Let's buy real estate!

[Destiny1990]

Any Corona bargain sales at View talay 7 ?

[natway09]

I have noticed a few already in Pattaya of condos where the foreign owner obviously "wants out"

[Krataiboy]

Why buy anything when in a few years you can live in a Smart City, own nothing and rely on Big Brother for all your needs.

 

Think I'm joking?

 

https://www.weforum.org/agenda/2016/11/shopping-i-can-t-really-remember-what-that-is/

 

[Vigilante]

On 4/10/2020 at 10:41 AM, ChipButty said:

Wait until the banks have repossessed be some bargains then I think right now people would be thinking no point in putting up for sale as there is nobody here to buy

Some of the banks might get repo'd themselves.

A wave of debt defaults is coming, assuming this pandemic doesn't resolve quickly

 

[NightSky]

How much of a discount would make it a deal for you OP?

[wasabi]

What are the best websites to research Real Estate in Thailand? I wish they had a site like Redfin here. I always end up cross referencing a few because they all seem lacking. A map is certainly helpful as well as good filters and stats. I'd like to know price history so I can see if the price were lowered.

[ncc1701d]

Are banks becoming more stringent on loaning money? If you’re cashed up I guess you’d be fine. But banks are also worried about the ability to repay the mortgage. 

[thaismog]

Flipping real estate in Thailand is not the same as in the west. Thai gov is always changing rules, taxes and is not farang friendly. If you find good LOCATION and you like the price buy it. Just think who will buy your property in 10 years time. 

[newnative]

On 4/10/2020 at 11:25 AM, BritManToo said:

Unlikely as banks aren't allowed to sell for less than the outstanding loan (usually 90%-95% or the original price).

    My partner and I looked at a bank-owned vacant condo a few years ago.  Thought it was over-priced then and didn't buy it.  We can see it from the condo's pool and it still sits empty today and likely the bank still owns it.  

[Caine]

On 4/10/2020 at 4:39 AM, PatOngo said:

What makes you think the chinese won't be back eventually? Surely you don't think Covid19 will halt their aggressive expansionist policy, do you?

The Chinese won’t be back because the west will turn on them, including Russia and nuke them off the planet. U.S.A., Russia, U.K. France, India, Pakistan 

[newnative]

On 4/11/2020 at 4:46 PM, Airalee said:

Would have to have more information to really know it’s a deal....or even a true discount.

 

1.  Is it one of the 2br 1ba units or 2br 2ba units?
 

2.  What floor is it on?  
 

3.   What is the view?  Blocked/unblocked?

 

4.   What were the presale prices for similar units?

 

5.   How many units does the developer still hold?

 

Seeing that the developer is still selling 2 years after completion (2018) tells me that it’s not an exceptionally desirable building.  The fact that it is leftover stock also leads me to believe that it wasn’t one of the more desirable units either or else it would have already sold.   
 

Bangna is also far out.  I expect the prices in the suburbs/exurbs to drop more than prime locations (the same applies to specific units within a building)

 

I also see that there is a 24th floor (out of 34) unit for sale on hipflat with an asking price of 4.29m.

 

My personal opinion....that million baht discount is no deal. 
 

 

Agree.  Probably getting down to around where it should have been priced for that location. 

[newnative]

22 hours ago, scubascuba3 said:

The flippers who bought at the Edge, second road, Pattaya must be sweating now

I thought it was over-priced from the get go.

[CrunchWrapSupreme]

I was looking at condos around Bangna and Samut Prakan about two months ago. The number of vacancies is ridiculous. My wife and I were shown several empty units in the same building.

 

In one unit I looked out the window to the building across. The windows had no curtains, and I could see right inside. They were empty and unfurnished. From what I could tell over half the building was empty! And judging from the dust and bird poop on the balconies, it had been that way for some time. Then as we walked around the neighborhoods, even more were still going up.

 

Meanwhile down the road, are the moo bans with two or three families crammed in each apartment, sharing the rent.

[recom273]

3 hours ago, scorecard said:

One point is that not many Thais buy second hand because there is no status value in second hand. On the flip side many Thais, once they own land, even a house lot have a firm policy of never ever sell your land. 

 

It is quite different to the west.

 

 

Your second point is so true. If myself and the wife make it through this, we are banking on some land becoming available - we have been looking around our area, there are a fair few vacant plots most with land markers, but no one wants to sell, or if they are they have been asking for silly money and there are no takers on the horizon.

[Andy from Kent]

On 4/10/2020 at 10:56 AM, Peterw42 said:

The builders control the supply, if there is no demand, they just shut down supply.

Its an easy equation, if there will be nobody buying your condos for the next 6 months, stop building them.

It cost nothing to send the Burmese condo builders home and mothball a project. Most would be operating to some sort of formula, sell a certain percentage off the plan, then break ground etc.

 

Don,t the builders have to pay suppliers and banks all this  time tho.    Just mothballing puts them in bankruptcy doesn,t it?

[Peterw42]

8 minutes ago, Andy from Kent said:

 

Don,t the builders have to pay suppliers and banks all this  time tho.    Just mothballing puts them in bankruptcy doesn,t it?

I suppose if they have borrowed heavily to fund a project, as I said above, they often sell a percentage off the plan to fund a chunk of the project, Build one block then sell off the plan again to get money for stage 2 etc. I think you would find some are cashed up with no need to borrow. 

[scorecard]

3 hours ago, Vigilante said:

Some of the banks might get repo'd themselves.

A wave of debt defaults is coming, assuming this pandemic doesn't resolve quickly

 

And Thai banks (banks anywhere) usually want to resell quickly at a price to recover the unpaid debt plus their costs to do so.  If they have multiple bad debts all the more reason why they would sell quickly, at cost, because it quickly improves their cash holdings.  

[scorecard]

36 minutes ago, Andy from Kent said:

 

Don,t the builders have to pay suppliers and banks all this  time tho.    Just mothballing puts them in bankruptcy doesn,t it?

Could be true.

[deej]

31 minutes ago, Peterw42 said:

I suppose if they have borrowed heavily to fund a project, as I said above, they often sell a percentage off the plan to fund a chunk of the project, Build one block then sell off the plan again to get money for stage 2 etc. I think you would find some are cashed up with no need to borrow. 

Easier said then done????

Supply and Demand is the key to any  Market ????

[PatOngo]

6 hours ago, Caine said:

The Chinese won’t be back because the west will turn on them, including Russia and nuke them off the planet. U.S.A., Russia, U.K. France, India, Pakistan 

Well, what are they waiting for?

[Vigilante]

A lot of developers will go belly-up

They have over-extended themselves

What's this thai thing about over-building..and then some more?

 

[tifino]

1 minute ago, Vigilante said:

A lot of developers will go belly-up

They have over-extended themselves

What's this thai thing about over-building..and then some more?

 

well for starters; it creates plenty of fodder for the Abandoned/Derelict photographs Topics ???? 

[Traubert]

On 4/12/2020 at 6:12 PM, Caine said:

The Chinese won’t be back because the west will turn on them, including Russia and nuke them off the planet. U.S.A., Russia, U.K. France, India, Pakistan 

You'll be first? ????

[tjo o tjim]

Looked at Circle 11 and Hyde 11 last month, and was willing to offer 60 satang to the baht from list prices on Circle, and 50 on Hyde. You are still going to get screwed over even at those prices though. Happy I never made a formal offer though. 

[Ron jeremy]

On April 9, 2020 at 11:56 PM, Peterw42 said:

The builders control the supply, if there is no demand, they just shut down supply.

Its an easy equation, if there will be nobody buying your condos for the next 6 months, stop building them.

It cost nothing to send the Burmese condo builders home and mothball a project. Most would be operating to some sort of formula, sell a certain percentage off the plan, then break ground etc.

Then why is there over 100,000 unsold condos in Bangkok alone????

and 12,000 in pattaya, this is new, not old.

if this were true they would have shut down building them years ago.

several projects in Bangkok have been stopped because of lack of sales.

a true glut in the market.

im not convinced people are stupid enough to continue to buy off plan. 

Just curious, is the Bali hai pier project completed yet?

how did the off plan buyers make out there?

that was as great a deal as the night wish group had to offer.

lots of happy investors in that group.

[ChasingTheSun]

5 million baht investment visa coming back again this year?

 

The big problem in BKK is that the developers have been mistakenly  pricing new projects for the narrow foreign buyers market, and not for the main local mass-market. There are not nearly enough expats to support that business model.  
 

Use 3rd world Myanmar peasant labor to build product in the 2nd world, and then expect 1st world prices for the finished questionable-quality product?!
 

As such, there there is a huge oversupply and an under-served local market.

 

BKK rationalization coming soon.

[rumak]

On 4/13/2020 at 12:07 AM, PatOngo said:

Well, what are they waiting for?

they're waiting for the nukes to arrive  ( made in China )   

[newnative]

3 hours ago, ChasingTheSun said:

5 million baht investment visa coming back again this year?

 

The big problem in BKK is that the developers have been mistakenly  pricing new projects for the narrow foreign buyers market, and not for the main local mass-market. There are not nearly enough expats to support that business model.  
 

Use 3rd world Myanmar peasant labor to build product in the 2nd world, and then expect 1st world prices for the finished questionable-quality product?!
 

As such, there there is a huge oversupply and an under-served local market.

 

BKK rationalization coming soon.

      As a foreign buyer, I would amend your post a bit by saying I am not sure who the Bangkok developers are building for--as most of the new Bangkok projects that I would be interested in are way out of my price range.

      In January, my partner and I bought a 52 sqm getaway condo on the 37th floor in what is considered a luxury class building about a 1 or 2 minute walk to the Phetchaburi MRT.  It was in good condition with not much work needed and we paid 6MB, about 115,000 baht a sqm.   Project's about 6 years old and in good shape. 

      Literally right across the street from the MRT entrance is a new project with 48 sqm 1 bedroom condos priced for around 13MB and up for units on higher floors.  Around 270,000 baht a square meter and up.  So, the condos are smaller in size but well over double the price for the same Phetchaburi location.  Two bedrooms at the project are 22 to 24MB.

      Yes, the building is newer and a bit fancier but are there that many buyers, foreign or Thai, who will pay 13MB for a 1 bedroom 1 bath condo?  And, this project is just one of dozens of similar super high-end Bangkok condo projects that have recently been finished or are still under construction.  Think of Living and Locanation have reviews of many of these projects on You Tube to show what I am talking about.  

      It's a mystery to me as to where the buyers will be found for all these projects.  As a foreigner, my price range to live in Bangkok was around 5 to 6MB.  I'm thinking a lot of Thai buyers would rather have a house than a small condo if they are spending 12 to 24MB.  So, as I said, I don't know who they are building for.  If their market really is foreign buyers, I think it's going to be a tough few years with the virus and its aftermath for some of these developers.

[deej]

3 hours ago, newnative said:

       If their market really is foreign buyers, I think it's going to be a tough few years with the virus and its aftermath for some of these developers.

 Post Covid19 to follow

which will flow on .to all corners of  Real Estate in Thailand  

Just a matter of  time

Buy any real estate now 

and with respect

You Are A Dead Duck

[WhatsNext]

Looking at renting and possibly buying in Hua hin (yeah i am dumb). All projects i called came up with big discounts without even asking for it yet. Rent prices are over the top, 50/80k for a pool house that costs 6 to 9MB. Ill go in guns blazing and will either rent something for half price or buy for 33% off. 

 

No one is looking to buy, so this is the time to do it !

(dont worry ill probably rent)