Is this a good time to buy a Condo?

[how241]

19 minutes ago, HauptmannUK said:

I am just mulling this over. Its not about 'getting rich' its more about a bit of diversity. I have money in various traditional investments but nothing really in Thailand. ฿500k is not really much - barely buys a decent used car - so maybe worth a go - even at 2.5% it would be far from a disaster.

That's what got me interested in Nirun.  When I came here 10 years ago,  you could buy for 400K-450K  and than was was less than the price of a cheap new car.  I didn't see a whole lot of risk at that price.  Some guys own them and only come to Thailand a few months a year but like to be able to leave their stuff here and have it all set up when they return.  At 300 baht a month for service it doesn't cost them much.  It's not for everyone but it is a small, cheap condo with a great pool and good location. Buy a decent bed and get a nice young lady to share that bed and you will be happy. 

[Leaver]

1 hour ago, how241 said:

I know a man who just bought his 20th Nirun condo.  He gets more than 80,000 baht MONTHLY  rental income

Do you think 80k baht is good income for the responsibility, and risk, for 20 Nirun condo's?  i don't.

 

At 20 condo's in a foreign name, has he even thought about the 51% / 49% law? 

[newnative]

29 minutes ago, how241 said:

She payed every month, on time,  for 6.5 years and only left because she got married and is moving to Denmark.  Nice lady and never asked me to fix or replace anything.  I wish her good luck in the future. 

   And, not all Thai renters are bar girls.  When we were renting condos, are very best renter was a Thai female pharmacist.  She was our tenant for over two years until she was transferred to another city.  Always paid on time and she left the condo immaculate.  We did have a bar girl tenant who was horrible so you win some and you lose some...

[scubascuba3]

7 minutes ago, how241 said:

At 300 baht a month for service it doesn't cost them much. 

Plus cable and wifi. Condo blocks with low maintenance the committee just raises money as and when required separately via supplementary fund as it's difficult to increase maintenance fees, of course that's probably never happened at Nirun

[how241]

34 minutes ago, Leaver said:

Do you think 80k baht is good income for the responsibility, and risk, for 20 Nirun condo's?  i don't.

 

At 20 condo's in a foreign name, has he even thought about the 51% / 49% law? 

Based on 600K each, which I know he bought many for way less,  that gives you a 7% return.  The condo assoc.  controls to insure the 51%  Thai is maintained. I think he has many in his Thai ladies name,  not that this is an issue. 

[how241]

26 minutes ago, scubascuba3 said:

Plus cable and wifi.

These are optional, not required or included in the service fees.  Cable will cost 300 baht monthly and wifi prices varies but they have some low priced plans now at the condo office(BBB). Many renters don't care about wifi these days as they all use their phones. Same with the TV as you can steam from your phone. Not a big money issue either way.

[how241]

30 minutes ago, scubascuba3 said:

Condo blocks with low maintenance the committee just raises money as and when required separately via supplementary fund as it's difficult to increase maintenance fees, of course that's probably never happened at Nirun

Nirun condo ,  for the FIRST time ever,  had a emergency fee added on to cover some repairs.  Additional 150 baht for 24 months.  It should finish in 3 months.  That made the total fee 450 monthly but it should return back to 300 baht as it has been for more than the 10 years I know about. Either way,  small change.

[thaibeachlovers]

In my, and many poster's opinion it's NEVER a good time to buy anything in LOS. Renting is the way to go, so when the building is rented out to the Chinese hordes on illegal less that 1 month stays one can move.

In my years on TVF there have been countless threads from people that regret buying, but I have yet to read many from renters. The only problem seems to be with getting the deposit back in a few cases.

[Lacessit]

2 hours ago, Nyezhov said:

Spooky. Id be coming back in at night and would be freaking out if I saw a leering sheep. Im not Australian.

I think I can guarantee the sheep would be more scared of you, than you of them.

[Lacessit]

Moving out of my apartment in CM shortly. My landlord will have three condo apartments here without tenants then, the other two have been untenanted for the last two years. The condo I am moving to in CR has about 20 apartments for sale.

I don't care what condo prices are in Thailand, I would not buy even at bottom. Lousy neighbours, crooked management, built from toad droppings, leaking swimming pools, a one year lease on life here - renting is just so much more sensible.

[wolf81]

Not an investor in condos, but I am considering buying a condo in Thailand (possibly Pattaya) in the next 5 years or so. Here's my view.

 

I feel the prices can go a lot lower. Many condos for sale in Pattaya and from what I read still new condos are being build. A lot of condos stay empty. As others have said, it's a renters market. 

 

I feel a worldwide economic crisis is due very soon and perhaps the corona virus will be the event that starts it. I feel the beginnings of a crisis are both visible in Europe and Thailand and likely other areas in the world as well.

 

When a crisis starts, surely there must be plenty of people that become desperate to sell. Perhaps people who took some big loan to buy a condo in Thailand but can't afford the loan anymore because they lost their jobs. 

 

So if you can afford to wait, I feel there's no harm in waiting. Just save money and be ready to move when the crisis starts big time. 

 

P.S.: When considering to buy a condo, it's probably a good idea to rent a condo in the complex for some time first. So you get a decent idea on how well the building is maintained, the tenants that live there, etc… So if you already live in Pattaya, perhaps move to some condo that you consider buying an apartment in, in the future.

Edited February 25, 2020 by wolf81

[Lacessit]

17 minutes ago, thaibeachlovers said:

In my, and many poster's opinion it's NEVER a good time to buy anything in LOS. Renting is the way to go, so when the building is rented out to the Chinese hordes on illegal less that 1 month stays one can move.

In my years on TVF there have been countless threads from people that regret buying, but I have yet to read many from renters. The only problem seems to be with getting the deposit back in a few cases.

I think you'll find nowadays landlords are so desperate for tenants they are foregoing the security deposit for longer-term rentals.

[ChaiyaTH]

1 hour ago, Lacessit said:

I think you'll find nowadays landlords are so desperate for tenants they are foregoing the security deposit for longer-term rentals.

They do actually, I moved into mine by paying only 1 month deposit instead of 2 + got like 10 days free rental (contract started from the 1st next month).
My house is worth about 2M baht and she owns 2 next to each other in my village, one has been vacant for over 8 months already even the rent is only 9K a month.
If I didn't sign a 2 years lease, I would be gone already too and there is many more empty houses now.

She also had many incidents prior to us moving in, non paying tenant and noisy tenant kicked out. So it is even more stable now than before.

Perhaps not talking about condo's but the same price range, heard worse about the condo's in town. Guess my landlord merely makes 3% a year after all costs.
Not to mention all the time she needs to waste on it, driving around, fixing things up from time to time. She'd been better off with stocks.
She also paid much more than it gets sold for today already, at least a few hundred K down the drain.

If buying today, both risk a 20% change in forex loss + devaluation of the property let's say 30% making a total of 50% loss.
When taking that much risk one might as well just speculate and buy Bitcoin for it. Better odds on profit that way.
 

Edited February 25, 2020 by ChaiyaTH

[talahtnut]

Condo's are ideal, but for living long time, I have an idea they

may affect your well being.  My friend has been living in a

condo for about 20 years, he's in a wheelchair now and quite

poorly. When I visit him, after an hour or so. I feel so

claustrophobic, I have to go outside and have a ciggy.

IMHO I believe its not natural, living long term in what seems

like a chicken coop.  This is a very unscientific opinion

on long term condos, and I know everyone's needs are

different. Good luck with what you choose.

 

[Destiny1990]

Now it is not a good time to buy.

but soon there might be a lot of desperate sellers because they cant find  tenants , and they can’t find buyers either. And these Desperate owners don't want to live in it themselves !

 

 

[how241]

18 minutes ago, Destiny1990 said:

Now it is not a good time to buy.

but soon there might be a lot of desperate sellers because they cant find  tenants , and they can’t find buyers either. And these Desperate owners don't want to live in it themselves !

 

 

I have no idea why you think anyone is desperate.    Yesterday, when I was at Nirun and looked at the places where the owners post ads for condos for sale and rent,  there was only 2-3 ads there.  Out of almost 2,000 Nirun condos,  that hardly indicates desperate owners.  Think what you want to BUT I see no indication of desperate owners at Nirun.  Maybe some of the people that recently bought much higher priced condos (2-4 million)  might be desperate to sell.   Your wrong about Nirun.

[Airalee]

2 hours ago, talahtnut said:

Condo's are ideal, but for living long time, I have an idea they

may affect your well being.  My friend has been living in a

condo for about 20 years, he's in a wheelchair now and quite

poorly. When I visit him, after an hour or so. I feel so

claustrophobic, I have to go outside and have a ciggy.

IMHO I believe its not natural, living long term in what seems

like a chicken coop.  This is a very unscientific opinion

on long term condos, and I know everyone's needs are

different. Good luck with what you choose.

 

I prefer condos for the “lock and leave” factor, the view and also for the maintenance free lifestyle.  When I owned a house back in the US, it was a never ending project where I was always at Home Depot for one thing or another. 

[JimmyTheMook]

32 minutes ago, how241 said:

I have no idea why you think anyone is desperate.    Yesterday, when I was at Nirun and looked at the places where the owners post ads for condos for sale and rent,  there was only 2-3 ads there.  Out of almost 2,000 Nirun condos,  that hardly indicates desperate owners.  Think what you want to BUT I see no indication of desperate owners at Nirun.  Maybe some of the people that recently bought much higher priced condos (2-4 million)  might be desperate to sell.   Your wrong about Nirun.

 

No doubt, it's a class place all around.

 

 

[treetops]

10 hours ago, scubascuba3 said:

Did you hear about about a 43yo skandi killed by his thai gf the other day at Nirun? someone posted it on a thread earlier today

If it's the same thread I read, it was closed down by a mod for having no source for the claim.

 

9 hours ago, how241 said:

I know a man who just bought his 20th Nirun condo.

Could you give contact details (by PM if you prefer)?  I stayed there several times last year and like to keep an eye on what's available.

[SCOTT FITZGERSLD]

On 2/24/2020 at 3:34 AM, bkk6060 said:

And not is lousy areas. Pratumnak, North Pattaya, Nakluea etc. 

the whole pattaya area is one lousy area, ????

there is no beach there, it is a seawage water remove system.

and 1 million baht is not cheap for a condo in pattaya, because, as

i mentioned, all pattaya is one cheap low class town .

and if you will look closer, you will find that pattaya is full

of many modern condo buildings, who stand there empty or half empty

, thousands of empty condos in pattaya are for sale in pattaya ,

because, chinese or no chinese, pattaya is a sellers market. many sellers

and very few buyers.

[SCOTT FITZGERSLD]

11 hours ago, fforest1 said:

I would not buy unless I saw a change in government and visa policy..... 

that is exactly what i said 40 years ago...i am still waiting...

[SCOTT FITZGERSLD]

11 hours ago, Airalee said:

.they have only had to have the police come “a handful of times”

this reminds me of a blues song about a gang land slam:

 

" the police...allways come lately...

or that they don't come at all..."

[SCOTT FITZGERSLD]

9 hours ago, bkk6060 said:

US stocks up almost 60% in the past 3 1/2 years.

US stocks are down 8% in the past two days...

[scubascuba3]

8 hours ago, Lacessit said:

I think you'll find nowadays landlords are so desperate for tenants they are foregoing the security deposit for longer-term rentals.

the whole deposit? the 2 months requirements was daft anyway

[Destiny1990]

3 hours ago, how241 said:

I have no idea why you think anyone is desperate.    Yesterday, when I was at Nirun and looked at the places where the owners post ads for condos for sale and rent,  there was only 2-3 ads there.  Out of almost 2,000 Nirun condos,  that hardly indicates desperate owners.  Think what you want to BUT I see no indication of desperate owners at Nirun.  Maybe some of the people that recently bought much higher priced condos (2-4 million)  might be desperate to sell.   Your wrong about Nirun.

Oh i was talking Properties here in general..

For Nirun glamorous units ???? there will always be some demand that’s true. But with people reducing to travel worldwide and these visa Obstakels here makes finding tenants Or buyers especially in pricier segments very hard. So don’t buy now..but a nirun box 500k u never go wrong but i do consider Nirun an end-station destination for elderly farang with minor alchoholic problem.

[jacko45k]

20 hours ago, scubascuba3 said:

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

Yes at least a condo certainly can be in your own name and you get to keep it if the relationship fails. But I struggle to see that as recompense for the limited lifestyle of a couple in a small condo. I would expect to be out of the home much more. 

[ivor bigun]

22 hours ago, scubascuba3 said:

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

A big ego ,well its not the only big thing i have???? if you dont trust your wife ,sorry for that ,take out a 30 yr lease from her ,sorted. All my friend have houses ,except a couple who have Very ,Very large condos(which i could not afford) when i see the boxes they are building these days it amazes me how people can live in such a small space ,anyway the wife loves to potter in the garden.

[Henryford]

21 hours ago, bbi1 said:

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

I bought my condo for 50,000 GBP. I have lived there for 14 years and will probably stay another 14 years. Average cost per month 149 GBP. Current rent on a similar sized condo by the sea 600 GBP per month. Yes foolish.

[bkk6060]

Remember on

4 hours ago, SCOTT FITZGERSLD said:

US stocks are down 8% in the past two days...

Yes, and that is a very good thing.

When it gets to 10% buy lots and lots of stock.

[bkk6060]

Remember as a buyer regarding the exchange rate, use that to your advantage.

Figure it out and show the seller the numbers.  Offering the seller 25 to 30% or more less explaining they "will break even" could now be a smart offer for a buyer to make.