Thai property prices softening?

[onebir]

7 minutes ago, Airalee said:

Pearls before swine

Well I'd find it interesting!

[izod10]

11 hours ago, onebir said:

Actually the BIS does an index for Bangkok going back to 91, idk if it's particularly good. Shows a 36% drop before a very sharp bounceback:

 

https://fred.stlouisfed.org/series/QTHR628BIS

Thoughts of a "sharp bounceback" are to put it mildly out in orbit.    Not confined to Asia the crash,worldwide,Thailand will be last in pecking order to any semblance of property normality especially(if it was ever there)

 

A guy posted couple of months ago,(must have arrived on last banana boat),asking price of houses post covid,and building his own   Now the cost of building materials/labour would be far more than the finished house would be worth,   anyway house would be worthless,nobody would buy it  lol

[ExpatOilWorker]

13 hours ago, onebir said:

Actually the BIS does an index for Bangkok going back to 91, idk if it's particularly good. Shows a 36% drop before a very sharp bounceback:

 

https://fred.stlouisfed.org/series/QTHR628BIS

Interesting,  but it more track land prices than condo prices.

 

Coverage includes new and existing detached houses in Bangkok. The series is deflated using CPI.

[Pilotman]

On 8/18/2020 at 4:08 PM, ChouDoufu said:

prices dropping in an economic downturn?  crazy talk!  fewer buyers + no banks giving loans = higher prices.

 

my girlfriend arranged to buy a plot of land next to her sister in the province.  agreed on a price (too much i thought, but honey-bunny wants to be near family) with the seller.  she needs her son's signature to sell, but he's stuck in australia due to the covids.  asked if she wanted a deposit, she said no, she knows the family so trusts us.

 

after a couple months she calls the sister to have her inform us she's bumped the price up another 100k baht, but will cover the transfer fee (about 15k).  fine with me, price was already too high.  told her to tell the sister our offer is now 100k less.  hunny-bunny says no, we can't say that, she might get angry.  oh, really?  but we're not supposed to be angry?

That's not market forces, that's gullibility. 

[newnative]

    I've seen price drops for some condos but mostly they have been for condos I would not be interested in buying in the first place.  So far I am not seeing any price reductions for anything I would be interested in.  

[AlfHuy]

A friend of mine just bought a beautiful house in HuaHin.

Second hand market but very well build an on a 2000m2 plot, close to golf course.

Initially on the market at 19,000,000, down to 17,000,000, then 14,900,000.

He put in an offer at 12,000,000 and got it.

House was owned by a foreigner through a company. 
My friend bought the company which owns the land for X and paid for the house separately (not through the company).

Compared with new houses on the market in HH and what they are asking, he got a bargain.

As well, land is very expensive in HH. 2000m2 close to Banyan gold would cost you min. 5,000,000 baht.

[newnative]

On 8/18/2020 at 5:34 PM, onebir said:

Bookmarking bahtsold, thanks! Seems cheaper than fazzwazz, but maybe fewer listings?

Bahtandsold and FazWaz are two different things.  The first is a classified website and the latter is a real estate agency.  

[jvs]

On 8/18/2020 at 5:34 PM, onebir said:

Bookmarking bahtsold, thanks! Seems cheaper than fazzwazz, but maybe fewer listings?

Try this one for even more realistic prizes ,

www.kaidee.com

 

[1FinickyOne]

On 8/18/2020 at 3:44 PM, Matzzon said:

Yep, just buy! More fools to the chopping board!

Sure, why buy something, anything when it might cut into your beer allowance...

 

Investment is not the only reason people buy property... 

 

Property prices fall as more people are hurting for cash. There is a property across from my home that the owner is asking 2x the value. I expect he is not hurting for money - just fishing. When there is a need to sell, prices will go down. 

Edited August 20, 2020 by kenk24

[1FinickyOne]

To the OP - just google real estate agents... there are plenty

[Postmaster]

Why do you use the word "softening" Why don't you use the recognised terms of prices rising or falling or going up or down ?

[hotandsticky]

1 minute ago, Postmaster said:

Why do you use the word "softening" Why don't you use the recognised terms of prices rising or falling or going up or down ?

 

 

"Softening" is a recognised term.......................... why do you have a problem with it.

 

If YOU don't recognise the term then your post only serves to emphasise your ignorance. 

[izod10]

1 hour ago, AlfHuy said:

A friend of mine just bought a beautiful house in HuaHin.

Second hand market but very well build an on a 2000m2 plot, close to golf course.

Initially on the market at 19,000,000, down to 17,000,000, then 14,900,000.

He put in an offer at 12,000,000 and got it.

House was owned by a foreigner through a company. 
My friend bought the company which owns the land for X and paid for the house separately (not through the company).

Compared with new houses on the market in HH and what they are asking, he got a bargain.

As well, land is very expensive in HH. 2000m2 close to Banyan gold would cost you min. 5,000,000 baht.

Should have waited another 12 months,snatched his hand off for seven

[Matzzon]

1 hour ago, kenk24 said:

Sure, why buy something, anything when it might cut into your beer allowance...

Strange comment? Allowance? That is something that people are given when they need help, right? Are you in need of help Mr. kenk24?

Also, what has beer to do with this? Are you hung on those as well. Don´t worry there is help to get.

[Airalee]

1 hour ago, newnative said:

    I've seen price drops for some condos but mostly they have been for condos I would not be interested in buying in the first place.  So far I am not seeing any price reductions for anything I would be interested in.  

Same here.  Of the 50,000 condos in my price range, there are about 5% that I would consider living in due to wonky floor plans, bad views etc.  I got lucky by buying a “contract” from someone who lived out of the country and worked in an industry that was decimated by the pandemic.  He was happy to get some of his deposit back vs walking away from all of it and relinquishing the condo back to the developer.

 

Glad I bailed on that HuaHin unit I was considering.

Edited August 20, 2020 by Airalee

[scubascuba3]

1 hour ago, AlfHuy said:

A friend of mine just bought a beautiful house in HuaHin.

Second hand market but very well build an on a 2000m2 plot, close to golf course.

Initially on the market at 19,000,000, down to 17,000,000, then 14,900,000.

He put in an offer at 12,000,000 and got it.

House was owned by a foreigner through a company. 
My friend bought the company which owns the land for X and paid for the house separately (not through the company).

Compared with new houses on the market in HH and what they are asking, he got a bargain.

As well, land is very expensive in HH. 2000m2 close to Banyan gold would cost you min. 5,000,000 baht.

"paid for the house separately (not through the company"

 

Why bother splitting it?

[AlfHuy]

it was like that before.

You can't own land (company can) but can build a house on it.

Ex owner lives in Europe. My friend paid the price for the house straight from his European account in ex owners European account.

For the land purchase ( through company) , money paid to a Thai account.

[newnative]

14 minutes ago, Airalee said:

Same here.  Of the 50,000 condos in my price range, there are about 5% that I would consider living in due to wonky floor plans, bad views etc.  I got lucky by buying a “contract” from someone who lived out of the country and worked in an industry that was decimated by the pandemic.  He was happy to get some of his deposit back vs walking away from all of it and relinquishing the condo back to the developer.

 

Glad I bailed on that HuaHin unit I was considering.

     Glad that worked out for you.  We are repeatedly told that there are thousands and thousands of condos on the market for sale but once you narrow the area down to where you want to live and then input important things like view, age of condo, number of units in the condo, garage parking, pool, gym, foreign quota, upkeep of the project, floor plan, price, and other wants the choices narrow considerably.  Good luck!

[cheshiremusicman]

18 hours ago, Halfaboy said:

Plus that the inside of the property was pictured with a wide angle lens....

When? are they ever not shot with a 'Wide angle lense'?

[scoupeo]

not in pattaya

[donmuang37]

FazWaz offering at sucker prices!  If you want a good property at a decent price you have to out and look, look, look!  It's hard work; it took us a month of driving around, but got a good house at a fair price.

Good lock!! ????

[onebir]

1 hour ago, donmuang37 said:

FazWaz offering at sucker prices!  If you want a good property at a decent price you have to out and look, look, look!  It's hard work; it took us a month of driving around, but got a good house at a fair price.

Good lock!! ????

Thanks for the warning, ultimately leg work will be involved, but in advance knowing of good property listings sites is useful. So far other than fazwaz so far I know of:

ddproperty.com

perfecthomes.co.th (Chiang Mai only?)

+ from this thread (thanks guys!)

kaidee (Thai language; some functionality works through google translate)

bahtsold

 

Asking prices in a few places already look quite reasonable by recent standards/ other places eg:

https://perfecthomes.co.th/city-view-tower-condominium/

(More so if the discounts to asking price cited in this thread are possible...)

 

[Dexxter]

On 8/18/2020 at 8:42 PM, pixelaoffy said:

Bangkok has the craziest overpriced properties in Asia! The city is full of empty units and more being build to leave empty 

Copying China's ghost cities.

[1FinickyOne]

6 hours ago, Matzzon said:

Strange comment? Allowance? That is something that people are given when they need help, right? Are you in need of help Mr. kenk24?

Also, what has beer to do with this? Are you hung on those as well. Don´t worry there is help to get.

allowance is also a budgetary term... just because people with money want to buy things does not make them fools... and no I don't drink and when I buy things it does not cut into my budget... actually, I don't have a budget, just financial common sense.. 

[Matzzon]

40 minutes ago, kenk24 said:

allowance is also a budgetary term... just because people with money want to buy things does not make them fools... and no I don't drink and when I buy things it does not cut into my budget... actually, I don't have a budget, just financial common sense.. 

Sounds hard! I mean, all the need to think so much about budget, and financial common sense. After that you start to talk about that you buy things? Are you talking about an ice cream? ????

 

Really? I do not need common sense nor do I need to think about budget. And I do buy things, believe me.

Edited August 20, 2020 by Matzzon

[1FinickyOne]

2 hours ago, Matzzon said:

Sounds hard! I mean, all the need to think so much about budget,

you are starting to twist and misread - which makes any sensible conversation moot... 

 

you called buying things foolish - not me... 

 

I don't have a budget and therefore never think about it... I am not materialistic and yet when it comes to some high tkt items like a home or car, I don't mind spending... I've heard you can't take it with you... and no I don't drink beer... or liquor. 

[expat1010]

I would say yes prices are softening. The economy is pretty tough for a lot of folks and there are not many buyers of properties and car, motorbike and other bank loans need to be paid. Sure if you have got money the government will reimburse you 3000 baht for staying at a hotel in Pattaya but a lot of folks are out of work and prices for essentials like pork, rice and vegetables are rising. A few days ago one of the local shop owners stayed late after he closed up. He is an old fellow and when he was leaving around 8 he was strong armed by a guy who was out of work for a few thousand baht, not a robbery per sea, but coercion for sure. Also more young "monks" have been asking local shop keepers for money. A house up for sale in the small town I stay in has dropped its asking price from 800K last year down to 600K now. Pretty sure my gf will be able to snag it for 400K if things don't get better b before Xmas. 

[onebir]

7 minutes ago, expat1010 said:

1> He is an old fellow and when he was leaving around 8 he was strong armed by a guy who was out of work for a few thousand baht, not a robbery per sea, but coercion for sure.

 

2>A house up for sale in the small town I stay in has dropped its asking price from 800K last year down to 600K now. Pretty sure my gf will be able to snag it for 400K if things don't get better b before Xmas. 

1> ????

2> That would be weak...

[Matzzon]

5 hours ago, kenk24 said:

you are starting to twist and misread - which makes any sensible conversation moot... 

 

you called buying things foolish - not me... 

 

I don't have a budget and therefore never think about it... I am not materialistic and yet when it comes to some high tkt items like a home or car, I don't mind spending... I've heard you can't take it with you... and no I don't drink beer... or liquor. 

So, I am misreading, and you are the one who is right.

What do you mean with can´t take it with you? Are you talking about moving the house to another country, or doesn´t the car have wheels?

Don´t drink or liquor? Up to you!

[izod10]

The term "Farang Tombstone" came about some years ago,now that terms meaning has sharpened immensely.    There is no way out of the housing,and financial mess the country is in,no way will anything be selling for many a year,if ever,the name of the game has changed permanently