Is this a good time to buy a Condo?

[newnative]

1 hour ago, baansgr said:

If you hold a condo in a Thai company, the Juristic office can allocate that to Foreign Quota if becomes available without any need to go to the land office. Same as a Thai person can own a condo in foreign quota.

    This is the first step.  You still need to do the transaction at the Land Office and pay the transfer fees to register the condo in your name on the chanote.

[Leaver]

On 3/24/2020 at 1:25 AM, how241 said:

This can be a big Farang Advantage...For example:  Right now, at Nirun Condos,  the Thai/farang quota is full...This means a Thai can ONLY sell to another Thai.  A farang can sell to BOTH a Thai or farang and still keep the proper quota.  Go ahead,  spin this around to be negative...

Ahhhh, back to you and Nirun and your 11 years.  Got anything else to offer?

 

You see a full farang quota as a positive.  I see it as NOT being 100% freehold ownership as we know it in the west.  It's about the land your condo sits on, not what's inside the square box of bricks. 

 

Edited March 25, 2020 by Leaver

[Leaver]

On 3/24/2020 at 1:27 AM, how241 said:

You have NO clue as to how condos work.  The Thai condo law was copied almost exactly off the Euro law(Germany, I believe) .  ALL  condos work this way....Read and learn BEFORE you post.  Unless you are just trolling and want to keep posting...

I'm not German, and you can spin it any way you want, a foreigner CAN NOT own land in Thailand.  Go ahead, disagree with that statement. 

 

Ohhhh, but freehold condo's for foreigners you say.  The only thing freehold about a condo for a foreigner is the airspace inside their box of bricks, but those bricks sit on land that a foreigner does not have fair and equal ownership of. 

[Leaver]

On 3/24/2020 at 2:44 AM, Destiny1990 said:

Oh yeah if u rent out units under the 5 K to locals.. otherwise ur stuck like the rest of these landlords.

Yes, what a fine property investment portfolio it must be.  500k baht shoe boxes, rented to 4k baht a month Thai's, who will soon be out of work, and that's pre virus.  

 

What are you left with?  No tenants, and no buyers for your shoe boxes. 

[treetops]

3 minutes ago, Leaver said:

. . . . but those bricks sit on land that a foreigner does not have fair and equal ownership of. 

In practice, he cannot be thrown off the parcel of land that his "box of bricks" is suspended above, so it's misleading to suggest it makes any real difference from owning the land too, just for the sake of argument.

[how241]

10 minutes ago, Leaver said:

Yes, what a fine property investment portfolio it must be.

Yes it is a GREAT investment.  Finally you are starting to understand.  Getting  around 10% return ,  for over 10 years,  with very little work or involvement on my part.  My condo have been rented for over 95% of the past 10 YEARS....It took you a long time to get it but finally you are seeing what a good-safe investment these condos have been. 

[Leaver]

15 minutes ago, treetops said:

In practice, he cannot be thrown off the parcel of land that his "box of bricks" is suspended above, so it's misleading to suggest it makes any real difference from owning the land too, just for the sake of argument.

I accept that this is why many feel more secure in owning a condo here, and I agree with your comment.

 

I am talking from a technical legal standpoint. There has been no disagreement that the 51% to 49% ratio exists.  This law exists to NOT give individual foreigners COMPLETE or COLLECTIVE ownership of sovereign Thai land, does it not?

 

On that basis, your box of bricks technically sits on land you can not, therefore do not, nor ever will, own.    

 

Edited March 25, 2020 by Leaver

[how241]

24 minutes ago, Leaver said:

Ahhhh, back to you and Nirun and your 11 years.  Got anything else to offer?

 

You see a full farang quota as a positive.  I see it as NOT being 100% freehold ownership as we know it in the west.  It's about the land your condo sits on, not what's inside the square box of bricks. 

 

Thailand condo ownership is almost a mirror copy of how condos are owned in the West. Same as in the USA  and Europe. You just don't understand how ALL  condos operate.  Please spend your time reading and learning from Google, rather than embarrassing yourself with your uninformed posts...

[Leaver]

2 minutes ago, how241 said:

Yes it is a GREAT investment.  Finally you are starting to understand.  Getting  around 10% return ,  for over 10 years,  with very little work or involvement on my part.  My condo have been rented for over 95% of the past 10 YEARS....It took you a long time to get it but finally you are seeing what a good-safe investment these condos have been. 

Yet, when asked, would it represent the same good investment today, your reply was, "No." 

 

So why do you keep posting about the past, and the good old days?

 

I hold no malice towards you.  If your places are rented and making some money for you, good luck to you.

 

How about you comment on what such an "investment" would be like in 2020, pre virus for that matter, with the changing demographic of tourism here, and the sharp decline in western tourists, and slow but steady decline in western expats. 

[treetops]

2 minutes ago, Leaver said:

On that basis, you box of bricks technically sits on land you can not, therefore do not, nor ever will, own.    

And as it's a technicality that makes not a whit of difference to anyone's life, why even discuss it?

[how241]

20 minutes ago, Leaver said:

500k baht shoe boxes,

I guess you also don't understand about business and ROI...It makes no difference if the condo is 500K  or 15 million.  If your talking about stocks, gold, condos  people always want to know 'how much am I making each year'??    ROI....Return on Investment...

[Leaver]

1 minute ago, treetops said:

And as it's a technicality that makes not a whit of difference to anyone's life, why even discuss it?

Mainly because the term "100% freehold ownership" is used when selling condo's here, which is misleading, and indeed, one member is posting as if it is the case, when it simply is not. 

[Leaver]

7 minutes ago, how241 said:

Thailand condo ownership is almost a mirror copy of how condos are owned in the West.

Rubbish.

 

It's you who needs to research more. 

[how241]

3 minutes ago, Leaver said:

Yet, when asked, would it represent the same good investment today, your reply was, "No." 

With today's higher selling prices, I think the ROI  would fall from around 10%,  down to 6%...Still not a bad place to park some unneeded cash. Condos are STILL giving a decent ROI,  if you buy carefully and know how to play the 'rental game'...

[treetops]

4 minutes ago, Leaver said:

Mainly because the term "100% freehold ownership" is used when selling condo's here, which is misleading, and indeed, one member is posting as if it is the case, when it simply is not. 

I don't agree it's misleading just because it's not used in the same way as it may be in mine or your home country.  Everyone discussing it here knows the practicalities, and it takes away from the real debate when semantics like this are used to sidetrack the conversation IMO.  I'll leave it at that.

[Leaver]

2 minutes ago, treetops said:

Everyone discussing it here knows the practicalities,

Do they???? 

 

It appears many don't, but hey, everyone else is doing it, so it must be fine.  ????

[newnative]

45 minutes ago, treetops said:

In practice, he cannot be thrown off the parcel of land that his "box of bricks" is suspended above, so it's misleading to suggest it makes any real difference from owning the land too, just for the sake of argument.

    Thank you for adding your voice to setting the record straight.  As I've stated several times, NOBODY owns the land in a condo project.  It doesn't matter if it's a Thai or foreign owner or an owner from Mars.  The land is owned by the condo project, legally registered as a condominium at the Land Office.  This is why a foreign owner can legally purchase a condo in foreign quota in his name in Thailand.  He is not buying land--and neither is the Thai condo owner.

    Instead, a Thai or foreign owner is buying a share of the condo project when he or she purchases a condo in the project.  The share is usually based on the size of the condo purchased.  As you said, nobody, Thai or foreign, can be 'thrown off' the parcel of land.  The owners can, however, unanimously vote to sell the condo project, which includes the land, and each owner, Thai or foreign, would receive their fair share of the profit--a Thai owner and a foreign owner would receive the same amount for equal shares.  

    The poster you responded to really has no idea what he is talking about but continues to post false information, for whatever reason.  His latest false information refers to 'freehold' ownership, which he is completely confused and mistaken about.  Freehold simply means that the land the condo project sits on is owned by the condo project and not leased.  It has nothing to do with Thai or foreign ownership and a Thai owner does not have any advantage in a 'freehold' condo.  Or, a leased land condo, for that matter.  I don't know of any condo projects in Pattaya on leased land so it is really a non-issue for most Pattaya condos.  

     Other than the 49/51 rule, there is little difference in condominiums I've owned in Thailand and those I have owned in the US--another point the poster is always ranting about.  Whether in the US or here, the condo projects have monthly maintenance fees, have condo by-laws, have annual meetings, and have an elected condo board.  The 49/51 business, the whole 'us versus them' mentality, is just another red herring.  In practice it is more a case of owners versus management issues.  

[newnative]

1 hour ago, how241 said:

Thailand condo ownership is almost a mirror copy of how condos are owned in the West. Same as in the USA  and Europe. You just don't understand how ALL  condos operate.  Please spend your time reading and learning from Google, rather than embarrassing yourself with your uninformed posts...

Correct.

[Leaver]

1 hour ago, newnative said:

As I've stated several times, NOBODY owns the land in a condo project. 

I'm sure that's reassuring to know for many condo owners.   ????????

 

So, is the Thai's don't own 51%, and the foreigners 49%, NOBODY must own 100% of the land.   ????????

[Destiny1990]

3 hours ago, Leaver said:

Yes, what a fine property investment portfolio it must be.  500k baht shoe boxes, rented to 4k baht a month Thai's, who will soon be out of work, and that's pre virus.  

 

What are you left with?  No tenants, and no buyers for your shoe boxes. 

Anyway he was bragging about how great his room rental business was and yeah As i said i don’t recommend doing that monkey business here to anyone

[chrisandsu]

On 3/23/2020 at 8:17 PM, Henryford said:

You would have to be crazy to buy a condo in a company (or thai) name. There are thousands for sale in the foreign quota.

You would hope that sanity would prevail and they would be at least 30% cheaper then the farang owned quota . TIT

[how241]

3 hours ago, Leaver said:

I'm sure that's reassuring to know for many condo owners. 

It should oblivious to anyone reading your posts that you will just keep posting the same erroneous info  and not spend a small amount of time to read/learn  how condos really work.  

[Leaver]

8 hours ago, how241 said:

It should oblivious to anyone reading your posts that you will just keep posting the same erroneous info  and not spend a small amount of time to read/learn  how condos really work.  

I research buying property in Thailand, extensively, so time ago, and decided it was not for me.  What you call "erroneous info" are the reasons it was not for me, and that is only dealing with Thai property law. 

 

Then, you have the "investment" side of the issue to consider, and I also consider buying here a poor investment.  (pre virus)  

[fhickson]

On 3/24/2020 at 5:26 AM, Destiny1990 said:

Never said anything is easy but units under the 5 k can try get locals tenants while above that price range there are no more customers!

anyway I would not recommend doing any of these 2 here.

with huge risks collecting payments from locals in a country where you have few rights or protections.

 

it works until it don't. but that one time it don't blows you @@@@ out of water likely at an age when your least able to deal with it and bridges have been burned.

 

take a lesson from the business partnership arrangements here. its a <deleted>@up, every time.

 

but its all cake IF, big if, you keep what you need well off shore and separate from your dealings here.

Edited March 25, 2020 by fhickson

[Destiny1990]

50 minutes ago, fhickson said:

with huge risks collecting payments from locals in a country where you have few rights or protections.

 

it works until it don't. but that one time it don't blows you @@@@ out of water likely at an age when your least able to deal with it and bridges have been burned.

 

take a lesson from the business partnership arrangements here. its a <deleted>@up, every time.

 

but its all cake IF, big if, you keep what you need well off shore and separate from your dealings here.

I repeat for u the last sentence of my post : Anyway i would not recommend  getting involved with either under and above the 5 k rentals here.

[how241]

10 hours ago, Leaver said:

I research buying property in Thailand, extensively, so time ago, and decided it was not for me.  What you call "erroneous info" are the reasons it was not for me, and that is only dealing with Thai property law. 

 

Then, you have the "investment" side of the issue to consider, and I also consider buying here a poor investment.  (pre virus)  

OK...We all have read your personal opinion Many times here.  You will probably be a life-time renter and that's OK  for many people. No need to go on for 10 more pages.  We get it, you would never recommend buying in Thailand.  Thank you for your Many posts.

[how241]

10 hours ago, fhickson said:

with huge risks collecting payments

Such a HUGE risks, if someone doesn't pay the 5,000 rent and you end up keeping his deposit to cover it.  WOW  ---  I don't know how I will be able to sleep at night thinking about this Huge risk...haha ....Perhaps you feel so much safer keeping your money in the stock market, as there are only Small risks  there....

[Leaver]

19 minutes ago, how241 said:

Such a HUGE risks, if someone doesn't pay the 5,000 rent and you end up keeping his deposit to cover it.  WOW  ---  I don't know how I will be able to sleep at night thinking about this Huge risk...haha ....Perhaps you feel so much safer keeping your money in the stock market, as there are only Small risks  there....

If one of your cheap Thai tenants didn't pay the rent, and refused to leave, what would / could you do? 

[wobblyjohn]

I don't think its a good time to buy but certainly a good time to sell considering  the exchange rate theses days

The time to buy was 15 years ago at the time friends told me to rent but I bought  at 72 baht and sold at 42 to the pound, happy days Im quids in ????

I must have saved a small fortune in rent

 

[Leaver]

1 minute ago, wobblyjohn said:

I don't think its a good time to buy but certainly a good time to sell considering  the exchange rate theses days

The time to buy was 15 years ago at the time friends told me to rent but I bought  at 72 baht and sold at 42 to the pound, happy days Im quids in ????

I must have saved a small fortune in rent

 

No argument from me there have been some profits made in the past. 

 

Virus side, how relevant in the past to Thailand / Pattaya 2020?