Is this a good time to buy a Condo?

[how241]

36 minutes ago, scubascuba3 said:

not everyone wants or uses a swimming pool, people can search for locations they're interested in.

 

Anyone buying now must be crazy though, there's a killer virus out there and the future is uncertain

Virus or not,  people still need to live somewhere. If the virus does you in,  you recently buying a condo really won't bother you too much. While the infection rate is high,  the death toll is low.  MANY times more killed each day by cars, guns, drugs, and alcohol.  You can't run and live your life in fear of what might happen. The  news has blown this whole virus thing way out of proportion as they needed a cover story for why the markets are crashing.  They were due to crash anyway. 

[newnative]

23 hours ago, how241 said:

I can only speak to low priced Nirun condos.  Before the virus,  they were selling almost as fast as they came on to the market to Chinese buyers at 700K-750K. Wait a few months and these same buyers will return.  China has a hugh up and coming middle class with cash to spend.  Pattaya is not so far away for them. 

   Even with the virus there are still buyers out there.  We had 2 showings last week of a condo we have for sale and another showing scheduled for tomorrow. 

[how241]

25 minutes ago, newnative said:

   Even with the virus there are still buyers out there.  We had 2 showings last week of a condo we have for sale and another showing scheduled for tomorrow. 

I am not the slightest bit surprised to hear this.  Too much gloom-n-doom talk here, coming from the Thailand haters, people that believe that renting is the only way to live,  people that are scared to buy and jealous of others that can buy and do well when they do buy.  I have done well buying and selling real estate my whole life, including the many condos and land that I have bought and sold in Thailand.  Good luck with your sale.  Unless you really need the cash  now, to do something else, I would not drop down your price too much during this slow period. This virus and slow period will pass. Pattaya is still a fun/great place to live.  Warm weather during the winter months will always bring in a steady supply of people running away from the cold and snow. 

[wolf81]

On 3/15/2020 at 9:39 AM, ivor bigun said:

My wife was in the trade for years and i went with her and looked at hundreds of condos,to be honest ,i cannot understand why people pay a fortune for a sea view ,nothing to see except water,lol anyway the older condoes are far better built ,larger and cheaper ,wouldnt buy one of the cardboard boxes like the base if they were half the price .

ps Much better to have a nice house with 2 floors a big garden and parking ,oh and a master bedroom large as a base condo . sorry rant over .

I'd like a sea view condo because it's generally a better view than Pattaya city and because of a nice sea wind breeze entering the room. 

 

I hope to buy a condo in 1 or 2 years here and will definitely focus on getting a condo with sea view. 

[JimmyTheMook]

If you have cash, it's a great time to buy a condo now.

Sort of like Apple stock etc. etc. etc.

 

 

[RoadWarrior371]

4 hours ago, JimmyTheMook said:

If you have cash, it's a great time to buy a condo now.

Sort of like Apple stock etc. etc. etc.

 

 

 

Well, I can live in my Condo, so not exactly like Apple stock ????.  However, some real bargains to be had in Thailand if you are not a complete idiot.  Just tell the nayslayers to slag off.  Same same the homeless guy asking me why I need a BMW.  Because I can.....  lOl

 

 

[bkk6060]

9 hours ago, newnative said:

   Even with the virus there are still buyers out there.  We had 2 showings last week of a condo we have for sale and another showing scheduled for tomorrow. 

Great.

It is called Lookie Looz.

They are not "buyers" until they buy it.

Good luck and please let us know if that happens.

Edited March 20, 2020 by bkk6060

[jacko45k]

21 hours ago, Leaver said:

particularly with a useless beach

It isn't useless, apparently people are sitting on it and drinking nowadays. Have to go somewhere when they get out of their little hot condos!

[Leaver]

20 hours ago, how241 said:

This is why I always invested in the bottom priced condos.  There is really nothing cheaper than Nirun.  No competition at my selling price. 

More and more condo's are joining the "bottom priced" list everyday.   ????

[BigStar]

6 hours ago, bkk6060 said:

Great.

It is called Lookie Looz.

They are not "buyers" until they buy it.

Good luck and please let us know if that happens.

Sigh. Another condo owner uneducated in TVF Economics 101. There is no looking before buying here as in other countries. There's only looking before looking.

 

Now in theory there could be buying before looking as our mongers are wont to do late at night, but no condo buying or buying in shopping malls has ever been observed by our ace Economists, renters all. The highly reliable lights on night metric has confirmed that only a few condos have ever been purchased over the last 25 years, and those from some farangs desperate to sell and heading for the exit. The rest are just sitting there vacant and unsold in crumbling buildings.

 

Conclusion: the potential "buyers" merely stopped in to enjoy the free aircon.

 

[bkk6060]

1 hour ago, BigStar said:

Conclusion: the potential "buyers" merely stopped in to enjoy the free aircon.

 

Yes.

And after the malls all close it may a great way to enjoy the aircon using the available other 20,000 plus properties on the market.

 

Edited March 21, 2020 by bkk6060

[bkk6060]

18 hours ago, how241 said:

This virus and slow period will pass. 

Well, they really are not connected the property market sadly has actually been in a depression not slow down, for several years with no end in sight.

20,000 + unsold properties is not a slow down.

But, the majority of sellers will remain stubborn and take your advise never being able to escape.

Edited March 21, 2020 by bkk6060

[how241]

1 hour ago, bkk6060 said:

Well, they really are not connected the property market sadly has actually been in a depression not slow down, for several years with no end in sight.

20,000 + unsold properties is not a slow down.

But, the majority of sellers will remain stubborn and take your advise never being able to escape.

More gloom-n-doom talk...I agree that Pattaya recently has built too many new condos, so it will take awhile for the market to absorb them.  All markets, including real estate, goes up and down in cycles  BUT people always need a place to live. 

[how241]

5 hours ago, Leaver said:

More and more condo's are joining the "bottom priced" list everyday.   ????

I don't agree with your opinions and a few others that mirror you BUT  even if some of what you say turns out to be true,  why do you seem to relish in the idea of a Pattaya turndown ???   You post that you live here and enjoy it so why look so happy  'IF' a downturn hits.  Do you think it will allow you to rent/buy some 'friends' at a lower price ???  Strange,  something doesn't add up...

[how241]

4 minutes ago, how241 said:

But, the majority of sellers will remain stubborn and take your advise never being able to escape.

Escape to where ???   Are you not happy here ??  If so,  then  why are you still here ??

[Leaver]

5 minutes ago, how241 said:

I don't agree with your opinions and a few others that mirror you BUT  even if some of what you say turns out to be true,  why do you seem to relish in the idea of a Pattaya turndown ???   You post that you live here and enjoy it so why look so happy  'IF' a downturn hits.  Do you think it will allow you to rent/buy some 'friends' at a lower price ???  Strange,  something doesn't add up...

I DO NOT relish in a downturn here.

 

I have opened stated I like the choice and variety of restaurants and bars here.  For such choice and variety, Pattaya has to have a strong local economy. but in my opinion, it hasn't at the moment, and we are seeing closures, and for sale signs, which is not great news for all of us here, and this was pre virus. 

 

What I don't like like is for someone like yourself to p*ss on me and tell me that it's raining.

 

The property market here is stagnant, with falling prices, yet you keep talking it up. 

 

You keep banging on about how there are bargains to be had in property at the moment, but don't give your reasons why there are bargains to be had. These reasons are why there are plenty of sellers, and very few buyers.  

[how241]

11 minutes ago, Leaver said:

These reasons are why there are plenty of sellers, and very few buyers.  

This is exactly the reason why it is currently a 'buyers' market. More sellers than buyers.  Mainly due to the over building Pattaya has had recently.   I Love Pattaya !!!

[Leaver]

1 minute ago, how241 said:

This is exactly the reason why it is currently a 'buyers' market. More sellers than buyers.  Mainly due to the over building Pattaya has had recently.   I Love Pattaya !!!

Did it ever occur to you that a lot of the sales are due to people not wanting to live here anymore????

[Airalee]

39 minutes ago, Leaver said:

You keep banging on about how there are bargains to be had in property at the moment, but don't give your reasons why there are bargains to be had.

Just no bargains to be had with his units. 

 

He appears to be under the delusion that he is entitled to a significant profit just by virtue of buying some Nirun boxes and admittedly putting no money into them the whole time he has owned them.  More of a slumlord than a real estate investor.  But hey...location location location?  ????

Newnative, on the other hand, buys desirable (water-view) fixer upper units and actually puts some work and effort into renovating and subsequently flipping them.  That, I can respect.

 

 

[how241]

49 minutes ago, Leaver said:

Did it ever occur to you that a lot of the sales are due to people not wanting to live here anymore????

I think you are not looking at the big picture.  Did it ever occur to you that  some people who are selling were investors that bought several/many condos to rent out or flip for a higher price and now need to sell due to 'margin' calls from their stock/gold/oil brokers ???  The markets are very interconnected now.  For example,  last week during the big market crash, Bitcoin got sold off and dropped 50% in one day.  Now it has recovered back 25-30%. When the margin calls go out, people will sell everything.  NOT particularly because they wanted to or don't believe that their invest goals were wrong but just to try and avoid their other assets from being sold off.  You need to see the big picture and Pattaya/Thailand is just one small piece in many peoples investment portfolios.  All the assets now are one big casino and anyone who  doesn't realise this needs to study more.  

         With all the free money(trillions) that will be pumped into assets by the world's central govts. , in 3-6 month you will see a big return in asset prices and the start of a new bull market.  People that didn't buy now will regret not buying for years to come.  Pattaya is #1 !!!

[how241]

28 minutes ago, Airalee said:

Just no bargains to be had with his units. 

 

He appears to be under the delusion that he is entitled to a significant profit just by virtue of buying some Nirun boxes and admittedly putting no money into them the whole time he has owned them.  More of a slumlord than a real estate investor.  But hey...location location location?  ????

Newnative, on the other hand, buys desirable (water-view) fixer upper units and actually puts some work and effort into renovating and subsequently flipping them.  That, I can respect.

 

 

You are making a common investment mistake.  You are falling in love with your assets.  It is not about buying desirable units.  It is about ONE Thing....ROI....Return on investment....otherwise known as Making Money...The renters that have stayed with me for 10 years feel I am giving him a good value for their money.  All the people that rent from me are happy with what they are getting for the amount of money spent.  Most all  my customers stay for a long time and are always happy with the way I handle the business.  I do sometime fix things myself to avoid spending money on the condo BUT remember that these condos rent out for a low price.  I always return their deposit money the same day as they are leaving.  I am a dream landlord and the proof of this is the extremely high percent of time that my condos remain fully rented.  It's all about  ROI  !!!

[how241]

1 hour ago, Leaver said:

The property market here is stagnant, with falling prices, yet you keep talking it up

Pattaya has caused this problem by building on every available empty piece of land. The market system will soon absorb this oversupply  as Pattaya still has lots of good things going for it.  That's why we are all still here.  

[Leaver]

7 minutes ago, how241 said:

People that didn't buy now will regret not buying for years to come. 

People that don't buy now will be glad they never bought at all, in years to come. 

[how241]

23 minutes ago, Leaver said:

People that don't buy now will be glad they never bought at all, in years to come. 

Not everyone is a lifelong renter as some people like to own.  Renting/buying both have good and bad points. For many,  buying their home has been a good investment and given them years of enjoyment and pride in the fact they own something.  To each their own.  Most of my life I have lived in places that I own. 

[Airalee]

32 minutes ago, Leaver said:

People that don't buy now will be glad they never bought at all, in years to come. 

Buy now or be priced out...forever.*

 

 

*every realtor circa 2005

 

[how241]

19 minutes ago, Airalee said:

Buy now or be priced out...forever.*

 

 

*every realtor circa 2005

 

Yes, prices go up and down.  My sister who just sold her large home in Florida, got more than she would have gotten when she was thinking of selling in 2007,  before the crash.  The prices fully recovered and she even got more. It sold in 4 days and she got a offer HIGHER than her asking price.  ParkLand , FL---very desirable neighborhood...If you don't buy when markets are down,  when will you buy ???  

[Airalee]

19 minutes ago, how241 said:

Yes, prices go up and down.  My sister who just sold her large home in Florida, got more than she would have gotten when she was thinking of selling in 2007,  before the crash.  The prices fully recovered and she even got more. It sold in 4 days and she got a offer HIGHER than her asking price.  ParkLand , FL---very desirable neighborhood...If you don't buy when markets are down,  when will you buy ???  

Sounds like you're gonna have to wait another 13 years.

[how241]

12 minutes ago, Airalee said:

Sounds like you're gonna have to wait another 13 years.

Personally, I don't care as renters are still paying rent money each month.  I think this will be a quick bounce-back for the markets due to the crazy amount of money that ALL  the central banks are willing to pump in to the markets. Some countries have already said there will be an Unlimited amount of money available. I would recommend buying a condo/house to live in full time and put available cash into stocks and crypto coins. Of course, I could be wrong. 

[newnative]

55 minutes ago, how241 said:

Yes, prices go up and down.  My sister who just sold her large home in Florida, got more than she would have gotten when she was thinking of selling in 2007,  before the crash.  The prices fully recovered and she even got more. It sold in 4 days and she got a offer HIGHER than her asking price.  ParkLand , FL---very desirable neighborhood...If you don't buy when markets are down,  when will you buy ???  

     So true regarding prices.  The last condo I bought in America, in very pricey northern Virginia, was a small 1 bedroom foreclosure that I paid $170,000 for during the property crash.  Hard to believe the previous owner had paid over $300,000 in the madness days--I thought it was stretching it at 170k. 

    The crash still was not done and the condo's value dropped to around $160,000.  I didn't need to sell so I rented it out.  Eventually the market recovered and I sold for $185,000 as I was now living in Thailand and I didn't want to be a long-distance landlord.  That was about 6 or 7 years ago.  According to Zillow, the condo is now worth around $217,000.   

     

[how241]

22 minutes ago, newnative said:

     So true regarding prices.  The last condo I bought in America, in very pricey northern Virginia, was a small 1 bedroom foreclosure that I paid $170,000 for during the property crash.  Hard to believe the previous owner had paid over $300,000 in the madness days--I thought it was stretching it at 170k. 

    The crash still was not done and the condo's value dropped to around $160,000.  I didn't need to sell so I rented it out.  Eventually the market recovered and I sold for $185,000 as I was now living in Thailand and I didn't want to be a long-distance landlord.  That was about 6 or 7 years ago.  According to Zillow, the condo is now worth around $217,000.   

     

Sounds like to did very well.  It is impossible to pick the bottoms and tops to  markets But if you can trade somewhere near 80-85% of the bottom or top,  then you did excellent concerning the market timing.  Also, I find the Zillow prices not to be the most accurate. I wish you continued good luck.