IsChiang Mai Real Estate Propertys Condos or Houses Selling or Renting

[deej]

From a very reliable friend who has had his very nice housing property on the market in Maerim  District over 2 yrs and has dropped his opening price from 6 mil to 4.5 mil and presently cannot find a viewer let alone a buyer

It appears from my observations. he is not alone.

Edited March 27, 2020 by deej

[trevoromgh]

Well if he didn't before he definitely won't now. In the UK they just closed down the property market because of Covid.  A sensibile move I suggest.

[bkk6060]

 

Sounds like another happy owner.

Who knows, maybe it is only worth 3 million. Any info. on comps in his area? Sq mtr. prices, age, condition.

Geez, 20 questions to ask.

But being a non transparent real estate market who, truly knows what is happening or appropriate pricing.

 

[Destiny1990]

Tell your friend that I’am willing to barter his property for mine 6 toilet rolls plus 4 brandnew face masks and 2 soap bars !

[Bill97]

Things are booming and have been for a while.  People running around snapping up all types of properties.  Many rolling over within a few months got big profits.
 

very hard to understand why this guy in Mae Rim can not sell

 

unless it is Evenstevens trying to sell his barnyard yet again

Edited March 27, 2020 by Bill97

[deej]

20 minutes ago, bkk6060 said:

 

Sounds like another happy owner.

Who knows, maybe it is only worth 3 million. Any info. on comps in his area? Sq mtr. prices, age, condition.

Geez, 20 questions to ask.

But being a non transparent real estate market who, truly knows what is happening or appropriate pricing.

 

When placed on the market 2018@ 6 mil he declined 2 offers of 5.5 mil split taxs 

and last year did the same @ 5 mil 

Since his last  price drop to 4.5 mil  early 2020  2 viewers no offers

and the last couple months 

no viewers at all

Yes first offer .best offer .can be easily said in his case( with hindesight) but  who can accurately  price in  a Falling Off A Cliff  C/mai Real Estate Market in any Tambon or District for that matter.

[Destiny1990]

18 minutes ago, deej said:

When placed on the market 2018@ 6 mil he declined 2 offers of 5.5 mil split taxs 

and last year did the same @ 5 mil 

Since his last  price drop to 4.5 mil  early 2020  2 viewers no offers

and the last couple months 

no viewers at all

Yes first offer .best offer .can be easily said in his case( with hindesight) but  who can accurately  price in  a Falling Off A Cliff  C/mai Real Estate Market in any Tambon or District for that matter.

Air quality hasn’t improved much there right? Corona , stricter visa hassles, strong baht , difficulties about house and Land owner ships structures here , Ongoing exodus  of expats.. The list is long my friend.

 

[Dante99]

So it is a buyer's market.  Not news, it has been that way for some years now, particularly in Mae Rim.

[Thailand]

"When placed on the market 2018@ 6 mil he declined 2 offers of 5.5 mil split taxs 

and last year did the same @ 5 mil "

 

Having already let 2 birds in the hand fly away seller will be lucky to get another opportunity.

[deej]

5 hours ago, Thailand said:

"When placed on the market 2018@ 6 mil he declined 2 offers of 5.5 mil split taxs 

and last year did the same @ 5 mil "

 

Having already let 2 birds in the hand fly away seller will be lucky to get another opportunity.

Absoulately Nailed It.

In addition with the  Covid 19  fear and repercussions  Etc Etc

a very hard sell at 4.5 mil .

 

 

[1FinickyOne]

On 3/27/2020 at 1:32 PM, deej said:

It appears from my observations. he is not alone.

I had been looking at property for a while... most homes did not take into account that physical buildings depreciate in value here, though land increases.. so many houses seemed to be priced at 2x replacement cost... however, the properties that I have seen that were reasonably priced sold relatively quickly. 

[deej]

15 hours ago, kenk24 said:

I had been looking at property for a while... most homes did not take into account that physical buildings depreciate in value here, though land increases.. so many houses seemed to be priced at 2x replacement cost... however, the properties that I have seen that were reasonably priced sold relatively quickly. 

Yes a couple good points

Only property.s now selling  are at least 30 % under 2018 market  prices  or 10 % 2019  market  price (from my observations) and further falls likely due to the Covid 19 crisis etc etc

which may   lead  to 

Who Knows????

Edited March 29, 2020 by deej

[1FinickyOne]

53 minutes ago, deej said:

Yes a couple good points

Only property.s now selling  are at least 30 % under 2018 market  prices  or 10 % 2019  market  price (from my observations) and further falls likely due to the Covid 19 crisis etc etc

which may   lead  to 

Who Knows????

also... because there are so few buyers and so many homes for sale, there do not seem to be any real market factors at work.. agents would tell me it was a buyers market but there was no apparent advantage in that as near nobody was willing to compromise price by too much... though I think that is finally changing... if you want to sell, gotta reduce high... 

Edited March 29, 2020 by kenk24

[deej]

4 minutes ago, kenk24 said:

also... because there are so few buyers and so many homes for sale, there do not seem to be any real market factors at work.. 

Condo.s are in the same boat  as houses.  And pulling on the oars are renting  the above markets.

Shipping in water at alarming rate  and sadly. Covid 19 will sink them all 

just a matter of time

[Lacessit]

Thais want new, and the farang buyer market is shrinking because some people are fed up with Immigration BS.

Thais can buy new for 3 - 3.5 million baht in a gated community. Even if the houses are built out of toad s##t and cardboard, they are NEW. Why would they look at a secondhand property for 5 - 6 million baht when there are better options ( in their eyes ) available?

I have a friend in the same boat in Chiang Mai. Really well built house, quality right through. 4.5 million baht. Has not had a nibble trying to sell for three years.

[1FinickyOne]

30 minutes ago, Lacessit said:

Really well built house, quality right through. 4.5 million baht. Has not had a nibble trying to sell for three years.

Where is it? If in a moo bahn, I know that is difficult to sell, just too many available... 

 

31 minutes ago, Lacessit said:

some people are fed up with Immigration BS.

a few maybe but mostly they don't have the $$... seems so many complain about the 800k in the bank... can't imagine that a home is in the ballpark.

[1FinickyOne]

52 minutes ago, deej said:

Condo.s are in the same boat  as houses.  And pulling on the oars are renting  the above markets.

Shipping in water at alarming rate  and sadly. Covid 19 will sink them all 

just a matter of time

you sound experienced... must be an agent?? 

[baansgr]

The market for houses in Pattaya and surrounding like Sattahip and Bang Saray has been dead in its tracks for years. Sensibly priced in a good area will sell upto 3 mil...but there isn't anyone anymore willing to spend half a million dollars on a house in the boonies that they don't even own...owners need to realise and take a hit if they really wanna sell.....and now....well it's gonna be a lot worse...

[deej]

44 minutes ago, kenk24 said:

you sound experienced... must be an agent?? 

No time for Real Estate agents. anywhere.

Particular C/Mai .

But at times .a necessary evil

(like Lawyers ????)

In close to 2 decades residing in Cmai .Have rented  .bought and sold .built and sold and bought again and perhaps have my nose in front and thk the good lord for that????

My present view of C/mai.s Property Market selling  or renting is a nightmare  particular selling in double figures or more  

I know some smart Thai landlords who have (as i post)  reduced their rents domestic and business to ease the burden of Covid 19

to the renters

Win Win to both party.s

in Covid 19 days

 

Edited March 29, 2020 by deej

[Odysseus123]

I call 'em foreign tombstones.

[deej]

4 minutes ago, Odysseus123 said:

I call 'em foreign tombstones.

Absoulately Love your sense of humour

But for many .so true

[worgeordie]

Anyone buying a property in Mae Rim,should have know 

when it came to sell they would have a problem,

it's all about location,location and yes location.

regards Worgeordie

[canthai55]

Hear Hear

Premium properties in Prime locations are almost inflation proof.

But a property in the sticks only appeals to those who want to live in the sticks.

Same as Moo Bans - surrounded by cookie cutter houses, minuscule lawns and parking, no privacy. No Thank You.

[deej]

9 minutes ago, worgeordie said:

Anyone buying a property in Mae Rim,should have know 

when it came to sell they would have a problem,

it's all about location,location and yes location.

regards Worgeordie

Sure that its not confined to Maerim District. CMai

but  to all Thailand Provinces. Districts  and Tambons. across the board

The Covid 19 is a real knock out blow to a already depressed Real Estate market

[worgeordie]

7 minutes ago, deej said:

Sure that its not confined to Maerim District. CMai

but  to all Thailand Provinces. Districts  and Tambons. across the board

The Covid 19 is a real knock out blow to a already depressed Real Estate market

He's been trying to sell for 2 years,that had nothing to do

with Covid 19, now he has even less chance to sell.

In my area ,which is 4 Km from Centre, houses have been

selling in last 2 Years and at high numbers,next door to me

bought for 15 Million, knocked it down,built new house,was

only bought for the location, land plot in front of me,sold

for 26,000 square wah,  

regards worgeordie

[Lacessit]

2 hours ago, kenk24 said:

Where is it? If in a moo bahn, I know that is difficult to sell, just too many available... 

 

a few maybe but mostly they don't have the $$... seems so many complain about the 800k in the bank... can't imagine that a home is in the ballpark.

San Pouloei.

Before my friend built his house, he was renting a Thai-built house a few km away. 10 yo, falling to pieces, pipes leaking, wires shorting, doors jamming. It was one of the factors in convincing me never to buy here, even though I could afford it. Of course, the other factor is we get one year here, and if an IO is having a bad day, you have seven days to p##s off.

[deej]

1 hour ago, worgeordie said:

 

In my area ,which is 4 Km from Centre, houses have been

selling in last 2 Years and at high numbers,next door to me

bought for 15 Million, knocked it down,built new house,was

only bought for the location, land plot in front of me,sold

for 26,000 square wah,  

regards worgeordie

The very best of luck to you on your present Property  Value.s

From my actual experiences with those who # Go The Early Crow#  come a cropper sooner rather then later!!!

Sincerely hope u are not one of them????

 

[1FinickyOne]

2 hours ago, Lacessit said:

San Pouloei.

Before my friend built his house, he was renting a Thai-built house a few km away. 10 yo, falling to pieces, pipes leaking, wires shorting, doors jamming. It was one of the factors in convincing me never to buy here, even though I could afford it. Of course, the other factor is we get one year here, and if an IO is having a bad day, you have seven days to p##s off.

Where is San Pouloei? Is that the name of a moo bahn?

 

I went to look at a property, photos very nice and setting very nice, but house was 30 years old and had not been lived in for a while... the doors felt like they could come off in your hand... you would have to knock everything down... it surely once was charming. They were asking 10MM and when I questioned the agent, she said that they had to talk the people down from 15MM... 

 

I actually did purchase recently but bought paradise... at quite a reduced price. But, my situation is different. I am looking to gradually transfer assets to my wife and family here as I have been doing for over 15 years... I don't think it is true but people say you can't take it with you... 

[Lacessit]

3 minutes ago, kenk24 said:

Where is San Pouloei? Is that the name of a moo bahn?

 

I went to look at a property, photos very nice and setting very nice, but house was 30 years old and had not been lived in for a while... the doors felt like they could come off in your hand... you would have to knock everything down... it surely once was charming. They were asking 10MM and when I questioned the agent, she said that they had to talk the people down from 15MM... 

 

I actually did purchase recently but bought paradise... at quite a reduced price. But, my situation is different. I am looking to gradually transfer assets to my wife and family here as I have been doing for over 15 years... I don't think it is true but people say you can't take it with you... 

San Pouloei is a moo baan off the 121, between the 1317 and the 118. A lot closer to the 118. I'd say my friend's house will still be solid after 30 years, he knew what he was doing.

My will is quite simple, everything in Thailand goes to my teerak, everything in Australia goes to my son.