Pattaya Cycles

[actiondell4]

Spoke to a Pattaya Real Estate agent today,lovely Irish farang guy.

He told me his opinion on Pattaya and I quite agree,actually I use to be a knocker of Pattaya and those with "rose tinted glasses" but what he said today to me made sense.

He told me that Pattaya goes thru cycles,the economy went bad for the last 2 years ok,do you think its going to stay like that forever,no way,another 5 to 10 years and especially 10 years from now,the place is going to be sky high in prices !

He has sort of convinced me that NOW is the time to buy,its at its lowest,this is the time condo owners are gIVING AWAY their condos and as he said,10 years from now,hardly anyone will be able to afford a condo here.

The place will be like Benidorm,not sure where that is,but he said this place Benidorm around 50 times !

Look at Benidorm now he told me today,couldn't afford it he said.

In some ways he has changed my view,of course condo investments are down so in 10 years my condo should be worth more if i bought it today.

He gave me an example as I want to buy a 1 bedroom in Jomtien to rent out,he can sell it to me for less than 1 million baht, Im making an offer of 900k,and as he told me,5 to 10 years from now,it will be so out priced probaly close to the 10 million baht mark.

Pattaya is starting to boom,look at the Hilton hotel,why would they invest if they cannot see the future ?

As the Real Estate sales guy told me,once a Casino is built the place would boom.

He himself if he had money would buy a block of condo 's if he could .

He was only a young guy,late 20 s,early 30 s ,but he started off selling Condo's in Benidorm,just googled it,it's in Spain apparently,but now Benidorm had boomed so much he has come to Pattaya because he can see the next boom.

I mean he has some good points,it can only go up .

Now with young Thais going back from Australia,USA and UK with loads of money from their restaurant businesses then prices WILL have to go up.

I mean look at 10 years ago in Pattaya,how real estate prices have changed.

I believe NOW is the best time to buy an investment.

The place,Pattaya will become another BENIDORM,I cant get this word out of my mind,he kept saying it,but its going to become better than Benidorm.

Edited November 30, 2010 by actiondell4

[CHdiver]

:cheesy:

[sharecropper]

Reading your post made me think more of bed and yawn than Benidorm.

I think the city will always boom, but not necessarily for real estate buyers looking to make the big bucks of old.

By the way: He gave me an example as I want to buy a 1 bedroom in Jomtien to rent out,he can sell it to me for less than 1 million baht, Im making an offer of 900k,and as he told me,5 to 10 years from now,it will be so out priced probably close to the 10 million baht mark.

If he's prepared to offer security over his house to guarantee this astounding prediction, I know a few TV members who will happily take him up on it. If he's not he's just another wild-eyed avaricious t*sser trying to hoodwink the easily gullible. Not you of course, but others.

[actiondell4]

Actually some of the things he told me were quite incredible but if you really think about it,it has a truth to it.

There is a myth in Pattaya mostly started by big Companies running bar businesses that it should only be seen as a "hobby",that there s no money in bars,etc.

Well if thats the case tell me why the big Irish bars/pubs are still trading and still opening up.

Why are the big go go Companies spending millions of baht if theres no future in Pattaya ?

As this young real estate agent told me,its all a myth created by big business to keep out the small business .

Secondly with the bigger condo's he actually has a waiting list of buyers,and whilst i didn't put a deposit on the condo he was trying to sell me he claimed he had buyers waiting whch i dont disbelieve but i wasnt ready today to put a deposit on.

[darrendsd]

It's just his oponion and nothing more.

As for the old "if you don't put a deposit down today, theres others waiting" well need i say more?

Sounds like he's trying to bullshit you, sorry i meant hoodwink you into a quick decision.

Stay clear is my advice for what it's worth.

[Orac]

I was in Benidorm a few months ago on a stag do and it was not exactly impressive - actual watched the same stripper in a bar that my mate I was with saw 20 years ago there.

The property market in Spain is hardly impressive:

"“By changing the rules on provisions, the (Spanish) central bank has really put a shotgun to their heads,” said Fernando Rodriguez y Rodriguez de Acuna, founder of Madrid-based property adviser RR de Acuna & Asociados.

“The banks will have to cut their price expectations more aggressively to reduce their stock of homes.”

Property values will fall 20 percent over the next five years, De Acuna estimates, with most of the declines coming next year.

Since the Spanish market’s peak in April 2007, home prices have dropped 22.5 percent, according to a survey by property website Fotocasa.es and IESE Business School.

About 280 000 people in Spain will lose their homes this year, according to Spanish consumer protection association Adicae."

Quoted from an article in the Independent Online yesterday.

Edited November 30, 2010 by Orac

[sharecropper]

Well spotted Orac.

"Property values will fall 20 percent over the next five years, De Acuna estimates, with most of the declines coming next year.

Since the Spanish market’s peak in April 2007, home prices have dropped 22.5 percent, according to a survey"

Maybe this Pattaya property blagger got it right after all. It IS like Benidorm!

[norrona]

he is probably ex timeshare or one of those salesmen in spain who closed people on their 3 day inspection tours.....

either that or extremely deluded

[undercover]

Do yourself a favor and sit down quietly and go over what your telling us. if if sounds too good to be true then there's a very strong possibility it is, if you really thought he was right and you could make some real money you wouldn't be asking for opinions here, after reading over it again and you still feel he's right then go for it.

[Jingthing]

Benidorm, Schmenidorm.

My predictions for a one million baht Pattaya condo over the next decade --

1. Best case scenario, triple in value, 3 million baht

2. Likely case scenario, appreciation of 4 to 6 percent per annum, based on baht

3. Worse case scenario, one million baht

Edited November 30, 2010 by Jingthing

[ciaociao]

Actually some of the things he told me were quite incredible but if you really think about it,it has a truth to it.

There is a myth in Pattaya mostly started by big Companies running bar businesses that it should only be seen as a "hobby",that there s no money in bars,etc.

Well if thats the case tell me why the big Irish bars/pubs are still trading and still opening up.

Why are the big go go Companies spending millions of baht if theres no future in Pattaya ?

As this young real estate agent told me,its all a myth created by big business to keep out the small business .

Secondly with the bigger condo's he actually has a waiting list of buyers,and whilst i didn't put a deposit on the condo he was trying to sell me he claimed he had buyers waiting whch i dont disbelieve but i wasnt ready today to put a deposit on.

Good news! In ten years I can sell my condo in Jomtien and get my money back.

[timekeeper]

the OP should do some research about Spanish property

my friend has a villa in the hills above fashionable Puerto Banus near Marbella

it has lost over 500,000 POUNDS in value this year alone

[guzzi850m2]

Benidorm, Schmenidorm.

My predictions for a one million baht Pattaya condo over the next decade --

1. Best case scenario, triple in value, 3 million baht

2. Likely case scenario, appreciation of 4 to 6 percent per annum, based on baht

3. Worse case scenario, one million baht

I tend to agree with above. This city is growing rapidly just look a the new Hilton. Real estate is a fairly solid investment if you can afford waiting selling if bad times kick in.

[jori]

My predictions for a one million baht Pattaya condo over the next decade --

1. Best case scenario, triple in value, 3 million baht

2. Likely case scenario, appreciation of 4 to 6 percent per annum, based on baht

3. Worse case scenario, one million baht

I tend to agree with above. This city is growing rapidly just look a the new Hilton. Real estate is a fairly solid investment if you can afford waiting selling if bad times kick in.

4. The condo no longer exists,it's fallen down due to jerry built qualities.

5. It's been washed away by the heavy monsoon predicted next year

Pattaya is being / has been built into oblivion,more empty/ half built/ abandoned/ built abandoned/ for sale/ given up hope of ever selling structures than it can ever cope with,the OP is on a self destruct mission,just more blurb by a wannabe commission generated Dick Turpin

Yawn Yawn look at this months Pattaya Trader,same house / condo in there that was in there a year ago Think they just change the colour of the magazine cover,throw in a couple of new features that's it,oh and a new mouthpiece takes the scene,a self appointed/ award winning/fantastic value for money vulture takes wing yet again.A new concept, got to tune in on a given hour to a local radio to hear the lastest blurb,the latest crap on who's selling, enough to send anyone into an instant coma

[guzzi850m2]

jori I really fell sorry for you, you are sooooo negative, get a life man. I thought you wanted to move by the way: to Cypress or is it Malaysia now? Why don't you go and rent a jet ski and have some fun on the beach huh .

Many houses & condo's for sale are owned by people whom put them on the market above real market value. Quite a few expats have bought several houses & condos just for same (rent them out in the meantime), if they can't sell them right now they say OK I wait. A friend of mine just bought a house from one guy who owns 5 houses and rent them out, but when my friend gave him a offer to pay the house out over a 3 year period, a deal was done. Everybody happy.

If one wanted to buy a house or a condo do careful research, location & location comes first and then look into the quality of the building.

[craigt3365]

Benidorm, Schmenidorm.

My predictions for a one million baht Pattaya condo over the next decade --

1. Best case scenario, triple in value, 3 million baht

2. Likely case scenario, appreciation of 4 to 6 percent per annum, based on baht

3. Worse case scenario, one million baht

+1!

[PattayaParent]

If the guy was so convinced that property values will increase 10 fold then he would borrow money to be able to buy a place for himself.

[Beardog]

The advice may have worked previous to 2006, But the market has tanked along with the rest of the world! When the farangs are not rolling in the doe that is a clear indicator that the investment will most likely sour. Land in Bang Saray 15-20 years ago 200,000 baht a rai of awesome land(so I have heard) 2006 a mill up for the same rai.(unless it is swampland then it is worth less or the same 10-15 years later) Now still selling but for not as much ---or certainly not more than in 2006. Supply & demand. A crime share salesman(timeshare) would give advice like another poster stated.Toss out a good price to be made & create urgency to buy now & your in like flint Not!

As stated before If it sound to good to be true it is!!!!!!!!!

[jori]

jori I really fell sorry for you, you are sooooo negative, get a life man. I thought you wanted to move by the way: to Cypress or is it Malaysia now? Why don't you go and rent a jet ski and have some fun on the beach huh .

Many houses & condo's for sale are owned by people whom put them on the market above real market value. Quite a few expats have bought several houses & condos just for same (rent them out in the meantime), if they can't sell them right now they say OK I wait. A friend of mine just bought a house from one guy who owns 5 houses and rent them out, but when my friend gave him a offer to pay the house out over a 3 year period, a deal was done. Everybody happy.

If one wanted to buy a house or a condo do careful research, location & location comes first and then look into the quality of the building.

Now here's a guy who knows not what he's talking about.You say look into the quality of the building,now explain how that is achieved?. A heavily rendered building,you start chipping away to see the content of the infill?,the concrete slab,you drill into it to see its thickness, its reinforcing,the crap that's thrown into the middle of it to save concrete,the mix of the concrete,drill out a plug to get the mix analysed? erm I think not, now that's the quality taken care of. Now location,just where is the ideal location,it must rule out the darkside as that is the ultimate no-no,or so it was explained to me by a fellow realtor (or is he wrong)?

All throw away statements, i.e. checking quality location etc,all to sound professional when its as amateur as it can get huh

OK a friend of mine in Jomtien ,nice place , a bit of confidence a while ago (suspected it was utterly futile though) put his really nice place for sale,realtor came round offered a deal at a huge commission,friend agreed,realtor expressed interest from Chinese client,long story shortened a load of crap,the realtor got the boot up his arse (maybe the nice Irish guy)

...and it's Cyprus,not Cypress DUH

One more point,(yawn yawn yet again), all buyers of properties in Thailand by the company route are all bogus,can and will be seen as that no doubt in due time

Edited December 1, 2010 by jori

[Tolley]

It seems like the realtor was only doing his job.

What would you expect a salesman to say?

If you believe him go ahead and buy a condo in Jomtien.

For me I can rest easy knowing that if I ever did decide to buy a property in the Pattaya area there are always many more sellers than buyers

[neilf]

I was in Benidorm a few months ago on a stag do and it was not exactly impressive - actual watched the same stripper in a bar that my mate I was with saw 20 years ago there.

The property market in Spain is hardly impressive:

""By changing the rules on provisions, the (Spanish) central bank has really put a shotgun to their heads," said Fernando Rodriguez y Rodriguez de Acuna, founder of Madrid-based property adviser RR de Acuna & Asociados.

"The banks will have to cut their price expectations more aggressively to reduce their stock of homes."

Property values will fall 20 percent over the next five years, De Acuna estimates, with most of the declines coming next year.

Since the Spanish market's peak in April 2007, home prices have dropped 22.5 percent, according to a survey by property website Fotocasa.es and IESE Business School.

About 280 000 people in Spain will lose their homes this year, according to Spanish consumer protection association Adicae."

Quoted from an article in the Independent Online yesterday.

not juicy lucy !!

[bubblehead]

I was in Benidorm a few months ago on a stag do and it was not exactly impressive - actual watched the same stripper in a bar that my mate I was with saw 20 years ago there.

The property market in Spain is hardly impressive:

""By changing the rules on provisions, the (Spanish) central bank has really put a shotgun to their heads," said Fernando Rodriguez y Rodriguez de Acuna, founder of Madrid-based property adviser RR de Acuna & Asociados.

"The banks will have to cut their price expectations more aggressively to reduce their stock of homes."

Property values will fall 20 percent over the next five years, De Acuna estimates, with most of the declines coming next year.

Since the Spanish market's peak in April 2007, home prices have dropped 22.5 percent, according to a survey by property website Fotocasa.es and IESE Business School.

About 280 000 people in Spain will lose their homes this year, according to Spanish consumer protection association Adicae."

Quoted from an article in the Independent Online yesterday.

not juicy lucy !!

I think you might find that it was juicy lucy's daughter. She took her mantle a while back

[raro]

He's right, Pattaya will always boom boom

..okok...getting my coat...

[NALAK]

• 
  no where is going to boom, going in cycles, erm there is a world ression with no end in sight whilst thats going on forget places going around in cycles. the red shirt thing will start again, the baht is way to strong, build quality is poor and they will look like crap in 10 years. if you want to buy property by in home country where it is likely to pick up some time although gawd knows when.

he boomed in benidorm but has no money 30 years old booming in property market and he cant go out and buy a few condos

Edited December 1, 2010 by NALAK

[darrendsd]

I was in Benidorm a few months ago on a stag do and it was not exactly impressive - actual watched the same stripper in a bar that my mate I was with saw 20 years ago there.

The property market in Spain is hardly impressive:

""By changing the rules on provisions, the (Spanish) central bank has really put a shotgun to their heads," said Fernando Rodriguez y Rodriguez de Acuna, founder of Madrid-based property adviser RR de Acuna & Asociados.

"The banks will have to cut their price expectations more aggressively to reduce their stock of homes."

Property values will fall 20 percent over the next five years, De Acuna estimates, with most of the declines coming next year.

Since the Spanish market's peak in April 2007, home prices have dropped 22.5 percent, according to a survey by property website Fotocasa.es and IESE Business School.

About 280 000 people in Spain will lose their homes this year, according to Spanish consumer protection association Adicae."

Quoted from an article in the Independent Online yesterday.

not juicy lucy !!

Or Sticky Vicky? 5 razor blades go in but 8 come out?

[geriatrickid]

Real estate agents are not in the charity buisiness. Their job is to move property. They make their living doing that. Small unit salesman make their money from volume, not individual sales. Keep that in mind.

Are you prepared to tie up your money for 5-10years? Can you deal with the fact that Pattaya will only deteriorate with time as it is overbuilt and the infrastructure has not kept up? I suppose there will always be people that want to live in high density concrete box type dwellings. The type of foreigner that will move to Pattaya and consider the lower cost condos is going to be elderly, 60 years and over. However, there will be a squeeze on pensions and all those pensioners that once came to Pattaya just won't exist in the same numbers Oh sure, people will say, but yea, the Chinese and Russians will come, Well, the Russians that come don't want concrete boxes. They have discerning tastes. The Chinese that can afford a lowend condo can most likely also afford a luxury, by Pattaya standards, condo. The Chinese will opt for a place big enough to entertain and host friends and family.

Yes, there will always be some Chinese, or Russian or Eurpeans that would consider purchasing a resale condo, but their numbers will be fewer than the market needs. Therefore. prices on lower end types of condo will be forced down. This is what is happening in South Florida right now. People just don't have the money to pay the asking prices. Just my humble opinion.