Here Is Proof The Bangkok Condo Market Is Still Booming

[Livinginexile]

A picture tells a thousand words.

Taken from Chong Nonsi BTS 15th April, 2007.

I rest my case.

[think_too_mut]

What a proof! To me looks more as a sign of deep panic.

It's easier to them to put up a sign than argue on the Internet boards and in the press where someone may actually reply or ridicule them.

And why is it only in English - we know 51% of condos must be in Thai names?

Looks like they know who may be unaware or overcautious and targeting them, hoping it would reflect on other project they might be developing.

Actually they may have taken the deposits for the units (not sold them yet), that's been like that for years...but if they wanted to say "it's booming" that's what I don't believe.

[Livinginexile]

What a proof! To me looks more as a sign of deep panic.

It's easier to them to put up a sign than argue on the Internet boards and in the press where someone may actually reply or ridicule them.

And why is it only in English - we know 51% of condos must be in Thai names?

Looks like they know who may be unaware or overcautious and targeting them, hoping it would reflect on other project they might be developing.

Actually they may have taken the deposits for the units (not sold them yet), that's been like that for years...but if they wanted to say "it's booming" that's what I don't believe.

"What proof" ??

The project is fully sold out at only 30% completion, that is the proof.

So you think they are turning away people like myself with lots of cash because they want to make a point?

Think too mut....you don't think enough

[jumnien]

With all the bombs recently in Bangkok, perhaps "booming" is a poor choice of words. That said, quality projects like the Infinity should be selling like hot cakes for some time. Try purchasing the equivalent in Hong Kong or Singapore!

[Naam]

And why is it only in English - we know 51% of condos must be in Thai names?

because Thais who can afford to buy there speak most probably english.

[think_too_mut]

The project is fully sold out at only 30% completion, that is the proof.

So you think they are turning away people like myself with lots of cash because they want to make a point?

Not one single condo has been sold there. Deposits have been taken and some small payment, could be in a range of 300-500K baht. Even if more, that's not 100K psqm already harvested as the sign might have those who watch lots of television believe.

The panic here is that those who laid their petty cash deposits might just walk away and cut their losses.

Just wait until (if ever) the building is completed - most of those "100% sold out" condos are going to run another sale cycle again. At what price? Let's see the "booming" then.

[jumnien]

Re-sales in comparable properties like The Met have been very profitable, Infinity should fare well.

[think_too_mut]

Re-sales in comparable properties like The Met have been very profitable, Infinity should fare well.

That was and is the hope of the developer too.

Now, the sign "100% sold" just tells something is not right any longer.

If it is sold, why do they have to put the sign that, technically, should have the same effect as "No vacancies" next to motels and hotels? That could make someone (don't know who would change their mind based on that) rush and get a bed in a next available venue, whatever it is, before it's too late.

Here, we have a lie - nothing can be really sold until the building is complete, we have trust hanging over the cliff - "thanks to our trustful customers" (who else?).

[Tornado]

Creating false urgency in the real estate market is old hat and that is all this is IMHO. As think to mut has posted, why put a sign up saying it? to show face or get people in to pay over the first asking price?..... not sure, but I would say anyone could walk into the office and one would come available due to "your in luck, 5 minutes ago, we had a cancellation".

If it is sold out, I will stand corrected. covered all my bases

[Livinginexile]

Creating false urgency in the real estate market is old hat and that is all this is IMHO. As think to mut has posted, why put a sign up saying it? to show face or get people in to pay over the first asking price?..... not sure, but I would say anyone could walk into the office and one would come available due to "your in luck, 5 minutes ago, we had a cancellation".

If it is sold out, I will stand corrected. covered all my bases

I was interested in buying at Infinity, rang the sales office and was told "sorry sir, no more condo left for sale".

If they are turning away cash buyers...seems a very silly way to make money.

[eljeque]

A more accurate way to say it would be "Deposits taken on 100% of our units"

[nick2k]

a story...

one of my friends bought this nice condo over on sathorn a few years ago. at the time, the real estate agent said it was the last unit available. ..when I went to visit him about a year after he moved in, I looked outside the window. and was surprised to see one WHOLE side of this 30+ story condo complex empty. (?!?) ..what's gives? I thought. wasn't this place suppose to be SOLD out?

well, here's the scoop....

legally, a condo development can only have up to 50% of it's units available for sale to a foreigner. (get the picture?)

in the case of my friends condo complex, the developer couldn't sell the other 50% to local thais. so, he kept them in his name.

the big question is - why aren't the thais buying up these condos at these GREAT prices?

..you tell me.

everybody who lives here in thailand KNOWS that the prices for many, if not all, condos are a reflection of foreign investment. reality is - most thais cannot afford to buy these condos. especially at these GREAT prices. (that's suppose to be sarcastic, people.)

let the buyer BEWARE.. if the developer sells you one of the units supposely set aside legally for thais, what does that imply you did? you would not be the "legal" owner of said property. right?

[think_too_mut]

Creating false urgency in the real estate market is old hat and that is all this is IMHO. As think to mut has posted, why put a sign up saying it? to show face or get people in to pay over the first asking price?..... not sure, but I would say anyone could walk into the office and one would come available due to "your in luck, 5 minutes ago, we had a cancellation".

If it is sold out, I will stand corrected. covered all my bases

I was interested in buying at Infinity, rang the sales office and was told "sorry sir, no more condo left for sale".

If they are turning away cash buyers...seems a very silly way to make money.

I was a bit "late" 3 years ago to buy in the building where we are renting now. "Sorry mister, all sold out" and soon after that they closed the office.

When the building was ready to move in, 600 out of 700 units were all available for sale, at the same price as 3 years ago. Hundreds still are, 6 months later. The office has been reopened (now within the building), mostly idling, except for rentals.

As I posted in some other thread, if I were to buy in there now, the money I have kept in my bank would give me 1 million baht in interest, making it, at the same prices as 3 years ago, a nice 1 million baht discount.

Today, that amount of money in an Oz bank brings monthly interest equal to the rent. I can pack up and go at any time, no worries about agents and sale of the unit (which may be - the sale - impossible).

[chownah]

Thinktoomut,

Not wanting to argue about your main point but in your analysis showing your 1 million baht discount you forgot to deduct the cost of your rent for the last three years...an expense you wouldn't have had if you had purchased....on the other hand you did save the yearly fees etc.

Chownah

[think_too_mut]

Thinktoomut,

Not wanting to argue about your main point but in your analysis showing your 1 million baht discount you forgot to deduct the cost of your rent for the last three years...an expense you wouldn't have had if you had purchased....on the other hand you did save the yearly fees etc.

Chownah

I was renting anyway, had to have a place to live. The building was not complete (not even started when it was "all sold, mister") , so even if they took all my money cash - I would still have to rent elsewhere for 3 years.

An the rent (I was paying) was 30% of what it is now.

[Livinginexile]

Creating false urgency in the real estate market is old hat and that is all this is IMHO. As think to mut has posted, why put a sign up saying it? to show face or get people in to pay over the first asking price?..... not sure, but I would say anyone could walk into the office and one would come available due to "your in luck, 5 minutes ago, we had a cancellation".

If it is sold out, I will stand corrected. covered all my bases

I was interested in buying at Infinity, rang the sales office and was told "sorry sir, no more condo left for sale".

If they are turning away cash buyers...seems a very silly way to make money.

I was a bit "late" 3 years ago to buy in the building where we are renting now. "Sorry mister, all sold out" and soon after that they closed the office.

When the building was ready to move in, 600 out of 700 units were all available for sale, at the same price as 3 years ago. Hundreds still are, 6 months later. The office has been reopened (now within the building), mostly idling, except for rentals.

As I posted in some other thread, if I were to buy in there now, the money I have kept in my bank would give me 1 million baht in interest, making it, at the same prices as 3 years ago, a nice 1 million baht discount.

Today, that amount of money in an Oz bank brings monthly interest equal to the rent. I can pack up and go at any time, no worries about agents and sale of the unit (which may be - the sale - impossible).

It seems to me that the Bkk condo market is very healthy in prime locations, high end property developments.

Thimktoomut, you omitted to include the location and name of this development that you are now renting.

Without this information your post means nothing....

[think_too_mut]

Thimktoomut, you omitted to include the location and name of this development that you are now renting.

Without this information your post means nothing....

Yeah?

You want me to give name and address while you are showing a pie in the sky?

[palm]

Thimktoomut, you omitted to include the location and name of this development that you are now renting.

Without this information your post means nothing....

Yeah?

You want me to give name and address while you are showing a pie in the sky?

Yeah, come on and tell us what luxury condo you are renting and in what part of Bangkok it is.

Are you spending 5,000 baht a month? 50,000 a month? Or 100,000 a month on rent?

[Livinginexile]

Thimktoomut, you omitted to include the location and name of this development that you are now renting.

Without this information your post means nothing....

Yeah?

You want me to give name and address while you are showing a pie in the sky?

Yeah, come on and tell us what luxury condo you are renting and in what part of Bangkok it is.

Are you spending 5,000 baht a month? 50,000 a month? Or 100,000 a month on rent?

Sounds like sour grapes to me

[think_too_mut]

Thimktoomut, you omitted to include the location and name of this development that you are now renting.

Without this information your post means nothing....

Yeah?

You want me to give name and address while you are showing a pie in the sky?

Yeah, come on and tell us what luxury condo you are renting and in what part of Bangkok it is.

Are you spending 5,000 baht a month? 50,000 a month? Or 100,000 a month on rent?

Sounds like sour grapes to me

Sounds like you are drifting from your original post - "Proof that property is booming".

[quiksilva]

What's wrong with a public company telling the world (and their shareholders) that they have done their job and received deposits on all of their units?

However, it is not a sign of the market booming, it is after all just one high quality project in a great location from a good developer so it doesn't come as much surprise to see it selling out to be honest.

The property's which are under construction today have orders for 75%+ of their units. They don't start making profit until they have sold 60%+, besides the bank will not lend construction financing to them unless they have received this many orders.

I say orders because its not quite like booking a hotel room and cancelling, I personally don't know that many people who are happy to walk away from 10% of the value of their unit.

The main problem with the supply of new condo's will be the effect on the rental market and investment yields as I have mentioned elsewhere before.

Yes that they may also affect resales values but frankly if you were buying to flip you should have done it in the boom time (no later than last summer) now if you own, you should be looking at a medium term play and wait for the market to correct itself. At least interest rates are falling which means that you should be able to afford to let the place out at competitive rates. So at least in the meantime you get a tenant paying off your unit for you.

[unbiasbob]

A picture tells a thousand words.

Taken from Chong Nonsi BTS 15th April, 2007.

I rest my case.

rofl

and you fell for it

[palm]

A picture tells a thousand words.

Taken from Chong Nonsi BTS 15th April, 2007.

I rest my case.

rofl

and you fell for it

Seems to me a lot of posters just cannot afford to buy high quality condos in Bangkok and are miffed that either others can, or are trying to talk themselves into thinking maybe if they whine enough, the developers will give them a huge discount?

I am looking to buy 2 more condos in Bangkok with cash, and I haven't had a single developer offer me any significant discount for cash. My budget is 6 to 10m each. These are not buy to rent, but another one for me, and one for one of my staff.

If you don't think The Infinity has sold out - call them and ask to buy one for cash.

[Livinginexile]

A picture tells a thousand words.

Taken from Chong Nonsi BTS 15th April, 2007.

I rest my case.

rofl

and you fell for it

Seems to me a lot of posters just cannot afford to buy high quality condos in Bangkok and are miffed that either others can, or are trying to talk themselves into thinking maybe if they whine enough, the developers will give them a huge discount?

I am looking to buy 2 more condos in Bangkok with cash, and I haven't had a single developer offer me any significant discount for cash. My budget is 6 to 10m each. These are not buy to rent, but another one for me, and one for one of my staff.

If you don't think The Infinity has sold out - call them and ask to buy one for cash.

Your are spot on correct.

The high end condo market is very healthy in Bangkok, I tried to buy into Infinity but the doors are closed.

[Old Man River]

A more accurate way to say it would be "Deposits taken on 100% of our units"

An even more accurate way to say it would be "Initial and continuing monthly down payments being made on 100% of our units supported by legally enforceable, signed purchase contracts".

Edited April 25, 2007 by Old Man River

[Old Man River]

What's wrong with a public company telling the world (and their shareholders) that they have done their job and received deposits on all of their units?

However, it is not a sign of the market booming, it is after all just one high quality project in a great location from a good developer so it doesn't come as much surprise to see it selling out to be honest.

The property's which are under construction today have orders for 75%+ of their units. They don't start making profit until they have sold 60%+, besides the bank will not lend construction financing to them unless they have received this many orders.

I say orders because its not quite like booking a hotel room and cancelling, I personally don't know that many people who are happy to walk away from 10% of the value of their unit.

The main problem with the supply of new condo's will be the effect on the rental market and investment yields as I have mentioned elsewhere before.

Yes that they may also affect resales values but frankly if you were buying to flip you should have done it in the boom time (no later than last summer) now if you own, you should be looking at a medium term play and wait for the market to correct itself. At least interest rates are falling which means that you should be able to afford to let the place out at competitive rates. So at least in the meantime you get a tenant paying off your unit for you.

Typically, how many units could one expect to have been purchased for resale in the "fully sold out" large, luxury condo projects in Bangkok being completed this year?

[dave111223]

I fail to see this as "Proof The Bangkok Condo Market Is Still Booming".

However i did see 2 houses with "Sold" signs outside today, so that is proof that the housing market is booming!

Edited April 25, 2007 by dave111223

[pampal]

Try buying a condo in the 1-2 million baht range.

I have bought 3 condos(Cash) in the last 2 months, and on average, they have appreciated 20 percent in that time

2 condos in A Space apts. Rama 9

1 condo Supalai River Place Charoen Nakhon

[pkrv]

Hi livinginexile

Sorry I have tried googling The Infinity but could not come up with much. Always being interested in what happens in Bangkok please could you let me know where this project is located, or post a URL?

I believe that you are correct in your assessments of the high-end condominium market. With the imminent completion of The Park, The Athenee and The Manhattan, some of which are the most expensive properties (excluding estates) in Thailand, I think there will be a marked change to the landscape.

As others have said Bangkok/Thailand is no longer for the adventurous, it’s growing up fast!

[donx]

Hi livinginexile

Sorry I have tried googling The Infinity but could not come up with much. Always being interested in what happens in Bangkok please could you let me know where this project is located, or post a URL?

I believe that you are correct in your assessments of the high-end condominium market. With the imminent completion of The Park, The Athenee and The Manhattan, some of which are the most expensive properties (excluding estates) in Thailand, I think there will be a marked change to the landscape.

As others have said Bangkok/Thailand is no longer for the adventurous, it’s growing up fast!

Go to www.goldenlandplc.com for the developer's website.