Who Has Bought or Sold Their Own Property In The Last Few Months?

[minefield]

I have been reading this post with great interest as I intend to retire in Phuket in the new year.

I already know some people in Phuket that have bought and sold, Some have try ed to resist the trend to drop there prices due to the global recession as has happened in the rest of the world, But through Friends and the net I have learned that there is old money and new money in Thailand , ....The new money comes from the new people coming in and most have been stung with the property market in the country where they live "Me included" and they are not prepared to pay for over priced property's.

I think it's time for people to wake up and realize that the new Farangs will not pay stupid prices, I have dropped almost 2 mil Baht in NZ dollars and thats normal over here and I know it's the same everwhere

[Jim's_a_Thai_Fox]

Hi,

I have just accepted an offer on my land located in the small town of Muak Lek in Saraburi province, just off highway 2 opposite Khao Yai.

The land is chanote title deed, 884m2 (just over 1/2 a rai). There is no electricity nor water that reach the plot (the nearest building with these is about 250m away). It is a corner plot with mountain views and nothing around it.

Asking price was 900,000 THB and had been on the market for several years.

I accepted 730,000 THB.

Main reason for selling was that:

a) getting married and needed the money

first serious offer on the land in 2+ years

c) I had no interest in developing the plot nor building/living there

The land is officially in my company name, along with another farang and 7 other Thais who make up the company owners. I shall go to the land office as the company representative and transfer the land deed next week.

Cheers

James

[yabaaaa]

yabaaa, it would be a whole lot more informative if you would just give us the details of even one of your friend's purchases, details like which building and location, which floor, unit size, and price. The details on one transaction is better than the summary info you mentioned, which tells us basically nothing about what's really happening in the condo market in Bangkok.

Nah I aint spouting out his business but since i spoke to him a few days ago he has got another two. One a 2 bed penthouse close to On Nut Bts.I totted up all his rooms Tuther day and its 51 comapred to my paltry 5 ahahahah The post only states who has bought or sold in the last few months.

[yabaaaa]

So I think I'll be able to feel out a few different markets for sure because of the wide price range. Oddly enough the one I want to keep the most is the cheapest, because I'm getting 10% yield on it.... if I could just swap yields with the higher-dollar property, I'd be happy....

Join the club Ive been getting 12% (last 3 years) and only recently falling down to 11% on cheap condos.

[kaxper]

in early august, sold a 65sqm high floor 1-bedroom in suk24 (project close to completion) at 105k/sqm ... have another one there and keeping that one .. just did not want to be liable for two units .... also in august, a friend of mine bought on wireless (recently completed) high floor 178sqm 3bdrm at 130k/sqm ...

[wordchild]

in early august, sold a 65sqm high floor 1-bedroom in suk24 (project close to completion) at 105k/sqm ... have another one there and keeping that one .. just did not want to be liable for two units .... also in august, a friend of mine bought on wireless (recently completed) high floor 178sqm 3bdrm at 130k/sqm ...

the latest price info i have from the Athenee which is wireless/rom rudee is that there are several units available net (ie without agent) in the 110k to 120k psm

[craigt3365]

I just bought a house in Na Jomtien. Basically a fire sale by an absent owner from overseas. Sold for way less that it's purchase price 3 years ago.

[kaxper]

in early august, sold a 65sqm high floor 1-bedroom in suk24 (project close to completion) at 105k/sqm ... have another one there and keeping that one .. just did not want to be liable for two units .... also in august, a friend of mine bought on wireless (recently completed) high floor 178sqm 3bdrm at 130k/sqm ...

the latest price info i have from the Athenee which is wireless/rom rudee is that there are several units available net (ie without agent) in the 110k to 120k psm

pricing seems unit specific and floor - ie he wants that floor/unit .. but u are right, i think my friend should have pushed for slightly lower price. but i dont think he will lose any sleep over a few hundred thousand.

[topben]

seems like many have bought n sold properties here. so, what's the trend ?????? time to buy or sell????say, in the coastal areas????

[tangoll]

To answer the question of what is the general trend, one has to say, "well, it depends..." Mainly it depends on location, age of building, popularity with local folks, etc. Speaking only of Bangkok and condos. If the project is in a good location, prices have held up well, and even gone up some. You can check my other thread on recent sale at Siri@Sukhumvit. I'm still getting calls from agents asking if that unit is available, as they have a client offering slightly higher price that what I actually sold at.

Today I went to see a new project Address Asok, on Petchburi Road right next to new airport express station, by AP, with smaller sized units, 2 beds at 65 sqm, 1 bed at 45 or even 35 sqm, to be delivered fully furnished except for TV's, at prices 100,000 - 110,000 baht per sqm. Of 44 floors. about 15 units per floor, probably total 400 units, even before actual launch, I would say about 50% of the units already booked for purchase. All the small 35 sqm units have been booked. What I found interesting in looking at the prospective buyers in the showroom, almost all are mid-age Thai's.

Of course, I have also heard that some buyers like doctors have booked 5 - 7 units in that project in one shot.

AP will have a new project launching next week on Sukhumvit soi 28, but at much higher price 140 - 150,000 baht per sqm.

The top developers are all launching new projects in well located areas, and they are selling (booking).

The farang real estate analysts on this board may be quoting general economic trends, but these trends don't apply when talking about a specific project in a specific location at a specific price. I doubt if any of the buyers in these projects have read anything about what these trend analysts are projecting, nor do they care. You could follow their advice, but then you would end up staying in bed all day.

[tangoll]

I booked a one bed unit on 30th floor of the Address Asoke project, facing east direction. Price after presales discount of 50,000 baht came to 5.2 mil for 45.1 sqm, net 115,000 baht per sqm, fully furnished except for no tv, but otherwise bed, curtains, rods, frig, washer, cooker/hood, bed, tables, etc all included. Project will complete by 2012, with 18% of price being paid by installments, and 82% payable on transfer (I think this low installment portion payment is also an attractive feature for many buyers.)

By the time I booked, I would say about 65% of available units had been booked -- all the smaller 1 beds, 35 sqm, 100% booked, and most of the larger 1 beds, 45 sqm, facing north overlooking new airport express station (nothing will build on top of that) had been booked. In the unit that I booked, all the lower floor units in that line had been booked, 30/31 st floor were only units left in that line, plus maybe one or two other units higher up still available.

I asked agent why many of the prospect buyers are young Thai's and she said because there's no interest being paid on money in the bank, so buyers just want to put their money to some possible good use. She thinks maybe 20% of those booking are for their own use. Maybe 5 - 10% additional are buyers thinking of unit as weekday use for job in vicinity, returning to another home on weekends.

Actual sales campaign with official opening began just yesterday 12 Sept, but all the attractive units have already been snapped up by then. To keep prices reasonably low, developer has downsized unit sizes (65 sqm for 2 bed, 35 - 45 for 1 bed units, 125 sqm for 3 bed unit, but then added fully furnished as a selling feature.

I wonder when the airport express line will actually begin operation? Anyone know?

[Old Man River]

I am a Chinese-farang. I own a vacation condo in a Grade A building in downtown Bangkok which I use for three months in a year. It is kept vacant (lights out) for the rest of the year.

I have met a few of the local Thai owners in my building.

Strange as it may seem, a lot of the Grade A condos are bought by Thais (actually Chinese-Thais) who have no immediate use of them. They just buy them and hold...for their children/grandhchildren's when they enter Chulalongkorn University, or for their weekday commute to their workplaces in downtown Bangkok. So, it is lights out during the weekends.

To these locals, capital appreciation from real estate is (almost) a sure thing. Their vision is long-term.

Besides, is there a better option for parking one's money especially in today's economic climate?

Ours is also a Grade A, CBD condo unit and your comments pretty much sums it up for us as well. We are thinking about renting our unit out, but we are taking our time doing this. We have no interest in selling , but for the record, even at the depressed prices some on TV are quoting, that is still above what we paid for the unit, all in. Hence, most of us already have seen some capital appreciation even at today's depressed prices.

[CDNinKS]

My family sold the rice field 9 Rai 9 Mil. 5 km. from the airport on the new highway to Surat city..so that why they got good prices.

Any one interest in other piece of rice field ??? which 1 Mil / Rai in the same area.

he land is chanote title deed, 884m2 (just over 1/2 a rai). There is no electricity nor water that reach the plot (the nearest building with these is about 250m away). It is a corner plot with mountain views and nothing around it.

Asking price was 900,000 THB and had been on the market for several years.

I am a bit surprised at these prices

We bought 1 rai 3-4 kms from downtown Hua Hin with water and power on the property that is not a swamp so requires no fill for 1.3.........

[jcon]

People are still buying land.

Even in locations that one would think <deleted>? And buying to build housing developments to which I would respond with an even bigger <deleted>???

60 rai, Phuttamonton Sai "dang far" (<deleted> #1), 4.x million THB/rai. For housing development (<deleted> #2). In the sticks (well "sticks" compared to inner Bangkok - funny though, that land is considered Bangkok when even north of Ngamwongwan is considered Nonthaburi).

Yeah I understand that a developer can stick 4 houses on a rai of land and sell them for 4.x million THB a piece, so on paper "whoa what a deal, quadruple your money (ex-cost of building)" but I wouldn't do that in this market. But then again I'm not a developer. But the point is, people are still buying. And a 60 rai project is not exactly pocket change (well of course to the average TV billionaire, it is....)

[brahmburgers]

I am a bit surprised at these prices

We bought 1 rai 3-4 kms from downtown Hua Hin with water and power on the property that is not a swamp so requires no fill for 1.3.........

1.3 is what I paid last year for 1/2 rai east of Chiang Rai, with majestic, well-built 2-story house, 2 stairwells, landscaped, and views. House currently has 5 bedrooms, 3 bath, but could add more bedrooms if the spacious downstairs living room were divvied up. has chanod/title.

Nearby there's 2.5 rai with title, no houses nearby, expansive 15 Km views for $10,000, buyer takes all. Just mentioning these things, to give an idea of how more reasonable prices are when you get far from busy nutzoid worlds of Bkk, Pattaya, Phuket.

[tangoll]

Thought I would revive this thread. Some factual information: my 1 bed, 52 sqm condo, 21st floor facing west, at Condo One X. Bought Aug 2008 for 4.1 mil baht brand new, lived in it until Feb 2010, and put on market for sale then, but little activity until July, then sold on Aug 21, 2010 for transfer in one month. Sale price 4.4 mil baht, but facing higher transfer fees/tax plus commission. Condo One X is on Sukhumvit soi 26, but too far from BTS, and is not top tier development, so most owners are investors holding units for renting out. Not sure if new buyer will use for own self or for renting out.

Market is starting to pick up but not dramatically. But decent prices for decent property at least have held up, and not fallen, and if you calculate in either US$, sterling, or euro, you would still have profit due to strengthening Thai baht.

[123ace]

Yes Thai's are buying these condo boxes in droves because the down payment is very small, mortgages are handed out with ease and the media tells them to buy. Developers are competing to make ever smaller unit sizes and resultant gross sales prices lower - all this is leading to a market crisis as developers and buyers are chasing the market down.

Why? well, as a huge proportion of the units will not be occupied, can not be rented and offer no long term capital appeciation as there is no scacity of supply.

[tangoll]

123ace, no one gives a sh!t about your analysis and conclusion. Keep them to yourself. If you have some factual data or information, then just post it here and let each reader draw his/her own conclusion; we are all quite capable of doing that. Your post has zero value in this thread.

[MJo]

This is a public forum, we all know it's not a flippers paradise out there at the moment. In your own words your condo increased mere 300k in value which probably went to cover the transfer fees and taxes.

What comes to these 45m2 shoe boxes they are mainly for local school kids or for weekday accommodation when working in down town. Will turn into a poorly maintained rental block in 10 to 15 years. For 45m2 you rental is 12 to 15k per month for 5 mil unit. Not that great unless you can flip it before transfer.

I personally purchased BKK townhouse for the wife on February. Fully fitted and price lower than the bare shell sold off plan 3 to 4 years ago.

[ESB7]

The Thai market in Hua Hin and Cha am is booming, just about everything is selling and selling quick, land, individual houses and condos, anything from 4mil upwards to 30mil.......flip side is the foreign market is non existent and urbanization developments aimed at foreigners cant be given away.

[yabaaaa]

I am a bit surprised at these prices

We bought 1 rai 3-4 kms from downtown Hua Hin with water and power on the property that is not a swamp so requires no fill for 1.3.........

1.3 is what I paid last year for 1/2 rai east of Chiang Rai, with majestic, well-built 2-story house, 2 stairwells, landscaped, and views. House currently has 5 bedrooms, 3 bath, but could add more bedrooms if the spacious downstairs living room were divvied up. has chanod/title.

Nearby there's 2.5 rai with title, no houses nearby, expansive 15 Km views for $10,000, buyer takes all. Just mentioning these things, to give an idea of how more reasonable prices are when you get far from busy nutzoid worlds of Bkk, Pattaya, Phuket.

Look hard, 10 rai 800000 baht, NOT per rai the lot, just south of Hua Hin nor sor sam gor.

[tangoll]

Why are so many posters here trying to show how clever they are? Just give us the specifics of any property that you have bought or sold in the recent past. Let the facts speak for how clever you are in your deals.

Mjo, give us the facts of your BKK townhouse purchase -- location, age, size, price paid, etc. No one is going to be able to track you down as to your identity or deal. No need to state how clever you are; we readers can figure that out all by ourselves.

And no need to analyze the market or give us your conclusions. What we are trying to do with this thread is to build up some real transactions data so that each reader can come to his or her own conclusions. How difficult is that to understand?

[ooovaavu]

Why are so many posters here trying to show how clever they are? Just give us the specifics of any property that you have bought or sold in the recent past. Let the facts speak for how clever you are in your deals.

Mjo, give us the facts of your BKK townhouse purchase -- location, age, size, price paid, etc. No one is going to be able to track you down as to your identity or deal. No need to state how clever you are; we readers can figure that out all by ourselves.

And no need to analyze the market or give us your conclusions. What we are trying to do with this thread is to build up some real transactions data so that each reader can come to his or her own conclusions. How difficult is that to understand?

OK Im selling all these Im the owner not an agent Ive sold 3 others in the last 10 weeks. Ill let you know how i get on with these over the next few months

Edited September 8, 2010 by ooovaavu

[tangoll]

ooovavu, thanks for info. Mind adding a few more details, such as approx location of building, age of building, when you purchased and approx cost, and any special aspects on each deal. Also interesting would be what kind of buyer bought -- Thai or farang, age, gender, intended use.

Great info.

tangoll

[Zen]

hi i need advice from everyone here who has bought a condo in thailand

i would like to buy a condo and have to pay

A) 3% reservation/contract fee

B ) 7% down payment

C) 90% balance of condo value

D) sinking fund+maintenence+miscelleneous fees.

I understand that C has to be transferred from overseas. What about A,B and D? They told me i can pay A by credit card, while B and D can be paid by the cash that i have here in Bangkok. Is that true?

I have not transferred any money from overseas yet. But I'd need to quickly pay the reservation fee (A) as i'm afraid someone else will buy this unit.

Edited October 25, 2010 by Zen

[tangoll]

I assume you are not a Thai national, that the title of the condo will be in your name, and that you are buying from a developer. If so, you need to ask a question of the developer:

E. What is the number that the developer will use as the transaction value to be supplied to Lands Dept office when doing the transfer of ownership from the developer to you? Normally, E =A+B+C, but it may be different.

This is when the developer has completed the job and you have to pay the remaining balance, being C. At that time, you need to supply to the developer forms known as "Foreign Exchange Transaction Form" which you get from your receiving bank showing that you have remitted into Thailand foreign funds that when converted into Thai baht is equal to or greater than the value of E. Ask your receiving bank about how to obtain this form and what is the minimum amount that must be remitted in each remittance to have this form issued. Instruction on the remittance must state that funds are for "purchase of condominium".

How you pay for A, B, C, and D can be from local funds or from remitted funds. But you have to supply the FETF's to Lands Dept for them to transfer ownership of the condo to you. This assumes also that the total non-Thai ownership of the condo project will not exceed 49%.

[Zen]

thanks a lot!

so, i can pay A by local cash today, then next week arrange to transfer from overseas an that is greater than E?

[tangoll]

Zen, the answer is yes, you can pay A or B or C or D with local funds. This is payment to developer; it matters not where the funds come from.

Getting approval from Lands Dept to transfer ownership is a separate matter. You must have the FETF's showing an amount equal to or greater than E to get the transfer of ownership from developer to you. Where the remitted funds of E are actually or eventually used is up to you as a separate matter. You need not show that the remitted funds of E were paid to developer.

[Zen]

thanks alot tangoll, u have greatly enlightened me! Appreciate very much!

[tangoll]

zen, I have to tell you that you are one of very few, who after asking for advice, getting it, then coming back to say "thank you".