Rental market has imploded, landlords offer crazy discounts for tenants -- my experience with searching for a condo for rent this week

[Pattaya46]

9 hours ago, izod10 said:

What started as a topic spreads to something else,blight.   It affects are devastating,no security/cleaning/pool emptied and so on. its happening here ,not just Spain

Unsure what you are talking about??

Security and cleaning have no reason to not continue (nearly) as usual,

and many condo pools reopened already.

[Leaver]

On 5/10/2020 at 3:49 PM, HashBrownHarry said:

It's worth what someone is willing to pay, simple as that.

 

If someone is paying over market value more fool them.

 

When buying if you're not embarrased by the initial offer you give then it's too high.

There are many out of line sales here, for a variety of reasons, but less so in recent times. 

 

Pattaya property is difficult to value for the reason above, and many others, but the lack of town planning and failing infrastructure, as well as higher cost of living, the strong baht, ever changing visa regulations, and poor governance, are important influences on property values here, and no matter how nice a property is, it's still in the middle of the aforementioned.  

[EricTh]

It's only in tourist areas that the rental is affected. Obviously, because the tourists aren't coming. 

 

 

 

 

[Leaver]

25 minutes ago, EricTh said:

It's only in tourist areas that the rental is affected. Obviously, because the tourists aren't coming. 

 

 

 

 

The snowbird tourism demographic were heavily impacted by the last round of visa changes.  That was a lucrative market to turn away.  

[WillyPlatt]

9 hours ago, Leaver said:

There are many out of line sales here, for a variety of reasons, but less so in recent times. 

 

Pattaya property is difficult to value for the reason above, and many others, but the lack of town planning and failing infrastructure, as well as higher cost of living, the strong baht, ever changing visa regulations, and poor governance, are important influences on property values here, and no matter how nice a property is, it's still in the middle of the aforementioned.  

All property globally is hard to value now. In case you hadn't noticed we a new virus in human circulation.

Many people will remain at home working and may never return to an office setting.

How can anyone value office space or commercial property?

Retail will shift to online even quicker. Who is going to be a tenant in a shopping mall with no footfall?

You need your head examined if you are thinking about buying property let alone Thailand.

UK have just extended their furlough scheme until October, so that gives you some idea how long it will take for the economy to get back up and running.

 

 

[mike111]

From my experience with rentals in Jomtien, advertised prices are almost always inflated so for a 12k (advertised) property an offer which is 1-2k cheaper would usually be accepted. With a 16-17k unit the same applies for a 13-14k offer but that has nothing to do with the C19 situation. Nowadays you might be able to squeeze the owner a bit more but if the property is well maintained, centrally located and in a well managed project then discounts would be modest.

[Leaver]

On 5/12/2020 at 10:36 PM, WillyPlatt said:

All property globally is hard to value now. In case you hadn't noticed we a new virus in human circulation.

Many people will remain at home working and may never return to an office setting.

How can anyone value office space or commercial property?

Retail will shift to online even quicker. Who is going to be a tenant in a shopping mall with no footfall?

You need your head examined if you are thinking about buying property let alone Thailand.

UK have just extended their furlough scheme until October, so that gives you some idea how long it will take for the economy to get back up and running.

 

 

I was thinking pre virus.  Less western tourists means less western expats in the future.  The oversupply keeps downward pressure on values.  They are still building more.  The baht is strong.  There is a higher cost of living in Thailand when compared to neighboring countries.   Harsher visa requirements to neighboring countries.  Ageing and failing infrastructure.  Also, there were, and still are, thousands and thousands of properties on the market in Pattaya.  All of this is pre virus.     

[HashBrownHarry]

1 hour ago, Leaver said:

I was thinking pre virus.  Less western tourists means less western expats in the future.  The oversupply keeps downward pressure on values.  They are still building more.  The baht is strong.  There is a higher cost of living in Thailand when compared to neighboring countries.   Harsher visa requirements to neighboring countries.  Ageing and failing infrastructure.  Also, there were, and still are, thousands and thousands of properties on the market in Pattaya.  All of this is pre virus.     

Pls explain what the failing infrastructure is?

 

The roads all over Thailand are improving, medical facilities are improving, schools are improving, public transport is improving.

[jacko45k]

1 hour ago, Leaver said:

All of this is pre virus.

Although not no more it ain't.

[Ron jeremy]

25 minutes ago, HashBrownHarry said:

Pls explain what the failing infrastructure is?

 

The roads all over Thailand are improving, medical facilities are improving, schools are improving, public transport is improving.

No water , and now the streets are flooding. Continuous drainage being installed and constant flooding.  Didn't see the news today now did we?

[HashBrownHarry]

8 minutes ago, Ron jeremy said:

No water , and now the streets are flooding. Continuous drainage being installed and constant flooding.  Didn't see the news today now did we?

Yes 'we' did see the news thanks - it's a bummer about the flooding but it only happens when it rains.

 

Long time expats should have the savvy not to live in the areas that flood.

[CrunchWrapSupreme]

On 5/10/2020 at 6:13 AM, jacko45k said:

A falang complained about the noise and the sermons were extended by a bit of anti-Western rant

Haha, he got off easy. You do NOT complain about those loudspeakers. They are sacrosanct. It was about two years ago I remember someone did around BKK. Soon after, cops raided the condo complex and fined every farang with anything they could think of, and nabbed a few overstayers.

[CrunchWrapSupreme]

On 5/10/2020 at 7:14 AM, Enzian said:

no noise from neighbors in either place because there hardly are any neighbors

That's where I'm at as well. In my condo just outside BKK, I can look into the rooms in the building across from me. Most are empty. On my floor, I rarely hear people coming and going.

 

Someone mentioned farangs leaving. When we were first shown the place about three months ago, I remember seeing two, a young guy who looked like a teacher, and an older guy with his GF/wife. Since we moved in, haven't seen them again. 

 

Heh, the numbers in this thread are making my head spin. Here I was thinking if I might've done better than 6500. ????

 

Oh yeah, don't waste your time with agencies. I soon found why there's so many condo rental ads. There are sometimes like 3-4 agencies all trying to rent the same room. You call them and they don't know what you're talking about. They can't keep track of them all. They don't update the ads, they don't even know which are still available. Twice we made appointments for showings, showed up and waited, only to eventually get called and told, oh sorry, the owner said it's already been rented! We got ours now by talking to the condo landlord.

 

They're much like the agencies teachers have to go through to get jobs. Parasites of the industry. They could care less about you, only about their cut.

[DLock]

3 hours ago, HashBrownHarry said:

Yes 'we' did see the news thanks - it's a bummer about the flooding but it only happens when it rains.

 

Funny that.

[Rimmer]

Off topic post removed:

 

Rental market has imploded, landlords offer crazy discounts for tenants -- my experience with searching for a condo for rent this week

[Peterhua]

7 hours ago, Leaver said:

I was thinking pre virus.  Less western tourists means less western expats in the future.  The oversupply keeps downward pressure on values.  They are still building more.  The baht is strong.  There is a higher cost of living in Thailand when compared to neighboring countries.   Harsher visa requirements to neighboring countries.  Ageing and failing infrastructure.  Also, there were, and still are, thousands and thousands of properties on the market in Pattaya.  All of this is pre virus.     

So all these companies that are building these high end condos and the improvement of Utapao airport, oh and the soon to be started high speed rail links, the many improved road infrastructure are all a waste of time and instead we should all listen to you and run a mile from the doomed Pattaya property market?

[Kenchamp]

35 minutes ago, Peterhua said:

So all these companies that are building these high end condos and the improvement of Utapao airport, oh and the soon to be started high speed rail links, the many improved road infrastructure are all a waste of time and instead we should all listen to you and run a mile from the doomed Pattaya property market?

I was riding down the newish Jomtien 2nd road today and was amazed at the construction going on there. Lots of new condominiums being built and i did wonder how it will all look in a few years time and who is going to be buying all the units. My opinion is that the farang is not the customer being targeted here, rather the Chinese and the ever expanding group of middle class Thais. 

 

One thing for sure is you don't get that amount of money and that many reputable construction firms investing in an area for the sake of it or to make a loss. They can't all be wrong can they

[newnative]

54 minutes ago, Kenchamp said:

I was riding down the newish Jomtien 2nd road today and was amazed at the construction going on there. Lots of new condominiums being built and i did wonder how it will all look in a few years time and who is going to be buying all the units. My opinion is that the farang is not the customer being targeted here, rather the Chinese and the ever expanding group of middle class Thais. 

 

One thing for sure is you don't get that amount of money and that many reputable construction firms investing in an area for the sake of it or to make a loss. They can't all be wrong can they

    Pattaya, like other tourist spots the world-over, is in for some very slow months ahead.  But, the elements are there for Pattaya to return to being a popular tourist destination once travel is allowed again.  And, it is attracting people who are living here either full or part-time.  Pattaya should continue to grow with all the EEC projects in the pipeline.

    I read on another post that the brand new Jomtien Hospital opened today--that's the second new hospital that has opened since I moved here.  Lots of improvements going on with road construction all over.   You're right about all the new development in Jomtien.  There's been a lot in central and north Pattaya and also Wong Amat and Naklua, too.  

    Where you aren't finding new development is right around tacky Walking Street--it's mostly all elsewhere.  Terminal 21 is as far from Walking Street as it can get and still be adjacent to Pattaya Beach.  I think all the developers are betting on a future Pattaya where being away from Walking Street is seen as a distinct advantage.

    Some new development--including a Hilton project--is also going in on upper 3rd Road-also some condos and entertainment--not too far from Terminal 21.  T21 has really revitalized the whole area around it--a lot has been fixed up and the new Ozo Hotel and Amari Suites built, among others.  Tiffany's expanded and that building on the Pattaya Beach corner curve has been re-done, as well, by Amari and is now a very upscale-looking Beach Quarter Restaurant.  So, definitely some positives in place for AC--After Covid.

[ukrules]

1 hour ago, Kenchamp said:

They can't all be wrong can they

Sure they can

[Leaver]

9 hours ago, HashBrownHarry said:

Pls explain what the failing infrastructure is?

 

The roads all over Thailand are improving, medical facilities are improving, schools are improving, public transport is improving.

Flooding.  Water shut offs.  Internet issues.  No proper metered taxis in Pattaya. Corrupt public servants.  Electricity supply issues.  Traffic congestion. Safety standards - zero. No proper side walks.   Sewage being pumped into the beach water.  

 

And for the privilege, expats, locals, and tourists, pay the highest costs in South East Asia, Singapore aside.  

 

Definitely a value for money holiday here in Pattaya.  

 

Edited May 15, 2020 by Leaver

[Leaver]

9 hours ago, jacko45k said:

Although not no more it ain't.

The virus only makes it worse, but hey, when the bars are allowed to open, EVERYTHING in Pattaya will be as it was.  ????

[HashBrownHarry]

9 minutes ago, Leaver said:

Flooding.  Water shut offs.  Internet issues.  No proper metered taxis in Pattaya. Corrupt public servants.  Electricity supply issues.  Traffic congestion. Safety standards - zero. No proper side walks.   Sewage being pumped into the beach water.  

 

And for the privilege, expats, locals, and tourists, pay the highest costs in South East Asia, Singapore aside.  

 

Definitely a value for money holiday here in Pattaya.  

 

If you're talking about for tourists most of what you mentioned is irrelevant ( except the side walks ).

 

If you're talking about long term expats most of what you mention can be avoided if you do your DD before you buy.

[Leaver]

2 hours ago, Peterhua said:

So all these companies that are building these high end condos and the improvement of Utapao airport, oh and the soon to be started high speed rail links, the many improved road infrastructure are all a waste of time and instead we should all listen to you and run a mile from the doomed Pattaya property market?

No. Never suggested that.  Never suggested Pattaya would fall into a big hole and disappear.  

 

Just saying, when the virus has come to pass, things in Pattaya will not be as there were before, and will not return to the way they were for at least 18 months, maybe longer, if it ever does.  

 

What is interesting to me is that you think just because companies have construction contracts, and are building, that regardless of ANY economic issues, that should instill confidence in the local Pattaya economy.  

 

Individuals go broke.  Businesses go broke. Companies go broke. Banks go broke.  Cities can go broke.  Counties go broke.  But hey, some company is building a rail link to Pattaya, so all must be good.   ???? 

[Leaver]

8 minutes ago, HashBrownHarry said:

If you're talking about for tourists most of what you mentioned is irrelevant ( except the side walks ).

 

If you're talking about long term expats most of what you mention can be avoided if you do your DD before you buy.

So, what I mention effects NO ONE.  Really????

[HashBrownHarry]

1 minute ago, Leaver said:

So, what I mention effects NO ONE.  Really????

Only you by the sounds of it.

[katatonic]

On 5/5/2020 at 12:55 PM, chilly07 said:

If you go through an agent it will always cost more as owner has to recoup the fee. And many so called agents just go around collecting contact No's which you can do yourself

My wife was an agent - gave up as too many people (Russians mainly) spent all day getting driven round then just went direct to the owners. And there was never any difference in rent to the tenant, the owners just made more.

[Leaver]

8 minutes ago, HashBrownHarry said:

Only you by the sounds of it.

Hardly.

 

I have no financial ties here, no business ties here, no emotional ties here.  I don't even have a Thai Buddha tattoo.  ????

 

I call it as I see it.

 

How do you see it?

[HashBrownHarry]

1 minute ago, Leaver said:

Hardly.

 

I have no financial ties here, no business ties here, no emotional ties here.  I don't even have a Thai Buddha tattoo.  ????

 

I call it as I see it.

 

How do you see it?

You've said.

 

I've answered what i think will happen plenty times already.

[Ventenio]

I've been the only paying hotel guest for months.  It's weirdly quiet, right in town.  I'm not complaining at all, BUT I was thinking of giving them MORE instead of offering less.  I decided against it, lol, but I was thinking of 500 baht more just because I think are under a lot of stress.

 

I'm not talking 16000, and I've been in bad places before where I would play games for less money.  "Oh, sorry, I have to move out.  Here's my 30-day notice.  I must save money and go down the block for 11,000.....(pause).....well, i would stay if you could accept 11,000 until the end of the year."  daaaaaaaaaaaaaaaaaaaai maaiiiii?  ok ok

 

again, this is NOT a depression for us.  A depression is when nobody is online, and all of us are spending all our time looking for food, more money, anything........now we are talking about 14000 instead of 16000

 

it's a recession.   BUT.....give it time...

[Ron jeremy]

9 hours ago, HashBrownHarry said:

Yes 'we' did see the news thanks - it's a bummer about the flooding but it only happens when it rains.

 

Long time expats should have the savvy not to live in the areas that flood.

But it only happens when it rains, ????????????????

expats should not live in areas of flooding? So you're saying they should not lve in pattaya?

a world class family resort with lack of water, some houses have none, and then the flooding????

what an intelligent responce, it only happens when it's rains.

champagne wishes and caviar dreams! 

Just for some clarification, Harry, if it's sunny and no rain, then then there is no flooding ? Correct? 

Who would have thought that? 

Perhaps change your name to hash pipe Harry!

Edited May 15, 2020 by Ron jeremy