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Chiang Mai Condo


HowardB

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Hi everyone

I am in the process of looking for, and eventually buying, a condo in Chiang Mai. After searching various real estate companies, I see a number of condo's available in the Hill Side 4 complex. Can anyone give me some constructive feedback on this complex.

I haven't actually visited the complex, but I get the impression it's not so far from the city walls and has a wide variety of things to do and see. Prices on average are THB33K per sqm. Is this good or could I do better. I would like to keep my budget around the THB1.5million. I will be in Thailand in October with my wife and we would like to do some searching in that time.

Anyone with a condo for sale within my budget is welcome to send details and pictures for me to see.

Thanks in anticipation

Howard

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Yes I am also in the market- I have found that kkn.co.th is willing to negoitate down a fair bit from 40K bt at Trio and Plus 1.

30 sq metres is very small- you should have a least 45 sq metres IMO. Hillside is aprrox this at approx 30K sq m- yet naturally it is older than the new complexes. Thus you will find the older the complex the cheaper per sq mtr.

If you willing to take a chance on Buy OFF the plan, then you can get a bargain. Yet in Thailand I have found that to be quite a risk with the mentality of some of the developers.

Plus the BT is very strong NOW- this another reason to bargain far less than 40K bt psm.

When you could rent say Hillside at 15K pm being 180K pa or buy for 1.2-1.4 I think it is a no brainer not to pay someone else over 10% yield. Although you can get Hillside unfurnished for a fair bit less now. Plus you must pay for all the extras whether own or rent- like fitness centre, etc. Look at the Management fees, especially as that maybe you biggest rip off over the years.

Many owners have had hassles with fees going up when they only need to employ a cleaner for the common area or 2. Someone makes big bucks off this- then naturally Management get commission from developer for onselling units. Cash cows for the Managers of the complexes and many will try squeeze the Farang for what they can.

I propose a few of us see these Condo places together to try for bulk discounts and help each other out. As bargaining for several units is better than bargaining for one. I do not think they would try play us off against each other as plenty available, although naturally the sales people always say only 20% left, which they have been saying for over a year. PM if interested. Cheers Jay

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I got the impression that sales figures are inflated too. Realtors favorite trick is to create "a sense of urgency." I was talking to a realtor today, who said things are kind of stagnant right now. Sellers are asking too much, and buyers are getting creamed by this currency situation.

He seemed to think that deals could be had on Nimanhimen, because of parking trouble and horrible traffic. I did look at a nice condo in Chiang Rai that was priced at 450,000 for 35 sm. CNX feels real homey to me though--it's really hard to beat.

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I got the impression that sales figures are inflated too. Realtors favorite trick is to create "a sense of urgency." I was talking to a realtor today, who said things are kind of stagnant right now. Sellers are asking too much, and buyers are getting creamed by this currency situation.

He seemed to think that deals could be had on Nimanhimen, because of parking trouble and horrible traffic. I did look at a nice condo in Chiang Rai that was priced at 450,000 for 35 sm. CNX feels real homey to me though--it's really hard to beat.

I have to be honest, im kinda confused by all this talk about "buyers being creamed" by the currency situation. I've read other comments of a similar nature. As far as i can see this is an ideal time for me to buy something as the AUD is quite good at the moment.

Also regarding Thighlander's comments, most of the condo's Ive seen for sale are about 45sqm in Hill Side 4. I haven't seen any advertised at 30sqm.

True jayinoz, approaching realtors as a group would offer some strength in bargaining, but that assumes we all want the same thing from our properties.

Thanks for the comments so far, they are all helpful.

Howard

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The 45m units at HS 4 rent mostly in the 10 to 13k per month range for furnished and updated ones.

I rent on the top floor with Doi Suthep view. Fully furnished and many custom upgrades. I pay 12K and have been tempted to switch to one on the 14th floor for rent at 10,700 asking per month. Fully furnished and customized.

Some people might be asking more per month or maybe getting for short term rentals. I have seen some units rent for 8k per month for a basic unit on a lower floor.

Realtors might hype up expectations to get a buyer. I know a nice couple who bought a 45 m unit on the 13th floor. The realtor convinced them they could get 14K per month. The first year they had the unit it was vacant waiting for a renter who would pay the price. Now they have the unit rented for about half the year at 11k per month.

By the same token I have seen units for sale at 1.4 m and they have been available for what seems like years. When they finally sell I doubt they are getting their asking price.

HS 4 is pretty good for a lot of reasons like having good security, convenient location and many amenities.

Just don't count on any future appreciation. The prices have been static for about 4-5 years now.

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Realtors favorite trick is to create "a sense of urgency." I was talking to a realtor today, who said things are kind of stagnant right now.

Not just realtors Thighlander. This 'Buy Now or Lose Out' sales tactic has been used since the dawn of time, and any advertising school would teach it as a valuable tool in selling any product or service. There's always an 'excuse card' up the salesperson's sleeve too, if questioned why whatever it is, is still up for sale some months later!

Websites that sell can be even more misleading! Some have a digital style clock at the top of the page with animated seconds zooming the focus in on the countdown before the sale ends! This really puts the emphasis on 'act fast or lose out'. The thing is, these clocks rarely hit 00:00 Sale Over!, so tomorrow's deadline, never actually materialises, or it reappears under another guise!

Regarding the peaks and dips of real estate, i would say if it's a long term investment, the price is right (for you and your budget), and you like what you see when compared to similar places in different buildings and locations, then the time is also right to buy not matter what other variables come into play. This is not day trading, it's long term, and speculating that the property bubble might crash in 6 month, 1 year, 3 years, 5 years, from now, could have home hunters waiting with one foot in the grave!

Aitch

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HowardB, why not rent at Hillside 4 for 6 months or a year to see if you like the building, location, etc? You could figure out, too, which is the best side of building and the best floor. As mentioned, there are many units available there both for sale and purchase. While you're renting, you could let it be known that you're interested in buying a unit in the building and you'd probably become aware of some really good ones even before they're advertised. An owner would be willing to lower the price if they don't have to pay a sales agent commission. It would be fairly easy to move yourself from one unit to another within the same building once you've made your final choice.

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Once again, thanks for all the advice and suggestions.

I have tried to find a website for Hill Side 4 complex with the aim of contacting the building management but to no avail.

Does anyone know the contact details, website, email address or phone etc?

Thanks

Howard

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Once again, thanks for all the advice and suggestions.

I have tried to find a website for Hill Side 4 complex with the aim of contacting the building management but to no avail.

Does anyone know the contact details, website, email address or phone etc?

Thanks

Howard

PM me if you need an email address for a contact in either the management or sales office at Hillside 4.

Rgds

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HowardB, why not rent at Hillside 4 for 6 months or a year to see if you like the building, location, etc? You could figure out, too, which is the best side of building and the best floor. As mentioned, there are many units available there both for sale and purchase. While you're renting, you could let it be known that you're interested in buying a unit in the building and you'd probably become aware of some really good ones even before they're advertised. An owner would be willing to lower the price if they don't have to pay a sales agent commission. It would be fairly easy to move yourself from one unit to another within the same building once you've made your final choice.

Excellent advice. Rent before you leap.

Paperwork tells only part of the tail.

Drawbacks to Hillside 4 (and apologies if some of the problems have been sorted - my long term resident informant left 3 years ago) include: very small , slow lifts, some always being used by contractors; rain blowing in under the window frames during storms (this on a high floor, facing south); crammed car park down below and no reserved spaces for residents; a dark and deserted lobby (where once a professional pianist played the baby grand); and a general gloomy feel and mildly musty odour.

By contrast, Galae Thong Tower off the south end of Changklan Rd is very airy and bright and far enough away from the University to avoid all those noisy student parties.

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HowardB, why not rent at Hillside 4 for 6 months or a year to see if you like the building, location, etc? You could figure out, too, which is the best side of building and the best floor. As mentioned, there are many units available there both for sale and purchase. While you're renting, you could let it be known that you're interested in buying a unit in the building and you'd probably become aware of some really good ones even before they're advertised. An owner would be willing to lower the price if they don't have to pay a sales agent commission. It would be fairly easy to move yourself from one unit to another within the same building once you've made your final choice.

Excellent advice. Rent before you leap.

Paperwork tells only part of the tail.

Drawbacks to Hillside 4 (and apologies if some of the problems have been sorted - my long term resident informant left 3 years ago) include: very small , slow lifts, some always being used by contractors; rain blowing in under the window frames during storms (this on a high floor, facing south); crammed car park down below and no reserved spaces for residents; a dark and deserted lobby (where once a professional pianist played the baby grand); and a general gloomy feel and mildly musty odour.

By contrast, Galae Thong Tower off the south end of Changklan Rd is very airy and bright and far enough away from the University to avoid all those noisy student parties.

Just to update:

There are new lifts, new CCTV, parking permits for car park and the rear of the lobby is improved.

However, this is Thailand so do not expect western standards of maintenance!

Rgds

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....... By contrast, Galae Thong Tower off the south end of Changklan Rd is very airy and bright and far enough away from the University to avoid all those noisy student parties.

And situated in a wasteland behind the Park Hotel with almost no useful amenities within walking distance :unsure:

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HowardB, why not rent at Hillside 4 for 6 months or a year to see if you like the building, location, etc? You could figure out, too, which is the best side of building and the best floor. As mentioned, there are many units available there both for sale and purchase. While you're renting, you could let it be known that you're interested in buying a unit in the building and you'd probably become aware of some really good ones even before they're advertised. An owner would be willing to lower the price if they don't have to pay a sales agent commission. It would be fairly easy to move yourself from one unit to another within the same building once you've made your final choice.

NancyL is "spot on".

It takes some time to know (a) where it is in the city that you will live in most conveniently and (B) what your target building's conditions are like before spending your hard-earned Aussie dollars. Purchasing the wrong condo here can prove to be a major problem because selling may take far longer than expected.

Take NancyL's very sound advice. Absolutely no need whatever to rush a purchase. Condo prices are. in my opinion, scarcely likely to leap nor, for that matter, rise in the near future. What happens to the AU$ is a matter for speculation.

Good luck.

Cheers

P.S. I have tried to edit out that smiley emoticon but it simply refuses to leave the forum ! It should read (B).There you go again ! try "b" for Bravo !

Edited by SwaziBird
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post-37570-047636500 1284971308_thumb.jpI really liked the ambiance and cleanliness of Galee Thong. However, 1) they are at the limits of their foreign quota. 2) it is too close to the river.....3) some of the units are exposed to noise from Karaokee until 2 am+.

I was looking at Chom Doi #1, yesterday. Anyone have the inside story on it?

I bought 2 condos in the US last year. 26 cents and 16 cents on the Dollar from their previous sale prices. The one in Summerlin Nevada was sold for 55% more, 8 months later. You know how Warren Buffet talks about blood in the streets....

This is what a nice sidewalk looks like in case you've been here for a long time, and haven't seen one.

Edited by Thighlander
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