NanLaew Posted October 3, 2019 Share Posted October 3, 2019 (edited) 14 hours ago, fforest1 said: I never heard of the Indians EVER being condo buyers...... Despite the appearance of most people living in some form of semi-detached bin liner on the sidewalk, some of the most luxurious and expensive condo's I ever stayed in or visited were in Mumbai. Right up there with Dubai's extravagant best. There's a huge amount of money that very, VERY affluent Indians have been struggling to move overseas since the current Indian government put some serious monetary controls in place about a year ago. The Thai condominium industry was predicated on the old 'build it and they will come' mantra. They just need to hold out a bit longer while those very, VERY affluent Indians work out a new way to get their cash of their country. Edited October 3, 2019 by NanLaew 1 Link to comment Share on other sites More sharing options...
RobbyXNorway Posted October 3, 2019 Share Posted October 3, 2019 No surprises here. Check out "The Energy" project up between Hua Hin and Cha Am. Have never seen anyone in rooms or lights on in rooms at night time. Unfinished buildings close to the road. About 6000 units in this project alone. Living in a relatively new project in Hua Hin, about 120-150 units I would think. About 20% occupancy I would estimate. 4-5 people who use the community pool throughout the day so I usualy get the pool to myself when I go for a swim. 2 Link to comment Share on other sites More sharing options...
Darkside Gray Posted October 3, 2019 Share Posted October 3, 2019 The developers have created this vast glut of properties and they are still building, the crash is coming have no doubts on that, and with this inept, corrupt government God help us. Link to comment Share on other sites More sharing options...
Popular Post hotchilli Posted October 3, 2019 Popular Post Share Posted October 3, 2019 15 hours ago, snoop1130 said: To boost sales in the last quarter of this year, Property Perfect will unveil a scheme called “Condo of the Year: Book a condo to win a trip to Japan”. Yeah that's really going to get people interested... I'll buy a condo... maybe win a trip to Japan? 2 1 Link to comment Share on other sites More sharing options...
rossco1 Posted October 3, 2019 Share Posted October 3, 2019 and still more will be sold as people are now realizing that its all about money here Im sure someone could have a Billion bht in the back but still more money is needed the only thing here that anyone appreciates is money not people what's the old saying what goes around comes around so now Thais can buy condos and live in them while whitie moves on 2 Link to comment Share on other sites More sharing options...
rossco1 Posted October 3, 2019 Share Posted October 3, 2019 6 minutes ago, hotchilli said: Yeah that's really going to get people interested... I'll buy a condo... maybe win a trip to Japan? i think the appeal is gone most people are giving it a big miss now other countries are more welcoming and its not all about money money money money money as everything is here Link to comment Share on other sites More sharing options...
LomSak27 Posted October 3, 2019 Share Posted October 3, 2019 Just now, rossco1 said: and still more will be sold as people are now realizing that its all about money here The news article states that they ARE NOT selling. For all the money ... there are not enough buyers. No Surprise there. Hotel market is the same. They built it up over the last 5 years, but they need people to stay in them. Go Figure ???? 1 1 Link to comment Share on other sites More sharing options...
MaxLee Posted October 3, 2019 Share Posted October 3, 2019 With a bad economy and rising cost of living, Thai will be scramming back to their families again in one tiny house,..... Link to comment Share on other sites More sharing options...
Jaxxper Posted October 3, 2019 Share Posted October 3, 2019 I understand that a lot of Russians who bought condos up to mid 2014 are selling for less than they paid in Thb, because the exchange rate drop of the Ruble since that time still gives them a net gain when converting the Thb back into Rubles, assuming it was all legit money it was bought with, and can be repatriated to Russia. 1 Link to comment Share on other sites More sharing options...
Popular Post spidermike007 Posted October 3, 2019 Popular Post Share Posted October 3, 2019 The developers are insatiable, engage in absolutely no market research, and just assume if they build it, the units will sell. Thailand is in for a reckoning. All but the top 2 or 3% cannot afford these units, except for the silly 30 meter units at 2 million baht. Who wants to buy a condo the size of a hotel room? A free trip to Japan? Is that the best they can do? How about a 45% discount on the unit? That might be what it will take to move some of these units already on the market, and the tens of thousands coming onto the market. The market is not unlimited. No market is unlimited. And a lot of investors want a decent return on their money. The rents here are ok, if you can find a tenant. But, will you ever see any appreciation, at these prices? I always say, never buy at the historic peak of the market. Not a smart move. Hopefully, some of these developers will get crushed. Only through pain and sorrow do some people finally learn something. 3 1 Link to comment Share on other sites More sharing options...
mngmn Posted October 3, 2019 Share Posted October 3, 2019 30 minutes ago, hotchilli said: Yeah that's really going to get people interested... I'll buy a condo... maybe win a trip to Japan? Designed to appeal to Thais. Typical Thai goes crazy over the possibility of getting something 'free' and grossly overestimates the chances of winning. 2 Link to comment Share on other sites More sharing options...
YoungBrit Posted October 3, 2019 Share Posted October 3, 2019 10 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 Still fairly common in Chiang Mai too. Link to comment Share on other sites More sharing options...
david555 Posted October 3, 2019 Share Posted October 3, 2019 (edited) 2 hours ago, newnative said: Well, maybe not totally drying up. I sold 2 condos I owned to Chinese buyers this year. Well congratulations …. must be a good feeling to be a "white rhino" ...of course not dried up completely as then it would be the "condo bubble" cracked already... Edited October 3, 2019 by david555 Link to comment Share on other sites More sharing options...
NanLaew Posted October 3, 2019 Share Posted October 3, 2019 1 hour ago, newnative said: Well, maybe not totally drying up. I sold 2 condos I owned to Chinese buyers this year. Did you make like a bank robber on the deal though? Link to comment Share on other sites More sharing options...
Airalee Posted October 3, 2019 Share Posted October 3, 2019 10 minutes ago, YoungBrit said: Still fairly common in Chiang Mai too. Show me a ฿1,650,000 condo renting for 10k in CM. Chiangmaiproperties.co.th Link to comment Share on other sites More sharing options...
Popular Post JonnyF Posted October 3, 2019 Popular Post Share Posted October 3, 2019 It does feel like the perfect storm. Strong Baht Chinese government tightening up on funds leaving the country Thai government making life increasingly difficult for foreigners in the country High domestic debt I have no regrets buying mine, but I bought it for convenience and a sense of stability rather than as an investment. Made 30% on FX and saved 4 years rent so far but the condo value is the same as when I bought it. A very poor investment if you're borrowing money in the hope of renting it out IMO. However, a lot of Thais where I work have done exactly that. 5 Link to comment Share on other sites More sharing options...
blackcab Posted October 3, 2019 Share Posted October 3, 2019 Off topic posts have been removed. Link to comment Share on other sites More sharing options...
UKresonant Posted October 3, 2019 Share Posted October 3, 2019 15 hours ago, fforest1 said: I never heard of the Indians EVER being condo buyers...... Which only leaves Thais to support the ENTIRE condo market.... The Indians must be quite sensible people, or they added the million on to the asking price for the elite visa so they may access it, and thought, ???? nah..I'll not bother. I don't think the Thai's are supporting it either, I may know someone that is considering not taking on a new build at the imminent completion (and not because of mortgage issues) Link to comment Share on other sites More sharing options...
Chazar Posted October 3, 2019 Share Posted October 3, 2019 6 hours ago, tjo o tjim said: ...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. She has 7 units in various BTS locations, most are 1 bed theres one 2 bed and one studio, this unit she bought this very week, put an ad downstairs in the lobby and bingo, rented the next day, deposit paid , tenant in. The only one we have now which has been empty for 1 month is at Le Luk condo 1 bed as its 20k and we will probably moce into this ourslevs to adapt to market conditions and rent out our smaller 1 bed at On Nut bts for 15k. Sge doesnt buy willy nilly, being as shes an agent she knows what they "sell" for not asking price sale price, these ones go for about 1.9-2.0 million , we bought for 1.65 inc all taxes. Link to comment Share on other sites More sharing options...
banagan Posted October 3, 2019 Share Posted October 3, 2019 27 minutes ago, Airalee said: Show me a ฿1,650,000 condo renting for 10k in CM. Chiangmaiproperties.co.th Any one plus in a decent location, example, http://bit.ly/2o3QSR5 http://bit.ly/2n5PI7b Also older condos in very good locations, like Hillside 2, 3 and 4, with some decent furniture, not that creepy old lanna Thai stuff. Still possible to get a decent return if you know where to look, but yes, many way over priced new condos, with awful returns. Not to mention airbnb, very good returns if you're in the right location. 1 1 Link to comment Share on other sites More sharing options...
banagan Posted October 3, 2019 Share Posted October 3, 2019 32 minutes ago, JonnyF said: It does feel like the perfect storm. Strong Baht Chinese government tightening up on funds leaving the country Thai government making life increasingly difficult for foreigners in the country High domestic debt I have no regrets buying mine, but I bought it for convenience and a sense of stability rather than as an investment. Made 30% on FX and saved 4 years rent so far but the condo value is the same as when I bought it. A very poor investment if you're borrowing money in the hope of renting it out IMO. However, a lot of Thais where I work have done exactly that. Same, I bought mine at a bargain price, great location. I'm confident I could get a 7% return, but may end up living there. Lots of condos here in CM I wouldn't touch with a barge pole, way overpriced. Link to comment Share on other sites More sharing options...
tomazbodner Posted October 3, 2019 Share Posted October 3, 2019 3 hours ago, fxe1200 said: Who wants to invest in a stinking sinking city? Well, some people need to live here. Not everyone buys a place for investment... Link to comment Share on other sites More sharing options...
Mac98 Posted October 3, 2019 Share Posted October 3, 2019 Beachfront condo prices won't explode upwards until Bangkok workers consider buying one to live in to be a viable option (high-speed rail), or Thailand runs out of buildible beachfront land (74.5 years from now). Link to comment Share on other sites More sharing options...
newnative Posted October 3, 2019 Share Posted October 3, 2019 51 minutes ago, NanLaew said: Did you make like a bank robber on the deal though? Nope, sure didn't. But, that might be one of the problems if a condo is sitting for a long time unsold--perhaps the seller is wanting to 'make like a bank robber on the deal...' . We netted about 400,000 baht each on the 2 condos after expenses, agent commission, and closing costs. Most of our condo renovations have netted around 500,000 baht on average although we have had a couple that netted more. We normally don't hold our condos long so we don't expect a huge appreciation in a short time period and are happy with our modest profit. 1 Link to comment Share on other sites More sharing options...
ThomasThBKK Posted October 3, 2019 Share Posted October 3, 2019 4 minutes ago, Mac98 said: Beachfront condo prices won't explode upwards until Bangkok workers consider buying one to live in to be a viable option (high-speed rail), or Thailand runs out of buildible beachfront land (74.5 years from now). Prolly faster, erosion is doing its job. That's what you get when you overbuild the beaches and remove all mangrove trees and vegetation. The poor young thai generation will have to deal with this <deleted> when the dinosaurs left the earth... it will be a harsh reality. Not only here tho. Link to comment Share on other sites More sharing options...
newnative Posted October 3, 2019 Share Posted October 3, 2019 57 minutes ago, JonnyF said: It does feel like the perfect storm. Strong Baht Chinese government tightening up on funds leaving the country Thai government making life increasingly difficult for foreigners in the country High domestic debt I have no regrets buying mine, but I bought it for convenience and a sense of stability rather than as an investment. Made 30% on FX and saved 4 years rent so far but the condo value is the same as when I bought it. A very poor investment if you're borrowing money in the hope of renting it out IMO. However, a lot of Thais where I work have done exactly that. I think the Thais buying condos to rent out are doing it because many don't have any retirement pension. In some cases they just get a lump sum payment at retirement. I have two Thai sisters-in-law and both have bought condos to rent out in the hope that they will have some income coming in to help support them after the companies they work at will force them to retire at 60. Link to comment Share on other sites More sharing options...
Peterphuket Posted October 3, 2019 Share Posted October 3, 2019 It is true, I have my own studio for sale for more than 2 years in Hua Hin. Link to comment Share on other sites More sharing options...
Skallywag Posted October 3, 2019 Share Posted October 3, 2019 13 minutes ago, banagan said: , but yes, many way over priced new condos, with awful returns. Not to mention airbnb, very good returns if you're in the right location. As always, bad for foreigners good for Thai. Meeting at condo where I live in Pattaya last week called by disgruntled Foreign investor following the rules ( 1 month minimum rentals) and losing tenants because they are uncomfortable or have lost their privacy/peacefulness they expected at a condo because of all the inconsiderate and noisy Indians and Chinese using the place as a hotel, staying 2-3 days at a time Seems builder/banks made sweet deals with Thai "investors". Thai can basically invest in a condo here with no money down, just start paying a mortgage. Sales pitch was that they will make big money renting short term AirBnB. And they are doing just that. I assume some foreigner owners may be renting AirBnB short term, yet they would be risking a lot more if caught someday IMO. Maximum fines, Immigration problems, deportation, who knows - I certainly would not risk it. Management company and foreign owners cannot enforce the by-laws or laws when 51% ownership is Thai. 2 Link to comment Share on other sites More sharing options...
Dnyy Posted October 3, 2019 Share Posted October 3, 2019 1 hour ago, Chazar said: She has 7 units in various BTS locations, most are 1 bed theres one 2 bed and one studio, this unit she bought this very week, put an ad downstairs in the lobby and bingo, rented the next day, deposit paid , tenant in. The only one we have now which has been empty for 1 month is at Le Luk condo 1 bed as its 20k and we will probably moce into this ourslevs to adapt to market conditions and rent out our smaller 1 bed at On Nut bts for 15k. Sge doesnt buy willy nilly, being as shes an agent she knows what they "sell" for not asking price sale price, these ones go for about 1.9-2.0 million , we bought for 1.65 inc all taxes. Le Luk and Skywalk are among the <deleted>tiest places I've ever lived in Bangkok. Bad management and swarmed by Airbnb but 20k seems like a good deal. Link to comment Share on other sites More sharing options...
PomPolo Posted October 3, 2019 Share Posted October 3, 2019 54 minutes ago, tomazbodner said: Well, some people need to live here. Not everyone buys a place for investment... Nobody lives here we are all just tourists! 2 Link to comment Share on other sites More sharing options...
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