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Strange condo sotitation in wongamat


parafareno

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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?

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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

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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...

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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.

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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

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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.

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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... 

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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 by BigStar
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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 by JimTripper
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