Money changers in Pattaya

[Jingthing]

I get the same message with one caveat.

If you are lucky enough to have a pile of cash, and you think you will be returning to the US someday, now is a historic opportunity to buy housing there super cheap.

Next year will be an even more historic opportunity to buy housing here even super cheaper.

Pretty much everyone except the NAR admits that prices will fall another 20% before the declines stop.

Have fun being a bottom picker. BTW, I think we are at it but for a long term hold the current levels are giveaway, especially if you buy a foreclosure, which is all most smart people are looking at these days anyway.

[think_too_mut]

especially if you buy a foreclosure, which is all most smart people are looking at these days anyway.

Oh, yes, and the evicted owners would leave the place done up, even fresh flowers in vases.

[thailandjunkie]

If the prices of US houses follow anything like the pattern seen in the UK in the early nineties then there is definitely NO RUSH to buy right now. Prices peaked in 1989 in the UK.....fell heavily until 1992...kept sliding gradually for a further 4 years before finally showing signs of life in 1996. With this recession looking to be far worse than the early nineties i can't see any reason to look at property in the western world for at least another 3-4 years. No point buying too soon and having to pay numerous state and other taxes just to keep it whilst prices bottom out.

www.thailandjunkie.blogspot.com

[Heng]

First of all, life isn't a team sport (which by extension means it's also not a national team type sport)... not everyone needs to survive. As per the laws of nature, the strong will survive. In this case: those without debt, those who have large cash reserves, those who have multiple income streams (often multi-currency).

[Gary A]

During times like this, the poor farmers in Issan look around and wonder what the fuss is all about. The Bangkok elite have managed to keep them very poor and this economy won't change that. Life goes on as usual and all have plenty to eat. Bartering is also alive and well.

[chivo]

i believe thailand will rebound. i do not know how long it will take however.

a credible govt will be a key beginning. just as i believe obama is the start of a rebirth of america (althoug america's years as world leader are now numbered- but thats another story!)

as much as i could sit here and agree that neighboring countries are all performing something better, we all still seem to stay here.

someone posted here that thailand's asset is its people. i think thats a very smart insight. they are for the most part more friendly polite and less aggressive (except when driving) than people from other countries in my observations.

through all the complaining that goes on here, the complainers are still here. why?

its too good of a life here. and whatever it is that attracts each of here, that will bring more people here..

thailand will rebound, they have too much heart not too.

[Sarge]

BTW, I think it's about to become very cheap again, very quickly.

If you could arrange for that to happen in the next three weeks, I'd consider it a personal favour...

Ta.

K.

I second that

[SomNamNah]

Feeling the pinch now in CM.

It seems a lot of 'low' Thais work their arse off to put the kids into private schools. probably about 10,000 a term. My good Thai friends are shitting themselves quite frankly. They are well aware this could go on for two years. The last three months has been hard enough for them.

I saw an undercurrent of desperation, and contemplations of underworld activities - albeit in jest.

Im sorry its a negative post.

On a brighter note, i was pleased to hear that the guy in question with 2 kids in private school, and who sells cheap clothes in a market for a living is getting 1/2 of his kids fees paid for by a sister working her arse off in a Thai restaurant in London. Nice to hear the Thai - Anglo relationship is useful.

[CPH]

In order for Thailand to again be competitive the Thai Baht has to fall against other major currencies such as USD, GBP, EUR etc. It is very strange that Thai centralbank is working so hard to keep up the value of the Baht.

[chiangmaibruce]

It is very strange that Thai centralbank is working so hard to keep up the value of the Baht.

I wonder about that too. This practice is really eating into their foreign reserves (see thaicrisis blog item on this issue). In a country where so many things are done 'just for show' (i.e. face), could it simply be a matter of the Thais wanting to be able to say "look how strong our currency it, everyone else's is falling but ours is like a rock. It is strong - because we are strong and capable managers of our economy ... blah blah.... ?

[Samuian]

My pharmacist would recommend PROZAC against depression!

I personally prefer to stick to FUKITOL!

Edited December 12, 2008 by Samuian