Is this a good time to buy a Condo?

[bkk6060]

I am not in the market to buy.

But, I have a couple of friends in the business here.

70% of the sales over the past few years have been to Chinese. Especially the new construction majority of foreign allotment.

But, this has all just about dried up. Well over 10,000 places still for sale. 

One of my friends showed me a list of some properties for sale now.  

Very surprising how many in the 800,000 to 1.2 million baht range. Surprising how many of them under 1 million b.

And not is lousy areas. Pratumnak, North Pattaya, Nakluea etc.  Many walking distance or a short mb ride to the beach.

On the big picture from my experience and places I have been, pretty amazing really to be able to buy a condo in a relatively modern environment near beaches for around 30,000 US dollars.  

I will keep renting thanks, but I do think there are some possible good buys out there.  Make some low offers if you are in the market you never know probably some desperate sellers.

 

 

Edited February 24, 2020 by bkk6060

[Airalee]

Not yet.

 

Most of the agents, even those working for developers are completely clueless.

 

For example...I visited the office of a new (almost completed) development to inquire about availability/prices.  I was quoted 7M for a unit on the 27th floor.  Currently, on hipflat, there is a unit in the same line on the 31st floor listed by a flipper for 6.5M.

 

I asked the developers agent if he could explain why I would want to pay more to the developer directly for the same unit on the lower floor.  His answer...”because it is a new unit”.  The building hasn’t even been finished.

 

Then...there is the bull**** game that agents play by listing whatever condo with their own hoped for markup.  A resale condo that I looked at with an agent was listed at 4.5M. She told me they would take 4.2M.  The same condo is listed with another Firm for 3.8M.

 

Let them get hungry first.

[JimmyTheMook]

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I am not in the market to buy.

 

Quote

I will keep renting thanks, but I do think there are some possible good buys out there. 

 

Classic lightweight..... 

[URMySunshine]

View Talay 2 Jomtien here  - no farang buyers but before the virus hit Chinese investors were sniffing around looking for a base price of 1m a unit and these are big studios by modern standard 37 sqm. So that is there likely 'priced to sell' value in this current market. Don't see it going anywhere in the near future except maybe down a little bit more. Most units you see listed are far in excess of that. 

[jacko45k]

Anyone buying for investment is waiting for the Chinese to roar back after the virus. 

Hope you can afford to wait.

But to live, yeah do it now, presuming we aren't heading to Armageddon.

[newnative]

       It's indeed good, in my opinion, that you can buy a condo for around $30,000 in some nice areas of Pattaya if you are the type that likes to own rather than rent your space.  Yes, the condo will likely be small but the development will also likely be packed with nice amenities for you to enjoy.  

       You make the points that there are lots of condos in the 800,000 to 1.2MB range.  And, there are over 10,000 condos for sale.  But, suppose you don't want a condo in the 800,000 to 1.2MB range?  As I have said before, 10,000 condos for sale sounds like a lot but when you start inputting what you are looking for, that 10,000 narrows down fast.  The last time my partner and I bought in Pattaya, the 10,000 whittled down to less than a dozen.

       Whether you are buying or selling, a buyer is probably going to have at least some wants and needs--a certain price range, a certain number of bedrooms and baths, maybe some preferred areas, view, floor level, size, amenities, etc.  As a seller, your competition whittles down to condos on the market that meet what the buyer is looking for.  And, the buyer's choices whittle down, as well.  In both cases, the choice/competition is not 10,000 condos.   I do think, however, if you have a small condo with no view to speak of, in a huge development of other, similar condos with the same furniture, you might have a harder time finding a buyer than someone with something special on offer. 

       

[scubascuba3]

The poor exchange rate and question mark over whether they will bring in health insurance for the non imm O should make people delay buying a condo.

Renting is cheap so no rush to buy.

 

Plus buy to let landlords need a work permit and expect problems with TM30s

Edited February 24, 2020 by scubascuba3

[WillyPlatt]

If you have any assets left in your home country, use these to generate an income and rent.

Totally a renters market and also gives you the option of moving on at anytime if the walls are thin and the techno twins have moved in next door.

Renting in Pattaya is like getting a hotel room. All the maintenance issues etc are the landlords problem. Plus you won't get tucked up by your latest squeeze.

[anto]

I would wait at least to see how this Covid19 pans out .

[jacko45k]

14 hours ago, scubascuba3 said:

 

 

Plus buy to let landlords need a work permit and expect problems with TM30s

I seriously doubt the Chinese owners letting via Airbnb have work permits. 

[scubascuba3]

47 minutes ago, jacko45k said:

I seriously doubt the Chinese owners letting via Airbnb have work permits. 

if they use agents they don't need work permits apparently. A lot of it comes down to whether the govt want to crack down on things

[Denim]

Bad time to make any large investments in Thailand. Until democratic government returns not worth risking any large sums here for anything whatsoever.

[scubascuba3]

1 minute ago, Denim said:

Bad time to make any large investments in Thailand. Until democratic government returns not worth risking any large sums here for anything whatsoever.

That's true, it seems to be heating up. Leaders are embroiled in corruption which means they can't do U-turns

[Henryford]

I bought here 14 years ago and it was certainly a good decision at the time (with the Pound at 71). I wouldnt buy now though (at 40) with the possibility of no visa in a few years.

[ivor bigun]

Buy a house ,much better ,trouble is you need a wife you trust ???? luckily i do ,most of the condos i have been in (its a lot) the wife was in the business are so blooming small ,they are not the size of our bedroom .That is unless you have a lot of money spare ,to buy a large condo , like my wife]s friend and her husband , he has a "bigun" to.????

Edited February 25, 2020 by ivor bigun

[scubascuba3]

44 minutes ago, ivor bigun said:

Buy a house ,much better ,trouble is you need a wife you trust ???? luckily i do ,most of the condos i have been in (its a lot) the wife was in the business are so blooming small ,they are not the size of our bedroom .That is unless you have a lot of money spare ,to buy a large condo , like my wife]s friend and her husband , he has a "bigun" to.????

a big ego? most of us don't want a house and it can't feel good if eventually you lose it to the wife

[Henryford]

53 minutes ago, ivor bigun said:

Buy a house ,much better ,trouble is you need a wife you trust ???? luckily i do ,most of the condos i have been in (its a lot) the wife was in the business are so blooming small ,they are not the size of our bedroom .That is unless you have a lot of money spare ,to buy a large condo , like my wife]s friend and her husband , he has a "bigun" to.????

Being retired i don't want a big house with all the maintenance. My condo has a lovely big pool which i couldn't have in a house. But i agree a large condo is necessary at least 80 sqm. I don't know how people can live in 30 sqm unless it is just a short time holiday home.

[bkk6060]

21 hours ago, JimmyTheMook said:

 

 

Classic lightweight..... 

Haha.  Well, there certainly are bitter people because their Thailand real estate "investment" has gone sideways. Lots of desperation out there.

Renting is very reasonable here and gives me the life flexibility I prefer that owners do not have.  More of a featherweight then a lightweight. ????

But, I put my money into real investments with a diversified portfolio which is way way up in the past few years.  And those dead money condos? You got one? Over 12,000 now for sale in Pattaya area alone.  Shameful.

But, I bet you do not understand any of it.

 

 

Edited February 25, 2020 by bkk6060

[bbi1]

15 hours ago, WillyPlatt said:

If you have any assets left in your home country, use these to generate an income and rent.

Totally a renters market and also gives you the option of moving on at anytime if the walls are thin and the techno twins have moved in next door.

Renting in Pattaya is like getting a hotel room. All the maintenance issues etc are the landlords problem. Plus you won't get tucked up by your latest squeeze.

Exactly. Anyone who buys in Thailand is a complete fool.

[how241]

Nirun studio condo for sale.  4th Floor.  B1 building.  26 meters.  Newly remodeled swimming pool(2).  Balcony faces out towards the A1 building.  Tray ceiling with recessed corner lights.  Original bathtub.  Full Furniture. Fridge, TV, Hot water. air cond.  Screens on front and back doors.   Asking 720,000 baht with 50-50 split of transfers cost.  Condo is in farang name and has been owned by farang for 8 years and can be transferred quickly.

Edited February 25, 2020 by how241

[Bob12345]

19 hours ago, WillyPlatt said:

Plus you won't get tucked up by your latest squeeze.

Instead of breaking up with the girl playing the "long game" you just slowly move your valuable stuff out and stop the rent payments. The land lord will explain she is free to go after other men at the end of the month.

[Airalee]

12 minutes ago, how241 said:

Nirun studio condo for sale.  4th Floor.  B1 building.  26 meters.  Newly remodeled swimming pool(2).  Balcony faces out towards the A1 building.  Tray ceiling with recessed corner lights.  Original bathtub.  Full Furniture. Fridge, TV, Hot water. air cond.  Screens on front and back doors.   Asking 720,000 baht with 50-50 split of transfers cost.  Condo is in farang name and has been owned by farang for 8 years and can be transferred quickly.

Just a few years ago, people were talking about ฿400k condos being the norm at Nirun.  ฿720k sounds quite overpriced.  The bars on all the windows across the courtyard give it all the ambiance of a prison.

[bkk6060]

26 minutes ago, Airalee said:

Just a few years ago, people were talking about ฿400k condos being the norm at Nirun.  ฿720k sounds quite overpriced.  The bars on all the windows across the courtyard give it all the ambiance of a prison.

There is actually one now the same sq mtr. for 360,000 b. 

So, about US 10,000 for a condo. Wow.

Geez, buy 2 of them. 

Rent them out for 5,000 a month and get all your money back in 6 years.

And you can walk to Big C. ????

Edited February 25, 2020 by bkk6060

[Airalee]

5 minutes ago, bkk6060 said:

There is actually one now the same sq mtr. for 360,000 b. 

So, about US 10,000 for a condo. Wow.

Geez, buy 2 of them. 

Rent them out for 5,000 a month and get all your money back in 6 years.

And you can walk to Big C. ????

Does it come with bars on the window or will that cost me extra?

[HauptmannUK]

I think a condo is a bit of a 'lifestyle choice'. Renting works just fine but some people like a place to call their own and leave stuff year round.

 

If I were alone I would just rent. However a couple of years ago my wife wanted to buy a condo. I was against it, but her name and her money so I didn't really argue. Anyway, as it turns out I really quite like it. Quiet, convenient, good amenities etc. She bought on recommendation of a friend who lives in the same block.

She also owns a couple of houses and I don't like them - always costing money and always having to keep on top of the gardens, walls, driveway, gate etc. The larger house (only built 6 years ago) suffered a leaky roof last year, so more repairs.....  Too much I think. We are fed up with them and she is going to put them up for sale later this year.

She also owns a couple of very basic rooms close to Sukhumvit. Rented out to Thais. She got them fairly cheap and gets about a 7% return. They don't seem to need much maintenance, just a lick of paint and minor repair like a new tap (faucet) every now and again.

[scubascuba3]

34 minutes ago, bkk6060 said:

There is actually one now the same sq mtr. for 360,000 b. 

So, about US 10,000 for a condo. Wow.

Geez, buy 2 of them. 

Rent them out for 5,000 a month and get all your money back in 6 years.

And you can walk to Big C. ????

i think he was trying to rent it for 5k-6k and no takers

[how241]

6 hours ago, Henryford said:

Being retired i don't want a big house with all the maintenance. My condo has a lovely big pool which i couldn't have in a house. But i agree a large condo is necessary at least 80 sqm. I don't know how people can live in 30 sqm unless it is just a short time holiday home.

I lived, before my divorce,  in a large 4 bedroom, 3 bath house. When I bought in Nirun condos I thought it might be a problem as the condo was smaller than the bedroom in my house BUT I found that I really enjoyed my 8 years there. Of course, it helped that I had a beautiful, very young Thai lady live with me the entire time. hahaha  If you afford it , I would recommend  60-70 meters as a more comfortable living arrangement. 

Edited February 25, 2020 by how241
typo

[how241]

1 hour ago, Airalee said:

Just a few years ago, people were talking about ฿400k condos being the norm at Nirun.  ฿720k sounds quite overpriced.  The bars on all the windows across the courtyard give it all the ambiance of a prison

From 2010- 2015 you could be these Nirun condos for $400K  BUT in the last several years they have gone up considerable.  You will have a hard time to find a empty shell condo for $625K  these days. Not all the condos have bars on the windows.  Mine doesn't.  It's a personal choice to have bars on the patio or not. 

[how241]

1 hour ago, Airalee said:

The bars on all the windows across the courtyard give it all the ambiance of a prison.

Did you look at the photo of the patio ???  Do you see any metal bars ??

[how241]

49 minutes ago, bkk6060 said:

There is actually one now the same sq mtr. for 360,000 b. 

So, about US 10,000 for a condo. Wow.

Geez, buy 2 of them. 

Rent them out for 5,000 a month and get all your money back in 6 years.

And you can walk to Big C. ????

Yes, many have done that exact thing and after 6-8 years they have totally recover the cost of the condo.  A very good investment returning 8-10%  a year. Yes,  you can walk to Big-C Extra in 5-7 minutes. Tesco Express and 7/11 are 2-3 minutes away by foot.  Great centralized location.