Selling A House In Pattaya

[pedro01]

I have a house in Central Park 4, Pattaya - it's a nice 3 bedroom detached house on a well maintained estate and has never been lived in.

It all ready to move in, with fitted kitched air-con etc and according to the agency that came to look at it - we have it at a reasonable price of 4.5 million.

So - why is it that in 9 months, there hasn't been a single viewing of this house ?

Is there no market for used houses in Pattaya now ? Is it just that I have a crap agency ? Are there any 'secrets' to selling a house in Pattaya ?

I am planning to spend a little money to tart the place up a little from the outside but then again, if there's no market, it'll just be a waste.

Any thoughts ?

[Naam]

I have a house in Central Park 4, Pattaya - it's a nice 3 bedroom detached house on a well maintained estate and has never been lived in.

It all ready to move in, with fitted kitched air-con etc and according to the agency that came to look at it - we have it at a reasonable price of 4.5 million.

So - why is it that in 9 months, there hasn't been a single viewing of this house ?

Is there no market for used houses in Pattaya now ? Is it just that I have a crap agency ? Are there any 'secrets' to selling a house in Pattaya ?

I am planning to spend a little money to tart the place up a little from the outside but then again, if there's no market, it'll just be a waste.

Any thoughts ?

too many houses for sale in Pattaya. on top of that foreigners are shying away to own land via the company route and Thais might not like the "farang layout" of your house.

[pluto_manibo]

Central park 4, if that is the one on soi greenway, the whole place is for sale. I don't know why because the houses looked quite nice and the location is ideal as well. They also built another central park on the hillside down the road....huge houses not many of them are sold.

[Mobi]

The Thai housing market is unlike a ny other housing market in the world.

The farang buyers are in very short supply at the moment due to the reasons mentioned by Nam, and the general uncertainty with the political situation.

You may well have to sit on that property for quite a while yet before you see buyers start to emerge.

I personally believe that the long term prospects for quality property in and around Pattaya (in good locations),is pretty good, but you will have to wait out the current situation. Indeed it may be years rather than months before things start to get better, but it will happen in the end.

Pattaya, with it's proximity to Bangkok, now the roads are finished, makes it a highly desirable seaside location for retirees, well-off Farangs looking for holiday homes, and the growing middle class Thai market who will be looking to commute from Bangkok.

Meanwhile, do what the Thais do, sit on your property, and increase the price every year it remains unsold.

Keep it well maintained, and you might wanted to consider renting it for a year or so.

[redman]

Renting out is OK, but house rents are falling. Few years back, a good quality townhouse was around 15k per month, now a 3 bed/2 bath house is easily got for 15k a month. Agencies will listen to offers, never mind the advertised price. The agency said that "if want to buy after 1 year, first year rent take off price". This for a house which was built speculatively 2 years ago in a VERY nice village on the outskirts, actually quite near Central Park 4

[eljeque]

Use about 10 agents, and post your information on the carefour and Freundship bord with a note that agents are welcome to call in. This will bring in many local Tai agents, employed by a agency or not, who will, through contacts peddle your property and bring around lookers. One of many ways is to offer financing for a few years at 9%. 20% down.

Selling a house is Pattaya now is not a lot of fun.

[think_too_mut]

I personally believe that the long term prospects for quality property in and around Pattaya (in good locations),is pretty good, but you will have to wait out the current situation. Indeed it may be years rather than months before things start to get better, but it will happen in the end.

Pattaya, with it's proximity to Bangkok, now the roads are finished, makes it a highly desirable seaside location for retirees, well-off Farangs looking for holiday homes, and the growing middle class Thai market who will be looking to commute from Bangkok.

OK, I have one personal believe myself.

As 65+ and older farangs go, in a not so long term, there will be a lot of houses their surviving spouses would sell for a song or simply abandon.

I doubt Thais would ever embrace Pattaya, even if Russian families came in to change what can be changed about the place's image.

What is certain, that new wing of the BKK Pattaya Hospital is there to cash on western health insurances, while it lasts, they probably think of 10-15 years.

Then, we talk long term investment in Pattaya houses that are not your name.

[Chaimai]

It all ready to move in, with fitted kitched air-con etc and according to the agency that came to look at it - we have it at a reasonable price of 4.5 million.

I guess "reasonably priced" is subjective - especially when there are a thousand other reasonably priced houses available.

I actually suspect that price is not the major or sole determinant in you not getting viewers - an earlier poster said it, there are not so many buyers around. Same in many countries right now.

[Lazy Sod]

I have a house in Central Park 4, Pattaya - it's a nice 3 bedroom detached house on a well maintained estate and has never been lived in.

It all ready to move in, with fitted kitched air-con etc and according to the agency that came to look at it - we have it at a reasonable price of 4.5 million.

So - why is it that in 9 months, there hasn't been a single viewing of this house ?

Is there no market for used houses in Pattaya now ? Is it just that I have a crap agency ? Are there any 'secrets' to selling a house in Pattaya ?

I am planning to spend a little money to tart the place up a little from the outside but then again, if there's no market, it'll just be a waste.

Any thoughts ?

I wonder if these agents have a clue of the market value when they say, "reasonably priced". It seems to me that market value should be a value which will interest a buyer within a few months, if nobody has looked at it for 9 months then it says it all. Perhaps there is a business opportunity for an agent with the balls to tell sellers what the current market value actually is, or perhaps the sellers don't want to hear it and would simply go to another agent who tells them a more palatable "reasonable price".

It could be that your agent is rubbish, but I think it's more likely that there are 1,000's of "reasonably priced" proporties for sale right now and so people will only be tempted with bargains.

[redman]

Just take a run round Pattaya in a car for around an hour or so. Some places, there are what looks like whole villages for sale or rent. Look on websites. There are hundreds of houses for sale. But any estate agent will tell you the market is buoyant. Problem is not the price, or the world economic downturn, it is the realisation that since the May decree 2 years ago about the company route being "suspect", that no one wants to buy. In any case, buying usually means for something you want to own. But here in Thailand, you can NEVER own it (land and house). You can buy, as long as you immediately give it away to a Thai person. I imagine that some people have very good reasons for buying for someone else, but Europeans and Americans are not really into that sort of foolishness.

My thinking is that as more people become disillusioned with the whole political/visa/ecomomic situation, that prices will eventually come down. But the seller's market the estate agencies tell us about is a long way away yet. Maybe they are lying, part of the job, some think.

Pedro01, I am thinking you may have a long wait, still

[Lazy Sod]

I guess that there is a price at which it will interest some foreigners who are still willing to take the chance of "owning" via a company, Thai spouse, 30 year lease, etc. A price that is too good to miss, low enough to offset the risks, in other words a bargain.

[think_too_mut]

I guess that there is a price at which it will interest some foreigners who are still willing to take the chance of "owning" via a company, Thai spouse, 30 year lease, etc. A price that is too good to miss, low enough to offset the risks, in other words a bargain.

In one of the View Thalay projects, at the mini-mart glass, there was an ad: "Circumtances changed? No time to wait on an agent to sell? Need cash now? call 999-999 9999."

Means, for your house you get 100K baht to cover your escape ...could be more, if you are lucky. But not too much more and perhaps no real estate sale talk and negotiation.

[jitagon]

Just take a run round Pattaya in a car for around an hour or so. Some places, there are what looks like whole villages for sale or rent. Look on websites. There are hundreds of houses for sale. But any estate agent will tell you the market is buoyant. Problem is not the price, or the world economic downturn, it is the realisation that since the May decree 2 years ago about the company route being "suspect", that no one wants to buy. In any case, buying usually means for something you want to own. But here in Thailand, you can NEVER own it (land and house). You can buy, as long as you immediately give it away to a Thai person. I imagine that some people have very good reasons for buying for someone else, but Europeans and Americans are not really into that sort of foolishness.

My thinking is that as more people become disillusioned with the whole political/visa/ecomomic situation, that prices will eventually come down. But the seller's market the estate agencies tell us about is a long way away yet. Maybe they are lying, part of the job, some think.

Pedro01, I am thinking you may have a long wait, still

I think you may be right, and I hate to sound er, classist, but for a particular segment of the buying market, the lower end will always buy 1m baht condo or bungalow, and the 'high' end don't seem to have been put off with the extremely expensive homes here on Phuket, despite the regs being the same(?) But the middle market consumer, who have no access to 'resources' who are able to pretty much guarantee (notwithstanding a Suharto/Mugabe like coup, impossible here, the Thais are very much aware on which side their bread is buttered - other wealthy Thais wanting to sell their inflated land) that their land and houses will not be sequestrated.

[zorro1]

Why not rent it while waiting?

[desktop]

"VERY nice village on the outskirts"

I think that says it all. Very, very difficult to sell 'outskirts' property in down markets.

I live 500 meters to the beach. All houses have 100+ wah. All are 3-4 bedroom, 4 bath.

Wiiide streets and on the pattaya baht bus route.

The house across from me has been for sale since I moved in 3 years ago. They are asking

only 5M baht.

Forget about selling, and it will be difficult to rent also. Put a sign out front for rent, don't go thru an agency. Perhaps a neighbor has a friend that will rent.

Otherwise you seem like an intelligent person, so perhaps you have already taken these steps.

[Woofer]

On my village all the smaller houses sold very quickly, but the larger houses built by the developer have not sold in 2 years. It seems that the smaller houses are more popular as most of the farang here have small families. Many of my friend prefer smaller houses as they are less work and less expensive to maintain.

[Naam]

"VERY nice village on the outskirts"

I think that says it all. Very, very difficult to sell 'outskirts' property in down markets.

I live 500 meters to the beach. All houses have 100+ wah. All are 3-4 bedroom, 4 bath.

Wiiide streets and on the pattaya baht bus route.

The house across from me has been for sale since I moved in 3 years ago. They are asking

only 5M baht.

Forget about selling, and it will be difficult to rent also. Put a sign out front for rent, don't go thru an agency. Perhaps a neighbor has a friend that will rent.

Otherwise you seem like an intelligent person, so perhaps you have already taken these steps.

the houses or the land on which the houses are located?

[PattayaParent]

I have a house in Central Park 4, Pattaya - it's a nice 3 bedroom detached house on a well maintained estate and has never been lived in.

It all ready to move in, with fitted kitched air-con etc and according to the agency that came to look at it - we have it at a reasonable price of 4.5 million.

So - why is it that in 9 months, there hasn't been a single viewing of this house ?

Is there no market for used houses in Pattaya now ? Is it just that I have a crap agency ? Are there any 'secrets' to selling a house in Pattaya ?

I am planning to spend a little money to tart the place up a little from the outside but then again, if there's no market, it'll just be a waste.

Any thoughts ?

In my opinion it's going to depend on how much you paid for it and how much similar properties on other developments are priced.

If you've paid 3 mill for it then a 4.5 mill price tag may not be reasonabl to some people

Or a new development may be pricing their sales for a similar place at 3.5 million not so far away.

I think this will more of a consideration to prospective buyers than the perceived 'market value' that you would hope to get.

[redman]

Guy living next door until recently, was in the Real estate busines. He was forever trying to get me into a high end developement they were pushing. We were in a really nice place at that time too. Anyway, gf found out from his gf that they were also renting. Soon as I asked him why he rented rather than buying, he told me that it was quite unusual for people in his line of business to buy, as they were "transient" Got to admire the guy for his ability to lie through his teeth without blushing, but his gf had already spilled the beans that he had told her it was daft for farangs to buy unless well settled in and married. Anyway, he was a nice guy and I hope he is doing well

[Lazy Sod]

One Pattaya agent's web site that I occasionally visit to see what's available is fairproperties. Their list of properties for sale has been growing and growing. They currently have 14 pages of houses for sale, with 50 houses per page, that's 700 houses. They also have 18 pages of condos for sale, so that's 900 condos. Wow! That seems a lot to me. Funny thing is that I've not noticed a significant drop in their prices over the last 1-2 years.

I guess it means that if you want to sell then you should drop the price before everyone else realises that this is the only way to sell. On the other hand if you're not desperate to sell then you could rent it out, or mothball it, but I think you'll be waiting a long time to find a buyer unless it's a bargain.

BTW Pedro, do you mind telling us what you paid for it simply out of interest.

[dsfbrit]

I agree with most of all that is written here.

In my case I bought a house with land just outside Pattaya 5 years ago and am very happy here. However, if I had the choice again, the fact that a farang cannot own the land would be the reason I may not buy again giving the same set of circumstances.

I bought via the company route and I appreciate that that was never 100 percent legal (please no flamers - we have heard it all before). However, the unceretainty introduced 2 years ago when the Government said they would enforce the laws relating to these 'fake' companies, became the 'tipping' point for many potential house buyers.

Sure this isn't Zimbabwe, but it isn't The UK either, Thailand is somewhere in-between, but I am not sure just where it sits to be perfectly honest.

Couple this with all the political uncertainty in Thailand and now the global 'Credit Crunch' and more global uncertainty, why would anyone buy a house in many countries at the moment - let alone Thailand ???

A friend of mine who bought a flat in Manchester 2 years ago for 200,000 pounds has now been told its worth about 140000 pounds (and falling) and has been advised he may have to wait about 5 years before he gets his money back.

I suspect that in about 5 years time things may have settled down in Thailand and the housing market (as opposed to the condo market) may have improved - but then again who knows.

Good luck with selling your place.

Edit: To answer the OPs question - no I do not think the Agents have many buyers. Where I live just 1 second hand house has been sold to my knowledge in the last 2 years. That was a small house with a swimming pool. I guess it was sold for about 4 Million Baht. Of the other 10 places or so that have come onto the market - they have yet to be sold and 2 have been rented out.

Edited July 27, 2008 by dsfbrit

[zorro1]

Guy living next door until recently, was in the Real estate busines. He was forever trying to get me into a high end developement they were pushing. We were in a really nice place at that time too. Anyway, gf found out from his gf that they were also renting. Soon as I asked him why he rented rather than buying, he told me that it was quite unusual for people in his line of business to buy, as they were "transient" Got to admire the guy for his ability to lie through his teeth without blushing, but his gf had already spilled the beans that he had told her it was daft for farangs to buy unless well settled in and married. Anyway, he was a nice guy and I hope he is doing well

What an utter bullshit post or your perhaps extremely naive so will give you benefit of the doubt. Fact, thousands of real estate agents in Thailand. Fact 97% don't have a spare 10,000bht for a rainy day, that's why (apart from the super successful 3%)they rent

[redman]

One Pattaya agent's web site that I occasionally visit to see what's available is fairproperties. Their list of properties for sale has been growing and growing. They currently have 14 pages of houses for sale, with 50 houses per page, that's 700 houses. They also have 18 pages of condos for sale, so that's 900 condos. Wow! That seems a lot to me. Funny thing is that I've not noticed a significant drop in their prices over the last 1-2 years.

I guess it means that if you want to sell then you should drop the price before everyone else realises that this is the only way to sell. On the other hand if you're not desperate to sell then you could rent it out, or mothball it, but I think you'll be waiting a long time to find a buyer unless it's a bargain.

BTW Pedro, do you mind telling us what you paid for it simply out of interest.

market forces here in Thailand are ignored or maybe just different to the West. Few months ago thre was a house for sale in Pattaya( nice village, nice pool etc. shell, no kitchen, basic bathrooms, no air con) The village is still being built and houses better than this are selling at 2.4 million new. Least you can still pick your location, etc. etc. But the Thai lady who owns this house is determined to get 2.5 million for it. I suppose someone told her that you always make money on houses, and she will not be swayed. Good luck to her, but who will buy it? Gf reckons a Thai wouldn't look at it at that price and I can't see many expats looking at it when there are so many better houses on the market.

[zorro1]

One Pattaya agent's web site that I occasionally visit to see what's available is fairproperties. Their list of properties for sale has been growing and growing. They currently have 14 pages of houses for sale, with 50 houses per page, that's 700 houses. They also have 18 pages of condos for sale, so that's 900 condos. Wow! That seems a lot to me. Funny thing is that I've not noticed a significant drop in their prices over the last 1-2 years.

I guess it means that if you want to sell then you should drop the price before everyone else realises that this is the only way to sell. On the other hand if you're not desperate to sell then you could rent it out, or mothball it, but I think you'll be waiting a long time to find a buyer unless it's a bargain.

BTW Pedro, do you mind telling us what you paid for it simply out of interest.

market forces here in Thailand are ignored or maybe just different to the West. Few months ago thre was a house for sale in Pattaya( nice village, nice pool etc. shell, no kitchen, basic bathrooms, no air con) The village is still being built and houses better than this are selling at 2.4 million new. Least you can still pick your location, etc. etc. But the Thai lady who owns this house is determined to get 2.5 million for it. I suppose someone told her that you always make money on houses, and she will not be swayed. Good luck to her, but who will buy it? Gf reckons a Thai wouldn't look at it at that price and I can't see many expats looking at it when there are so many better houses on the market.

Your G/F again. Is she an agent or what

[redman]

Guy living next door until recently, was in the Real estate busines. He was forever trying to get me into a high end developement they were pushing. We were in a really nice place at that time too. Anyway, gf found out from his gf that they were also renting. Soon as I asked him why he rented rather than buying, he told me that it was quite unusual for people in his line of business to buy, as they were "transient" Got to admire the guy for his ability to lie through his teeth without blushing, but his gf had already spilled the beans that he had told her it was daft for farangs to buy unless well settled in and married. Anyway, he was a nice guy and I hope he is doing well

What an utter bullshit post or your perhaps extremely naive so will give you benefit of the doubt. Fact, thousands of real estate agents in Thailand. Fact 97% don't have a spare 10,000bht for a rainy day, that's why (apart from the super successful 3%)they rent

and why would my post be bulls**t? Are you implying that I lied? Or are you also in Real Estate? I wonder why such a topic would generate your level of anger and bad language.?

[redman]

One Pattaya agent's web site that I occasionally visit to see what's available is fairproperties. Their list of properties for sale has been growing and growing. They currently have 14 pages of houses for sale, with 50 houses per page, that's 700 houses. They also have 18 pages of condos for sale, so that's 900 condos. Wow! That seems a lot to me. Funny thing is that I've not noticed a significant drop in their prices over the last 1-2 years.

I guess it means that if you want to sell then you should drop the price before everyone else realises that this is the only way to sell. On the other hand if you're not desperate to sell then you could rent it out, or mothball it, but I think you'll be waiting a long time to find a buyer unless it's a bargain.

BTW Pedro, do you mind telling us what you paid for it simply out of interest.

market forces here in Thailand are ignored or maybe just different to the West. Few months ago thre was a house for sale in Pattaya( nice village, nice pool etc. shell, no kitchen, basic bathrooms, no air con) The village is still being built and houses better than this are selling at 2.4 million new. Least you can still pick your location, etc. etc. But the Thai lady who owns this house is determined to get 2.5 million for it. I suppose someone told her that you always make money on houses, and she will not be swayed. Good luck to her, but who will buy it? Gf reckons a Thai wouldn't look at it at that price and I can't see many expats looking at it when there are so many better houses on the market.

Your G/F again. Is she an agent or what

No, she works as a hotel receptionist, cannot imagine her being pushy enough to work in Real estate. She is, however, quite useful for givng me insights into how Thai people think. Where do you get your ideas from? And your bad temper?

[zorro1]

"but his gf had already spilled the beans that he had told her it was daft for farangs to buy unless well settled in and married"

Well lets see we have 2 g/fs and real estate agent and your getting the news 3rd hand. The post is what I said it was and if you actually BELIEVE what was said above then, well what else can I say without coming across as offensive ?

[chiang mai]

It's the same picture everywhere in Thailand it seems, the only people who are talking a positive story is the real estate agents and those with a vested interest. Here in Phuket there is no end to the silliness, I know of four or five houses/condo's that have been on the market for at least a year and the prices have slowly dropped over that period and still no interest, not bad properties either I might add. I just finished talking with one farang agent today who reckons that 90,000 a square meter in Phuket is excellent value and that I really should buy now because prices will rise soon due to the increased cost of raw materials. Come to find out that said agent is also renting!

[redman]

"but his gf had already spilled the beans that he had told her it was daft for farangs to buy unless well settled in and married"

Well lets see we have 2 g/fs and real estate agent and your getting the news 3rd hand. The post is what I said it was and if you actually BELIEVE what was said above then, well what else can I say without coming across as offensive ?

You managed to be offensive with your first post. An open mind is a wonderful thing, but should I disbelieve everything that you disagree with?

May I apologise to the OP for the degeneration in posts.

[raro]

One thing that still makes me wonder is...I rent my house @ 13,000 a month. The other house on the compound would go for 16,000 - but is empty for almost a year by now. There were maybe three people looking at it during that year.

Anyways, I asked the landlord how much they want for both houses...5.5 Million. I keep renting

There are more and more houses in the village up for rent and buy. Seems like nobody bites at this time.