Condo Prices Bangkok

[squawkorama]

Does anyone know how to find out the prices condos have sold for recently in a building? Is information publicly available on recent completed transactions (not listings)? The Hipflat and Thailand Property sites' median price data is based on listings, and sometimes people list exorbitant prices. 

 

We are seriously considering a buying an old condo in central Bangkok and are not sure what it should cost per sqm, particularly during the pandemic. Would appreciate it if anyone knows how to find out this information.

[wordchild]

No you can’t get such information, at least not easily or from one source. Usually the condo juristic office will have some information on recent transactions but will only share that with a limited group of people. 
I have a condo in central BKK and I have some knowledge of recent transactions in my building. What I would say is that prices are certainly lower compared to a couple of years ago. Based on a couple of recent sales that I am aware of prices are down as much as 15/20% from the top. 
18 months ago transactions were being done at 250/280000 psqm in our building. Now it’s more like 200000. 

[wordchild]

sorry my math is wrong but the figures i quoted are accurate for my building; 250/280 down to around 200 now, with one owner rumored to be willing to take down to 185 for a quick sale, so prices down 20 percent plus.

This is in a popular building in central Bangkok, (or used to be haha). I guess that is about right for the whole market. 

[bkk6060]

It is a totally non transparent market here.  Like a big secret.

And, the terms of any sale will be unknown. 

I would buy nothing here based upon the way the industry is so poorly managed. 

[baansgr]

Pattaya prices are down 50%, BKK will surely follow if not by more.

[Mike Teavee]

32 minutes ago, baansgr said:

Pattaya prices are down 50%, BKK will surely follow if not by more.

Wow, do you have any examples of property being down by 50%?

 

 

[squawkorama]

Thanks for your answers. This is helpful. I cannot say that I'm surprised by the lack of transparency.

A thought: are these very old buildings we are discussing, or fairly new, so that I am not comparing apples to oranges?

Edited September 1, 2020 by squawkorama
Additional thought

[RoadWarrior371]

On 8/31/2020 at 6:08 AM, Mike Teavee said:

Wow, do you have any examples of property being down by 50%?

 

 

Wishful thinking....????

[scubascuba3]

4 hours ago, squawkorama said:

Thanks for your answers. This is helpful. I cannot say that I'm surprised by the lack of transparency.

A thought: are these very old buildings we are discussing, or fairly new, so that I am not comparing apples to oranges?

take a look at the neothai website, certainly in Pattaya it's very useful at checking historic info for condos

[JoeMacUSA]

I am also looking to purchase a foreign-owned 1 bedroom condo in Trendy, Sukhumvit Suites, Saranjai Mansion or similar property within 15 min walking distance to BTS Nana, Asok or Phrom Phong.  Price vary from building to building however, the cheapest price per square meter I could find in a building that meets my needs was 70,000 per meter.

 

My question to the group is, does anyone have a recommendation for a lawyer that they have personally used to represent them in the transaction?  Any recommendations or guidance would be appreciated.

[scubascuba3]

6 hours ago, JoeMacUSA said:

I am also looking to purchase a foreign-owned 1 bedroom condo in Trendy, Sukhumvit Suites, Saranjai Mansion or similar property within 15 min walking distance to BTS Nana, Asok or Phrom Phong.  Price vary from building to building however, the cheapest price per square meter I could find in a building that meets my needs was 70,000 per meter.

 

My question to the group is, does anyone have a recommendation for a lawyer that they have personally used to represent them in the transaction?  Any recommendations or guidance would be appreciated.

Most people don't use a lawyer as the process is simple, you just need to build your knowledge up, look for threads or start one. I bought a few weeks ago, i used Google Lens to double check the Chanote was correct as it's all Thai

[ChipButty]

I think the older condo blocks where a better buy as the were always bigger units these new ones you cant swing a cat around in them I think pick an area you like then you have to do some leg work and survey I lived the bottom end of Sukhumvit, Soi 2 just down from the Marriott easy to walk everywhere I used to be on first name terms in Nana Plaza 

Take a look in Bahtsold.com 

 

[Keyser Soze666]

On 8/31/2020 at 5:34 PM, baansgr said:

Pattaya prices are down 50%, BKK will surely follow if not by more.

Hahaha!! I just saw a  flying pig go past my window too.

[smutcakes]

8 hours ago, JoeMacUSA said:

I am also looking to purchase a foreign-owned 1 bedroom condo in Trendy, Sukhumvit Suites, Saranjai Mansion or similar property within 15 min walking distance to BTS Nana, Asok or Phrom Phong.  Price vary from building to building however, the cheapest price per square meter I could find in a building that meets my needs was 70,000 per meter.

 

My question to the group is, does anyone have a recommendation for a lawyer that they have personally used to represent them in the transaction?  Any recommendations or guidance would be appreciated.

I used a lawyer called Sathien (Dennis) Hemsin from BIA Law. Very reasonable. Reviewed the SPA agreement, did customary DD on title (easy as a condo) and executed the title transfer at the LD.

 

Really nice guy, non flashy and dull as dishwater which is exactly what i want in an accountant or lawyer.

[newnative]

On 8/31/2020 at 5:34 PM, baansgr said:

Pattaya prices are down 50%, BKK will surely follow if not by more.

I wish that were true for Pattaya but it certainly isn't for oceanview condos in good projects--which is all I am interested in buying. 

[Andyfez]

Hipflat give some basic figures on many condos.

[DrPhibes]

A year ago my family and the family of the wife's HS girlfriend got together outside Pattaya.  Both the husband and wife were bankers in the loan dept.  We were discussing this very subject of housing prices and how does the bank determine loan to value ratios.  They said they send someone to the land office to physically look up sales in the area for the house in question.  I brought out my tablet and went to Zillow and showed them properties I owned in the US, when they were constructed, when each was bought each time for the last 10 years, what it was bought for each time, what property taxes were paid on it, roughly how much is it worth at the moment.  They asked me why would I pay for such a program if I was not in the banking industry and were shocked when I told them it was public record and free and that this was just the summary view of the information available.  Was kind of fun watching them talking seriously in Thai as fast as they could speak to each other for the next 15min.  Wife had to remind them we were here for fun and brought out beers.  Hopefully the seeds have been planted for such a service here once all is computerized.

[Nanaplaza666]

On 8/31/2020 at 2:12 PM, wordchild said:

No you can’t get such information, at least not easily or from one source. Usually the condo juristic office will have some information on recent transactions but will only share that with a limited group of people. 
I have a condo in central BKK and I have some knowledge of recent transactions in my building. What I would say is that prices are certainly lower compared to a couple of years ago. Based on a couple of recent sales that I am aware of prices are down as much as 15/20% from the top. 
18 months ago transactions were being done at 250/280000 psqm in our building. Now it’s more like 200000. 

8milj baht for 40sqm i geuss that depends on wich floor as well , can buy a nice house for that money as well maybe not your neighborhood but wouldn't be to far from it . 

[LawrenceN]

9 hours ago, ChipButty said:

I think the older condo blocks where a better buy as the were always bigger units these new ones you cant swing a cat around in them.

 

News to me! When did they outlaw cat-swinging in condos? I suppose this means I have been cat-swinging illegally. 

[natway09]

Even if you had access to the land office details they will be incorrect, as all they have is 

the declared figure for tax payment & stamp duty

[3NUMBAS]

offer some silly money low offers for some units and see if they bite.

[SiSePuede419]

8 hours ago, newnative said:

certainly isn't for oceanview condos in good projects

Good for whom?

 

Do you know ANYONE that "got rich" by buying a condo in Pattaya, ocean view or otherwise?

 

My mountain view property value here in America is up 100 x what I paid for it 20 years ago. 

 

Check out the view. ????

[RoadWarrior371]

10 minutes ago, SiSePuede419 said:

Good for whom?

 

Do you know ANYONE that "got rich" by buying a condo in Pattaya, ocean view or otherwise?

 

My mountain view property value here in America is up 100 x what I paid for it 20 years ago. 

 

Check out the view. ????

 

 

Meh, looks boring.  I live in my condos, got rich by working hard and investing. ????

[newnative]

12 hours ago, SiSePuede419 said:

Good for whom?

 

Do you know ANYONE that "got rich" by buying a condo in Pattaya, ocean view or otherwise?

 

My mountain view property value here in America is up 100 x what I paid for it 20 years ago. 

 

Check out the view. ????

     Rich after selling one Pattaya condo?  Not me.  But, my partner and I didn't get rich after selling just one condo in the US, either--especially after holding them for mostly just one or two years.   However, we did do ok in the US selling all 10 of them at a profit and we've done ok in Pattaya selling 17 of them at a profit after fixing them up, plus 2 oceanfront condos in Rayong and a Bangkok condo. 

     Atypical, perhaps, but it is possible to buy a condo in Thailand and sell it at a profit--likely not a get rich profit but a profit nonetheless, while you enjoy having your own space to do with what you will.  Certainly there are many places all over the world where property is doing better but we are here so here is where we have bought--with no regrets.   Thanks for posting the photo and I congratulate you on the great increase in value on your mountain view property--that's terrific. 

[SePl]

just bribe land office and you will know anything you want !

 

[ThailandRyan]

21 hours ago, DrPhibes said:

A year ago my family and the family of the wife's HS girlfriend got together outside Pattaya.  Both the husband and wife were bankers in the loan dept.  We were discussing this very subject of housing prices and how does the bank determine loan to value ratios.  They said they send someone to the land office to physically look up sales in the area for the house in question.  I brought out my tablet and went to Zillow and showed them properties I owned in the US, when they were constructed, when each was bought each time for the last 10 years, what it was bought for each time, what property taxes were paid on it, roughly how much is it worth at the moment.  They asked me why would I pay for such a program if I was not in the banking industry and were shocked when I told them it was public record and free and that this was just the summary view of the information available.  Was kind of fun watching them talking seriously in Thai as fast as they could speak to each other for the next 15min.  Wife had to remind them we were here for fun and brought out beers.  Hopefully the seeds have been planted for such a service here once all is computerized.

They also need to have an appraisers association that works with a realtors association, and has certifications as needed for both realtors and appraisers.  Then with the advent of a program similar to Zillow, which is actually an online real estate company, and many others they have in the US like Realtor.com, then maybe the real value of a piece of property or the building would be truthful, as well as the showing of what taxes are paid, juristic fees, much like HOA dues etc.... But then TIT and there are backhanders everywhere and people believe that everything appreciates in Value even cars, and no value is ever lost.

[Pravda]

21 hours ago, DrPhibes said:

Wife had to remind them we were here for fun and brought out beers.  Hopefully the seeds have been planted for such a service here once all is computerized.

 

Funniest thing in the whole thread. 

 

Who paid for beers? 

[utalkin2me]

I would not buy but if I had to I would go based on rental figures. I have done this in the past and the numbers have always talked me out of buying, but it is also possible to get a better price which could make deals more attractive. 

[moontang]

I paid 18,500 in late 2010 for this 37 sm house in Phoenix on 170 wah.  It sold for 185,000 earlier this year.

[josephbloggs]

2 minutes ago, moontang said:

I paid 18,500 in late 2010 for this 37 sm house in Phoenix on 170 wah.  It sold for 185,000 earlier this year.

185,000 baht is a good price - you did well!