condo but???

[bkk6060]

So, I have been doing some searching for a buddy who came here last year and wants to buy a place.

I told him to rent but he has the must buy mentality.

I found a place online in a newer building that claims to be mostly sold out the list price online was amazing 650,000 b.

When I made contact with a "representative" of the property I was told that the 650,000 b price is to buy the reservation.  The actual price of the property is over 2 million b.  I guess this is legal?  The building is almost complete with a just a few move ins on the lower floors. 

Maybe I misunderstood this?  So, they can sell the reservation only?  I would have thought they have paid more then that into it by now but maybe the builder is involved?

Never heard of this just want to know what the deal is.

 

 

Edited October 3, 2018 by bkk6060

[talahtnut]

Sounds like an old uk joke, 'Yeah I'll sell my Rolls fo £200', punter gets excited,

'Then we can discuss the price'.

Seriously, I hope he meant deposit.. speak to the move ins

Edited October 3, 2018 by talahtnut
addtion

[newnative]

     Your friend would be purchasing the right to buy a certain condo that someone else has already contracted to buy.  Perhaps they stood in line on Day 1 and they contracted for one of the best units on the top floor with one of the best views.  Now, the project is done and the owner of the contract wants to sell the contract--and make a profit.  When your friend buys the contract, the developer will change the sales contract to his name.

     Owners of contracts can ask whatever the market will bear--but you can certainly negotiate.  We bought a contract very cheaply for one of the best 1 bedrooms at The Base--the contract owner needed cash fast.  We had to pay more for the contract for a Centric Sea condo.  In both cases we made nice profits when we sold because the units were very desirable ones in the building.

     If he goes this route your friend needs to make sure he knows exactly what he is buying--what he is paying for the contract, what he will still owe the developer, including closing costs, first year's condo fee, and sinking fund, and whether the contract is in foreign or company name.  If he really wants to be in a certain building, or wants a certain unit, buying a contract can be one option.  If not, he might want to just look for resales or condos he can buy directly from the developer.

[lapd]

Yea yea sure.  Everyone makes money buying and selling condos.  Just sign on the dotted line and worry about the details later.  Fools and their money.  

 

What the market will bear?  More like musical chairs and make sure to sell before the music stops.  Take the base for example.  Bet a lot of those people who bought sea views weren't expecting another building to go up between them and their sea view.  At least it's off to the side so a lot of condos probably won't be affect too much.  Unlike other horror stories like that big stink that happened in Jomtien a few years ago.  As I recall a building went up right in front of the other building ruining everyone's sea view, even though there was supposedly some guarantee that no high rise would ever go up in front of the other one.  But TiT so nothing is guaranteed.

Edited October 3, 2018 by lapd

[blackhorse]

Yea yea sure.  Everyone makes money buying and selling condos.  Just sign on the dotted line and worry about the details later.  Fools and their money.  
 
What the market will bear?  More like musical chairs and make sure to sell before the music stops.  Take the base for example.  Bet a lot of those people who bought sea views weren't expecting another building to go up between them and their sea view.  At least it's off to the side so a lot of condos probably won't be affect too much.  Unlike other horror stories like that big stink that happened in Jomtien a few years ago.  As I recall a building went up right in front of the other building ruining everyone's sea view, even though there was supposedly some guarantee that no high rise would ever go up in front of the other one.  But TiT so nothing is guaranteed.

You give 2 examples and apply a broad brush against the whole condo market

Snap out of it! But the more renters out there convincing more to rent is working for the landlord wealth creation

I'm tempted to give your post a thumbs up [emoji23][emoji23][emoji23][emoji23]

[lapd]

10 minutes ago, blackhorse said:

You give 2 examples and apply a broad brush against the whole condo market

Snap out of it! But the more renters out there convincing more to rent is working for the landlord wealth creation

I'm tempted to give your post a thumbs up

 

 

Please do.  Renters are so stupid for renting after all.  They should be buying from you instead...amirite?  Clearly your opinion is without bias.  You only posted 4 of these stupid things ???? after all.  Not a sign of any over reaction and emotional bias there, nope

Edited October 3, 2018 by lapd

[Henryford]

Sounds like the deposit on a condo which is quite normal. But your friend should NEVER buy a condo off plan. If he wants anything half way decent he will have to pay 2 million +. 650k only gets you a slum in Pattaya.

[johng]

I think there are still some condo units  in "Theprasit Keha" 

"Flybird" ,"9 Karat condo" and  "Nirun Grand Ville" (Nirun Condo) 

for around 650,000 baht maybe even cheaper ?

[newnative]

2 hours ago, Henryford said:

Sounds like the deposit on a condo which is quite normal. But your friend should NEVER buy a condo off plan. If he wants anything half way decent he will have to pay 2 million +. 650k only gets you a slum in Pattaya.

You can buy off plan--but pick a large, well-financed builder with a good track record.  Builders like Lumpini, Sansiri, Supalai, SC Asset, Trust, Raimon Land, etc.  We are buying an off plan condo in BKK and not only will it be finished, it's going to be done the end of this month rather than the first of 2019, as was first thought.  

[lapd]

5 hours ago, johng said:

I think there are still some condo units  in "Theprasit Keha" 

"Flybird" ,"9 Karat condo" and  "Nirun Grand Ville" (Nirun Condo) 

for around 650,000 baht maybe even cheaper ?

Nirun is kind of a dump.  Would be like living in a ghetto.  Only thing good about it is the price.  I know some people who don't seem to mind it but I could never see myself living there.

Edited October 4, 2018 by lapd

[Just Weird]

19 hours ago, hyku1147 said:

Con job.

Maybe you need to read the ad before making accusations?

[blackhorse]

 
Please do.  Renters are so stupid for renting after all.  They should be buying from you instead...amirite?  Clearly your opinion is without bias.  You only posted 4 of these stupid things [emoji23] after all.  Not a sign of any over reaction and emotional bias there, nope

[emoji106] Thumbs up PLEASE keeps renting
I'm with you brother. I'm in Your side... Trust me

[johng]

20 minutes ago, lapd said:

Nirun is kind of a dump.  Would be like living in a ghetto.

I went there once to see a man about a bike (Yamaha TZR) and came out totally unscathed !!!..some have said the condo has a quite good "neighbourhood" feel about it with all amenities close at hand.

[blackhorse]

Nirun is kind of a dump.  Would be like living in a ghetto.  Only thing good about it is the price.  I know some people who don't seem to mind it but I could never see myself living there.

When you read hundreds of posts saying don't buy because rent is so cheap here. There actually talking about places like that dump!

What a way to live out your golden years [emoji24]

[lapd]

19 hours ago, johng said:

I went there once to see a man about a bike (Yamaha TZR) and came out totally unscathed !!!..some have said the condo has a quite good "neighbourhood" feel about it with all amenities close at hand.

If your idea of neighborhood are farangs/thai's with their doors open wearing wife beaters and boxer shorts underwear.  Dirty hallways that don't look like they are ever cleaned. Florescent lights hanging down, held by chicken wire, that don't work and are rarely replaced creating half lit dark hallways.  A pool area that looks like a scene from caddyshack.  I guess you would call that the "homey lived in look".  I call it ghetto.

Edited October 5, 2018 by lapd

[black fox]

i would sell my very good condo for 1000000 others asking 1400000

[Basil B]

Buying "Off Plan", can be a good deal, developers will need deposits to keep investors and banks on side.

 

Presume there would be an initial deposit, then payments at completion of stages. so if the final payment has not been made the purchaser will have to make this.

 

Also if the development goes pear shaped and the banks pull the plug, those buying off plan are likely to lose all.

 

Also being able to buy in foreign name? guaranteed??? have heard that on compilation some buyers not being able to by in their name even though they were assured when they signed the purchase agreement. 

[Henryford]

18 hours ago, Basil B said:

Buying "Off Plan", can be a good deal, developers will need deposits to keep investors and banks on side.

 

Presume there would be an initial deposit, then payments at completion of stages. so if the final payment has not been made the purchaser will have to make this.

 

Also if the development goes pear shaped and the banks pull the plug, those buying off plan are likely to lose all.

 

Also being able to buy in foreign name? guaranteed??? have heard that on compilation some buyers not being able to by in their name even though they were assured when they signed the purchase agreement. 

That last part is a massive con. I would be furious if i had bought a foreign quota condo then was told it was thai.

[Basil B]

1 minute ago, Henryford said:

That last part is a massive con. I would be furious if i had bought a foreign quota condo then was told it was thai.

It has happened...

 

Fact is there is no way round it (legally) if the developer sells more than 49%.

 

Of course their maybe the "brown envelope" option that:

• Is used to persuade the Land Registry to overlook the 49%
• persuades the developer to "bump" someone else
• is just a con by the developer or agents to screw you 

 

the other options (not recommended):

• Put in Thai Wife, Husband, Partners, Girlfriends or Boyfriends name.
• Buy in company name, for this you will need Thai co-directors who on paper own 51% or more of the company. for that you will need to submit annual accounts, pay the director a retainer fee.

either way they could just walk away with your investment.