LT Condo Rentals - What discounts to expect

[newnative]

1 hour ago, Mike Teavee said:

Everytime I walk to/from the lift I notice that the unit at the end of the corridor still has the same notice stuffed under the door that it had when I moved into mine in August 2018 so it's clear that the door hasn't even been opened during that time. 

  

The owner has splashed out for a high-end Samsung electronic / fingerprint lock so I'm guessing they've invested above average money in the place, yet it's been empty for at least 19 months (For all I know it could have been empty for years before I moved in). 

 

Crazy but as there is no property tax, landlords can afford to leave their property empty (In the UK I'd estimate it would cost me > £350 pm in Council Tax & standing utility charges if my house was unoccupied). 

 

    It bears remembering that there are rich Bangkok Thais.  When we lived at Lumpini Park Beach the two 2 bedroom condos on either side of us were owned by families from Bangkok.  They came once or twice a year for a long weekend.  The rest of the time the condos sat empty.  A good many condos there were owned by Bangkok folks who seldom came except on holidays and long weekends.  Often looking out at Building C with probably 500 units we would only see a handful of lights on in the evening.  

    At another condo we owned, oceanfront, the large 4 bedroom condo next to us was worth at least 13MB or more.  Again, rich Bangkok Thai family that visited maybe 2 or 3 times a year.  No problem with the monthly maintenance fees of over 7000 baht a month--paying them month after month and year after year even though the condo is hardly used.  As good old F. Scott used to say, the rich are different.  

[steven100]

how did you go OP ....  not so good i expect , as i said earlier.

[Leaver]

1 hour ago, steven100 said:

how did you go OP ....  not so good i expect , as i said earlier.

Give it time.  Thai's are paid monthly. 

[scubascuba3]

17 hours ago, shortstop said:

The lease expires on the condo that I am currently renting in about a week and am looking around at various options.  If you are a condo owner looking for a tenant please PM me.  I prefer the Pattaya Soi 15 area but am open to other locations at the right price.  Looking for a one bedroom (or two) and will not consider a studio.

If you post in Facebook you'll get lots of replies. Join all the property groups in Pattaya

[BobBKK]

On 3/26/2020 at 3:05 PM, bbi1 said:

Try offering 50% of what any owner asks and negotiate from there. Owners will be frothing at the mouth to get a tenant in these times.

and we MUST take advantage! I agree got to exploit these times!  I'll cut my cleaners salary by 50% too!  every cloud... eh?

[Leaver]

On 4/2/2020 at 1:16 PM, BobBKK said:

and we MUST take advantage! I agree got to exploit these times!  I'll cut my cleaners salary by 50% too!  every cloud... eh?

There are some things here where the tourists are / were exploited.  Metered taxis are one.  No meter used, and a ridiculous price thrown at you.  Accept it, or walk.   Hence all the tourists coming in coach buses, to cut out the transport costs.  

 

I have no problem if those guys go broke and lose their taxi.  For me, that's kharma.   

[scubascuba3]

3 minutes ago, Leaver said:

 

 

I have no problem if those guys go broke and lose their taxi.  For me, that's kharma.   

Yeah I don't like taxis, worldwide really, but in Pattaya the taxi bikes always used to try an inflated price especially late at night if you had a lady with you. They won't understand kharma

[Leaver]

8 minutes ago, scubascuba3 said:

Yeah I don't like taxis, worldwide really, but in Pattaya the taxi bikes always used to try an inflated price especially late at night if you had a lady with you. They won't understand kharma

I never really have a problem with the bike guys.  Yes, they try it on, and get away with it sometimes, but I meant the taxi cars with signage. (metered taxis) 

 

Edited April 3, 2020 by Leaver

[mike111]

OP: The discount, if any, you can expect depends of course on the venue. Well-established projects which have proven over the years to be well-managed and maintained and are centrally located enjoy a solid  demand and therefore discounts won't be huge. From my experience with the View Talay 2A/B buildings,  a unit advertised at 11K might be had for 10K but that's about it.

 

I wouldn't waste my time and money staying in a cheap rathole in the middle of nowhere stuffed with 2nd hand furniture just to save a few bahts a month.

 

[Leaver]

On 4/8/2020 at 5:50 AM, mike111 said:

Well-established projects which have proven over the years to be well-managed and maintained and are centrally located enjoy a solid  demand and therefore discounts won't be huge.

Where is that "demand" now, and for the next 12 to 18 months? 

[jacko45k]

15 hours ago, Leaver said:

Where is that "demand" now, and for the next 12 to 18 months? 

Potentially.... property has again just proven it has solid foundations. The stock market, even gold and digital currencies have shown themselves to be poor in an event like this. Cash will be cheap for a long time. One day it will be over, and Bangkokians will want a second home... somewhere to run if it happens again... as will rich Chinese when they are welcomed back with open arms. They are going to be first out of the gates in this race, the old powers, in the doldrums. 

Edited April 10, 2020 by jacko45k

[Leaver]

8 hours ago, jacko45k said:

Potentially.... property has again just proven it has solid foundations.

Yet to see that. 

 

There is a huge oversupply here, with no doubt more coming onto the market over the next 12 months. 

 

Yes, it will be interesting to see what the Chinese do.  If they are going to go shopping, I think they will buy hotels, boats and buses.  I can't see them buying up too much residential housing stock. 

[jacko45k]

15 hours ago, Leaver said:

I can't see them buying up too much residential housing stock. 

Why not, they seem to be keen to get into the rental game, have assets outside their own country and a bolt hole from there too.

[kingofthemountain]

On 4/11/2020 at 4:02 PM, Leaver said:

Yet to see that. 

 

There is a huge oversupply here, with no doubt more coming onto the market over the next 12 months. 

 

Yes, it will be interesting to see what the Chinese do.  If they are going to go shopping, I think they will buy hotels, boats and buses.  I can't see them buying up too much residential housing stock. 

A lot of ''residential'' condos (Like ''the Base'') were already in fact 

functioning as hotels for the famous FIT (Fckng individuals travelers?)

most of them were chineses (Owners and renters)

[kevinsan]

Asked current landlord for a 25% discount for year contract. No problem. Better deal than the US, where my tenets want three to four months rent forgiveness.

 

Pattaya reminds one of the Time Share markets. Now most Time Share markets advertise how to get out of your Time Share. They screw you buying in and selling out.

[scubascuba3]

1 hour ago, kevinsan said:

Asked current landlord for a 25% discount for year contract. No problem. Better deal than the US, where my tenets want three to four months rent forgiveness.

 

 

i guess it depends on the circumstances, if your tenants couldn't pay because of lost earnings then makes sense to give them extra time to pay, otherwise you may be a struggle to find new tenants

Edited April 13, 2020 by scubascuba3

[bbi1]

On 4/2/2020 at 1:16 PM, BobBKK said:

and we MUST take advantage! I agree got to exploit these times!  I'll cut my cleaners salary by 50% too!  every cloud... eh?

Economics 101 my friend. It's called supply and demand. Huge supply, no demand. No tourists and the hookers have gone back to the rice fields. If you wanna pay full price aka overpriced rentals to rent that's your problem.

[ChipButty]

We have decided to leave our condo empty for a couple of reasons, the pool and the gym is closed and if we have a tenant who was to get stranded here with no money and couldn't pay then what do we do? and if they became ill? save on the grief 

Best to leave it empty and ride the storm with only the management fee's to pay

Plus we got an email from the management we have to notify them if anybody staying there

Edited April 13, 2020 by ChipButty

[Zikomat]

 My landlord has expelled me from his condo for some small disagreements right before the Covid outbreak. And after I have rented his apartment for 18 months. I have found a much better apartment for a 30% cheaper price. I think my unlucky landlord got what he has deserved.

 

 

Edited April 14, 2020 by Zikomat

[Danny Australia]

I asked my farang landlord to lower my monthly rent from 15 k to 10 k due to the virus issue and because the gym and swimming pool became off limit. He came back with a counter offer of 11 k which I then accepted (We agreed to go back to 15 k per month when things go back to normal).

[mike111]

On 4/10/2020 at 11:57 AM, Leaver said:

Where is that "demand" now, and for the next 12 to 18 months? 

From my experience in Jomtien: View Talay 2 is always busy during August-March. <deleted> projects, which are abundant, are probably empty. But I wouldn't stay in the latter even if they paid me.

 

In terms of location, maintainance, and rental costs VT 2 ticks all the boxes and hence is in demand.

[Leaver]

On 4/12/2020 at 10:49 AM, jacko45k said:

Why not, they seem to be keen to get into the rental game, have assets outside their own country and a bolt hole from there too.

That's for prime real estate, showing good growth, in western countries, where they can own the property in their name.  Not in the biggest red light area in Thailand, and the world. 

[Leaver]

On 4/13/2020 at 4:08 AM, kingofthemountain said:

A lot of ''residential'' condos (Like ''the Base'') were already in fact 

functioning as hotels for the famous FIT (Fckng individuals travelers?)

most of them were chineses (Owners and renters)

Do you know the percentage of Chinese owners to Chinese renters, who then do daily rentals, at The Base?  

[Leaver]

On 4/15/2020 at 7:03 AM, mike111 said:

From my experience in Jomtien: View Talay 2 is always busy during August-March. <deleted> projects, which are abundant, are probably empty. But I wouldn't stay in the latter even if they paid me.

 

In terms of location, maintainance, and rental costs VT 2 ticks all the boxes and hence is in demand.

Did you not read my post?

 

I am talking about "demand" NOW.

 

There's no one here NOW, and will not be, for the next 12 to 18 months.  

[LongTimeLurker]

On 4/17/2020 at 5:52 PM, Leaver said:

Did you not read my post?

 

I am talking about "demand" NOW.

 

There's no one here NOW, and will not be, for the next 12 to 18 months.  

It's the fundamental principle of Thai Economics that when there is less demand you must raise the prices.

[kingofthemountain]

On 4/17/2020 at 5:49 PM, Leaver said:

Do you know the percentage of Chinese owners to Chinese renters, who then do daily rentals, at The Base?  

Nope

i am not in charge of the functioning of The Base

but if you are well informed about the numbers, feel free to share your sources

[Leaver]

On 4/21/2020 at 5:01 PM, LongTimeLurker said:

It's the fundamental principle of Thai Economics that when there is less demand you must raise the prices.

Yes, that is true, but usually the case to make up for short term losses.  This downturn is unprecedented. "Thai Economics 101" will not work this time.