3-5,000,000 Bkk Condo

[DegenFarang]

I would prefer 3-4,000,000 but can go as high as 5, and would like to buy something in the next six months. I'm currently renting at Trendy on Sukhumvit 13 and thought of buying here - but after renting here for six months I do not want to own here. The building was cheaply put together and things are starting to fall apart already. Can't imagine how bad its going to be in five years time.

I do like this area though, particularly the area just on the other side of Asok - Sukhumvit 18-24 would be great. I want something that has been built in the last five years and preferably something close to brand new - though I will not be buying anything that has yet to be finished, no matter how close the developers say it is to completion. I'd also like something that I can rent out for at least 25k per month if its 3mm to buy - 30-35k per month if its 4mm to buy and 40k+ per month if its 5mm to buy.

I'd also be interested to hear whether this is a good time to buy or not, investment wise, and where prices are headed. Though this is not my primary concern, I plan to own the unit for a long time, possibly "forever".

Thanks in advance!

[trogers]

I do like this area though, particularly the area just on the other side of Asok - Sukhumvit 18-24 would be great. I want something that has been built in the last five years and preferably something close to brand new - though I will not be buying anything that has yet to be finished, no matter how close the developers say it is to completion. I'd also like something that I can rent out for at least 25k per month if its 3mm to buy - 30-35k per month if its 4mm to buy and 40k+ per month if its 5mm to buy.

Prices of not older than 5 years condo units in the location you preferred are selling at Bt85-110k/m2. Your budget can only get you a studio or at best 1-bedroom.

Rental income in this location for recent projects are not giving you 10% gross yield. Actual figures are closer to 6% gross yield.

[DegenFarang]

I do like this area though, particularly the area just on the other side of Asok - Sukhumvit 18-24 would be great. I want something that has been built in the last five years and preferably something close to brand new - though I will not be buying anything that has yet to be finished, no matter how close the developers say it is to completion. I'd also like something that I can rent out for at least 25k per month if its 3mm to buy - 30-35k per month if its 4mm to buy and 40k+ per month if its 5mm to buy.

Prices of not older than 5 years condo units in the location you preferred are selling at Bt85-110k/m2. Your budget can only get you a studio or at best 1-bedroom.

Rental income in this location for recent projects are not giving you 10% gross yield. Actual figures are closer to 6% gross yield.

Thanks. I'm looking for a one bedroom. Know of any good developments selling them in that area for 3-5mm?

[trogers]

You can search at www.prakard.com

Or with Google: http://www.haarai.com/promoteweb/index.php.../_postid_/12bf0

[trogers]

Remember, don't pay out any money as booking fee or deposit until you get a photocopy of the title deed and have it checked out at the land department that the seller is the actual property owner.

I will not deal in cash, but instead, make any payment through a bank cheque crossed and made out to the name of the property owner. Get him or her to sign receipt on a photocopy of the cheque.

Edited January 2, 2010 by trogers

[rgs2001uk]

^^^^

Excellent advice, I would also suggest in addition to a photocopy of chanote (front and back) get a photocopy of the id card of the person you are talking to, so you can compare to the chanote, to confirm its the property owner.

[DegenFarang]

Thanks for the tips on transferring payment - I had planned to make a new thread about that later. So I guess using an Escrow company is not an option in Thailand? Seems like a pretty large leap of faith in this country, even with signed documents and all of that, to just hand somebody that much money and assume everything is going to work out ok. Wonder how many Farang have done just that only to get their head blown off within the hour.

[DegenFarang]

oh wow, prakard is great, thanks!

[tangoll]

PM me if interested in one bedroom unit at Condo One X, Sukhumvit soi 26. One year old, 21st floor, 51.77 sq. meters. I've lived in that unit only one week per month since Sept 2008. My email is << Use PM >>. I will be next in BKK 22 Jan. Price within your budget, upper limit.

[DegenFarang]

PM me if interested in one bedroom unit at Condo One X, Sukhumvit soi 26. One year old, 21st floor, 51.77 sq. meters. I've lived in that unit only one week per month since Sept 2008. My email is << Use PM >>. I will be next in BKK 22 Jan. Price within your budget, upper limit.

I have never been down Soi 26 before, or seen that building, but I'll try to wander down that way in the next couple of weeks and check it out. Within 18-24 all of the Soi's are connected and there are lots of cool things to do within the Soi's: places to eat, drink, shop etc. Is 26 a part of that ecosystem or is it blocked off and you have to walk to Sukhumvit and down 24 to get there?

[trogers]

There are some formalities to fulfill regarding how money is sent into Thailand to buy a condo under a foreigner's name, and the need to get certain banking documents before the Land dept will allow title transfer to the foreigner.

Also, a copy of such documents including a proper sales and purchase agreement, and title transfer documents have to be kept safely in case you want to sell out in the future and remit money out of Thailand.

[TheJoker12]

18-24 isconnected is it? can you get from 18 to 24 without getting on and u-turning on sukhumwit?

[DegenFarang]

18-24 isconnected is it? can you get from 18 to 24 without getting on and u-turning on sukhumwit?

Ya thats why I want to live there. It is not only connected but the whole way there are lots of cool things to do. It is like a little city within a city. Fairly hi-so, lots of japanese. Don't have to deal with tons of ladyboys and touts etc. I don't know the names of the roads (if they have names) that connect the Soi's, maybe somebody else can help out with that.

[trogers]

18-24 isconnected is it? can you get from 18 to 24 without getting on and u-turning on sukhumwit?

Ya thats why I want to live there. It is not only connected but the whole way there are lots of cool things to do. It is like a little city within a city. Fairly hi-so, lots of japanese. Don't have to deal with tons of ladyboys and touts etc. I don't know the names of the roads (if they have names) that connect the Soi's, maybe somebody else can help out with that.

Actually it's Soi 16 to 24. Soi 26 is connected to Soi 24, but with a one way from 26 (near Carrefour) to 24 (Next to Davis hotel), and then on to 22. Soi 22 goes back into Soi 24 behind President Park.

[DegenFarang]

18-24 isconnected is it? can you get from 18 to 24 without getting on and u-turning on sukhumwit?

Ya thats why I want to live there. It is not only connected but the whole way there are lots of cool things to do. It is like a little city within a city. Fairly hi-so, lots of japanese. Don't have to deal with tons of ladyboys and touts etc. I don't know the names of the roads (if they have names) that connect the Soi's, maybe somebody else can help out with that.

Actually it's Soi 16 to 24. Soi 26 is connected to Soi 24, but with a one way from 26 (near Carrefour) to 24 (Next to Davis hotel), and then on to 22. Soi 22 goes back into Soi 24 behind President Park.

Soi 16 is a Sukhumvit Soi in name only imo - doesn't connect to Sukhumvit anywhere.

[tangoll]

trogers has answered your question about the subsoi that goes one way from soi 26 to soi 24, at Davis Hotel. I am non-Thai and I can show you any and all documents you will need to purchase/sell a condo, title document (chanote), and to import funds for the transfer and export funds when you sell the unit.

Condo One X is right next to Four Wings hotel on Soi 26. Developer is Plus Property which is a subsidiary of Sansiri Company, the best developer in the business. It's an 8 minute walk to Prom Phong BTS station/Emporium Mall, or a 10 baht motorcycle taxi ride, 1 minute.

[kaxper]

Asia Property's projects should fall into your budget .... have a brand new unit fully furnished at Bt 3,290,000, right between BTS Ekkamai & Prakhanong ... details here ... PM me if you are interested ... Regards

LIFE @ SUKHUMVIT 65, 300M FROM BTS PRAKHANONG

TYPE B21, 42 SQM, 1 BDRM, 23 FLOOR

FULLY FURNISHED - CRYSTAL WHITE COLOR SCHEME

(SOFA L-SHAPE, COFFEE TABLE, HANGING TV SHELF, DINING TABLE/CHAIR, PANTRY COUNTER/SHELF, BED/MATTRESS, NIGHT TABLE, DRESSING TABLE, STOOL, WARDROBE, TV STAND, HANGING SHELF, WALL SHELF)

LINK TO AP WEBSITE .... http://www.ap-life.com/sukhumvit/index.html

PRICE : THB 3,290,000 (THB 78,333/SQM)

PAY ME : THB 582,200

PAY AP : THB 2,707,800 ON TRANSFER (READY NOW)

I WILL PAY CONTRACT ASSIGNMENT FEE THB 30,000

DONT FORGET YOU WILL ALSO PAY AP ON TRANSFER

..... THB 16,632 COMMON AREA FEE ONE YEAR ADVANCE (THB 33/SQM/MONTH)

..... THB 21,000 SINKING FUND FEE (ONE TIME)

..... ~THB 1,000 TRANSFER FEE (REDUCED TO 0.02% IF TRANSFER BEFORE MAR10)

CALL 081 939 3333 (THAI/ENGLISH)

EMAIL: << Use PM >>

[DegenFarang]

Thanks but that is too far down Sukhumvit. Thong Lor is the furthest I would go and even that is stretching it. Phrom Pong is my desired BTS　ｓｔａｔｉｏｎ．

[MJo]

18-24 isconnected is it? can you get from 18 to 24 without getting on and u-turning on sukhumwit?

Ya thats why I want to live there. It is not only connected but the whole way there are lots of cool things to do. It is like a little city within a city. Fairly hi-so, lots of japanese. Don't have to deal with tons of ladyboys and touts etc. I don't know the names of the roads (if they have names) that connect the Soi's, maybe somebody else can help out with that.

Actually it's Soi 16 to 24. Soi 26 is connected to Soi 24, but with a one way from 26 (near Carrefour) to 24 (Next to Davis hotel), and then on to 22. Soi 22 goes back into Soi 24 behind President Park.

Also connection from Soi 22 to Soi 20 is one way nowadays. So if you want to get from Soi 20 to Soi 22 by car you need to go via Sukhumvit Road.

[MJo]

Remember, don't pay out any money as booking fee or deposit until you get a photocopy of the title deed and have it checked out at the land department that the seller is the actual property owner.

I will not deal in cash, but instead, make any payment through a bank cheque crossed and made out to the name of the property owner. Get him or her to sign receipt on a photocopy of the cheque.

Sound advice.

What's your opinion on getting professional legal help on closing the deal ?

Title search and preparation of sales and purchase agreement by pro's and rest yourself ?

[shypond]

I've found this website www.sabai-estate.com they're offering great service for Apartment in Silom. You ought to check it out.

[RAZZELL]

I've found this website www.sabai-estate.com they're offering great service for Apartment in Silom. You ought to check it out.

RAZZ

[tangoll]

degenfarang, I will be in BKK from 22 Jan to 28 Jan. If you wish to come view my unit at Condo One X, Suk Soi 26, PM me here or email me pcmar at netvigator dot com.

[dr_Pat_Pong]

I've found this website www.sabai-estate.com they're offering great service for Apartment in Silom. You ought to check it out.

RAZZ

The next offering will see him gone.

[DegenFarang]

degenfarang, I will be in BKK from 22 Jan to 28 Jan. If you wish to come view my unit at Condo One X, Suk Soi 26, PM me here or email me pcmar at netvigator dot com.

I walked all the way down 26 from Suhkumvit to Rama IV and did not see anything called Condo One X, nor did I really see any developments I'd want to live in. I like the high-rise stuff that they have a ton of on 24. I also found Condo One X's website lacking a great deal of information and professionalism - I can only imagine that would indicate they run the property in a similar fashion.

However maybe I'm wrong so feel free to PM me pictures or any relevant details etc. I did like the very 'green and leafy' feel of that Soi, almost felt like small-town America.

Edited January 10, 2010 by DegenFarang

[tangoll]

degenfarang, if you are walking from Sukhumvit to Rama IV on soi 26, you would pass on your right, the Imperial Tara Hotel, then a Mint restaurant, then Regent on the Park Condo, then an outlandish building called Sopranos, and just next to Four Wings hotel is Condo One X. It's a 30 story white/beige, bit of red building -- big sign at the front entrance with guard shack. 7-11 on the opposite corner. Don't see how you could have walked by without seeing it.

I'll PM you some photos. Note that I only stay in that unit one week a month, and so the furnishings are basic. I would sell the unit unfurnished but include the built-ins like washing machine, refrigerator, shower door, water heater, two Daikin A/C's, and curtain rods.

[DegenFarang]

Anybody know if rental income from condo's is taxable in Thailand? I know capital gains taxes are not and interest income is, correct?

[AddictedToThai]

For less than 5 mil baht it is possible to snap a 1-bed at Wind 23 or Aguston condos from Major Development on resale market. Both condos are brand new Grade-A buildings which was just completed. If 48 sqm studio is OK than it can be an Emporio Place a few steps from Phrom Pong BTS and Emporium.

There are also new very well priced small condos inside Suk 49 soi for 75-90,000 per sqm.

[DegenFarang]

Thanks Emporio looks pretty good.

[filingaccount]

One thing I have learned is that without a great Co-owners committee even the "best" condos turn to crap in short order. Ask for a 6 month plan of future repairs and see what they come up with.

Be vary of buying into second tier developments like Condo One and the like.

I surveyed, in Bangkok, approximately all developments from 5 years old to the ones not even finished today over a period of 3 years while searching for a condo to buy.

The one thing I was impressed with was the extremely professional bullcrap coming from developers and resellers of units. The developers do dress things up very well and get out of dodge faster than you can say "draw" on the official transfer day.

Do your research, ask other foreigners what problems they see in the building. I know this sounds bad, but Thais generally speaking do not share problems openly. Visit the property on your own volition without the supervision of an agent, and do so several times at different hours of the day. It is amazing what you will find out by just hanging around for a few hours.

Developers cut costs, up-sell as much as they can, treat their VIP buyers (eg. 5+ unit purchase) at launch to whatever they need and they have independent PR machines. They will hide financial info, and low ball costs calculations to the very last minute. If there is something seriously wrong in a new unit, pressure and push and pressure some more, and eventually they will replace the faulty stuff, but they will never step up and do it easily.

Simple note: Ask for extra tiles for your bathroom/kitchen/floor that match the color and shade of the current tiles. You will never ever find the same color and shade again, and tiles break...

There is plenty more to think about, but over-budget for expenses by 33%. If you decide to furnish with a contractor, over-budget the time, and expect to be on their butts daily to get things moving.

Remember, nobody thinks like you, so make even the smallest thing clear. Ask questions, and then ask them again... and again. Better look stupid now, than be stupid after the fact.