Property Perfect sees condo market as ‘worst in a decade’

[ExpatOilWorker]

1 hour ago, Dnyy said:

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.

In what way is 20K a good deal? They are small units and far from the center in a very congested area.

You can get 59 m2 in the center of the city, around Wireless, for less than 20K.

[tomazbodner]

1 hour ago, PomPolo said:

Nobody lives here we are all just tourists!

You're suggesting 10-20 million people in Bangkok are all tourists?

 

And even if you were referring to foreigners (as in people born outside Thailand), you'd be surprised how many have permanent residence or citizenship in Thailand. Many on this forum as well.

[Denim]

19 hours ago, snoop1130 said:

Property Perfect sees condo market as ‘worst in a decade’

 

On the positive side , this year will be better than nexts.

[ivor bigun]

I cant imagine living in a condo,unless it is very large like our house is ,but then it would not cost 5 million but 20 million to get the same size,
Some of the shoeboxes i saw when my wife was selling them ,well you couldnt swing a mouse let alone a cat in them ,and cost over 2 million.

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app

[bbi1]

If immigration didn't stop blocking the legitimate foreigners who have valid SETV/METV visas from entering the country and sending them back, then this wouldn't be happening. The Thais are getting what they deserve. Blocking people with money from legally staying in the country by making up their own rules.

[bkk6060]

3 hours ago, JonnyF said:

 

 

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.

 

 

 

 

Your thinking is exactly why over 12,000 units remain for sale in the Pattaya area alone.  It is difficult sellers to reduce their price.

 

It is false thinking or one has an uneducated agent, if they came in and offered you the same price you paid for it.

Your statement "value is same as when you bought it" is true.  So in fact any buyer with common sense would offer you 30% less then what to paid as your property has not truly appreciated 30% based on a fluxtuating exchange rate.

So, if it cost you 2 million b 1.4 to 1.5 would be a reasonable offer.

 

Edited October 3, 2019 by bkk6060

[JonnyF]

4 minutes ago, bkk6060 said:

Your thinking is exactly why over 12,000 units remain for sale in the Pattaya area alone.

 

It is false thinking or one has an uneducated agent, if they came in and offered you the same price you paid for it.

Your statement "value is same as when you bought it" is true.  So in fact any buyer with common sense would offer you 30% less then what to paid as your property has not truly appreciated 30% based on a fluxtuating exchange rate.

So, if it cost you 2 million b 1.4 to 1.5 would be a reasonable offer.

 

I'm not sure what you mean. No buyer would have any information regarding what rate I got on the money I brought into the country to buy it, so how would they know to offer 30% less? And why would I accept 30% less than the condo is worth simply because I got lucky on the exchange rate? 

 

It's worth what it's worth according to the market, irrespective of what I paid or what rate I got. Based on other properties selling in the condo it's worth the same as I paid. Other units are advertised at about 10-15% more than I paid, they are selling so assuming the buyer is dropping a bit during a negotiation then I'm pretty sure it's worth about the same, not that I'm selling for a few years yet.

 

Using your logic, if I was given the condo free of charge any buyer with common sense would offer me 100,000 Baht and I would accept their offer because that's more than I paid for it.

 

[Skallywag]

37 minutes ago, ivor bigun said:

I cant imagine living in a condo,unless it is very large like our house is ,but then it would not cost 5 million but 20 million to get the same size,
Some of the shoeboxes i saw when my wife was selling them ,well you couldnt swing a mouse let alone a cat in them ,and cost over 2 million.

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app
 

Tiny house living is a trend now.  Less energy cost, less time cleaning, cheaper to decorate, less clutter in your life.  to each there own  - of course.  Have 380 square feet, 35+ Square meters + balcony and ocean view.  Not big, but not a shoebox.  Complex has 2 beautiful well maintained pools, work out room, lush landscaping.  Ideal IMO, but was not interested in replicating my lifestyle in the USA.

[Hindy]

I have money waiting inBangkok Bank in Sterling waiting to buy.

apartments are kept artificially high by estate agents and Facebook sellers,who refuse to put offers to their clients for fear of a reduced commission...som nom nah I can wait

[Chazar]

8 hours ago, ebean001 said:

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

at one time they got a  free  visa forever, long  since  gone

[Chazar]

3 hours ago, ExpatOilWorker said:

In what way is 20K a good deal? They are small units and far from the center in a very congested area.

Small units, 80m2 , 50m2 and studios at 40m2 are the smallest, heres  what you get with me for 20k re  fitted by me and I mean BY ME no help no Burma /Thai  workers  just me,  so I know nothings  going to break, stupid laminate  flooring removed, vacuumed  clean then PVA'd then tiled with thin set. Built  in cupboards  made to measure. 50m2 corner  unit all new  pre finished  doors etc etc blah blah 20ks a  reasonable price for  this here, high  floor

[Chazar]

8 hours ago, teutonian said:

It is all fluff and no substance

Thats  Thailand in general though.

[observer90210]

A friend had his house built in Hua Hin in a well known developpment, and despite the good quality of the construction, the final requests and upgrades are taking ages to finish. The developpers just don't seem to care, do not answer his messages and it's a weekly battle with the developpers to have the slightest task finished for which he has already paid for. As  for the prices of the houses, they are shamefully inflated and definately not a good deal to purchase in the first place.

 

As said often, in real estate in Thailand, for  a house or condo, think twice....rent, avoid buying.

Edited October 3, 2019 by observer90210

[Chazar]

4 hours ago, Dnyy said:

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.

I spent 6  weeks  gutting that condo, I do it to all of them, we buy them CHEAP, I mean real cheap I got  this one for about  50m2 for 3.2 million high  floor.

To be honest when I was there   certainly on my floor it was dead quiet never  saw  hordes (or  any) of Chinese  at all, no comings or goings anywhere, room next to use has  full time Japanese  guy, very quiet in fact am trying to buy that room to knock thru to make a  95m2 room for me and the Mrs  to move into, I like the place but in todays market 20k is a harder ask for most people so w e  will rent out the room we  currently use (own) at On Nut and move out of that ourselves to le  Luk

 We own at  Le Luk which I think is  better than Skywalk ( with its  fallen  in rooftop restaurant) 

Management...I dont deal with them but Wife is on good  terms, maybe that helps with any issues, not that weve had any at all, but to be honest Ive found many management people <deleted> in all condos.

You most definitely CAN make   money but you must buy cheap with cash and as the wifes an agent finding customers is  a  lot LOT easier than johnny farang trying plus  all our  rooms only  lose half  commission  as its always shared with my Wife. many times  she rents them  by herself saving even more.

[Chazar]

4 minutes ago, observer90210 said:

A friend had his house built in Hua Hin in a well known developpment, and despite the good quality of the construction, the final requests and upgrades are taking ages to finish. The developpers just don't seem to care, do not answer his messages and it's a weekly battle with the developpers to have the slightest task finished for which he has already paid for. As  for the prices of the houses, they are shamefully inflated and definately not a good deal to purchase in the first place.

 

As said often, in real estate in Thailand, for  a house or condo, think twice....rent, avoid buying.

Really depends on your  personal needs.

[observer90210]

4 minutes ago, Chazar said:

Really depends on your  personal needs.

What have individual needs got to do with a developper who does not do the work requested ?  ....as it was the case with my friend and his farang developpers in Hua Hin who are not doing their job, but claimed initially that they could and have been paid for it ? ? ?

Edited October 3, 2019 by observer90210

[Pravda]

18 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

 

Yeah... Funny for sure. 

 

Here's another real life example. 

 

Separated from wife 4 months ago. Needed to find a shoebex really fast. Went to "The Base" condo. Brand new building, room never lived in. 32sqm purchase price 3.3 million, rented it for 11,000

 

Surely people who bought at least 5 years ago made a killing on Thai baht exchange rates and slight appreciation overall, but right now the market seems truly dead. 

 

 

[essox essox]

if there is a glut of condos THEN why give permission to BUILD MORE..

There is one being built on beach road Jomtien....expected number of rooms in the region of 1600

On second road there are two blocks which are virtually UNSOLD...so why allow copacabana to be built on Beach Road..

THEY JUST HAVE NO SENSE IN THIS COUNTRY...!!!!!!!!!!!!!!!!!!!

 

 

Ohhhhhhhhhhh I forgot it is all to do with envelopes full of Thai money....

Edited October 3, 2019 by essox essox
after thought

[Chazar]

2 hours ago, observer90210 said:

What have individual needs got to do with a developper who does not do the work requested ?  ....as it was the case with my friend and his farang developpers in Hua Hin who are not doing their job, but claimed initially that they could and have been paid for it ? ? ?

was referring to the part about buying v renting

[Chazar]

1 hour ago, Pravda said:

Went to "The Base" condo. Brand new building, room never lived in. 32sqm purchase price 3.3 million, rented it for 11,000

wouldnt touch it with a barge  pole at those prices but MANY do ( their problem not  mine) hence I paid 1.65m for a 1  bed close to BTS  and rented for 10k  on Tuesday to a nice Chinese  girl.

Edited October 3, 2019 by Chazar

[seancbk]

On 10/2/2019 at 5:51 PM, Just1Voice said:

They threw them up as fast as they could, cramming them everywhere, now they have a glut on the market, with an unfavorable baht. Som nom na

 

Great for those of us who live here and want to buy a few properties though.

[uffe123]

Who in their right mind would buy a condo in the most polluted city in Asia. Anyway you can own it outright. 

[Huayrat]

Brits won't ne buying them.. why would we pay 28% more than we had to 3 years ago.

[JonnyF]

15 hours ago, observer90210 said:

A friend had his house built in Hua Hin in a well known developpment, and despite the good quality of the construction, the final requests and upgrades are taking ages to finish. The developpers just don't seem to care, do not answer his messages and it's a weekly battle with the developpers to have the slightest task finished for which he has already paid for. As  for the prices of the houses, they are shamefully inflated and definately not a good deal to purchase in the first place.

 

As said often, in real estate in Thailand, for  a house or condo, think twice....rent, avoid buying.

Well buying a poorly built project at inflated prices is a bad idea anywhere in the world. If you buy the right place at the right time there are many advantages...

 

1. You don't pay rent, an immediate saving.

2. You can decorate it nicely according to your own tastes.

3. You are secure in the knowledge that you won't be asked to leave at the next contract renewal, with all the associated hassles of moving.

4. You don't have to worry about rental increases, deposits not being returned etc.

5. You don't have to deal with a landlord, and in my experience landlords in Thailand can be quite difficult.

6. You have a say in juristic affairs and are treated more seriously when raising issues as an owner.

 

As someone who is used to owning the property they live in, I hated renting and regret not buying here sooner.

[jpgermain]

To buy property in thailand from property perfect with bad condo mangment is worth thing to do is like comiding sueside they terorize the co owners they are rubing with over charge the owners

[observer90210]

13 hours ago, JonnyF said:

Well buying a poorly built project at inflated prices is a bad idea anywhere in the world. If you buy the right place at the right time there are many advantages...

 

1. You don't pay rent, an immediate saving.

2. You can decorate it nicely according to your own tastes.

3. You are secure in the knowledge that you won't be asked to leave at the next contract renewal, with all the associated hassles of moving.

4. You don't have to worry about rental increases, deposits not being returned etc.

5. You don't have to deal with a landlord, and in my experience landlords in Thailand can be quite difficult.

6. You have a say in juristic affairs and are treated more seriously when raising issues as an owner.

 

As someone who is used to owning the property they live in, I hated renting and regret not buying here sooner.

No arguing all your points you are totally correct. The only problem is that the developpers in Thailand (obviously elsewhere also, but as we are talking here about Thailand...)....so as said the developpers here seem to be a pack of jackals who will be all sugar and spice before selling, but once most of the payments are done, many have had bad experiences.

 

The developpers do not fulfill all the requests in the upgrades.

They do not answer back to mails and it becomes a Herculian task to run after them and to plainly get a meeting for them to come over and see the issues.

They take a very long time to amend what they have wrongly done and if one does get into a fight, the money is plainly lost as no farang will have time or energy to go to court.

Wrong items put into to the toilet or kitchen fixings despite clear requests from the buyers. Money not refunded.

They refuse to listen to the sellers requests to improve a poor worksmanship or badly finished item.

And many more...and all this was bought back by some friends who have built in Hua Hin and deeply regret it now.

 

 

Edited October 4, 2019 by observer90210

[jerojero]

Giddy, are you really sorry. Be honest now....

Sorry to be pedantic, but 5-10 tenants isn't totally empty.

[jerojero]

Same as '97. And everyone will be surprised when the crash occurs.

Not just Condo's; they just keep on building Houses, Shops and Shop Houses which then remain empty for years.  Someday the house of cards is going to come tumbling down and that day is becoming ever closer.

[Airalee]

On 10/4/2019 at 8:17 AM, JonnyF said:

1. You don't pay rent, an immediate saving.

Depends on the P/E ratio.  Don’t forget the opportunity costs.

 

On 10/4/2019 at 8:17 AM, JonnyF said:

2. You can decorate it nicely according to your own tastes.

 

I have decorated every rental I have ever been in in my life “nicely according to my taste” just like the home I owned.  No problem at all.

 

On 10/4/2019 at 8:17 AM, JonnyF said:

3. You are secure in the knowledge that you won't be asked to leave at the next contract renewal, with all the associated hassles of moving.

 

In my whole life (51 years) I have only had to move from one rental due to the owner selling his unit.  Found a better place for less in a day.  Owner was more upset at losing a tenant while his condo was on the market.

 

On 10/4/2019 at 9:13 PM, observer90210 said:

4. You don't have to worry about rental increases, deposits not being returned etc.

 

Never had a rent increase here in Thailand (8 years) and never had less than my full deposit returned (minus a small cleaning fee and later paying for the last portion of the electric bill).  

 

I can currently rent an identical unit (Chiang Mai, same building, same floor plan, same beautiful unobstructed Doi Suthep view etc etc) to the brand new unit I rented in 2012 for less than I paid back then.  If I choose a newer building,  I can get an even better value.

 

On 10/4/2019 at 8:17 AM, JonnyF said:

5. You don't have to deal with a landlord, and in my experience landlords in Thailand can be quite difficult.

 

Don’t have problems with landlords myself.  Always had things repaired (if necessary) in a timely manner.  As a renter, I didn’t have to pay for the repairs...the owner did.  I also didn’t have to deal with the HVAC companies, electricians, appliance stores etc.

 

On 10/4/2019 at 8:17 AM, JonnyF said:

6. You have a say in juristic affairs and are treated more seriously when raising issues as an owner.

 

Hearing directly from my landlord about the nightmares he has had to deal with regards to missing funds,  common area maintenance, special assessments etc., I’m not sure I’d really want the hassle of dealing with “juristic affairs”.

 

Horses for courses.

 

 

 

[zorrow424]

On 10/4/2019 at 2:17 AM, JonnyF said:

Well buying a poorly built project at inflated prices is a bad idea anywhere in the world. If you buy the right place at the right time there are many advantages...

 

1. You don't pay rent, an immediate saving.

2. You can decorate it nicely according to your own tastes.

3. You are secure in the knowledge that you won't be asked to leave at the next contract renewal, with all the associated hassles of moving.

4. You don't have to worry about rental increases, deposits not being returned etc.

5. You don't have to deal with a landlord, and in my experience landlords in Thailand can be quite difficult.

6. You have a say in juristic affairs and are treated more seriously when raising issues as an owner.

 

As someone who is used to owning the property they live in, I hated renting and regret not buying here sooner.

just the opposite here,  yes owned and sold ,good profit,never again.

  Renting ,many more options,cheap now,getting cheaper by the score,fact is I know owners fed up with trying to sell ,abandoned it now renting,a few more offering free rent as long as an attempt to sell is undertaken and not forgetting the elephant in the room..property/land tax being introduced next year,...reports of 10% reductions in BKK alone