Anyone trying to sell condo?

[Johnny Mac]

Slightly off topic, is it the case that construction on new builds in bkk has now been halted due to the lockdown and only essential work allowed?

[fredscats]

good looking couple,prob mid 50s...I sat in bank awaiting my turn and they must have put around 6 million into (his) account  could only be for property purchase,as with that money no renting...this about 2 years ago or so,really pleased and happy,felt good for them as they were buzzing....now the bad news ,they will be waking up to a disaster,house virtually worthless,never get what they paid,if they did sell   cents on the dollar.  Yes feel sorry for them now

Edited July 24, 2021 by fredscats

[BritManToo]

On 7/18/2021 at 10:23 AM, Yellowtail said:

Because it seems to be important to some renters to make any case they can against buying, regardless of how ridiculous it it. 

I'm a buyer (in a Thai ladies name) and am against buying for the following reasons.

1) I have no right to live here and may be required to leave at a moment's notice.

2) The coming war China/Taiwan may cause everyone to leave.

3) Thailand is an unstable country, anything could happen.

4) No zoning, anyone could start anything next door bar/workshop/school/etc.

5) Property is extremely hard to resell.

6) I'm old, paying 20 years 'rent' up front when I only have another 5 years to live doesn't make financial sense.

 

If I were renting, I could only lose my deposit.

Edited July 24, 2021 by BritManToo

[HashBrownHarry]

8 hours ago, Jingthing said:

It's a buyer's market on steroids here for condos.

Make a ridiculous offer. It might be the only offer the seller gets. 

I agree, a friend of mine jut bought a place.

 

Was up for 3.5m i think, he offered 2m, i think they settled on 2.25m.

 

This is the place above Pinky Blinders, decent floor space as well, about 100sqm +

[OneMoreFarang]

3 hours ago, Johnny Mac said:

Slightly off topic, is it the case that construction on new builds in bkk has now been halted due to the lockdown and only essential work allowed?

At least one big building in Sukhumvit near Soi 6 is still under construction. It seems a big part of (outside of) the building is finished already.

As far as I know it's not really an option to just stop construction from one day to the next. It might be possible for a few days but it certainly needs preparation if the construction should halt for months.

Edited July 24, 2021 by OneMoreFarang

[Yellowtail]

5 hours ago, Pravda said:

 

Perhaps you are not aware that every condo development has Thai quota and Farang quota.

 

I can show you some line chats with agents where they say the price of 3.9mb was for Thai nationals only. The only room we have now for Farang is 5.09mb. When I tell them my wife will be taking a loan then the room for 3.9mb is indeed available.

 

Here... I picked a fuuny one for you

 

Yes, going from 5 to 4.69 is a fraction alright, what is that, 15/16? 

 

In any event, it is not really comparing apples to apples. That the non-Thai quota commands a premium in tourist areas is not the same as different prices for Thais and non-Thais. 

[Yellowtail]

4 hours ago, BritManToo said:

I'm a buyer (in a Thai ladies name) and am against buying for the following reasons.

1) I have no right to live here and may be required to leave at a moment's notice.

2) The coming war China/Taiwan may cause everyone to leave.

3) Thailand is an unstable country, anything could happen.

4) No zoning, anyone could start anything next door bar/workshop/school/etc.

5) Property is extremely hard to resell.

6) I'm old, paying 20 years 'rent' up front when I only have another 5 years to live doesn't make financial sense.

 

If I were renting, I could only lose my deposit.

Those are not ridiculous reasons to not buy, those are good reasons to rent. 

 

To be clear, I am not in any way advocating people buy condos, nor do I think it generally makes economic sense. But for people that WANT to own and are able to find a place they love, that they can easily afford and that is in an ideal location I think it's great.

 

 

 

[Pravda]

38 minutes ago, Yellowtail said:

Yes, going from 5 to 4.69 is a fraction alright, what is that, 15/16? 

 

In any event, it is not really comparing apples to apples. That the non-Thai quota commands a premium in tourist areas is not the same as different prices for Thais and non-Thais. 

 

Let me get this straight. 5++ to you is 5 million baht?

 

Welcome to Thailand real estate.

[Yellowtail]

4 minutes ago, Pravda said:

 

Let me get this straight. 5++ to you is 5 million baht?

 

Welcome to Thailand real estate.

Okay, so how much is it? Does your "fraction" get down as low as 7/8?

 

Too funny

[Pravda]

18 minutes ago, Yellowtail said:

Okay, so how much is it? Does your "fraction" get down as low as 7/8?

 

Too funny

 

Someone asked for an example of this dual pricing. I provided. What are you complaining about? That you're not being ripped off enough?

 

 

[Etaoin Shrdlu]

Bought a second-hand condo in the Thonglor area to use as a rental/investment property for 6.8 million when the dollar bought about 40 baht. Spent a bit renovating it, then rented it out. Sold it in 2018 to a Thai buyer for 8.4 million when the dollar was at about 31 and change. In both baht and US dollar terms I did ok plus had rental income. But had I left the funds I used to buy the unit in the US, and kept them invested in the stock market, I would have been better off.

[Yellowtail]

8 minutes ago, Pravda said:

 

Someone asked for an example of this dual pricing. I provided. What are you complaining about? That you're not being ripped off enough?

Someone claimed: "At Thai prices which are a fraction of farang price..."

 

I asked for an example and you provided 15/16ths as the fraction. I'm not complaining, I'm amused. 

[fredscats]

1 hour ago, Yellowtail said:

Someone claimed: "At Thai prices which are a fraction of farang price..."

 

I asked for an example and you provided 15/16ths as the fraction. I'm not complaining, I'm amused. 

I am not on about Thai/farang quota...its the selling. Ever looked at the Facebook marketplace and the host of property selling sites there,not exactly inspired or reaping any confidence in any aspect of property investment/ownership in Thailand,its disaster on stilts and getting a whole lot worse.

I could give personal experiences,but that would be boring stuff,buying now,whatever wanting, living happily ever after, escalating property prices just is not going to happen, and lifetimes money earned..lost

 

Well one example     French guy built house superb specs. priced at 25 mil to sell,no takers,,,sold it after 18 months for twelve,but that price too was over the top,7 mil was next offer,which buyer no 1 was advised on,house now about 5 mil if any takers

Edited July 24, 2021 by fredscats

[OneMoreFarang]

8 minutes ago, fredscats said:

I am not on about Thai/farang quota...its the selling. Ever looked at the Facebook marketplace and the host of property selling sites there,not exactly inspired or reaping any confidence in any aspect of property investment/ownership in Thailand,its disaster on stilts and getting a whole lot worse.

I could give personal experiences,but that would be boring stuff,buying now,whatever wanting, living happily ever after, escalating property prices just is not going to happen, and lifetimes money earned..lost

What's the problem with buying and happily living there for the rest of your life? 

[fredscats]

5 minutes ago, OneMoreFarang said:

What's the problem with buying and happily living there for the rest of your life? 

Absolutely no stability in Thailand,living year by year on potential host of problems

 

Fleet of foot comes to mind, for political ,medical, and whatever else that could rock your boat

Edited July 24, 2021 by fredscats

[Yellowtail]

27 minutes ago, fredscats said:

I am not on about Thai/farang quota...its the selling. Ever looked at the Facebook marketplace and the host of property selling sites there,not exactly inspired or reaping any confidence in any aspect of property investment/ownership in Thailand,its disaster on stilts and getting a whole lot worse.

I could give personal experiences,but that would be boring stuff,buying now,whatever wanting, living happily ever after, escalating property prices just is not going to happen, and lifetimes money earned..lost

 

Well one example     French guy built house superb specs. priced at 25 mil to sell,no takers,,,sold it after 18 months for twelve,but that price too was over the top,7 mil was next offer,which buyer no 1 was advised on,house now about 5 mil if any takers

So when you said:

 

 

 

 

 

So what you meant was not that there was dual pricing, but that Thais price their properties lower, while non-Thais price their properties unreasonably high, correct? 

 

I would not argue, but that has not  been my experience. 

[fredscats]

3 minutes ago, Yellowtail said:

So when you said:

 

 

 

 

 

So what you meant was not that there was dual pricing, but that Thais price their properties lower, while non-Thais price their properties unreasonably high, correct? 

 

I would not argue, but that has not  been my experience. 

Thais generally have little money,farang on other hand have or had a lot more money to throw around...no mortgages for one,seems K bank especially are the biggest landlords/owners of property in all of Thailand

[Yellowtail]

21 minutes ago, fredscats said:

Absolutely no stability in Thailand,living year by year on potential host of problems

 

Fleet of foot comes to mind, for political ,medical, and whatever else that could rock your boat

I've heard about the lack of stability every years for over twenty years. I'm much more concerned about the direction my home country is headed than I am of Thailand. 

 

To be clear, I do not own a condo here, but were I single I would consider it, not because I think it would be a good investment (I don't) but because I like owning my home. 

[Yellowtail]

1 minute ago, fredscats said:

Thais generally have little money,farang on other hand have or had a lot more money to throw around...no mortgages for one,seems K bank especially are the biggest landlords/owners of property in all of Thailand

Again, that has not been my experience. If anything, the Thais I know tend to be more fiscally responsible than the non-Thais I know. 

 

 

[fredscats]

1 minute ago, Yellowtail said:

I've heard about the lack of stability every years for over twenty years. I'm much more concerned about the direction my home country is headed than I am of Thailand. 

 

To be clear, I do not own a condo here, but were I single I would consider it, not because I think it would be a good investment (I don't) but because I like owning my home. 

Rent a  man a garden turn into a desert,sell a man a desert turn it into a garden

 

Agree but as aging takes effect etc.   not that tho,look at Spain's experience  blight everywhere,not owners fault but reduced to a slum in next to no time by  other non paying residents,..unable to sell or selling for popcorn Thai moves in...noise.smells  you name it...not for me,..rentings fine

[newnative]

9 minutes ago, OneMoreFarang said:

What's the problem with buying and happily living there for the rest of your life? 

   That's our plan, and perhaps the plan of the couple in his first example--which he is apparently losing sleep over due to the hapless couple now owning a supposedly 'virtually worthless' house.  (Why couldn't my partner and I find any of these 'virtually worthless' houses when we went looking at View Talay Villas, Jomtien Park Villas, Baan Balina, Siam Royal View, Baan Fah Rim Haad, Silk Road, Siam Lake View, or any of the many other decent housing projects we checked in good locations in and around Pattaya. )

[newnative]

16 minutes ago, fredscats said:

Thais generally have little money,farang on other hand have or had a lot more money to throw around...no mortgages for one,seems K bank especially are the biggest landlords/owners of property in all of Thailand

   You need to get out more.  There are plenty of Thais with money.  I've sold 3 condos to Thais--all cash sales with no mortgages.  And they bought at the same price that a farang would have paid.  

[fredscats]

19 minutes ago, newnative said:

   You need to get out more.  There are plenty of Thais with money.  I've sold 3 condos to Thais--all cash sales with no mortgages.  And they bought at the same price that a farang would have paid.  

Recently? before the rot set in?

[Pravda]

43 minutes ago, newnative said:

   You need to get out more.  There are plenty of Thais with money.  I've sold 3 condos to Thais--all cash sales with no mortgages.  And they bought at the same price that a farang would have paid.  

There are Thais with money, but not plenty. 

 

"Additional economic data shows 99.9% of Thai people have less that 10 million baht in bank accounts."

 

Source: http://www.masci-sis.com/

 

 

 

 

 

 

 

 

[newnative]

31 minutes ago, fredscats said:

Recently? before the rot set in?

    The condo sales to Thais I mentioned were flips we did pre-covid.  We've mostly retired from flips.  We did have a condo sale in June 2020--during covid--to a farang/Thai couple.  Obviously, sales are slow now with covid, lockdowns, travel restricted, etc.  The condo project where we live is not even allowing non-residents to enter the project right now.  That doesn't mean that property has suddenly become, in your words, 'virtually worthless'.   

     Are there bargains to be found?  Of course.  But prices for quality condos and homes seem to be holding up rather well.  We haven't found anything of quality that we would be interested in buying being sold for your 'cents on the dollar'.   Certainly, if one has concerns about living in Thailand--or even if not--there are bargains galore with rentals.  Renting is a great option for many; it's just not for us.  

[newnative]

33 minutes ago, Pravda said:

There are Thais with money, but not plenty. 

 

"Additional economic data shows 99.9% of Thai people have less that 10 million baht in bank accounts."

 

Source: http://www.masci-sis.com/

 

 

 

 

 

 

 

 

    Not sure your statistic quite makes your point.  Think of all the farangs moaning and groaning about being made to scrape up 800,000 for a bank account, let alone 10 million.  Heck, my partner and I don't have 10 million lazily sitting around earning squat in a bank account, either. 

[fredscats]

3 minutes ago, newnative said:

    Not sure your statistic quite makes your point.  Think of all the farangs moaning and groaning about being made to scrape up 800,000 for a bank account, let alone 10 million.  Heck, my partner and I don't have 10 million lazily sitting around earning squat in a bank account, either. 

Said before K bank are by far the largest property owners in Thailand,they seem not to mind either,but then with over 90% loans to gdp,perhaps a view of 1997 comes into view

 

The 800000 baht brigade need to pull that money out of Thai banks ASAP for 3 reasons  1 its losing value  2 The security of Thai banks will become apparent if events keep going apace as they are now 3  yes have seen it in print recently prospect of  devaluation of Thai baht      can use agent

[OneMoreFarang]

13 hours ago, fredscats said:

Absolutely no stability in Thailand,living year by year on potential host of problems

 

Fleet of foot comes to mind, for political ,medical, and whatever else that could rock your boat

No stability?

I was here when the financial crisis happend and the last two coups. Everyday life basically didn't change. The biggest change since decades was and is Covid with all the restrictions - all over the world.

 

Medical? Thailand has great medical facilities. And many of have to pay for medical service (by ourselves or health insurance) anywhere in this world. And when Brits talk about the NHS: Sure, it's free, but it seems often it takes forever to get anything done. In Thailand just walk into a hospital...

 

And legally being here: It's unlikely that Thailand will anytime in the future throw out farangs who live here legally and have enough money to live here. As far as I see it makes sense that Thailand insist that people who want to live here can afford it - just like many other countries.

 

[Yellowtail]

43 minutes ago, OneMoreFarang said:

No stability?

I was here when the financial crisis happend and the last two coups. Everyday life basically didn't change. The biggest change since decades was and is Covid with all the restrictions - all over the world.

 

Medical? Thailand has great medical facilities. And many of have to pay for medical service (by ourselves or health insurance) anywhere in this world. And when Brits talk about the NHS: Sure, it's free, but it seems often it takes forever to get anything done. In Thailand just walk into a hospital...

 

And legally being here: It's unlikely that Thailand will anytime in the future throw out farangs who live here legally and have enough money to live here. As far as I see it makes sense that Thailand insist that people who want to live here can afford it - just like many other countries.

 

 Anytime the there would be some disruption that would shut customs down, they would always expedite releasing our containers before they shutdown so work would not have to stop...

[Yellowtail]

12 hours ago, Pravda said:

There are Thais with money, but not plenty. 

 

"Additional economic data shows 99.9% of Thai people have less that 10 million baht in bank accounts."

 

Source: http://www.masci-sis.com/

 

Wow, you seem to know a lot about this, are you a financial advisor?