squawkorama Posted August 31, 2020 Share Posted August 31, 2020 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. Link to comment Share on other sites More sharing options...
wordchild Posted August 31, 2020 Share Posted August 31, 2020 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. 1 Link to comment Share on other sites More sharing options...
Popular Post wordchild Posted August 31, 2020 Popular Post Share Posted August 31, 2020 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. 2 1 1 1 Link to comment Share on other sites More sharing options...
Popular Post bkk6060 Posted August 31, 2020 Popular Post Share Posted August 31, 2020 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. 8 Link to comment Share on other sites More sharing options...
Popular Post baansgr Posted August 31, 2020 Popular Post Share Posted August 31, 2020 Pattaya prices are down 50%, BKK will surely follow if not by more. 2 1 1 1 Link to comment Share on other sites More sharing options...
Popular Post Mike Teavee Posted August 31, 2020 Popular Post Share Posted August 31, 2020 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%? 3 2 Link to comment Share on other sites More sharing options...
squawkorama Posted September 1, 2020 Author Share Posted September 1, 2020 (edited) 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 Link to comment Share on other sites More sharing options...
RoadWarrior371 Posted September 1, 2020 Share Posted September 1, 2020 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....???? 1 1 Link to comment Share on other sites More sharing options...
scubascuba3 Posted September 1, 2020 Share Posted September 1, 2020 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 Link to comment Share on other sites More sharing options...
JoeMacUSA Posted September 4, 2020 Share Posted September 4, 2020 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. 1 Link to comment Share on other sites More sharing options...
scubascuba3 Posted September 5, 2020 Share Posted September 5, 2020 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 Link to comment Share on other sites More sharing options...
ChipButty Posted September 5, 2020 Share Posted September 5, 2020 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 2 Link to comment Share on other sites More sharing options...
Popular Post Keyser Soze666 Posted September 5, 2020 Popular Post Share Posted September 5, 2020 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. 2 1 Link to comment Share on other sites More sharing options...
smutcakes Posted September 5, 2020 Share Posted September 5, 2020 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. 1 1 Link to comment Share on other sites More sharing options...
newnative Posted September 5, 2020 Share Posted September 5, 2020 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. 1 Link to comment Share on other sites More sharing options...
Andyfez Posted September 5, 2020 Share Posted September 5, 2020 Hipflat give some basic figures on many condos. Link to comment Share on other sites More sharing options...
DrPhibes Posted September 5, 2020 Share Posted September 5, 2020 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. 1 Link to comment Share on other sites More sharing options...
Nanaplaza666 Posted September 5, 2020 Share Posted September 5, 2020 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 . 1 Link to comment Share on other sites More sharing options...
LawrenceN Posted September 5, 2020 Share Posted September 5, 2020 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. Link to comment Share on other sites More sharing options...
natway09 Posted September 5, 2020 Share Posted September 5, 2020 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 1 Link to comment Share on other sites More sharing options...
3NUMBAS Posted September 5, 2020 Share Posted September 5, 2020 offer some silly money low offers for some units and see if they bite. 1 Link to comment Share on other sites More sharing options...
SiSePuede419 Posted September 5, 2020 Share Posted September 5, 2020 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. ???? 2 Link to comment Share on other sites More sharing options...
RoadWarrior371 Posted September 5, 2020 Share Posted September 5, 2020 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. ???? 1 Link to comment Share on other sites More sharing options...
newnative Posted September 6, 2020 Share Posted September 6, 2020 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. Link to comment Share on other sites More sharing options...
SePl Posted September 6, 2020 Share Posted September 6, 2020 just bribe land office and you will know anything you want ! Link to comment Share on other sites More sharing options...
ThailandRyan Posted September 6, 2020 Share Posted September 6, 2020 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. Link to comment Share on other sites More sharing options...
Pravda Posted September 6, 2020 Share Posted September 6, 2020 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? Link to comment Share on other sites More sharing options...
utalkin2me Posted September 6, 2020 Share Posted September 6, 2020 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. 1 Link to comment Share on other sites More sharing options...
moontang Posted September 6, 2020 Share Posted September 6, 2020 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. Link to comment Share on other sites More sharing options...
josephbloggs Posted September 6, 2020 Share Posted September 6, 2020 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! 2 Link to comment Share on other sites More sharing options...
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