Thai Property Assets Becoming Unsaleable

[pkrv]

...I don't know what more to say to you - you can choose to believe whatever makes you feel most comfortable

I will believe what my eyes tell me as I look out the window of my high rise office on Rachadapsiek and see the construction project across street progressing as usual, traffic on all roads normal and all the Thais in my office and the entire complex still at work. I have no doubt that some foreign tourist that has been waiting to go home for a week now and is listening to reports such as you posted is fearful, but that fear is not based on any reality of the situation, it is based on isolated incidents known areas (that 99.9% of the population is avoiding) being blown out of proportion by a sensationalist press and hysterics such as yourself who aren't even here.

I am not saying there is not a potential for serious problems, but that is not what your post said. You said it was happening all over Bangkok right now and the city was not functioning. That is not true.

TH

thaihome if you criticise somebody's posting the should at least get your facts right

this was my original posting :-

This discussion seems quite bizarre at this point in time when there are people dressed in

red and yellow T-shirts wandering around Bangkok shooting and maiming each other

with many foreigners fearful for their own safety!

Yes I think there could very well be a substantial increase in the number of condominiums

right now that are not salable at any price

Where in that post do I say that the city was not functioning? These are entirely your words.

The view you are currently seeing out of your office complex is in broad daylight.

Again where does my post suggest that anything abnormal is happening during the daytime?

I suggest you are spending too much time in your

high rise office building and you should come down to street level and may be group up with

some Thai people to take you out on the streets after midnight to see what

really happens after dark

- daylight activities and nighttime activities- chalk and cheese

So you are allowed your little sensationalism and other can't do the same? I live in Bangkok, drive almost across the city and back every day, mostly at night as I work very late most days. I never ever saw any people in yellow or red t-shirts driving around at all, much less shooting at each other.

Your post was an attempt to foster a feeling that Bangkok is a dangerous place due to what the PAD is doing. You don't even live here. Shut up.

TH

I like the cut of your jib TH

http://www.urbandictionary.com/define.php?...of%20your%20jib

I am willing to bet that all of this will blow over, for the moment. Only those of us who actually participate in Thai home ownership sort of know/or indeed can participate in this stuff - PKRV ];-)

The rest is just speculation. Put your balls on the line if you want in guys ];-) Or pay the piper.

[midas]

[quote name='thaihome' date='2008-12-03 18:30:03' post='2380506'

So you are allowed your little sensationalism and other can’t do the same? I live in Bangkok, drive almost across the city and back every day, mostly at night as I work very late most days. I never ever saw any people in yellow or red t-shirts driving around at all, much less shooting at each other.

Your post was an attempt to foster a feeling that Bangkok is a dangerous place due to what the PAD is doing. You don't even live here. Shut up.

TH

I live in Thailand and so I have just as much right as you to comment on the situation.

You cannot possibly be everywhere at the same time can you ?

Are you a real estate agent by any chance - that would explain your tendency to twist someone's words?

[midas]

Anyway thaihome I have had enough of arguing with you as to whether there were bullets and grenades

being thrown around in the middle of the night-I believe there were you evidently don't so there is nothing more

to say to you.

Now to pkrv I found this article quite amusing in particular because it was actually in a property magazine.

These are some other things I was alluding to in our exchange of postings two or three weeks ago.

Some of these deficiencies are certainly not present in some of the more advanced economies

so maybe now after all the recent events potential purchasers may become more discerning.................

And this is written well before the global economic crisis and the recent events from the political crisis

If I bought a condominium I would certainly expect a longer of lifecycle than 35 years?

The life of a Bankok Condominium Building

Start: The building is released from the developer. It is of a modern, chic design and the new owners are happy and enthusiastic. i.e. such as The Park

5 years on: The building still looks fashionable and new, and although there are certainly signs of wear and tear there is no concern on the part of owners. Indeed this lack of concern might just be the thing that leads to the start of more rapid deterioration. All the while, the poor management has overspent, and some small jobs are not being taken care of.

10 years on: Bad management has led to the reduction or depletion of the sinking fund and/or a lack of attention to maintenance that starts to show its self by way of the requirement for major works to be undertaken. The juristic person may start calling for extra funds.

15 years on: Annual General Meetings and Extraordinary General Meetings have persistently failed to garnish a positive response from the required percentage of co-owners to agree to pay extra money for funding and so major works continue to be delayed.( and without a statutory referee in Thailand. " who are you going to call - the ghostbusters " ?

20 years on: With unit prices falling, owners start to move out due to the poor quality of life in the building. Occupancy rates reduce and the building falls into a spiral of disrepair and under-funding.

25 years on: Even though the structural integrity of the building likely remains in tact, the amount of money required to renovate the building is too high, especially against what are now very cheap units, making many owners unwilling or unable to pay the large sums involved.

30 years on: Whilst the building might remain inhabitable, many units are either empty or used for commercial offices or even just storage space, with the new owners and tenants having little or no interest to spend money on improving the building.

35 years on: With units becoming all but unsaleable, developers move in with a low ball offer to buy the building outright, either for redevelopment or more likely, demolition to make way for a new condo project.

Source: Thailand Property Report Magazines

Edited December 4, 2008 by midas

[davejonesbkk]

Yeah Ive seen a few condos and apartments that look ok from the outside but inside are a mess and falling apart, a lot of these buildings you can tell that they were probably built in the 80's or 90's and looked really good and 'hi-so' back then but now are a shambles. So now whenever I see these huge billboards advertising these new exclusive places that are being built with their ridiculous prices I always wonder what they will be like in a few years time once the contractors have left with their money....

Edited December 4, 2008 by davejonesbkk

[midas]

Yeah Ive seen a few condos and apartments that look ok from the outside but inside are a mess and falling apart, a lot of these buildings you can tell that they were probably built in the 80's or 90's and looked really good and 'hi-so' back then but now are a shambles. So now whenever I see these huge billboards advertising these new exclusive places that are being built with their ridiculous prices I always wonder what they will be like in a few years time once the contractors have left with their money....

dave I have said it before in this thread and I continue to say it - because people from other countries in particular

Europe just simply don't understand the significance and importance of what is lacking in the Thai

condominium legal system. Many places in Europe still rely on a leasehold system-

in London for example you get apartments on 99 or even 999 year leases. This is significant because

there are specified and strong laws to enforce compliance of rights and obligations in the interests of

all " lessees " who altogether have an interest in the same building.

Here in Thailand it is like they have thrown together a bunch of owners but in typical TIT

style they dont have a system in place to resolve and enforce actions against individual owners

in the interests of all joint owners. That's why you will continue to see trendy new condominium buildings

becoming shambles as you say.

[think_too_mut]

Here in Thailand it is like they have thrown together a bunch of owners but in typical TIT

style they dont have a system in place to resolve and enforce actions against individual owners

in the interests of all joint owners. That's why you will continue to see trendy new condominium buildings

becoming shambles as you say.

Yes. An owner may decide not to pay levies and there is nothing anyone can do about it. An acquaintee told me in his building one owner who owns several condos (and does not live in the complex) simply refuses to pay any levies but rents the condos nevertheless.

That dragged some other owners to decline their payments and that's where the end of the building begins...

Since there won't be sale of the condos where levies have not be paid, no way Body Corporate could recover the money.

[midas]

Here in Thailand it is like they have thrown together a bunch of owners but in typical TIT

style they dont have a system in place to resolve and enforce actions against individual owners

in the interests of all joint owners. That's why you will continue to see trendy new condominium buildings

becoming shambles as you say.

Yes. An owner may decide not to pay levies and there is nothing anyone can do about it. An acquaintee told me in his building one owner who owns several condos (and does not live in the complex) simply refuses to pay any levies but rents the condos nevertheless.

That dragged some other owners to decline their payments and that's where the end of the building begins...

Since there won't be sale of the condos where levies have not be paid, no way Body Corporate could recover the money.

And there are many stories like your in condo bulidings all around Bangkok.

Yes paying levies is one thing which is worrying - but what about

trying to get people to cough up for expenditure for MAJOR works. ?

[think_too_mut]

Yes paying levies is one thing which is worrying - but what about

trying to get people to cough up for expenditure for MAJOR works. ?

That's particularly true in complexes where there are many or all small units - studios or 1 BR - that are intended for rent and mostly unlikely to be owner occupied.

Building manager of my former address told me, as paint on the outer side of the building exposed to the elements has started peeling off, in a year or so they will have to raise money for repainting (only 2+ years old building). The building is still managed by Plus Property (the developer) and September 2009. goes to Body Corporate unless owners decide to keep Plus.

He already knows that several owners who own and rent studios and 1BRs (probably 5 owners and 20 units) have already said "we are on the inner side of the building, the paint is fine, ask only those on the outer side to pay". That whole complex will lose in attractiveness does not bother them yet. Finally, I think they will pay if tenants start avoiding the building but it is up to them, some will still refuse to pay.

[lioness]

Someone said, they are thinking about buying in the UK with house prices way down and waiting things out in Thailand.

Have you done the excercise on cost of living over 3, 5 or say 10 years. Add to that council rates, Utilities etc, do this excercise and you won't have saved anything. In between time you will have had miserable, cold, wet weather and all the other things that are wrong with good old mother England.

[pauls2979]

[

And there are many stories like your in condo bulidings all around Bangkok.

Yes paying levies is one thing which is worrying - but what about

trying to get people to cough up for expenditure for MAJOR works. ?

hi all , i live in a condo complex on the out skirts of Bangkok , lam lu ka rd , 15 km from old airport and 30km from the new one , here if someone does not pay the maintenance charge , 15000 baht a year , the board will first put a interest charge on the bill , which i think is law now , then after some time if they still do not pay , they apply to the court to re-po the condo , it is then sold , where the maintenance charges court costs are taken out of the money , whats left is passed on to the old owner ,

we have over 10,000,000 baht now in the fund , to keep the place looking good,

the complex is coming up to 10 years old now , and there are 4 blocks of 11 stories 250 condos in all

swimming pool , tennis courts and gym , and nice gardens

[think_too_mut]

here if someone does not pay the maintenance charge , 15000 baht a year , the board will first put a interest charge on the bill , which i think is law now , then after some time if they still do not pay , they apply to the court to re-po the condo , it is then sold , where the maintenance charges court costs are taken out of the money , whats left is passed on to the old owner

That is exactly that has not happened in my post. Body corporate has taken him to courts.

The guy is laughing, nobody can do anything to him. It's been like that for several years, his condos are still rented, generating him income and he is not paying anything to anyone.

[midas]

That's particularly true in complexes where there are many or all small units - studios or 1 BR - that are intended for rent and mostly unlikely to be owner occupied.

Building manager of my former address told me, as paint on the outer side of the building exposed to the elements has started peeling off, in a year or so they will have to raise money for repainting (only 2+ years old building). The building is still managed by Plus Property (the developer) and September 2009. goes to Body Corporate unless owners decide to keep Plus.

He already knows that several owners who own and rent studios and 1BRs (probably 5 owners and 20 units) have already said "we are on the inner side of the building, the paint is fine, ask only those on the outer side to pay". That whole complex will lose in attractiveness does not bother them yet. Finally, I think they will pay if tenants start avoiding the building but it is up to them, some will still refuse to pay.

The worst case I ever heard of was the building on the river in Bangkok called

Baan Sathorn Chaophraya. You cannot miss it - it's an enormous structure near the river

on your left as you drive along Sathorn Road out of the city. Briefly it was formerly an office building but some very

amateurish developers in 2004 but with no track record came along and refurbished it

for five-star condominiums-what a complete joke!

It looked glitzy enough on the outside but after the work was "finished " I heard some absolute nightmare

stories from some of the owners. For example, the developers

had erected this steel cladding all over the outside to make the building look trendy but only much later did the first people

who bought properties in the building discover to their complete horror that an independent engineer

warned the cladding had not been secured properly to the existing building and it was a real danger in a

storm these panels could simply peel off and fall to the ground. The size of these

panels was enormous and there was no doubt this posed an incredible danger as well as

being a very expensive thing to replace.

This is just one of very many defects but when I saw how powerless buyers were against

the developer who claimed if he was sued he would simply go into bankruptcy,

I then realized I wouldn't purchase a sh*t house in this country

Edited December 4, 2008 by midas

[midas]

hi all , i live in a condo complex on the out skirts of Bangkok , lam lu ka rd , 15 km from old airport and 30km from the new one , here if someone does not pay the maintenance charge , 15000 baht a year , the board will first put a interest charge on the bill , which i think is law now , then after some time if they still do not pay , they apply to the court to re-po the condo , it is then sold , where the maintenance charges court costs are taken out of the money , whats left is passed on to the old owner ,

we have over 10,000,000 baht now in the fund , to keep the place looking good,

the complex is coming up to 10 years old now , and there are 4 blocks of 11 stories 250 condos in all

swimming pool , tennis courts and gym , and nice gardens

pauls I have first hand experience of seeing just how the judicial system works in this country

regarding real estate issues. Getting judgment is one thing ( and even then

judges can be " bought " - I accompanied a friend of mine in

a case where it was farang versus Thai and the judge was definitely " bought "

by the Thai -no doubt because of the result and the remarks made

but thats another story ). But then comes the

part of enforcement-things here can be dragged on

indefinitely and what if one rogue owner owns many units

in the ame building? .................... but I hope your fellow owners in your building are never in that situation

But the bottom line is as owners you shouldn't have to go to court anyway with all the uncertainties

and extra costs the owners must bear in legal fees by undertaking this kind of litigation

if they had a properly thought out condominium legal system in the first place

[MeetJohnDoe]

That's basically the attitude one should have when purchasing either a freehold or leasehold condo in Thailand. Consider both to be basically 30 year leases as even in a freehold building, your unit will likely be worth little after 30 years. Thai developers have said in interviews with the Post that after 30 years, due to weather and construction quality, most condos are basically worth scrap value at that point.

[midas]

That's basically the attitude one should have when purchasing either a freehold or leasehold condo in Thailand. Consider both to be basically 30 year leases as even in a freehold building, your unit will likely be worth little after 30 years. Thai developers have said in interviews with the Post that after 30 years, due to weather and construction quality, most condos are basically worth scrap value at that point.

Well I've never seen that but if that's the case then Bangkok condominiums are bloody expensive

[pauls2979]

here if someone does not pay the maintenance charge , 15000 baht a year , the board will first put a interest charge on the bill , which i think is law now , then after some time if they still do not pay , they apply to the court to re-po the condo , it is then sold , where the maintenance charges court costs are taken out of the money , whats left is passed on to the old owner

That is exactly that has not happened in my post. Body corporate has taken him to courts.

The guy is laughing, nobody can do anything to him. It's been like that for several years, his condos are still rented, generating him income and he is not paying anything to anyone.

hi

are you saying that the courts would not repo the condos?

[pauls2979]

hi all , i live in a condo complex on the out skirts of Bangkok , lam lu ka rd , 15 km from old airport and 30km from the new one , here if someone does not pay the maintenance charge , 15000 baht a year , the board will first put a interest charge on the bill , which i think is law now , then after some time if they still do not pay , they apply to the court to re-po the condo , it is then sold , where the maintenance charges court costs are taken out of the money , whats left is passed on to the old owner ,

we have over 10,000,000 baht now in the fund , to keep the place looking good,

the complex is coming up to 10 years old now , and there are 4 blocks of 11 stories 250 condos in all

swimming pool , tennis courts and gym , and nice gardens

pauls I have first hand experience of seeing just how the judicial system works in this country

regarding real estate issues. Getting judgment is one thing ( and even then

judges can be " bought " - I accompanied a friend of mine in

a case where it was farang versus Thai and the judge was definitely " bought "

by the Thai -no doubt because of the result and the remarks made

but thats another story ). But then comes the

part of enforcement-things here can be dragged on

indefinitely and what if one rogue owner owns many units

in the ame building? .................... but I hope your fellow owners in your building are never in that situation

But the bottom line is as owners you shouldn't have to go to court anyway with all the uncertainties

and extra costs the owners must bear in legal fees by undertaking this kind of litigation

if they had a properly thought out condominium legal system in the first place

thanks for your post , understand , courts i hate them

[think_too_mut]

here if someone does not pay the maintenance charge , 15000 baht a year , the board will first put a interest charge on the bill , which i think is law now , then after some time if they still do not pay , they apply to the court to re-po the condo , it is then sold , where the maintenance charges court costs are taken out of the money , whats left is passed on to the old owner

That is exactly that has not happened in my post. Body corporate has taken him to courts.

The guy is laughing, nobody can do anything to him. It's been like that for several years, his condos are still rented, generating him income and he is not paying anything to anyone.

hi

are you saying that the courts would not repo the condos?

Yes...they guy is laughing and (now I think I remember he owns 10 or 12 condos) and renting out. No reposessions. All legal means had been exhausted 2 years ago (after years of pursuing them) and nothing.

[midas]

hi

are you saying that the courts would not repo the condos?

I wouldn't be so bold as to say that BUT what I am saying is that you have

various stages which need to be overcome :-

1. You need to assume you'll get a squeaky clean judge and that the rogue

owner is incapable of greasing the judges palm if not to come up with some

weird decision then at the very least to play very long delay tactics.

The case I referred to above has now been going on for 5 years even though

my friend has a watertight case against the Thai developer. So things don't move

quickly in LOS.

2. Even if you get judgment there are many ways the rogue

owner could delay the procedures. The scenario you describe would not be

inexpensive, quick and simple

[MeetJohnDoe]

That's basically the attitude one should have when purchasing either a freehold or leasehold condo in Thailand. Consider both to be basically 30 year leases as even in a freehold building, your unit will likely be worth little after 30 years. Thai developers have said in interviews with the Post that after 30 years, due to weather and construction quality, most condos are basically worth scrap value at that point.

Well I've never seen that but if that's the case then Bangkok condominiums are bloody expensive

Very true...earlier this year, one of the major developers was profiled in the Post and she out and out said that the useful life of a Bangkok condo was about 30 years...and if the construction, building electrical, plumbing, and HVAC systems were top of the line spec (not generally the case in Bangkok) it would stretch to 40-50 years. She said that after that time, the buildings are usually sold by the condo association to a developer (proceeds split-up between the remaining owners) and a tear-down ensues.

I mean, when you have a bunch of full-time farmers masquerading as construction workers in between rice harvests, you are not going to get very high quality construction. Add in the substitution of sub-standard steel, concrete, and other materials to line the builder's pockets and it's not a pretty picture.

These Bangkok buildings are not London or NYC Rosario Candella designed buildings that only get more desirable and expensive over the decades. Houses and condos in Thailand are like cars...diminishing assets and should be priced and thought of as such.

Edited December 4, 2008 by MeetJohnDoe

[Raptor7]

hi all , i live in a condo complex on the out skirts of Bangkok , lam lu ka rd , 15 km from old airport and 30km from the new one , here if someone does not pay the maintenance charge , 15000 baht a year , the board will first put a interest charge on the bill , which i think is law now , then after some time if they still do not pay , they apply to the court to re-po the condo , it is then sold , where the maintenance charges court costs are taken out of the money , whats left is passed on to the old owner ,

If the CJP manager or other co-owners (in a meeting) have any b#lls they would invoke the new 2008 Condo Act (Section 18/1) and charge 20% annual interest on any outstanding sums over 6 months old AND suspend the defaulter's "use of common services and common property" which includes lifts/elevators, hallways, etc. ..... no need to get a court order to implement this....but how it works in practice? who knows....

and also start posting up past due notices....

[pauls2979]

hi all , i live in a condo complex on the out skirts of Bangkok , lam lu ka rd , 15 km from old airport and 30km from the new one , here if someone does not pay the maintenance charge , 15000 baht a year , the board will first put a interest charge on the bill , which i think is law now , then after some time if they still do not pay , they apply to the court to re-po the condo , it is then sold , where the maintenance charges court costs are taken out of the money , whats left is passed on to the old owner ,

If the CJP manager or other co-owners (in a meeting) have any b#lls they would invoke the new 2008 Condo Act (Section 18/1) and charge 20% annual interest on any outstanding sums over 6 months old AND suspend the defaulter's "use of common services and common property" which includes lifts/elevators, hallways, etc. ..... no need to get a court order to implement this....but how it works in practice? who knows....

and also start posting up past due notices....

thats the new law , but we only charge 12%

[midas]

If the CJP manager or other co-owners (in a meeting) have any b#lls they would invoke the new 2008 Condo Act (Section 18/1) and charge 20% annual interest on any outstanding sums over 6 months old AND suspend the defaulter's "use of common services and common property" which includes lifts/elevators, hallways, etc. ..... no need to get a court order to implement this....but how it works in practice? who knows....

But what if the reason for the default in payment is because there is a legitimate disagreement about how money is being spent ? There are no practical ways to censure the Committee, "manager" or to force them to follow the law or the regulations. Committees have been known to take out insurance against lawsuits from co-owners (and their maintenance funds are even paying for it!) And now joint owners can be severely punished for withholding payments in protest. potentially all very messy...................

[jreidy]

I guess everyones experience varies. I've sold 3 properties in Thailand, none of which were ever listed for sale. I had another inquiry last week for a piece I had, and i told the prospective buyer that it was not for sale as I will be building my own home there. I have several other pieces, but none of them are for sale. None are residences, which I think are probably a little overbuilt in some areas.

One thing I've noticed is, people seem to appreciate great natural beauty, and pieces possessing that are probably never in a slack market.

Same for me too.

I have property and could sell tomorrow for quite a substantial profit.

One of my tenants offered to buy my condo just last week!

It's all relative. all I see in Bangkok is property prices increasing year by year.

Crisis? what crisis?

So the Ostrich can use the forum now......get your head out of the sand

[midas]

What will happen to Bangkok's older condos?

" At present, it is hard to tell, but there is a ray of hope and it shows itself in the hotel industry. A number of low priced, almost slum buildings in Bangkok’s Silom and Surawong areas have been renovated. These were most certainly old buildings in the 20 to 30 year old range. In one downtrodden establishment, the entire interior of every room and common way was ripped out and replaced with modern furniture and fittings. Uninviting, dowdy rooms that used to struggle to find guests at 500 baht per night are now classy boutique affairs, which are commanding rates of 3600 baht or more, rates which rival some 4 and 5 star hotels.

Is there any likelihood that even just the common areas of badly managed older condo buildings could be lucky enough to have the same break? Well, even though on paper it looks like a no brainer, it all comes back to the control of the project, and with a vast majority of co-owners having to agree to pay more money, the likelihood of a run down condo building remaining in perpetual stalemate is high. A possible outcome in this case is for the building to fall into a worse condition and eventually be bought up by developers for its land value. It is quite a bizarre situation because if the co-owners in the above example all contributed a modest 300,000 Baht each, they would likely be able to renovate the building to a high standard and see their condo units increase in value by several million Baht. "

[bingobongo]

Since you don't have any experience with either real estate ownership, or bargirls, I'm not sure your advice is worth anything.

glyph you linger like a bad stink, but i am flattered that you rebut most of my comments

anyway to your 3 points above:

1) your right, i am smart enough not to invest in the 3rd world, and unless you own the property free and clear with deed in hand you are just renting from the bank and are a "homedebtor" and not a "homeowner" and thus stuck with a "capital trap"

2) you are right, i have no experience with bargirls as i never have and never will have to pay for sex

3) check out the "global correction" thread i started, i called the fall of the SET all the way from 725 to 400, so my advice was worth it to those who got their heads out of the sand

so to sum up glyph, you "rent" both your propery and women and ultimately have nothing, unlike myself, any questions?

Edited December 5, 2008 by bingobongo

[pkrv]

Since you don't have any experience with either real estate ownership, or bargirls, I'm not sure your advice is worth anything.

glyph you linger like a bad stink, but i am flattered that you rebut most of my comments

anyway to your 3 points above:

1) your right, i am smart enough not to invest in the 3rd world, and unless you own the property free and clear with deed in hand you are just renting from the bank and are a "homedebtor" and not a "homeowner" and thus stuck with a "capital trap"

2) you are right, i have no experience with bargirls as i never have and never will have to pay for sex

3) check out the "global correction" thread i started, i called the fall of the SET all the way from 725 to 400, so my advice was worth it to those who got their heads out of the sand

so to sum up glyph, you "rent" both your propery and women and ultimately have nothing, unlike myself, any questions?

Welcome to the forum - bingobongo - ];-)

[fanselah]

"your right..."

You're

[fanselah]

"... i called the fall of the SET all the way from 725 to 400, so my advice was worth it to those who got their heads out of the sand..."

If you say you did, I'll accept that - it does not matter. The situation is that your belief is that the BKK real estate market will collapse, and you've not been able to identify any significant correlation to any event within or without Thailand to support your belief. "The real estate market in <US, Europe, China> has collapsed, and the market in Thailand will do the same." It hasn't. "The equity market index in <US, Europe, China> has collapsed, and that means the real estate market in BKK will collapse". It hasn't. "Hyperinflation and the rice crisis in Thailand will destroy the BKK real estate market." It hasn't. "For several years, there have been too many condos on the market, and the inventory is now an oversupply, and that means the BKK real estate market will collapse". It hasn't.

Making a statement, "but I did predict the decrease of the SET", is similar to a magician's misdirection. "HEY, look over here!", as he waves his left hand. "Wow, did you see that. There's a pigeon in his right hand. Heck, how did he ever do THAT?" The SET index is thing one, the BKK real estate market is another thing entirely.

[midas]

"... i called the fall of the SET all the way from 725 to 400, so my advice was worth it to those who got their heads out of the sand..."

If you say you did, I'll accept that - it does not matter. The situation is that your belief is that the BKK real estate market will collapse, and you've not been able to identify any significant correlation to any event within or without Thailand to support your belief. "The real estate market in <US, Europe, China> has collapsed, and the market in Thailand will do the same." It hasn't. "The equity market index in <US, Europe, China> has collapsed, and that means the real estate market in BKK will collapse". It hasn't. "Hyperinflation and the rice crisis in Thailand will destroy the BKK real estate market." It hasn't. "For several years, there have been too many condos on the market, and the inventory is now an oversupply, and that means the BKK real estate market will collapse". It hasn't.

Making a statement, "but I did predict the decrease of the SET", is similar to a magician's misdirection. "HEY, look over here!", as he waves his left hand. "Wow, did you see that. There's a pigeon in his right hand. Heck, how did he ever do THAT?" The SET index is thing one, the BKK real estate market is another thing entirely.

I dont think it will collapse but I do believe unless you have an exceptional condo

you will find it increasingly difficult to sell it Its ok for those who never want to sell

but as for me I would rather onwn an asset where I have the option of getting cash

just in case in the times that lie ahead