View Talay 7 side wings

[Rimmer]

A libelous post and a reply have been removed

[DerbyDan]

On 1/23/2021 at 10:28 PM, Pattaya Spotter said:

Yes there was a legal dispute with the Jomtien Condotel behind them...about losing their view and maybe it being constructed closer than 200m from the shoreline...but that was over a decade ago.

 

I lived a month at the Jomtein Condotel facing the View Talay 5 building side. My view was of a white building with a bunch of smoked windows (can't tell who is watching you), directly facing the balcony and interior (had to keep the curtains closed if your modest). I saw two people on my floor the whole time I was there. One of them was my landlord who lived down the corridor and would peek her head out to look down the hall when she heard me coming home at night.

Edited February 16, 2021 by DerbyDan

[salsajapan]

6 hours ago, DerbyDan said:

 

I lived a month at the Jomtein Condotel facing the View Talay 5 building side. My view was of a white building with a bunch of smoked windows (can't tell who is watching you), directly facing the balcony and interior (had to keep the curtains closed if your modest). I saw two people on my floor the whole time I was there. One of them was my landlord who lived down the corridor and would peek her head out to look down the hall when she heard me coming home at night.

 

Who is smart enough to rent a place in front of a building with 2000 rooms ?

so funny...

 

 

[JimTripper]

On 2/9/2021 at 10:59 PM, thailanddogerator said:

 

 

Only possible to buy cheap from broke foreigner, and I guess (hope) that many will be soon, so I am ready to buy their properties ❤️

 

 

They may need the coffin.

[GypsyT]

VT5 prices are going down a little.

VT7 is keeping steady prices. Closest to the beach w direct access.

VT8 is going up. The new look of Jomtien may be reason. Very nice wide and clean beach there now. Quiet too.

 

These are my favorite condos. Great locations. Well taken care of and keeping value well.

PS. hipflat,com has price chart of prices

https://www.hipflat.com/projects/view-talay-8-wmqmqd

 

[mran66]

On 2/15/2021 at 4:03 PM, Fred345 said:

No legal issues or complicated reason. The shape is a bit strange and some of them have pillars in the middle of a room but it’s mainly that they just can’t sell them because they are too expensive and the developer won’t drop the price very far.

 

 

If really no regulatory issues inhibiting the sale, sounds kind of strange...developer sitting on top of tied capital for extended period of time whereas they could sell and invest to something new. Seemingly they truly believe that value increase in future vs current market price is so big that better just wait and stand still even without offering for rent, who knows.

[GypsyT]

The Law is silly and Thais don't buy in "Chicken coops". That's why half are empty/not finished.

 

"Foreign Ownership Quota (49%)

That means that within a condo building not more than 49% of all units can be sold to foreigners, at least 51 % of the condo building must be Thai owned.

[mran66]

2 hours ago, GypsyT said:

The Law is silly and Thais don't buy in "Chicken coops". That's why half are empty/not finished.

 

"Foreign Ownership Quota (49%)

That means that within a condo building not more than 49% of all units can be sold to foreigners, at least 51 % of the condo building must be Thai owned.

Law is silly yes...but in prime location such as VT7 is, the units still have substantial value as rental units, thus would expect even Thai be interested in them at market price. And if not, Russian earlier or Chinese later as company owned (as they have in many newer buildings)

 

Would be kind of be weird if developer knowingly designs and builds a building of such shape, and assuming the wings would remain there only as support to enable the 49% to be sold at premium price...would that really lead to better business case vs selling the thai units at market price that could well be lower than the main wing? And still as owner be liable for their part of maintenanc fees (presumably).

[Leaver]

On 2/10/2021 at 2:13 AM, jacko45k said:

I would expect so.... I know a couple of guys who own condos they normally let out,  and would sell now. Not empty shells but fully furnished studio units. 

 

Why are they having trouble renting them out?  During the great covid rent reshuffle, they should have found a tenant easily, if they were priced right. 

[GypsyT]

What you say makes sense but this is Thailand and no western logic matters.

 

I just walked through 1st floor at VT7 and there's many empty business places to rent and sell.

I wonder if those can be used to live?

One end unit was very nice toward to the pool. It's got a raw concrete floor and never used for anything. Very big windows and balcony!

Check it out if you're into buying/renting.

 

I could live there but idea of owning something here is fading and Spanish dream is getting stronger.

 

 

 

 

 

[Leaver]

39 minutes ago, GypsyT said:

I just walked through 1st floor at VT7 and there's many empty business places to rent and sell.

 

So, you wouldn't say it's thriving then. 

[mran66]

3 hours ago, GypsyT said:

What you say makes sense but this is Thailand and no western logic matters.

List of issues that can only be explained with this statement is fairly long...guess best to conclude that I can understand that I can not understand many issues...

[GypsyT]

"So, you wouldn't say it's thriving then."

 

I'm cheap.... My thinking is; if I can live in same nice building for 1/2 price why pay more?

ALL commercial space renting & selling hurts in Thailand thanks to Covid.

I didn't see many more condos for sale than before so, yes - VT7 is doing well and values are same as pre Covid.

[ThaiBob]

Let me add my two cents to the discussion from the perspective of a long-time Vt7 co-owner and former Committee member.  Many comments are on the mark, there are no legal issues as those were settled years ago. 

Many ground floor businesses closed shop due to covid and are just now beginning to show signs of life. I suspect a year from now things will have improved dramatically, including rentals and resale of existing units. Co-owners are befuddled by the lack marketing skills and/or interest of the project owner; not only unsold units in Vt7 but all the others projects (vt3, vt5, vt6, vt8). The project owner sells condos like he did last century when there was no competition; no advertising, no shared commissions with realtors, Thai sales staff with limited communication skills, no promotions, price increases, etc, etc.  Compare that to the glitzy new shoeboxes being built with first class amenities.  Vt7 has so much going for it and could be marketed successfully in the hands of the right people. The project owner is old and we are told younger family members are open to new ideas.  We will see. 

[sghanchey]

Thais, being the superstitious souls that they are think that the side units are shaped like coffins and would never buy one. 

[mran66]

1 hour ago, ThaiBob said:

Let me add my two cents to the discussion from the perspective of a long-time Vt7 co-owner and former Committee member. 

Great to finally hear something directly from horse's mouth!

 

So if I understood correctly, the reason the side wings are empty is simply because of the old owner not wanting to sell them, rather just keep in his asset collection??

 

Does the owner cover the maintenance fee for all those empty units, or somehow managed to off that responsibility to the main wing units only?

Edited January 28, 2023 by mran66

[newnative]

3 hours ago, ThaiBob said:

Let me add my two cents to the discussion from the perspective of a long-time Vt7 co-owner and former Committee member.  Many comments are on the mark, there are no legal issues as those were settled years ago. 

Many ground floor businesses closed shop due to covid and are just now beginning to show signs of life. I suspect a year from now things will have improved dramatically, including rentals and resale of existing units. Co-owners are befuddled by the lack marketing skills and/or interest of the project owner; not only unsold units in Vt7 but all the others projects (vt3, vt5, vt6, vt8). The project owner sells condos like he did last century when there was no competition; no advertising, no shared commissions with realtors, Thai sales staff with limited communication skills, no promotions, price increases, etc, etc.  Compare that to the glitzy new shoeboxes being built with first class amenities.  Vt7 has so much going for it and could be marketed successfully in the hands of the right people. The project owner is old and we are told younger family members are open to new ideas.  We will see. 

     As a former owner at VT3, 5C, 5D, and 7, you nailed it.  

[ThaiBob]

10 hours ago, mran66 said:

Great to finally hear something directly from horse's mouth!

 

So if I understood correctly, the reason the side wings are empty is simply because of the old owner not wanting to sell them, rather just keep in his asset collection??

 

Does the owner cover the maintenance fee for all those empty units, or somehow managed to off that responsibility to the main wing units only?

The project owner faithfully pays his annual maintenance fees.  His management company does profit from managing a number of View Talay projects.  The owner apparently is not motivated to sell the wing units for whatever reason. As noted by other posters, they do present a challenge because of their unusual shape and size (115 & 257 sqm). The market is now geared for the Chinese (and Asians in general) that are used to smaller spaces.  It will take skilled marketing strategies to move these units, I'm afraid an insurmountable task for this project owner. On a positive note, the maintenance fee is only 10 baht/sqm per month, as compared to these new projects which are 40 and 50 baht/sqm.  

[Leaver]

13 hours ago, ThaiBob said:

Let me add my two cents to the discussion from the perspective of a long-time Vt7 co-owner and former Committee member.  Many comments are on the mark, there are no legal issues as those were settled years ago. 

Many ground floor businesses closed shop due to covid and are just now beginning to show signs of life. I suspect a year from now things will have improved dramatically, including rentals and resale of existing units. Co-owners are befuddled by the lack marketing skills and/or interest of the project owner; not only unsold units in Vt7 but all the others projects (vt3, vt5, vt6, vt8). The project owner sells condos like he did last century when there was no competition; no advertising, no shared commissions with realtors, Thai sales staff with limited communication skills, no promotions, price increases, etc, etc.  Compare that to the glitzy new shoeboxes being built with first class amenities.  Vt7 has so much going for it and could be marketed successfully in the hands of the right people. The project owner is old and we are told younger family members are open to new ideas.  We will see. 

 

So, the project owner is effecting the value of individually owned condo's in the block. 

 

Just another reason why I am happy with my decision to rent here. 

[PJ71]

12 hours ago, Leaver said:

why I am happy with my decision to rent here

So you can't afford to buy - thought so.

[Leaver]

5 hours ago, PJ71 said:

So you can't afford to buy - thought so.

 

I don't buy what I can't truly own.  Nothing to do with affordability. 

 

In any case, it's not even a sound investment.  The purchase price makes more money for me back at home than the cost of rent here, with some left over.  No repairs, maintenance, fees, taxes etc, and the freedom to move at any time. 

 

The saying "rent is dead money" is not applicable in Pattaya / Thailand. 

 

 

[Screaming]

On 1/24/2021 at 5:58 PM, Bangkok Basha said:

Thais think they feel and look like coffins, and Chinese think the Feng shui is bad. Enough said. Like many condos they have not been great investments, and rental rates have dropped considerably, as they have in the other View Talay buildings. 

So true, condos in Thailand are terrible investments and continue to depreciate year after year after year. The Thais do not maintain their buildings or their wives.

[NickyLouie]

2 hours ago, Leaver said:

 

I don't buy what I can't truly own.  Nothing to do with affordability. 

 

In any case, it's not even a sound investment.  The purchase price makes more money for me back at home than the cost of rent here, with some left over.  No repairs, maintenance, fees, taxes etc, and the freedom to move at any time. 

 

The saying "rent is dead money" is not applicable in Pattaya / Thailand. 

 

 

I think the term you're looking for is 'small money'

condos here are cheap if you have any sort cash stacked

and owning beats renting.

[Leaver]

25 minutes ago, NickyLouie said:

I think the term you're looking for is 'small money'

condos here are cheap if you have any sort cash stacked

and owning beats renting.

 

That would be true of a shoe box in Nirun or similar, but anything worth living in is over priced here, despite oversupply, and hence, cheap rent.  I did the math some time ago, even posted an example on here.  

 

Basically, put around 4 million in a fund back home and it more than covers the rent here on the exact same property in the exact same block, with no ongoing property expenses, with money left over each month, and you funds are at call.  

 

Tie that money up in a property here and you have imprisoned yourself and lost use of that money unless at a fire sale and a big loss.  

 

Factor in how many more years one is expected to live, because for "owning to beat renting" you have to live X amount of years for the monthly rent payments to overtake the purchase price, and also consider you leave a headache to your kids upon your demise, and it's a not only a no brainer, but it make no economic sense.  

 

Just on the point of one's estate, the common theme is "when I die the missus can have it."  If a property can't sell, and the missus moves home, what exactly are people leaving behind except bills to pay?      

 

The saying "rent is dead money" is not true in Pattaya / Thailand.

 

Edited January 29, 2023 by Leaver

[Leaver]

2 hours ago, Screaming said:

So true, condos in Thailand are terrible investments and continue to depreciate year after year after year. The Thais do not maintain their buildings or their wives.

 

I think they depreciate more from the oversupply here rather than the lack of maintenance, but either way, they lose value. 

[NickyLouie]

30 minutes ago, Leaver said:

 

That would be true of a shoe box in Nirun or similar, but anything worth living in is over priced here, despite oversupply, and hence, cheap rent.  I did the math some time ago, even posted an example on here.  

 

Basically, put around 4 million in a fund back home and it more than covers the rent here on the exact same property in the exact same block, with no ongoing property expenses, with money left over each month, and you funds are at call.  

 

Tie that money up in a property here and you have imprisoned yourself and lost use of that money unless at a fire sale and a big loss.  

 

Factor in how many more years one is expected to live, because for "owning to beat renting" you have to live X amount of years for the monthly rent payments to overtake the purchase price, and also consider you leave a headache to your kids upon your demise, and it's a not only a no brainer, but it make no economic sense.  

 

Just on the point of one's estate, the common theme is "when I die the missus can have it."  If a property can't sell, and the missus moves home, what exactly are people leaving behind except bills to pay?      

 

The saying "rent is dead money" is not true in Pattaya / Thailand.

 

4 million lost 30% over the last 2 years, stay on the sidelines and leave the varsity game to the players.

 

[Leaver]

28 minutes ago, NickyLouie said:

4 million lost 30% over the last 2 years, stay on the sidelines and leave the varsity game to the players.

 

 

That's not my experience.  My fund is still doing well, and it's not an aggressive profile. 

 

It would have to be an absolutely woefully performing fund to earn less than the cost of rent here. 

 

Edited January 29, 2023 by Leaver

[NickyLouie]

2 hours ago, Leaver said:

 

That's not my experience.  My fund is still doing well, and it's not an aggressive profile. 

 

It would have to be an absolutely woefully performing fund to earn less than the cost of rent here. 

 

So how do you like renting in Nirun Condo?

[GypsyT]

Stop being jealous at VT7 condo owner. I'm happy for him!

 

If you had 4 mil "at home" you wouldn't be here....

 

[billyo]

On 1/28/2023 at 10:52 PM, Leaver said:

 

So, the project owner is effecting the value of individually owned condo's in the block. 

 

Just another reason why I am happy with my decision to rent here. 

To the advantage of current owners though. If they were to take all the empty wing shells and put in a serviceable unit and knock them out a market rate they would make a tidy profit but no doubt dampen the value of existing units.