Great time to buy a condo in Pattaya

[Pravda]

Mother of all devaluations is coming. I am generally against owning real estate in Thailand, but depressed Pattaya looks like a great buy.

 

I'd buy gold, but kinda risky putting it under the mattress. 

[Puchaiyank]

Why on earth would you buy a condo in Pattaya at any price at this time?

 

Pattaya may never have the lure of the tourists it once had...then you are stuck with a condo, maintenance and condo fees, and no income...

 

Are you a realtor in Pattaya or just uninformed?

[timendres]

I will say it again, and then repeat myself. It is way to early in the game to think there are "deals". This is going to play out for many months, if not a couple of years. And values will keep legging down the entire way. Keep your powder dry!

[baansgr]

Land office is shut, no can do

[Hank Gunn]

21 minutes ago, Puchaiyank said:

Why on earth would you buy a condo in Pattaya at any price at this time?

 

Pattaya may never have the lure of the tourists it once had...then you are stuck with a condo, maintenance and condo fees, and no income...

 

Are you a realtor in Pattaya or just uninformed?

Indeed, real estate in any market is a very illiquid asset compared to debt, equities, or precious metals (if that's your thing). I agree too, about the uncertain future of whether or how far Pattaya will bounce back. Besides the uncertainties of the global economy moving forward, there are things like shifts in demographics and personal tastes that are unknown and could have a big impact on Pattaya and many other vacation/real estate markets.

[NCC1701A]

people will be walking away from condos when they can no longer pay the common area fees and utilities because they have no money at all. 

 

that is blood in the streets.

 

that is when you buy.

 

Condo rents are going to 2500- 4000 baht for two bedroom sea view next year.

 

 

Edited March 27, 2020 by NCC1701A

[HashBrownHarry]

2 hours ago, NCC1701A said:

people will be walking away from condos when they can no longer pay the common area fees and utilities because they have no money at all. 

 

that is blood in the streets.

 

that is when you buy.

 

Condo rents are going to 2500- 4000 baht for two bedroom sea view next year.

 

 

Comedy gold - love it!

[Pravda]

3 hours ago, Puchaiyank said:

Why on earth would you buy a condo in Pattaya at any price at this time?

 

Pattaya may never have the lure of the tourists it once had...then you are stuck with a condo, maintenance and condo fees, and no income...

 

Are you a realtor in Pattaya or just uninformed?

 

uninformed 

[billaaa777]

Quote

Condo rents are going to 2500- 4000 baht for two bedroom sea view next year.

That's just a crazy statement! What point are you trying to make

[lkn]

22 hours ago, NCC1701A said:

people will be walking away from condos when they can no longer pay the common area fees and utilities because they have no money at all. 

Utilities can be shut off, and common fee is on average probably 900-1,800 baht per month for your typical shoebox condo.

 

That’s likely why many sellers will put a price on their condo and not budge on that, because it’s practically free to just wait until someone is willing to pay the asking price. 

 

There’s a new condo/real estate tax coming up soon, but that’ll also be peanuts compared to e.g. selling at a 100,000 baht discount, which would be common fees and tax for five years or more — and a 100,000 baht discount is not exactly a bargain…

 

So yeah, I doubt people will “walk away” from their condos because they can’t afford the expenses.

[kevinsan]

On 3/27/2020 at 6:46 PM, NCC1701A said:

Condo rents are going to 2500- 4000 baht for two bedroom sea view next year.

And that's at 50 baht to the dollar. 1997 - Skylines filled with abandoned buildings. Plus the condo market demographic insures that at least 10% of foreign owners shall never return.

[izod10]

It is not unsold,its blight that will effect most.  Blight finished off many buildings in Spain and still does,unkept filth everywhere,no security,vandalism,low life moving in  Whatever residents remain will not want to pay more for upkeep,everyone walks away

[chicowoodduck]

On March 27, 2020 at 6:46 PM, NCC1701A said:

people will be walking away from condos when they can no longer pay the common area fees and utilities because they have no money at all. 

 

that is blood in the streets.

 

that is when you buy.

 

Condo rents are going to 2500- 4000 baht for two bedroom sea view next year.

 

 

Don't you just hate when some expert blows smoke up your <deleted>?????????

 

Next up will be the BUY Bitcoin sign........geez.....????????????

[wombat]

On 3/27/2020 at 6:46 PM, NCC1701A said:

 

 

Condo rents are going to 2500- 4000 baht for two bedroom sea view next year.

 

 

please pm me when its available please

 

[mike787]

YEP!  Now is the BEST time to buy stocks, mutual funds etc...especially Thai property.  Firee sale is on NOW.  Act quick.

[NoBrainer]

"Great time to buy a condo in Pattaya"

 

Pretty funny statement.

 

Easy to buy, almost impossible to sell, and no renters around any more.  There are 10's of thousands of unsold condos all over the eastern seaboard, and have been for many years now.

 

And the agents are mostly interested in selling brand new developments to any prospective clients, not your resale condo,  because the commissions are 10%-12%. Very few buyers are prepared to pay that kind of selling commission on their own condos.

I'm not talking out of my <deleted>, that is from personal experience. Had a nice large seaview unit, 200 meters from a semi private beach, listed with half a dozen agents for last 4 years. Price does not matter, I tried lowering it to less than half the median price, just to see if it would make any difference (below 30K per meter) for large duplex luxury penthouse. Still only had 5 showings in 3 years.

Just no market here any more. Decided to take it off the market and continue to enjoy living in it.

Definitely would not buy again here. If I had spent the same money in Bangkok, 15 years ago, I would have doubled my money, and had something with at least a chance to sell.

[Airalee]

Wait for the 1.2% property tax to hit all those *investment* condos where people can’t find tenants.  Then, instead of a ฿36,000 (plus special assessments) annual carrying cost, they will have close to ฿100,000 (on a ฿5,000,000 50sqm unit) carrying costs.

 

 

[ReLo]

Any good offer for 1 million max ?

 

[leggo]

it is never a good time to buy a condo in Pattaya - never has been never will be!

[CH1961]

On 3/27/2020 at 6:46 PM, NCC1701A said:

Condo rents are going to 2500- 4000 baht for two bedroom sea view next year.

Do you know the lottery numbers next draw too? 

[GAZZPA]

On 3/28/2020 at 7:40 AM, billaaa777 said:

That's just a crazy statement! What point are you trying to make

What point dont you understand? He is stating that the condo prices will fall from the virus....

[ivor bigun]

On 3/27/2020 at 6:46 PM, NCC1701A said:

people will be walking away from condos when they can no longer pay the common area fees and utilities because they have no money at all. 

 

that is blood in the streets.

 

that is when you buy.

 

Condo rents are going to 2500- 4000 baht for two bedroom sea view next year.

 

 

sorry but its time to wake up now lol

[DefaultName]

I'm certainly keeping an eye on it.  Not as an investment, but to live in.  I rent now, but if I could get a good price on a condo that I could see myself in permanently, I'd buy.

[newnative]

1 hour ago, NoBrainer said:

"Great time to buy a condo in Pattaya"

 

Pretty funny statement.

 

Easy to buy, almost impossible to sell, and no renters around any more.  There are 10's of thousands of unsold condos all over the eastern seaboard, and have been for many years now.

 

And the agents are mostly interested in selling brand new developments to any prospective clients, not your resale condo,  because the commissions are 10%-12%. Very few buyers are prepared to pay that kind of selling commission on their own condos.

I'm not talking out of my <deleted>, that is from personal experience. Had a nice large seaview unit, 200 meters from a semi private beach, listed with half a dozen agents for last 4 years. Price does not matter, I tried lowering it to less than half the median price, just to see if it would make any difference (below 30K per meter) for large duplex luxury penthouse. Still only had 5 showings in 3 years.

Just no market here any more. Decided to take it off the market and continue to enjoy living in it.

Definitely would not buy again here. If I had spent the same money in Bangkok, 15 years ago, I would have doubled my money, and had something with at least a chance to sell.

      I think you should have been able to sell your condo in the past 4 years if it was priced correctly, shows well and is in a good project with a good location.   There were lots of buyers 4 years ago, 3 years ago, 2 years ago. The Chinese were still buying 1 year ago and even a few months ago.  Since 2011 I have averaged about 2 condo sales a year, including 2 last year.  I have sold 1 bedrooms in the 3 million price range and two 2 bedrooms, 1 for over 7MB and the other for over 10MB.  The virus has paused things but there are still buyers waiting in the wings--especially for higher-end condos.  

     It's true that when we had a couple of condos in the under 2MB price range it was difficult to get agents to show the condos because the commission was so small and the condos were at Lumpini Park Beach and Lumpini Seaview--a bit of a hike in south Jomtien Beach Road.  To get those sold, we offered a 50,000 baht agent bonus on top of the 5% commission.

     We have not had that problem with our higher-priced condos.  Here's the important thing:  Being listed, as you say, with 'half a dozen agents' is not nearly enough.  There is no MLS so you really have to take the time and go one by one to every agent in town, including the Chinese agencies.  I also list with the Bangkok agencies that handle Pattaya listings, as well.  

     When I say I go 'one by one' I mean that I email each agency good photos and detailed information on the condo I have for sale.  A few weeks later I check their website to see if my condo has gotten listed.  Sometimes I have to email agencies several times before the listing gets up.  Some agencies will also have a way to list your condo on their website and attach photos.  I'm always on the look-out for new agencies or ones I have missed.  The idea is to get listed as widely as possible because you have no way of knowing which agency your potential buyer is going to walk into--or which website he or she might check.  Or, which agency might have the right contacts to get the right client that might just be in the market for a large seaview condo like yours.  There's definitely work involved but it has paid off--some sales have come from large agencies and some from smaller ones.   You can't predict which so it's good to hit them all.  Good luck to you.

     The thread is about the market right now and, obviously, things are bad everywhere--not just Pattaya and not just Thailand.  Nobody can say when the virus will end and things get back to a more normal state.   However, when things do return to normal, I think Pattaya will again be a popular tourist destination and will remain a nice place to live. 

     The tourist demographic will likely remain more Asian-focused, as it has for the past few years.  It was interesting, however, to see all the western and Russian tourists out and about when the Chinese tour groups disappeared in February.  Still a sizable minority that should be wooed more by TAT when the virus ends.  

     Some have said that Pattaya was in decline before the virus because of fewer western tourists.  But, as a full-time resident, that's not what I have observed.  Instead, I see a lot of improvements finally being made by the city and a lot of investment by private companies in new hotels, new shopping, and new entertainment.  Today my partner and I ventured out and--masks on--toured the showroom of a new project called Arom on Wong Amat Beach, a beautiful condominium and hotel project.   Hopefully, nice projects like this will continue when the virus abates.  

[scubascuba3]

To buy any condo you'd be looking at 50% of what people were asking 2 months ago. That's the only way you could sell at this crazy time

[crazykopite]

Who would want to buy a condo in a dump of a place named Pattaya no thanks and I’d say the same if they offered it to me for free.

[Destiny1990]

Well tell us what sort of Corona bargain condo deals in Pattaya is the OP looking at? Sqm prices? views? 
in all honesty these view talay 7 unsold shell units of 100sqm full Unblocked sea-view  how much did they put their prices down? 

[Mac98]

It is the best time to buy, if you are sure a vaccine will be announced next week. Or the virus will vanish "like magic", as some 'stable genius' politician promised.

[Ireland32]

13 minutes ago, crazykopite said:

Who would want to buy a condo in a dump of a place named Pattaya no thanks and I’d say the same if they offered it to me for free.

Go away troll 

[tropo]

On 3/27/2020 at 4:37 PM, Pravda said:

I'd buy gold, but kinda risky putting it under the mattress. 

If you are so flush with extra cash that you can buy physical gold, that's exactly what you should be doing. In most countries the supply of physical gold is limited and gold dealers can't find any to sell. I'm not sure what the supply is like in Thailand, but if they have it, and you can afford it, get it while you can. I suspect if they haven't already, they will soon run out of it... bars, not jewelry, but the premium cost of jewelry is not cost effective for investment unless you're super desperate to get your hands on some.

 

On Tuesday last week (March 24), the spread on gold trading on the FX market with my broker went from a normal 0 - 10 points to over 2000 points at one point (buy-sell spread of $21 per ounce) and settling down to an average of around 300 points for most of the week, rendering gold trading impossible. This was attributed to a worldwide shortage of physical gold. If you can find it, and you can afford it, get it! It closed at US $1621.60 on Friday but has ranged from $1450 to $1700 over the last 2 weeks. Where it is going on Monday is anyone's guess, but my guess is it ready to skyrocket.

 

There are ways to store it, so that's no excuse.

 

Buying a condo in Thailand, no matter what the price, is the last thing you should do right now, although there will be no end of hungry real estate agents suggesting the opposite.