How to know the value of a condo?

[Farang two dot zero]

How can I know precisely the value of my condo located in Jomtien at a specific moment?

[Halfaboy]

That value is the price people are prepared to pay ....

[Farang two dot zero]

1 minute ago, Halfaboy said:

That value is the price people are prepared to pay ....

This does not answer my question, there is a price per square meter depending on where the condo is located.

[warrima]

Just look your condo up on Hipflat.co.th. 

[scubascuba3]

There's 2 values, the market value which is found by looking at what others have sold at recently the other value is what Land office use to calculate tax, your office will have that along with land office

[soi3eddie]

Place sale advertisements on all the main and local property websites and social media platforms inviting offers. If, after 3 months, you have had no offers then it's clearly worth nothing. You could of get many offers at a price higher than you expected. 

 

Edited October 27, 2022 by soi3eddie

[Farang two dot zero]

21 minutes ago, scubascuba3 said:

There's 2 values, the market value which is found by looking at what others have sold at recently the other value is what Land office use to calculate tax, your office will have that along with land office

Thank you for your answer, my lawyer tells me that the value of the condo would be 1,500,000 THB while I paid for it new 1,200,000 THB in 2016, surprising when the same sells for 1,100,000 THB on hipflat.co.th

[Farang two dot zero]

10 minutes ago, soi3eddie said:

Place sale advertisements on all the main and local property websites and social media platforms inviting offers. If, after 3 months, you have had no offers then it's clearly worth nothing. You could of get many offers at a price higher than you expected. 

 

Do you have a list of websites to recommend ?

[Peterw42]

OP , there is little to no sales data available in Thailand. Therefore, there is no precise value. Often only the buyer and the seller are the only people who know what a condo changed hands for, and that information is not published or available.

Asking prices mean absolutely nothing , unless properties sell at that price, often the price being asked has never been achieved and just based on other unrealistic asking prices.

As others have said, the value is what someone is willing to buy/sell at. And, if a condo is advertised at $XXX and nobody buys it, or even looks at it, its not worth $XXX.

 

I just sold a condo in Jomtien for 1,300,000 baht, I bought it in 2015 for 1,300,000.

During that time, identical condos in the block (that I know of) have sold for as low as 1,000,000 and as high as 1,500,000..

I wasn't going to sell it for 1,000,000, and nobody was interested for 1,500,000. The precise value, when I sold it a couple of months ago, was 1,300,000.

 

[scubascuba3]

33 minutes ago, Farang two dot zero said:

Thank you for your answer, my lawyer tells me that the value of the condo would be 1,500,000 THB while I paid for it new 1,200,000 THB in 2016, surprising when the same sells for 1,100,000 THB on hipflat.co.th

What is the lawyer value? for what purpose? is it the land office value for tax purposes? no skill in that just get it from the juristic office or land office, it's probably the historic value maybe when built, it's on paper for all condos in your whole block, doesn't change

Edited October 27, 2022 by scubascuba3

[NativeBob]

Reminds that story in China Town Bangkok when they were buying houses to demolish and build MRT station: old blocks who thought there <deleted>holes were uber valuable got almost nothing from Land Dept. 

However - it is hard task to sell condo unit with profit. very hard, unless you inherited it and didn't pay nothing ) 

[OneMoreFarang]

It seems many people make up prices and nobody really knows - as far as there is something to know.

Recently I looked at maybe 10 units in the same high-rise building. For the same price the asking price was somewhere between 6.5m to 8m. And there was no relation of renovation status, floor, or other criteria. The worst unit, totally run down and termite infested, had asking price 8m. Another unit of the same size, recently renovated in reasonable quality, was on the market for 7.2m.

The manager told me no unit of any size was sold in the last two years (in Covid times) in that building.

[NativeBob]

Once upon a time (~2003-ish) thai fella went banana and announced the Sale of his flat (73sq.m. 19th floor condo, great view over Ratchadapisek Road, Bangkok) for bare 1M thb. Guess what? even for that price nobody bought it! Finally some lucky khun chin purchased it through manager of the condominium, it took only (ROFL) 5 years.

[bkk6060]

No transparency so who knows.

As One more Falang said, people make things up.  And, just using sq mtr. is not the full picture.

What were the terms of the prior sales?  Some now carry back part of the sale at low interest.

What was the condition of the property? Upgrades with high end granite, flooring, appliances, etc.?  Or, was it a S hole?

I would speak with a reputable agency that has been in business for several years.  Maybe get the best information. 

 

 

 

 

 

 

[Sparktrader]

1 hour ago, Farang two dot zero said:

Thank you for your answer, my lawyer tells me that the value of the condo would be 1,500,000 THB while I paid for it new 1,200,000 THB in 2016, surprising when the same sells for 1,100,000 THB on hipflat.co.th

Lawyers talk rubbish. Market decides value. 1.1m it is roughly.

[BonMot]

BKK market still very overvalued. There is softening in the outskirts but even condos with fairly inconvenient locations and or horrible floor plans are very overpriced.

 

I expect the only things that will shake things up are (a) developers start completing, building condos again (b) economy takes a nasty downturn and leveraged owners need to get out. The issue with the latter is that I understand Thai banks hesitant to approve short sales.

 

I believe mortgage rate is prolly 7% which is criminal given the low bot rates and bank to bank rates.

 

Chinese are nowhere in sight and not coming.

 

Asians are funny. Sit on a loss forever rather than take the hit, regroup and move on. Like a friend always said to me... A bad investment is always a bad investment it never one day becomes a good investment. The only exception to this rule are things that have huge cycles. If you wait long enough it might come back but that amount of time could be an entire generation. Look at metals from say around 1980 to now.

 

Anyway, I'm also scouring the internet for a condo and there is no shortage of overpriced rubbish

[persimmon]

From a risk / return basis , I can`t see condo purchase as a good idea . Renting and keeping the cash in the relative safety of stocks / bonds / RE in your own country would seem more sensible . Maybe land purchase in favourable areas ( ie. roadsides where there is development potential , or agricultural ) might make more sense .

[Mac Mickmanus]

1 hour ago, NativeBob said:

Reminds that story in China Town Bangkok when they were buying houses to demolish and build MRT station: old blocks who thought there <deleted>holes were uber valuable got almost nothing from Land Dept. 

However - it is hard task to sell condo unit with profit. very hard, unless you inherited it and didn't pay nothing ) 

It would be easier to make a profit if you did pay nothing for it , rather than if you didn't pay nothing for it 

[blackcab]

Off topic posts and replies to them have been removed.

[BonMot]

8 minutes ago, persimmon said:

From a risk / return basis , I can`t see condo purchase as a good idea . Renting and keeping the cash in the relative safety of stocks / bonds / RE in your own country would seem more sensible . Maybe land purchase in favourable areas ( ie. roadsides where there is development potential , or agricultural ) might make more sense .

This is pretty much understood by now (hopefully).

 

I'm waiting for blood in the water. Until then I'll rent

 

Property makes more sense for married people. We're stuck here anyway and it's an asset that can be left to wives and or children. While the renting is extremely reasonable over the long haul it's a decent bit of cash that is better left to the wife than to a landlord.

 

If I had a few million I would just rent for 30k and be done with it tbh.

[1FinickyOne]

so many factors... what floor.. what else is available in the building and how much and how many buyers are out there.. what does the market look like now... 

[yeahbutif]

I look at it this way .buy the best house for what you want to pay...... Do work on it add the cost to purchase price ..then sell it for the total price..... So no money lost..... Infact if you had rented instead of buying it.  You would have  wasted all the rent money .. so really profit in one year alone Could have saved you anything from 100.000  up ..so win win ...

[NativeBob]

27 minutes ago, Mac Mickmanus said:

It would be easier to make a profit if you did pay nothing for it , rather than if you didn't pay nothing for it 

Teecha Mac?

[Lacessit]

The value of a condo depends on a number of factors all potential buyers will examine, if they have any nous.

 

* Sold unfurnished, quality of fixtures and fittings.

* Furnished, furniture quality

* Location and views

* Effectiveness of security

* Reputation of the juristic person

* Parking

* Presence or absence of a swimming pool

* Apartment size

* Reliability of infrastructure - plumbing, water, electricity, elevators.

* Noise levels

* Condo fees

 

There's one condo in Chiang Mai wild horses could not drag me into buying at any price.

[Sparktrader]

3 minutes ago, Lacessit said:

The value of a condo depends on a number of factors all potential buyers will examine, if they have any nous.

 

* Sold unfurnished, quality of fixtures and fittings.

* Furnished, furniture quality

* Location and views

* Effectiveness of security

* Reputation of the juristic person

* Parking

* Presence or absence of a swimming pool

* Apartment size

* Reliability of infrastructure - plumbing, water, electricity, elevators.

* Noise levels

* Condo fees

 

There's one condo in Chiang Mai wild horses could not drag me into buying at any price.

You should be a re agent. Very good.

[sometime]

When I bought a condo in Jomtien long time ago was given some good advice, Dont try and make a profit sell it for the price you bought it for and you have lived there rent free for many years.

[Sparktrader]

33 minutes ago, sometime said:

When I bought a condo in Jomtien long time ago was given some good advice, Dont try and make a profit sell it for the price you bought it for and you have lived there rent free for many years.

You pay for rates so not free.

[Mac Mickmanus]

51 minutes ago, Lacessit said:

The value of a condo depends on a number of factors all potential buyers will examine, if they have any nous.

 

* Sold unfurnished, quality of fixtures and fittings.

* Furnished, furniture quality

* Location and views

* Effectiveness of security

* Reputation of the juristic person

* Parking

* Presence or absence of a swimming pool

* Apartment size

* Reliability of infrastructure - plumbing, water, electricity, elevators.

* Noise levels

* Condo fees

 

There's one condo in Chiang Mai wild horses could not drag me into buying at any price.

I did look at a Condo in CM which was for sale for 500 000 Baht

[soi3eddie]

4 hours ago, Farang two dot zero said:

Do you have a list of websites to recommend ?

Not a total list but hipflat, fazwaz and ddproperty are the best known. 

 

 

[Sparktrader]

1 hour ago, Mac Mickmanus said:

I did look at a Condo in CM which was for sale for 500 000 Baht

What was it like?