Popular Post Leaver Posted October 9, 2020 Popular Post Share Posted October 9, 2020 19 minutes ago, bert bloggs said: now it is looking really a bit rough ,,shame i reckon now 10 mill tops . It's worth zero million unless you can sell it. 3 Link to comment Share on other sites More sharing options...
Popular Post KarenBravo Posted October 9, 2020 Popular Post Share Posted October 9, 2020 The true bargains are snapped up by the bank management and their friends............with a bank loan from their branch. Manager happy to get a bargain. Bank happy as the property is off their books and another loan taken out is the cherry on the cake. 6 Link to comment Share on other sites More sharing options...
Jack Hna Posted October 9, 2020 Share Posted October 9, 2020 4 hours ago, Leaver said: Wait until next year, then you will be able to buy two shophouses. The market is nowhere near the bottom at the moment. I think it's already a good deal tbh and the owners own our whole moo bahn so I'm not expecting it to go down further and the modifications I need tells me I need their full support. I am just waiting for an in with these people to get the ball rolling or for them to have no tenant and readvertise. Link to comment Share on other sites More sharing options...
Leaver Posted October 9, 2020 Share Posted October 9, 2020 (edited) 32 minutes ago, KarenBravo said: The true bargains are snapped up by the bank management and their friends............with a bank loan from their branch. Manager happy to get a bargain. Bank happy as the property is off their books and another loan taken out is the cherry on the cake. Sure, that's been happening for years, but who are the tenants going to in the newly acquired house by said bank manager in the foreseeable future? If he upgrades and lives in the house himself, who, and at what price, will his old house sell, and if not for sale, what tenants will rent it? It's a whole new game now. Plenty of sellers, including the banks, no buyers, and no tenants. The argument that rich Thai's can afford to have vacant properties for years held some weight in times of a rising property market. That game is over as well. As we all know, Thai's can't see past a baht in their hand today. That bank manager may very well be foreclosed upon in the future, in the same way he foreclosed upon the previous owner. Edited October 9, 2020 by Leaver 1 1 Link to comment Share on other sites More sharing options...
Popular Post Leaver Posted October 9, 2020 Popular Post Share Posted October 9, 2020 8 minutes ago, Jack Hna said: I think it's already a good deal tbh and the owners own our whole moo bahn so I'm not expecting it to go down further and the modifications I need tells me I need their full support. I am just waiting for an in with these people to get the ball rolling or for them to have no tenant and readvertise. How do you know they OWN the whole moo bahn? Maybe the bank does. In any case, like I said, be patient, and you will be in a better position to bargain. The market is no where near the bottom. Financially speaking, the whole world is yet to feel the full effects of Covid. 6 1 Link to comment Share on other sites More sharing options...
jacko45k Posted October 10, 2020 Share Posted October 10, 2020 13 hours ago, samsensam said: from reading topics and posts on this site i'd say there are an awful lot of stupid foreigners in thailand. We left a few behind..... 1 Link to comment Share on other sites More sharing options...
Popular Post Leaver Posted October 10, 2020 Popular Post Share Posted October 10, 2020 On 10/9/2020 at 5:52 PM, samsensam said: from reading topics and posts on this site i'd say there are an awful lot of stupid foreigners in thailand. Surely, some of them have a girl who is actually "different." ???? 1 3 Link to comment Share on other sites More sharing options...
Popular Post chrisandsu Posted October 11, 2020 Popular Post Share Posted October 11, 2020 On 10/9/2020 at 6:28 AM, KarenBravo said: The true bargains are snapped up by the bank management and their friends............with a bank loan from their branch. Manager happy to get a bargain. Bank happy as the property is off their books and another loan taken out is the cherry on the cake. This is very true . I knew someone in a bank who used to get very good deals . My wife bought a nice slab of land from her for a very good price . The rest of the rubbish gets marked up at inflated prices to make up for the losses on the good property they already took . Thai logic 2 1 Link to comment Share on other sites More sharing options...
Jack Hna Posted October 11, 2020 Share Posted October 11, 2020 On 10/9/2020 at 3:10 PM, Leaver said: How do you know they OWN the whole moo bahn? Maybe the bank does. In any case, like I said, be patient, and you will be in a better position to bargain. The market is no where near the bottom. Financially speaking, the whole world is yet to feel the full effects of Covid. Err because they built it they manage it and my neighbours the headman and speaks decent english. 2 Link to comment Share on other sites More sharing options...
Leaver Posted October 11, 2020 Share Posted October 11, 2020 3 minutes ago, Jack Hna said: Err because they built it they manage it and my neighbours the headman and speaks decent english. Does that mean it's not under finance???? Link to comment Share on other sites More sharing options...
ncc1701d Posted October 11, 2020 Share Posted October 11, 2020 I have no idea about Thailand purchase of house and ongoing costs - does the owner have to pay council rates and things like that? If the owner declares bankruptcy then wouldn't the bank have to pay those rates? or dos the government just waive those? Link to comment Share on other sites More sharing options...
Jack Hna Posted October 11, 2020 Share Posted October 11, 2020 1 hour ago, Leaver said: Does that mean it's not under finance???? I have no idea but I know they are not a fly by knight outfit and they are very well heeled and built the moo bahn over 25 years ago and there is not one vacant lot anywhere, so I would suspect not. Link to comment Share on other sites More sharing options...
jacko45k Posted October 11, 2020 Share Posted October 11, 2020 8 hours ago, ncc1701d said: I have no idea about Thailand purchase of house and ongoing costs - does the owner have to pay council rates and things like that? If the owner declares bankruptcy then wouldn't the bank have to pay those rates? or dos the government just waive those? There are land and property taxes in Thailand but they are very small and unlike other countries not a deterrent to owning and leaving empty. The collection of them is also poorly organised and has only recently started to be pursued. 2 Link to comment Share on other sites More sharing options...
moontang Posted October 12, 2020 Share Posted October 12, 2020 (edited) On 10/9/2020 at 7:01 AM, jacko45k said: One would expect the banks to be keen to get them off their books, they aren't realtors, Are they limited to what is owed on the property or fixated on an inflated value? Did they originally lend too much on the property? They may not take the loss until it is sold, but they likely mark them down incrementally as much as they have to, to comply with GAAP, but there is a good chance you could get a better deal from a traditional sale. The people getting foreclosed are often the ones, who paid top dollar, and were unable to sell. Edited October 12, 2020 by moontang 1 Link to comment Share on other sites More sharing options...
Popular Post spidermike007 Posted October 12, 2020 Popular Post Share Posted October 12, 2020 (edited) Anyone interested in buying a condo right now, would be better off waiting awhile. Timing is on your side. Time is now your ally. The economy is going remain devastated here, for a very long time to come. And the longer this goes on, the more people are going to be affected by it, and the more desperate some will become. For the wealthy it barely matters. But, there are many middle class who have money invested, and there are alot of Chinese and Russians who bought, and cannot even visit Thailand. Some of them will want to unload their properties. Wait. The condo market is severely overbuilt. And demand is low, for all but the top buildings. And few in a position of authority are facing the music. I anticipate condo prices to drop by half. A friend of mine recently moved to Pattaya. He looked at condos in Jomtien. He walked into one of the nicest towers, looked at a 36th floor unit with panoramic views, and when he was quoted 26,000 a month, he offered 10,000. They settled on 13,000. He said the agent more or less admitted the building was nearly empty, and that it was hard to rent or sell anything, at this time. Where is the market? Wealthy Thais, many of whom see the market collapsing, would rather wait and see how all of this shakes out, and ex-pats, many of whom are smart enough to be shopping for bargains right now. So, we have about 3 trillion baht missing from the economy, minus the little bit of domestic travel going on. 20%! Millions of jobs. How long will that vacuum remain? Will the army develop some guts, courage, creativity and stop the panic mongering? It is unlikely. And what about the people? They are not really a consideration. If you are not rich or connected, you do not factor in. Woe is the average Thai, who worked in tourism. What can one say? Desperation is setting in. Heads are going to roll. Just returned from Samui. Utter devastation. 90% of the businesses on the beach road were closed, and hundreds of hotels are closed and for sale, at half price. Trillions of baht are going to be lost here. Annually. Tourism will NEVER recover. Not in our lifetimes. Too much timidity. Too much cowardice. Too little juice and creativity. Such small minds. No willingness to take any risks. Dumb and dumber. Edited October 12, 2020 by spidermike007 4 Link to comment Share on other sites More sharing options...
moontang Posted October 12, 2020 Share Posted October 12, 2020 On 10/9/2020 at 8:58 PM, Leaver said: Sure, that's been happening for years, but who are the tenants going to in the newly acquired house by said bank manager in the foreseeable future? If he upgrades and lives in the house himself, who, and at what price, will his old house sell, and if not for sale, what tenants will rent it? It's a whole new game now. Plenty of sellers, including the banks, no buyers, and no tenants. The argument that rich Thai's can afford to have vacant properties for years held some weight in times of a rising property market. That game is over as well. As we all know, Thai's can't see past a baht in their hand today. That bank manager may very well be foreclosed upon in the future, in the same way he foreclosed upon the previous owner. I agree. It is an urban myth that there are all these insider deals. It would be a form of embezzlement for one thing. Remember, it was a shady land deal that brought Thaksin down..and in that case there wasn't a publicly held company involved. Heard the same thing about property agents...reality is that most have to scrape up to pay their AIS bill. 1 Link to comment Share on other sites More sharing options...
elliss Posted October 12, 2020 Share Posted October 12, 2020 On 10/9/2020 at 4:34 PM, Leaver said: Wait until next year, then you will be able to buy two shophouses. The market is nowhere near the bottom at the moment. Correct . Condos , in Sin City . Ground level soon ... Link to comment Share on other sites More sharing options...
Rimmer Posted October 13, 2020 Share Posted October 13, 2020 Off topic post and reply removed Link to comment Share on other sites More sharing options...
Leaver Posted October 16, 2020 Share Posted October 16, 2020 (edited) On 10/12/2020 at 9:32 PM, elliss said: Correct . Condos , in Sin City . Ground level soon ... Define, "soon." I would say around 4 to 6 months from now, after a non existent high season. Edited October 16, 2020 by Leaver 1 Link to comment Share on other sites More sharing options...
elliss Posted October 16, 2020 Share Posted October 16, 2020 3 hours ago, Leaver said: Define, "soon." I would say around 4 to 6 months from now, after a non existent high season. I would say , you are a tad optimistic . Property values devastated .. Link to comment Share on other sites More sharing options...
elliss Posted October 16, 2020 Share Posted October 16, 2020 (edited) 15 minutes ago, elliss said: I would say , you are a tad optimistic . Property values devastated .. Condominium , were sold by professional sales people . At ridiculousy, high prices .. However that said , i enjoyed many free lunches , on their opening days . Bought nought .. Except a wife ... Edited October 16, 2020 by elliss spelling 1 Link to comment Share on other sites More sharing options...
Leaver Posted October 16, 2020 Share Posted October 16, 2020 4 minutes ago, elliss said: I would say , you are a tad optimistic . Property values devastated .. Are you suggesting the market has already bottomed out? Link to comment Share on other sites More sharing options...
elliss Posted October 16, 2020 Share Posted October 16, 2020 8 minutes ago, Leaver said: Are you suggesting the market has already bottomed out? No . Link to comment Share on other sites More sharing options...
Leaver Posted October 16, 2020 Share Posted October 16, 2020 3 minutes ago, elliss said: No . So, could property values could be devastated even more. Right? Link to comment Share on other sites More sharing options...
elliss Posted October 16, 2020 Share Posted October 16, 2020 10 minutes ago, Leaver said: So, could property values could be devastated even more. Right? Correct .. Link to comment Share on other sites More sharing options...
moontang Posted October 16, 2020 Share Posted October 16, 2020 (edited) The Chinese are their answer to their problems, but at least half of the condos were bought for cash, and those owners will be able to undercut the banks for several years, if not longer, as the banks have to take a shot at recouping what is owed...eventually, they may have the fire sale, like in the US, but that is a long way off. Edited October 16, 2020 by moontang Link to comment Share on other sites More sharing options...
Leaver Posted October 16, 2020 Share Posted October 16, 2020 3 minutes ago, elliss said: Correct .. So how am I optimistic that the market hasn't bottomed out yet? Link to comment Share on other sites More sharing options...
Leaver Posted October 16, 2020 Share Posted October 16, 2020 2 minutes ago, moontang said: eventually, they may have the fire sale, like in the US, but that is a long way off. Maybe not as far off as you think. Link to comment Share on other sites More sharing options...
elliss Posted October 16, 2020 Share Posted October 16, 2020 (edited) On 10/13/2020 at 12:43 AM, moontang said: 52 square meters in the other Sin City. 58k was in 1994, when it was new..sorry for not using the pakistani calendar. Sin city , is a worn out whore house. However that said . What App , along with thai dating sites, are the new norm. No bar fine . Negotiate a fee, with the Lady ? , on Line.. Edited October 16, 2020 by elliss Link to comment Share on other sites More sharing options...
moontang Posted October 16, 2020 Share Posted October 16, 2020 The foreclosure process is much longer than the non-judicial foreclosure, deed of trust process in the US. The foreclosure process and trustees are spelled out at loan signing. There was an inadvertent amount of foreclosures racked up in a short period. Banks were overwhelmed with property management, which they knew almost nothing about. There will have to be balance sheet trouble here, before the big reductions. When was the last time you saw a decent property auction here? 1 Link to comment Share on other sites More sharing options...
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