Condo Glut

[bkk6060]

3 hours ago, myshem said:

so where are the good deals ? I have few millions to buy few condos, where would you buy ?

Well, that is the million baht question. Right?

But hey, just go check the multiple listing service or record of sales and purchases.

Wait for it..wait for it...

Gee, these are not truly accessable nor in some cases even exist here.

Imagine buying stock in a company with no public financials or prospectus..

That is what you are doing when buying property here.  There is no real estate transparency.

[Cricky]

2 hours ago, bkk6060 said:

8 hours ago, dotpoom said:

Some people actually like to own their own home ..rather than live in a rented one. If one can't understand why....then there's not much point in trying explain it?

 

Sure they can do what they want. Some people have to be married also gives them some sort of feeling of security.

But your options overall are much less flexible when buying.  Many more complaints over the years from buyers.

Noise

Upkeep

Fees

Neighbors

Traffic.

Etc.

Buyers are stuck in frustrated purgatory...

 

And if one calls Pattaya real estate "an investment" then they It is mostly in Pattaya dead money. But of course, if you try to discuss a financial portfolio with many of them they do not get it and are absolutely lost.

Some of us choose to keep our money working for us.  But, it takes education and knowledge which many here have no clue.

2

its clear from your statement that you are not a property owner.

 

I am, as I prefer to have the freedom to do what I want and not be bound by the landlord.

 

the buyers and renters have always ways been segregated, I assume you have never owned property. I couldn't live in Thailand (or anywhere else) if I did not own my house.

I bought my first house from my mother when I was 22yo. in Sydney. I have owned many properties since.

 

2 hours ago, bkk6060 said:

if one calls Pattaya real estate "an investment" then they are a foolish

I have made a substantial amount on property here in Thailand.

I do not know if you understand the word "investment" but I have done well.

It seems you may be misinformed/lacking knowledge, this may be due to the fact you have never owned property anywhere.

 

society needs renters, they keep the landlords wealthy, thanks for your efforts.

 

 

 

 

[eng911]

11 hours ago, wgdanson said:

1.7M - 150k = 1.55M / 9k+2k = 141 months = 11.5 years. But that's without deducting any maintenance etc charges.

Didn’t you forget interest charges? If you buy a condo how is it even possible you don’t know the details of the mortgage? How many years was the amortization and what was the interest rate on the loan? 

[madmen]

I own my condo on lower Sukhumvit Asoke for 13 years off the plan 78sqm sub 5 million baht. Best buy of my life as condos popping up near me are multiples. European furniture, lazy boys, and great art on the walls

I have friends that rent in Pattaya. rabbit holes with cardboard furniture, a TV from the 80's and concrete block mattress.

How do you people live like that? Your in your golden years in a 3rd world country and surviving like a peasant. I would kill myself!

[newnative]

 

1 hour ago, bkk6060 said:

Sure they can do what they want. Some people have to be married also gives them some sort of feeling of security.

But your options overall are much less flexible when buying.  Many more complaints over the years from buyers.

Noise

Upkeep

Fees

Neighbors

Traffic.

Etc.

Buyers are stuck in frustrated purgatory...

 

And if one calls Pattaya real estate "an investment" then they are a foolish. It is mostly in Pattaya dead money. But of course, if you try to discuss a financial portfolio with many of them they do not get it and are absolutely lost.

Some of us choose to keep our money working for us.  But, it takes education and knowledge which many here have no clue.

 

       I think it's whatever floats your boat.  My Dad was good at the stock market and quite enjoyed working his portfolio, especially after he retired.  When he died in 2009 the portfolio was worth about $600,000, pretty good for someone who had supported 6 kids through college on a government salary.  We haven't sold any of the stocks and the dividends from some of the stocks, plus his survivor's spouse pension, support my Mom in a fairly pricey nursing home.  The portfolio is now worth about $1,300,000 at last check.  I'm sure it would be higher if my Dad was still alive and working it but still, not bad, considering nothing is being bought or sold.

       For me, the stock market isn't my thing.  I've enjoyed buying a condo, fixing it up while I lived in it, selling it at a profit, and then moving on to the next one.  Did about a dozen of them in the US and 18 at last count here.  With flipping or buying stocks, if you don't know what you are doing you can lose money.  And, with both, even if you think you do know what you are doing you can still have a loser. 

     So far, I've made money on every condo I've sold but I'll readily admit that some of the profits were small after all the closing costs and agents were paid.  With several in the US, I think the agent made more than I did.  But, luckily, some of the profits have been larger.  I still remember years ago my first big (at least for me) condo profit--$70,000.  Likely will seem very small to many but at the time my yearly salary was only about $30,000 and I was pretty much living paycheck to paycheck with little in the way of savings.  Suddenly I could relax and not worry about a costly car repair or some other large, unexpected bill sinking me financially.  Nice feeling I've never forgotten.

     I may have had some success with flipping because I always buy what I would enjoy living in myself--and most of the time I was doing just that.  If I didn't like the condo, how would I get someone else to buy it--and at a higher price?   Whether I was flipping or not, I would always own, not rent, because that is just who I am, an owner.  I would own even if I thought I might lose some money on the deal, as long as I liked the place and wanted to live there.  I'm at the age where the saying 'Life is Short' is gaining resonance.  

      But, nothing wrong with renting--especially in Thailand--and using your money in a different fashion.   Whatever floats your boat.

 

[GWS]

Yes there is an oversupply. The market is full of overpriced 35-50sqm dog box condo's with little view and alot are badly designed. These are the cheapest to buy but the hardest to offload. If you are planning to  live in Thailand long term then renting is wasted money.

A good location, larger livable size and well designed condo with a decent views purchased at a reasonable cost per metre are still sort after.

I havent paid rent in 5 years and i still wouldnt lose money if i decided to sell it

 

 

 

 

[Lacessit]

On 2/2/2019 at 9:10 AM, bkk6060 said:

Of course.

What else is there!

Golf

[Lacessit]

47 minutes ago, madmen said:

I own my condo on lower Sukhumvit Asoke for 13 years off the plan 78sqm sub 5 million baht. Best buy of my life as condos popping up near me are multiples. European furniture, lazy boys, and great art on the walls

I have friends that rent in Pattaya. rabbit holes with cardboard furniture, a TV from the 80's and concrete block mattress.

How do you people live like that? Your in your golden years in a 3rd world country and surviving like a peasant. I would kill myself!

Don't worry, the smog in Bangkok is doing that for you.

[Airalee]

12 hours ago, wgdanson said:

1.7M - 150k = 1.55M / 9k+2k = 141 months = 11.5 years. But that's without deducting any maintenance etc charges.

Ummm...no.  You have to look at a mortgage amortization table.  Use a calculator that allows for the extra ฿2000 per month.  Assume 6% interest at a minimum.  It actually comes to just about 19 years.

 

You can run the numbers here...

 

http://mortgage-x.com/calculators/extra_payments.asp

 

And , above and beyond the monthly fees, that doesn’t include special assessments, replacement of furniture, appliances, repairs, AC cleaning etc etc etc (don’t forget...he’s renting it out), Then there are the vacancies after a tenant moves out.  Renters don’t stay forever.  

 

If he’s banking on assumed appreciation, that is not investing, that is speculating.

 

IMHO, not a good investment.

[madmen]

Don't worry, the smog in Bangkok is doing that for you.

At least I will die in comfort reclined in my lazy boy chair and sleeping on a soft high end mattress

Dying on a vinyl lounge would be a bitch [emoji16]

[Polaky]

19 hours ago, luckyluke said:

I am here ( 17500 ThB + utilities ) till end of month ( visa extension ) :

 

http://www.maxxcity.com/en/index.php

 

and no " water view ".

 

Wonder where those " nice newer places with a water view in the 10,000 b or even less"

are.

 

Of course " new " & " nice " are relative.

 

Could be Lumpini Seaview Jomtien, from 7k per month, shoe box size,

nothing in central at that price though.

[Lacessit]

4 hours ago, madmen said:

At least I will die in comfort reclined in my lazy boy chair and sleeping on a soft high end mattress

Dying on a vinyl lounge would be a bitch

At that stage of your life or mine, permit me to doubt the furniture decor is going to be a material consideration.

You need to expand your horizons. Dying in the embrace of a nubile woman is my preferred option.

[Nyezhov]

1 hour ago, Lacessit said:

At that stage of your life or mine, permit me to doubt the furniture decor is going to be a material consideration.

Its stuff dude. 

 

We are all gonna die but the stuff will be left behind. You spend your whole life aquiring stuff, taking care of stuff, thinking about stuff, worrying about stuff and then *poof*, the black curtain of Hades covers your head and you cant carry your stuff into the eternal pit of doom that ye shall be cast into because of your sins.

 

So what happens to your stuff then?

[Henryford]

15 hours ago, Caine said:

12 years about ready to fall apart then, 

I'll bet it's in better condition to some of the cheap ass shoe boxes they build now. The key is having a good management Committee.

[Lacessit]

2 hours ago, Nyezhov said:

Its stuff dude. 

 

We are all gonna die but the stuff will be left behind. You spend your whole life aquiring stuff, taking care of stuff, thinking about stuff, worrying about stuff and then *poof*, the black curtain of Hades covers your head and you cant carry your stuff into the eternal pit of doom that ye shall be cast into because of your sins.

 

So what happens to your stuff then?

Have you read Bertrand Russell? His celestial teapot covers my head quite nicely.

My GF and son will be recipients of my stuff.

I discarded truckloads of stuff when I sold my house in Oz. I was amazed how much completely superfluous shit I had accumulated. I've converted to minimalism, except with women.

[bkk6060]

15 hours ago, VYCM said:

 

 

I am, as I prefer to have the freedom to do what I want and not be bound by the landlord.

 

What freedom you want?  Put pictures of your cat on the walls?

I do anything I want I have not spoken to my landlord from the day I moved in.

And, renting gives 100%

freedom I can move and do as I please at any time while you are stuck trying to sell now or someday with 12,000 other condos. Good luck with that...

[Nyezhov]

2 hours ago, Lacessit said:

Have you read Bertrand Russell? His celestial teapot covers my head quite nicely.

My GF and son will be recipients of my stuff.

I discarded truckloads of stuff when I sold my house in Oz. I was amazed how much completely superfluous shit I had accumulated. I've converted to minimalism, except with women.

Everything I own (in terms of personal property) fits into a large backpack. Its wonderful.

[Airalee]

11 hours ago, madmen said:

At least I will die in comfort reclined in my lazy boy chair and sleeping on a soft high end mattress

Dying on a vinyl lounge would be a bitch

A lazy boy?

 

Thats like a guy in a double wide bragging to the guy in a single wide.

[bkk6060]

21 minutes ago, Nyezhov said:

Everything I own (in terms of personal property) fits into a large backpack. Its wonderful.

Ha.

Yes me too. Maybe a suitcase.

I had my houses, boats and nice cars in another life.

As I am older I purposely own less.

I own a motorbike here and that is it.  The condo I rent came completely furnish.

So much freedom and a lot less headache nice having a free life.

 

[Airalee]

29 minutes ago, Nyezhov said:

Everything I own (in terms of personal property) fits into a large backpack. Its wonderful.

Anything I care about will fit in my backpack.  I consider the furniture that I bought for my rental here as a sunk cost and will gladly leave it all with the homedebtor who is subsidizing my living costs here.

 

I’m reminded of the quote in the movie Fight Club.

 

     “The things you own end up owning you”

[madmen]

A lazy boy?
 
Thats like a guy in a double wide bragging to the guy in a single wide.

2 + a 3 seater but can't sit in all of them! , love the smell of leather. Worst part of spending 2 months a year by the sea every year is leaving my chair behind!

[Airalee]

4 minutes ago, madmen said:

51 minutes ago, Airalee said:

A lazy boy?
 
Thats like a guy in a double wide bragging to the guy in a single wide.

2 + a 3 seater but can't sit in all of them! , love the smell of leather. Worst part of spending 2 months a year by the sea every year is leaving my chair behind!

I can understand love for chairs.  When I’m back in Los Angeles taking care of my elderly father (who also rents), I love reclining in my Cassina LC4.  But what would I know...I’m just a filthy renter.

[madmen]

I can understand love for chairs.  When I’m back in Los Angeles taking care of my elderly father (who also rents), I love reclining in my Cassina LC4.  But what would I know...I’m just a filthy renter.

Your being to hard on yourself. Renting in Thailand simply means you will never experience that luxury again in your lifetime.
That's the price you pay for your "freedom"

I know quite a few guys that have a empty big suitcase by the door ready to go bolt at a moments notice. Strangely enough they still here after 10 years

[Airalee]

1 minute ago, madmen said:

Your being to hard on yourself. Renting in Thailand simply means you will never experience that luxury again in your lifetime.
That's the price you pay for your "freedom"

I know quite a few guys that have a empty big suitcase by the door ready to go bolt at a moments notice. Strangely enough they still here after 10 years

Experience what luxury?  If I buy a condo will it come with a DWR furniture set? 

[Pilotman]

most of the new condos seem to be between 25 and 35 sq m.  My bathroom is bigger than that.  Like living in a rabbit hutch. I would be suicidal in a month if I had to live in such a small area.  

[madmen]

Experience what luxury?  If I buy a condo will it come with a DWR furniture set? 

I have no idea what your on about. You said you were a renter. My reply was to that post

[Cricky]

2 hours ago, bkk6060 said:

17 hours ago, VYCM said:

 

 

I am, as I prefer to have the freedom to do what I want and not be bound by the landlord.

 

What freedom you want?  Put pictures of your cat on the walls?

I do anything I want I have not spoken to my landlord from the day I moved in.

And, renting gives 100%

freedom I can move and do as I please at any time while you are stuck trying to sell now or someday with 12,000 other condos. Good luck with that...

2

The freedom of

1.       Painting my property, also the colour I want

2.       Renovating

3.       Improvements

4.       Extensions,

5.       The possibility that the landlord does not renew the lease (this in itself would make me unsettled)

 

The list goes on…………….

 

2 hours ago, bkk6060 said:

freedom I can move and do as I please at any time while you are stuck trying to sell now or someday with 12,000 other condos. Good luck with that...

if you buy in the right location as I have done, selling the property will not be a problem.

 

2 hours ago, bkk6060 said:

freedom I can move and do as I please at any time

more to the point, the landlord has the upper hand here with freedom, you're controlled by his decisions, at any time he can evict you - YES, you're out on the street.

 

Good luck with that...

 

[Date Masamune]

2 hours ago, bkk6060 said:

What freedom you want?  Put pictures of your cat on the walls?

I do anything I want I have not spoken to my landlord from the day I moved in.

And, renting gives 100%

freedom I can move and do as I please at any time while you are stuck trying to sell now or someday with 12,000 other condos. Good luck with that...

Many older condos end up abandoned not worth renting and impossible to sell. The Chinese want new units. They keep building but  this is unsustainable. 

[tlandtday]

8 minutes ago, Date Masamune said:

Many older condos end up abandoned not worth renting and impossible to sell. The Chinese want new units. They keep building but  this is unsustainable. 

Yes they want new and many many more want FINANCING and the bs rental guarantees from the builders.  Good luck selling any unites not falling into this category.

[Rimmer]

A flame has been removed