Strange condo sotitation in wongamat

[parafareno]

I found this great looking condo for good price in wongamat. But apparently only 10 % is occupied. Seems like a dead condo. That is why the price is that good. It was completed 4 years ago and one of the owners wants to unload 5 condos there. Which need a little work to make it perfect. 

But the condo has no  security. And there are power outtakes that last few hours after each rainfall. Is this normal?

What if nobody will buy remaining condos? How will this condo survive? Can this condo be demolished? ANd will I loose my million?

what is my protection and rights? The owner wants to sell quick.

[champers]

It's story time.

[orchis]

a most peculiar sotitation.

[Hummin]

If you not sure, you are sure! 

 

Rule nr 1 when investing in appartment or girl friend.

[OneMoreFarang]

My totally unproven theory is the following: If this would be a good deal then someone with money, probably Thai, would have bought those units, or most of the building, already.

If it's hard to sell, then probably because it's hard to make money with that place.

 

 

[scubascuba3]

i would avoid dead condos, i call them ghost condos, your concerns are right, people will avoid, maintenance probably won't get paid and will get run down. Probably a high proportion of condos have low occupancy but still well maintained, owners away

Edited October 15, 2022 by scubascuba3

[parafareno]

18 minutes ago, scubascuba3 said:

i would avoid dead condos, i call them ghost condos, your concerns are right, people will avoid, maintenance probably won't get paid and will get run down. Probably a high proportion of condos have low occupancy but still well maintained, owners away

maybe they are dead because of covid and now they will come back to life? IS it possible?

[JimTripper]

Already discussed to death, don't buy property. It's common for these projects to go belly up, or not even be built at all with people buying off plan. You end up losing your money.

[2baht]

You have a big decision to make.....be sure to take your time and think it through thoroughly! It sure does seem like a strange sotitation, be careful now!

 

 

Edited October 15, 2022 by 2baht

[Lacessit]

Find out if you can rent there. If not, walk away. If you can, it's a good opportunity to see how the land lies.

All owners want to sell quick. That should not hurry you into a decision.

[VinnieK]

Some have mentioned the term 'dead' or 'ghost' condos.

Eventually they will all become like that.

As the building craze never stops, ppl will be moving to newer ones and the old will be left to their fate.

 

[BritManToo]

I once lived in a dead Moobaan, 100 plots, 3 houses.

The roads would flood as there was no maintenance.

The water would go off, once for more than a week as there was no money to repair the village tank pump.

Does this condo have lifts?

 

Buyer beware!

[Mickeymaus]

You don't write which condominium complex. Are the condos unsold or not used at the moment? If I look at my condominium complex I guess 80 percent are not used at the moment but they have (mostly farang) owners.

[proton]

Any photos?

[d4dang]

Get some Thai friend or friends to check out this opportunity. To me it sounds like a sinking ship that is listing and on her way to Davey Jones' Locker.

[Iamfalang]

when it comes time to paint, or any maintenance..... split the costs with the tenants!!!!

 

If not, you can sell for 50%

 

get them in, drain them of all their money, make their life miserable, force them to sell.

 

90% NOT occupied....hahahhahhahaha......   get in there!!!!   can't wait to hear about the problems

 

like mold or snakes or bugs or whatever from the abandoned rooms around you

[HauptmannUK]

A lot of condo blocks are pretty quiet at the moment. My condo block is very quiet. A lot of cars are parked in the car park with a thick layer of dust on them - haven't been moved in over two years.  I wonder if some owners returned to their home countries and died from Covid. I know a couple of elderly owners from before Covid - their mail boxes are jammed full of post...

[Peterw42]

OP, how could you possibly know the occupancy of the block, and what does that even mean ? The condos maybe owned and not occupied for any number of reasons, they are holiday houses, impacted by covid, the owners may not have returned post covid. A more relevant question would be how many are sold and how many the developer still owns.

Power outages after rain would be more to do with the electricity company than the condo block.

Ask the seller to show you the accounts and minutes from the last AGM, that information will probably answer all your questions.

Condo blocks can be demolished if all the owners agree, this would only happen if there wasb a major stucural problem or a natural disaster etc, in which case you would retain a share of the land equal to the condo share in the block.

[digbeth]

Who's selling the 'new' rooms developer or other people who originally bought in?

It'd only be concerning if the developer still hold a lot of unsold rooms.

If the people paying the mortgages, and ultimately once they got repossessed, the bank, owns the rooms, not the developers, the condo fees will still be paid so it'll keep running 

 

If the developers still hold a lot of room, that also give them a lot of power in the condo meeting to vote things their way too

 

If the condo were sold to the Chinese back during the boom years, it's understandable that it'll be empty now, but there's also issue with some creative mortgaging by thais getting mortgage for way over value of the room to take home the cash difference and sell on to the Chinese, that could blow up if the Chinese owner decided to be delinquent since they haven't been back in years

[nigelforbes]

Run forest run.

[KhunLA]

As stated, if you have to ask, you already know the answer.

 

Consider the assoc/maintenance fee is divide among owners, and if you are 1 of the few ... hmm

 

If having lifts, as suggested, make sure you're on the 1st/2nd floor.

[Mickeymaus]

33 minutes ago, KhunLA said:

As stated, if you have to ask, you already know the answer.

 

Consider the assoc/maintenance fee is divide among owners, and if you are 1 of the few ... hmm

 

If having lifts, as suggested, make sure you're on the 1st/2nd floor.

Regarding the 1st floor, check that there is never any flooding... 

[newnative]

     Good advice from Peterw42.  Try to find out the percentage sold of the project.  If this project came on the market 4 years ago, construction probably started one or two years before then.  That was a boom time and units in the project should have sold well before, during, and after construction if it's a quality project in a good location.  If it's still majority-owned by the developer after that much time, I'd probably walk away--and certainly if it is not a seaview unit.  Wong Amat is a desirable area, and growing more desirable, in my opinion.  As mentioned already, check the financials and the minutes of the last AGM--super important.  

     The biggest red flag to me is the lack of security.  Is that truly the case?  What sort of other staff are on site if there is no security?  How does the building look after 4 years?   Is it being maintained?  Pool sparkling clean?  All the other facilities in good shape?   Take your time, make a number of visits at various times, and try to talk to some of the residents.   Good luck.

[toofarnorth]

7 hours ago, orchis said:

a most peculiar sotitation.

Just what I was tinkin.

[Mavideol]

as the old saying goes   “If It Sounds Too Good To Be True It Probably Is/Isn’t”

[BigStar]

Don't rush into any sotitation, esp. that one, which appears problematic. Security, for example, is an advantage you'll surely want.

 

Best rent for a time in a building of interest before buying, because you're buying a home for the very long term. When I first arrived, I knew I was clueless (know your limitations), so I took my time, lived in various areas around Pattaya, talked to a lot of owners, and eventually found a good deal in a desirable older building where I've been quite happy. And, after due diligence, you should be as well, like most owners. 

 

It got even better here after the owners finally gave up their laughable, and ultimately wasteful, attempts to manage the building themselves. Pro tip: having a reputable outside management company in charge is usually a good sign and worth the money. I won't bother delineating the advantages.

Edited October 16, 2022 by BigStar

[bbi1]

 

  

6 hours ago, JimTripper said:

Already discussed to death, don't buy property. It's common for these projects to go belly up, or not even be built at all with people buying off plan. You end up losing your money.

 

Only an idiot would buy as a foreigner.

 

Rent. Problem Solved.

Edited October 16, 2022 by bbi1

[bbi1]

4 hours ago, Iamfalang said:

when it comes time to paint, or any maintenance..... split the costs with the tenants!!!!

 

 

Lol you expect a tenant to split costs of painting and maitenance? Lol, nice joke.

[JimTripper]

25 minutes ago, bbi1 said:

 

  

 

Only an idiot would buy as a foreigner.

 

Rent. Problem Solved.

This smells like someone who wants to do a Covid flip by buying now low, then selling later at a large profit when things bounce back. Maybe the seller dropped that line.

 

Problem is, you don't know where the bottom is. It could be years out, never bounce back at all, or the price could be low for other reasons, not what you think.

 

If it's only a million though and they want to live there, they could give it a shot maybe. They break even on rent in 4-5 years then try to sell and just gamble the situation does not get worse then it is now, or just let it sit, or just retire there. If it goes under before they break even they lose a little, but get back in rent the time they stayed.

Edited October 16, 2022 by JimTripper

[scubascuba3]

51 minutes ago, bbi1 said:

 

  

 

Only an idiot would buy as a foreigner.

 

Rent. Problem Solved.

Only an idiot would rent for 20 years, oh yeah that money could have been invested and get a great return ????