Lets talk about the experience.

 

Wifey bought a new project 11 years ago. Paid almost 1.6mil baht - fortunately not with my money.

 

Now trying to sell for 1.3mil.

 

Had 1 interested customer who didn't show up today.

 

Surely she is not the only one in this predicament.

 

 

The experience i have is that in 1 year time i sold 2 studios, one in Huahin, and the other south of Chaam, both I bought 5 years before for about 2.3 million thb each, and both had an area of over 50 square meters.

It took me average to sold this in 1 year time, one i sold for about 1.9 to a foreigner, and the other one for 2 million to a Thai.

I place them at bahtsold and paid for the ad to get more attention.

I forgot to mention, make a lot of pictures and when possible make a video and place this on Youtube.

Probably many in the same situation.

There is an old adage in real estate "That you make the money when you buy, not when you sell", so the property was probably over priced 11 years ago and reflected in trying to realise a profit today.

I imagine your wife is probably way ahead from not paying rent or a rental income for 11 years,

Maybe factor in the no rent or income and set a price accordingly. There are more ways of realising a profit than just resale.

have 2 Condos (Made into one) in Nonthaburi near Pantip, been trying to sell for over 2 years now, had a few people interested but nothing happened, rented out for a while but the person just moved out one day and left all the bills for us to pay

2 minutes ago, beano2274 said:

rented out for a while but the person just moved out one day and left all the bills for us to pay

No deposit...two months rent?

1 minute ago, beano2274 said:

have 2 Condos (Made into one) in Nonthaburi near Pantip, been trying to sell for over 2 years now, had a few people interested but nothing happened, rented out for a while but the person just moved out one day and left all the bills for us to pay

I rented it out through airbnb and apart from minor problems it has always gone well.

18 minutes ago, Surelynot said:

No deposit...two months rent?

deposit paid, was always late with rent, did not pay for 2 months and just moved out, we tried to get her out earlier but never worked

32 minutes ago, beano2274 said:

have 2 Condos (Made into one) in Nonthaburi near Pantip, been trying to sell for over 2 years now, had a few people interested but nothing happened, rented out for a while but the person just moved out one day and left all the bills for us to pay

Yeah, I've thought about doing the two condos into one, the problem is you end up with a ten-million baht condo in a five-million baht building and neighbors. Fine if you never plan to sell.

 

How big are the two units combined?

This isn’t the time to sell. I would be patient. RE is booming in the west. It stands to reason that pattern may work it’s way here in the near term. 

This happens time and time again.

 

One reason is that mortgages for second hand property are not easy to get for a lot of people.

 

On the other hand, if they buy a new condo the developer can help them obtain a mortgage, and sometimes the developer will throw in a furniture pack or some other inducement.

 

That leaves cash buyers, of which there are not many. Cash buyers have their pick of literally thousands of units, so they tend to choose units priced at a deep discount.

1 hour ago, Tubulat said:

The experience i have is that in 1 year time i sold 2 studios, one in Huahin, and the other south of Chaam, both I bought 5 years before for about 2.3 million thb each, and both had an area of over 50 square meters.

It took me average to sold this in 1 year time, one i sold for about 1.9 to a foreigner, and the other one for 2 million to a Thai.

I place them at bahtsold and paid for the ad to get more attention.

I forgot to mention, make a lot of pictures and when possible make a video and place this on Youtube.

Good idea about the YouTube video, do you just post in your account? nothing special?

I've noticed some sellers take account of the gain in exchange rate, so if you've gained 25%, you can offer a lower price to sell. No one should be buying a condo at a higher price currently, better to just wait unless someone offers a good deal

3 minutes ago, scubascuba3 said:

I've noticed some sellers take account of the gain in exchange rate, so if you've gained 25%, you can offer a lower price to sell. No one should be buying a condo at a higher price currently, better to just wait unless someone offers a good deal

That would rely on sellers exchanging their felang money to buy a Condo when the Baht was sky high a few years ago .

   I would suggest that the majority of felangs bought their Condos when the Baht was much lower than it currently is 

I bought my condo for 3.5 million 15 years ago. Would be lucky to get 3 million now. That would be a disaster in the West but with exchange rates changes i suppose i could make a 33% profit.

It seems to me there are some nice looking units in new buildings which are extreme expensive.

And then there are old units which were never renovated in older buildings.

I wonder how many people want to buy a unit and then spend big money and a lot of time to renovate it completely.

It doesn't sound like fun to spend millions on old unit which needs renovation and then live there the way it is.

 

8 minutes ago, Mac Mickmanus said:

That would rely on sellers exchanging their felang money to buy a Condo when the Baht was sky high a few years ago .

   I would suggest that the majority of felangs bought their Condos when the Baht was much lower than it currently is 

The Op was talking about 11 years ago, baht was 55 to £1 roughly 20% increase in value so could afford to drop the price to sell if need be, just an example

With condos still being built in mass even though there is oversupply already, I seriously doubt there being any rise in any selling price for years - well you could raise it, but it wont sell of course

5 minutes ago, OneMoreFarang said:

It seems to me there are some nice looking units in new buildings which are extreme expensive.

And then there are old units which were never renovated in older buildings.

I wonder how many people want to buy a unit and then spend big money and a lot of time to renovate it completely.

It doesn't sound like fun to spend millions on old unit which needs renovation and then live there the way it is.

Renovating takes effort, but in the end you should have what you want. 

 

If you have the dough, just got to Boonthavorn and pick the bathrooms and kitchen you like and have them deliver them.

 

Personally, I would live in it for a year until I was sure I know what I wanted....

25 minutes ago, scubascuba3 said:

Good idea about the YouTube video, do you just post in your account? nothing special?

At Bahtsold there is a possebility to place a link, so when you fill in the youtube-link  automaticly it go's to the youtube page.

If you can't sell then it's priced too high, the market for selling is obviously terrible now, buyers market. 

 

If you need to sell, drop the price, if not, then hang on for another few years. 

1 hour ago, beano2274 said:

have 2 Condos (Made into one) in Nonthaburi near Pantip, been trying to sell for over 2 years now, had a few people interested but nothing happened, rented out for a while but the person just moved out one day and left all the bills for us to pay

Try dropping the price. 

2 hours ago, Peterw42 said:

Probably many in the same situation.

There is an old adage in real estate "That you make the money when you buy, not when you sell", so the property was probably over priced 11 years ago and reflected in trying to realise a profit today.

I imagine your wife is probably way ahead from not paying rent or a rental income for 11 years,

Maybe factor in the no rent or income and set a price accordingly. There are more ways of realising a profit than just resale.

Good post.

1 hour ago, blackcab said:

This happens time and time again.

 

One reason is that mortgages for second hand property are not easy to get for a lot of people.

 

On the other hand, if they buy a new condo the developer can help them obtain a mortgage, and sometimes the developer will throw in a furniture pack or some other inducement.

 

That leaves cash buyers, of which there are not many. Cash buyers have their pick of literally thousands of units, so they tend to choose units priced at a deep discount.

Very interesting info if true. Thanks for sharing this.

48 minutes ago, OneMoreFarang said:

It seems to me there are some nice looking units in new buildings which are extreme expensive.

And then there are old units which were never renovated in older buildings.

I wonder how many people want to buy a unit and then spend big money and a lot of time to renovate it completely.

It doesn't sound like fun to spend millions on old unit which needs renovation and then live there the way it is.

 

The older units are starting to become more appealing coz they offer much bigger sqm as opposed to the 'shoe box' size of the newer units.

1 minute ago, HashBrownHarry said:

The older units are starting to become more appealing coz they offer much bigger sqm as opposed to the 'shoe box' size of the newer units.

Yes I think covid forcing people to spend more time at home and work from home makes people value space more than before when it was just a space to sleep and shower before going out

41 minutes ago, Yellowtail said:

Renovating takes effort, but in the end you should have what you want. 

 

If you have the dough, just got to Boonthavorn and pick the bathrooms and kitchen you like and have them deliver them.

 

Personally, I would live in it for a year until I was sure I know what I wanted....

I'm currently doing this with a condo, renovatin / updating ( whatever you wish to call it ) totally changes the game IMO.

 

I bought my place 11 years ago and it was about 10 years old then so in reality nothings been changed for 20 years.

 

Good shout on Boonthavorn, they're good.

52 minutes ago, scubascuba3 said:

The Op was talking about 11 years ago, baht was 55 to £1 roughly 20% increase in value so could afford to drop the price to sell if need be, just an example

OP say his wife bought a condo, presuming with Thai baht. So value of the baht to foreign currency isn't relevant in this situation

5 minutes ago, Peterw42 said:

OP say his wife bought a condo, presuming with Thai baht. So value of the baht to foreign currency isn't relevant in this situation

Depends if her money or his money

52 minutes ago, The Cipher said:

Very interesting info if true. Thanks for sharing this.

 

It's not only that part that is true true.

 

The mortgage rates for second hand property are higher than new property. 

2 hours ago, scubascuba3 said:

The Op was talking about 11 years ago, baht was 55 to £1 roughly 20% increase in value so could afford to drop the price to sell if need be, just an example

11 years ago I was getting 50 to the pound .......... so 10%.