runner Posted March 18, 2009 Share Posted March 18, 2009 Condos in Pattaya just seem overpriced and overbuilt here. I often find that the apartments here are much cheaper when I compare the amenities. So, what's the deal? People just prefer to live in big tall buildings? Link to comment Share on other sites More sharing options...
billaaa777 Posted March 19, 2009 Share Posted March 19, 2009 Such an intelligent grasp of the subject material and post, it is a wonder why more people have not responded to your post. Maybe you just don't have any money, can't afford a condo and design it in a luxurious style that would suit you? Could that be the deal? Link to comment Share on other sites More sharing options...
LennyW Posted March 19, 2009 Share Posted March 19, 2009 Condos in Pattaya just seem overpriced and overbuilt here. I often find that the apartments here are much cheaper when I compare the amenities. So, what's the deal? People just prefer to live in big tall buildings? Get back under your bridge!!! Link to comment Share on other sites More sharing options...
PattayaParent Posted March 19, 2009 Share Posted March 19, 2009 Condos in Pattaya just seem overpriced and overbuilt here. I often find that the apartments here are much cheaper when I compare the amenities. So, what's the deal? People just prefer to live in big tall buildings? Apartments are cheaper because they have no amenities. Link to comment Share on other sites More sharing options...
JR Texas Posted March 19, 2009 Share Posted March 19, 2009 Condos in Pattaya just seem overpriced and overbuilt here. I often find that the apartments here are much cheaper when I compare the amenities. So, what's the deal? People just prefer to live in big tall buildings? Correct observation........they are way overpriced..........and yes, the area is grossly overbuilt. Economic 101 would suggest that prices should decline dramatically. The advertised price is not always the price you might get if you talk with sellers who want to get out of the real estate mess that was created over the past ten years. It is odd, for many people (especially those used to living in a big house), that the prices for "concrete coffins" would be so high. But it is all about perspective. If you have been living in Siberia in a wooden hut, a move to the beach in Pattaya might be seen as a step up. If you know what life was like in Pattaya 10-20 years ago, you might never want to live there now or pay for a condo. If you are trying to sell a condo, of course the prices are not high enough. Time will tell..........the entire real estate boom was built on false assumptions.......then immigration policies (coupled with a rising tide of xenophobia) and a global economic collapse forced many people out of area. My prediction is that prices will go way down.......... Link to comment Share on other sites More sharing options...
patklang Posted March 19, 2009 Share Posted March 19, 2009 How anybody can buy an over inflated jail is beyond me.Much prefer living in a bungalow or 2 story house even though i am reponsible for repairs.I have this paranoia of a fire or somebody falling out of the window. Link to comment Share on other sites More sharing options...
Basil B Posted March 19, 2009 Share Posted March 19, 2009 I just can not understand the mentality of people who buy "off plan" something that may never get built and is 5 or 6 times the price of a comparable second-hand unit. Do they not realise that in ten years it will just be another second-hand unit they just can not sell? Link to comment Share on other sites More sharing options...
Guderian Posted March 19, 2009 Share Posted March 19, 2009 Condos in Pattaya just seem overpriced and overbuilt here. I often find that the apartments here are much cheaper when I compare the amenities. So, what's the deal? People just prefer to live in big tall buildings? What exactly do you mean by apartments? Are you referring to the rooms above shops that are sometimes for rent, or serviced apartments like the Nova group, or are there dedicated blocks of apartments in Pattaya? I've never actually looked for one, so forgive my ignorance, but OTOH no estate agent has ever offered me anything here but a condo. What would you reckon the price difference to be roughly? Although it's hard to generalise because so many factors influence the price, but a typical single unit 30-40 sqm condo in a decent block might rent for something like 10-15K Baht/month (I'm thinking VT2, JCC, JBC, etc.). How much cheaper would an apartment be, and what are the 'facilities' that you mention? A swimming pool? Lifts? 24 hour security? This is a serious reply, it's useful to understand as many options as possible for future reference. Link to comment Share on other sites More sharing options...
Boater Posted March 19, 2009 Share Posted March 19, 2009 I just can not understand the mentality of people who buy "off plan" something that may never get built and is 5 or 6 times the price of a comparable second-hand unit.Do they not realise that in ten years it will just be another second-hand unit they just can not sell? Ocean Tower 1 as an example Link to comment Share on other sites More sharing options...
Pattaya46 Posted March 19, 2009 Share Posted March 19, 2009 ...something that may never get built and is 5 or 6 times the price of a comparable second-hand unit. Ocean Tower 1 as an example Sorry but where did you see "5 or 6 times the price" ? A good second hand condo with sea view is 40-50 kb/m2, a new one can be found around 100 k/m2. And which second-hand unit can be "comparable" to a 90th floor unit at Ocean 1 ? Link to comment Share on other sites More sharing options...
Basil B Posted March 19, 2009 Share Posted March 19, 2009 I am not going to wast my time comparing individual prices but there are many condos on sale for less than 1M and even at these prices they do not move yet people buy new at many times these prices. As for O1, I have said my piece on this before, yet still many have sunk hard earned savings into this "White Elephant". Link to comment Share on other sites More sharing options...
BusyBee123 Posted March 19, 2009 Share Posted March 19, 2009 half of them are no better than a hotel room but far more expensive over the long term Link to comment Share on other sites More sharing options...
sotsira Posted March 20, 2009 Share Posted March 20, 2009 I can't really agree with most of the posts on this thread as over the the last 5 years that i've been living here when i purchased the condo that i live in, i have seen many people make a good profit from the Pattaya property market, myself included. I suppose it's knowing a good deal when one comes along and taking it,as thats what i did along with many others that i've seen. Link to comment Share on other sites More sharing options...
NanLaew Posted March 21, 2009 Share Posted March 21, 2009 Maybe part of the problem is the spin and bs by the developers and realtors. There is no denying that some here have made prudent purchases and are happy with the returns on their investments. However, it is also realistic to assume that for every one happy owner there may be several unhappy ones who are struggling with renting out their units. On top of that of course there will be even more comments from those 'who know someone, etc..' who actually have no first-hand experience in the condo market here as an owner or a renter but cloud the numbers and devalue the commentary. Personally, I have never owned a condo but did rent one many, many moons ago and was not overly impressed. Admittedly, the local condo market has become more sophisticated and there's some very fine constructions available now. Maybe a poll would be a good idea to better gauge the condo owner and renter satisfaction rates in Pattaya. It may show that the higher satisfaction levels are at the high-end of the market with most disenchantment with the entry-level, cookie-cutter style developments. It may be a simple case of 'you get what you pay for.' Link to comment Share on other sites More sharing options...
Tolley Posted March 21, 2009 Share Posted March 21, 2009 I am sure some people have made money out of condos in Pattaya but there are definitely a whole lot more people who haven't. Some of the dog boxes that i have seen that they want 3 million baht and up for make me just laugh..... I can't understand why you would spend that much when you get a perfectly nice home for the same price. I know you can't own land but still i don't know of anyone who has lost their house using a company structure to buy it. Having said all of that I wouldn't invest a dime in Thailand or Pattaya as there are just so many pitfalls that it just isn't worth the effort. Much easier to rent and have your investments offshore. The odds are really stacked against you in Thailand and despite what you hear from some posters here the fact remains there are a whole lot more losers than winners in the Pattaya property market. Link to comment Share on other sites More sharing options...
stingray Posted March 21, 2009 Share Posted March 21, 2009 Condos in Pattaya just seem overpriced and overbuilt here. I often find that the apartments here are much cheaper when I compare the amenities. So, what's the deal? People just prefer to live in big tall buildings? Foreigner can own a condo in their own name, can be registered in their name. Houses not. To using a company for owning a house is illegal, to put it in gf's or wifes name, is lost. Therefore the only solution is buy a condo within the 49% Quota. There the same thing again. Condos from the 51% Quota are nothing worth, because the law says: Only 49% can be own by foreigners. So condos from the 51% (not registered in foreign names, noone would buy again). Link to comment Share on other sites More sharing options...
jellymeister Posted March 21, 2009 Share Posted March 21, 2009 (edited) why do the top grade condo prices never seem to drop, somehow defying the law of economics? also will there be any abandoned "ghost" building projects a la Bangkok 1997 due to the financial crisis..... Edited March 21, 2009 by jellymeister Link to comment Share on other sites More sharing options...
PattayaParent Posted March 22, 2009 Share Posted March 22, 2009 The Sails and White Sands are already ghost buildings. La Royale could become one too. Link to comment Share on other sites More sharing options...
Humphrey Bear Posted March 22, 2009 Share Posted March 22, 2009 I am sure some people have made money out of condos in Pattaya but there are definitely a whole lot more people who haven't.Some of the dog boxes that i have seen that they want 3 million baht and up for make me just laugh..... I can't understand why you would spend that much when you get a perfectly nice home for the same price. I know you can't own land but still i don't know of anyone who has lost their house using a company structure to buy it. Having said all of that I wouldn't invest a dime in Thailand or Pattaya as there are just so many pitfalls that it just isn't worth the effort. Much easier to rent and have your investments offshore. The odds are really stacked against you in Thailand and despite what you hear from some posters here the fact remains there are a whole lot more losers than winners in the Pattaya property market. The problem there is that the bottom has fallen out of the stock market over the past eighteen months, bank interest payments are way down - so the off-shore investment return, unless you dip into capital, is now worse than having the money in-country. I know of several retired people who are living very poorly now. They survive, but are terrified of having a sudden large expense (medical or other) that will eat up capital. Link to comment Share on other sites More sharing options...
PattayaParent Posted March 22, 2009 Share Posted March 22, 2009 The Sails and White Sands are already ghost buildings.La Royale could become one too. Passed a Swedish (?) one on Jomtien Beach Road earlier today. Link to comment Share on other sites More sharing options...
patklang Posted March 22, 2009 Share Posted March 22, 2009 Condos in Pattaya just seem overpriced and overbuilt here. I often find that the apartments here are much cheaper when I compare the amenities. So, what's the deal? People just prefer to live in big tall buildings? Foreigner can own a condo in their own name, can be registered in their name. Houses not. To using a company for owning a house is illegal, to put it in gf's or wifes name, is lost. Therefore the only solution is buy a condo within the 49% Quota. There the same thing again. Condos from the 51% Quota are nothing worth, because the law says: Only 49% can be own by foreigners. So condos from the 51% (not registered in foreign names, noone would buy again). 50% is lost in most places inthe wrld so why should Thaland be any diferent,had your hands burnt have we??? I purchased a house very quick,as it was a bargain,put it in mygf name(been together 4 years) and did a life term partnership agreement,so if we split she gets 50% of the value of the house when we purchased 3 years ago.This is sensibe and much betetr then sharing it if living in the uk. Link to comment Share on other sites More sharing options...
eyebee Posted March 23, 2009 Share Posted March 23, 2009 I bought my condo for 2 million baht around 5 years ago (within the foreign quota as it was 100% then). At that time the exchange rate was around 70 baht to the UK pound. Now the pound is down to 50 baht, I have made a profit (in pounds), even if the price of the condo hasn't gone up! However, recent sales here would suggest that I could get 3 million for it - so an even bigger profit. Mind you, I have no intention of selling, as I'm gonna live here till I die! Link to comment Share on other sites More sharing options...
PattayaParent Posted March 23, 2009 Share Posted March 23, 2009 You have to find a buyer before you could realise a profit (if you intended to sell) Link to comment Share on other sites More sharing options...
bk279 Posted March 23, 2009 Share Posted March 23, 2009 You have to find a buyer before you could realise a profit (if you intended to sell) Yes, that is true, but I would assume that he has compared the current market price of 3 million to the current resale market within his development. Even though he has not actually received the money from the sales, but he has simply appraised the current market value, as for liquidity of the asset that is another question. Link to comment Share on other sites More sharing options...
FairwayJack Posted March 23, 2009 Share Posted March 23, 2009 Condos in Pattaya just seem overpriced and overbuilt here. I often find that the apartments here are much cheaper when I compare the amenities. So, what's the deal? People just prefer to live in big tall buildings? Foreigner can own a condo in their own name, can be registered in their name. Houses not. To using a company for owning a house is illegal, to put it in gf's or wifes name, is lost. Therefore the only solution is buy a condo within the 49% Quota. There the same thing again. Condos from the 51% Quota are nothing worth, because the law says: Only 49% can be own by foreigners. So condos from the 51% (not registered in foreign names, noone would buy again). About 2 months ago, I heard thru a local Thai lady that our mutual friend from HK lost 50K USD on a Pattaya condo. The 50K was his deposit and he bought off plan. The project was financed by Lehman Bros and when they went belly up so did the project. Can anyone else confirm if this really happened ?? Link to comment Share on other sites More sharing options...
gk10002000 Posted March 24, 2009 Share Posted March 24, 2009 I have been several times. Speed boat for 1500 or so is the best way. walk across from the Hard Rock Hotel and flag one down. Ferry is cheap 40 baht? but you have to get down to the far far end of walking street to the pier. Worth doing once for the "adventure". Problem is they make you go to one beach that is "reserved" for cheap ferry passengers only. crowded, chairs on top of each other. not much appeal. My first time was on a speedboat and we went to the north side of the island that was pretty quiet. chairs spread out. typical basic thai food menu was available. fried rice with shrimp was just fine. some boats "make" you stay at a certain beach. check before you depart. Link to comment Share on other sites More sharing options...
Chopper Posted March 24, 2009 Share Posted March 24, 2009 ''some boats "make" you stay at a certain beach. check before you depart.'' True some boats only go to certain beaches but you can easily get a moto taxi to another beach on Ko Larn. Link to comment Share on other sites More sharing options...
Chopper Posted March 24, 2009 Share Posted March 24, 2009 Don't know how the above ended up on this thread. Thought I was replying to the Ko Larn Island thread... Link to comment Share on other sites More sharing options...
Asianrider Posted March 24, 2009 Share Posted March 24, 2009 Don't know how the above ended up on this thread. Thought I was replying to the Ko Larn Island thread... Chopper from your Avatar it doesn't look like your the kind of guy that would spend much time lying on beaches Link to comment Share on other sites More sharing options...
Chopper Posted March 24, 2009 Share Posted March 24, 2009 Asianrider, given your moniker you to... Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now