Good Article

[dickie58]

Good Article from the Bangkok post online regarding property in Pattaya, & general property in Thailand's resorts: -

<snip>

Edited January 25, 2010 by soundman
Link removed. Pls. do not link to Bangkok Post.

[jb4446]

What a load of crap.The only thing that decided me not to buy is the nightmare of trying to sell.Thousands of properties waiting to be unloaded,some buyers have had their properties up for years and no viewers let alone buyers.Glib talk but thats what it is ALL HOT AIR turnaround?I'll show my backside.

[thaimate]

What a load of crap.The only thing that decided me not to buy is the nightmare of trying to sell.Thousands of properties waiting to be unloaded,some buyers have had their properties up for years and no viewers let alone buyers.Glib talk but thats what it is ALL HOT AIR turnaround?I'll show my backside.

Totally agree ,in our village some houses have been for sale for 4/5 years,two falangs have reduced their propertys almost to what they were when built 5 years ago and still cant sell and the houses now are furnished and in one case have a swimming pool added . the market is dead as far as houses are concerned ,the developer who built the estate has also built about 20 new houses ,one has been rented in the last year the rest are empty.

[sharecropper]

It started very badly: However, a turnaround is on the cards and the good times will start rolling again, says Robert Collins, managing director of Savills (Thailand).

But in the end was a useful, if slightly optimistic, analysis of the Pattaya market.

I wonder whether the market is too dead to even jump-start by doing away with the Thai-owned percentage for a few years? I don't think many developers can even sell the foreigner proportion of completed buildings right now.

[Jdietz]

BULLISH: Robert Collins, managing director of Savills (Thailand)

I see they mis-spelled a word there...

[moo9]

What a load of crap.The only thing that decided me not to buy is the nightmare of trying to sell.Thousands of properties waiting to be unloaded,some buyers have had their properties up for years and no viewers let alone buyers.Glib talk but thats what it is ALL HOT AIR turnaround?I'll show my backside.

Totally agree ,in our village some houses have been for sale for 4/5 years,two falangs have reduced their propertys almost to what they were when built 5 years ago and still cant sell and the houses now are furnished and in one case have a swimming pool added . the market is dead as far as houses are concerned ,the developer who built the estate has also built about 20 new houses ,one has been rented in the last year the rest are empty.

Not everywhere, in the compound we live, the developer sold since late lat year at least 5 or 6 house, which are occupied by now.

However he does not use any real estate agents, I think mostly mouth to mouth propaganda.

In general however I agree, that there is a big oversupply to the market and all surrounding issues does not turn Pattaya more attractive nowadays (see the various crackdown stories e.g.).

Cheers

[bellste]

Yes. And what do this; Robert Collins, managing director of Savills (Thailand), do for a living. He don't sell property, does he?

This was an advert, where he try to fool people to invest i a dead market.

[CGW]

having just wasted my time reading above article - he chose the right profession as above post kindly states.

[Firestarter]

BULLISH: Robert Collins, managing director of Savills (Thailand)

I see they mis-spelled a word there...

Like it.

[basjke]

The real estate crash yet has to arrive in Thailand.How do you explain that there is an economic crisis all over the world but Thailand,where the property market mostly exists out of second residences,escapes the downturn?A lot of investors in the western world have to sell their primary home but they will be able to buy a second home or what.

Have a look around at those recently finished condo's and count the lights that are turned on at night.You don't need a notepad to memorize them.

[dickie58]

I have my house for sale in Ptty, i have had it listed with 14 agents since August 2009.

In total i have had 5 viewings, from 3 agents. No buyers, or offers.

Quite a few of the agents haven't even advertised it.

Its not that there is something wrong with the property.

http://classifieds.thaivisa.com/?act=show_...4&aid=28866

Edited January 25, 2010 by dickie58

[dickie58]

No wonder some of the condo developments are selling, the developers are offering the agents higher comision to sell the condos 8%++ in some cases, so the agents take clients there first.

Then the developers build with the clients money who have bought of plan, rather than there own.

Then half of these condos never get built to the time frame stated by the developer, lot of signs all around Ptty offering great deals on condos, 1.29 milion bht for studio ( 4 example), when you ask the developer which building there in, they don't exist?

Edited January 25, 2010 by dickie58

[Nio]

I have my house for sale in Ptty, i have had it listed with 14 agents since August 2009.

In total i have had 5 viewings, from 3 agents. No buyers, or offers.

Quite a few of the agents haven't even advertised it.

Its not that there is something wrong with the property.

http://classifieds.thaivisa.com/?act=show_...4&aid=28866

Excuse my ignorance but what makes your house worth 25,000,000? Is it the land location?

[Benjie]

I have my house for sale in Ptty, i have had it listed with 14 agents since August 2009.

In total i have had 5 viewings, from 3 agents. No buyers, or offers.

Quite a few of the agents haven't even advertised it.

Its not that there is something wrong with the property.

http://classifieds.thaivisa.com/?act=show_...4&aid=28866

Excuse my ignorance but what makes your house worth 25,000,000? Is it the land location?

Hope

[dickie58]

I have my house for sale in Ptty, i have had it listed with 14 agents since August 2009.

In total i have had 5 viewings, from 3 agents. No buyers, or offers.

Quite a few of the agents haven't even advertised it.

Its not that there is something wrong with the property.

http://classifieds.thaivisa.com/?act=show_...4&aid=28866

Excuse my ignorance but what makes your house worth 25,000,000? Is it the land location?

Very nice house, land prices in Phratmanak hill area very high.

There is a 1 rai piece of land 200 metres from my house for 38 milion bht, fantastic sea views.

Also 2.5 rai almost oposite me for 60 milion bht, neither owned by me unfortunatley!!!

[CGW]

Very nice house, land prices in Phratmanak hill area very high.

There is a 1 rai piece of land 200 metres from my house for 38 milion bht, fantastic sea views.

Also 2.5 rai almost oposite me for 60 milion bht, neither owned by me unfortunatley!!!

This to me is what is wrong with the housing market, people are asking ridiculous prices, a fair price would be what was paid originally, plus a small percentage, we are not in the west!

Edited January 25, 2010 by soundman
Fixed quote tags.

[Tejas]

The real estate crash yet has to arrive in Thailand.

And that is the truth of it! The Rose-colored glasses brigade thinks it has come and gone. No. Only the initial wave has hit.

This is a major decline and many things are causing it.

The forces underpinning it have been at play at least since 2001 (but no need to explain that as it will fall on deaf ears because the market did go up and down and up and down since then).

Until the government does something to reverse its insane visa/immigration policies, the situtation will not change.

Prices must also drop 50% or more before the flood of buyers opens their pocketbooks again.

The place is grossly overdeveloped. The city is going in the wrong direction. The real estate agents are blind as bats. And government policies are not helping matters.

The big wave has yet to hit. It is coming. There may be a small correction. But that will be temporary.

At least this is what my crystal ball is telling me.

[ace]

The condo market and the house market are not at all equivalent and neither is driven by the same factors that caused the crash in US & Europe.

[jb4446]

I have my house for sale in Ptty, i have had it listed with 14 agents since August 2009.

In total i have had 5 viewings, from 3 agents. No buyers, or offers.

Quite a few of the agents haven't even advertised it.

Its not that there is something wrong with the property.

http://classifieds.thaivisa.com/?act=show_...4&aid=28866

Excuse my ignorance but what makes your house worth 25,000,000? Is it the land location?

Very nice house, land prices in Phratmanak hill area very high.

There is a 1 rai piece of land 200 metres from my house for 38 milion bht, fantastic sea views.

Also 2.5 rai almost oposite me for 60 milion bht, neither owned by me unfortunatley!!!

Not a cat in hells chance of selling, advice..take it off the market,sit in a rocker all day and twiddle your thumbs!!!!

[basjke]

The condo market and the house market are not at all equivalent and neither is driven by the same factors that caused the crash in US & Europe.

Indeed the condo and house market here is build on "spare" money.In Europe and especially in the US people are losing their homes and investors have to reduce their spending.Banks are still going broke,another 9 banks already since the start of this year in the US.

But you think they have still money to buy a holiday or mia noi home.

Wishful thinking in my opinion.

[sharecropper]

The other big elephant in the room from both the developers and investors side of the fence which may have overly buoyed the Pattaya market and which may now be underpinning it, is money laundering.

Edited January 25, 2010 by sharecropper

[Pakboong]

The BOT has delayed releasing it's 4th quarter 2009 house price index I believe due to bad news. The number which stood at 107.4 at the end of the 3rd quarter could well hit a record low. The 1991 standard for the index was 100. The index topped 160 during the bubble. There was a record drop in 3rd quarter of over 18 points. The news could be really bad as this data release is way over due.

[thaimate]

I have my house for sale in Ptty, i have had it listed with 14 agents since August 2009.

In total i have had 5 viewings, from 3 agents. No buyers, or offers.

Quite a few of the agents haven't even advertised it.

Its not that there is something wrong with the property.

http://classifieds.thaivisa.com/?act=show_...4&aid=28866

Excuse my ignorance but what makes your house worth 25,000,000? Is it the land location?

Very nice house, land prices in Phratmanak hill area very high.

There is a 1 rai piece of land 200 metres from my house for 38 milion bht, fantastic sea views.

Also 2.5 rai almost oposite me for 60 milion bht, neither owned by me unfortunatley!!!

Not a cat in hells chance of selling, advice..take it off the market,sit in a rocker all day and twiddle your thumbs!!!!

I hate to say it but at 25 mill i think you have two hopes and BOBs already dead.

[CLOD]

Everywhere you go in Pattaya and Jomtien there are loads and loads of new houses and condos being built.

Many are half built, many will never be built.

With all the problems thailand has I think if you own a house (but not the land its built on) , or a condo , you will never sell it.

Not much chance of renting out either, as even the tourists have seen through thailand now and what it is all about

But with all the oversupply they still keep building them.

Many of course are just scams.

Buyer beware.

[Pakboong]

Very nice house, land prices in Phratmanak hill area very high.

There is a 1 rai piece of land 200 metres from my house for 38 milion bht, fantastic sea views.

Also 2.5 rai almost oposite me for 60 milion bht, neither owned by me unfortunatley!!!

This to me is what is wrong with the housing market, people are asking ridiculous prices, a fair price would be what was paid originally, plus a small percentage, we are not in the west!

A fair price is now a capital loss. Anybody who bought at the top of the bubble cannot expect a new buyer to take his losses. There are those who still think they deserve a profit. Not gonna happen on any large scale. The turnip truck does stop out front every day and lets a few more off and among those, there may be a couple who are not aware of the world wide housing crisis but even that will soon dwindle down to none.

Edited January 25, 2010 by Pakboong

[CGW]

Not much chance of renting out either, as even the tourists have seen through thailand now and what it is all about

Buyer beware.

Would have to disagree on this point, I have 2 houses rented out and they have been for the past 7 & 9 years, have never rented to tourists always people who work here for major corporations, there will be more industry moving here, that is why Pattaya remains busy outside of walking street! Therefore the right properties will be, or stay rented out - I hope! As no bloody chance of selling them!!

[dmax]

pattaya is full of emtpy condo,s which cannot sell, my friend has 3 of them at nova mirage in wongamat, he is renting one short term only at a lower rate than what he was getting 2 yrs ago, the other 2 are lying empty now for last year.

[R123]

I have my house for sale in Ptty, i have had it listed with 14 agents since August 2009.

In total i have had 5 viewings, from 3 agents. No buyers, or offers.

Quite a few of the agents haven't even advertised it.

Its not that there is something wrong with the property.

http://classifieds.thaivisa.com/?act=show_...4&aid=28866

Nonsence price you are asking plus those farangs in the know are aware of the legal difficulties if not illegality of a foreigner buying a house/land in Thailand.

Edited January 25, 2010 by R123

[elcent]

impossible to sell this house for this price. You can buy a new one, very much the same for about 3,000,000.00 baht. In many places even much cheaper.

[LaoPo]

I have my house for sale in Ptty, i have had it listed with 14 agents since August 2009.

In total i have had 5 viewings, from 3 agents. No buyers, or offers.

Quite a few of the agents haven't even advertised it.

Its not that there is something wrong with the property.

http://classifieds.thaivisa.com/?act=show_...4&aid=28866

But don't you think the market in Pattaya in air thin for houses of 25M Baht or US$ 750.000.00 (€ 535K)?

Possible prospects, having this kind of cash available, would they buy in or around Pattaya nowadays with the present real estate laws in place....?

I don't know.

LaoPo