Phuket shadow housing inventory?

[wasabi]

My wife and I have made several trips to Phuket in search of primarily a 2 bedroom condo, or possibly a small house or villa since the pandemic began a year ago. I also use various online real estate websites to search, but they are all lacking in some way or just plain inaccurate. I also look on Facebook but the search function for this is poor at best.

We would like a place near Kata or Karon that is walking distance to the beach and downtown areas. However after researching every angle I can I am seeing very limited choices. My price range is not infinite but it is wide so price is not the issue. The problem is very poor selection. I never searched Phuket housing before the pandemic so I don't know if it is always like this or various sellers are holding out until the pandemic ends and then more choices will appear on the market? Does anyone know if this is accurate or is there perennially a dearth of choices? I have seen a few places that come close but they either were overpriced for what they offered or were part of an off plan condo project and all the best units were snapped up.  

Edited March 13, 2021 by wasabi

[Pinot]

EVERYTHING is for sale. There is 10 years of inventory with no buyers. NOTHING is selling.

 

My experience is that realtors are useless. They sell what they have in their own private portfolios which limits choices to what they happen to be selling, making using a realtor useless. Money burning a hole in your pocket? Spend a month here checking out places. I really think it's the only way to buy something. If I wanted to blow some money I'd buy a single family home so you're not at the mercy of the condo fees and management. I've heard many horror stories of condo management wars. Since there is no one here. No one is paying the fees, the condos are falling into disrepair and there all poorly built anyway. The Phuket property market is a disaster.

 

I think you're out of your mind to be buying something that you'll be unable to sell at almost any price. New construction goes on with no buyers so inventory grows by the day. Fire sale prices are available but you'll have to find the deals yourself since the way they do business here is completely disorganized. 

 

Bottom line...everyone I know who owns property wants out. Why would you buy? Rents are ridiculously low and going down. Rent. 

[khunPer]

On 3/13/2021 at 2:31 AM, wasabi said:

if it is always like this or various sellers are holding out until the pandemic ends and then more choices will appear on the market? Does anyone know if this is accurate or is there perennially a dearth of choices? I have seen a few places that come close but they either were overpriced for what they offered or were part of an off plan condo project and all the best units were snapped up.  

I was looking for property on Phuket some years back. There were limited affordable positions, which mainly was of no interest, whilst the interesting places were out of price range, i.e. what we modest folks considers "overpriced"...????

 

The three important factors in real estate is location, and location, and location. Anything interesting within walk-able distance to a prime beach, not to forget beachfront, would often seem "overpriced"...????

 

Luckily I found am excellent property somewhere else...????

[wasabi]

I checked out Phuket for an extended time and after thinking more about it realized it's just not a place I want to live though a great for a vacation. It does seem the condo market is in complete disarray here, even more than other parts of Thailand, and Realtors are basically lying and making things up as they go along in order to try to make a sale.