Now may be the best time to buy a condo

[kingdong]

9 hours ago, GlassWayOverHalfFull said:

Most of the people in Bangkok can.

Till the inevitable financial crash,

[kingdong]

Cash is king.

[soi3eddie]

9 minutes ago, kingdong said:

Cash is king.

But the exchange rates and uncertainty are your enemy. Also, there are rarely any bargains to be had in condos. Don't believe that that there are now. You may find a distressed westerner needing to sell fast but Asians will hold out for their imagined price forever leaving a place to rot. I've seen it. 

[Lacessit]

IMO I prefer sitting on a pile of cash, and that's what I am doing. Now may be the worst time to buy a condo, as values could have further to fall.

My former landlord in Chiang Mai has three empty condos he can't rent out. Not even short term, no tourists. Long termers are dying or leaving.

[kingdong]

10 minutes ago, soi3eddie said:

But the exchange rates and uncertainty are your enemy. Also, there are rarely any bargains to be had in condos. Don't believe that that there are now. You may find a distressed westerner needing to sell fast but Asians will hold out for their imagined price forever leaving a place to rot. I've seen it. 

Thanks for your advice,was trying to inject a bit of humour and establish myself as a bit of a wag,obviously failed in your case.

[pixelaoffy]

Buy a condo at moment? Haha in Bangkok the prices are just a crazy as ever! Condos on sale for 19 million instead of 20, or 11m and not 12. 

[ThailandRyan]

On 4/20/2020 at 7:07 PM, Susco said:

I can see the queue's of buyers already

Are they in-line for food as well...

[pixelaoffy]

On 4/20/2020 at 7:07 PM, kevin612 said:

How many people can afford 3 millions? I believe the prices would be much lower without the Chinese, Chinese people are boosting Thai real estate Prices. What a pity.

Oh yes, these developers rely on wealthy Chinese to boost the prices and no doubt hoping they will return. Crazy city that allows mass condo construction and units left empty with no tax to pay , so the condo companies can just wait hoping for the Chinese yuan mob to return !

Edited April 21, 2020 by pixelaoffy

[zaZa9]

Ive had to move houses because of numerous reasons all piling up ... construction trucks blocking the Soi constantly ,  a motorbike shop owner working on his friends big bikes all night ( revving and banging steel ) an abandoned home was taken over by bbq salaeng folk who  fired up every afternoon ( burning  bike tubes )  and made the Sois air unbreathable , sewer being dumped in the storm water and reeking ,  leaks in the roof and around windows left unrepaired  , and NONE of the problems addressed by anyone. I can only imagine living tooth to jowl in a bought condo , and being stuck without the possibility  of getting out quickly. The sane thing to do is rent - and move to another new rental  when the first irritations inevitably start .

[Captain Monday]

I bought a condo in Chiang Mai years ago and got a good deal on it.

I was given many reasons not to. Starting from neighbor problems, to the Reds will nationalize foreign property. Completely ridiculous nonsense. Nobody EVER said Thailand would not let me into the country. Started a few years ago with TM30 and  then visa exempts, NOW I CANNOT ENTER THE COUNTRY and there is no idea how long it will last.

 

 

 

Edited April 21, 2020 by Captain Monday

[kingdong]

10 minutes ago, pixelaoffy said:

Oh yes, these developers rely on wealthy Chinese to boost the prices and no doubt hoping they will return. Crazy city that allows mass condo construction and units left empty with no tax to pay , so the condo companies can just wait hoping for the Chinese yuan mob to return !

Why do,es everyone assume the Chinese are going to be immune from the pending financial crash?also the middle east,dependency on oil will be vastly reduced as well.

[mr mr]

what real estate company paid for this ad ?

[Ron jeremy]

Do the condos in pattaya come with water? 

Yes many great deals to be had! ????????

Any water problems at the Bali hai pier condo?

people screamed at the great deals there, missed me golden opportunity.

Edited April 21, 2020 by Ron jeremy

[elliss]

23 hours ago, soi3eddie said:

Why buy today when you can buy tomorrow for less?

 

 Two years down the road , free...

  Those expats , who have bought in Thaliand .

  Aka , stupid farlangs , nuff said ..

 

 

Edited April 21, 2020 by elliss

[Surelynot]

19 minutes ago, zaZa9 said:

Ive had to move houses because of numerous reasons all piling up ... construction trucks blocking the Soi constantly ,  a motorbike shop owner working on his friends big bikes all night ( revving and banging steel ) an abandoned home was taken over by bbq salaeng folk who  fired up every afternoon ( burning  bike tubes )  and made the Sois air unbreathable , sewer being dumped in the storm water and reeking ,  leaks in the roof and around windows left unrepaired  , and NONE of the problems addressed by anyone. I can only imagine living tooth to jowl in a bought condo , and being stuck without the possibility  of getting out quickly. The sane thing to do is rent - and move to another new rental  when the first irritations inevitably start .

Spot on. Rent and move on at the first sign of hassle. The only place I would buy is somewhere that I had rented for some time, and knew it was 'perfect'. As soon as I hear even a distant boom boom (not that type of boom boom) I'm off.

[SkyRider]

On 4/20/2020 at 9:30 PM, jadee said:

I'm currently living in a condo that I bought in 2010 - so I'm not an investor or landlord, I just bought to live in, and I'd strongly advise anyone against buying a condo - this Nation article is probably a paid-for 'advertorial' written by a property agent. 
If anyone's tempted by the prices now, just wait a few months - even then it won't be a good idea. 

What are the reasons that you advise against buying?  

[soi3eddie]

3 hours ago, SkyRider said:

What are the reasons that you advise against buying?  

I bought my condo in Bangkok 10 years ago and it's actually worked out quite well. Thankfully the building is well managed in an ok area (Sanampao - Phaholyothin Soi 3). Not HiSo but ok and only 5 minutes walk from Soi Ari. No problems with any neighbours. Of course it could have been a nightmare same as anywhere - I was lucky and bought in the right building, right area, right price and right time. Price has not gone down and may have increased slightly. I didn't buy to make (or lose money) but as a long term place to stay/live and give to my currently 17yr old and half-Thai son when I die.

 

I have since looked at many other condos out of interest. Room sizes are shrinking fast and new prices are outrageous. Quality of ALL developments must be questioned and then there's the issue with co-residents and neigbours. The more you pay then you are generally safer. If you buy in Sukhumvit, Asok, Sathorn, riverside or simailar then there's always the risk of buying into an unoffical hotel (a-la AirBnB or booking.com) with parties and comings and goings at all hours.

 

You'll read lots of scare stories but right place at right price will not be a mistake. Only ever "invest" money in Thailand that you will not need again. 

[Tounge Thaied]

2 hours ago, soi3eddie said:

I bought my condo in Bangkok 10 years ago and it's actually worked out quite well. Thankfully the building is well managed in an ok area (Sanampao - Phaholyothin Soi 3). Not HiSo but ok and only 5 minutes walk from Soi Ari. No problems with any neighbours. Of course it could have been a nightmare same as anywhere - I was lucky and bought in the right building, right area, right price and right time. Price has not gone down and may have increased slightly. I didn't buy to make (or lose money) but as a long term place to stay/live and give to my currently 17yr old and half-Thai son when I die.

 

I have since looked at many other condos out of interest. Room sizes are shrinking fast and new prices are outrageous. Quality of ALL developments must be questioned and then there's the issue with co-residents and neigbours. The more you pay then you are generally safer. If you buy in Sukhumvit, Asok, Sathorn, riverside or simailar then there's always the risk of buying into an unoffical hotel (a-la AirBnB or booking.com) with parties and comings and goings at all hours.

 

You'll read lots of scare stories but right place at right price will not be a mistake. Only ever "invest" money in Thailand that you will not need again. 

Straight forward, no nonsense, advice here... Just wait to see if prices fall. If prices are ever going to fall it will be this year. 

[bodga]

Sensible  people  bought when their  home currency was  strong in my case at 75baht per  pound, buying now is a big  no no, overpriced.

[Tounge Thaied]

16 minutes ago, bodga said:

Sensible  people  bought when their  home currency was  strong in my case at 75baht per  pound, buying now is a big  no no, overpriced.

Do you think those days are coming back? They just might. Who knows. Time will tell. For me, I wouldn't buy unless the prices came down at 25%. It will be interesting to see just how things shake out. If travel restrictions remain difficult for travelers, then next year could be the year to buy. It all depends on how "normal" Thailand returns to in the remainder of this year. 

Edited April 24, 2020 by Tounge Thaied
wrong thought.

[Mulambana]

On 4/20/2020 at 7:47 AM, Puchaiyank said:

Once the smoke clears...Pattaya is a most undesirable and inhospitable place to live...

But is the best city for farangs to find thei future bride, may be after bangkok.

[jimmybcool]

I owned a condo in Pattaya for 10 years.  I sold it last year and have had some twinges of regret wondering if I did the right thing.  I did so because I was planning on reducing my Thailand visits or even not going any longer.  And I missed Thailand.  Now, I am so happy I own nothing there.  I feel sorry for the guy who bought my condo but it clearly isn't my fault if the prices drop from this event.  Heck, the money he gave me I put into the markets and isn't as valuable so we both took a hit.

 

I still feel as I did back then.  Only reason for me to own a condo is as a second home.  Not as a rental.  Not as an investment.  

[Puchaiyank]

4 hours ago, Mulambana said:

But is the best city for farangs to find thei future bride, may be after bangkok.

May not be best...but certainly one of the easiest...

[kingdong]

6 hours ago, Tounge Thaied said:

It all depends on how "normal" Thailand returns to in the remainder of this year. 

Don,t hold your breath.

[gk10002000]

Yes you may get a decent price, but under what conditions?  In the future the place will be like a massive Air BnB with short term stayers coming and going?  Will rooms or entire floors be commandeered for mass rentals to Chinese tour groups or others?  Buyer beware

[gk10002000]

5 hours ago, jimmybcool said:

I owned a condo in Pattaya for 10 years.  I sold it last year and have had some twinges of regret wondering if I did the right thing.  I did so because I was planning on reducing my Thailand visits or even not going any longer.  And I missed Thailand.  Now, I am so happy I own nothing there.  I feel sorry for the guy who bought my condo but it clearly isn't my fault if the prices drop from this event.  Heck, the money he gave me I put into the markets and isn't as valuable so we both took a hit.

 

I still feel as I did back then.  Only reason for me to own a condo is as a second home.  Not as a rental.  Not as an investment.  

yes.  And many years ago I almost bought a place.  Kind of wish I did because the price was not much at the time and with the exchange rate still 40 baht to 1 USD.  It would have been like 30k or 35 k USD for a decent little place.  I always went twice a year on holiday, but slowed down a bit as I got some very busy years at work. But had I owned the place I may have "forced" forced myself to go a few more times or probably would have let one or two friends or relatives use it for a week or two.  But who knows what headaches would have happened.  Water leaks, utility issues, theft while I was out of country, etc.  Of course I may have decided to punch out and retire sooner.  But as things turned out, this virus thing, the visa extension hassles, the insurance hassles, etc, retiring there probably would not have been the best thing.  And with the recent market downs, I am fortunate to be working on a crazy high rate contract and doshing things up for real retirement (63 now).  So you never know how things would have been.  In general, buying unless one is there for a real long time is risky.  Not to mention if you have issues with the building, neighbors, etc, but can't get away from the property.  That alone might make it better to never buy and just pay a little more on rents and leases for months for the flexibility

[Henryford]

No one should be buying at current exchange rates, especially in Bangkok. Small condos for $300,000, a joke. Without the night Pattaya has nothing to offer.

[jimmybcool]

36 minutes ago, gk10002000 said:

yes.  And many years ago I almost bought a place.  Kind of wish I did because the price was not much at the time and with the exchange rate still 40 baht to 1 USD.  It would have been like 30k or 35 k USD for a decent little place.  I always went twice a year on holiday, but slowed down a bit as I got some very busy years at work. But had I owned the place I may have "forced" forced myself to go a few more times or probably would have let one or two friends or relatives use it for a week or two.  But who knows what headaches would have happened.  Water leaks, utility issues, theft while I was out of country, etc.  Of course I may have decided to punch out and retire sooner.  But as things turned out, this virus thing, the visa extension hassles, the insurance hassles, etc, retiring there probably would not have been the best thing.  And with the recent market downs, I am fortunate to be working on a crazy high rate contract and doshing things up for real retirement (63 now).  So you never know how things would have been.  In general, buying unless one is there for a real long time is risky.  Not to mention if you have issues with the building, neighbors, etc, but can't get away from the property.  That alone might make it better to never buy and just pay a little more on rents and leases for months for the flexibility

Yeah.  When I bought the exchange rate was a lot better.  But my condo was well above $35K USD at any time.  But I got it all back when I sold.  I didn't have any issues when I owned it.  perhaps because I bought in a really good building.  No theft ever (and I left a lot of expensive stuff in there).  No worries about water leaks etc.  It was always the way I left it when I showed up.  

 

But yeah I'm glad it is gone.  It was nice for a while but better I don't feel obligated to go back.  I have friends that own hotels as well and can always get a good rate on a safe room.

 

 

[treetops]

14 hours ago, bodga said:

Sensible  people  bought when their  home currency was  strong in my case at 75baht per  pound, buying now is a big  no no, overpriced.

Sensible or lucky?

[Delight]

21 hours ago, treetops said:

Sensible or lucky?

Lucky!

Back in the year 2000 Fed fund Rates(FFR) were 6%

In 2003 Alan Greenspan -the then chairman of the Fed-dropped FFR to 1 %.

That resulted in the 1st stage of what became known as the Great Recession.

It also resulted in the exchange rate close to that which you quote .

In retrospect he should have dropped FFR to 4%

At 4% no Great recession and a  Baht  to £ rate of 50

 

Question at 50 would you have bought?