Buying A Condo Off Plan In Pattaya

[CrossBones]

Hi

I am looking to buy an off plan property in Pattaya.

I have seen several developements by Matrix and Nova Group

I am just wondering if these brands can be trusted, what are peoples experiences with buying property off plan? I have heared of some developments going under and people losing their money.

Also.. is it possible for a foreigner to use money he has in Thailand to buy in foreign name instead of having to transfer funds from oversea

Basically i am thinking of dealing directly with the developer instead of going through an agent.. since generally speaking i dont like/trust agents.. is this good?

Thank you

[tf123456]

matrix, nova and hights holdings have all been around for a while, fairly trusted. but so is ramionland, and their lofts development never went anywhere.

I'd suggest looking for a development that's close to / if not has already started construction, and not too large, the bigger the development, the harder it'll be for them to sell it all / fund it.

[FarangBuddha]

Nova has a very good track record of completing their developments. Also Raimon is pretty good as it's a SET listed public company. (At least if things go pan-out, they're likely to refund your deposit and any payments made.

Do ever pay 100% upfront...only make a small deposit when you sign the contract and then progress payments, usually tied to completion of major percentages of the building, with the final 10% when title is transferred.

Also, don't forget that everything in the contract and the payment terms is negotiable. A friend recently offered B 4M on a new condo from the developer that was listed at B 7M+ and they took it. So don't be shy when talking price.

[Langsuan Man]

With the glut of unsold condo units in Pattaya right now, why buy off plan ?

This is especially true if the OP really wants to buy :

to use money he has in Thailand to buy in foreign name instead of having to transfer funds from oversea

[janverbeem]

With the glut of unsold condo units in Pattaya right now, why buy off plan ?

This is especially true if the OP really wants to buy :

to use money he has in Thailand to buy in foreign name instead of having to transfer funds from oversea

Exactly my thoughts,why should anyone in his right mind want to buy off plan with all those story's about unfinished and never will be finished buildings and all those thousands of finished condo's available at discounted prices.

Do I smell a stir up.

[Basil B]

Another point is that if buying new the developer will appoint the Juristic person and probably a puppet management committee, some of these bleed the condominium funds dry before the co-owners can appoint their own management committee normally after a very costly legal battle.

[midas]

With the glut of unsold condo units in Pattaya right now, why buy off plan ?

This is especially true if the OP really wants to buy :

to use money he has in Thailand to buy in foreign name instead of having to transfer funds from oversea

There is no excuse now for any developer not to be bound by the " The Escrow Act of 2008 ".

If you buy off the plan with someone who wont do this then you are asking to be ripped off

http://www.pwc.com/th/en/tax-flash-2008/escrow-act.jhtml

[PattayaParent]

With the glut of unsold condo units in Pattaya right now, why buy off plan ?

This is especially true if the OP really wants to buy :

to use money he has in Thailand to buy in foreign name instead of having to transfer funds from oversea

There is no excuse now for any developer not to be bound by the " The Escrow Act of 2008 ".

If you buy off the plan with someone who wont do this then you are asking to be ripped off

http://www.pwc.com/t...scrow-act.jhtml

I agree but unfortunately no developer will even acknowledge its existence.

Edited March 10, 2011 by PattayaParent

[PattayaParent]

http://www.thaivisa.com/forum/topic/449728-buying-a-condo-off-plan/page__view__findpost__p__4270879

[craigt3365]

Thanks, PattayaParent. I closed that other thread and directed it here.

I have to say, in this current environment, buying off plan is a huge risk. I wouldn't do it. Here's what's happening to some of my friends who bought off plan 5 years ago. The project is now 3 years late. Not being finished as advertised. Amenities promised are now being cut out. Corners are being cut. But amazingly enough, prices have gone up on the remaining units! And somebody actually paid cash for one last month...so they are still selling them! But of course, he can't unload his and has been trying for 2 years...but then again, he won't drop the price 1 Baht!

[PattayaParent]

The new projects I've seen advertised lately are mega-structures 20~30 storeys high.

Having seen so many 8 storey places fail to be completed due to lack of finance I wouldn't be confident of buying off plan on any of these huge developments, not even from a developer with a track record.

[Card]

I bought offplan in Viewtalay about 3 years ago, Everything is OK now but I was a newbie to offplan buying and it came as a shock to be told after signing the contract that it was not definitely in my name until registration day when I had paid the final payments. This was very confusing and worrying. I should have read the contract very carefully before signing but It was not explained to me verbally even though they claimed to have done that. I tried to get my money back when i finally realised what had happened, even got a lawyer involved which was totally useless, but Viewtalay persuaded me to keep at it, which I did. It was mainly, but not entirely, due to my ignorance and inexperience but I wouldn't go through that again.

[dickie58]

2 low rise completed condos quite close to me are almost empty, both quite high standard with sea views as well, one has only 24 units & has 2 condos ocupied, Isralie developer says he has sold 60%, but no one has moved in?

One of the high rise condos being launched by one of the developers, will have 470 units in it if it gets built, one of the local agents told me yesterday 60 have been reserved/deposits paid, not even started building yet.

Another condo building being launched localy with prices starting @ 990,000bht, i heard the small studios in there (no balcony) are 21sqm, tiny!!

As someone has alreay said the infactstructure where there building these high rise condos can't cope, there isn't even a city drain in most soi's yet.

VT6 next to central looks almost empty?

[craigt3365]

2 low rise completed condos quite close to me are almost empty, both quite high standard with sea views as well, one has only 24 units & has 2 condos ocupied, Isralie developer says he has sold 60%, but no one has moved in?

One of the high rise condos being launched by one of the developers, will have 470 units in it if it gets built, one of the local agents told me yesterday 60 have been reserved/deposits paid, not even started building yet.

Another condo building being launched localy with prices starting @ 990,000bht, i heard the small studios in there (no balcony) are 21sqm, tiny!!

As someone has alreay said the infactstructure where there building these high rise condos can't cope, there isn't even a city drain in most soi's yet.

VT6 next to central looks almost empty?

Yeah, it's crazy how many empty "looking" units there are in VT6. Not sure if they are unsold or being held by flippers....who can't flip right now!

But it is a lovely view of the parking garage!

[midas]

The new projects I've seen advertised lately are mega-structures 20~30 storeys high.

Having seen so many 8 storey places fail to be completed due to lack of finance I wouldn't be confident of buying off plan on any of these huge developments, not even from a developer with a track record.

so in 10 years time they would like Centre Condo does today ....yuk

[dickie58]

Up until about 14 months ago condos around Pratmanak hill were restricted to 7 or 8 floors with the odd exception, now the high rise mega blocks are going up & being launched all over the hill?

There building them but not sure where all the buyers are going to come from.

A lot of the local agents are really promoting the new built or unbuilt farang developers condos, although that could have something to with the 10% sales commision the condo developers are offering the agents?

[dickie58]

A freind of mine went a looked at the Park lane condo development in Jomtien a couple of weeks ago, he described it as being like a "Russian Butlins"!!

There is a very up-market condo development in Nth Pattaya right on the beach, if i recall units started at 17m, now just 4 abandoned low rise unfinished condo shells with no one working on it, been like it for sometime as well, that won some condo award at some property dinner in London a few years ago.

The farang developers who i have met a few times seemed pretty decent guys to me.

There is a condo developent local to me, nice sea view units, not cheap, they finished this about 18 months ago i guess, last i heard people who bought in there are still waiting for there title deeds "channots".

Would be nice if some of the condo developers would have some conserderation for the local enviroment, & the other people who live near by in resedential houses.

Edited March 12, 2011 by dickie58

[LennyW]

A freind of mine went a looked at the Park lane condo development in Jomtien a couple of weeks ago, he described it as being like a "Russian Butlins"!!

[Thaifan2]

A freind of mine went a looked at the Park lane condo development in Jomtien a couple of weeks ago, he described it as being like a "Russian Butlins"!!

I have a Condo in Park Lane .I have been told thats its around 50% Russian ownership .Its no problem as i find them well behaved ,and its very quiet here .The same developer has started another project called Paradise Park almost next door with another 600 units .

As i have now moved up to Chiang Mai and have a house there ,i am selling my Park Lane unit for the same price i payed for it off plan .

[BB1950]

A freind of mine went a looked at the Park lane condo development in Jomtien a couple of weeks ago, he described it as being like a "Russian Butlins"!!

I have a Condo in Park Lane .I have been told thats its around 50% Russian ownership .Its no problem as i find them well behaved ,and its very quiet here .The same developer has started another project called Paradise Park almost next door with another 600 units .

As i have now moved up to Chiang Mai and have a house there ,i am selling my Park Lane unit for the same price i payed for it off plan .

If l recall you have been trying to sell that condo for awhile. Now you say you are selling it for the same price you paid for it off plan. Are you saying you're hoping to get your money back? It doesn't seem like a sound investment to me. It should have sold quickly to one of the Russians, or are the Russians already buying them discounted?

Anyway, I'll hope you sell it soon. I'm tired of reading about it.

[SGD]

Guy who owns land is approached by spiv who wants to build condos but has no money. They rope in an architect who takes his fee in condos as does the initial builder and even perhaps a promoter. So far, no-one has put much more than a few satangs into the pot.

Roll up mug punters who hand over large chunks of change as deposits. This fuels the initial build and creates a snowball effect, or it is supposed to, as no-one has the money to build the condos in the first place. Loans are drawn down on the back of sales off plan etc. If people stop buying, then there is no money to finish the place and no cash to repay the loans. There is a last thrown of the dice at advertising with discounts, just hoping to get out of the deal.

Then it can be repossessed and the bank just sits on it as offloading it at a discount, as in the west, is beyond the banks' imagination and thus they become the largest landlords.

Tinker with this a bit and you have the model for many developments.

You think someone comes along and finances the build don't you ? Don't be daft !

[janverbeem]

Guy who owns land is approached by spiv who wants to build condos but has no money. They rope in an architect who takes his fee in condos as does the initial builder and even perhaps a promoter. So far, no-one has put much more than a few satangs into the pot.

Roll up mug punters who hand over large chunks of change as deposits. This fuels the initial build and creates a snowball effect, or it is supposed to, as no-one has the money to build the condos in the first place. Loans are drawn down on the back of sales off plan etc. If people stop buying, then there is no money to finish the place and no cash to repay the loans. There is a last thrown of the dice at advertising with discounts, just hoping to get out of the deal.

Then it can be repossessed and the bank just sits on it as offloading it at a discount, as in the west, is beyond the banks' imagination and thus they become the largest landlords.

Tinker with this a bit and you have the model for many developments.

You think someone comes along and finances the build don't you ? Don't be daft !

SGD you are a guy that knows his world :jap:

[PattayaParent]

I have a Condo in Park Lane .I have been told thats its around 50% Russian ownership .Its no problem as i find them well behaved ,and its very quiet here .The same developer has started another project called Paradise Park almost next door with another 600 units .

As i have now moved up to Chiang Mai and have a house there ,i am selling my Park Lane unit for the same price i payed for it off plan .

If l recall you have been trying to sell that condo for awhile. Now you say you are selling it for the same price you paid for it off plan. Are you saying you're hoping to get your money back? It doesn't seem like a sound investment to me. It should have sold quickly to one of the Russians, or are the Russians already buying them discounted?

Anyway, I'll hope you sell it soon. I'm tired of reading about it.

If he bought when the exchange rate was 65 and sells now and re-converts the funds then that's around a 25% profit.

Even not re-converting funds then there's the savings in rent in living there or the income from retals.

[Thaifan2]

A freind of mine went a looked at the Park lane condo development in Jomtien a couple of weeks ago, he described it as being like a "Russian Butlins"!!

I have a Condo in Park Lane .I have been told thats its around 50% Russian ownership .Its no problem as i find them well behaved ,and its very quiet here .The same developer has started another project called Paradise Park almost next door with another 600 units .

As i have now moved up to Chiang Mai and have a house there ,i am selling my Park Lane unit for the same price i payed for it off plan .

If l recall you have been trying to sell that condo for awhile. Now you say you are selling it for the same price you paid for it off plan. Are you saying you're hoping to get your money back? It doesn't seem like a sound investment to me. It should have sold quickly to one of the Russians, or are the Russians already buying them discounted?

Anyway, I'll hope you sell it soon. I'm tired of reading about it.

>>I'm tired of reading about it.<<

.

Then just scroll past my posts .I had the condo rented out for several months ,and have had a few holidays there myself .I am now reducing my asking price and expect to get back what i paid at least .

I would gladly live there myself but when i bought off plan now 3 years ago little did i know that i would end up living and owning a house in Chiang Mai.With the money i get on the sale i intend buying a Condo to rent out in Chiang Mai .Living close i can then keep an eye on it myself .

[kamluan]

Dude...about buying whit the money here in thailand i can't asnwer for you...

About the 2 developer's you mentioned....

Both are some Time in the Aera..

i would choose Matrix or Iguana ltd.

They maked and still building condo's here in Pattaya.

Last real sucsess Park lane 609 units and about 600 sold.

They have a new projet Called Paradise park from iguana..just google it.

Ok the investments are less then novo park...but at the end the quality is the same....at parklane they still have a kind of showroom and you can see the big swimmingpool whit the island.

Go have a look i would say.

Paradise Park will be build next to park lane....only a bigger balcony and a little bit more style...

Startprice 1.200.000 what i heard last time.

Kind regards

Charan kamluan

[kamluan]

A freind of mine went a looked at the Park lane condo development in Jomtien a couple of weeks ago, he described it as being like a "Russian Butlins"!!

I have a Condo in Park Lane .I have been told thats its around 50% Russian ownership .Its no problem as i find them well behaved ,and its very quiet here .The same developer has started another project called Paradise Park almost next door with another 600 units .

As i have now moved up to Chiang Mai and have a house there ,i am selling my Park Lane unit for the same price i payed for it off plan .

That means 1 million bath?????

If yes please contact me!!!

[Darrel]

Many condo owners seem to think that because they paid X a few years ago they should be able to sell for X (or even X+something) now. What they dont seem to realise is that condos here are overpriced today and 3 or 5 years ago they were seriously overpriced. Also the Baht has appreciated against many other currencies since then, which doesnt help the calculation. Many prices here still have to go down quite a way before they become realistic, I think.

And for anyone who is in doubt, a realistic price is a price at which one finds a buyer (or a tenant) within a month or so of putting the property on the market. If one is still waiting after 3 months then the price is simply much too high.

[jay1980]

A freind of mine went a looked at the Park lane condo development in Jomtien a couple of weeks ago, he described it as being like a "Russian Butlins"!!

I have nothing against Russians, and I am sure there are a fair amount of Russian owners but my neighbours at my Park Lane Condo are all other Brit's and Aussies, plus one very pleasant Iranian couple and I when I was last there I mostly heard English being spoken around the pool.

[Thaifan2]

A freind of mine went a looked at the Park lane condo development in Jomtien a couple of weeks ago, he described it as being like a "Russian Butlins"!!

I have a Condo in Park Lane .I have been told thats its around 50% Russian ownership .Its no problem as i find them well behaved ,and its very quiet here .The same developer has started another project called Paradise Park almost next door with another 600 units .

As i have now moved up to Chiang Mai and have a house there ,i am selling my Park Lane unit for the same price i payed for it off plan .

That means 1 million bath?????

If yes please contact me!!!

Soft lad ,you believed about the 1 M baht ? Very few Condos were sold at one Million and then only to Thai and Company ownership .My Condo cost me M1.2 ,the lowest for foreign ownership .I also paid a further B90,000 to get my Chanote and added extra furniture .Still i am willing to swell for M1.2 but only for the next two weeks while i am in Jomtien myself .

[janverbeem]

That means 1 million bath?????

If yes please contact me!!!

Soft lad ,you believed about the 1 M baht ? Very few Condos were sold at one Million and then only to Thai and Company ownership .My Condo cost me M1.2 ,the lowest for foreign ownership .I also paid a further B90,000 to get my Chanote and added extra furniture .Still i am willing to swell for M1.2 but only for the next two weeks while i am in Jomtien myself .

It will get cheaper after that?