Anyone Ever Sold Property In Thailand?

[Riley'sLife]

There are numerous threads here about buying property (real estate) by various methods, but as a slow learning serial divorcee, I now tend to look at how to extricate myself from anything before I actually decide to "invest".

So, .... has anyone here ever actually bought real estate in LOS and then subsequently managed to sell it?

Rick.

[FREDPAT]

There are numerous threads here about buying property (real estate) by various methods, but as a slow learning serial divorcee, I now tend to look at how to extricate myself from anything before I actually decide to "invest".

So,  .... has anyone here ever actually bought real estate in LOS and then subsequently managed to sell it?

Rick.

<{POST_SNAPBACK}>

Hey, Riley

I have bought, sold, and am in the process of selling several properties in Jomtien (Pattaya). I've a total of 6 properties, all condos in different stages of completion. They are high-end units, and they're priced anywhere from 52,000 to 65,000/sqm. One is furnished and rented out at 35,000/month (96sqm, 1BR), and the tenants just signed their second 1-year contract. One is just being finished, and the remaining 4 will be ready around June/July 2006. I bought all of them as investment properties. On paper, I've basically doubled my money since I bought my first unit (96sqm) in December 2003 at 35,000/sqm. I actually only OWN this unit outright under my company's name. The other 5 are studios, with one being owned outright by one of my investors and the remaining 4 with deposits and half a year in installments. Basically, I then turn them over after the price goes up without ever owning them, and usually make a tidy profit.

In another real estate-related link, it seemed like alot of people had bearish outlooks of the property market in Thailand in general and in Pattaya/Jomtien in particular. Conversely, I believe that the boom has just begun and should last for the next 3-5 years, for the following reasons, to name a few.

1) The new airport will make access to the Eastern seaboard more convenient, putting Pattaya/Jomtien only about 30-40 minutes away, with this time being reduced to about 20 minutes with the addition of a high-speed rail link. 2) As long as the Bush administration is in power, oil prices will likely remain high, which in turn will increase the cost of manufacturing, building materials, etc. 3) Believe it or not, gambling WILL be coming to Thailand as they don't want to see alot of potential revenue going to such Asian rivals as China & Hong Kong, Singapore, et. al.. 3a) This will then result in higher numbers of Chinese and Japanese visiting Thailand to gamble, thereby influencing the cost of real estate in neighbouring developments. 4) There is a strong and expanding infrastructure already in place to support a growing expat community, which is still attracted to the climate, but more importantly, the low cost of living compared with their home countries. 5) Through natural attrition, Pattaya's reputation as Sin City with it's accompanying "seadier" side of town will "shrink", so to speak, as more and more baby boomers with kids and retirees are looking to live here. The same thing happened in Koh Samui since the early 90s, transforming from a back-packers paradise when the flavor of the day was 50 baht/night bungalows until now, where 5,000-10,000/night is now the norm. I think the red-light areas will be pushed back passed 2nd road and on through 3rd road. 6) It's obvious that Jomtien is growing into a high-end residential area, and there is still plenty of land available a little further southeast.

I think you get the general idea. Back to your question. Yes, I've sold my own property as well as on behalf of several developers. I hope to dump everything I've got now, then reinvest in several new developments that are in the offing.

ED. HAVE DELETED WEBLINKS - Posting links to other websites is against forum rules.

[colinj]

There are numerous threads here about buying property (real estate) by various methods, but as a slow learning serial divorcee, I now tend to look at how to extricate myself from anything before I actually decide to "invest".

So,  .... has anyone here ever actually bought real estate in LOS and then subsequently managed to sell it?

Rick.

<{POST_SNAPBACK}>

Wow, Fredpat certainly gave you a reply but if you would like a very simple reply from a very small investor. Yes, I bought a studio condo furnished in Jomtien in Aug 2003 for 1.1M baht. It has been rented most of the time returning me around 10% PA.

I sold it last month for 1.37M baht giving me a capital growth of 25%, and yes, I have got the funds transfered out of Thailand to my Aussie bank account. Due to currency fluctuations did not realise 25% in Aussie dollars but still made a profit plus the money is going back to help pay for the new ones.

Hope this helps

[ZZZ]

There are numerous threads here about buying property (real estate) by various methods, but as a slow learning serial divorcee, I now tend to look at how to extricate myself from anything before I actually decide to "invest".

So,  .... has anyone here ever actually bought real estate in LOS and then subsequently managed to sell it?

Rick.

<{POST_SNAPBACK}>

Wow, Fredpat certainly gave you a reply but if you would like a very simple reply from a very small investor. Yes, I bought a studio condo furnished in Jomtien in Aug 2003 for 1.1M baht. It has been rented most of the time returning me around 10% PA.

I sold it last month for 1.37M baht giving me a capital growth of 25%, and yes, I have got the funds transfered out of Thailand to my Aussie bank account. Due to currency fluctuations did not realise 25% in Aussie dollars but still made a profit plus the money is going back to help pay for the new ones.

Hope this helps

<{POST_SNAPBACK}>

colinj, I have been trying to figure out how it works when selling and transferring the funds out of Tailand, looks like you may have the answer.

When you transferred the funds did you have to provide any paperwork to prove that the funds originated from the sale of your property and that these funds were originally transferred in from outside Thailand? The form would probably be the FETF (used to be tor tor 3).

You also mentioned that you were going to use the proceeds from the sale to buy another property, in Thailand? If in Thailand why did you transfer the funds out of Thailand, is it not possible to use the funds from the sale to buy another property in Thailand as long as the original funds originated from outside Thailand?

I should ask a lawyer these questions but I’m not in Thailand at the moment.