Cm Real Estate Status

[Sparkles]

After reading this thread I'm wondering now if my home would sell if I put it on the market. We're heading back to Australia for 5 years, after which we may return to CM. We had been thinking to rent out our house while we were away, but we'd definitely sell for the right price.

We built it on a 1200 m2 plot of land just off Kampangdin Rd right off the moat - definitely not in a moobaan, and on a quiet dead-end soi. It's 3-bed, 2 stories, very private compound with a high wall around, a well maintained tropical style garden with large leafy trees around three sides of the house (we have more garden than house) with two salas, a two-car carpark, and a swimming pool. If we sold it, everything inside comes with the house including all the furniture, electronics, and Yamaha grand piano. We'd price it between 15~20m baht. It's definitely not the usual home you see in these parts!

Fortunately we don't need to sell it, but we're also not attached to it. So I wonder if there is a market for this kind of home, especially one this close to the city?

Have you considered someone house sitting ? Finding someone in Aus who would like to spend 5 years here and you live in there house. a fiend has house sat on the Gold Coast and it worked out ok,just had to look after 2 dogs and a small garden. Loads of web sites/forums you can find ,worth looking at,its a growth market. We maybe be doing the same thing next Thai summer.So many houses on the market and more coming >not sur e where the buyers are coming from wit their currencies falling away.

[jayinoz]

After reading this thread I'm wondering now if my home would sell if I put it on the market. We're heading back to Australia for 5 years, after which we may return to CM. We had been thinking to rent out our house while we were away, but we'd definitely sell for the right price.

We built it on a 1200 m2 plot of land just off Kampangdin Rd right off the moat - definitely not in a moobaan, and on a quiet dead-end soi. It's 3-bed, 2 stories, very private compound with a high wall around, a well maintained tropical style garden with large leafy trees around three sides of the house (we have more garden than house) with two salas, a two-car carpark, and a swimming pool. If we sold it, everything inside comes with the house including all the furniture, electronics, and Yamaha grand piano. We'd price it between 15~20m baht. It's definitely not the usual home you see in these parts!

Fortunately we don't need to sell it, but we're also not attached to it. So I wonder if there is a market for this kind of home, especially one this close to the city?

Have you considered someone house sitting ? Finding someone in Aus who would like to spend 5 years here and you live in there house. a fiend has house sat on the Gold Coast and it worked out ok,just had to look after 2 dogs and a small garden. Loads of web sites/forums you can find ,worth looking at,its a growth market. We maybe be doing the same thing next Thai summer.So many houses on the market and more coming >not sur e where the buyers are coming from wit their currencies falling away.

I feel this would take some time to sell this one- yet it sounds spectular... naturally renting may be a hassle if you want a half decent return. Like in Aussie always the higher the price of your home, the lower the yield you will get. Yes- house swap sounds appropriate. As that price is only a standard Condo or small house near the Aussie capitals these days. Whereas here you have 1200sq.

If you planning to move in a year- best to put it on now and maybe u will have some luck via retired Farangs or Rich Thai.

It does seem a waste to let it sit there for 5 years. I guess a home like that wants 40-50K bt pm- possible but put on the market well before you are leaving. Chok Dee.

[Hugh Jarse]

If he is planning on dieing in the house sure go ahead and invest that 5 or 6 million, but if he has any idea of moving on do not do it. Rent. There are over 5,000 houses on the market in Chiang Mai and that is what is listed with the top 5 realtor's in the area. If you were to add in all the other realtor's and those that are private, oh boy. I can show you 12 beautiful homes, 2 story on a lake empty. You tell me.

Agree, advise that he rent first and then spend at least 4-6 months looking around for a place to call home. As a foreigner it is always difficult to live in a 'stand alone' owing to security issues and absenses from the house; you must have adequate security measures in place as there is so much poverty here right now. A relatively secure housing estate(Moo Bahn) may be the best option in the interim.

There is also the very real possibility of further political unrest, deterriorating forex rates and these could have a detrimental effect on re sale values.

In a nutshell:: Rent, rent, rent . If you have a Thai partner however they may think that you are a bit simple!

Good luck.

[Pearlgirl]

In the last 5 years Land and House have built and sold 500 houses in Mae Hia, which had prices starting at 3.5m, near the airport...sold them all and are now building another 500 with prices starting at 10m B (so my Wife says)...about the prie, but I can testify that the first 500 have been sold as I look at them every day out of my window !!

Someone's buying

Hmmm, that's worrying. But ta anyway.

Why's that?

Because it contradicts the trend that I thought existed, aka low sales on all fronts. Also, L & H in Phuket is simply not selling at all, their prices were static for a year then they raised them, three months ago they announced a sale and lowered their prices back to what they were previously. Throughout all of that the number of properties for sale has remained broadly the same, prices around 6.5 mill!

Phuket is a totally different market than Chiang Mai and it is notorisiously more expensive than here.

[Contractor]

In the last 5 years Land and House have built and sold 500 houses in Mae Hia, which had prices starting at 3.5m, near the airport...sold them all and are now building another 500 with prices starting at 10m B (so my Wife says)...about the prie, but I can testify that the first 500 have been sold as I look at them every day out of my window !!

Someone's buying

Interesting, can you find out who? Is the money coming from US/Europe or Asia? Is it the usual expats or wealthy Bangkokians and Chinese?

Rgds

Edited October 7, 2010 by Contractor

[nikster]

@ jayinoz - insightful, that explains a few things. To summarize:

- Land prices are normal. Rising slowly ATM. High inside the moat, and tapering off the further away you go. They seem to be cheaper by distance from the city, more or less. 20km outside they're pretty much dirt cheap.

- 2nd hand House prices are anything but normal. Huge oversupply and impossible to sell, yet no good prices to be had when buying. Banks and normal people rather hold on to them forever than selling at loss.

- New house prices in "nice" moo baan comparatively expensive

- Oversupply of nice condos. But you never know, lots of Asians retire here now wouldn't take all that many to fill all those higher end condos. Then again they could rent a cheap house easily.

- Rent is cheap

I am renting a place in Mae Hia L&H, 20k baht seems like a steal when the price for this house is in the 4-5M baht range. And before you say I get fleeced - this was rented shortly before we got here, the neighbor house was rented within a month of us moving in. These houses are pretty nice, and they move. There's maybe 10% of houses in the moo baan empty, not all of them for rent.

About new homes - I was looking at the Athena, very interesting. When we went there 6 months ago there were only 2 plots left, prices starting at 6M-10M. Large homes. Tiny gardens - as in, Thais would sit inside in the Air con anyway, and not bother going outside, hence no need for a decent garden. Right next to the freeway - a big bonus in Thai eyes, not so much for westerners. IMO it would be much more attractive to spend the same money, buy some land, and put a nice house on it. Which is what we are planning on doing eventually...

To the OP on market conditions: I am guessing only condos are really slow moving now. New homes in nice moo bans (KPV or L&H) are selling like hotcakes and at high prices. Thais just snap them up. That's why so many are being built. Old houses don't move but don't sell cheap either. Bargains not to be had when buying, only when renting.

Edited October 7, 2010 by nikster