35k Thb / Sq M In Na Kluea

[kuma]

I have been looking at a condo in Na Kluea that is already completed. It obviously is not made of imported marble and is not on the beach, its about 1 Km away, but is in a convenient area. It also has a pool. Total # of units is about 50, on 5 floors.

The price comes to roughly 35k THB / Sq M, was wondering if anyone out there with more knowledge has any comment on the price, it seems reasonable but I am new to this market (Pattaya) and have not done enough ground work yet to know if this is reasonable.

Thx

[torrenova]

In a very broad sense, Naklua is Germany and to a lesser degree, Scandinavia. I have business in Naklua and this is represented in the mix of people in the area. To that end, some other European and western people choose not to live in Naklua. My experience is that the populous of Naklua is rather heavily divided into a minority who have very good funds and a majority who have quite limited funds. For non residents, my 20 year experience of these nationals on holiday in Mallorca and Thailand shows that they go on longer holidays but do not have the same per head per day funds of their UK or USA compatriots. Economy is king in Naklua for many residents and visitors.

That may be important or not. It would be for the rental and secondary market of your proposed condo.

As a price, Bt35k/sqm is about what I can pick up a decent fitted out condo in View Talay 2 in Pattaya / Jomtien. I could certainly rent out the condo in VT2 for more than the condo in Naklua. That said, there are specialist agents, such as http://www.mmt-services.com/ who I have known for many years and who may offer a tailored rental solution were that your desire.

Obviously without many more details it is impossible to judge but I would expect that this condo block offers less in terms of two huge pools than VT2 and I would say that it is a less desirable area for many markets and thus, I would expect to see a price lower than that commanded for VT2 in Jomtien.

[Gary A]

Don't neglect to have a look at the monthly maintenance fees and the balance in the account. That information should be readily available. My condo at Jomtien Lalana has a fee of 10 baht per square meter per month and the fund is very healthy.

Some complexes have much higher rates and the fund is broke because of thieves managing the fund.

[torrenova]

Don't neglect to have a look at the monthly maintenance fees and the balance in the account. That information should be readily available. My condo at Jomtien Lalana has a fee of 10 baht per square meter per month and the fund is very healthy.

Some complexes have much higher rates and the fund is broke because of thieves managing the fund.

That was the case as VT2 and is well documented on their own forum http://www.thaicondoforum.com/view_category.php?id=1 The main problems with any condo block are the thieving Thai <deleted> who either just blatantly steal money or agree contracts well off market rates and get backhanders. Sophon cable is a great one. The next problem, again common to all condos, is Thai owners simply not paying and the management doing nothing about it. The last major issue is the sinking fund. Eventually large sums will be needed for repairs and these are too large to be collected through the annual service charge. There is nothing like a Thai looking at a large pot of money and wishing it were theirs. If they can get their thieving hands on it then the buggers will steal it. I can virtually guarantee that. In many respects, buying a second hand condo is a better deal as the issues with the management company have either been sorted out or the problems are clear to see. With new builds, you are very likely to experience problems.