Buying A Condo.

[adaedone]

Regarding the Hamptons Condo.... It does not say what floor it is on.... most of these developers are charging about 1000 $B sq /m per floor. When I went to Pantip Plaza a few months ago, I stopped at this location and you are right it is quite far from the BTS. As far as I can tell if you are in a complex close to the BTS it is better. Personally, I would like to be near the US Embassy but I could not find a small unit at the time and I looked on Sukhumvit but and I like City Walk but at the time they wanted about 95,000 $B per sq/m and there were actuaaly no units available at the time. I found that the place I chose was pretty darn good. I considered Sathorn and Silom but for a single guy, I thought my location was nice. I also looked at the Plus properties way down Sukhumvit, I did not like the location or the building, they looked cheap to me. So, it is all about what you like and where you want to be. Disclosure: I paid less than 68K sq/m for my property on the 23rd floor.

[bingobongo]

Monday March 12, 2007

REAL ESTATE MARKET OUTLOOK AND NEW DEVELOPMENTS

Supply glut starting to put pressure on prices

NINA SUEBSUKCHAROEN

The central Bangkok property market is facing difficult times as supply outstrips demand that, making people think more carefully before deciding on purchases, says Ian Soo, the managing director of Hamptons property.

While the political situation continues to cast a cloud over the landscape, Mr Soo does not see this to be a huge factor, saying simple market forces are the key issue.

''There is a huge amount of stock on the market at the moment, both in the sale and rental markets, so buyers or tenants do have more choice and ultimately whatever they take, it's going to come down to value for money and pricing,'' he said.

''There are still good deals to be had, make no mistake, but you just have to be more careful where you look for them.''

Hamptons has sold a few good units so far this year but at least half have been sold at below cost, even in good projects.

''I think this is an indication that people who are speculating without any intention to take ownership, and they can't sell at profit, they are basically having to sell at cost or maybe below cost to be able to get out of the transaction.''

Mr Soo said the market had to accept the fact that supply has been increasing, with thousands of new units completed or going to be completed in a year or two.

Developers and buyers, he said, took a different view two years ago when many of the projects now nearing completion were first announced. Pent-up demand at the time seemed strong. ''Now all this stuff is actually coming on the market in one go, and then you suddenly need thousands more tenants, thousands more buyers to take up this demand.''

For this reason, he is convinced that the market direction is either flat or down. ''I don't believe anyone can say it's still going up. If they do, ask them how they justify that comment.''

Obviously prices will come under pressure. An example he cites is a two-bedroom unit at the upscale condo The Lakes, with around 100 to 110 square metres. A year ago the firm could have rented it out for 70,000 baht a month but today the owner can get only 60,000 to 65,000 baht.

In a buyer's market, landlords cannot set rental rates based on what they got last year or the year before but must accept what the market rate really is.

''And it's the same for sales,'' says Mr Soo. ''They can't bear to think they'll get less than before. It's the same with stocks: if you buy a stock for 100 baht, it goes down to 80 and it might fall further. You can't hold on but you want to sell it at over a hundred. So if it goes down to 50, what do you do? People have to be realistic about pricing, basically, if you're a seller or a landlord.''

On the positive side, the current conditions are good for those who have not yet bought a unit to live in. ''There are still some really good deals to be had and some of the units that we have been asked to sell we have sold within a few days _ it never reached the market.''

Mr Soo urges the authorities to consider reintroducing the tax breaks that ended in 2002 to spur the market. The revival of the property transfer fee cut to 0.01% would be a start. ''That's the most obvious way to help things move along better.''

While there are worrying signals that the US housing market is slowing, Mr Soo does not buy into notions of a global real estate slowdown, given the wide variations from country to country and region to region. He notes that a lot of buyers dealing with his company are from England and the UK market is still very strong.

On the other hand, the property market is linked to any market from which people derive income, so the health of stock markets, retailing and consumer confidence and spending all bear watching.

Mr Soo advises those shopping around for a good condominium unit that it's not necessary to wait until the year-end or for interest rates to fall further to get a good deal, because it's not a question of time but more about what is available.

''At the moment I have five to six properties that we are expecting to sell quickly and if those properties match your requirements you shouldn't wait, otherwise you might wait six months and the property might not be on the market.

''It's about what is a good deal at the moment. If there are good deals to be had, then fine. If not, then you can wait longer but don't wait if there's something good on the market.''

On the other hand, sellers should not be swayed by prices advertised in newspapers because often these are not what the advertised properties are sold at.

Mr Soo has noted that a tendency among his clients to seek newer buildings if they are well maintained and have good facilities. However, older buyers who are coming to Thailand to retire do not mind older buildings because they sometimes offer more privacy, being located farther into sois. and units generally are bigger.

http://www.bangkokpost.com/Yourmoney/12Mar2007_money47.php

[ya5702]

there is a 58sq meter 1 bedroom unit at the Manhattan Chidlom on sale for less than 80,000 baht per square meter.....see hamptons.co.th... (baht 4.6 M unit)

the Manhattan is really on Petburi Road not Chidlom Road and a bit far from the Chidlom skytrain station .....

A friend just sold his on the 11th floor (1 bedroom 58 sq m) for Baht 4.0 million!

[manhattanchidlom]

there is a 58sq meter 1 bedroom unit at the Manhattan Chidlom on sale for less than 80,000 baht per square meter.....see hamptons.co.th... (baht 4.6 M unit)

the Manhattan is really on Petburi Road not Chidlom Road and a bit far from the Chidlom skytrain station .....

Imo, Manhattan Chidlom is a glorious development by a renowned developer. The condominium is still within the childlom area as it is next to soi childom. Besides, the pratunam district ends at one soi before the condo's location. The pricing of the condominium is also cheaper as compared to some nearby condominums - such as address chidlom and the upcoming sansiri chidlom.

[trajan]

there is a 58sq meter 1 bedroom unit at the Manhattan Chidlom on sale for less than 80,000 baht per square meter.....see hamptons.co.th... (baht 4.6 M unit)

the Manhattan is really on Petburi Road not Chidlom Road and a bit far from the Chidlom skytrain station .....

Imo, Manhattan Chidlom is a glorious development by a renowned developer. The condominium is still within the childlom area as it is next to soi childom. Besides, the pratunam district ends at one soi before the condo's location. The pricing of the condominium is also cheaper as compared to some nearby condominums - such as address chidlom and the upcoming sansiri chidlom.

I just noticed that the 58 sq meter condo at Manhattan Childom was just reduced overnight from 4.6M Baht to 4.39M Baht (about 75K per sq meter)..... see hamptons.co.th....

[Casanundra]

there is a 58sq meter 1 bedroom unit at the Manhattan Chidlom on sale for less than 80,000 baht per square meter.....see hamptons.co.th... (baht 4.6 M unit)

the Manhattan is really on Petburi Road not Chidlom Road and a bit far from the Chidlom skytrain station .....

Imo, Manhattan Chidlom is a glorious development by a renowned developer. The condominium is still within the childlom area as it is next to soi childom. Besides, the pratunam district ends at one soi before the condo's location. The pricing of the condominium is also cheaper as compared to some nearby condominums - such as address chidlom and the upcoming sansiri chidlom.

I just noticed that the 58 sq meter condo at Manhattan Childom was just reduced overnight from 4.6M Baht to 4.39M Baht (about 75K per sq meter)..... see hamptons.co.th....

That May be the one on floor 9 which they have been trying to sell for some time. Still 4.39 versus 5.3 on floor 23 is saying something but 1 million baht is still 1 million baht and will buy you a lot of time in LOS to enjoy that Condo.

[think_too_mut]

Well my unit is facing the skytrain but it is near the back of the building so when you look straight down you would see Coco Walk, so unless they are going to get rid of CoCo walk there should be no building blocking my unit and if it does that might be okay because some of those buildings below are in pretty bad shape.. That project on the other side is another AP Thai project and they offered me pre-marketing pricing because I am a customer now. which I could not afford. That building is more money than what I paid and they are asking a pretty sum for the higher floors and they are getting it, as a matter of fact all the smaller units are sold out. The CEO to the AP Thai company was educated in Detroit, Michigan.... where i live. And the main foreman for my project also did City Walk on Sukhumvit which is high quality. Eventually that whole area square from Childom BTS to Siam BTS to Rachatewi BTS and then down Petchburi back towards Pratunum will all be built up with new buildings. The only thing that will separate them will be the canal that supports water taxi's which is a selling factor because the residents of my building can visit Pratunum or BoBe Market and other sites easier than taking the BTS, less walking and less expensive. Thanks for your imput.

Other than the dump you just described, how do you go with the people who make decisions, carry guns and have never been elected?

[merlion]

there is a 58sq meter 1 bedroom unit at the Manhattan Chidlom on sale for less than 80,000 baht per square meter.....see hamptons.co.th... (baht 4.6 M unit)

the Manhattan is really on Petburi Road not Chidlom Road and a bit far from the Chidlom skytrain station .....

Imo, Manhattan Chidlom is a glorious development by a renowned developer. The condominium is still within the childlom area as it is next to soi childom. Besides, the pratunam district ends at one soi before the condo's location. The pricing of the condominium is also cheaper as compared to some nearby condominums - such as address chidlom and the upcoming sansiri chidlom.

Good and affordable grade A condominium. Not bad.

[essdee]

Talking about a 9th floor condo for sale at Manhattan Chidlom - I have a 8 sq m unit available for 4.39MB. (75,689/sq m).

Full details can be see here:www.eManagers.co.uk

Price is slightly negotiable for interested buyers who are able to move fast. Note: This project is on schedule to complete in July.

email me here

Edited March 22, 2007 by essdee

[crocodile]

I see that re-sale asking prices at Manhattan Chidlom are down to 4million for the 1-bedroom; I guess that means 6 million for the 2-bedroom apartment? But are there any buyers at these figures? Are the speculators about to be burnt? If the Developers' Sales Agent girls are saying there are 10 apartments still not sold, you can bet your bottom dollar there are much more. I wonder how many 'flippers' can't find a buyer to flip to?

Edited August 10, 2007 by crocodile

[ya5702]

I see that re-sale asking prices at Manhattan Chidlom are down to 4million for the 1-bedroom; I guess that means 6 million for the 2-bedroom apartment? But are there any buyers at these figures? Are the speculators about to be burnt? If the Developers' Sales Agent girls are saying there are 10 apartments still not sold, you can bet your bottom dollar there are much more. I wonder how many 'flippers' can't find a buyer to flip to?

Local friends who are real estate agents said that some units are changing hands at Baht 60,000 per square metre. Sounds like fire sales. Final payment to the developer is very soon.

[crocodile]

I see that re-sale asking prices at Manhattan Chidlom are down to 4million for the 1-bedroom; I guess that means 6 million for the 2-bedroom apartment? But are there any buyers at these figures? Are the speculators about to be burnt? If the Developers' Sales Agent girls are saying there are 10 apartments still not sold, you can bet your bottom dollar there are much more. I wonder how many 'flippers' can't find a buyer to flip to?

Local friends who are real estate agents said that some units are changing hands at Baht 60,000 per square metre. Sounds like fire sales. Final payment to the developer is very soon.

At that price I am in the market to buy. Anyone with a 1 or 2 bed for sale at 60,000sq m please send me details.

I hear actual transfer date, when the balance of deposits have to be found, is either September or maybe October. If you want out without losing your shirt, send me details.