Luxury Condo Bandu

[bsacbob]

Heads up to potential home buyers,

I noticed a sale promotion at the Central last night with the usual selection of pretty girls (i noticed the girls first) drumming up pre start orders for the apartments on offer. Apparently the single bedroom units start @ 900 K baht and the two bedroom units @ 2.2 million baht.

But hurry up folks if you are looking for a new pad for the Mia Noi, most units have already gone and they claim 75% have already sold and 55% of the them are farangs. Who there was no money in CR

[OneZero]

Can anyone provide more info about where this condo is located. Specifically, is this a 3rd condo in CR city area now? There is another blog about "Absolute" condo (located way up by the Rajaphat) that has migrated down the list of blogs. I'm assuming these 2 condos are not the same (or are they).

[bsacbob]

Can anyone provide more info about where this condo is located. Specifically, is this a 3rd condo in CR city area now? There is another blog about "Absolute" condo (located way up by the Rajaphat) that has migrated down the list of blogs. I'm assuming these 2 condos are not the same (or are they).

Sorry to mislead you the one I refered to is indeed the Asolute development.

[Thighlander]

http://www.chiangraicondos.net/prices/

1.1 million. how far from night basar is that?

[Paul888]

I would guess about 10km, maybe sligtly more.

[jayinoz]

What has the potential to grow cap gains wise... CMai Vs CRai? As many new condos are not so different in pricing that i have seen checking out both cities.

I would have thought CRai would have half the price of CMai. But only 20-30% less for the same same.

Not you cannot have over 49% Farang owned in one complex, so they may sell for less to Thai. Great yield investments for the Thai.

In fact 1 sales person stated to me in one complex- 2 Mio for you but if place in ur girls name 1.6Mio as we need more Thai owners to meet requirements. That is some great discount on the popular Farang condos... more Thais should invest in these places. Some near 10% income yields then you at least have a chance for cap growth as well.

Well if Taksin sister wins i will not be buying anything...

Cheers Jay

[Thighlander]

I see someone selling a unit at Thongkham COndos in MaeSai for 289K. Anyone know where in MaeSai that it is located?

BTW, Absolute is offering financing with 3% down--so 339K Down, and about 5500 per month for years 1-5. that's at 6.875 and then rate goes to 7.5%, based on a 1.128 million price. And then there ae those pesky transfer fees. I love the Chiangrai Condotel, but those dam_n cracks make me too nervous--it is earthquake country.

[brianmarinus]

I see someone selling a unit at Thongkham COndos in MaeSai for 289K. Anyone know where in MaeSai that it is located?

BTW, Absolute is offering financing with 3% down--so 339K Down, and about 5500 per month for years 1-5. that's at 6.875 and then rate goes to 7.5%, based on a 1.128 million price. And then there ae those pesky transfer fees. I love the Chiangrai Condotel, but those dam_n cracks make me too nervous--it is earthquake country.

http://classifieds.thaivisa.com/real-estate/apartments-for-sale/60-discount-condo-in-mae-sai-chiang-rai-near-burma-crossing-99128.html

[Thighlander]

that was 30% down--my misteak.

[jayinoz]

I see someone selling a unit at Thongkham COndos in MaeSai for 289K. Anyone know where in MaeSai that it is located?

BTW, Absolute is offering financing with 3% down--so 339K Down, and about 5500 per month for years 1-5. that's at 6.875 and then rate goes to 7.5%, based on a 1.128 million price. And then there ae those pesky transfer fees. I love the Chiangrai Condotel, but those dam_n cracks make me too nervous--it is earthquake country.

Financing to Farang.... never heard unless in a Thai partners name.

3% down being 339000bt that over 10 Mio. You mean 30% I gather.... then I can understand why they would give financing to Farang, as you miss 3 months payments they take it back and sell to the next Farang. They 30% up...

They would never give to Farang for 3%, as the risk is too high. Aka US of A as Thighlander knows all too well.

10% yields is possible in CMai or CRai simply seems to take some negoitating to get prices down and rents up. Good luck investors and owner occupiers.

It been a good plan of a few guys I know to rent out 5-10 Condos or houses for good income to live in Thai. You can then do whatever you wish or your biz is simply investing. Good position to be in... many strive to get to this position. To me, you need to be at least a few $Ml in homeland to be investor only... in SE Asian only few hundred thou for the equivalent. IMO. Same quality of living for less....

Cheers Jay

[Thighlander]

But I would think it would be tough to get more than 8000 per month for 30 sm. You could cover your pmt and fees, managers get 10% off the top. Might be a nice place to live. The few things people don't like about cnx, are better in Chiangrai. Mae Sai would be doable, I think--it's more than just a raunchy border town.

[Thighlander]

Look at the possible advantages of financing in THB. If the THB goes back to 36 to the Dollar, you could pay it off and have a very nice discount. I can't see the Dollar getting much weaker at this point--currency trading is a risky business, though.

[Paul888]

Look at the possible advantages of financing in THB. If the THB goes back to 36 to the Dollar, you could pay it off and have a very nice discount. I can't see the Dollar getting much weaker at this point--currency trading is a risky business, though.

I can't see the THB getting back to 36 to the Dollar for a long time, if ever.

[pomchop]

I asked them via email how many farang buyers had committed and below is their response. Obviously I have no idea if true or not.

To date only 10 rooms have been sold to foreigners. It is mainly Thai

professors from the universities and Thais from Bangkok who want the

condo for vacations.

Regards,

Jeff

[Thighlander]

looks like they've added "building B" with higher prices. poor ROI, but potentially nice 2nd home. Will be hard to sell for a gain in five years if they are building new across the street. Land is cheap up there, and there is a large supply of it.