Vieng Ping Condominium?

[coralia]

I was looking at some real estate listings and I noticed several studio apartments for sale in Vieng Ping Condominium... Does anybody know anything about this place? Is it a good place to live? And by the way, why is it that studios in this condominium, and others in the same area, Huay Keaw (like Nakornping), are considerably cheaper than studios in Hillside4?... I am interested in this area, but I am afraid of investing in the wrong place...

Thanks for any advice.

[sras]

Most people I know in Chiang Mai are dumping condos that are in older buildings in favor of new ones that are coming up. Vieng Ping Condominium is an older building that has a lot of renovation activity lately. To each his own, but I would not buy there, or any of the older condos in that area.

I know a farang owner who had a nice large unit in HS4 and he tried hard to sell it because he bought a unit in the quiet area far from the noisy of bars, all night singing, etc outside his HS4 unit.

Of course, I can't tell you what to do. Many folks who live in HS4 and that area will not be happy if I say anything that exposes the weakness of the market in that area.

If you want to live in an old building with a bunch of small renovated units in high traffic area with noisy bars, then that area might be fine for you.

[PeaceBlondie]

Why buy when you can rent and move out when things go bad? I rented at Vian Ping for two years and moved out when they closed the pool. My friend at Hillside 4 has had his place for sale for years.

[dave2]

peaceblondie has it right

Why buy when you can rent and move out when things go bad?

ive moved four times in 5 years because of noisey people , dogs , chickens , etc that wernt there when i moved in

rent monthly so you can easily move !

dave2

[lingnoi1977]

Not in your preferred area, but check out Peaks Garden (1 year old) and Twin Peaks near corner Changklan and Sridonchai. Excellent location (for some) and very quiet.

There are many condos for sale for the same reasons as previously stated in this Forum. We all know the downward pressures on the property market at the moment and probably for the next 5 years or so. I am almost certain that there are some very keen prices at Peaks Garden now.

I rent a lovely little studio here now with pool and gym and proper 24 hour security (they actually stay awake most of the time...)

[IanForbes]

I also agree with Peace Blondie... why buy when you can rent relatively cheaply. One thing I've learned in the 14 years I've been coming to Thailand is to never invest in something that you can't just walk away from and accept your losses with few regrets. That includes relationships.

[elektrified]

I agree with all of the others in favor of renting. You can only own a condominium here. I've met people who bought condos, then they became run down or an all night bar opened next door and some of the people have been trying for years to sell them for less than they bought them for. Why bother?

[ChiangMaiFun]

Not in your preferred area, but check out Peaks Garden (1 year old) and Twin Peaks near corner Changklan and Sridonchai. Excellent location (for some) and very quiet.

There are many condos for sale for the same reasons as previously stated in this Forum. We all know the downward pressures on the property market at the moment and probably for the next 5 years or so. I am almost certain that there are some very keen prices at Peaks Garden now.

I rent a lovely little studio here now with pool and gym and proper 24 hour security (they actually stay awake most of the time...)

Twin Peaks? bankrupt? lots of problems I here from the 'peaks' places - buyer beware

[ChiangMaiFun]

I agree with all of the others in favor of renting. You can only own a condominium here. I've met people who bought condos, then they became run down or an all night bar opened next door and some of the people have been trying for years to sell them for less than they bought them for. Why bother?

Why bother? I own several condos and rent them out at 7/8% net and 10/11% gross

No tax

No ATM charges

No exchange rate issues

Local currency income

I just rent out to you guys who don't like buying - thanks - I get my return within 10 years and have local income - every year my investment goes down in real terms - renting? throwing money away in my view.

[ChiangMaiFun]

Most people I know in Chiang Mai are dumping condos that are in older buildings in favor of new ones that are coming up. Vieng Ping Condominium is an older building that has a lot of renovation activity lately. To each his own, but I would not buy there, or any of the older condos in that area.

I know a farang owner who had a nice large unit in HS4 and he tried hard to sell it because he bought a unit in the quiet area far from the noisy of bars, all night singing, etc outside his HS4 unit.

Of course, I can't tell you what to do. Many folks who live in HS4 and that area will not be happy if I say anything that exposes the weakness of the market in that area.

If you want to live in an old building with a bunch of small renovated units in high traffic area with noisy bars, then that area might be fine for you.

H4? I own a unit there and never had a problem - great reception - great security - great location - no noisy bars - all night singing? where do you get that from? i think there may be ONE side of H4 which is overlooking the barbeque gig - but no one buys that side - dont taint the whole building because your friend has a unit on the one side...

[gravion]

I agree with all of the others in favor of renting. You can only own a condominium here. I've met people who bought condos, then they became run down or an all night bar opened next door and some of the people have been trying for years to sell them for less than they bought them for. Why bother?

Why bother? I own several condos and rent them out at 7/8% net and 10/11% gross

No tax

No ATM charges

No exchange rate issues

Local currency income

I just rent out to you guys who don't like buying - thanks - I get my return within 10 years and have local income - every year my investment goes down in real terms - renting? throwing money away in my view.

isnt there expenses such as lack of tenancy, interior upgrade/damage, broken/inefficient water heater, aircon, interest if you're borrowing money, water leaking, cracks or soemthing?

[ChiangMaiFun]

I agree with all of the others in favor of renting. You can only own a condominium here. I've met people who bought condos, then they became run down or an all night bar opened next door and some of the people have been trying for years to sell them for less than they bought them for. Why bother?

Why bother? I own several condos and rent them out at 7/8% net and 10/11% gross

No tax

No ATM charges

No exchange rate issues

Local currency income

I just rent out to you guys who don't like buying - thanks - I get my return within 10 years and have local income - every year my investment goes down in real terms - renting? throwing money away in my view.

isnt there expenses such as lack of tenancy, interior upgrade/damage, broken/inefficient water heater, aircon, interest if you're borrowing money, water leaking, cracks or soemthing?

Hi sure... 10% gross 7/8% NET after costs?

[Greenside]

Viengping has suffered from useless and lazy management for years but its position and the pricing of the apartments makes it one to watch and I can tell you that there are some really plush suites hidden away once you venture beyond the rather drab lobby. You do need to have a bike or other transport if you live there but if you like the Nimmenhamen area and are on a budget it's worth a look. PB: the pool has been open for the past couple of years at least although not many people use it. There are places up for both sale and rent right now.

[PeaceBlondie]

It was closed for a long time, Glad to hear it's open. My opinion stands.

[sras]

It was closed for a long time, Glad to hear it's open. My opinion stands.

Agreed. 

Buying property in CM is a crap shoot at best.  Renting is the must better option if you are a person "of means" and have income outside of Thailand and want to enjoy the "good life"........  

The "heydays' of making money from property is Thailand is over.    Chiang Mai is nearly dead, from a business and investment perspective.

Edited March 14, 2010 by silkroadasia

[sras]

peaceblondie has it right

Why buy when you can rent and move out when things go bad?

ive moved four times in 5 years because of noisey people , dogs , chickens , etc that wernt there when i moved in

rent monthly so you can easily move !

dave2

Exactly!

Or the condo has financial issues, or they open a new bar outside (since the laws are not applied fairly if you have "friends"), or your neighbors are loud and obnoxious, or the Thai management and you disagree and get into a "face losing" argument.

Foreigners have just about zero rights in Thailand. (edit)

Rent and be happy.  Move if you don't like it.  Why bother?  Rent is so cheap.

Edited March 14, 2010 by silkroadasia

[elektrified]

Well let's see. There is only one poster here who seems to think buying a condominium in Thailand is a "good investment". He them admits he does not pay taxes on his income. Everyone earning rental income in Thailand has to pay taxes I have been told by Thai property owners.

Good luck to you if you ever try and sell them.

Renting is the only way to go here.

[coralia]

Well, thanks for all your comments... I guess I'll have to give the matter more thought...

Actually, I don't like to rent. I might as well stay in a hotel and pay the "monthly rate"... As long as I have a swimming-pool and I'm close to Tops Supermarket...

[gravion]

im sure there must be some risk. what are thoose????

first off you need at least 1.5-2M baht in cash right? borrowing money from the bank is bombarded with interest right?

and you do not want to actually live in that cond you bought right? rent it out? so for yourself, do you actually buy another condo...?

another thing... u gotta be sure u can remain in thailand yeah?

Edited March 15, 2010 by gravion

[ChiangMaiFun]

im sure there must be some risk. what are thoose????

first off you need at least 1.5-2M baht in cash right? borrowing money from the bank is bombarded with interest right?

and you do not want to actually live in that cond you bought right? rent it out? so for yourself, do you actually buy another condo...?

another thing... u gotta be sure u can remain in thailand yeah?

ok you have a point - I was talking from the point of view of someone who lives here long term and ownes several units. There are several of us here who do so - bringing some of our cash into Thailand so we can utilise rental income for living expenses etc. I would never suggest borrowing money - most of us are retired and have a little savings we can utilise. I live in one of my units and move if I sell or rent it - hope that clarifies - i just hate it when people scream dont buy! it depends on circumstances.

[gravion]

but dont you think 10 years is a long time? you might get in trouble with bib or something and be deported or sumthing... i think that pattaya dude with a yellow hummer was framed or something?

or u might get fed up with chiangmai and thailand or something.

[elektrified]

Well let's see. There is only one poster here who seems to think buying a condominium in Thailand is a "good investment". He them admits he does not pay taxes on his income. Everyone earning rental income in Thailand has to pay taxes I have been told by Thai property owners.

Good luck to you if you ever try and sell them.

Renting is the only way to go here.

Many of us have been successful and I do sell condos actually dude. I simply post for the OPs benefit not to get flamed by others - rent is throwing money away - might as well stay in hotel. I described my experience (the experience of many, many here). Instead of ripping my post apart why not add something of your extensive experience of the property market? oh wait you don't have any you rent! sorry I forgot.

Hey dude I'm not foolish enough to buy a condo here! Yes I rent. Renting is the only sensible way here. I agree with the other posters that you slammed. They are well informed. You haven't got a clue.

Edited March 15, 2010 by elektrified

[Tywais]

And its not libel if it is correct (as silroadasia's comments are).

In Thailand that is not entirely accurate. You can be sued for libel even if it is correct if it causes financial damage to a person or business. Just to correct that before asking members to get back on topic and to tone it down a bit.

[gravion]

open a bank account in australia or something. they got like 5% interest rate!

[coralia]

Well I have to say that I am astonished at reading all your comments... I only asked a little question about Vieng Ping Condominium... and I was only interested in buying a place for myself, not as an investment (I wouldn't dream of investing my money in Thailand)... Some people dream of having a little place of their own, where nobody will bother them (no landlords, no hotel staff etc.). That's probably the reason why many people buy in Thailand - although it's obviously not a good idea, as most of you pointed out...

I didn't realize that feelings were running so high on this subject and that posters would react so strongly. I wonder what it is about the Chiang Mai property market that caused this heated discussion precisely on this forum...?

Anyway, for me this is a very interesting discussion... Thanks all for sharing your opinions and experience and taking the time to write.

[CobraSnakeNecktie]

I got a lot out of this discussion because after years of renting I had been thinking about buying.

Coralla I think its more about T.V. being a nutbag magnet than anything else. It some sort of therapeutic outlet for frustrated and isolated expats. Myself included ;-)

Good question and good thread !!!!

[ChiangMaiFun]

I just wanted to say - and this is my last post on this topic

I posted to help the OP and give an alternative view of condo ownership here in chiang mai - I and many others do not own a 'business' but simply have a few rooms which we rent out. There are many of us - my status visa/tax or otherwise is none of your business and one of the things I don't like about Thai Visa is everyone jumping to flame someone who puts forth a view.

People are allowed to have alternative views - you like renting? great! you think we are all stupid for owning? great! but you stifle good debate by jumping on people like this - it is mob mentality and I see it several times on threads and it is always disappointing - several people I know have left the board because of it.

There ARE alternative views - on every subject under the sun. I happen to know about this subject and know almost all the owners in chaing mai - the reality is not as has been suggested but I am not going to comment any further.

Good luck to original OP hope it works out.

[likite]

Well I have to say that I am astonished at reading all your comments... I only asked a little question about Vieng Ping Condominium... and I was only interested in buying a place for myself, not as an investment (I wouldn't dream of investing my money in Thailand)... Some people dream of having a little place of their own, where nobody will bother them (no landlords, no hotel staff etc.). That's probably the reason why many people buy in Thailand - although it's obviously not a good idea, as most of you pointed out...

I didn't realize that feelings were running so high on this subject and that posters would react so strongly. I wonder what it is about the Chiang Mai property market that caused this heated discussion precisely on this forum...?

Anyway, for me this is a very interesting discussion... Thanks all for sharing your opinions and experience and taking the time to write.

'Some people dream of having a little place of their own, where nobody will bother them (no landlords, no hotel staff etc.)'. Coralia you can get bother here regardless of whether you buy or rent. Buying doesn't make you immune to unwanted problems.

Good luck

[sbk]

Given the OP's request regarding this thread, the generalized nastiness, flaming and abuse that have resulted in this thread I have deleted ALL off topic garbage and the next one to step over the line will be suspended.

[bonobo]

This thread has devolved into quite a bit of name-calling and personal attacks.  Please keep your posts civil or the thread will be closed.

Thanks.

(After posting, I see that sbk beat me to the punch.)