The sharks are getting hungry

[patongphil]

Lots of land going up for sale around the village.

Apparently unemployment means loans cannot be paid and with hungry sharks circling the only possible source of monies is the family land!!

Really sad but with the choice of sell land or face the wrath of the water devils the choice is clear.

 

[greeneking]

What are the prices like?

I agree with your reasoning, but am amazed how few houses and plots of land have been put on sale given the conditions of the last 18 months.

[Halfaboy]

Ref: Lots of land going up for sale around the village.

 

Where might this be ?

[alex8912]

Yah right.....

[Bangkok Barry]

44 minutes ago, alex8912 said:

Yah right.....

Care to expand, otherwise your post is pointless.

[kwak250]

We have noticed land going for sale but its double the price of what it was before the covid outbreak.

[Muhendis]

In Buriram province there has been a significant rise in land for sale where sugarcane is grown. Crop prices have gone down so the farmers who took out bank loans need to sell up to repay the bank which has the land as security for the loan. The alternative is to let the bank keep the land and they pay the owner the banks minimal valuation of the land minus the loan-plus-interest.

[BananaGuy]

Nice ad placement TV … this one appeared on my iPhone immediately after your post …

 

the AI is getting better every day …

[spidermike007]

There is bound to be a major reckoning here. You cannot sabotage the economy, destroy tourism, put millions out of work, and not face consequences. It is likely to be far worse than 1997, and several economists have already stated this. It will take years to sort out. Condos are bound to drop significantly, possibly as much as 50% or more, except in the best buildings. Land? Anyone's guess. Likely less than condos, which were way overbuilt to begin with.

 

Build it and they will come. I do not think so. Sheer hubris. 

[Sydebolle]

Usually such sale is not made toooooo public as it involves faces and the loss thereof. Remember the tremendous area of land which changed hands after tsunami 2004 along the west coast from Phuket upto Takuapa. Some land plots got sold at the price of a new fishing boat ......... 

It is always the same, those at the bottom of the ladder get wet first! 

[smutcakes]

What the hell are the banks, loan sharks going to do with 100's of land parcels scattered around rural villages around the country.... you can barely give that <deleted> away never mind sell it.

[Will B Good]

3 minutes ago, smutcakes said:

What the hell are the banks, loan sharks going to do with 100's of land parcels scattered around rural villages around the country.... you can barely give that <deleted> away never mind sell it.

Doesn't stop them though.

 

Same in the UK, homes repossessed and then sold in fire sales on the grounds something is better than nothing, I guess.

[jomtienisgood]

2 hours ago, Muhendis said:

In Buriram province there has been a significant rise in land for sale where sugarcane is grown. Crop prices have gone down so the farmers who took out bank loans need to sell up to repay the bank which has the land as security for the loan. The alternative is to let the bank keep the land and they pay the owner the banks minimal valuation of the land minus the loan-plus-interest.

It seems to me a lot of Th people invest a lot ( loan or not ) in farming land, from my own personal experiences they never made any Bath out of it. Already a long time pre-covid. Once the labor, etc is paid there is hardly anything left, being it rice, rubber, sugarcane, peanuts, etc.. Hardly a surprise if you look at the revenue and living circumstances of farmers even in Eu.

[Speedhump]

2 minutes ago, smutcakes said:

What the hell are the banks, loan sharks going to do with 100's of land parcels scattered around rural villages around the country.... you can barely give that <deleted> away never mind sell it.

I feel that banks will be happy to own a concrete asset which they can just sit on for time, and not just lose their loans to bankrupt individuals. I've known companies (eg Polly Peck) who invested in a shipping company who h went belly up, and ended up owning ships, then employing a ship management company to try to run them. It's called making the best best of a bad job. After a few years the did sell them though. At least at the end of the day you have a physical asset worth cents on the dollar, rather than zip. ????

[jomtienisgood]

1 hour ago, Sydebolle said:

Usually such sale is not made toooooo public as it involves faces and the loss thereof. Remember the tremendous area of land which changed hands after tsunami 2004 along the west coast from Phuket upto Takuapa. Some land plots got sold at the price of a new fishing boat ......... 

It is always the same, those at the bottom of the ladder get wet first! 

And probably drown unfortunately.....

[Will B Good]

6 minutes ago, jomtienisgood said:

It seems to me a lot of Th people invest a lot ( loan or not ) in farming land, from my own personal experiences they never made any Bath out of it. Already a long time pre-covid. Once the labor, etc is paid there is hardly anything left, being it rice, rubber, sugarcane, peanuts, etc.. Hardly a surprise if you look at the revenue and living circumstances of farmers even in Eu.

I agree. I think it is a case of what else will I do?

 

Unskilled, uneducated.....so only option is to grow rice and sugar etc.

[Blue Muton]

12 minutes ago, Speedhump said:

I feel that banks will be happy to own a concrete asset which they can just sit on for time, and not just lose their loans to bankrupt individuals. I've known companies (eg Polly Peck) who invested in a shipping company who h went belly up, and ended up owning ships, then employing a ship management company to try to run them. It's called making the best best of a bad job. After a few years the did sell them though. At least at the end of the day you have a physical asset worth cents on the dollar, rather than zip. ????

Polly Peck? That didn't end well, run by crooks and ended up £1.3bn in debt.

[smutcakes]

7 minutes ago, Speedhump said:

I feel that banks will be happy to own a concrete asset which they can just sit on for time, and not just lose their loans to bankrupt individuals. I've known companies (eg Polly Peck) who invested in a shipping company who h went belly up, and ended up owning ships, then employing a ship management company to try to run them. It's called making the best best of a bad job. After a few years the did sell them though. At least at the end of the day you have a physical asset worth cents on the dollar, rather than zip. ????

Sure better than nothing, but hell of an administration process for banks, insuring, paying property taxes on these land plots scattered all over. I expect the vast majority of rural land would be local loan shark groups rather than banks tbf.

[Boarn]

I've seen land for sale as well, not priced correctly though otherwise would have bought some. It really is something I can't get my head around land prices in Thailand. I know one plot of 1.1 rai the owner wants to sell for 6 million or rent for 2k a month out in the countryside, it is on a big road but still he's happy to make less than half a percent by renting (which no one is actually renting). Land should be 500k tops.

 

I have always been someone dead against any form of tax on property, but I would like to see property tax be more of a thing in Thailand, if only just to reduce the prices of land and get land out of the hands of people who have no business owning land ie peasants. 

[Speedhump]

14 minutes ago, Blue Muton said:

Polly Peck? That didn't end well, run by crooks and ended up £1.3bn in debt.

Correct, but that was hardly my point? 

[Speedhump]

7 minutes ago, smutcakes said:

Sure better than nothing, but hell of an administration process for banks, insuring, paying property taxes on these land plots scattered all over. I expect the vast majority of rural land would be local loan shark groups rather than banks tbf.

Insurance and property taxes on undeveloped land? 

[smutcakes]

3 minutes ago, Speedhump said:

Insurance and property taxes on undeveloped land? 

Yes, property tax is payable based on the assessed value of the land (& building)- starting from last year, although its a bit stop start. (with the normal exemptions)

 

I presume corporates would have insurance covering all their properties.

[Speedhump]

1 minute ago, smutcakes said:

Yes, property tax is payable based on the assessed value of the land (& building)- starting from last year, although its a bit stop start. (with the normal exemptions)

 

I presume corporates would have insurance covering all their properties.

Ah right. 

[Andycoops]

I went passed my local honda dealer the other day and there was at least a trebling of the number of secondhand motorcycles/scooters sitting outside.

People just can't afford to pay the monthly amount anymore so are having them repossessed.

[Will B Good]

Just now, Andycoops said:

I went passed my local honda dealer the other day and there was at least a trebling of the number of secondhand motorcycles/scooters sitting outside.

People just can't afford to pay the monthly amount anymore so are having them repossessed.

Or stolen...555

[Ralf001]

2 hours ago, spidermike007 said:

 Condos are bound to drop significantly, possibly as much as 50% or more,

 

 

Hope so, will gladly buy a few more.

[Ralf001]

24 minutes ago, Andycoops said:

I went passed my local honda dealer the other day and there was at least a trebling of the number of secondhand motorcycles/scooters sitting outside.

People just can't afford to pay the monthly amount anymore so are having them repossessed.

The Honda dealer does the repo's ?

 

I would have thought the finance company does that and then sends to Auction.

[dabhand]

57 minutes ago, Blue Muton said:

Polly Peck? That didn't end well, run by crooks and ended up £1.3bn in debt.

Ahh, good old Asil Nadir.

 

A bit OT but my old company caught a rather nasty cold having been contracted to build a hotel in Antalya for his mob in the late 80's. I see he did eventually do some time for his crimes, sentenced to ten years in 2012, served four years in the UK then transferred to Turkey where he was released after one day!!

[jomtienisgood]

34 minutes ago, Ralf001 said:

Hope so, will gladly buy a few more.

I do the same with women, a different one for each day of the week...????????????

[superal]

4 hours ago, spidermike007 said:

There is bound to be a major reckoning here. You cannot sabotage the economy, destroy tourism, put millions out of work, and not face consequences. It is likely to be far worse than 1997, and several economists have already stated this. It will take years to sort out. Condos are bound to drop significantly, possibly as much as 50% or more, except in the best buildings. Land? Anyone's guess. Likely less than condos, which were way overbuilt to begin with.

 

Build it and they will come. I do not think so. Sheer hubris. 

and yet the teflon Thai Baht remains unaffected , in fact it's only 44.5 to the £ today .

What the heck is going on ?  Is there gonna be an almighty Baht crash ?