Buying Condo At The Trendy

[Investorno]

Hey,

I've been looking aroudn lower Sukhumvit area for a few weeks now and put my eye on the Trendy project in Soi 13.

I am considering purchasing a unit there and have a few questions in that regards.

As I understand (through my own research) this is an old part of The Ambassador Hotel which has been renovated. Now I went there today and the renovations does indeed make the building look close to new. HOwever the Mabassador was built in 1966 which in Thai realestate terms is rather long. In Europe buldings stand for hundreds of years but I doubt that's the case here in Thailand.

Anyone else purchased at the Trendy and worrying about the state of teh bulding 10 years from now?

Second, in Europe it's common that a bulding has a public debt and the tenants pay down that debt on a monthly basis. I was not made aware of any such debt when I spoke to their sales representative today. Is it possible that Grand Asset Developments paid this debt when they bought the bulding and after their renovations this debt i cleared in the purchasing price of your unit?

Third, I do like the location and the 5 mill asking price isn't exorbitant to me. Since I am planning to live there myself for a great number of years I do not think it will be a loosing operation. Noonetheless does anyone else have any thoughts about the future price of such an old building let's say 10 years from now?

My main worry is that it would be impossible to sell as the bulding would be to old.

I would very much like to hear people's thoughts on one or more of these questions and maybe here from someone who has allready bought there. Are you happy with your purchase or not? and why?

Looking forward to hearing your replies

Best regards,

Investorno

[jrbkk64]

Don't buy at Trendy!! Read the other topics about Trendy and Grande Asset.

[Investorno]

Don't buy at Trendy!! Read the other topics about Trendy and Grande Asset.

Hey thanks for your reply,

I have read other posts with regards to Grand Asset, and how it's dangerous to buy a building that is not finished. However any specifics related to The Trendy which I have not seen I am unfamiliar with.

I hope you could direct me to such a thread or give me quickly the basics of what is the defects with the Trendy.

In advance thank you for your reply ;-)

Best regards,

Investorno

[Raptor7]

Hi, I bought a studio at the Trendy (transferred a contract from an existing buyer) and had the title deed transferred to me from the developer at the Land Office...

actually I am quite happy with the unit (and have fitted it out etc.).

However, I only use the unit occassionaly myself and use it more often for putting up excess guests coming to Thailand (the flow of which seems to be getting stronger and more regular now)..... (despite all problems and whining by some, the flow of bodies into Thailand just increases every year--if its so bad you would've thought that the opposite would occur)...

that project is not (by a long shot) perfect....you will notice that they have not even started to fit-out the downstairs condo lobby furniture ....but I believe its good value for the location and price etc. for what's its worth....

frankly I have no idea what the resale value would be in the future...(that investment was more to have a convenience location for me and visiting friends in that immediate part of town)

there is a fair amount of internal fitting-out work being done by individual unit owners moving in, so be prepared for noise at various times of the day....

also there does not appear to be a firm schedule of when UBC Cable TV will be installed....which is my biggest complaint...

but most importantly, I would carefully inspect the specific unit you are thinking about buying from the developer (or transferring from the previous buyer) just to make sure its substantially finished.... Ive noticed by peeks at the top floors that the larger duplex units, etc. are in various states of finishing and I would be very hesitant about those ...

on the up side, you should also be aware that next door Ambassador Hotel is undergoing a major renovation (which should improve the immediate area and incidentially provide a direct access to the 24 hour Villa Supermarket which is super convenient for munchies) AND that the next door Sofitel Sukhumvit Hotel is well on the way to completing in 2008 or 2009, which will greatly class-up that corner of Soi 13....

(no idea when next door Regent Hotel/Condo will finish, maybe in 3-4 years time? given the present problems with the developer, so expect that to be a construction site for the nearer term)...

Edited January 31, 2008 by Raptor7

[pkrv]

The Trendy is well researched why start another thread? Why not simply contribute to all the effort others have put in?

[PadThaiGuy]

My guess is the place will be falling apart in ten years.

Leaky pipes, wiring troubles, buckling floorboards, etc...

People you hire to do the repairs will be looking to fleece the farang every time in this area... overcharging for sub-standard work, half assed repairs...A mess.

[rak sa_ngop]

I visited the ground floor shopping area and was not too impressed with the broken floor tiles, poor general finish and what looked like toothpaste they had used for grouting in the toilets.

But at least you will be able to judge for yourself and make your decision based on the final product. However sometimes paying more for quality is a good investment.

[gankeowan]

"I would very much like to hear people's thoughts on one or more of these questions and maybe here from someone who has allready bought there. Are you happy with your purchase or not? and why?

Looking forward to hearing your replies

Best regards,

Investorno

I bought a studio at the Trendy and find the building to be quite satisfactory, ever during this stage while construction and fitout continues in the commercial areas and upper floors. The location is convenient and the overall construction standard, while not 5 star, is fine for use as an ocassional pied a terre or holiday visit. Obviously all the utilities and plumbing are new and it all works fine in my unit.

I have an unobstructed view to the east which remains cool all day. Guests find the location very manageable as numerous restaurants and transport options are within a short walk. The pool is large and clean and there is a fitness facility, sauna and steam room, all brand-new.

Construction was managed by CM&D, a USA-based company and while every building has some problems, especially at startup, I haven't experienced anything significantly unpleasant at Trendy. I've owned many condo units in the US over the years and have had far worse experiences there. If you're interested in Trendy, take a look, there are many favorable aspects.

[zorro1]

I bought a one bedder and have been living here 3 months already. Absolutely love it and what a sensational location! also one the best pool areas you will ever see anywhere. Sure it has its teething problems but so does the high end stuff. A mate bought a us 1mill penthouse in Kamala (holiday house mind you ) and he got all sorts of problems. Good part is its cheap to re do any work so don't let some poor grouting or poor paint work put you off just pay the 200bht per day for a labourer and do it yourself no big deal. The street itself will be upmarket within 4 years or so and good luck with trying to buy at the current prices then! you had a look and if it feels right just do it...And lastly don't listen to the knockers they still waiting for the bht to go back to 42 to the u.s dollar before they buy anything

[Raptor7]

The street itself will be upmarket within 4 years or so and good luck with trying to buy at the current prices then! you had a look and if it feels right just do it...And lastly don't listen to the knockers they still waiting for the bht to go back to 42 to the u.s dollar before they buy anything

you are right....the construction of the Sofitel Hotel next door is coming along nicely....cranes working steadily etc....probably open up by Christmas 2008 or latest 2009 if they keep at that pace... that is the top hotel brand of the Accor group and will class-up that immediate corner (and banish the sidewalk vendors on that immediate strip on the main Sukhumvit Road)...

unfortunately the next door Regent Hotel (the top brand of the Carlson group) construction has stalled...that will probably be in 3-4 years in terms of completion...

[WongKarWai21]

it will be a dump in 10 years. i have been going around looking at condos trying to find a new rental and trust me, most do not hold up. Trendy has all the characteristics of those which do not. It probably wont be that bad of an investment and due to the location youll still be able to rent it out, but i think the building will look like a dump in ten years. good luck.

[WongKarWai21]

"In Europe buldings stand for hundreds of years but I doubt that's the case here in Thailand."

Most of these Thai condos are made of card board and tooth paste. The finish really is that poor. Its lousy all around. I would strongly recommend collecting interest on your capital and renting. Its possible that the Thailand will keep booming and prices will keep rising, but if thats the case your investments will probably also being doing very well as its a sign the world economies are very strong.

i am renting a brand new unit. my plan is to move every three years to a newly completed project.

Edited February 11, 2008 by WongKarWai21

[zorro1]

it will be a dump in 10 years. i have been going around looking at condos trying to find a new rental and trust me, most do not hold up. Trendy has all the characteristics of those which do not. It probably wont be that bad of an investment and due to the location you ll still be able to rent it out, but i think the building will look like a dump in ten years. good luck.

Thanks for the heads up on a very informing post. I noticed your previous posts where your trying to find 50m2 for 20,000 bht in a great location? good luck with that. No wonder your looking at "dumps". This post is for buyers not for renters please read the thread

[trajan]

i am renting a brand new unit. my plan is to move every three years to a newly completed project.

FarangNoiNa;

property owners and investors really like the perpetual lifelong renters!! wonderful! thanks!

Edited February 11, 2008 by trajan

[TheGameJustIs]

From my limited understanding of real estate investing, a big part of your strategy is that you

1. make your profits before you buy a property, meaning that you buy something that is undervalued.

2. you can make multi purchases at the same time using leverage and borrowing money against the value of the home. For example, you put $25K down on a $200K home and then you sell it for $275K after $15K in improvements a year later, earning yourself a nice and tidy $60K and you only needed $25K to make it happen.

If you are buying into the latest condominium being sold on the ground floor of Siam Paragon, I don't see how the property could possibly under valued. Property bought in Thailand is paid for in cash. Rents in Thailand are fairly low in comparison to the value of the property. Given these factors, I seriously doubt that renting is much worse financially than buying.

Fwiw, I am not into Architecture, but the guys on the SkyscraperCity web forum thought The Trendy was designed poorly and very ugly and were hoping some natural disaster would cause it to crumble.

One more thing, in these threads I often hear guys saying "the value of my condo went up 40% since 2004"... You should realize that the global markets have been on a roll the last three years. Just because you made 40% does not mean that it was the best investment possible. Had you invested in the global markets, either locally or through index funds traded on Western stock exchanges, you would have made a much higher return. Neither investment is zero sum, so you will make a profit long term either way, you just have to decide which you think is best.

I think its unlikely that the Thai condo market will offer a higher return than the global stock markets, therefore I advocate renting.

[Moonfruit]

I noticed Zorro said above that Trendy is high end. Sorry fella, but you are sadly mistaken there. It was launched as grade 'B' and upon (almost) completion has turned out to be grade 'C: at best.

However, i dont think that those people who bought there will lose any money. Additionally, i dont think the place will appreciate, BUT, they will make a return on rental yields for its location alone.

My advice would be, dont spend a fortune on renovation, look to lease to the kinda guy who wants to live in that area and you will see a healthy return over time.

Im really flummoxed by the high-end statement. Ive got a unit or two there and its turned out how i expected! As for the swimming pool comment. Well, have you looked at any of the pool areas on other developments? 80% of them are more attractive. But, it is a BIG area, so if you fancy a run without hitting the sois, its certainly useful for that.

[Raptor7]

I noticed Zorro said above that Trendy is high end. Sorry fella, but you are sadly mistaken there. It was launched as grade 'B' and upon (almost) completion has turned out to be grade 'C: at best.

. . . Im really flummoxed by the high-end statement.

huh, what are you talking about??

this is what Zorro said in his post:

"I bought a one bedder and have been living here 3 months already. Absolutely love it and what a sensational location! also one the best pool areas you will ever see anywhere. Sure it has its teething problems but so does the high end stuff . . . The street itself will be upmarket within 4 years or so and good luck with trying to buy at the current prices then! . . . "

he is not stating that the Trendy is "high end".....

with respect to the street, I believe he is referring to the upscale Regent Hotel (stalled) and the Sofitel Hotel (rapidly finishing) developing on the street (and the Ambassador Hotel on the same street undergoing renovations) ..........are you still flummoxed

Edited February 14, 2008 by Raptor7

[zorro1]

I noticed Zorro said above that Trendy is high end. Sorry fella, but you are sadly mistaken there. It was launched as grade 'B' and upon (almost) completion has turned out to be grade 'C: at best.

. . . Im really flummoxed by the high-end statement.

huh, what are you talking about??

this is what Zorro said in his post:

"I bought a one bedder and have been living here 3 months already. Absolutely love it and what a sensational location! also one the best pool areas you will ever see anywhere. Sure it has its teething problems but so does the high end stuff . . . The street itself will be upmarket within 4 years or so and good luck with trying to buy at the current prices then! . . . "

he is not stating that the Trendy is "high end".....

with respect to the street, I believe he is referring to the upscale Regent Hotel (stalled) and the Sofitel Hotel (rapidly finishing) developing on the street (and the Ambassador Hotel on the same street undergoing renovations) ..........are you still flummoxed

[naturalpoints]

Moonfruit................Eat your fruits............before attacking other people's opinions and ideas.

Lesson to learn.............Pay attention to detail

[Moonfruit]

I stand corrected on the high end comment, and please accept my appologies Zorro.

However, i do stand by my other comments, which i see nobody has looked to address.

[Raptor7]

However, i do stand by my other comments, which i see nobody has looked to address.

"However, i dont think that those people who bought there will lose any money. Additionally, i dont think the place will appreciate, BUT, they will make a return on rental yields for its location alone.

My advice would be, dont spend a fortune on renovation, look to lease to the kinda guy who wants to live in that area and you will see a healthy return over time.

Ive got a unit or two there and its turned out how i expected! As for the swimming pool comment. Well, have you looked at any of the pool areas on other developments? 80% of them are more attractive. But, it is a BIG area, so if you fancy a run without hitting the sois, its certainly useful for that.

ok, but your other comments are "so what"... (btw, dont you know whether you have one OR two units??)

I dont care if the unit I got appreciates greatly or not.....it was cheap and imo good value of use and enjoyment....the building is certainly not high end or a great beauty or architectural statement and no one is claiming that..... my excess out-of-country guests (friends of friends and relatives who are Thailand "virgins") really enjoy staying right in the midst of that funky zone...the parade of guests seems to be growing larger these days (and especially during hi season)......despite all of the problems here and the incessant whining of some expats, the numbers just grow and grow each year......I also enjoy using the unit on occasion (I live at two other places) ....

in addition, the future for that immediate Soi 13 corner looks rather good (with the higher end Sofitel Hotel coming up fast and the higher end Regent Hotel hopefully coming up.....that will banish those Patpong-like vendors completely blocking the main sidewalks in that immediate zone.... also on the other side, the Ambassador Hotel is getting badly needed renovations... there is a 24 hour Villa Supermarket on Soi 11....there are plenty of bars and restaurants around....

Edited February 16, 2008 by Raptor7

[barky]

Hey,

I've been looking aroudn lower Sukhumvit area for a few weeks now and put my eye on the Trendy project in Soi 13.

I am considering purchasing a unit there and have a few questions in that regards.

As I understand (through my own research) this is an old part of The Ambassador Hotel which has been renovated. Now I went there today and the renovations does indeed make the building look close to new. HOwever the Mabassador was built in 1966 which in Thai realestate terms is rather long. In Europe buldings stand for hundreds of years but I doubt that's the case here in Thailand.

Anyone else purchased at the Trendy and worrying about the state of teh bulding 10 years from now?

Second, in Europe it's common that a bulding has a public debt and the tenants pay down that debt on a monthly basis. I was not made aware of any such debt when I spoke to their sales representative today. Is it possible that Grand Asset Developments paid this debt when they bought the bulding and after their renovations this debt i cleared in the purchasing price of your unit?

Third, I do like the location and the 5 mill asking price isn't exorbitant to me. Since I am planning to live there myself for a great number of years I do not think it will be a loosing operation. Noonetheless does anyone else have any thoughts about the future price of such an old building let's say 10 years from now?

My main worry is that it would be impossible to sell as the bulding would be to old.

I would very much like to hear people's thoughts on one or more of these questions and maybe here from someone who has allready bought there. Are you happy with your purchase or not? and why?

Looking forward to hearing your replies

Best regards,

Investorno

Honestly the best advice I could ever give you is don't buy property in Thailand under almost any circumstances. Everything is stacked against you in almost every respect. And you will almost certainly lose money. However, if you have money to burn and don't care, then throw your money away. This just the kind of person Thais love. Just remember, once the money has left your pocket your no longer considered. Good luck anyhow.

[naturalpoints]

Best regards,

Investorno

Honestly the best advice I could ever give you is don't buy property in Thailand under almost any circumstances. Everything is stacked against you in almost every respect. And you will almost certainly lose money. However, if you have money to burn and don't care, then throw your money away. This just the kind of person Thais love. Just remember, once the money has left your pocket your no longer considered. Good luck anyhow.

Mate, you don't have a clue of what you're saying! Backed your statements with facts not empty statements. You are obviously are property virgin or someone who was no clue about investment. It's ignorant people like you who should under no circumstance buy a property in Thailand.

What a joke! You make property tycoons and investors laugh

[Livinginexile]

Hi All

I bought a one bedroom on level 17 and for my money I couldn't be happier.

Great location, common areas finished nicely, fantastic pool area, shoping centre, food court...

I agree the detail in my unit is not perfect but I will finish it myself when I do the fitout.

Attached is some photo's I took last week.

I'm very happy with the finished product, far better than what I expected when I bought off the plan in 2005.

[trajan]

congrats Livinginexile! your waiting paid off

[Investorno]

Hi All

I bought a one bedroom on level 17 and for my money I couldn't be happier.

Great location, common areas finished nicely, fantastic pool area, shoping centre, food court...

I agree the detail in my unit is not perfect but I will finish it myself when I do the fitout.

Attached is some photo's I took last week.

I'm very happy with the finished product, far better than what I expected when I bought off the plan in 2005.

Living in exile. Your pictures looks great. When I went to look at the same units and common areas I to was impressed. And location sur eis unbeatable.

I am considering buying a unit on the same floor. The only thing is the porch does look to take up excessive amounts of space. It's almost to big. You have any idea of how many SQM the indoor are in your unit is?

The porch does offer great views though. If you don't mind me asking what was the price you paid for your unit?

They appear to be going for 6,2 according to the developer now.

Congrats on your purchase

Best regards,

investorno

[Livinginexile]

Grande Assett have now changed their name and are moving offices to an "upgraded location".

They have had another 10 billion cash injection and current projects will be completed soon.

Anyone else receive this document?

Grand_Assest_Name_Change.pdf

[Raptor7]

yup, got the same letter...

they also mentioned that there are new owners of Grand Asset...

might be good news for Regent, but let's see if they start up the cranes again anytime soon....hope they do...its an eyesore...