Strange condo sotitation in wongamat

[Iamfalang]

1 hour ago, JimTripper said:

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

Ok it's a BIG "IF," but outside of BKK and things change drastically.   For you falangs not yet in Thailand.................

 

4,000 baht a month.   Let's say 60,000 a year with electricity and water.   

 

1,000,000/60,000 is about 16.5 years.    

 

Last I looked in BKK it was between 8 - 15,000, depending on how you wanted to spend your money.  cheap, more on other stuff.  not as cheap, less on other stuff.   8000 in BKK is probably like 3000 to 3500 in a small city.   15,000 is livable, nothing "wow" at all.  

 

 

[KhunLA]

13 minutes ago, Iamfalang said:

4,000 baht a month.   Let's say 60,000 a year with electricity and water.   

 

1,000,000/60,000 is about 16.5 years.    

 

Last I looked in BKK it was between 8 - 15,000, depending on how you wanted to spend your money.  cheap, more on other stuff.  not as cheap, less on other stuff.   8000 in BKK is probably like 3000 to 3500 in a small city.   15,000 is livable, nothing "wow" at all.  

 

 

My PEA (electric) Aug 2021-Aug 2022 was about 2500-3500 alone, and that's PEA's rate, before the latest increase, along with no landlord surcharge.  2 ppl, 1 small AC, in sm bedroom.

 

Not sure what you're renting for 4k baht, but sounds about as basic as can be, certainly not new, which means that AC is going to suck up some juice.

 

You can have a simple existence here inexpensively, though don't know what visa you would qualify for.

 

I've never lived anywhere for more than 8 yrs, and that's only because I owned the house, in a situation, that I couldn't move.

 

Usually after 3 yrs max, I move on to somewhere new.  

Edited October 16, 2022 by KhunLA

[parafareno]

4 hours ago, newnative said:

     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.

i talked with american renting there for 1 year or so...he said he got foot infection from pool water. THere is no security. No staff anywhere.....

[Screaming]

3 hours ago, BigStar said:

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.

So true, a good, honest, law abiding management company makes a huge difference. Beware of tight, kenyow co-owners that only want to save money and not maintain the building. Most condo projects in Thailand depreciate because they are not maintained.

[BigStar]

8 hours ago, VinnieK said:

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.

Great! Since you know, when will Royal Cliff Garden be dead? Been 25 years already and I'd love to pick up a unit there up for a million or so.

[BigStar]

1 hour ago, KhunLA said:

I've never lived anywhere for more than 8 yrs, and that's only because I owned the house, in a situation, that I couldn't move.

 

Usually after 3 yrs max, I move on to somewhere new.  

Like Rum Tum Tugger in Cats!

 

The Rum Tum Tugger is a terrible bore:
When you let him in, then he wants to be out;
He's always on the wrong side of every door,
And as soon as he's at home, then he'd like to get about.
He likes to lie in the bureau drawer,
But he makes such a fuss if he can't get out.
      —T. S. Eliot, Old Possum's Book of Practical Cats

[Sparktrader]

15 hours ago, parafareno said:

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

Offer 500,000 baht.

[VinnieK]

31 minutes ago, BigStar said:

Great! Since you know, when will Royal Cliff Garden be dead? Been 25 years already and I'd love to pick up a unit there up for a million or so.

A few exceptions due to very prime location.

[BigStar]

2 hours ago, bbi1 said:

Only an idiot would buy as a foreigner.

 

Rent. Problem Solved.

These threads always bring our Little Miss Muffets out of the woodwork counting their Fools Buy Real Estate, Condo Glut, and CONDO CRASH IMMINENT! rosary beads in their fleabag rented rooms.

 

But you should know that a foreigner needs to cover ALL the bases. You never know what more nasty surprises THEY have in store for us! So we should always teach our poor noobs the classic, shrewd, street-smart ANF Poster Three Primal Laws Of Survival In Thailand, distilled over many years from the sage advice of our most knowledgeable members. Here ya go:

 

1. Never invest in anything you aren't ready to lose;

2. Never own more than you can carry with you or leave behind;

3. Keep your suitcase packed at all times.

 

There. All any foreigner needs. Now, enjoy! Yawn.

 

Quoting one or more of the Laws gives you ten (+10) instant points of ANF posting cred from the peanut gallery. I think you deserve +5 anyway.

 

[BKKTRAVELER]

2 hours ago, parafareno said:

i talked with american renting there for 1 year or so...he said he got foot infection from pool water. THere is no security. No staff anywhere.....

The fact that there is no staff (juristic office, technician or security) is a red flag in my opinion. Maintenance is clearly not done if what the resident told you is true. The owner who wants to sell fast (he will probably pressure you soon enough with classic sales strategies) is another warning.

 

There is nothing more expensive than something that is too cheap. Meaning that what is offered to you may actually be worth less or nothing. I would pass if I were you. 

 

Wish you the best in your search.

[newnative]

3 hours ago, parafareno said:

i talked with american renting there for 1 year or so...he said he got foot infection from pool water. THere is no security. No staff anywhere.....

    I would look elsewhere if that's the case.  There are a lot of condo choices in Wong Amat.  

[scubascuba3]

2 hours ago, BKKTRAVELER said:

The fact that there is no staff (juristic office, technician or security) is a red flag in my opinion.

Yep there should be a busy office. The ghost condo I referred to earlier in the thread had no visible staff or office

[Sparktrader]

2 hours ago, BKKTRAVELER said:

The fact that there is no staff (juristic office, technician or security) is a red flag in my opinion. Maintenance is clearly not done if what the resident told you is true. The owner who wants to sell fast (he will probably pressure you soon enough with classic sales strategies) is another warning.

 

There is nothing more expensive than something that is too cheap. Meaning that what is offered to you may actually be worth less or nothing. I would pass if I were you. 

 

Wish you the best in your search.

Offer 50,000 baht

[bbi1]

7 hours ago, scubascuba3 said:

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

Smart investment would be to own overseas for a better return & less risk, while renting here.

 

Would never ever buy real estate in Thailand, especially Pattaya. Tourist industry in Pattaya & other places was decimated during Covid, no tenants, property prices down and rents got smashed big time by 50%-70% during Covid. Desperation all around by property owners trying to get whatever rent they could.

Edited October 16, 2022 by bbi1

[bbi1]

5 hours ago, BigStar said:

1. Never invest in anything you aren't ready to lose;

2. Never own more than you can carry with you or leave behind;

3. Keep your suitcase packed at all times.

 

There. All any foreigner needs. Now, enjoy! Yawn.

 

Sound advice for sure.

[newnative]

3 hours ago, VinnieK said:

A few exceptions due to very prime location.

     Actually, there are more than just a 'few'.  Most of the highrise, quality oceanfront condo projects are holding their value well.  Just one example.  About 4 years ago my partner and I came that close to buying a 62 sqm 2 bedroom/2 bath condo at The Palm.  These units look north and we liked the cooler northern exposure but the condo still had a nice seaview looking over lowrise Garden Cliff condo and some cottages.  

     We decided the condo was too small and we passed on buying it; we actually ended up buying at Garden Cliff condo next door, instead.  The Palm condo was around floor 12 or 13 and the price was less than 7MB, a good buy.  Hipflat now has these same units ranging from 8MB up to around 10MB. 

     How about Cetus in Jomtien?  We also almost bought there several times; we liked the front 2BR/2BA corner units, one on each side of the building.  They were around 9 to 12MB.  Now they're high 9s to 13MB or more.  Anything half-price at the above-mentioned condos?  Or, Reflection, Aeras, Riviera Jomtien, Monaco, Copacabana, Grand, Sands, Baan Haad U Thong, Amari, Andromeda, Unixx, Northshore, Zire, The Cove, Saranchol, Northpoint, Baan Rimpha, Wong Amat Tower, Silver Beach, Sky Beach, Ananya, Baan Plai Haad, or Riviera Wong Amat, to name more than a few? 

    Whether it's Jomtien in the south, Wong Amat in the north, or points in-between, every now and then you'll see a bargain but I've yet to see--even during covid--any listings for condos that posters are always claiming are being 'given away', or, perhaps the even more popular 'can't be given away'--certainly not seaview units in quality projects.   I did like your 'prime location' comment.  Yes, look for a good location--and seaview if price stability or appreciation is a consideration.

[JimTripper]

Does the poster mind that there's no security, staff or other residents around?

 

I would find it preferable personally, but it's still a red flag as far as the project as a whole goes and if things don't get maintained it would be a negative.

 

It's all about what works for you. If you unit works, and you don't care about being catered to, that's what matters. They need to do the math on the property price and what lifestyle they would be renting otherwise to know if it's worth the risk. You said the purchase price was around a million.

 

What's your lifestyle like, are you comfortable in a 4k a month room for say a year, or are you a 20k a month guy?

Edited October 16, 2022 by JimTripper

[parafareno]

13 hours ago, JimTripper said:

Does the poster mind that there's no security, staff or other residents around?

 

I would find it preferable personally, but it's still a red flag as far as the project as a whole goes and if things don't get maintained it would be a negative.

 

It's all about what works for you. If you unit works, and you don't care about being catered to, that's what matters. They need to do the math on the property price and what lifestyle they would be renting otherwise to know if it's worth the risk. You said the purchase price was around a million.

 

What's your lifestyle like, are you comfortable in a 4k a month room for say a year, or are you a 20k a month guy?

iwould prefere to live alone in the building, but who will cover the maintenance? the pool is there on top beacutiful, the guy got infection, no chlorine added or what is going on , there is sauna on top etc, small fitness, looks adorable....

[JackGats]

Rent there for a couples of months and see what issues crop up.

[Halfaboy]

Still not sure about the name of the place ( but maybe I missed it)....

[parafareno]

 i cant <deleted> on this condo and then post the name...i could get sued, you know the law

[Liverpool Lou]

2 minutes ago, parafareno said:

 i cant <deleted> on this condo and then post the name...i could get sued, you know the law

So "parafareno" is your real name and the person the condo JP should be looking for?

[Rhys]

Bro.. if it smells like it,  avoid it... don't loose your money.. in the end a good deal will become a money pit.

 

[JimTripper]

56 minutes ago, parafareno said:

iwould prefere to live alone in the building, but who will cover the maintenance? the pool is there on top beacutiful, the guy got infection, no chlorine added or what is going on , there is sauna on top etc, small fitness, looks adorable....

Do you have experience renting in Thailand? What price of place are you comfortable living in on a yearly lease?

What are you paying for a place now?

 

That will help determine whether it's worth risking buying this unit.

[BigStar]

22 hours ago, BKKTRAVELER said:

The fact that there is no staff (juristic office, technician or security) is a red flag in my opinion.

Yup. Walked out of the elevator and into the lobby today as usual on my way out to the beach, and it was reassuring as always to see the (friendly) staff and security all in place and ready to guard with their lives any package I might receive from Lazada! ????

Edited October 17, 2022 by BigStar

[BigStar]

20 hours ago, newnative said:

    I would look elsewhere if that's the case.  There are a lot of condo choices in Wong Amat.  

Is that an understatement or what?????

[parafareno]

4 hours ago, BigStar said:

Is that an understatement or what?????

where?

[BigStar]

20 hours ago, parafareno said:

where?

GIYF.

 

https://www.google.com/search?gl=us&hl=en&tbs=lf%3A1%2Clf_ui%3A2&tbm=lcl&q=Thailand+wong+amat+condo&rflfq=1&num=10#rlfi=hd:;si:;mv:[[12.979838671414587,100.91062304884036],[12.959012026505784,100.86822268873294],null,[12.96942556689751,100.88942286878665],15]

 

Start by riding down Soi 18 to the end, then left, and right at Soi 16. That'll hit the major developments, but there are others around as well. Somebody here lives at Lumpini and hasn't spoken badly of it.

 

 

[BigStar]

On 10/16/2022 at 8:19 PM, bbi1 said:

Smart investment would be to own overseas for a better return & less risk, while renting here.

Yah, yah. Investment advice on this forum has always been an excellent reverse indicator. Thank you: now we know that the smart investment would be to do the opposite.

But the OP said nothing about “investment,” so that’s merely a red herring.

You see, you’re not living overseas. Meanwhile you’re paying rent without the enjoyment of having your own place. Why not own a condo in Pattaya AND have investments overseas? WOT??? So much simplistic binary thinking.

 

It’s hard for our renters to fathom, sitting in their rented fleabags, but many if not most owners aren’t worried about “investment potential,” as they don’t need to be. A number of them have said so on the forum. I’m not; in fact, I myself don’t “invest” here. I "spend" and I enjoy consuming, deliciously, what I spend on.

On the other hand, if one knows what he’s doing—as you don’t—one can make some good money in Thai real estate, as posters have attested. We very studiously ignore those, as we do posters who don’t have to pay their wives or girlfriends.

 

On 10/16/2022 at 8:19 PM, bbi1 said:

Would never ever buy real estate in Thailand, especially Pattaya.

We already got that and don’t care except you’re hijacking the topic to comfort yourself. True, the cognitive decline indicated by your repetition means you’re probably better off saving your similarly declining GB Pesos for paying healthcare costs or for moving back to the paradise of the UK.

I would buy, however, especially in Pattaya, and I am glad I did, as are so many others. Shockingly, I’ve never met an owner unhappy w/ his purchase in my building. Some, now, have moved to bigger condos or houses elsewhere, our building having been sold out for many years. None have been plagued by the hellish brain-eating Whither Thailand? Whither Pattaya? space monkeys that have forced a number of our members to sell up and leave Thailand--the only cure.

 

But only way most of our full-time resident owners leave here is in an ambulance to their autopsies. No, they’re not stuck (the classic ANF Renter Stuck Principle), another fave fantasy of our Little Miss Muffets. Wealthy Swiss guy here lived in his big suite of rooms, with a lovely Thai caregiver, till he died at the age of about 95. Looked like Methuselah towards the end.

Considering the many thousands of owners in Pattaya, and how unhappy and desperate to sell and head for the exits our Renters fantasize they are, you’d think our forum threads would be jammed with complaints. But no; very few, actually, even from the whinging Poms. The only real complaints about condo ownership come from—the renters, who don’t own one and are probably old and skint. Meanwhile they also spew out a constant litany of complaints about all the rental problems they have. ???? Funny, innit? Obsessive sour grapes at work.

 

 

On 10/16/2022 at 8:19 PM, bbi1 said:

Tourist industry in Pattaya & other places was decimated during Covid, no tenants, property prices down and rents got smashed big time by 50%-70% during Covid. Desperation all around by property owners trying to get whatever rent they could.

Desperate irrelevancy by you, as the OP has said nothing about letting his proposed condo.

BTW, landlords in the investment havens of the UK and USA had it even worse. There tenants often couldn’t be evicted for non-payment or only with notice periods as long as 6 months.

 

It’s hard to find the property owners’ stories of hardship, however, because they’re mostly ignored by the leftist gov’t-media-tech symbiosis.

 

Tenants, there and here, had even more of a problem trying to pay whatever rent they could. But here in Thailand they could be evicted as usual.

 

So suddenly you got no rent coming in from your smart, “safe” UK property, your Pesos are becoming ever more worthless, your pension’s long been frozen--yet you got to pay rent here because otherwise you’ll be evicted! WOT??? Time for a Gofundme?

The vast majority of idiot condo owners in Pattaya, on the other hand, felt not the slightest desperation about paying rent or finding the tenants they never sought in the first place. We rode it all out in comfort.???? The pools and gyms were closed for a time, but on the other hand it was pleasant to drive as the traffic was so light.

Edited October 18, 2022 by BigStar

[JimTripper]

On 10/17/2022 at 5:22 AM, parafareno said:

where?

How much are you paying a month now?