Why are viewtalay 3 to 8 so empty ? even before covid they were so empty, so why not selling cheaper ?

[newnative]

1 hour ago, scoupeo said:

 

Do you know if VT3 and VT5 beach side condos are always more expensive ?

 

And lower floors are always cheaper ?

 

 

     When we were buying them the price went up with every floor.  I can't remember if one side of the building was more expensive than the other.  I think the "A" building at VT3 was more expensive than the "B" building and VT5C units, being closer to the ocean, were more expensive than VT5D.  

[soi3eddie]

On 7/30/2020 at 12:58 AM, jacko45k said:

It is a strange property market in Thailand. Thais seem very loathe to reduce their selling price and will wait it out. Perhaps that is also true of non-Thais who want to see a profit and hold near to their Thai baht buying price, not considering the sizeable appreciation of the currency against others in the meantime. Add that to another factor, as told to me by a few guys who retain condos they do not live in. The costs are very low, and they used to be able to be certain of good rental money over the peak season.

It's a "face" issue. You will never find a property (sale/purchase) bargain here from Thais. Thais would rather keep empty forever and pay annual fees than sell at a reduced price. The apartment building where I live in Bangkok is in an OK area, well managed and very convenient. Out of 99* units, 62 are occupied by owners, 22 are rented to tenants and 13 remain unoccupied. *What happened to the other 2 units? Well they were incorporated in one huge unit by a Thai guy as a "penthouse" or <deleted> pad. Out of these 99 units just 3 units are owned by us foreigners. I bought in 2009 when the building was almost complete and got one of the last two units available.

Edited July 31, 2020 by soi3eddie

[newnative]

14 minutes ago, soi3eddie said:

It's a "face" issue. You will never find a property (sale/purchase) bargain here from Thais. Thais would rather keep empty forever and pay annual fees than sell at a reduced price. The apartment building where I live in Bangkok is in an OK area, well managed and very convenient. Out of 99* units, 62 are occupied by owners, 22 are rented to tenants and 13 remain unoccupied. *What happened to the other 2 units? Well they were incorporated in one huge unit by a Thai guy as a "penthouse" or <deleted> pad. Out of these 99 units just 3 units are owned by us foreigners. I bought in 2009 when the building was almost complete and got one of the last two units available.

       I'm not sure I would call it a 'face' issue.  To me, they are just being smart.  If you don't need the money, why sell at a loss?  I've never sold a condo at a loss--not the 10 condo sales I had in the US or the 20 here in Thailand.  If I can't sell at a profit, I don't sell.  I owned one condo that lost value in the US during the property crash.  I didn't need to sell so I didn't--I rented it out, instead.  The market eventually recovered and I sold it then, at a profit.

       I think you will find that a number of Thais buy condos to have as an asset for their retirement years.  My Thai sister-in-law and her husband who live in Bangkok just bought a small condo in a good area; they already own several others that they rent out.  This one they plan to just keep empty for now or use it sometimes themselves.  Once they retire in a few years, this condo and the other rental condos will contribute to their monthly income.  

[redwood1]

The V condos dont have a reputation as being Ghost condos for no reason if you catch my drift..........Some Thai girls will not even go in them.......

[Leaver]

On 7/30/2020 at 6:58 AM, jacko45k said:

It is a strange property market in Thailand. Thais seem very loathe to reduce their selling price and will wait it out. Perhaps that is also true of non-Thais who want to see a profit and hold near to their Thai baht buying price, not considering the sizeable appreciation of the currency against others in the meantime. Add that to another factor, as told to me by a few guys who retain condos they do not live in. The costs are very low, and they used to be able to be certain of good rental money over the peak season.

The ground has shifted from under the feet of such condo owners. 

 

Tighter visas laws, condo over supply, stronger baht, higher cost of living in Thailand, increased competition for neighbouring countries like Vietnam etc. 

 

Thailand has lost its appeal and affordability to the western retiree market. 

 

These condo's can sit empty and waiting, but waiting for who, and when?    

[scoupeo]

On 7/31/2020 at 4:16 PM, newnative said:

     When we were buying them the price went up with every floor.  I can't remember if one side of the building was more expensive than the other.  I think the "A" building at VT3 was more expensive than the "B" building and VT5C units, being closer to the ocean, were more expensive than VT5D.  

 

Sorry, but VT5 has 2 buildings only, right ? so why are they called C and D ? not A and B ?

Thank you.

[newnative]

12 minutes ago, scoupeo said:

 

Sorry, but VT5 has 2 buildings only, right ? so why are they called C and D ? not A and B ?

Thank you.

   I don't have a definitive answer for that; perhaps others might.  Perhaps it was to avoid confusion with A and B at VT3.  

[treetops]

On 7/31/2020 at 2:19 PM, newnative said:

I'm not sure I would call it a 'face' issue.  To me, they are just being smart.

The money could be put to work elsewhere but they won't do that.  "Face" has to come in to a decision like that as financial sense isn't being used.

[mike111]

I've looked at VT1, 2, 4 and 5 and in IMHO VT2 is in the sweet spot of being more upscale than VT1 and cheaper (to rent/buy) than VT4/5. I didn't like the design of 4&5 - there were no lobby doors when I visited - just an open air entrance. The lower floors seemed deserted.

 

I've stayed at VT2A and B multiple times. There's everything needed (restaurants+groceries, laundry, etc.), a good no-nonsense swimming pool, plenty of parking, location is a winner close to everything etc. . Couldn't ask for more. I don't see why would anyone pay a lot more for a unit in VT4 or 5.

 

[newnative]

6 hours ago, mike111 said:

I've looked at VT1, 2, 4 and 5 and in IMHO VT2 is in the sweet spot of being more upscale than VT1 and cheaper (to rent/buy) than VT4/5. I didn't like the design of 4&5 - there were no lobby doors when I visited - just an open air entrance. The lower floors seemed deserted.

 

I've stayed at VT2A and B multiple times. There's everything needed (restaurants+groceries, laundry, etc.), a good no-nonsense swimming pool, plenty of parking, location is a winner close to everything etc. . Couldn't ask for more. I don't see why would anyone pay a lot more for a unit in VT4 or 5.

 

     There's no VT4.  4 is considered an unlucky number by Chinese.  People are paying more for VT3, 5, and 7 because they are getting bigger condos that are closer to the ocean with better ocean views than VT1 and 2.  Even the smallest 46 sqm studio is larger than the typical VT1 and 2 studio.   Most of the VT1 and 2 condos have small balconies except for the ones next to a stairwell and the front units.  All the balconies at 3, 5, and 7 are quite large and are really another outdoor room where you can easily fit a bistro set and lounge chairs.  The newer projects also offered a few more condo size choices--I think the curved balcony model was popular.  

     Of course, it all comes down to personal choice and budget.  For many, VT1 and 2 fit their needs to a T and they remain popular.  In my case, I love a big balcony and a great seaview so the newer VT projects fit me better--and had more choices in shells to renovate and sell when I arrived in 2010.

[mike111]

You're probably right about the missing VT4...it's been a while since I've been to newer VT projects as I usually stay in VT2A/B. The price difference is not minor and I couldn't really find a justification for paying the markup for staying in 5/6. VT2 is a very short walk to the beach and there are 3-4 groceries just at the main entrance to the project. A winner in my book and many other tenants as well, as there's always traffic there (of course in some months more than others).

 

 

[treetops]

48 minutes ago, mike111 said:

VT2 is a very short walk to the beach and there are 3-4 groceries just at the main entrance to the project. A winner in my book and many other tenants as well, as there's always traffic there (of course in some months more than others).

This thread is titled about 3 to 8 so VT 2 doesn't really matter, even if it's not what most people would call a "short walk to the beach".

Edited August 3, 2020 by treetops

[CygnusX1]

1 hour ago, mike111 said:

VT2 is a very short walk to the beach

But you have an unpleasant crossing of a very busy road, unlike VT 5 and 7. Whether that’s worth the extra money is up to the buyer.

[Stadtler]

On 7/29/2020 at 3:31 PM, salsajapan said:

I visited all Viewtalays and VT 1 is nicer than VT2, VT3 is totally ghost building and VT5 is nice, but more expensive for no reason

That isn't saying much, they are all dumps.

[CygnusX1]

7 hours ago, Stadtler said:

That isn't saying much, they are all dumps.

My condo in VT5 is 10 times better in every way than my apartment in Australia, so if you think VT5’s a dump, I hate to think what you’d say about my Australian residence!

[jacko45k]

38 minutes ago, CygnusX1 said:

My condo in VT5 is 10 times better in every way than my apartment in Australia, so if you think VT5’s a dump, I hate to think what you’d say about my Australian residence!

I have visited many in VT5 and generally it is not my thing. The Studios present a miserable existence beyond short holiday stays, and the prison corridors are depressing. But that said a bigger unit can be very nice and the balconies present great views. One corner large unit I went in was spectacular.....

[CygnusX1]

1 hour ago, jacko45k said:

The Studios present a miserable existence beyond short holiday stays

I only have a studio, but it’s so much more spacious than my apartment in Australia! Suppose it depends on what you’ve been used to living in.

[jacko45k]

1 minute ago, CygnusX1 said:

I only have a studio, but it’s so much more spacious than my apartment in Australia! Suppose it depends on what you’ve been used to living in.

Yes, I spent too much time in hotel rooms during my working life and am adverse to a single room.... reminds me of my student 'bedsit'......or early workdays in similar. If one spends little time 'indoors' it should be okay. 

[Henryford]

23 hours ago, newnative said:

     There's no VT4.  4 is considered an unlucky number by Chinese.  People are paying more for VT3, 5, and 7 because they are getting bigger condos that are closer to the ocean with better ocean views than VT1 and 2.  Even the smallest 46 sqm studio is larger than the typical VT1 and 2 studio.   Most of the VT1 and 2 condos have small balconies except for the ones next to a stairwell and the front units.  All the balconies at 3, 5, and 7 are quite large and are really another outdoor room where you can easily fit a bistro set and lounge chairs.  The newer projects also offered a few more condo size choices--I think the curved balcony model was popular.  

     Of course, it all comes down to personal choice and budget.  For many, VT1 and 2 fit their needs to a T and they remain popular.  In my case, I love a big balcony and a great seaview so the newer VT projects fit me better--and had more choices in shells to renovate and sell when I arrived in 2010.

I agree, having a big balcony is very important, somewhere you can sit and enjoy the outside air (and view). Surprising that so many condos have little or no balcony, especially as this would not have cost much to add on to an existing area. I would never buy a condo with one of these poky 2 sqm balconies.

[newnative]

11 minutes ago, Henryford said:

I agree, having a big balcony is very important, somewhere you can sit and enjoy the outside air (and view). Surprising that so many condos have little or no balcony, especially as this would not have cost much to add on to an existing area. I would never buy a condo with one of these poky 2 sqm balconies.

    Yes, indeed.  I'm sitting on my big balcony as I type this.  Having my first cup of coffee enjoying the seaview and beach activity.  Cloudy but nicely cool.  Enjoy your day.

[scubascuba3]

I have a 8m² balcony and I'm enjoying it much more than expected, along with the wind and sea and trees views I'm converted to balconies

[bert bloggs]

We live in a nice house ,as i type i am in our smallest bedroom ,(my computer room) i have a balcony ,it affords a lovely view (of the lady opposite ,she has a lovely posterior and is not bad looking at all especially in her shorts )????

[newnative]

3 hours ago, CygnusX1 said:

My condo in VT5 is 10 times better in every way than my apartment in Australia, so if you think VT5’s a dump, I hate to think what you’d say about my Australian residence!

     Thank you.  I had been meaning to respond to the poster's uninformed 'dump' comment.   The VT projects are not luxurious but they are well-kept, clean, offer ample parking, are in great locations, have nice pools, and very reasonable maintenance fees.  While I am at it, for another poster, VT3 is not a 'ghost building'.  When I visit friends there I see plenty of residents.  It is less busy in the summer months because many of the residents are back in their home countries--that low condo fee makes it economical to have a Pattaya getaway place. 

    The nice thing about the View Talays is they were sold as empty shells--not even a finished floor.  Buyers got to start with a blank canvas and do whatever they wanted.  As someone put it so nicely years ago on T-V, View Talay condos are like a box of chocolates and you won't know what you'll find until you open the door.  I love that they are not like some of the new condos that come furnished and every unit is exactly like the one next door.  

    Over the years I have visited a number of beautifully done View Talay condos that are about as far from a 'dump' as you can get.  Just recently I visited a newly-remodeled condo in VT 2. The owner had bought two side-by-side units and put them together.  One unit was a very nicely done living room/dining room with all-new extremely nice kitchen. The adjacent unit was a large bedroom with a gorgeous, new bathroom.  Everything beautifully done with nice furniture and artwork.  Really special and it was a treat to see it.  A very tasty morsel in the box of VT chocolates.  

 

[johng]

36 minutes ago, newnative said:

The nice thing about the View Talays is they were sold as empty shells--not even a finished floor.  Buyers got to start with a blank canvas and do whatever they wanted.

Yes but one  bad thing about that is the years of "renovation" work  until all units are fitted out ...constant sound of "berk with angle grinder"  gets quite annoying after a while ????

[newnative]

20 minutes ago, johng said:

Yes but one  bad thing about that is the years of "renovation" work  until all units are fitted out ...constant sound of "berk with angle grinder"  gets quite annoying after a while ????

     That's true.  On the bright side many of the units have been done by now.  I think you can expect some construction work from time to time at any condo project--especially as they get older.  At the last condo I owned in a small project built around 1990, about four or five units were re-done while I lived there--and I re-did my condo, as well.  While annoying, people spending money to improve their condos is, ultimately, a good thing.  

[Pattaya Spotter]

On 7/29/2020 at 9:47 AM, newnative said:

     I used to live at VT3.  Many of the best seaview units have been sold; the majority of the unsold units are on lower floors.  Counting windows with lights on at night is not an accurate gauge of how many units have been sold in any condo project.  (With View Talay projects, count the number of balconies without aircon units.)  But, you're right, there are plenty of unsold units.  Once foreign quota is reached at the VT projects, the remaining units are harder to sell.  

    Some years ago my partner and I made an offer at VT8 to buy 2 side-by-side shell units for 2.5MB each.  This was less than the asking price but finished units were only selling for around 3MB so we thought it was a fair price to offer.  We were turned down--in hindsight, thank God.  We were dealing with a lowly sales clerk and we asked her to convey our offer to her boss.  No, the boss has left instructions not to be bothered.  Can only give set discount.  OK, we're out of here.   

     VT8 is actually a different family member's project from the other VT projects--and part hotel.  But, with both, apparently there is not much incentive any more to either make or save money.  My partner and I have asked your same question, why don't they just run a big sale and clear out all their old, unsold units--which are getting older every year?  That's what they would do in the US.  Every unit, every floor, ONE price: 1 MB! First come, first served. Instead, they sit unsold, year after year.  Foreign quota is full at VT3 so it's a harder sell for foreigners but they'd get some buyers at 1MB and still make a profit--and not have to keep paying the condo fees year after year.  

My understanding is the profit margin on the build is all factored into the sales prices for the foreign quota units, so there is no real need to sell at much of a discount the remaining Thai quota. There is no property tax in Thailand either so again no real need to get the unsold Thai units off the books.

[newnative]

4 hours ago, jacko45k said:

I have visited many in VT5 and generally it is not my thing. The Studios present a miserable existence beyond short holiday stays, and the prison corridors are depressing. But that said a bigger unit can be very nice and the balconies present great views. One corner large unit I went in was spectacular.....

     Not all the studios 'present a miserable existence', in my opinion.  My partner and I enjoyed our time in several VT studios.   They aren't large but they can serve nicely for someone spending the winter months in Pattaya. 

[newnative]

6 minutes ago, Pattaya Spotter said:

My understanding is the profit margin on the build is all factored into the sales prices for the foreign quota units, so there is no real need to sell at much of a discount the remaining Thai quota. There is no property tax in Thailand either so again no real need to get the unsold Thai units off the books.

Yes, I heard that, too.  No property tax yet but I think the developer is paying the condo fees year after year on the unsold units.  

[Pattaya Spotter]

4 minutes ago, newnative said:

Yes, I heard that, too.  No property tax yet but I think the developer is paying the condo fees year after year on the unsold units.  

Yes...I guess that cost is not such a burden that selling off the unsold units a lower prices makes economic sense.

[Pattaya Spotter]

9 minutes ago, newnative said:

     Not all the studios 'present a miserable existence', in my opinion.  My partner and I enjoyed our time in several VT studios.   They aren't large but they can serve nicely for someone spending the winter months in Pattaya. 

That's a very nice unit...well done. I have also seen some very nice units at the View Talay next to Central Beach Mall. It just depends on how much an owner wants to put into their unit...can be plain and simple or 5-Star hotel decor. I guess that's the beauty of shells...everyone pays a base price and then takes it from there.