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

[pkrv]

Oh dear this is the thread where I got very annoyed as the freehold condominium market got confused with land and house ownership and I made 'somewhat strenuous attempts' to break the connection (because there is none).

There has been a lot of anecdotal evidence that sales of Thai property have heavily shifted towards the condominium market.

I obviously no longer comment on house/home ownership the differentiation of the two markets is now well documented and understood on this forum.

Transfers at The Trendy, The Manhattan, The Park and The Athenee are all either well underway or completed. Something like 1000 units in total I believe.

Transfer of the the above 1000 or so units , would be a Sales snapshot of when contracts were exchanged , could go back a few years , so not a real indicator of who as purchased or sold in the last few months, What would now be intersting to see is the resale from the speculators on these places to indicate the current market price

The OP Tornado was banned back in 2007 this is not months which is why I am so uncomfortable this has indeed been going on years.

I agree I have a personal interest in the condominium resale market (I will protect what I have wouldn’t anyone?) - But why would anyone in their right mind attempt to combine house/land and condo sales. I mean Condo sales alone are a topic in itself as indeed are house/land sales.

Don't know about condo resale - but something is happeneing - IMO its (was not) not as dead as others say.

[donx]

I agree I have a personal interest in the condominium resale market (I will protect what I have wouldn’t anyone?) - But why would anyone in their right mind attempt to combine house/land and condo sales. I mean Condo sales alone are a topic in itself as indeed are house/land sales.

The reason for combining house/land and condo sales is because there is a connection between them which is they both have to do with the buying and selling of a place to live. Despite the issues regarding house/land ownership by foreigners, the fact remains that foreigners are paying for them to live in through various methods. For me, house and land are in my Thai spouse's name. For others they have usufructs in place or they have control over a Thai company that owns the property. Yes you can discuss them separately, but you can also make distinctions between high end and low end condos or condos in Bangkok verses condos in Pattaya. Nevertheless, this shouldn't prevent us from discussing all condos in Thailand as a whole or all Thai residential real estate as a whole.

I don't care about the commercial real estate business, but some here may even want to discuss that as well. As long as posters identify the type of property they are referring to, I see no reason for all of this to not be up for discussion (a double negative, I know).

Just my humble opinion.

[quiksilva]

Condominiums, Houses, Apartments and Serviced Apartments are all residential. However they are also quite distinct sub-markets, and even within these sub-markets are different price brackets which perform very differently to each other (eg Government subsdised Baan Ua-Athorn housing and Luxury Phuket Villas).

So PKRV makes a good point that the performance these sub-market has little to do with each other, however I don't think that this is the point of this thread.

Personally I see this as a place for buyers/sellers to record their transaction history so that others might gain some insight into recent market activity. Although given the anonymous nature of the forums, I hope that people will not rely solely on this thread for compiling comparable evidence).

So as far Im concerned, I hope that readers will record transaction details of any sort of property, so long as they have permission to do so and clearly state what sort of property it is.

[mikethevigoman]

There you go. Everybody buys buys buys with Thai wife or otherwise. Nobody is selling and obtaining any return on thier money. That should tell you soemthing. Buy in Thaialnd if you want to live in the house, but forget about real estate as an investment, its a dead end. Keep your working money out of the country and someplace it works for you.

Well i agree and would add that if you make money on something in thailand its more luck than judgement for most,.i did say most, of course there are busines people that have the skill to see something and do well, this however is not the same as buying elsewhere as in the uk where you KNOW that in a couple of years your property will be worth more, you Dont have to be a businessmann for that,.yes if you want to live in it buy in thailand if you must, however if a profit or speculation is what you are after use caution,.

[ray08]

There you go. Everybody buys buys buys with Thai wife or otherwise. Nobody is selling and obtaining any return on thier money. That should tell you soemthing. Buy in Thaialnd if you want to live in the house, but forget about real estate as an investment, its a dead end. Keep your working money out of the country and someplace it works for you.

Well i agree and would add that if you make money on something in thailand its more luck than judgement for most,.i did say most, of course there are busines people that have the skill to see something and do well, this however is not the same as buying elsewhere as in the uk where you KNOW that in a couple of years your property will be worth more, you Dont have to be a businessmann for that,.yes if you want to live in it buy in thailand if you must, however if a profit or speculation is what you are after use caution,.

In my case i am here for one reason only ,Business , not easy but with hard work possible to make good money ,but agree i know a lot of people who come here and lost theshirt of their back , Thailand is a hard enviroment for business ,not all smiles and laughter.

I agree on what you say about property, to live one thing , to speculate there are much better markets , UK , Aus etc

I have 2 business competitors here that are both here for about 8-10 years,and they both lost on property ( commercial ) they swear they will never buy again , sometimes good to follow the competion

[pkrv]

Hi donx and quiksilva - sorry for the confusion - In a way I was attempting to bury the hatchet for past posts to this old thread. In a funny way those were early days.

Since that time we have seen an explosion in threads and understanding of these diverse markets. For example with condominiums the 49% rule, condominium acts, freehold, definition of freehold is a share also a % share of the freehold of the land and all communal assets, leasehold issues (which now appear to override the 49% rule) have all been heavily examined. There has been a similar trend with home/land issues. IMO, this is all to our long term benefit.

BTW condominiums in the UK are rare (if they even exist!). Buying a condominium has been a steep learning curve for me! (AND I am still learning!)

I agree yes we are all in the same boat these are homes and recording sales is of use, but there is no linkage between the markets (apart from being a home).

I note that development at The Address continues a pace. Thats another few hundred units sold - but not transferred - difficult to classify in these terms.

[tangoll]

Anyone else wish to report actual transactions (sales or purchase) that they have done recently? Just a casual observation, but I've noticed from the Thai language boards that there are more contract holders of units under construction offering their contracts for resale and a few have even started lowering their original asking price. These are for units under construction in good areas of Sukhumvit, such as Thong Lor.

[KhaoNiaw]

Samutprakan, close to Erawan Museum

Just sold our 10-year old townhouse (we've been in since new) for 1.2 million baht. The details were posted (for free) on several Thai property websites. There were 7-8 inquiries and we sold to someone who found it on the web, about 3 months after posting online.

Will soon complete on our new detached house in the same area.

[lardy]

I sold and transferred one condo unit at Address@Siam, 84 sqm, 2 bed/2 bath, brand new, held by me about two months. I was original purchaser from developer at launch 1.5 years ago. Original purchase cost was 6.1 mil baht, sold for 7.25 mil baht to Chiang Rai family that needed a condo for their children to attend Chula Univ.

I have lived in and held for one year a condo unit at Baan Klang Krung Siam Patumwan, 81 sqm, 2 bed/2 bath, and just completed Sales and Purchase Agreement to sell the unit to a Thai family that needed a condo for their children attending Chula Univ. This unit was sold by developer at launch about 3 years for ago for 5.0 mil baht, I had bought on resale about 2 years ago for 6.3 mil baht, and my contracted sale price is 7.63 mil baht. I added eqpt (A/Cs, water heaters, washer, frig, curtain rods, shower door, etc) to make it livable.

I have since purchased on a resale a 61 sqm, 1 bed/1 bath condo unit in Noble Remix, at Sukhumvit/Thong Lor, for 6.0 mil baht, with expected transfer date May 2009. Original launch price of this unit was 5.0 mil baht.

I have also contracted to take over a 51 sqm, 1 bed/1 bath condo unit in Condo One X due for transfer in Oct 2008, for 4.1 mil baht, vs. original launch price of 3.9 mil baht about 1.5 years ago. I think original contract purchaser did not want to have to put up the final installment of 75% to complete the transfer with developer so had to bail out.

All sales figures given above are actual transaction figures.

Thank you for the most informative and (I assume) honest post that I have read in a while. It gives me a pretty good view of how a sector of the real estate market has been doing in Bangkok in the last few years. I sincerely appreciate this type of information as I'm sure many others do.

Sorry i forgot to add my prices paid 1.17 million for the first 2 condos, 1.2 million for the third one bought in October 2006 and the last (4th) in May 2008 for 1.35 millon, someone I know is now buying for 1.52 million she is Thai all are studios of 30m2.

[lardy]

Samutprakan, close to Erawan Museum

Just sold our 10-year old townhouse (we've been in since new) for 1.2 million baht. The details were posted (for free) on several Thai property websites. There were 7-8 inquiries and we sold to someone who found it on the web, about 3 months after posting online.

Will soon complete on our new detached house in the same area.

I'm interested what price you paid when new 10 years ago?

[KhaoNiaw]

Samutprakan, close to Erawan Museum

Just sold our 10-year old townhouse (we've been in since new) for 1.2 million baht. The details were posted (for free) on several Thai property websites. There were 7-8 inquiries and we sold to someone who found it on the web, about 3 months after posting online.

Will soon complete on our new detached house in the same area.

I'm interested what price you paid when new 10 years ago?

910,000 baht

[think_too_mut]

Very easy - in Thai subprime market.

I bought into it too.

But will never boast I did something clever.

My 2.4 mil pad (in Bang Na) is there to assure my wife and my child have a place to go if I die.

It's already too much of a city for them. So has been for me. We just bought it where she wanted it, nothing like Thong Lor or other desirable areas.

What would she do with a condo there? High levies and unsellable.

[lardy]

Very easy - in Thai subprime market.

I bought into it too.

But will never boast I did something clever.

My 2.4 mil pad (in Bang Na) is there to assure my wife and my child have a place to go if I die.

It's already too much of a city for them. So has been for me. We just bought it where she wanted it, nothing like Thong Lor or other desirable areas.

What would she do with a condo there? High levies and unsellable.

I dont think anybody is boasting there is just too much crap talked about losing money on Thai real estate.

[lannarebirth]

Bought about 22 rai today (seller says it's 25) today in Chiang Dao. 900,000 baht. Has 2 natural springs and a 2 rai pond. Gorgeous

[Maigo6]

Bought about 22 rai today (seller says it's 25) today in Chiang Dao. 900,000 baht. Has 2 natural springs and a 2 rai pond. Gorgeous

It's OK for you as you're Thai .

Farangs cannot own land.

[lannarebirth]

Bought about 22 rai today (seller says it's 25) today in Chiang Dao. 900,000 baht. Has 2 natural springs and a 2 rai pond. Gorgeous

It's OK for you as you're Thai .

Farangs cannot own land.

I am not Thai and I do not care that I cannot own it in my name. I don't care that I cannot own it after I'm dead either.

[pkrv]

Bought about 22 rai today (seller says it's 25) today in Chiang Dao. 900,000 baht. Has 2 natural springs and a 2 rai pond. Gorgeous

It's OK for you as you're Thai .

Farangs cannot own land.

I am not Thai and I do not care that I cannot own it in my name. I don't care that I cannot own it after I'm dead either.

Kids?

[desertrat]

Many opinions are offered on the state of the property market. May I add some facts?

I cycle very frequently within a 60 km sector centred on Pattaya, landwards.

All I see and have been seeing for the last three years, are a majority of semi completed projects,

seemingly abandoned, and FOR SALE signs, the incidence of well occupied, well maintained estates are

few and far between.

Yet no developer seems discouraged, any minimal plot will inevitably sprout whatever will fit.

As they will be using borrowed money and deposits I guess they won't lose out.

The builders trucks and concrete trucks continue to destroy the roads, and it is surprising to cycle 100m

without encountering piles of trash.

Am I in the appropriate forum ?

Perhaps the forlorn "Sails" skeleton portrays the situation as well as anything.

NO sales = No Sails.

[Maigo6]

Bought about 22 rai today (seller says it's 25) today in Chiang Dao. 900,000 baht. Has 2 natural springs and a 2 rai pond. Gorgeous

It's OK for you as you're Thai .

Farangs cannot own land.

I am not Thai and I do not care that I cannot own it in my name. I don't care that I cannot own it after I'm dead either.

Ok.

[zorro1]

Very easy - in Thai subprime market.

I bought into it too.

But will never boast I did something clever.

My 2.4 mil pad (in Bang Na) is there to assure my wife and my child have a place to go if I die.

It's already too much of a city for them. So has been for me. We just bought it where she wanted it, nothing like Thong Lor or other desirable areas.

What would she do with a condo there? High levies and unsellable.

TMT you have mentioned that you have a strong disliking for downtown BKK as a place to visit which comes across in most of your postings. I bought a Year ago Near Nana Bts 74sqm/ 65000bht/m. Its a corner apartment and the studio room next door was renovated and now presented for rent or for sale (its new). There is a sign and number on the door. I was interested in its purchase and had my Thai g/f call her last night and not to mention it was a farang that was the buyer (why do little old Thai Chinese ladies own all the condos around here?) She offered her 65,000m then 70,000m. she wont budge from 85,000sqm. Totally non negotiable...

[NotNew2You]

Last week, my friend sold his detached 3BR house in Chockchai Village 4 (Pattaya). It was on the market for maybe a month or sold and sold through a broker. He upgraded to a nicer village (SP 5) and he said he got a "fair" price for his house. It was sold through on of the agencies in town.

This house was owner-occupied and not bought as a speculative investment.

[lannarebirth]

Bought about 22 rai today (seller says it's 25) today in Chiang Dao. 900,000 baht. Has 2 natural springs and a 2 rai pond. Gorgeous

It's OK for you as you're Thai .

Farangs cannot own land.

I am not Thai and I do not care that I cannot own it in my name. I don't care that I cannot own it after I'm dead either.

Kids?

Yes. This particular piece of land cost about 1/16th of proceeds of land sales I've had in the last 18 months, both here and in Mexico. None of which were in my name, but the proceeds are.

[tangoll]

I just contracted to take over a purchase contract for a 1 bed / 1 baht 51 sqm condo unit, mid-floor at Siri@Sukhumvit located on sukhumvit road/Thonglor, soi 38. Not sure how the agent found this seller, but she was original contract holder from launch. Original launch price was baht 5.3 million, buyer got a discount for paying developer full amount up front and paid net 4.7 million. I took over the purchase contract for 5.1 million. Completion is about end 2009; developer is Sansiri PLC which is one of best developers in thailand. Total size of project is 35 floors with about 10 - 12 units per floor.

I think the Lehman bros expected impact on real estate market added some impetus to make the sale and reduced the asking price a bit. Launch must have been 9 - 12 months previously.

[Prudent_rabbit]

In March 2008 Bought a 70 Sqm 2 Bed apartment in Pra Kanong (Waterford) for 2.6 mill, with the seller paying all the transfer fees and it came partly furnished, I figured 37k per Sq Meter was a good price for the area. Spent some time looking around for the right place and would have preferred nearer the Asok area but the prices are just plain silly (IMHO)

[misterme]

I just sold my 15yr old 32SqM hotel room w/chanote in Patong, Phuket for 1,650,000

Turned round and bought a 42.5SqM off plan 1br @ 3.45 with minimum down (also in Patong).

[Teabag]

My Thai wife sold our 3-bedroom bungalow in Burirum city privately........but after trying to sell it for more than a year. Plenty of Thai people wanted to rent it but offered ridiculously low money. We paid 900,000 baht for it 12 years ago and our asking price was 1,300,000 baht. We sold it for 1 million baht.

She owns some building land also on the outskirts of the city but that's a non-mover. Nobody appears to be interested even though it's directly opposite the proposed site of the new District Office. We will wait.

[maccaroni man]

from what I am reading it looks like anything priced in the range of a new car or less is selling but what about the mid priced stuff in the 13m to 20m properties?

[Naam]

Bought about 22 rai today (seller says it's 25) today in Chiang Dao. 900,000 baht. Has 2 natural springs and a 2 rai pond. Gorgeous

It's OK for you as you're Thai .

Farangs cannot own land.

I am not Thai and I do not care that I cannot own it in my name. I don't care that I cannot own it after I'm dead either.

= wisdom which most others lack!

[Doalittle]

Watching Blomberg it says Thai property is down 47% year to date. I'm confused.

[quiksilva]

Who told Bloomberg? Its not like property values are listed on a stock ticker. I think they mean the value of firms listed in the real estate sector on the SET, which is not the same thing.