Anyone trying to sell condo?

[newnative]

19 hours 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.

Also possibly less likely to be plagued by illegal daily renters. 

[1FinickyOne]

21 hours ago, Pravda said:

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

things must be tough if that is an 'interested' customer... 

 

price is the biggest motivator in selling - - there is a lot on the market... cheapest for the money, value for money sells first... 

[Pravda]

Just now, 1FinickyOne said:

things must be tough if that is an 'interested' customer... 

 

price is the biggest motivator in selling - - there is a lot on the market... cheapest for the money, value for money sells first... 

 

There is no value for money in realestate in Thailand.

[DefaultName]

I bought last year.  OK, wrong time to buy.  But.  It was a condo I wanted, where I wanted, and to live in.  As an investment, no, I wouldn't buy.  However, if I had money that I could afford to tie up for at least 2 years, I would definitely be buying now.

[patman30]

she paid 1.6m 11 years
and is trying to get 1.3m now.......LOL

condo prices are low right now if you actually want to sell NOW
 

cut losses, before it becomes an expense

i just sold one condo and have others for sale
one is brand new, bought off plan, never lived in and still no takers at 20% discount from price paid
and it was the showroom so decor is amazing

[1FinickyOne]

52 minutes ago, Pravda said:

 

There is no value for money in realestate in Thailand.

that's not true, but if you feel that way, just give it away... but you are saying if someone buys it from your wife for 100,000 baht they are not getting good value for their money? Is the place totally falling apart? 

[wwest5829]

22 hours ago, Yellowtail said:

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?

 

Edited July 11, 2021 by wwest5829
posted as reply to subject

[wwest5829]

Chiang Mai, 7 years ago, a friend told me about a group of condo buildings just outside the 3rd ring road (121). They had gone belly up in the 1997 crash but individual rooms were being currently bought. I was able to buy two next to one another and soon the third became available. I was able to buy all three, reconstruct and join to gather for about 100 sq. meters and furnish. Total cost was about 1 million all in. 3 years ago I sold. Advertised at 1.5 million furnished, 1 million for the bare rooms. The purchaser chose the bare rooms so ... I reclaimed my investment and have a house full of furniture. My reasoning was/is that at age 74, my Sons in the US would not need to be burdened with selling, coming to Thailand, etc. Figure on renting from here out. That is what I can best afford without a mortgage (which appears impossible). Only way I could buy would be from a private seller who would finance.

[Pravda]

2 hours ago, 1FinickyOne said:

that's not true, but if you feel that way, just give it away... but you are saying if someone buys it from your wife for 100,000 baht they are not getting good value for their money? Is the place totally falling apart? 

 

I mean at current prices.

 

Price to rent ratio is totally out of whack and has been for many years pre covid.

[driver52]

On 7/10/2021 at 8:15 AM, Peterw42 said:

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

everyone assumes that ie 'renting is for losers' blah blah

what happens if you'd have invested your money in the stock market or crypto? opportunity cost it's called methinks

[Surelynot]

1 minute ago, driver52 said:

everyone assumes that ie 'renting is for losers' blah blah

what happens if you'd have invested your money in the stock market or crypto? opportunity cost it's called methinks

Lost opportunity cost of capital..........people tend to totally ignore it.

[Pravda]

1 minute ago, Surelynot said:

Lost opportunity cost of capital..........people tend to totally ignore it.

Sur.... ah....nevermind

[bkkdriller]

It is very well possible to make money of condos in Thailand. It all depends what and where you buy and how the condo is managed. I bought a large condo in 2013 in Bangkok, not far from Asok BTS / Sukhumvit MRT on a high floor with great view (river, park & city view) for little less than 100,000 baht per m2. The condo was new but had been completed by the developer 3 years earlier. The condominium is well managed, good maintenance, superb facilities and large gardens. At the time (in 2013) new condos in the area were priced at 150,000 baht/m3 and up but with nearly no land around the building. Today new but much smaller condos are priced at 250 - 300,000 baht/m2 in the area. It took some time but I just sold the condo for 150,000 baht/m2 (50% gain over 8 years plus 15% on the euro exchange rate).

[RAZZELL]

Condo where I rent...

 

A few months ago I saw a condo which was originally for sale for 27m......sold for 19.5m in about 2 months.

 

Purchase price was 24m about 8 years ago. European seller probably broke about even with the difference in exchange rate.

 

RAZZ

 

 

[Yellowtail]

24 minutes ago, Surelynot said:

Lost opportunity cost of capital..........people tend to totally ignore it.

Only some people. 

 

But people that advocate renting in much the same way tend to totally ignore the benefits of owning.

[Surelynot]

1 minute ago, Yellowtail said:

Only some people. 

 

But people that advocate renting in much the same way tend to totally ignore the benefits of owning.

"Hoped for" benefits.......(just joking)

[kynikoi]

8 minutes ago, Yellowtail said:

Only some people. 

 

But people that advocate renting in much the same way tend to totally ignore the benefits of owning.

Putting aside appreciation which is dubious at best (see op). What are the concrete benefits of owning? Please also provide the negatives as well.

 

It's really home.

 

*Unless you are not a PR or have citizenship. Then it's just a domicile.

[Surelynot]

8 minutes ago, kynikoi said:

Putting aside appreciation which is dubious at best (see op). What are the concrete benefits of owning?

With rent being so unbelievably cheap in Thailand that is a tricky one

[Destiny1990]

In Thailand real estate doesn't appreciate in value its more like buying a car. The only real estate appreciate in value is NEW real  estate sold by the developer. Once we buy it then the value steadily goes down. Example: A new BKK condo back in 2015 had then an sqm price of 75000 bht. A new BKK condo back in 2019 had then a sqm price of 90,000 bht. However nowadays in 2021 both buildings will have now a lower sqm price then at their launch originally in 2015 and 2020. So Its developers only making the gains !

[driver52]

18 hours ago, vangrop said:

You better hurry, because the bath is slowly going down specifically compared to the euro

zee germans want a low euro, they can export more flash cars to the Yankees that way ????

[scorecard]

On 7/10/2021 at 5:30 PM, 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.

 

Did this 15 years ago, a big older unit (180 Sq Metres) in Bkk near the city.

Excellent location, condo frontage not too bad, condo needed full renovation. Seller wanted fast cash, we paid 1.8MBaht.

 

The seller introduced me to a renovation company, owner spoke perfect English. Pleasant Thai lady, she was keen to get the job because she wanted to get into the market with farang wanting full renovations and we got a real bargain price. Her team did excellent work, she keeps everything under good control, pleasant and caring/supportive to her staff, she's a good communicator, excellent work, 800,000Baht.

 

I gave her name to many farang, excellent results every time. Then she got married to a German client (a building contractor), and they went to Germany to live. 

[Why Me]

I am positively glowing with schadenfreude as I read this thread. I know I am a dick. I thought of buying about 10 years ago with a target price circa 5mil. Then I went around with a realtor for a whole day and came home and did some arithmetic.

 

Rent/price from what I saw was 3% average. If I kept my money in the US stock market in a broad index then 50 years of history said I would make 7% inflation adjusted on average. Which means being paid 4% to rent. 

 

So I never bought. But boy was I wrong about the market. At 7%/annum it would have doubled in 10 years. It didn't. It quadrupled. So if you have a 20mil unit to sell do reach out to me so I can laugh in your face. Like I said I am a dick.

Edited July 11, 2021 by Why Me

[WhiteBuffaloATM]

nobody cares about pre-covid property buy/ sell stories.

only possibility to sell any property now is expat “distress” basis at 40-50% discount

as to HOW you would Sell, thats another OP entirely.....

thais generally dont understand or follow market forces so dont drop prices enough in crisis

seriously 16 mill to 13 mill only ? emotional ties / action......

my luxury four story phuket sea view pool villa value is same as when bought off plan 15 years ago

not applicable perhaps to the million dollar unit housing market ( probably unchanged)

[driver52]

39 minutes ago, kynikoi said:

Putting aside appreciation which is dubious at best (see op). What are the concrete benefits of owning? Please also provide the negatives as well.

 

It's really home.

 

*Unless you are not a PR or have citizenship. Then it's just a domicile.

I see zero benefit of owning in current climate of crazy money printing and mad covid world...

I hear the prices are rocketing in the USA cos the likes of Blackrock are buying masses of property with the money the FED kindly gave them lol

Here in Europe some country prices are going crazy with the city folks wanting to escape

BUT how long can this last? With rising inflation I think they will need to raise interest rates then BOOM, big crash in all markets

Yes I know some say they can't raise rates because of the massive amounts of debt but let's see....very interesting few years ahead

Rent and see what happens ????

[1FinickyOne]

1 hour ago, Pravda said:

 

I mean at current prices.

 

Price to rent ratio is totally out of whack and has been for many years pre covid.

The whole market is out of whack w/anything we know as a market... it is a buyers market with very few advantages for the buyer... a very patient buyer can sometimes find a bargain if someone has to sell, which is more likely to be farang than Thai.. 

[1FinickyOne]

23 minutes ago, scorecard said:

I gave her name to many farang, excellent results every time. Then she got married to a German client (a building contractor), and they went to Germany to live. 

So, Germany must be booming now?

[Captain Monday]

Not saying it would be easy to sell. However the comps on my unit same size same building are 2.6 times my purchase price. 

[Surelynot]

13 minutes ago, Captain Monday said:

Not saying it would be easy to sell. However the comps on my unit same size same building are 2.6 times my purchase price. 

That is 20 years at 5% per year........well done.

[scorecard]

25 minutes ago, 1FinickyOne said:

So, Germany must be booming now?

Well the German construction engineer/company owner was keen to rejuvenate his offerings/work arrangements, to bring a designer into his company and keen to get some Asian flavor into their work/designs/offerings to clients. And was keen to have a wife who understood construction etc.

I understand it worked out very well.

[Albert Zweistein]

On 7/10/2021 at 9:06 AM, sucit said:

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. 

In the near term ?