Anyone trying to sell condo?

[OneMoreFarang]

2 hours ago, Elkski said:

Just remember one rule I learned from reading thousands of hours about Thailand.

Do you live in Thailand?

Why do you have to lean from reading thousands of hours about Thailand? Why don't you just spend those thousands of hours to get first hand experience in Thailand?

Obviously reading some statistics and the news makes sense. But personally I think the best way to learn the truth is from experience here and now with other people.

Edited July 25, 2021 by OneMoreFarang

[OneMoreFarang]

1 hour ago, Airalee said:

He’s partially correct…but mostly wrong.

 

After pre-sales, the developers raise their prices.  How many were sold at those prices?  Hard to say.

 

It’s easy to find the presale prices just by googling the condo name and “presale” and there will be an older article or Facebook post showing the original prices.

 

Oka Haus does appear to have a developer listed (can’t be certain) unit on Hipflat for 20% less than pre-sale prices.

 

Ideo Mobi Sukhumvit 40 has one unit listed at close to 30% off the pre-sale prices but that could very well be a flipper just bailing out on their deposit.  The other units seem to be starting at higher than presale prices.  I think that they are being overly optimistic at those asking prices being that they are close to 500x monthly asking rental costs.  Even at 30% off, I wouldn’t consider them good deals.

 

I bought in a Ramada branded residence and paid about 25% less by purchasing the contract off an investor from Singapore who was dumping it at a loss.  The developer has actually raised the prices for desirable units and only slightly lowered the prices for the lower floor units.  They don’t appear to be selling fast as the building is only about 12% occupied.

 

The developers can hold out for much longer than an individual investor/speculator.  I saw at the beginning of Covid that some developers in various buildings were still holding on to units 7 years after completion.  From what I see based on my own personal experience (and that of my former landlord) is that the only way to snag a heavily discounted unit is to buy from someone who would rather walk away with a small fraction of their original 30%+ deposit vs. relinquishing it in total back to the developer.

 

Out in the hinterlands, sure, you can buy a unit for 25% less than the developer was selling them before Covid hit but living in exurban Bangkok wasn’t what I was looking for.

I wonder how many units the developers have to pay to break even. Maybe 50%? And then every unit sold is pure profit? Maybe you know. I would be interested to know. With 200,000 THB per sqm they must make a fortune if they actually sell most of those units.

[Pravda]

1 hour ago, Airalee said:

He’s partially correct…but mostly wrong.

 

After pre-sales, the developers raise their prices.  How many were sold at those prices?  Hard to say.

 

It’s easy to find the presale prices just by googling the condo name and “presale” and there will be an older article or Facebook post showing the original prices.

 

Oka Haus does appear to have a developer listed (can’t be certain) unit on Hipflat for 20% less than pre-sale prices.

 

Ideo Mobi Sukhumvit 40 has one unit listed at close to 30% off the pre-sale prices but that could very well be a flipper just bailing out on their deposit.  The other units seem to be starting at higher than presale prices.  I think that they are being overly optimistic at those asking prices being that they are close to 500x monthly asking rental costs.  Even at 30% off, I wouldn’t consider them good deals.

 

I bought in a Ramada branded residence and paid about 25% less by purchasing the contract off an investor from Singapore who was dumping it at a loss.  The developer has actually raised the prices for desirable units and only slightly lowered the prices for the lower floor units.  They don’t appear to be selling fast as the building is only about 12% occupied.

 

The developers can hold out for much longer than an individual investor/speculator.  I saw at the beginning of Covid that some developers in various buildings were still holding on to units 7 years after completion.  From what I see based on my own personal experience (and that of my former landlord) is that the only way to snag a heavily discounted unit is to buy from someone who would rather walk away with a small fraction of their original 30%+ deposit vs. relinquishing it in total back to the developer.

 

Out in the hinterlands, sure, you can buy a unit for 25% less than the developer was selling them before Covid hit but living in exurban Bangkok wasn’t what I was looking for.

 

So how am I partially right but mostly wrong? The pre-sale prices can be easily found, that is correct - old articles from thinkofliving are excellent source of information. 

 

Ideo mobi 40 is straight from developer....fully furnished. I saw the unit myself when I was looking at various discounted condos 6 months ago. As you say.... Still a terrible value as they have a 47 square meter unit (with bathtub) for rent at 13,000 baht....can probably negotiate lower. 

Edited July 25, 2021 by Pravda

[HashBrownHarry]

On 7/11/2021 at 3:02 AM, robblok said:

Think it is about location in my area i can easily get 1.5 the value of what i paid for it originally

Sure you can.

 

Almost everyone selling their property think it's worth than what it actually is.

 

I was told a house i owned and sold ( 2011 ) was worth 8m, i got 5m for it.

[Airalee]

29 minutes ago, OneMoreFarang said:

I wonder how many units the developers have to pay to break even. Maybe 50%?

I don’t know for sure, but having read some articles on the projected prices of planned projects and then doing some back of the napkin calculations, I’d guess somewhere around 35-40%.

[Airalee]

33 minutes ago, Pravda said:

 

So how am I partially right but mostly wrong? The pre-sale prices can be easily found, that is correct - old articles from thinkofliving are excellent source of information. 

 

Ideo mobi 40 is straight from developer....fully furnished. I saw the unit myself when I was looking at various discounted condos 6 months ago. As you say.... Still a terrible value as they have a 47 square meter unit (with bathtub) for rent at 13,000 baht....can probably negotiate lower. 

Partially right because you understand the market.  But the asking prices I see online for Ideo don’t show many at huge discounts, and also what you say about the Ramada residences selling for 30% under presale prices just isn’t correct.  Bringing Detroit into the argument (even though I am well aware of the $1 houses and the catches that come with them) doesn’t help your argument either.

 

But anyhow…back to your original post.  What do you think you’ll have to bring the price down to in order to off that unit?  And why on earth did your GF purchase another unit before selling the first one and then subsequently move out in order to rent near Ekkamai?

Edited July 25, 2021 by Airalee

[HashBrownHarry]

On 7/11/2021 at 4:13 AM, patman30 said:

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

Where?

[Pravda]

7 minutes ago, Airalee said:

Ramada residences selling for 30% under presale prices just isn’t correct.

 

They were selling the units near on nut for 99k per square meter 6 months ago. You're telling me that's not at 30% discount since presale? They raised the prices since then. They probably sold some and now can wait. 

[Airalee]

5 minutes ago, Pravda said:

 

They were selling the units near on nut for 99k per square meter 6 months ago. You're telling me that's not at 30% discount since presale? They raised the prices since then. They probably sold some and now can wait. 

From 99k per square meter.  And those were low floor units with no views.  They were the same price presale.  My previous landlord was considering buying one but preferred to keep his units concentrated in one building (Wyne).  Believe me…if I could have bought another unit in the same line as mine for 99k psm I would have.  

[HashBrownHarry]

7 hours ago, BritManToo said:

Glad to hear that was changed.

That put you in your place - lol.

 

You should not comment on what you know nothing of.

[ChC1]

47 minutes ago, Pravda said:

 

They were selling the units near on nut for 99k per square meter 6 months ago. You're telling me that's not at 30% discount since presale? They raised the prices since then. They probably sold some and now can wait. 

It does not mean they have sold any at all. The developer might simply decided it is time to hold as there is no sales prospects. Raise the price for now on anticipation of no sales, once market warms up in 2 years time, give a 5% discount to lure eager cash buyers. The buyers would be fooled to think it was an exclusive development as the price has been constantly hoovering around 99k per m2. When the developer told the buyers that they can buy at 92k per m2, once the market starts to warm up, the buyers would be fooled into believe the 99k per m2 was the market value and they are getting a huge discount. Of course seasoned buyers would think it is silly and walk away. But there are always simple minded buyers who do nothing in market research. If they do some research, they will only see the price was offered at 99k for years and will take any discount as a bargain.

[chrisandsu]

9 hours ago, HashBrownHarry said:

That put you in your place - lol.

 

You should not comment on what you know nothing of.

Get off the shant. 

[BritManToo]

10 hours ago, HashBrownHarry said:

That put you in your place - lol.

 

You should not comment on what you know nothing of.

Why not, you do!

[fredscats]

The fall of the  holy Roman empire?   insert "unholy" and "Thailand" would just about sum the place up now..Now I do rent,up market place too,but act as caretaker whatever, for hopefully limited period,buckets of weedkiller on surrounding abandoned properties,weeds popping up like no tomorrow...how do you tell people no longer here (NZ for one) to make some kind of effort,impossible

 

Think the rot on Thailand's property market started some 5 to 8 years before covid,   could see even then things were slowing down,of course the soothsayers always attempting to talk the place up,classy advertising  "investment" huh! Covid and its effects have shone a light on it all,an abrupt end is here and now   Shame really,takes away the excitement of being here,everyone was happy   Cheap housing/renting compared to back 'ome will be feature of long stay farang in Thailand no doubt,Cheap Charlies/Balloon Chasers to the fore

 

Yes I am overdone here,time for change,but I have my mutts to take care of,been with them forever..I'm here for them

[spidermike007]

12 hours ago, Yellowtail said:

I was asking where you got the average GDP of $570 that you used to compare to the  B50-100K you made up for expats. If you don't know or made that up as well, just say so. No need to muddy the waters with a lot of unrelated numbers. I assume you make it all up as you go along anyway.

 

I don't doubt the average expat puts more into the economy than does a the average Thai factory worker, I just don't see how it directly benefits the people you claim hate us, and who you claim would kick up out but for the money. 

 

Oh, and we're still waiting for the eleven other reasons the people that hate us don't kick us out. 

And as I quoted, both the Thai Statistical office and the World Bank show the average income as being 14,000 baht per individual, and 20,000 per household, for the majority of the nation. 

 

Jeez, you asked for a source, I provided one, and it appears you did not even bother to look at it. All of this is easily available on Google. 

 

This is my last reply, as I am obviously being baited, by someone who is NOT interested in real facts. 

[Yellowtail]

2 hours ago, BritManToo said:

Why not, you do!

So if he jumped off a bridge would you?

[Yellowtail]

1 hour ago, spidermike007 said:

And as I quoted, both the Thai Statistical office and the World Bank show the average income as being 14,000 baht per individual, and 20,000 per household, for the majority of the nation.

All I asked you where you got the $570 you claimed was the average GDP you used as a comparison to show how much more expats were putting into the economy, who you claimed were spending on average B50-100K per month

 

I asked nothing about labor.

 

1 hour ago, spidermike007 said:

Jeez, you asked for a source, I provided one, and it appears you did not even bother to look at it.

I did look at the pages you linked to, did you? They were (apparently) commercial sites proving information about labor statistics.

 

1 hour ago, spidermike007 said:

All of this is easily available on Google.

Apparently it's not that easy or (rather than posting up and linking to unrelated data) you would show  where you got the $570 you claimed was the average GDP.

 

1 hour ago, spidermike007 said:

This is my last reply, as I am obviously being baited, by someone who is NOT interested in real facts. 

I don't blame you. If I were posting up nonsense and got called on it I might feign indignation and move on as well. 

 

[patman30]

16 hours ago, HashBrownHarry said:

Where?

where is the brand new one i got for sale?
Pratumnak
brand new 1 bed
and also a studio for sale in another building (3 years old)
DM if you want more details

[HashBrownHarry]

8 hours ago, BritManToo said:

Why not, you do!

I thouhgt i was on your blocked list or you wish to engage now?

[Pravda]

On 7/25/2021 at 10:03 PM, Airalee said:

From 99k per square meter.  And those were low floor units with no views.  They were the same price presale.  My previous landlord was considering buying one but preferred to keep his units concentrated in one building (Wyne).  Believe me…if I could have bought another unit in the same line as mine for 99k psm I would have.  

 

Wifey read on the news that Ashton Asoke is having their building permit removed by court order. That is quite a pricey condo next to Terminal 21 mall. How to you feel buying expensive condo in Bangkok? I have the link to this outrageous news, but not sure I can post it as it is in Thai.

 

 

Edited July 31, 2021 by Pravda

[OneMoreFarang]

1 hour ago, Pravda said:

 

Wifey read on the news that Ashton Asoke is having their building permit removed by court order. That is quite a pricey condo next to Terminal 21 mall. How to you feel buying expensive condo in Bangkok? I have the link to this outrageous news, but not sure I can post it as it is in Thai.

My gf also saw that news today in Thai. It seems people live in that building since at least 2 years and now they talk about (as a final possibility) to destroy that building. Now that is a reason to be royally p#$# off.

[Yellowtail]

41 minutes ago, OneMoreFarang said:

My gf also saw that news today in Thai. It seems people live in that building since at least 2 years and now they talk about (as a final possibility) to destroy that building. Now that is a reason to be royally p#$# off.

Why was it revoked?

 

Better to tear it down than ride it down. 

[Mac Mickmanus]

3 minutes ago, Yellowtail said:

Why was it revoked?

 

Better to tear it down than ride it down. 

Probably never had planning permission in the first place ?

[OneMoreFarang]

27 minutes ago, Yellowtail said:

Why was it revoked?

 

Better to tear it down than ride it down. 

The way she understood and I understood it from her it's about access roads to the building. It seems those "roads" are smaller than they should be.

 

My interpretation is that this is maybe a question of possibly fire engines access. 

[Yellowtail]

1 hour ago, OneMoreFarang said:

The way she understood and I understood it from her it's about access roads to the building. It seems those "roads" are smaller than they should be.

 

My interpretation is that this is maybe a question of possibly fire engines access. 

 It's a tough nut to crack, but Ananda is big enough they might be able to eat it.

[Airalee]

3 hours ago, Pravda said:

 

Wifey read on the news that Ashton Asoke is having their building permit removed by court order. That is quite a pricey condo next to Terminal 21 mall. How to you feel buying expensive condo in Bangkok? I have the link to this outrageous news, but not sure I can post it as it is in Thai.

Doesn’t faze me.  Should it?  I wonder how it will work with the people who have mortgages on those pricey condos.  Go ahead and post the link.  I can read enough Thai to get the gist of it.

[Airalee]

2 hours ago, OneMoreFarang said:

The way she understood and I understood it from her it's about access roads to the building. It seems those "roads" are smaller than they should be.

 

My interpretation is that this is maybe a question of possibly fire engines access. 

Found an article.  Here is the relevant issue…

 

“Central Administrative Court The verdict revoked the construction permit of the Ashton Asoke luxury condo, pointing out that the site of the project is narrower than 12 meters, in violation of the 1979 Building Control Act.”

 

https://mgronline.com/politics/detail/9640000074706

[Halfaboy]

Was construction completed already and are there already people living in the building ?

[newnative]

      My partner and I toured Ashton Asoke.  It's a beautiful project but it was out of our price range.  I certainly hope some accommodation can be reached.   I feel like once a project is finished and people are living there, the city has lost its chance to object to a building and demand it be torn down.  The time to inspect, halt construction, and possibly revoke a construction permit and cancel a project is before or during construction, not several years down the road after a project is done.    

[Yellowtail]

24 minutes ago, newnative said:

      My partner and I toured Ashton Asoke.  It's a beautiful project but it was out of our price range.  I certainly hope some accommodation can be reached.   I feel like once a project is finished and people are living there, the city has lost its chance to object to a building and demand it be torn down.  The time to inspect, halt construction, and possibly revoke a construction permit and cancel a project is before or during construction, not several years down the road after a project is done.    

It's likely the city's objections were made clear before, during and after.