Pattaya City Resort Condominum How Good?

[SirPaul]

Hello

Looking for help as I have paid a deposit of 20,000 bhat for a condo on the development in South Pattaya Road, known as "Pattaya city resort Condominum"

The official web site is: http://www.pattayacityresort.com/index.php

I am expected to pay a further 80,000 bhat tomorrow and then within 14 days I have to pay 20% of the total price of the condo.

I have been told the condos will be ready by October 2009 and now I am concerned as on visiting the development, to me, this does not seem possible.

This will be my first purchas of a condo (or any property) in Thailand. I have read an early Thai visa forum message posted by member no: 38,998 posted in March 2007 and can be found at the following link:

http://www.thaivisa.com/forum/Pattaya-City...rt-t108985.html

Having read this posting my concerns over this building project being a con are now high. I was not worried before I read this as I was told that the same company, Pattaya City 2005 Co.,Ltd. was responsible for: Pattaya Land&House, Pattaya Hill 1, Pattaya Hill 2 and Hill Side Village.

As the last mention was back in 2007 and the development seems to be taking place, can anyone help by letting me know if this development can still be considered as something that should be approached with concern.

Thanks.

[jbaldwin]

In my experience condo developments are never finished on time. The place I live in was due to be finished within 3 months when I agree to buy it. In the event ownership was transferred more than a year later.

This is Thailand, the fact the you are given completion dates that seem totally impossible should be seen as normal and nothing, in particular, to worry about.

[eljeque]

This is one of the few places which I have seen make good progress for an extended period of time.. from his balcony, my friend watches them build every day.

....AND, I would walk away from the 20,000 and simply forget about it. There will be a lot of owners who do not have their final payments available in "October" when the project is done, and will need to sell them for less than they paid, taking a loss. Wait until then and buy from the original buyers.

Prices are coming down and there is no reason to buy now.

Rent. Pattaya is a great place to rent. Rent is cheap as a percentage of the sales price in this city. I rent a place for 4% of sals price / year. I am not alone. I can move anytime. Owners are stuck, as buyer are hel_l to find. YOu never know who your neighbors are going to be, or what the building management will do. Buying ties you to the neighbors, the building owners, the neighborhood, the city, etc. Selling is very very difficult.

[SirPaul]

thanks for the comments.

I was more concerned with this development then the overall point of whether it is better to rent or buy a condo.

I suppose lawyers may be the way forward here, as I am keen to know what exactly happens if the condo fails to complete - do you lose every penny. Also, I am keen to find out more about the development company. The main concern is whether the company building the condo in Pattaya South (mentioned above) was involved in any way with the proposed development in Soi Boucow 4 years ago.

I agree with the sentiment that waiting in these times is best, but financial concerns are not always the only concern when purchasing something - I wish I was single!!

[eljeque]

I agree with the sentiment that waiting in these times is best, but financial concerns are not always the only concern when purchasing something - I wish I was single!!

You can be!! :-)

This is none of my business, but it may be worth your while to explain to your other half that there is such an over-supply and over-pricing of property in Pattaya that you two, again, The two of you will be able to get much more property for the same money six months from now, than you can today.

Best of luck to you.

[loopaimod]

Would be very wary of buying in any development like this at the moment. They have only started the first building with many more planned before the site is complete. I cannot see how they can sell out this 1 building let alone another 7? Even if they do manage to sell the others you will be living in a construction zone for years!! Walk away and take it as a lesson learned.

Only buy in completed or near completed developments. In the city you should check out the Pride, City Gardens, Avenue etc. They are either ready to move in or will be in the coming months. Also check out re-sales as there will be many looking to get rid of contracts at day one or less prices.

The developer is involved with the Soi Buakow development by the way.

[SirPaul]

This development is not a picture, they have built 3 blocks. How can you be sure they are connected with what happened in Soi Boucouw?

Soi Boucow was a picture, here even the swimming pools have been built.

[loopaimod]

Only trying to help. Check with the owners of houses in the previously mentioned villages on their thoughts on the developer if you don't like others opinions.

How far off the road are the current buildings? What do you think is going to fill the rest of the site? It will take years to finish if at all. It is massive. The first buildings are right at the back you will be driving through a building site for years or a derelict area!

Ask the developer about Soi Buakow. They still hold that land.

No skin off my nose if you buy or not but again I would advise against investing here as an investment it won't be. Up to you. Don't be too proud to walk away, it may save you a fortune and a tremendous headache.

[SirPaul]

I thankyou for all the help, and others. When I question the help I am not trying to say that the help is not valued, it is. I am just simply trying to find out what you base your opinion on, basically I need more information.

I have seen a nice condo in the first block. If the place is to remain a building site for years then this would not be good. However, before I walk away I will make every endevour to see if what I thought was good is viable.

your help is appreciated and has been noted, the comments have made me realise just how difficult buying a place in Pattaya is.

I am a worrier, if I was not I would not have started this thread. All the comments on this thread are negative, I am more worried. My only concern is just how knowledgable and upto date such comments are as the development is moving at a fair pace.

[midas]

This is one of the few places which I have seen make good progress for an extended period of time.. from his balcony, my friend watches them build every day.

....AND, I would walk away from the 20,000 and simply forget about it. There will be a lot of owners who do not have their final payments available in "October" when the project is done, and will need to sell them for less than they paid, taking a loss. Wait until then and buy from the original buyers.

Prices are coming down and there is no reason to buy now.

Rent. Pattaya is a great place to rent. Rent is cheap as a percentage of the sales price in this city. I rent a place for 4% of sals price / year. I am not alone. I can move anytime. Owners are stuck, as buyer are hel_l to find. YOu never know who your neighbors are going to be, or what the building management will do. Buying ties you to the neighbors, the building owners, the neighborhood, the city, etc. Selling is very very difficult.

good advice

[eljeque]

I am a worrier, if I was not I would not have started this thread. All the comments on this thread are negative, I am more worried. My only concern is just how knowledgable and upto date such comments are as the development is moving at a fair pace.

Now is a great time to walk away from a small down payment. I am sure that there are a lot of people with far more sizeable down payments which they are ready to walk away from, and wish that they had as little as 20,000 invesed which they would lose.

The overbuilt condo and housing market in Pattaya is so large, that even if building were to stop, and only what is under development right now were to be completed, that it would take a minimum of four years to find buyers for all of the places. Right now, many owners are looking to sell their homes and condos and take the money back home to repair finances there. Many people who had ideas about buying here are now changing their minds due to financial problems back home. The building boom here was beyond even an exageration of the greatest scenario of foreigners coming here to buy property with great investment incomes back home, high property prices back home, a good income back home, and strong currencies, etc. Now that all of that is gone..... the oversupply is enormous.

Stay on the side of the renters, and do not get tied into owning something that you do not need and cannot sell.

Best of luck.

[midas]

I am a worrier, if I was not I would not have started this thread. All the comments on this thread are negative, I am more worried. My only concern is just how knowledgable and upto date such comments are as the development is moving at a fair pace.

Now is a great time to walk away from a small down payment. I am sure that there are a lot of people with far more sizeable down payments which they are ready to walk away from, and wish that they had as little as 20,000 invesed which they would lose.

The overbuilt condo and housing market in Pattaya is so large, that even if building were to stop, and only what is under development right now were to be completed, that it would take a minimum of four years to find buyers for all of the places. Right now, many owners are looking to sell their homes and condos and take the money back home to repair finances there. Many people who had ideas about buying here are now changing their minds due to financial problems back home. The building boom here was beyond even an exageration of the greatest scenario of foreigners coming here to buy property with great investment incomes back home, high property prices back home, a good income back home, and strong currencies, etc. Now that all of that is gone..... the oversupply is enormous.

Stay on the side of the renters, and do not get tied into owning something that you do not need and cannot sell.

Best of luck.

If you are so reluctant to walk away from 20,000 in this economic climate you can always

try to " re- negotiate " with them ? For example give them some sob story that you have

all these assets overseas but because of the global downturn you cant sell anything.

Then say will they give you the chance to rent your place at Pattaya City Resort for a year

when it is ready to move in and after 12 months hopefully things will improve and you will proceed on the condition

you dont lose any of your 20,000. That way you get a year to " judge " if the development is ok

and you dont fall out with the developers. If by then things are no better ( which I think

will be the case ) you can walk away then.........just an idea. In other words

you are in the drivers seat today and the developers will know it