Are Houses Overpriced In Pattaya?

[Rimmer]

The reason i ignore the example of a 20m property being reduced to 6.5m and some feel it's only worth 5m,

is because it;s a one off post made by someone to show an example, whether it's true or not who knows?

Where are the links to show any evidence of this?

I could easily say i had a house for sale at 5m and ended up selling it for 10m cos 3 buyers wanted it so much that

they bid against each other and pushed the price up to 10m. Now are you going to believe me or not?

Also you need to look at the whole picture of whats going on not just one poster with one house as an example.

Starting with looking at whats being sold and for how much. That would put you on the right track.

Oh its true all right I posted it! And I can see them from where I sit now

[craigt3365]

The reason i ignore the example of a 20m property being reduced to 6.5m and some feel it's only worth 5m,

is because it;s a one off post made by someone to show an example, whether it's true or not who knows?

Where are the links to show any evidence of this?

I could easily say i had a house for sale at 5m and ended up selling it for 10m cos 3 buyers wanted it so much that

they bid against each other and pushed the price up to 10m. Now are you going to believe me or not?

Also you need to look at the whole picture of whats going on not just one poster with one house as an example.

Starting with looking at whats being sold and for how much. That would put you on the right track.

Oh its true all right I posted it! And I can see them from where I sit now

Especially since you got rid of those tall palm trees!

Were they worth 20M? No way....are they worth 6.5M? It's not a bad price in a normal market...which we don't have right now. Hard to build anything like that for much less with the prices of materials lately.

[highchol]

Also you need to look at the whole picture of whats going on not just one poster with one house as an example.

Starting with looking at whats being sold and for how much. That would put you on the right track.

apart from the seller and buyer how does anyone know what the price of a sale was?

not as though its public information, the figures entered at the land registry are usualy ficticious to minimise tax payments.

[Thaifan2]

>>apart from the seller and buyer how does anyone know what the price of a sale was?

not as though its public information, the figures entered at the land registry are usualy ficticious to minimise tax payments.

<<

Maybe but the land office make their own valuation .They dont take the actual selling price .

Edited April 26, 2011 by Thaifan2

[tropo]

and you don't think that sellers that "will put an asking price on what they think their property is worth" would ever overprice the property???

I notice you keep ignoring my question about whether the property that went from 20 million to 6.5 million and is considered by some to be worth less than 5 was overpriced?

I presume from your answers and that of the guy that has 'gone tropo' as the Aussies say, that you think it's not?

The reason i ignore the example of a 20m property being reduced to 6.5m and some feel it's only worth 5m,

is because it;s a one off post made by someone to show an example, whether it's true or not who knows?

Where are the links to show any evidence of this?

I could easily say i had a house for sale at 5m and ended up selling it for 10m cos 3 buyers wanted it so much that

they bid against each other and pushed the price up to 10m. Now are you going to believe me or not?

Also you need to look at the whole picture of whats going on not just one poster with one house as an example.

Starting with looking at whats being sold and for how much. That would put you on the right track.

This afternoon I noticed a big double story house right in the center of Cosy Beach on the corner of Kasetsin 11 and nearby the famous Majestic Residence. It had a sign for 22 million baht out the front. It looked like a reasonable price for the location and size. It will be interesting to see how long it lasts.

There are few detached houses in Cosy Beach (not including the Majestic Residence) - I can think of 6 and they would be all valued in the 20 million - 40 million region. I have no idea of the value of the 2 older style beach front/cliff houses. There are a large number of vacant lots in the area. The bottom line is that these prime areas are condo, resort and hotel territory.

[PattayaParent]

The reason i ignore the example of a 20m property being reduced to 6.5m and some feel it's only worth 5m,

is because it;s a one off post made by someone to show an example, whether it's true or not who knows?

Where are the links to show any evidence of this?

I could easily say i had a house for sale at 5m and ended up selling it for 10m cos 3 buyers wanted it so much that

they bid against each other and pushed the price up to 10m. Now are you going to believe me or not?

Also you need to look at the whole picture of whats going on not just one poster with one house as an example.

Starting with looking at whats being sold and for how much. That would put you on the right track.

Oh its true all right I posted it! And I can see them from where I sit now

Especially since you got rid of those tall palm trees!

Were they worth 20M? No way....are they worth 6.5M? It's not a bad price in a normal market...which we don't have right now. Hard to build anything like that for much less with the prices of materials lately.

Proof enough for you sotsira??? And there's plenty more unsold properties out in the market, just drive around or look at any estate agent's website.

The WHOLE picture isn't what's being sold and for how much, (and including by how much the price was dropped from it's overpriced original selling value to its actual purchase price) the WHOLE picure includes WHAT IS NOT BEING SOLD as I told you before.

The properties that are being sold are probably selling at a reasonable price as they are finding buyers in a 'buyers market' as you call it. The properties that are not being sold are not sold because they are OVERPRICED. Either because as you say the owner has a higher valuation of his property than it is actually really worth or is hoping to land a newbie that's just got off the banana boat and fallen in love with a Thai GF on his first night here, or one of those extremely rich Russians that are just itching to buy up any empty property, you know, the ones you see on Walking St. everyday drinking a bottle of Singha from a 7-11 bag.

OP I hope you’ve got the answer you were looking for, the only posters in this thread that are still actually making any relevent sensible posts are myself and sotsira (and I'm not too sure about him ). I don't know if you're in the market to buy a place but if you are take a look around carefully and don't listen to the estate agents shills that infest these threads and want to talk up the prices of the properties in Pattaya, yet claim they have no interest in the property market.

[manarak]

My point is: for 15k-17k, you can rent a 2BR house in the same area (i.e. 1 km around), 130 sqm house with a nice communal pool! If you go a bit further (2-3 km), you get a 150 sqm, 3 BR house for 15k.

details please. two german friends of mine who spent a couple of weeks several times a year in Pattaya are looking for detached fully furnished houses where they can put up their mia nois and could not find anything for less than 45k Baht. another friend has recently rented 12-15km away off but near Sukhumvit (towards Bang Sare) a 150m² house and pays 55k Baht.

Those rents are very high ,there are hundreds of houses advertised at that price ,but you are very foolish if you pay the asking price ,

and these hundreds of houses are all in excellent shape, new construction, pool, each room airconditioned, first time occupation, classy furniture, top electronic gadgets, have modern european kitchens with all hardware, located in quiet areas, phone and internet pre-wired waiting to be connected, etc., etc.

now tell me again who is foolish and/or makes foolish generalising statements

by the way, when i say 150m² then i mean 150m² net living area which translates to 300m² total area thai real estate agents and developers use because they include all nonsensical and irrelevant areas (in one case the carport, the drive way and a garden shed)

wait wait wait, Naam.

I never spoke of "excellent shape, new construction, first time occupation, classy furniture, top electronic gadgets, have modern european kitchens with all hardware, located in quiet areas, phone and internet pre-wired waiting to be connected"...

Nor did I say that the surface was net living surface calculated european-style.

If you make that "ok shape, 10 or 15 yo construction, average used furniture, kitchen equipped with microwave and fridge, 2 BR for about 80 sqm of living space calculated by european standards, then you will find houses at about 15 k baht a month.

[barmatt]

I thought the russians were buying into the market causing the prices to rise?

[tropo]

OP I hope you've got the answer you were looking for, the only posters in this thread that are still actually making any relevent sensible posts are myself and sotsira

:cheesy:

Sotsira was making a lot of sense, you weren't. Perhaps you meant that other guy with the Russian name.

[tropo]

If you make that "ok shape, 10 or 15 yo construction, average used furniture, kitchen equipped with microwave and fridge, 2 BR for about 80 sqm of living space calculated by european standards, then you will find houses at about 15 k baht a month.

We all have different standards and requirements. When I scout for a rental property I have particular living standards (and location) to satisfy. I can't do that for under 25K even in the current market.

There is a huge gap in price between Thai and European standard rentals.

[Naam]

Manarak: If you make that "ok shape, 10 or 15 yo construction, average used furniture, kitchen equipped with microwave and fridge, 2 BR for about 80 sqm of living space calculated by european standards, then you will find houses at about 15 k baht a month.

i don't know any people who would be interested in "something" what you described

p.s. anyway, these dwellings don't exist because one of the experts here claimed that "Thai houses fail after five years because of weak foundations and construction material imported from China"

pps. based on the afore-mentioned "expertise" i will move out of my home on 3rd of august because on the 4th it will be five years that we moved in. therefore the collapse preprogrammed for 5th of august

[PattayaParent]

OP I hope you've got the answer you were looking for, the only posters in this thread that are still actually making any relevent sensible posts are myself and sotsira

:cheesy:

Sotsira was making a lot of sense, you weren't. Perhaps you meant that other guy with the Russian name.

So says the guy that states sellers deliberately increase the sales price, but doesn't recognise that means it's overpriced?

[trisailer]

They are if you don't have enough money.

[Barack]

They are if you don't have enough money.

How true, some people just have a negative attitude. The rationale; the Mercedes, BMW or Lexus is overpriced because I can not afford one.

[craigt3365]

Two posts containing back and forth bickering have been removed from view.

[Awohalitsiktoli]

They are if you don't have enough money.

How true, some people just have a negative attitude. The rationale; the Mercedes, BMW or Lexus is overpriced because I can not afford one.

Some people have a positive attitude and can afford all of the items you mentioned but will not purchase them because they consider them to be overpriced or status oriented. Similarly, in Pattaya and Jomtien, there are houses/condos for sale (lots of them). They have been for sale for years without any buyer taking the bait. Why? Because they are overpriced given the specific market conditions (in the broad sense) of the area. Now, where are all of those rich Russians to save the day. This is my last post on this topic.

[Langsuan Man]

Just where are all these rich Russians everyone is always talking about ?

I think they are a myth to drive prices up, if they are rich they will go somewhere else, certainly not Pattaya

[thaimate]

Just where are all these rich Russians everyone is always talking about ?

I think they are a myth to drive prices up, if they are rich they will go somewhere else, certainly not Pattaya

There are a few Russians here with money ,but the vast majority are just rude and noisy package tour types that dont have much money ,not even two week millionairs.

[trisailer]

"Just where are all these rich Russians everyone is always talking about ?"

South Pattaya Lotus with their quite nice to look at blonde lass's (with their asses hanging out)

You can also find them buying up huge blocks of condos in Jomtiem.

Funny how many Russin signs around Pattaya these days. I guess those business people should be wasting their time reading TV instead of trying to increase profits.

"There are a few Russians here with money" And you know this how?

Edited April 29, 2011 by trisailer

[manarak]

Manarak: If you make that "ok shape, 10 or 15 yo construction, average used furniture, kitchen equipped with microwave and fridge, 2 BR for about 80 sqm of living space calculated by european standards, then you will find houses at about 15 k baht a month.

i don't know any people who would be interested in "something" what you described

Well, since my life priorities changed since my last seach (large 4 BR house with pool and garden), I would now be interested in such a house, provided it is 'ok'

[tropo]

This is my last post on this topic.

Hallelujah!

[banglay]

This is my last post on this topic.

Hallelujah!

seconded

[CHdiver]

Just want to point out to our Real Estate Specialists here in Pattaya this Thread in the General Forum. Looks like you better sell fast and cheap before it looks like the Cambodian did shell your Estate So Many Decaying Housing Estates. Life cycle of a house in Thailand However as this is Pattaya, it will not happen here anyway.

[PattayaParent]

This is my last post on this topic.

Hallelujah!

I can always rely on 'tropo' to prove my point.

[sgunn65]

Interesting topic for me.

I live in a 7 storey condo with 11 units, the cheapest being 8 million. All the owners but me and the owner/developer (who lives in the penthouse) are Russians who come for around a month a year. So there are Russians with money around Jontiem.

The proof will be that I am about to put my condo on the market, when an agency can actually be bothered to turn up to list it. Of the three I approached one cancelled and two haven't bothered to return my call.

Lets hope there are a load of rich russians!!!!!!

[thaimate]

Interesting topic for me.

I live in a 7 storey condo with 11 units, the cheapest being 8 million. All the owners but me and the owner/developer (who lives in the penthouse) are Russians who come for around a month a year. So there are Russians with money around Jontiem.

The proof will be that I am about to put my condo on the market, when an agency can actually be bothered to turn up to list it. Of the three I approached one cancelled and two haven't bothered to return my call.

Lets hope there are a load of rich russians!!!!!!

A friend runs an agency and we were talking yesterday about properties ,they have so many on their books and not a lot of buyers (not sold a house in 5 years only condoes), he makes a good living i know but its a falacy that there are thousands of rich russians, yes there are some same as there are some Brits and Americans and Germans. but on the whole there is just a vast oversupply of property (and they are still building) it is MOST definatly a buyers market and many sellers will cut their prices to the bone.

[tropo]

Interesting topic for me.

I live in a 7 storey condo with 11 units, the cheapest being 8 million. All the owners but me and the owner/developer (who lives in the penthouse) are Russians who come for around a month a year. So there are Russians with money around Jontiem.

The proof will be that I am about to put my condo on the market, when an agency can actually be bothered to turn up to list it. Of the three I approached one cancelled and two haven't bothered to return my call.

Lets hope there are a load of rich russians!!!!!!

You need to find a Russian real estate agent, or an agency which employs Russian speaking staff.

[sotsira]

Interesting topic for me.

I live in a 7 storey condo with 11 units, the cheapest being 8 million. All the owners but me and the owner/developer (who lives in the penthouse) are Russians who come for around a month a year. So there are Russians with money around Jontiem.

The proof will be that I am about to put my condo on the market, when an agency can actually be bothered to turn up to list it. Of the three I approached one cancelled and two haven't bothered to return my call.

Lets hope there are a load of rich russians!!!!!!

You're be better off trying to sell it yourself privately save yourself the 5% agents commission.

As you've already noticed that they're not very competent.

[PattayaParent]

Interesting topic for me.

I live in a 7 storey condo with 11 units, the cheapest being 8 million. All the owners but me and the owner/developer (who lives in the penthouse) are Russians who come for around a month a year. So there are Russians with money around Jontiem.

The proof will be that I am about to put my condo on the market, when an agency can actually be bothered to turn up to list it. Of the three I approached one cancelled and two haven't bothered to return my call.

Lets hope there are a load of rich russians!!!!!!

A friend runs an agency and we were talking yesterday about properties ,they have so many on their books and not a lot of buyers (not sold a house in 5 years only condoes), he makes a good living i know but its a falacy that there are thousands of rich russians, yes there are some same as there are some Brits and Americans and Germans. but on the whole there is just a vast oversupply of property (and they are still building) it is MOST definatly a buyers market and many sellers will cut their prices to the bone.

The problem is that many will not drop their prices, which is why so many properties are overpriced and remain unsold.

[thaimate]

Interesting topic for me.

I live in a 7 storey condo with 11 units, the cheapest being 8 million. All the owners but me and the owner/developer (who lives in the penthouse) are Russians who come for around a month a year. So there are Russians with money around Jontiem.

The proof will be that I am about to put my condo on the market, when an agency can actually be bothered to turn up to list it. Of the three I approached one cancelled and two haven't bothered to return my call.

Lets hope there are a load of rich russians!!!!!!

A friend runs an agency and we were talking yesterday about properties ,they have so many on their books and not a lot of buyers (not sold a house in 5 years only condoes), he makes a good living i know but its a falacy that there are thousands of rich russians, yes there are some same as there are some Brits and Americans and Germans. but on the whole there is just a vast oversupply of property (and they are still building) it is MOST definatly a buyers market and many sellers will cut their prices to the bone.

The problem is that many will not drop their prices, which is why so many properties are overpriced and remain unsold.

Yes amazes me too ,there is a house on our estate priced at 13.5 million ,never been lived in and getting steadily more run down , it started at 10 mill and has gone up every couple of years , madness