Condo or house,resale experience?

[sanook 1]

im guessing a house,Bangkok suburbs eg samut prakarn is easier(if want to/need) to resale in the future rather than a condo,your thoughts/experiences?

[OneMoreFarang]

You can put a sign "for sale" on your land of your house and many people will see it.

You can't do anything like that with a condominium.

So how do you find people who are interested in buying your property?

 

That is obviously only one of many aspects.

[Rampant Rabbit]

Condos  easy to sell, Wifes been doing it for 20  years in Bangkok, dont listen to the BS  of  Thais  only want new, its tripe. They buy second hand  all the time anyone telling you anything  else has no idea. A  few  years  ago she couldnt  keep up with demand, its quieter  now  but they do still sell. 

Ive got no skin in the game and have no involvement in her  affairs, we dont even live in the same area, are 250km apart.

[Rampant Rabbit]

22 minutes ago, OneMoreFarang said:

You can put a sign "for sale" on your land of your house and many people will see it.

You can't do anything like that with a condominium.

So how do you find people who are interested in buying your property?

 

That is obviously only one of many aspects.

You can tell the Office of the condo and the security guy  + an agent in the building.  theres  nearly  always one in the development

[Etaoin Shrdlu]

I owned a condo in the Thonglor area for many years. I was able to sell it within a few weeks of putting it on the market with a real estate agent. The building was close to thirty years old at the time of sale, so it wasn't new. A Thai bought it.

 

I have now lived in a house in a mooban in in Bangkok for over twenty years. There are always several houses in the mooban with for sale signs visible, often with real estate agents' names and logos on them. Some of the houses have had the signs on them for years. Occasionally one will be sold, but it seems to take a long time.

 

If I were looking to purchase a residence that I wanted to sell at some later date without too much of a delay, I would choose a condo in a popular building near a BTS or MRT station. I think houses are harder to shift for a number of reasons.

 

 

[Rampant Rabbit]

7 minutes ago, Etaoin Shrdlu said:

I owned a condo in the Thonglor area for many years. I was able to sell it within a few weeks of putting it on the market with a real estate agent. The building was close to thirty years old at the time of sale, so it wasn't new. A Thai bought it.

 

I have now lived in a house in a mooban in in Bangkok for over twenty years. There are always several houses in the mooban with for sale signs visible, often with real estate agents' names and logos on them. Some of the houses have had the signs on them for years. Occasionally one will be sold, but it seems to take a long time.

 

If I were looking to purchase a residence that I wanted to sell at some later date without too much of a delay, I would choose a condo in a popular building near a BTS or MRT station. I think houses are harder to shift for a number of reasons.

 

 

spot  on

[OneMoreFarang]

50 minutes ago, Rampant Rabbit said:

You can tell the Office of the condo and the security guy  + an agent in the building.  theres  nearly  always one in the development

Yes, you can do that. And what do they do? Mostly nothing.

And all of them want a lot of money for doing almost nothing.

 

A couple of years ago I had to sell a house in Europe. I looked for a qualified property agent company and I found one. They did a lot of work and had lots of people visiting the property, they prepared necessary documents, and and and. I paid them a similar commission what a Thai "agent" wants. The big difference is that they actually worked for the money and sold the house for a good price within 3 months. 

 

Looking at posts in this forum and what I hear from other people it is very difficult in Thailand to find qualified property agents who know what they are doing and who actually work actively to sell my/your property. 

[OneMoreFarang]

1 hour ago, Rampant Rabbit said:

Condos  easy to sell, Wifes been doing it for 20  years in Bangkok, dont listen to the BS  of  Thais  only want new, its tripe. They buy second hand  all the time anyone telling you anything  else has no idea. A  few  years  ago she couldnt  keep up with demand, its quieter  now  but they do still sell. 

Ive got no skin in the game and have no involvement in her  affairs, we dont even live in the same area, are 250km apart.

Maybe there are lots of factors and sometimes it seems it is not so easy.

 

I bought my condominium in a 30 year old building about 2 years ago. At that time, I looked at maybe 10 similar units in the same building. It seems I was the only one looking. I bought it for a good price. When we went to the land office the building manger told me this was the only transfer of a property in that building within the last year.

There are still many units available, for reasonable prices.

But almost all of those units have to be renovated. This might be a reason why few people are interested to buy, even if the buying price plus renovation is a lot less than other newer buildings nearby.

 

It seems one reason why people (Thais) buy new is because it is much easier to finance new properties. 

 

[Rampant Rabbit]

16 minutes ago, OneMoreFarang said:

Maybe there are lots of factors and sometimes it seems it is not so easy.

 

I bought my condominium in a 30 year old building about 2 years ago. At that time, I looked at maybe 10 similar units in the same building. It seems I was the only one looking. I bought it for a good price. When we went to the land office the building manger told me this was the only transfer of a property in that building within the last year.

There are still many units available, for reasonable prices.

But almost all of those units have to be renovated. This might be a reason why few people are interested to buy, even if the buying price plus renovation is a lot less than other newer buildings nearby.

 

It seems one reason why people (Thais) buy new is because it is much easier to finance new properties. 

 

wife must have sold  hundreds over the years, from dumps to palaces.

[Rampant Rabbit]

28 minutes ago, OneMoreFarang said:

Yes, you can do that. And what do they do? Mostly nothing.

And all of them want a lot of money for doing almost nothing.

Anyone walking in asking theyll tell

[Rampant Rabbit]

29 minutes ago, OneMoreFarang said:

Looking at posts in this forum and what I hear from other people it is very difficult in Thailand to find qualified property agents who know what they are doing and who actually work actively to sell my/your property. 

its  like anywhere, there are  good  agents and bad  agents many are  bone  idle many are freelance.

[OneMoreFarang]

16 minutes ago, Rampant Rabbit said:

its  like anywhere, there are  good  agents and bad  agents many are  bone  idle many are freelance.

Is there something like an exclusive property agent in Thailand who is the only one who sells a property?

It seems they exist for new properties but so they also exist for "used" property?

When everybody is selling anything then it's not surprising that few of them spend much time on individual properties. They just want to sell something, get a commission, and do the same again. 

 

And my point is that with a condominium it is almost impossible not to rely on agents.

I am sure with houses there are more things which the seller can do without agents. 

 

 

[scubascuba3]

43 minutes ago, OneMoreFarang said:

Is there something like an exclusive property agent in Thailand who is the only one who sells a property?

It seems they exist for new properties but so they also exist for "used" property?

When everybody is selling anything then it's not surprising that few of them spend much time on individual properties. They just want to sell something, get a commission, and do the same again. 

 

And my point is that with a condominium it is almost impossible not to rely on agents.

I am sure with houses there are more things which the seller can do without agents. 

 

 

On Facebook there's no end of agents, easy to advertise yourself but with good photos

[newnative]

       My spouse and I have sold 2 houses in Pattaya and a number of condos in Rayong, Bangkok, and Pattaya.  The majority of the condos were sold in Pattaya between 2011 and 2019, although we did have a couple condo sales during the covid years.  Some condo sales were quick, some took awhile; just the nature of the game, as far as I can tell.  Patience is a virtue.

      Both house sales were in the last few years and they sold fairly quickly.   I won't hazard a guess as to what sells easier, houses or condos--too many variables, in my opinion.  I will say that a good property, condo or house, in a good location and priced properly, will find a buyer if it is marketed correctly for Thailand.

       As in another recent post on real estate, we have had some posters disparage real estate agencies.  Usually along the lines of, "I listed with an agency and they never brought any buyers to see my property."   Likely to be true.  Which is why you don't list with just one agency. 

     Thailand has no MLS, so you need to list with as many agencies as you can.  The goal is to get your property as widely known as possible.  That's not done listing with one agency.  With the last property we sold, I think I listed it with maybe 30 agencies, both big and small. 

     Most of those 30 agencies did not bring a single buyer to see the property.  But, that's ok, because some of the agencies, big and small, did bring buyers, one of which bought the property.  You list with many agencies because, unless you are Carnac the Magnificent, you have no way of knowing which agency is going to have the right buyer for your property.

      As I've said before, we always try to sell our properties ourselves--and we make all the usual marketing moves every time to try to find a buyer.  We have managed to sell some ourselves--yaa us.  But, the vast majority of them were sold by an agent bringing a buyer to us--yaa agents.

      

 

       

[Peterw42]

Everything sells for the right price.

The trouble is, in Thailand, nobody knows what that price is because there is no sales data.

Most properties have a value/worth based on supply and demand, past sales of like properties etc, its not uncommon for a property to be worth the same as it was 10 years ago, and if you buy at this price originally and sell at this price, then resales are often very easy.

Where it all falls apart is people do no research and buy/sell at ridiculous prices plucked from thin air. If you buy at these stupid made up prices, then a resale at the same prices will be very hard.

The Thai market is not like back home where the whole market rises 5-10% year on year. It doesn't stop people thinking the market does go up and asking ridiculous prices, based on what the guy down the road is asking.

 

If you paid 2 million baht for a 1 million baht property, you will have problems with any resale. It doesn't mean the Thai market went down and nobody is buying, it means somebody paid way over the actual real market value.

 

[bkk6060]

Price it right anything will sell.

Most people think their properties are worth way more then they really are.

I know people in Pattaya trying to sell for months.  The old "another one sold in the building for".

No transparency here and agents are mostly not up to speed.

The best mindset here is to buy a place to live in, not for an investment.  Holding a property for 10 years and bragging it went up a few hundred thousand baht is a ridiculous comment.

Your fees will probably take that away.

[noobexpat]

4 hours ago, Peterw42 said:

Everything sells for the right price.

The trouble is, in Thailand, nobody knows what that price is because there is no sales data.

Most properties have a value/worth based on supply and demand, past sales of like properties etc, its not uncommon for a property to be worth the same as it was 10 years ago, and if you buy at this price originally and sell at this price, then resales are often very easy.

Where it all falls apart is people do no research and buy/sell at ridiculous prices plucked from thin air. If you buy at these stupid made up prices, then a resale at the same prices will be very hard.

The Thai market is not like back home where the whole market rises 5-10% year on year. It doesn't stop people thinking the market does go up and asking ridiculous prices, based on what the guy down the road is asking.

 

If you paid 2 million baht for a 1 million baht property, you will have problems with any resale. It doesn't mean the Thai market went down and nobody is buying, it means somebody paid way over the actual real market value.

 

 

At least with condos you could base the price on what other units are renting for, within reason. I guess a renter pays about 7% rent.

 

25k month rent = 4.2m property value ??

 

Not far off i think.

 

[scubascuba3]

1 hour ago, noobexpat said:

 

At least with condos you could base the price on what other units are renting for, within reason. I guess a renter pays about 7% rent.

 

25k month rent = 4.2m property value ??

 

Not far off i think.

 

Except small new 35 metre condos in Edge etc are around 3-4m, no way they are renting for 25k, so it's a fake market

[newnative]

1 hour ago, scubascuba3 said:

Except small new 35 metre condos in Edge etc are around 3-4m, no way they are renting for 25k, so it's a fake market

    I don't think The Edge has any 35 sqm condos, and not for 3-4MB that I can see with a quick Hipflat search.  Hipflat does have 26 and 27 sqm Edge studios listed for 4 to 5MB and up.  There's a 30 sqm studio listed for 6.49MB.   Studio rents range from 20,000 baht to around 35,000 baht.   You might be thinking of The Base, next door, which does have 35 sqm 1 bedrooms for 3 to 4MB.

[scubascuba3]

7 minutes ago, newnative said:

    I don't think The Edge has any 35 sqm condos, and not for 3-4MB that I can see with a quick Hipflat search.  Hipflat does have 26 and 27 sqm Edge studios listed for 4 to 5MB and up.  There's a 30 sqm studio listed for 6.49MB.   Studio rents range from 20,000 baht to around 35,000 baht.   You might be thinking of The Base, next door, which does have 35 sqm 1 bedrooms for 3 to 4MB.

The point is I've seen them for that type of rent and only the most stupid would pay 25k a month for a small condo, look at any of the new condos, i recall Riviera wanting 25k for a small one then some time later saw some for 7k so the value based on actual rent is garbage 

[noobexpat]

8 hours ago, scubascuba3 said:

Except small new 35 metre condos in Edge etc are around 3-4m, no way they are renting for 25k, so it's a fake market

 

You are way off. 

I had a mate in there long term paying that. 

Also had a mate stay short term for 1 month in a 2 bed - 40k (not xmas either).

 

[noobexpat]

7 hours ago, scubascuba3 said:

The point is I've seen them for that type of rent and only the most stupid would pay 25k a month for a small condo

 

No point projecting your own ideas of ...i wouldn't pay it, so nobody else should.

 

 

[scubascuba3]

5 hours ago, noobexpat said:

 

You are way off. 

I had a mate in there long term paying that. 

Also had a mate stay short term for 1 month in a 2 bed - 40k (not xmas either).

 

Noobs will pay that especially for high season but anyone with any experience would rather get a 60-100m condo for 25k than a 35m condo

[Middle Aged Grouch]

Lots of property being sold off by retirees who do not wish to get taxed on their pensions. Also many properties sold off in beach towns due to faulty construction delivered by irresponsable developpers.  Heard many bad experiences from people on social media mainly in Hua Hin or Hin Lek Fai areas with badly finished villas with swimming pools from so-called reputed developpers.

 

Major defects that were not visible to the naked eye during the hand over of the properties. And as a foreigner, good luck to get any justice in the courts, so the only resort the victims have is to warn others in Asia or Europe.

[scubascuba3]

40 minutes ago, Middle Aged Grouch said:

Lots of property being sold off by retirees who do not wish to get taxed on their pensions. Also many properties sold off in beach towns due to faulty construction delivered by irresponsable developpers.  Heard many bad experiences from people on social media mainly in Hua Hin or Hin Lek Fai areas with badly finished villas with swimming pools from so-called reputed developpers.

 

Major defects that were not visible to the naked eye during the hand over of the properties. And as a foreigner, good luck to get any justice in the courts, so the only resort the victims have is to warn others in Asia or Europe.

Buying off plan is best avoided

[noobexpat]

6 hours ago, scubascuba3 said:

Noobs will pay that especially for high season but anyone with any experience would rather get a 60-100m condo for 25k than a 35m condo

 

Because most guys here are 60+ and retired. Can't imagine they would use a co-working space much.

 

But those large condo's are still only worth about 4-5m baht based upon my rent:value ratio. You've transitioned into preferences now, which is largely irrelevant to the initial point.

 

[scubascuba3]

32 minutes ago, noobexpat said:

 

Because most guys here are 60+ and retired. Can't imagine they would use a co-working space much.

 

But those large condo's are still only worth about 4-5m baht based upon my rent:value ratio. You've transitioned into preferences now, which is largely irrelevant to the initial point.

 

You've missed the point, 4-5m large condos justify the yield/rent of 25k, 4-5m small condos don't justify the yield/rent of 25k so the value is garbage except for those thinking it's an "investment".

 

You could buy or rent this one, just for sale now

[noobexpat]

4 minutes ago, scubascuba3 said:

You've missed the point, 4-5m large condos justify the yield/rent of 25k, 4-5m small condos don't justify the yield/rent of 25k so the value is garbage except for those thinking it's an "investment"

 

Hmmm, justify against what ...someone's preference for a large room in jomtien or pratumnak? That makes zero sense.

 

You seem to have the edge in mind when commenting. Thats probably a bit of an outlier. I bet if you applied my ratio to soi 15 condo's it would equate well. 

 

[noobexpat]

42 minutes ago, scubascuba3 said:

 

 

You could buy or rent this one, just for sale now

 

Rent is about 30k on the 4.69m one, which is 7.7% of sale price. 

 

[scubascuba3]

1 hour ago, noobexpat said:

 

Rent is about 30k on the 4.69m one, which is 7.7% of sale price. 

 

That sounds great, where do i sign up 😆, I'd like to hear of one example of someone renting for a year at that price