Potholes On The Road To Luxury Thai Living

[bingobongo]

i especially like the picture of the MASSIVE unfinished overbuilt building in the picture, dont you? but i am sure there are folks reading this thread that are saying it is "different for them".....denial is a powerful thing

as for the BTS, wealthy people living near the line do not take BTS to begin with, so the argument that BTS will drive prices up is a misnomer as oversupply will drive prices down

Potholes on the road to luxury Thai living

Resort housing developments in Thailand typically have fancy Web sites, catchy slogans, glossy magazine ads and even celebrity sponsors and launch parties at five-star hotels.

What they often lack, however, is money to construct the actual buildings.

"First-time developers often just have enough money to buy the land with no construction. When they don't get sufficient sales, it never gets built. In the future, this could be quite a negative for the market."

http://www.iht.com/articles/2008/01/31/properties/rethai.php

Edited February 6, 2008 by bingobongo

[ray08]

I was very supprised when i came here years ago and had a look at something of the plan , they said 10% deposit , plus a payment every month so that when completed i would have paid about 40% .

Now i would only give a 10% if it was out in a trust fund as security in case of company going belly up , but to allow developers to build with my own money is not very Kosher for me, Surely they and the banks should arrange fincace before building is started , but to build with other peoples money is

a very big NO NO , for me , sure there are gains tobe made by buying off a plan , but downside is not pretty when they cannot complete as you normally are left high and dry

[bingobongo]

good commentary courtesy of Thaicrsis.com regarding real estate and banks........

Real estate and banks : dangerous liaisons ?

-it’s notorious that there is an over supply of condos, especially in the “luxury segment”. This is why many developers have switched to small units (between 1 and 2 millions THB) to tap the middle income buyers.

http://thaicrisis.wordpress.com/2008/02/05...erous-liaisons/

[thaihome]

i especially like the picture of the MASSIVE unfinished overbuilt building in the picture, dont you? but i am sure there are folks reading this thread that are saying it is "different for them".....denial is a powerful thing

as for the BTS, wealthy people living near the line do not take BTS to begin with, so the argument that BTS will drive prices up is a misnomer as oversupply will drive prices down

Potholes on the road to luxury Thai living

Resort housing developments in Thailand typically have fancy Web sites, catchy slogans, glossy magazine ads and even celebrity sponsors and launch parties at five-star hotels.

What they often lack, however, is money to construct the actual buildings.

"First-time developers often just have enough money to buy the land with no construction. When they don't get sufficient sales, it never gets built. In the future, this could be quite a negative for the market."

http://www.iht.com/articles/2008/01/31/properties/rethai.php

Keeping in mind of course that particular building was abandoned over 10 years ago along with a large number of others and has nothing to do with the current state of property in Bangkok. Also, most of those other project abandoned 10 years have now been finished. This particular building is one of the last and is wrapped up in a really nasty legal battle. If title could cleared, there are any number of developers that would jump on finishing it, since it is in a fairly prime area.

This is typical bait and switch journalism, show a sensationalist picture that really has nothing to do with your article which is mainly about resort property in Phuket. Also, note this building is not in central Bangkok, but on Rama III where it turns to follow the river, away from either of the main CBD areas of Bagnkok, i.e, Sukhumvit or Silom, where all the abandoned buildings have been long finished.

TH

TH

[fletchsmile]

i especially like the picture of the MASSIVE unfinished overbuilt building in the picture, dont you? but i am sure there are folks reading this thread that are saying it is "different for them".....denial is a powerful thing

as for the BTS, wealthy people living near the line do not take BTS to begin with, so the argument that BTS will drive prices up is a misnomer as oversupply will drive prices down

Potholes on the road to luxury Thai living

Resort housing developments in Thailand typically have fancy Web sites, catchy slogans, glossy magazine ads and even celebrity sponsors and launch parties at five-star hotels.

What they often lack, however, is money to construct the actual buildings.

"First-time developers often just have enough money to buy the land with no construction. When they don't get sufficient sales, it never gets built. In the future, this could be quite a negative for the market."

http://www.iht.com/articles/2008/01/31/properties/rethai.php

I'm curious: How many of these do you fall for? For people with little knowledge of Thailand it sells papers. End of story.

Same as the ad from Homepro you got suckered into on their promotions, and took their headline 70% discount rates, as a sign of desperation. Were you disappointed when you went and couldn't find any bargains?

BTW I'd be very surprised if you actually knew any wealthy people in Thailand to make comments about MRT, BTS, BRT usage. Believe it or not, they also actually buy to rent and actually have several properties?

Spot on assessment from Thai Home

Edited February 8, 2008 by fletchsmile

[nothingleftbutfaith]

This particular building is one of the last and is wrapped up in a really nasty legal battle. If title could cleared, there are any number of developers that would jump on finishing it, since it is in a fairly prime area.

I know that building quite well and, as the structure is steel, I doubt that it is safe to be ever finsihed.

[backflip]

"as the structure is steel, I doubt that it is safe to be ever finsihed. "

Huh?

[london]

Oh Bingo, why do you bother?