Oversupply of condos in BKK yet ridiculous prices

[DBath]

20 hours ago, KarenBravo said:

Thais prefer new houses and condos because they know that they will be ghost-free.

Yes, but what if somebody dies there during construction?

[pineapple01]

13 hours ago, JimmyJ said:

 

Why wouldn't they care?

Unlike most countries when its sold you need to earn  fast of it to pay City Taxes etc. Here the Laws are set By Chinese to Suit Chinese but no one has the Balls to say So.

[YT3k72Em]

21 hours ago, Surelynot said:

23 hours ago, YT3k72Em said:

From the description.

This project consist of 178 units.

For sale 252 units ????

The same units are being advertised by multiple agents

Yes. But it also indicates that more people are probably speculating that actually intend to live there.

[madmen]

On 8/11/2020 at 9:47 PM, spidermike007 said:

Yeah, I agree. $1.5 million for 1,800 sf in a low rise bldg in a not special area? That is nuts. Insanity. Makes no sense on any level, or by any standard. 

 

If those numbers are correct, that is around $900 per sf. You can get condos in very nice, new buildings off Sukhumvit on the 40th floor for less than that. 

 

You could buy a mansion in Spain, in the hills, with a view of the sea, on several hectares of land for that. 

Sukhumvit is a big Rd. 

The q condo with a walk way to Nana BTS direct start @ $1 million us to 5 million US

[madmen]

32 minutes ago, Airalee said:

Lol.  You and your Q condos.  
 

Do you find yourself bumping into poles and people on the sidewalk, as you walk down Sukhumvit, gazing longingly at the Q before you rush home to rub one out?

 

 

I bought 16 years ago sub 5 million baht for 80 sqm 4 minutes walk from Nana BTS back when they were silly cheap and even than everyone here said that was CRAZY money lol

Lower suk is off the charts now doubling tripling quadrupling and then x w10… in a short period of time ????????????????????

 

I have an interest in what's being built.. 

What village are you in? 

 

 

Edited August 12, 2020 by madmen

[Scott]

Off-topic post removed. 

 

[ExpatOilWorker]

7 hours ago, madmen said:

I bought 16 years ago sub 5 million baht for 80 sqm 4 minutes walk from Nana BTS back when they were silly cheap and even than everyone here said that was CRAZY money lol

Lower suk is off the charts now doubling tripling quadrupling and then x w10… in a short period of time ????????????????????

 

I have an interest in what's being built.. 

What village are you in? 

 

 

Yes, asking prices in the newly build units like Q are x10, but are they worth it?

Both Omni Tower and Saranjai Mansion were about 50,000 baht/m2 in 2004 and are still selling at that price today.

Apart for providing free rental, prices haven't moved much in lower Sukhumvit.

[Airalee]

2 hours ago, ExpatOilWorker said:

Yes, asking prices in the newly build units like Q are x10, but are they worth it?

Both Omni Tower and Saranjai Mansion were about 50,000 baht/m2 in 2004 and are still selling at that price today.

Apart for providing free rental, prices haven't moved much in lower Sukhumvit.

I certainly don’t see those Q units being a good value.  Sure...whoever buys them has money but are probably being sneered at by the Ploenchit area condo owners.  I’m not sure what the target market is/was for those condos.  A higher class sex tourist?  
 

And how is it a selling point that they connect to the BTS?  Do buyers of 1-5 million dollar condos really want to rub elbows on the BTS with filthy hoi polloi such as myself?  I think not.  

 

I have also noticed that the asking prices at “Q” have dropped into the ฿26,500,000 range on DDproperty.  Could probably get it for much less.  I feel sorry for the people who bought during presale.

 

I just checked Omni Towers on DD.  I see a 77sqm 2BR (That’s close enough to 80sqm to use as a comp to Madmens unit)  unit there asking  ฿4,211,350.  Perhaps one could offer 3 million and settle in the mid 3s?  Sounds like Madmens “sub 5 million baht” purchase wasn’t such a good one after all.

[Barnabe]

12 hours ago, madmen said:

I bought 16 years ago sub 5 million baht for 80 sqm 4 minutes walk from Nana BTS back when they were silly cheap and even than everyone here said that was CRAZY money lol

Lower suk is off the charts now doubling tripling quadrupling and then x w10… in a short period of time ????????????????????

 

I have an interest in what's being built.. 

What village are you in? 

 

 

Sure, 16 years ago I’m sure it was good value, and you must have certainly made a good profit in your investment. 

Even if you had bought 5 years ago you’d probably still be sitting on a handsome (paper) profit.

 

But market conditions are fluid, that doesn’t mean buying an expensive condo NOW is a good value. 
 

 

[tlandtday]

15 hours ago, madmen said:

I bought 16 years ago sub 5 million baht for 80 sqm 4 minutes walk from Nana BTS back when they were silly cheap and even than everyone here said that was CRAZY money lol

Lower suk is off the charts now doubling tripling quadrupling and then x w10… in a short period of time ????????????????????

 

I have an interest in what's being built.. 

What village are you in? 

 

 

The party is over for a very long time.  Sell now but I doubt it is possible. Lower Suk was due for a major correction as the infrastructure is not capable of sustaining any more projects and really is third world in many aspects. There are far better investments if you want to toll the dice.

[Leaver]

2 hours ago, Barnabe said:

Even if you had bought 5 years ago you’d probably still be sitting on a handsome (paper) profit.

What is a "paper profit" actually worth, unless it can be converted to the other paper, called cash?  

[Airalee]

17 minutes ago, Leaver said:

What is a "paper profit" actually worth, unless it can be converted to the other paper, called cash?  

Bragging rights on an anonymous forum about an illiquid (and currently depreciating) asset?

[Leaver]

6 hours ago, Airalee said:

Bragging rights on an anonymous forum about an illiquid (and currently depreciating) asset?

Usually bragging rights that "rent is dead money" yet, the cost of the property, invested elsewhere, more than covers the rent on the exact same property, without any taxes, fees and maintenance, and your money remains liquid, and safe, outside of Thailand.

 

I brag that I rent here.  ???? 

[uffe123]

The bangkok pollution will be back when everything returns to normal. Who in their right mind would want to live in Bangkok wearing a gas mask when you go out. Hell don't worry about Covid. WHO safe 25 PPM Bangkok whe normal 150PPm. Good luck living in Bangkok.