The Address Sukhumvit 42

[LittleEiffel]

Has anyone else purchased a unit in The Address Sukhumvit 42?

This project has actually been completed 2 months ahead of schedule. I went to inspect my unit on invitation from the developers and did not find a single major flaw. What a breath of fresh air after my experience with the TRENDY developers.....

I am curious if there are any other buyers out there and if they have seen any defects I should be aware of before closing.

Secondly, the developers seem to be willing to give a discount to buyers who will close early. I was offered by the sales team a discount of the 1% transfer fee. As they should as they will be saving on the interest on their financing....Anyone else get any similar offers?

Lastly, AP is a good builder from what I've seen and there were no dodgy tricks like "oops the square meters are more than we planned ....you must pay more" Unfortunately AP's ruse seems to be charging an outrageous amount for the "electricity Meter" over 13,000 baht as opposed to 1250 baht for the meter at the TRENDY. Anyone have a rational explanation, or is it as I suspect AP's version of the Trendy's square meter overcharge?

[naturalpoints]

Has anyone else purchased a unit in The Address Sukhumvit 42?

This project has actually been completed 2 months ahead of schedule. I went to inspect my unit on invitation from the developers and did not find a single major flaw. What a breath of fresh air after my experience with the TRENDY developers.....

I am curious if there are any other buyers out there and if they have seen any defects I should be aware of before closing.

Secondly, the developers seem to be willing to give a discount to buyers who will close early. I was offered by the sales team a discount of the 1% transfer fee. As they should as they will be saving on the interest on their financing....Anyone else get any similar offers?

Lastly, AP is a good builder from what I've seen and there were no dodgy tricks like "oops the square meters are more than we planned ....you must pay more" Unfortunately AP's ruse seems to be charging an outrageous amount for the "electricity Meter" over 13,000 baht as opposed to 1250 baht for the meter at the TRENDY. Anyone have a rational explanation, or is it as I suspect AP's version of the Trendy's square meter overcharge?

So I take it that you bought a unit at Trendy and here in Soi 42?

Very adventurous my friend.

[LittleEiffel]

Yeah, I bought a unit in both developments.....

The irony is I signed for the Trendy 18 months earlier and it looks like I will close on the Address First!

The AP building is MUCH better built, but the Trendy cannot be beat on location (I Know, a seperate topic)

BTW should clarify #1 above: Was asking if other owners in the same complex had noticed any defects on inspection as some contruction mistakes will run common to all units -

[Irene]

Thanks for sharing with us your experience. It is good to know of a good developer.

I have no involvement on the Address but like to comment that incentives for closing early before end of December is to help the developer to recognise the profits on your unit in 2007. As to the meter, the difference may be due to a deposit with the Electricity Board.

[Moonfruit]

I have nothing of substance to post, but just want to say yey!

A guy who is happy with his new property purchase, and a company that completed ahead of time! Thats gold dust!

Congrats. I hope it serves you well.

[think_too_mut]

What a waste of money.

About 8 months ago, when levies were being discussed on this forum, Irene told me that my landlord (whose levies invoices come to my mailbox) was being overcharged at 3700B per month.

To tell that some could be paying even more, I posted an example of the most ridiculous levies I had ever come accross - that very Address 42.

There, chief of the company was explaining that the levies will be intentionally high, there are only 80 units, the levies must be high to support what they have and to discourage rentals and keep owners occupiers. That explains 13,000B for elec meter.

At what price would they have to rent it to break even? 50K for 1BR? No way.

So, when the owners have had enough and refuse to pay 15K+ every month in levies, the building may corkscrew into a slum in 2 years.

Looks like the speculators have put all units for re-sale on this Thai site:

http://www.prakard.com/default.aspx?g=topics&f=202

Those 7.5 and 7.8 mil units were 5.6 and 6.2mil. Speculators just have to find suckers to buy and then squeel under eneormous levies.

I used to live nearby (Soi Barbos 2) and was watching the building going up from flat land, inquired a few times as I liked the area but it was just ridiculous what they were asking then and beyond.

Edited November 21, 2007 by think_too_mut

[LittleEiffel]

What a waste of money.

About 8 months ago, when levies were being discussed on this forum, Irene told me that my landlord (whose levies invoices come to my mailbox) was being overcharged at 3700B per month.

To tell that some could be paying even more, I posted an example of the most ridiculous levies I had ever come accross - that very Address 42.

There, chief of the company was explaining that the levies will be intentionally high, there are only 80 units, the levies must be high to support what they have and to discourage rentals and keep owners occupiers. That explains 13,000B for elec meter.

At what price would they have to rent it to break even? 50K for 1BR? No way.

So, when the owners have had enough and refuse to pay 15K+ every month in levies, the building may corkscrew into a slum in 2 years.

--------------------------------------------------------------

Greetings TTM,

You do realize the 13000 charge was a one off due at transfer don't you? Not a monthly charge.

The monthly fees will be 40baht/m2/month - pretty stone standard in this area and is payable a year in advance. For a one bedroom monthly fees will be 1820 bath/month.

The construction is Grade A and those (like myself) who bit the bullet and bought in off the plan paid low 70's per m2. Given the proximity to the BTS and the nice quiet neighborhood, not an unreasonable price.

Don't see your argument about a waste of money....perhaps for speculators.

BTW rental return AFTER fees at 20,000 per month asking would be 7% p.a. Not great, but better than fixed deposits.

As I bought the unit to live in myself, I am not unhappy the plan was to discourage renters - owner occupied units of course are generally better cared for. Of course regardless of the original plan - the final say will be in the hands of the elected Juristic body representative after the first meeting won't it?

Cheers,

LE

[think_too_mut]

You do realize the 13000 charge was a one off due at transfer don't you? Not a monthly charge.

The monthly fees will be 40baht/m2/month - pretty stone standard in this area and is payable a year in advance. For a one bedroom monthly fees will be 1820 bath/month.

The construction is Grade A and those (like myself) who bit the bullet and bought in off the plan paid low 70's per m2. Given the proximity to the BTS and the nice quiet neighborhood, not an unreasonable price.

Don't see your argument about a waste of money....perhaps for speculators.

BTW rental return AFTER fees at 20,000 per month asking would be 7% p.a. Not great, but better than fixed deposits.

As I bought the unit to live in myself, I am not unhappy the plan was to discourage renters - owner occupied units of course are generally better cared for. Of course regardless of the original plan - the final say will be in the hands of the elected Juristic body representative after the first meeting won't it?

Then, what that guy said in the article that I can't find it any more has been abandoned as their strategy.

From memory, what he was saying then was - an elite low rise place, high fees for people who don't mind paying for consistent quality and exclusivity, the mix of units and ammenities guarantees family people and no or small number of rentals.

As Address 42 is a better building than where I am, and if the levies are paid yearly in advance, the invoice i saw could be for something extraordinary for that particular month. The figure was too low for a yearly fee.

[ChiangMaiThai]

Came across this forum discussing The Address on Sukumvit 42.

http://www.prakard.com/default.aspx?g=topics&f=202

Looks like a nice project, nice location and quality facilities. So any idea why so many people are trying to sell and rent? Is this just a product of the poor economy?

[robert10]

Came across this forum discussing The Address on Sukumvit 42.

http://www.prakard.com/default.aspx?g=topics&f=202

Looks like a nice project, nice location and quality facilities. So any idea why so many people are trying to sell and rent? Is this just a product of the poor economy?

This is happening not only at this project but other similarly priced condos that were recently completed. My educated guess is that these resales are coming from investors who did not manage to flip the condo units before transfer, and are not able to rent out the units under current market conditions. I expect to see more of this as more condo projects are transferred later this year and early next year, eg. Nobel Remix, Siri at Sukhumvit, Emporio Place etc. I am also seeing pricing weakness in the upper end segment of the market, as demand is mainly driven by foreigners, and although sentiment has improved, I think there are not many investors in a hurry to buy in what is arguably a toppish market.

Edited August 27, 2009 by robert10