Looking For A Cheap Condo

[AAACEEE]

anybody can point me in the right direction if i want to rent a condo/studio in BKK...?

i prefer the area between sukhumvit and pratunam... my budget is 15k all in...

i know i'm pushing it but also know it's a buyers market out there now.. and im not looking for anything fancy but just not too old..

doesn't have to be big and and just needs a king size bed and a clean/new bathroom and internet availability... don't need pool-reception-cleaning etc etc

any help would be really appreciated

[shaunoro]

There is no buyers market in Bangkok.

Landlords would rather have empty unit than drop rent.

Chinese mentality.

[rogervertigo]

I imagine that shaunoro is right about the landlords here when it comes to the long-term housing market, but there definitely is a bit if a buyer's market when it comes to shorter-term places. You may have seen my story in another thread, as I've just arrived for what is likely to be a 3-month stay here, and perhaps another 3 months after a visa run.

After much research I noticed that there are hundreds, or more likely thousands, of empty condos in this area, and most of them seem to be optimistically priced based on current conditions. I suppose that if you bought a condo with the hopes of renting it out for 30,000 per month, then taking 24,000 per month just to get a tenant could mean that you are stuck with a 20% "loss" for many years to come. So they just wait and hope instead.

When I let people know that I was only looking for a 3-month lease, several of the larger agencies never even answered my emails, but a few people did, and they were ready to cut the price to get someone in there for a few months like that.

In the end I moved into a serviced apartment (fully furnished plus daily maid service) on a month-to-month basis at a place called House By The Pond, and so far I'm very happy with it. Before I chose the large 18,000/month unit I'm in I saw two others here priced at 16,000/month, and they were pretty nice. There are quite a few other buildings right in this small area that have similar units, so it does seem like there are quite a few options close by. It's just off Sukhumvit 22, maybe 1km south of Sukhumvit Road, so the location is very good for this price range. And of course you can stay at these places as long as you like, and I've already met a few other Westerners who are staying here indefinitely.

Another odd thing is that I found it through a fancy real estate agency nearby, and they somehow got me a better price than I would have gotten walking in off the street, and there was no commission for me. If you are interested just send me a PM and I'll give you the details.

[Haacker]

I imagine that shaunoro is right about the landlords here when it comes to the long-term housing market, but there definitely is a bit if a buyer's market when it comes to shorter-term places. You may have seen my story in another thread, as I've just arrived for what is likely to be a 3-month stay here, and perhaps another 3 months after a visa run.

After much research I noticed that there are hundreds, or more likely thousands, of empty condos in this area, and most of them seem to be optimistically priced based on current conditions. I suppose that if you bought a condo with the hopes of renting it out for 30,000 per month, then taking 24,000 per month just to get a tenant could mean that you are stuck with a 20% "loss" for many years to come. So they just wait and hope instead.

When I let people know that I was only looking for a 3-month lease, several of the larger agencies never even answered my emails, but a few people did, and they were ready to cut the price to get someone in there for a few months like that.

In the end I moved into a serviced apartment (fully furnished plus daily maid service) on a month-to-month basis at a place called House By The Pond, and so far I'm very happy with it. Before I chose the large 18,000/month unit I'm in I saw two others here priced at 16,000/month, and they were pretty nice. There are quite a few other buildings right in this small area that have similar units, so it does seem like there are quite a few options close by. It's just off Sukhumvit 22, maybe 1km south of Sukhumvit Road, so the location is very good for this price range. And of course you can stay at these places as long as you like, and I've already met a few other Westerners who are staying here indefinitely.

Another odd thing is that I found it through a fancy real estate agency nearby, and they somehow got me a better price than I would have gotten walking in off the street, and there was no commission for me. If you are interested just send me a PM and I'll give you the details.

One of the things I can not understand about Bangkok is there a many people from the USA who have bought a condo here, and leave it empty. They can not afford to do that. There are many expats who would like to rent from them, if the price is cheep. It seems to me some rent is better then no rent. Those owners need to ride out the storm. Any one with an IQ of 60 knows its going to be 2 more years before prices come back at all. Having been an investor for many year. In homes/apartment/condo I have found its about cash flow. So you don"t get top rent. So what. you can write off any loss. In the mean time you get some cash running through the property and some one is looking after it. I have often thought about starting a rental company here with this in mind. It is very clear to me that these owners are not coming to Bangkok any time soon. So they need to think about cash flow. I know there are many owners that read this forum trying to figure out what to do with there condo. Why not rent it to me/and I will rent it for you. I don"t work cheep by the way LOL. Dose any one in Thailand. Just joking. You have a need I I can fill it. I know for a fack that there are ten of thousands of USA expats that would like to live in a nice place and take care of it for you until the market comes back. Lets take about it!

[keymaker]

One of the things I can not understand about Bangkok is there a many people from the USA who have bought a condo here, and leave it empty.

I guess they don't even need money but the only purpose is investment for the future.

I could agree but I think that this selfish behaviour will in the long term spoil the local market.

Think about many people looking for an affordable condo but there are fewer and fewer chances to find it.

Edited July 5, 2010 by keymaker

[Haacker]

One of the things I can not understand about Bangkok is there a many people from the USA who have bought a condo here, and leave it empty.

I guess they don't even need money but the only purpose is investment for the future.

I could agree but I think that this selfish behaviour will in the long term spoil the local market.

Think about many people looking for an affordable condo but there are fewer and fewer chances to find it.

Newbie, have to agree with you. As a result we have many condo"s without tenants. If one has a small amount of renters and many more condo"s. It breaks down to which one will get a tenant. Thats were price comes into affect. Newbie, all I am trying to say is there is a big market here in Bangkok. To get expats together with cash strapped condo owners and make a deal. Good for both sides. Win-Win!

[Haacker]

One of the things I can not understand about Bangkok is there a many people from the USA who have bought a condo here, and leave it empty.

I guess they don't even need money but the only purpose is investment for the future.

I could agree but I think that this selfish behaviour will in the long term spoil the local market.

Think about many people looking for an affordable condo but there are fewer and fewer chances to find it.

Newbie, have to agree with you. As a result we have many condo"s without tenants. If one has a small amount of renters and many more condo"s. It breaks down to which one will get a tenant. Thats were price comes into affect. Newbie, all I am trying to say is there is a big market here in Bangkok. To get expats together with cash strapped condo owners and make a deal. Good for both sides. Win-Win!

OK guys there has been 336 people who have read this post. That tells me I am on to something. Come on don"t be shy! I know you have some thought on this. What would make you rent a condo? Whats the deal. Is it about price. Is it about area. Is it about transport? Is it about shopping? Girls etc. What is it that will make you act? Now is the time for we expat to speak up for what we need and want.

[hansum]

Apparantly landlords have historically got 10% rental returns PA, so this means that forever more they should get this amount ... despite the fact wages have not risen at the same pace as property in the last 10 years, but who am i to argue with these so called investors who couldnt think of anywhere better to put their money then in a badly built apartment at the peak of a global property boom to let it sit empty.

Im also looking for a 2 bed apartment in mid Sukhumvit but im not willing to pay 35000 bht for a 63m2 unit that costs 4.5 million baht that has no bathtub or oven, id go to 25k but no one seems willing to take this more then fair offer ... there are also lots of foreign run agents ramping the prices imho.

Edited July 8, 2010 by hansum

[Haacker]

Apparantly landlords have historically got 10% rental returns PA, so this means that forever more they should get this amount ... despite the fact wages have not risen at the same pace as property in the last 10 years, but who am i to argue with these so called investors who couldnt think of anywhere better to put their money then in a badly built apartment at the peak of a global property boom to let it sit empty.

Im also looking for a 2 bed apartment in mid Sukhumvit but im not willing to pay 35000 bht for a 63m2 unit that costs 4.5 million baht that has no bathtub or oven, id go to 25k but no one seems willing to take this more then fair offer ... there are also lots of foreign run agents ramping the prices imho.

Hansum, you know seance AAACEEE started this thread I have tried to get condo owners to respond. These absentee owners have been complacent. They have relieded on what a sales man has told them about the market here in Thailand. The only goal of the sales man is a commission. There are 100.000 expats that live here. (white guys and gals.) Most are educated and know what a down market means. Unlike thai's. After all, people from the west know that when times are good you can get max rent, when times are bad its low rent time. On the other hand in thailand. When times are bad its time to raise the price. What most owners do not know is how thai's think. To people from the west they do not understand this type of thinking. Those of us that live in thailand have a saying. TIT (this is thailand) That means this is how it is done in thailand. Thai's thinking is that if you have less customer, then you must raise the price to make up for no customers. We all know that dose not work. As I live in Bangkok. I have looked around a lot in regards to renting condo"s. What I see is condo owners who refuse to give an inch on the rent. they would rather loss there condo then rent for less. A saying come to mind. "More money then cents. There are a lot of good tenants out there that would take care of your property even if the rent is lower then you want. Me being one of those. Most people here (white guts) think the people that bought condos years ago paid a high price. Yes they did. That was the good old day LOL. Thats not now. You condo owners need to get a grip on your investment. You know, hands on! Now is the time to step up and rent the dam thing. So what if you loss $100-200 per month. It's that better then loosening all of your investment?

Edited July 8, 2010 by Haacker

[hhgz]

I find this thread typical of many: someone asks a question, and the TVers rant - without answering the question. The guy is looking for a cheap apartment, not a shallow assessment of the real estate market, or a perspective of "Chinese mentality".

OP, all condos have a "sales/rental" office. Find a condo development that you like, and ask.

[Lizard2010]

I enclose a link to a fella who has been producing Viseos about all sorts.

thai-faq.com

I have just vewed this video about Apartments in Bangkok.

I this will be of help.

Any feedback would be apreciated from those in the know.