Bangkok, flooding, air pollution and property prices

[RandolphGB]

Just how serious is the flooding situation in Bangkok long-term as well as the sinking issue?

 

I've been looking at condos around Phrom Pong to buy with a budget of eight million baht. That amount doesn't go far, and for anything of decent size of up to 100 square metres you're pretty limited to the older buildings, where the price is around 80,000 - 90,000 Baht / square metre. 

 

Having lived and worked in Bangkok for a few years I'd like to buy and have the funds to do so. But the flooding issue keeps coming up again and again. Tim Newton mentions it repeatedly (video below) and I just can't see the government tackling the issues. 

 

The other issue is travel and air pollution - traffic is rising again with cars, buses, trucks and motorcycles back on the road again. Driving around Bangkok can be horrible which leaves MRT / BTS (longer but Ok) or dicing with death on a motorcycle, with exhaust fumes filling your lungs while waiting at traffic lights. 

 

At age 37, unmarried, with no kids, and a first time buyer, I'm unsure about investing such a large amount into a property which is almost guaranteed not to rise in value and will possibly fall in price if the above factors worsen. 

 

 

 

 

[OneMoreFarang]

Why would anybody listen to such a YouTuber?

 

About air pollution and flooding: It was a lot worse 1o and 20 and 30 years ago. And over the time it got better and better.

 

And about buying property in general: Personally I bought a condominium in a 25 year old building which I renovate from scratch to make it exactly like I want it. The buying price plus renovation is still about half of what a new condominium of the same size in a new building 200m away would cost. I bought it because I will live in it and the alternative is paying rent for a place which is not exactly like I want it.

Will I be able to sell my place with profit in 10 or 20 years? Maybe, but probably not. Property prices for existing condominiums in Bangkok (and maybe all over Thailand) don't rise like many people would hope.

[Celsius]

You are 37 and you will get bored living in one place. When you want to move you will have trouble selling even for a loss and you will also have trouble renting it out. 

 

You can renovate it as much as you want, but the old building will still be in decrepit state. Surely by living and working here you noticed the state of condos here. Now be prepared to get spammed by posters who bought here saying their condo management is amazing. Trust them if you want just like that YouTube channel.

[spidermike007]

Perhaps waiting might be an idea? Many think the market is moving in the direction of a major correction. I do not see the local economy improving here anytime soon. If the world falls into a recession within the next year or so, I expect demand to drop even further than it has. Desperation might set in. Perhaps the baht will drop further too? 

[smutcakes]

On 9/17/2022 at 4:42 PM, Celsius said:

You are 37 and you will get bored living in one place. When you want to move you will have trouble selling even for a loss and you will also have trouble renting it out. 

 

You can renovate it as much as you want, but the old building will still be in decrepit state. Surely by living and working here you noticed the state of condos here. Now be prepared to get spammed by posters who bought here saying their condo management is amazing. Trust them if you want just like that YouTube channel.

There are many examples of condo buildings whose values have risen over the years if you buy in a good location from a good developer and a good manager... one of the oldest condos in Bangkok was Somkid Gardens which i believe when launched were selling at 40K per sqm, now resales are at 200K + 30 years later.

 

Just because you cannot do your due diligence properly or understand location benefits, does not mean that no one does or there are not good condos out there. Granted their are a lot of dogs, but thats why you need to understand the market, the developers etc

[Celsius]

1 hour ago, smutcakes said:

There are many examples of condo buildings whose values have risen over the years if you buy in a good location from a good developer and a good manager... one of the oldest condos in Bangkok was Somkid Gardens which i believe when launched were selling at 40K per sqm, now resales are at 200K + 30 years later.

 

Just because you cannot do your due diligence properly or understand location benefits, does not mean that no one does or there are not good condos out there. Granted their are a lot of dogs, but thats why you need to understand the market, the developers etc

 

Just because you see the average price per square meter on hipflat doesn't mean that condos are selling for that price at all.

 

You really have no idea how difficult it is to close a condo sale these days, do you?

 

My wife's condo is also up on paper and on hipflat.  She's been trying to sell it at a discount for a year now. Only 1 interested investor asking for even bigger discount.

 

Let me know how many condos at Somkid Gardens were sold in the past year. If you don't know I will let you know as wifey knows a few people at CBRE

 

[smutcakes]

17 hours ago, Celsius said:

 

Just because you see the average price per square meter on hipflat doesn't mean that condos are selling for that price at all.

 

You really have no idea how difficult it is to close a condo sale these days, do you?

 

My wife's condo is also up on paper and on hipflat.  She's been trying to sell it at a discount for a year now. Only 1 interested investor asking for even bigger discount.

 

Let me know how many condos at Somkid Gardens were sold in the past year. If you don't know I will let you know as wifey knows a few people at CBRE

 

Get your wife to ask.... I think you will be surprised by the answer. Waiting to hear back. I am not quite sure why you need many condos at Somkid Gardens. By its nature it is a very much liked, successful, stable condo so there are never going to be many sales. But will wait for you to feedback when your 'wifey' checks.

 

While you are at it, get your wifey to check Park Chidlom next door, Domus, Sathorn Gardens just to give you some more examples of Condos with successful sales in the past year well in excess of their original prices many years ago.

[Celsius]

7 hours ago, smutcakes said:

While you are at it, get your wifey to check Park Chidlom next door, Domus, Sathorn Gardens just to give you some more examples of Condos with successful sales in the past year well in excess of their original prices many years ago.

 

The prices from 30 years ago are up, sure.

 

The prices from 10 years ago are mostly down. 10 years can beconsidered a long term trend.

 

Prices of houses are up from 10 years ago. I'll get on it if I can get info from wifey.

 

In the news yesterday the road in a housing development in Sri racha housing project collapsed swallowing some houses and cars. The buyers have been complaining about the construction problems since the beginning. After 1 year passed developer says not our proplem warranty over.  The buyers stuck. Channel 8 news.

 

Some condos on On Nut that are 2 years old literally leaking water from both windows and walls these days due to rainfall. Inspected first hand because I'm looking for a rental in this area due to wife's new job. Awful,. Now I 100% believe you about the condos you mentioned. I just don't believe there are any sales happening at asking prices. Thais are broke, Chinese are not allowed to travel due to money leaving....I mean covid.

 

It's dead!

[smutcakes]

16 hours ago, Celsius said:

 

The prices from 30 years ago are up, sure.

 

The prices from 10 years ago are mostly down. 10 years can beconsidered a long term trend.

 

Prices of houses are up from 10 years ago. I'll get on it if I can get info from wifey.

 

In the news yesterday the road in a housing development in Sri racha housing project collapsed swallowing some houses and cars. The buyers have been complaining about the construction problems since the beginning. After 1 year passed developer says not our proplem warranty over.  The buyers stuck. Channel 8 news.

 

Some condos on On Nut that are 2 years old literally leaking water from both windows and walls these days due to rainfall. Inspected first hand because I'm looking for a rental in this area due to wife's new job. Awful,. Now I 100% believe you about the condos you mentioned. I just don't believe there are any sales happening at asking prices. Thais are broke, Chinese are not allowed to travel due to money leaving....I mean covid.

 

It's dead!

Some moving of goal posts here.... you said old condos are decrepit and no value, now you are talking about <deleted> in On Nut and Sriricha.... well yes like anywhere there is plenty of rubbish and <deleted> developers.... So as I said its up to you to pick wisely.

[Celsius]

2 hours ago, smutcakes said:

Some moving of goal posts here.... you said old condos are decrepit and no value, now you are talking about <deleted> in On Nut and Sriricha.... well yes like anywhere there is plenty of rubbish and <deleted> developers.... So as I said its up to you to pick wisely.

 

Whatever. 

 

No not everywhere is rubbish. My real estate back home has 10-year builder warranty and is still standing strong after 30 years, No issues whatsoever. 95% of properties are built like crapola in Thailand, Sri Racha or Bangkok or your hiso neighborhood in Tonglor. Just because some get lucky with a few developments means absolutely nothing.  There is no moving of goals, just cold hard facts. 

 

 

[smutcakes]

3 minutes ago, Celsius said:

 

Whatever. 

 

No not everywhere is rubbish. My real estate back home has 10-year builder warranty and is still standing strong after 30 years, No issues whatsoever. 95% of properties are built like crapola in Thailand, Sri Racha or Bangkok or your hiso neighborhood in Tonglor. Just because some get lucky with a few developments means absolutely nothing.  There is no moving of goals, just cold hard facts. 

 

 

Its 90% not luck but simple common sense and doing your DD on the developer, location, surroundings etc.... Did you get your 'wifey' to confirm your opinions were wrong? Thought not...

[Celsius]

5 minutes ago, smutcakes said:

Its 90% not luck but simple common sense and doing your DD on the developer, location, surroundings etc.... Did you get your 'wifey' to confirm your opinions were wrong? Thought not...

No, I did not. It requires more than a day of chit chat and that information may be confidential.

 

But perhaps you can prove the amazing asking sales prices since you seem so confident.

 

Thought not

[1FinickyOne]

buy beachfront in Ayutthaya

[smutcakes]

7 minutes ago, Celsius said:

No, I did not. It requires more than a day of chit chat and that information may be confidential.

 

But perhaps you can prove the amazing asking sales prices since you seem so confident.

 

Thought not

I am speaking from a position of 100% undeniable fact- i have 1st hand knowledge at my finger tips of completed sales prices due to the business i am in

 

i dont need to chit chat or gossip about price... i know with 1 million % certainty.

 

Obviously you will say 'prove it' which you obviously know i cannot do as it will give away to much personal info, there are a number of members on here who know me in real life.

 

We can agree to disagree.

[Celsius]

4 minutes ago, smutcakes said:

I am speaking from a position of 100% undeniable fact- i have 1st hand knowledge at my finger tips of completed sales prices due to the business i am in

 

i dont need to chit chat or gossip about price... i know with 1 million % certainty.

 

Obviously you will say 'prove it' which you obviously know i cannot do as it will give away to much personal info, there are a number of members on here who know me in real life.

 

We can agree to disagree.

 

Yea... so go ahead. Post the listing and a sold price and I will give it to my wife to cross check.

 

Kind Regards

[KhunLA]

Air and flooding may get better ... remember, the country is going EV in '35' ????  Congestion, that can only get worse.

 

Buy in an area, if & when flooding occurs, it doesn't effect you.  If you know you'll be there for long term, buying is always better than renting.

[Pooreye]

This map was a good start when we looked for a  house.

But it doesn’t tell everything...