Good Article

[jb4446]

Put this on before ,but got lost in transmission...

Other events eg political happenings may just about overtake anything about the sentiment of property pricing,that would bring everything crashing down for years to come.

[dickie58]

I assume so because five star was also selling Ocean 1.

I remember he had a classified on TV and once assured in a topic here that the building of ocean 1 should start january 2009.

Probably Ocean 1 has been fully sold out and occupied by now and they have started promoting the next superb investment.

.....................?what you said?Ocean 1 never started?huh

The bottom line is that none of these condo projects have even started. & don't even look like at starting any time soon.

Good luck to any buyers who have paid large deposits on these projects?

I had one of the local agents bring some Aussie guys to see my house yesterday, i told them honestly/straight as soon as they arrived, the condo being built next door is not helping me.

There comment was we use to live in HK, so kind of use to having a condo next door, that is not an issue were there comments.

Once they had looked round, i did offer them the finance option, they said we don't need that.

I knew the agent was showing them a few properties, some more expensive than mine, the agent said to me quitley, money is no problem with these guys.

I've now heard they weren't intrested in my place, un-fortunatley. But they also have not maid any offer or any of the houses the agent showed them.

The word is they want a house, not a condo.

Edited February 2, 2010 by dickie58

[dickie58]

What's your thoughts on this idea guys?

As an added insentive to the agents trying to sell my house, i was thinking of raising there comision to 7%, this offer would only apply if they sold my house before end of March, & above a certain price.

I have a good mate who works as an agent in Ptty, i ran the idea past him, he said at 5% there already getting enough.

[sharecropper]

What's your thoughts on this idea guys?

As an added insentive to the agents trying to sell my house, i was thinking of raising there comision to 7%, this offer would only apply if they sold my house before end of March, & above a certain price.

I have a good mate who works as an agent in Ptty, i ran the idea past him, he said at 5% there already getting enough.

A 7% commission would be a poweful incentive I reckon, and better than saying "anything over 24.25 million, you can keep", as that can create conflicts of interest which may see it unsold, as the agent tail wags the sale dog

[jb4446]

I had exactly the same problem last year,but in another SE country.Had loads of agents,promised extra commission etc etc,nothing.Eventually put a large banner outside the property,it worked like magic.Had buyers flocking to it,two buyers fighting over it.When that place sold it was the end of a nightmare,just one of thousands trying to escape.

Edited February 4, 2010 by jb4446

[dickie58]

I had exactly the same problem last year,but in another SE country.Had loads of agents,promised extra commission etc etc,nothing.Eventually put a large banner outside the property,it worked like magic.Had buyers flocking to it,two buyers fighting over it.When that place sold it was the end of a nightmare,just one of thousands trying to escape.

I've got a sign on my gate, i've also advertised it myself in some of the Pattaya press, so not selling through lack of trying.

[Rimmer]

I made up a sliding scale of commission for the agents to work on, the higher the price they got the more they earned, worked well, sold it in six weeks

[LennyW]

What's your thoughts on this idea guys?

As an added insentive to the agents trying to sell my house, i was thinking of raising there comision to 7%, this offer would only apply if they sold my house before end of March, & above a certain price.

I have a good mate who works as an agent in Ptty, i ran the idea past him, he said at 5% there already getting enough.

The problem with this Dickie is that unless there is actually a buyer to be found, then 7% of zero is still zero.

Not one agent in Pattaya is Pro Active, ie: they all seem to sit and wait and rely on their websites - doesent happen, i would be very happy to be proven wrong though?

Much better 12 - 15 years ago when the handful (15 - 20) or so agents actually talked to each other and shared the 3% commission, they could "find" a buyer within hours!! imagine if they were to communicate like that now that there are some 200 agents!!

Advertising to the locals (Pattaya & Thailand) is pretty much a waste of time too as you can see by the posters on TV here, all experts on how bad your property is or how inflated the price is!!

The free websites get you exposure for sure, but try some of the pay sites in the UK, around 69 pounds till sold - beats a commision any day and they do generate responses.

Your property represents a very good value considering the location and size of the house, permanent renters and condo dwellers will never understand that, so just dismiss their comments, stick in there and dont let the &asta*ds grind you down!

[basjke]

I made up a sliding scale of commission for the agents to work on, the higher the price they got the more they earned, worked well, sold it in six weeks

I can't remember a post of yours that you sold your house.Can you maybe remind us how many years ago it was that you sold it in such a short period?

[dickie58]

What's your thoughts on this idea guys?

As an added insentive to the agents trying to sell my house, i was thinking of raising there comision to 7%, this offer would only apply if they sold my house before end of March, & above a certain price.

I have a good mate who works as an agent in Ptty, i ran the idea past him, he said at 5% there already getting enough.

The problem with this Dickie is that unless there is actually a buyer to be found, then 7% of zero is still zero.

Not one agent in Pattaya is Pro Active, ie: they all seem to sit and wait and rely on their websites - doesent happen, i would be very happy to be proven wrong though?

Much better 12 - 15 years ago when the handful (15 - 20) or so agents actually talked to each other and shared the 3% commission, they could "find" a buyer within hours!! imagine if they were to communicate like that now that there are some 200 agents!!

Advertising to the locals (Pattaya & Thailand) is pretty much a waste of time too as you can see by the posters on TV here, all experts on how bad your property is or how inflated the price is!!

The free websites get you exposure for sure, but try some of the pay sites in the UK, around 69 pounds till sold - beats a commision any day and they do generate responses.

Your property represents a very good value considering the location and size of the house, permanent renters and condo dwellers will never understand that, so just dismiss their comments, stick in there and dont let the &asta*ds grind you down!

Lenny,

Totally agree with your assesment/comments. Thanks for your support.

I'll send you a PM later

Cheers

[dickie58]

I made up a sliding scale of commission for the agents to work on, the higher the price they got the more they earned, worked well, sold it in six weeks

This is exactly how the commision should be based on a sliding scale. My mate who works for a local agent said that himself yesterday

There are some properties in Ptty what are 4 sale for, 50 to 60 milion bht +, the agents 5% comision on that works out to a huge amount.

A mate of mine who lives in Ptty, sold his farm in the UK about 5 years ago for 1.3 milion pounds, he paid 20,000 pounds in agents commision, if i sell this place for 20 milion bht (400,000 pounds) @ 5% comision i'll be paying the same amount of comision to him, accept mine is only a 3rd of the price of what he sold his 4?

Don't get me wrong everyone is entitled to make money, but I thought general living expenses in the UK was considerably more than living here?

[PattayaParent]

^but agents here seem to operate on the Thai business model that 1 sale a year is enough, anything else is a bonus.

[dickie58]

There are advertising signs for this new condo development gone up in my Soi within the last 24 hours:

http://www.porchland.com/

There advertising prices starting @ 19,500 bht per sqm, you have to wonder whay the quality is going to be like at that price. Somewhere in Jomtien i gather.

One of the guys contributing to this thread sent me a nice PM yesterday. He made a very valid point.

For all you guys who are suggesting renting is the best option, you seem to forget that before you can rent a house or condo, somebody has to own the property first.

In the case of Ptty i would say its fair to say a lot of the rental properties farangs are renting, are actually owned by farangs?

[yankee99]

There are advertising signs for this new condo development gone up in my Soi within the last 24 hours:

http://www.porchland.com/

There advertising prices starting @ 19,500 bht per sqm, you have to wonder whay the quality is going to be like at that price. Somewhere in Jomtien i gather.

One of the guys contributing to this thread sent me a nice PM yesterday. He made a very valid point.

For all you guys who are suggesting renting is the best option, you seem to forget that before you can rent a house or condo, somebody has to own the property first.

In the case of Ptty i would say its fair to say a lot of the rental properties farangs are renting, are actually owned by farangs?

Sub 1million for a 48sqm studio. This is dirt cheap. They should sell out very quickly.

[dickie58]

There are advertising signs for this new condo development gone up in my Soi within the last 24 hours:

http://www.porchland.com/

There advertising prices starting @ 19,500 bht per sqm, you have to wonder whay the quality is going to be like at that price. Somewhere in Jomtien i gather.

One of the guys contributing to this thread sent me a nice PM yesterday. He made a very valid point.

For all you guys who are suggesting renting is the best option, you seem to forget that before you can rent a house or condo, somebody has to own the property first.

In the case of Ptty i would say its fair to say a lot of the rental properties farangs are renting, are actually owned by farangs?

Sub 1million for a 48sqm studio. This is dirt cheap. They should sell out very quickly.

They might sell out quickly, but wont be luxury units at that price.

I think the View Talay condos are even more than that, & they are pretty basic?

You get what you pay for.

[LennyW]

Strange, there is a row of what looks like shophouses going up at the northbound side of the railway road close to the Nong Kraborg junction - name - Porchland???

[sharecropper]

They might sell out quickly, but wont be luxury units at that price.

I think the View Talay condos are even more than that, & they are pretty basic?

You get what you pay for.

Ahthough in many cases in this town you don't get what you have paid for.

I would be seriously worried that even at that price, unless they go to Russians, they will have trouble selling this.

Would you want to be one of the keen first buyers entrusting your deposit to a builder who may not be able to fund successful completion of the building.

Look at Waterfront and Ocean 1 for non-starter projects where building deposits were (I am sure the promoters will claim) instead squandered on advertising and the like, and La Royale as an example of what happens even to a fairly reputable and well-funded developer when the money starts to run out before the building is completed.

Avoid.

[Pakboong]

The idea "selling like hotcakes" is based on the idea that there are not that many hot cakes for sale.

[thaijasmine]

They might sell out quickly, but wont be luxury units at that price.

I think the View Talay condos are even more than that, & they are pretty basic?

You get what you pay for.

Ahthough in many cases in this town you don't get what you have paid for.

I would be seriously worried that even at that price, unless they go to Russians, they will have trouble selling this.

Would you want to be one of the keen first buyers entrusting your deposit to a builder who may not be able to fund successful completion of the building.

Look at Waterfront and Ocean 1 for non-starter projects where building deposits were (I am sure the promoters will claim) instead squandered on advertising and the like, and La Royale as an example of what happens even to a fairly reputable and well-funded developer when the money starts to run out before the building is completed.

Avoid.

In 2010 and we are still in the midst of global credit crunch so anyone who buys a condo

" off the plan " must have more money than sense Unless the developer agrees to comply with

the new Escrow Business Act in Thailand you are throwing your money away. If the developer

isnt complying with the Escrow Business Act it suggests either they have no money of their

own or bad faith on their part or both!

http://thailand-realestate.com/blog/?p=129

Edited February 6, 2010 by thaijasmine

[sharecropper]

quote]

In 2010 and we are still in the midst of global credit crunch so anyone who buys a condo

" off the plan " must have more money than sense Unless the developer agrees to comply with

the new Escrow Business Act in Thailand you are throwing your money away. If the developer

isnt complying with the Escrow Business Act it suggests either they have no money of their

own or bad faith on their part or both!

http://thailand-realestate.com/blog/?p=129

Thanks for the link but I can't open it for some reason.

[Langsuan Man]

quote]

Thanks for the link but I can't open it for some reason.

Here is the main page of the blog, go there an try and find it from there. Usually when I have a url that won't open I try the main part without the page number

http://thailand-realestate.com/blog/

[jklkjlkjlkj]

Hi Dickie, No offense. But i'm going to be deadly honest with you now and you may not like it.....But you have no chance of selling your house within the next few years. Sorry but wake up,and your idea of 7pcent commision to whoever sells before march is ridiculous. It is not going to happen.Stop living in your fantasy world.

I don't need to get into a debate with you about this so this will be my final word on this topic.

You will not sell, i will be proved right and you will be wrong.

Sorry, But the Truth is the truth

[dickie58]

Hi Dickie, No offense. But i'm going to be deadly honest with you now and you may not like it.....But you have no chance of selling your house within the next few years. Sorry but wake up,and your idea of 7pcent commision to whoever sells before march is ridiculous. It is not going to happen.Stop living in your fantasy world.

I don't need to get into a debate with you about this so this will be my final word on this topic.

You will not sell, i will be proved right and you will be wrong.

Sorry, But the Truth is the truth

Your entitled to your opinon, good luck & goodbye!!!

[basjke]

Hi Dickie, No offense. But i'm going to be deadly honest with you now and you may not like it.....But you have no chance of selling your house within the next few years. Sorry but wake up,and your idea of 7pcent commision to whoever sells before march is ridiculous. It is not going to happen.Stop living in your fantasy world.

I don't need to get into a debate with you about this so this will be my final word on this topic.

You will not sell, i will be proved right and you will be wrong.

Sorry, But the Truth is the truth

Well the least I can say is that the OP succeeded in creating a topic with the only intention of selling his private house that has been running for 9 pages already without being removed.

Other people would be entitled to a classified only.

[Pakboong]

The fact remains that if the house is priced properly in accordance with current market realities, it will sell. No matter what incentive you offer an estate agent.

[beginner]

[

Well the least I can say is that the OP succeeded in creating a topic with the only intention of selling his private house that has been running for 9 pages already without being removed.

Other people would be entitled to a classified only.

The reason it has run to 9 pages so far is that it is a very entertaining and informative topic.

We can all relate to Dickie's situation and have our own ideas about whether or not he will find a buyer. Dickie58 I particularly enjoy your robust good tempered replies to your sceptics.

Each sale requires a willing buyer prepared to pay a price that the seller finds acceptable. In this case the property is listed at 25m bt. Having once sold a large (7bed with stables) detached house in a conservation area on a river estuary in the UK I can say the market is small but it exists. It will only take one person to say YES and the house is sold.

Whilst living here I have been amazed at the range of prices asked and received for both condos and houses. One Thai lady I know of who works in a Bangkok restaurant as a cook has built a two storey, three bed house in Isaan for 100,000 baht so far! Walls, windows,roof and flooring but not completed yet. Its an ongoing long term Thai style project.

I wonder what the build cost was of Dickie's property? How many metres at ***? Now make an adjustment for the decline/increase in desirability of Pratunmak Hill (Up or down, Up To You). Now allow for general depreciation of farang currencies against Thai Baht. What figure are we left with?

I wish you the best of luck with your sale. Keep on posting. Its a fascinating story unfolding.

Edited February 6, 2010 by beginner

[thaijasmine]

quote]

Thanks for the link but I can't open it for some reason.

Here is the main page of the blog, go there an try and find it from there. Usually when I have a url that won't open I try the main part without the page number

http://thailand-realestate.com/blog/

This is the article

The Escrow Act B.E. 2551 (“Escrow Act”) came into effect on May 20, 2008. The Escrow Act applies to any reciprocal contract; although, it is not mandatory to use the services of an escrow provider. Prior to the Escrow Act, there were no specific escrow regulations in Thailand. Rather, the parties used the laws of agency to accomplish an escrow system.

Commercial banks, financial institutions or any juristic persons prescribed in the relevant ministerial regulations licensed by the Ministry of Finance are eligible to act as escrow agents. The escrow agent must further be a neutral party and have no connections to any “concerned party,” either directly or indirectly. The escrow agent cannot be, for example, also the bank for the developer. The EBA prescribes both fines and imprisonment for an escrow agent who fails to comply with the provisions of the EBA. The Escrow Commission also has the authority to order an escrow agent to pay administrative fines.

The escrow agreement must contain the following provisions.

1. Name and address of the parties and the escrow agent;
   
2. Execution date of the escrow agreement;
   
3. Title of the reciprocal agreement between the parties;
   
4. Terms or conditions for the delivery of escrow assets;
   
5. Requirements for payments out of the escrow account;
   
6. Rights and obligations of the parties and the escrow agent;
   
7. Remuneration and other fees related to performance under the escrow agreement; and
   
8. Other particulars as further specified in the Notification of the Escrow Committee.
   

The escrow agent has the duty to draft and prepare the escrow agreement. It is likely, however, that sophisticated parties will prepare the escrow agreement for the review and approval of the bank or other escrow agent.

When an escrow agreement has been terminated, the escrow agent must transfer the monies and interest in the escrow account to the proper party, pursuant to the escrow agreement, within 30 days. The termination of the escrow agreement does not affect the right of the escrow agent to receive remuneration and fees for the acts performed, unless the termination is the fault of the escrow agent.

When the escrow agreement has ended and the monies have been transferred in full from the escrow account, the escrow agent must close the account and notify all parties.

[CGW]

The fact remains that if the house is priced properly in accordance with current market realities, it will sell. No matter what incentive you offer an estate agent.

I agree, but you have to have buyers and they are very thin on the ground at the moment!

[sharecropper]

Thanks for posting that Thaijasmine.

We should give out a prize for the first developer to offer, and the first person to get money back through, a properly set-up escrow account in Pattaya.

Edited February 6, 2010 by sharecropper

[Pakboong]

The fact remains that if the house is priced properly in accordance with current market realities, it will sell. No matter what incentive you offer an estate agent.

I agree, but you have to have buyers and they are very thin on the ground at the moment!

The number of buyers are one of the current market realities that go into pricing.