Now may be the best time to buy a condo

[Number 6]

Thailand has the stupidest marketing come-on's

 

Ten percent off some absolutely surreal price

 

Free for two years but you pay the list price.

 

 

These people still don't get it.

 

What I'll never understand is why banks aren't calling these loans. These developers pockets simply can't be that deep especially the sum of them.

 

No idea how all these shi++y developments haven't gone tits up years ago

[soi3eddie]

3 hours ago, Number 6 said:

 

What I'll never understand is why banks aren't calling these loans. These developers pockets simply can't be that deep especially the sum of them.

Because the banks are funding the developers. Buying a new condo or moo baan is easy as the developer's bank will finance the purchase. Financing a used condo or property is virtually impossible. 

[Captain Monday]

On 4/25/2020 at 12:40 AM, 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. 

Never fight with a Thai man. Never buy a woman house and land, Never open a business, never invest in anything you can't afford to walk away from. Agree. I also bought a Condo a few years ago. I don't regret my decision but nobody told me that I can't come back due to some virus nonsense that has killed less people in Thailand in 3 months than die on the roads in one normal day. A world gone mad.

[newnative]

    I get a number of emails and monthly newsletters from realtors for property for sale, mostly in Pattaya but sometimes Bangkok as well.  Here are 3 that came in the other day.

 

Oceanfront condo in Wong Amat.  Newer construction. 44th floor, 2br/2ba, front corner, 83 sqm, 18.9MB.   Seaview.  Nice amenities.  Southwest exposure.  Beautiful view but extremely hot.  Having learned my lesson, I would never buy west or south exposure again.    Expensively but hideously furnished in some sort of Russian mansion style.  Not something I would like in an actual mansion and certainly not in a small, modern condo.  You'd have to open a window, chuck out all the furniture, lighting, and carpets and start all over.  I think I recognize the horrible decor from several years ago so this condo has been for sale for awhile.  At almost 228,000 baht a sqm, no bargain here.  

 

Same oceanfront Wong Amat project.  37th floor, 2br/2ba, back corner, 72 sqm,  9.99MB.  Seaview.  Southeast exposure.  Hot, too.  Furnished in modern style, some pieces might be usable.  11 sqm. smaller than the first, not as good a view, but 9MB cheaper.  Once you get up 30 floors or more, there's not a lot of difference in what you see on floor 37 vs. 44.  If you are truly ocean front, you can have a beautiful view from any floor that gets you above the trees.  I'd prefer a lower floor if you are only looking at ocean with no coastline views.  You're looking at more beach, boats, and sea and less boring sky.  139,000 baht a sqm.  Priced better than the first but still no bargain. 

 

Low-rise condo in Jomtien with big pool in the middle of the buildings.   Newer construction.  Floor not given, outside view rather than pool view.  25sqm.  Studio.  850,000 baht.  Fully furnished.  Tiny but, hey, I spent 1 million baht to buy my Honda HR-V a few years ago--and I can't live in the car.  If you are on a very tight budget, don't want to rent, and need a roof over your head, you could do worse.  Some nice amenities.  Condo fee will likely run you about 1000 baht a month, utilities and internet maybe another 2000.  So, you can keep a small roof over your head and not be homeless for about 3000 baht a month, or around $100.  Or, it could be a very cheap getaway condo or used as office space.  Of the 3 condos, the only one that maybe approaches being a bargain--but a bargain is only a bargain if you are buying something that fits your wants and needs.  There's a glut of these low-rise cracker box condos so some cheaper ones might be available.  Likely little or no appreciation down the road--but neither did my Honda.  

 

 

[DrJack54]

6 hours ago, newnative said:

Likely little or no appreciation down the road--but neither did my Honda.  

You sound like you might have an idea re my question (didn't wish to start new thread) if not perhaps another member could assist. 

Looking at buying a townhouse. So the question is what ~ are transfer costs. I see many adds have transfer 50/50.

Of course there would be also solicitor to consider. 

In Oz we have a thing called stamp duty and it's highway robbery by state governments. Ridiculous amount of money.

So anyone know how Thailand works.

BTW property in bkk and would be in Thai name. Price 6m.

 

[Harveyboy]

On 4/21/2020 at 9:48 AM, newnative said:

     The trend in Bangkok and Pattaya is small condos in projects with lots of amenities.  In Bangkok the small condos are geared to young professionals, many of whom go to work early and come back late.  They are hardly in their condos during the week except to relax a bit in the evening and then sleep.  They don't cook and mostly eat take-out or eat out so the kitchen appliance that gets used the most is the microwave.  The Lumpini Bangkok condo my partner and I bought didn't even have a cooktop--and, forget an oven.   

    To offset the small condo, the new projects have lots of amenities--lavish swimming pools and gyms, of course, but also usually two or more 'co-living' spaces.  Sky lounges with kitchens, other rooms more dedicated to meetings, studying, and working from home.  In addition, there are theater rooms, putting greens, yoga rooms, kids pay rooms, sky gardens, walking paths, rock-climbing walls, and about anything else you can think of.  One new project I saw has a boxing ring--something I would not have thought of!  They all seem to be trying to outdo each other with amenities.  

    The same is true for Pattaya.  But, instead of targeting young, professional workers, the new projects are geared to short-term tourists, with most of the units small.  The idea being that tourists can tolerate a condo the size of a hotel room since they only using it for a short period--and the projects are also packed with amenities.  The Riviera projects in Pattaya are good examples--mostly small units but outstanding amenities.  

nothing wrong with buying a condo in Thailand  unless you want to stay in hotels done that been there...no personal possessions bring and take back all your belongings each time you Holliday pay pay pay hotel gains you have sod all at the end  ..i bought a condo ..ok small 38 square  more than enough for me great pool ..gym private security ..parking ect ect ..ok had it 8 years bought off plan ok a risk but turned out good  ..count up the cost hotels  me my friends who come over my kids get to use it when i go to my place up north for a spell or do a bit of touring.  baht was ok when i bought  ...please explain Why its stupid to buy .. perhaps you have had a bad experience but just saying for me Quids in 

[newnative]

30 minutes ago, DrJack54 said:

You sound like you might have an idea re my question (didn't wish to start new thread) if not perhaps another member could assist. 

Looking at buying a townhouse. So the question is what ~ are transfer costs. I see many adds have transfer 50/50.

Of course there would be also solicitor to consider. 

In Oz we have a thing called stamp duty and it's highway robbery by state governments. Ridiculous amount of money.

So anyone know how Thailand works.

BTW property in bkk and would be in Thai name. Price 6m.

 

     My Thai partner always handles the closing costs when we buy and sell a condo and I don't pay a lot of attention to them.  Perhaps others who know more precisely can jump in.  I know there are fees and taxes that are paid with some of them based on the value of the property.  These can all be paid by either the buyer or the seller as part of the deal but often are split 50/50.  Your realtor should be able to give you a good estimate of what the transfer fees will be and your share if you are doing 50/50.    

     A solicitor is not required here to do a property transfer at the Land Office but it can be a good idea to have one look over the contract before you sign anything to make sure your interests are protected.  They can also be with you at the Land Office to help facilitate the sale and let you know what is going on as it is conducted in Thai.  I would have a third party hold your deposit if possible and do not hand over the remainder of the purchase price until you get the Chanote at the Land Office.  

[DrJack54]

34 minutes ago, newnative said:

I would have a third party hold your deposit if possible and do not hand over the remainder of the purchase price until you get the Chanote at the Land Office

All of your post pretty much confirms my thinking. 

The bit I quoted from you above, I have read before, so that good advice and noted.

Cheers.

[newnative]

2 hours ago, Harveyboy said:

nothing wrong with buying a condo in Thailand  unless you want to stay in hotels done that been there...no personal possessions bring and take back all your belongings each time you Holliday pay pay pay hotel gains you have sod all at the end  ..i bought a condo ..ok small 38 square  more than enough for me great pool ..gym private security ..parking ect ect ..ok had it 8 years bought off plan ok a risk but turned out good  ..count up the cost hotels  me my friends who come over my kids get to use it when i go to my place up north for a spell or do a bit of touring.  baht was ok when i bought  ...please explain Why its stupid to buy .. perhaps you have had a bad experience but just saying for me Quids in 

     Sorry you got the wrong impression with my post.  I have owned and sold about 16 condos in Thailand--all at a profit--and I have never said it's stupid to buy.  On the contrary, buying has been very good for me.  I hate to rent and always buy.  My partner and I own a Pattaya condo and a Bangkok getaway condo--we like not having to move our possessions, too.

     The post you were reading was about new condos vs. older projects.  When my partner and I first came to Pattaya in 2010 we bought a 48 sqm condo at View Talay 3. Smallest size available was 46 sqm. The project had just 1 amenity--a pool.  No real lobby, no gym, no garage parking, no sky lounge, no steam room or sauna, no library, theater, etc.  Today's projects tend to have smaller units but many more amenities.  A buyer actually has a nice choice now depending on what his wants and needs are in a condo.

[bwpage3]

If people haven't learned a lesson by now they never will.

[bwpage3]

13 minutes ago, newnative said:

     Sorry you got the wrong impression with my post.  I have owned and sold about 16 condos in Thailand--all at a profit--and I have never said it's stupid to buy.  On the contrary, buying has been very good for me.  I hate to rent and always buy.  My partner and I own a Pattaya condo and a Bangkok getaway condo--we like not having to move our possessions, too.

     The post you were reading was about new condos vs. older projects.  When my partner and I first came to Pattaya in 2010 we bought a 48 sqm condo at View Talay 3. Smallest size available was 46 sqm. The project had just 1 amenity--a pool.  No real lobby, no gym, no garage parking, no sky lounge, no steam room or sauna, no library, theater, etc.  Today's projects tend to have smaller units but many more amenities.  A buyer actually has a nice choice now depending on what his wants and needs are in a condo.

We would all like to see some evidence you bought and sold 16 condo's for a profit?

 

It is a known fact there is a glut of supply, there always has been.

[newnative]

2 minutes ago, bwpage3 said:

We would all like to see some evidence you bought and sold 16 condo's for a profit?

 

It is a known fact there is a glut of supply, there always has been.

     I've already given numerous, detailed examples in the past--the 2 Centric Sea projects, the one at The Base, the half dozen View Talay projects, the Lumpini Suite Bangkok project, and so on.  The most recent was a few weeks ago.  Feel free to read them. 

     I also recently did two long posts explaining why there really isn't a 'glut of supply' when you go to buy or sell.  I sold two condos in 2019, one in Pattaya and one in Bangkok, despite your so-called glut of supply.  

     Basically, the two posts detailed how, when you tell the realtor what your condo preferences are, your buying choices narrow down from a supposed glut to very few choices.  The reverse happens when you are the seller--the buyer finds your condo.

     It's like when you go car shopping--lots of makes and models but you narrow them all down when you want something specific.  The last time my partner and I bought a car it was a choice between a few models as we were looking specifically for a large SUV and our budget was 1.5MB or less.  Obviously, if you have no budget and don't care what car you buy-2 door convertible, 4 door truck, or whatever--your choices are everything for sale.  Normally, though, you have preferences and a budget--for an auto or a condo.

     If you think there is such a glut, here's an assignment for you.  You're the realtor and I'm the buyer.  Find me a 1 bedroom seaview condo in central or north Pattaya.  I need at least 60 sqm, garage parking, pool, air-conditioned gym, foreign quota, and I don't want to be in a big project that's too busy so the project needs to be 500 units or less.  Budget of 7MB.  Happy hunting.

    

[jimmybcool]

1 hour ago, newnative said:

     I've already given numerous, detailed examples in the past--the 2 Centric Sea projects, the one at The Base, the half dozen View Talay projects, the Lumpini Suite Bangkok project, and so on.  The most recent was a few weeks ago.  Feel free to read them. 

     I also recently did two long posts explaining why there really isn't a 'glut of supply' when you go to buy or sell.  I sold two condos in 2019, one in Pattaya and one in Bangkok, despite your so-called glut of supply.  

     Basically, the two posts detailed how, when you tell the realtor what your condo preferences are, your buying choices narrow down from a supposed glut to very few choices.  The reverse happens when you are the seller--the buyer finds your condo.

     It's like when you go car shopping--lots of makes and models but you narrow them all down when you want something specific.  The last time my partner and I bought a car it was a choice between a few models as we were looking specifically for a large SUV and our budget was 1.5MB or less.  Obviously, if you have no budget and don't care what car you buy-2 door convertible, 4 door truck, or whatever--your choices are everything for sale.  Normally, though, you have preferences and a budget--for an auto or a condo.

     If you think there is such a glut, here's an assignment for you.  You're the realtor and I'm the buyer.  Find me a 1 bedroom seaview condo in central or north Pattaya.  I need at least 60 sqm, garage parking, pool, air-conditioned gym, foreign quota, and I don't want to be in a big project that's too busy so the project needs to be 500 units or less.  Budget of 7MB.  Happy hunting.

    

 

I no longer own in Thailand.  But I have a question.  You mention realtors but my experience is they don't share information.  For example in the USA there is a common database all realtors have access too and once you describe what you want up pops all the choices.  Which is also great for a seller as one realtor gets it listed and you have exposure.

 

When I went to sell my condo I had to personally visit multiple realtors to have them list it.  And in the end I found the buyer myself via one of the online Pattaya forums.  I guess my question is was your success selling based on using realtors or did the buildings in question have bulletin boards etc that moved your properties.

 

[newnative]

17 minutes ago, jimmybcool said:

 

I no longer own in Thailand.  But I have a question.  You mention realtors but my experience is they don't share information.  For example in the USA there is a common database all realtors have access too and once you describe what you want up pops all the choices.  Which is also great for a seller as one realtor gets it listed and you have exposure.

 

When I went to sell my condo I had to personally visit multiple realtors to have them list it.  And in the end I found the buyer myself via one of the online Pattaya forums.  I guess my question is was your success selling based on using realtors or did the buildings in question have bulletin boards etc that moved your properties.

 

      We sold 5 ourselves, the rest through realtors.  You're right, there is no multiple listing service like the US so you have to go one by one to each realtor.  It's a lot of work but we do it and try to hit as many as we can to get as much exposure as we can--and we're always on the look out for new realtors or ones we may have missed.  

[jimmybcool]

1 hour ago, newnative said:

      We sold 5 ourselves, the rest through realtors.  You're right, there is no multiple listing service like the US so you have to go one by one to each realtor.  It's a lot of work but we do it and try to hit as many as we can to get as much exposure as we can--and we're always on the look out for new realtors or ones we may have missed.  

Thanks.  Glad to hear I didn't have it wrong.  A MLS service seems a logical thing to have and I wonder why Thailand doesn't implement one?

[DrJack54]

On 5/7/2020 at 12:23 AM, jimmybcool said:

Thanks.  Glad to hear I didn't have it wrong.  A MLS service seems a logical thing to have and I wonder why Thailand doesn't implement one?

Apart from what you point out....

I have spent past couple of days looking at real estate for sale Bangkok.

Two days of frustration. Many sites almost impossible to obtain exact location of places for sale. Just vague random shiet.

Just now I used search of an AU realestate.c##.au

What a dream. Exact addresses. Past sales. You name it. 

Did Thailand invent something like..." If it's simple can we make it difficult"

Perhaps I'm looking wrong sites, however checked MANY. 

Happy home hunting. 

 

[soi3eddie]

39 minutes ago, DrJack54 said:

Apart from what you point out....

I have spent past couple of days looking at real estate for sale Bangkok.

Two days of frustration. Many sites almost impossible to obtain exact location of places for sale. Just vague random shiet.

Just now I used search of an AU realestate.c##.au

What a dream. Exact addresses. Past sales. You name it. 

Did Thailand invent something like..." If it's simple can we make it difficult"

Perhaps I'm looking wrong sites, however checked MANY. 

Happy home hunting. 

 

You are not alone in frustration. Reality is that there really isn't a mature resale market in Thailand. Much property and land remains always within the family. The various sites here often are poorly designed, limited description, often misleading, incomplete or outdated info. Try rightmove, zoopla or primelocation in the UK to see how it should be done. 

[newnative]

On 5/7/2020 at 12:23 AM, jimmybcool said:

Thanks.  Glad to hear I didn't have it wrong.  A MLS service seems a logical thing to have and I wonder why Thailand doesn't implement one?

I'm surprised it doesn't have one, too.  It would make things a lot easier--for buyers and sellers both.

[JensenZ]

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. 

I would recommend waiting until next year, after the full impact of this pandemic has been realized. It will take a while to sink in. Right now the economy is still being talked up by wishful thinkers.

[tjo o tjim]

I wonder how the condo market will change post-lockdown.  Will people still be buying 40-50m2 units in the city center, or will they want to have bigger places and be willing to live farther out...

[torturedsole]

Condos are soulless abodes.  

[DrJack54]

Could anyone advise on best way to transfer 6m baht to Thailand. 

In past have used OFX (similar to transferwise) however my experience has been limited to 10-15k aud.

Thanks for any advice.

[MrJ]

On 5/11/2020 at 1:49 PM, DrJack54 said:

Could anyone advise on best way to transfer 6m baht to Thailand. 

In past have used OFX (similar to transferwise) however my experience has been limited to 10-15k aud.

Thanks for any advice.

I did with TW several times, max was 45K