ThomasThBKK Posted October 2, 2019 Share Posted October 2, 2019 7 minutes ago, Lacessit said: I don't know about elsewhere, but monthly rentals in Chiang Mai and Chiang Rai are tanking. Oversupply of condos in both cities. Bangkok too. The only things easy to rent out are higher priced stuff. Special locations, houses with pools, beachfront villas, penthouses, nice townhouses etc. - property people are willing to pay for. If you have one of these chickenboxs that are available in the hundreds per condo - no chance. 1 Link to comment Share on other sites More sharing options...
Popular Post Lacessit Posted October 2, 2019 Popular Post Share Posted October 2, 2019 2 minutes ago, ThomasThBKK said: Bangkok too. The only things easy to rent out are higher priced stuff. Special locations, houses with pools, beachfront villas, penthouses, nice townhouses etc. - property people are willing to pay for. If you have one of these chickenboxs that are available in the hundreds per condo - no chance. Also, as the more impecunious retirees get forced out by the clampdown on financial requirements, the customer base for chickenboxes is shrinking as well. 3 Link to comment Share on other sites More sharing options...
Chazar Posted October 2, 2019 Share Posted October 2, 2019 2 hours ago, ThomasThBKK said: Bangkok too. The only things easy to rent out are higher priced stuff. Special locations, houses with pools, beachfront villas, penthouses, nice townhouses etc. - property people are willing to pay for. If you have one of these chickenboxs that are available in the hundreds per condo - no chance. Funny, Wife rented out a room yesterday for 10k a month she bought it for 1.65million about 7% return, shoeboxes actually doing quite well now, anything over 15k is harder, renter was Chinese who has business here owns a restaurant she brought along her Thai translator who she employs whilst she is in Thailand. Nice looking girl the Chinese one. Shoebox close to the BTS is not too hard to still rent out shoebox =30-40m2 1 Link to comment Share on other sites More sharing options...
gk10002000 Posted October 2, 2019 Share Posted October 2, 2019 5 hours ago, fforest1 said: Well the Russian condo buying ship sailed years ago.... The Thais have been burning the midnight oil thinking up new way to make farangs feel unwelcome for a few years now.... I never heard of the Indians EVER being condo buyers...... The Chinese are now getting bad exchange rates like the rest of us and their appetite for condos in Thailand seems to be drying up..... Which only leaves Thais to support the ENTIRE condo market.... Spot on mate. And add to that the complete mess of Bangkok traffic. The BTS horribly over crowded to the point that they removed seats, standing room only every time I rode on it this last July and August at all times and on each line I was on. It used be an enjoyable way to get around the city, sit down, relax, look out the window. A few times people waiting to get on could not get on. The cars were packed. Next step will be boarding "pushers" like they have in Japan who push people onto the cars. 1 Link to comment Share on other sites More sharing options...
gk10002000 Posted October 2, 2019 Share Posted October 2, 2019 And the glut means less and less money coming into a condo which means maintenance and upkeep is guaranteed to drop off or stop completely. That never helps a building. Oh and what does Bangkok do with all the waste and sewage? I know the situation in Pattaya, but given the orders of magnitude more people in Bangkok, did any of the waste and sewer and water treatment keep pace with the condo development? Methinks not 2 Link to comment Share on other sites More sharing options...
Chazar Posted October 2, 2019 Share Posted October 2, 2019 1 minute ago, gk10002000 said: A few times people waiting to get on could not get on Its more than a few now, I dont live there but recently hopped on ( or not) at Phrakanong at 6 in the evening, had to let about4-5 trains pass as rammed full, disgraceful need 6 cars not 4 you fools 2 Link to comment Share on other sites More sharing options...
Airalee Posted October 2, 2019 Share Posted October 2, 2019 2 hours ago, Lacessit said: I don't know about elsewhere, but monthly rentals in Chiang Mai and Chiang Rai are tanking. Oversupply of condos in both cities. Just looked at my old condo in Chiangmai. I paid more when it was new(ish) in 2012 (after negotiating a discount) than an exact duplicate unit is asking for now. 2 hours ago, ThomasThBKK said: Bangkok too. The only things easy to rent out are higher priced stuff. Special locations, houses with pools, beachfront villas, penthouses, nice townhouses etc. - property people are willing to pay for. If you have one of these chickenboxs that are available in the hundreds per condo - no chance. I just bounced out of a unit here in Bangkok that I was in for 18 months and ended up in a nicer unit in the same building for the same price. Link to comment Share on other sites More sharing options...
fruitman Posted October 2, 2019 Share Posted October 2, 2019 4 hours ago, Fex Bluse said: Who will buy all the grossly overpriced, poorly designed, flip-flop built ugly concrete boxes? I don't know who'll buy them, not me that's for sure. Looking at many highrise condo's in BKK i'm so amazed about the thin legs some of them are standing on...sure it will be something special concrete but hey why so thin? The legs of the skytrain are much much thicker....and that's not 40-50 stories high. 2 Link to comment Share on other sites More sharing options...
Airalee Posted October 2, 2019 Share Posted October 2, 2019 4 minutes ago, fruitman said: I don't know who'll buy them, not me that's for sure. Looking at many highrise condo's in BKK i'm so amazed about the thin legs some of them are standing on...sure it will be something special concrete but hey why so thin? The legs of the skytrain are much much thicker....and that's not 40-50 stories high. I’m amazed at the “thin legs” also. And the minimal amount of rebar used (compared to the highrise condos I watched them build in Seattle when I lived there) also makes me a bit leery. 2 Link to comment Share on other sites More sharing options...
meechai Posted October 2, 2019 Share Posted October 2, 2019 As any condo owner knows the knock on effect of this type of thing is even worse. Without owners these condos quickly fall into disrepair as without owners maintenance fees no maintenance will be done. Developer will not pay this for long 2 Link to comment Share on other sites More sharing options...
wisperone Posted October 2, 2019 Share Posted October 2, 2019 5 hours ago, DrTuner said: Interesting. Maybe I should buy a whole building when it's rock bottom and dig a moat around it. Always wanted a lookout tower. Save your money on the moat...it will eventually all be flooded anyway. 1 Link to comment Share on other sites More sharing options...
wisperone Posted October 2, 2019 Share Posted October 2, 2019 1 hour ago, gk10002000 said: Next step will be boarding "pushers" like they have in Japan who push people onto the cars How much that job pay? Link to comment Share on other sites More sharing options...
gk10002000 Posted October 2, 2019 Share Posted October 2, 2019 5 minutes ago, wisperone said: 1 hour ago, gk10002000 said: Next step will be boarding "pushers" like they have in Japan who push people onto the cars How much that job pay? I think some pervs would volunteer for the job and might not even wear gloves! Looks like it pays in Japan about $11 USD/hour or 330 baht/hour from a few sites I searched on. " The salary is not bad at 1000 yen to 1200 yen per hour with two hour shift every day from 7 am to 9 am ". Link to comment Share on other sites More sharing options...
Soikhaonoiken Posted October 2, 2019 Share Posted October 2, 2019 6 hours ago, olfu said: Still waiting for Pattaya condo prices to crash. If the Baht continues to stay as strong I don't think it will be long before all the property market crashes in Thailand.... 1 Link to comment Share on other sites More sharing options...
tjo o tjim Posted October 2, 2019 Share Posted October 2, 2019 (edited) 3 hours ago, Chazar said: Funny, Wife rented out a room yesterday for 10k a month she bought it for 1.65million about 7% return, shoeboxes actually doing quite well now, anything over 15k is harder, renter was Chinese who has business here owns a restaurant she brought along her Thai translator who she employs whilst she is in Thailand. Nice looking girl the Chinese one. Shoebox close to the BTS is not too hard to still rent out shoebox =30-40m2 ...how long ago did she buy? Tha is in 15k is one break-point where there is a pretty good market below, but the risk will be on the smallest units first as rents drop on the 40-50m2 size range. At some point, many landlords prefer to keep the place vacant rather than adding depreciation. Edited October 2, 2019 by tjo o tjim Link to comment Share on other sites More sharing options...
tingtong Posted October 2, 2019 Share Posted October 2, 2019 sluggish market or not, the government happily uses the higher past prices for quote base for the name change and VAT, even though the real actual buying price is 10-15% lower than the data the land office uses. thanks the the 'creative accounting' the property values are growing, up and up from, if only in the official statistics. my recently bought condo was taxed at 1.45 mil, even though the real price was only 1.27 mil....what a joke. 1 Link to comment Share on other sites More sharing options...
Popular Post Destiny1990 Posted October 2, 2019 Popular Post Share Posted October 2, 2019 Try to Selling condos while make it complicated for foreigners to stay doesn’t seems to be an successful concept. 5 1 Link to comment Share on other sites More sharing options...
quadperfect Posted October 2, 2019 Share Posted October 2, 2019 2 years ago i did a 4 month lease at the base up town while i did a re fit. It was mostly empty. My 5th floor was empty. The worst built building ever. once the unit next to me rented and it was so bad. I could hear this couple every word. Lucky for me it was a 3 night rental and then they moved on, The building is worthless if you are a normal type human. The sound in the halls is a eco chamber all 7 floors are open inside type entry. So you hear floor 1 door close like its youre door I was stuck in the elevator for 20 minutes once. After that i used the stairs. This is a nice looking building from outside. But i would never rent a condo because of this again. Paid 16,000 a month. Way pricey too compared to my 2 bedroom villa i rented for 12,000 a month in a nice guiet erea. Condo is not the way to go. 1 Link to comment Share on other sites More sharing options...
Da Nang Posted October 2, 2019 Share Posted October 2, 2019 Tom Yum Kung -97 come back, please! 1 Link to comment Share on other sites More sharing options...
Popular Post fxe1200 Posted October 3, 2019 Popular Post Share Posted October 3, 2019 Who wants to invest in a stinking sinking city? 3 Link to comment Share on other sites More sharing options...
moto77 Posted October 3, 2019 Share Posted October 3, 2019 What happened? The Chinese quit buying? They certainly are buying up condos like crazy in the rest of SE Asia. Link to comment Share on other sites More sharing options...
Popular Post BobbyL Posted October 3, 2019 Popular Post Share Posted October 3, 2019 The over supply is staggering, yet basic school level economics would show what you should then do. However, if I look from my balcony I can see 2 or 3 new developments being built in a 1km stretch which already has 3 developments. The prices are also far too high for a country with basically no large middle class base and strict rules on the much maligned foreigners. 8M THB for a one bedroom on Sukhumvit Soi 3 was a sign I saw the other week. Over 200,000 GBP for a 1 bedroom condo on arguably the most disgusting street in the city. Shear madness. 3 1 Link to comment Share on other sites More sharing options...
ebean001 Posted October 3, 2019 Share Posted October 3, 2019 I have no idea what is happening because the prices are way too high. I think people who own condos should get 1 year visa and easily renewed. why not change the retirement visa to age 0. what is wrong with that. they report every 90days and renew yearly. hummm. sounds too farang friendly 2 Link to comment Share on other sites More sharing options...
Popular Post bkksteve123 Posted October 3, 2019 Popular Post Share Posted October 3, 2019 Developers kept on building, and the land owners made a killing while land prices kept going up and up, so developers kept bidding higher and higher - launching "luxury" condos to cover the costs of land acquisition - and it's been easy money for developers thanks to a strong appetite from investors (mainly wealthy Thais and Chinese) so they had almost no risk, selling out the project before starting construction - so land owners and greedy developers were making easy money thanks to the (often dirty) money pouring in from all over world. The investors too were happy just to get their money parked somewhere outside (PR China) and not necessarily interested in resale value, rental yields etc. It's like laundering money, forget profits, you'll be willing to pay 10-20% just to get it out and parked somewhere. Same thing happened in HK, Vancouver, and major cities in Australia to name a few. Did anyone stop to consider if people actually want to live in a 25m2 shoebox for 25 000 THB? It appears that they did not. Do the ultra wealthy live in 30m2 one bedroom apartments? I think not. So who is left holding the bag if <deleted> hits the fan? Normal Thai people that took out mortgages, they cannot really afford, to buy a shoebox condo which will be very difficult to resell at a profit or rent out. I hope some developers also get stuck with a bunch of unsold units and go bankrupt. When the baht is strong, and there is uncertainty in the air, some investors may decide to sell and repatriate funds out of Thailand. 3 2 Link to comment Share on other sites More sharing options...
RichardColeman Posted October 3, 2019 Share Posted October 3, 2019 For those that live up in Soi Khao Noi area near the chilled, you will now notice the Chinese are now arriving by the coach load on their 'cheap travel , buy it' sponsored tour to try and be flogged one of the new condos that have just starting being erected. Link to comment Share on other sites More sharing options...
Popular Post Fex Bluse Posted October 3, 2019 Popular Post Share Posted October 3, 2019 2 hours ago, Destiny1990 said: Try to Selling condos while make it complicated for foreigners to stay doesn’t seems to be an successful concept. They were happy to push out westerners to replace us with Chinese who they thought would finally rescue them from us dumb farangs. 4 1 2 Link to comment Share on other sites More sharing options...
Popular Post Bundooman Posted October 3, 2019 Popular Post Share Posted October 3, 2019 12 hours ago, fforest1 said: There is only a limited supply of people who can/will drop 10-15 million baht for a condo Sukhumvit.... Even more so if you are going to lose almost 1m on exchange rates as well! 5 Link to comment Share on other sites More sharing options...
30la Posted October 3, 2019 Share Posted October 3, 2019 You have not yet reached the critical point, continue to build houses, villas and apartments for a clientele that is becoming increasingly critical of a more expensive and dangerous Thailand! If then you see the games that the central bank continues to do, well the bill is easy, the result; absolutely negative. 1 1 Link to comment Share on other sites More sharing options...
newnative Posted October 3, 2019 Share Posted October 3, 2019 13 hours ago, fforest1 said: Well the Russian condo buying ship sailed years ago.... The Thais have been burning the midnight oil thinking up new way to make farangs feel unwelcome for a few years now.... I never heard of the Indians EVER being condo buyers...... The Chinese are now getting bad exchange rates like the rest of us and their appetite for condos in Thailand seems to be drying up..... Which only leaves Thais to support the ENTIRE condo market.... Well, maybe not totally drying up. I sold 2 condos I owned to Chinese buyers this year. 1 Link to comment Share on other sites More sharing options...
teutonian Posted October 3, 2019 Share Posted October 3, 2019 Sansiri has delivered abhorrently bad quality units, especially at Baan Maikhao where MAYBE the buildings will be rectified five years after being transferred to owners. If someone is vocal about it? They will see that customer in criminal court accused of defamation. with customer service like that is there any wonder about their abysmal stock performance? It is all fluff and no substance. Beautiful design and absolute (proven by engineering reports) <deleted> being delivered. that’s my experience. Others might differ. 1 1 Link to comment Share on other sites More sharing options...
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