Buying A Condo In Pattaya

[craigt3365]

....... In pattaya just assume everyone is lying

I would qualify that slightly: "everyone selling property".

:jap: :jap: :jap: :jap: :jap:

[SGD]

>>I just wonder if in the futur, they will maintain the building, swiming pool, and lift?<<

They have a management company in place to do that plus a sinking fund for major repairs in the future .With 600 plus units ,they should be raking in plenty of money every year for general upkeep .

But the Thais will never pay their service charges and any sinking fund will be misappropriated by the management who will sign long term lucrative contracts with dodgy suppliers and pocket large backhanders. Eventually the gravy train will run out of steam and the Thais will jump ship just as the western owners gain enough momentum to take over the now potless management company. Still the Thais will not pay their service charges.

This sort of continues for a few years until you have wasted huge fees on lawyers who accomplish next to nothing as you try to get a court to cancel the Thais' leases. Eventually, you may win a round and some pay. Some never will.

It is a serious headache and you are far better off buying into an established place which has already gone through all this palarva and come out the other side with some western management on the board. Yet they cannot work because they have no work permit !!!!!!!!

[englishinsiam]

Similar to the problems in Spanish communities most of those are going to the wall because of Non payers.

The Brits and Germans are gradually getting hold of some of them and sorting them out, even taking the Spanish to court in a lot of cases and getting their houses/apartments seized in the process.

Our estate on Khaotalo Eakmongkol 4 has no problems like that.

Our Water is paid directly to Eakmongkol along with our community payment. We fon't pay by end of the month 500 Baht fine then disconnection.

I always pay it early as the last 2 days it's always the Thai's queueing to pay and avoid the fine.

[Rimmer]

One post removed for altering a quoted reply please see my earlier post about this.

[PattayaParent]

Well i asked at 2 banks and they said the FET form is available for amount of $50k and up only. Perhaps you can get one from several smaller payments but i doubt its 100% legit if they have a crackdown

If you send in several transfers with the stated aim of 'purchasing a condo' then the bank will tot up all the incoming amounts and if over the $50k will issue a FETF. Nothing dodgy about it.

[PattayaParent]

Well i asked at 2 banks and they said the FET form is available for amount of $50k and up only.

Kbank gave me a certificate for a 25K EUR transfer (equiv. 35K USD). They just printed it out at the desk and stamped it.

I got the impression that they would do it for any incoming transfer, no matter what the amount, which makes sense. Otherwise what would anyone buying a 1MB condo do?

Get a 'bai rap rong'

[dandare11]

Similar to the problems in Spanish communities most of those are going to the wall because of Non payers.

The Brits and Germans are gradually getting hold of some of them and sorting them out, even taking the Spanish to court in a lot of cases and getting their houses/apartments seized in the process.

Our estate on Khaotalo Eakmongkol 4 has no problems like that.

Our Water is paid directly to Eakmongkol along with our community payment. We fon't pay by end of the month 500 Baht fine then disconnection.

I always pay it early as the last 2 days it's always the Thai's queueing to pay and avoid the fine.

This by far is the biggest problem (not payng community charges). Everywhere has this potential and it is a major problem in most urbanization's in Spain ,in Pattaya it will be a growing problem too no doubt. ,it ruins whole communities

Edited August 7, 2011 by dandare11

[jay1980]

Well i asked at 2 banks and they said the FET form is available for amount of $50k and up only.

Kbank gave me a certificate for a 25K EUR transfer (equiv. 35K USD). They just printed it out at the desk and stamped it.

I got the impression that they would do it for any incoming transfer, no matter what the amount, which makes sense. Otherwise what would anyone buying a 1MB condo do?

Get a 'bai rap rong'

Pattaya Parent and others are 100% correct

When I bought my (off plan) I transferred the funds to HSBC Thailand in £10,000 chunks (marking the transfers 'purpose to buy condo') and when it was finished got all the required paperwork from them and got the charnote in my name with no problems at all.

cheers

[kanderson]

>>I just wonder if in the futur, they will maintain the building, swiming pool, and lift?<<

They have a management company in place to do that plus a sinking fund for major repairs in the future .With 600 plus units ,they should be raking in plenty of money every year for general upkeep .

But the Thais will never pay their service charges and any sinking fund will be misappropriated by the management who will sign long term lucrative contracts with dodgy suppliers and pocket large backhanders. Eventually the gravy train will run out of steam and the Thais will jump ship just as the western owners gain enough momentum to take over the now potless management company. Still the Thais will not pay their service charges.

This sort of continues for a few years until you have wasted huge fees on lawyers who accomplish next to nothing as you try to get a court to cancel the Thais' leases. Eventually, you may win a round and some pay. Some never will.

It is a serious headache and you are far better off buying into an established place which has already gone through all this palarva and come out the other side with some western management on the board. Yet they cannot work because they have no work permit !!!!!!!!

I was thinking the same = established place. Also rent for awhile in the location.

View Talay 1 project seems to have a clear market.

With the Baht headed back to 25 / usd - who knows.

I bought when the Baht was 38 per usd.

I was happy getting a 2 baht boost (now 8+).

Most important, as we all know, is to live at the place you seem to love at the moment.

Don't buy - just rent is a good idea.

VT 1 has some 500+ owners - I'm absentee usually - so works perfect

All the business of maintainence etc. is never neglected.

In College I stayed in small rooms and huge swimming pool nearby.

VT 1 has the lifestyle thats working for me - and on a budget.

They should put in a small tennis court - too much parking.

Not in the plan - I actually rented - am renting out the room - (for too cheap).

The only good news (tounge in cheek) is the Baht getting stronger.

I guess many condo owners arn't too upset with prices. I agree that

they might accept a lower price. But condo prices in VT 1 have only slipped

a slight bit - if any.

I bought at VT 1 because of the low price and "community" feel.

For me it is a nice place to be.

Also with an established project you can look at it in a more rational way - possibly..

If you stay at VT 1 (lower end market) it's easy to look at all the plus and minuses in person.

Check it out yourself. I'd say rent - but also might be nice to do a funds transfer - small amount like Ngun Lawn Baht ( a little more for foreign name)

for a room and a swimmingpool.

[Darrel]

Well i asked at 2 banks and they said the FET form is available for amount of $50k and up only.

Kbank gave me a certificate for a 25K EUR transfer (equiv. 35K USD). They just printed it out at the desk and stamped it.

I got the impression that they would do it for any incoming transfer, no matter what the amount, which makes sense. Otherwise what would anyone buying a 1MB condo do?

Get a 'bai rap rong'

Presumably that's what I got. I dont quite see what all the fuss is about the 50KUSD nonsense if they just give you a different form for smaller amounts.

A form by any other name is still a form.

[Pattaya46]

This by far is the biggest problem (not payng community charges). Everywhere has this potential and it is a major problem in most urbanization's in Spain ,in Pattaya it will be a growing problem too no doubt. ,it ruins whole communities

Hi. Should not happen in Pattaya/Thailand. The "new" Condominium 2008 Act give to the condo management the right to sell the apartment of someone who still not paid his charges 6 months after a first official (register letter) warning. Don't read the Act in details, but it's the idea as explain by our manager; and he quickly got unpaid charges

[deejah]

OP here

my education begins

first off thanks for all of the replies

and please excuse my ignorance on the subject

as i started to do research i copied and pasted notes of the important points i found along with the links they were from

however to my surprise i broke some rule trying to pass on useful information

perhaps in the end it is only useful to me

if anyone is green like me and wants them i can pm them or email them

it might save you some research time, just let me know

here are some of my current thoughts

and useful helpful feedback is desired

1-

for the price of a condo in pattaya

it would make a hell of a lot more sense to buy a small property

with a bungolo or even build one (but i could not own it myself, no?)

however, i prefer the 'city' life and all the activities

anyone with similar thoughts: how would you reconcile this?

2-

how has the value of condo property held up here?

with all the construction, doesn't that bring the assessment value down?

of course this has something to do with time frame

and whether or not you bought retail or discounted

3-

is there such a thing as a condo with a small amount of units in the area?

i see these huge buildings with 100's of units

and for personal reasons would prefer a small building with the smallest number of units as possible

is this unwise?

due to upkeep issues or other points?

are there any available smaller buildings in central pattaya?

or elsewhere?

4-

i like the central soi bouy cow area

are diana estates condos for sale?

are they low, middle or top range?

again might there be a smaller project in the area

5-

is it better to shop and buy now before high season

or no big deal?

is this a valid concern or issue?

6-

i think someone's response to the topic title gave me a great idea

to actually rent the unit and live in it first before i buy

should that be possible

so there will be no big surprises

a week or months time should be plenty i imagine

7-

what are the best questions to ask and things to look for when looking at/for a pattaya condo?

8-

what is a sinking fund?

9-

any ideas on finding the best place for the best value?

10-

there seem to be a lot of properties on the market in jomtien and a good deal in nakula

i prefer central pattaya because that is where i live now and like it

what are the advantages and disadvantages of these different locations?

the dark side i think is out of the question for me

thank you for your time patience and understanding :jap:

[coralia]

I'm also "green" and would appreciate any information on this subject.

I have to say SGD's post is rather scary... Someone recommended a condo called View Talay 1, I did a quick search on the Internet but couldn't find anything for sale there (I'm not in Thailand now, so I can only search on the Internet). I have seen some cheaper studios for sale in condos like "JBC" or "Angket Condominium"... Does anybody on this forum have any information about these places...? Considering what SGD said, buying anything in Thailand is risky.......

[craigt3365]

I'm also "green" and would appreciate any information on this subject.

I have to say SGD's post is rather scary... Someone recommended a condo called View Talay 1, I did a quick search on the Internet but couldn't find anything for sale there (I'm not in Thailand now, so I can only search on the Internet). I have seen some cheaper studios for sale in condos like "JBC" or "Angket Condominium"... Does anybody on this forum have any information about these places...? Considering what SGD said, buying anything in Thailand is risky.......

What SGD talks about has happened for sure. But as he says, it gets sorted out after control is turned over to a management committee...usually. Before buying into a condo, talk to quite a few of the owners. See what they say. It's never easy trying to satisfy 100s of owners...each one wanting something different. We have the same problem here in our village. A few bruised egos, but we get it sorted out.

As for not paying fees, as stated earlier, there are ways to deal with this.

We looked around quite a bit for condos to rent while our house was under construction. You really need to visit these places in person. Some look great on the internet, and when you actually visit the place, it can be completely different.

And as you probably know, your experience will depend on your neighbors. If you have quiet ones, you are lucky...if not...you'll go crazy. We had a condo in Bangkok and the room above us was occupied by a guy who got home from work around 3am. He would bang around until about 5am. Not much fun....

[Darrel]

Someone recommended a condo called View Talay 1, I did a quick search on the Internet but couldn't find anything for sale there ....

VT1 is one of the biggest condo buildings in Pattaya (Jomtien). Not the nicest or the largest room sizes, but cheap and well-located for the price. A lot of Thai residents due to the price.

No shortage of units for sale/rent and just about every agent in town will have some units there.

[vpi78]

Someone recommended a condo called View Talay 1, I did a quick search on the Internet but couldn't find anything for sale there ....

VT1 is one of the biggest condo buildings in Pattaya (Jomtien). Not the nicest or the largest room sizes, but cheap and well-located for the price. A lot of Thai residents due to the price.

No shortage of units for sale/rent and just about every agent in town will have some units there.

Agreed, someone should improve their google skills. Just for the avoidance of doubt, all you really have to do is google View Talay, so you really are not trying much are you Coralia?

[coralia]

That happens to be exactly what I googled, vpi78 .

[Darrel]

That happens to be exactly what I googled,......

Hmm.

Only 585,000 hits:

http://www.google.co.uk/search?hl=en&q=view+talay+1

I would describe that as a shed-load of information.

[coralia]

Hmmmm.... I did find some offerings on ONE website... but they're very expensive. 1100000Bt. for a studio?!?

[craigt3365]

I like this website as it shows the various developments around here. But I have found the listings to be a bit out of date. Worth a search though:

http://www.jomtien-property.com/index.php?p=index

I have worked with Alan Bolton's firm before and found them very professional. Steve is one of the reps I worked with:

http://www.pattaya-property.net/

I'm pretty sure I worked with this guy also, Robert Denham, or something like that. Seemed like a very professional guy:

http://www.thaiproperty.com/

As mentioned before, you will have much better luck going to the building in person and checking things out. I'm sure there's a sales office on the first floor, and usually, you will see signs on the balconies showing others for sale by owner.

[coralia]

Thanks, craigt3365. That's really useful information.

[Darrel]

Hmmmm.... I did find some offerings on ONE website... but they're very expensive. 1100000Bt. for a studio?!?

I doubt there is a single agent in Pattaya who doesnt have something in VT1 on his site. I've no idea why you are having so much trouble. That link I gave had loads of sites with units on.

As for the price: how much do you expect to pay? VT1 is on a main bus route, 5 minutes from Central Pattaya and 5 minutes walk from the beach. It's well-located. With some effort you may find something nasty there for 900K. Decent studios near the beach in Jomtien would be much more than that.

If you want cheaper and new (and dont mind waiting 2 years) try the new Condotown on Sukumvit heading for BKK. You wont save much though. Nearly all Thai owners there and it may be completely sold out already. Or try Angket or Spanish Place or Nirun. I wouldnt live in any of them.

[bobbin]

[quote name='Darrel' timestamp='1313117020' post='46189

Or try Angket or Spanish Place or Nirun. I wouldnt live in any of them.

Of course you are entitled to your opinion and long-term posters are aware of your interest in real estate and your compassion for your fellow man. But.....

Spanish Place and Nirun are multi-building complexes. Definitely at the lower end of the market but horses for courses.

Angket is a single building and was completely refurbished last year.

Time to update the data base.

[Darrel]

Or try Angket or Spanish Place or Nirun. I wouldnt live in any of them.

Spanish Place and Nirun are multi-building complexes. Definitely at the lower end of the market but horses for courses.

Angket is a single building and was completely refurbished last year.

Time to update the data base.

I dont remember saying that they werent cheap or werent suitable for those on a very small budget. Indeed, that's why I suggested them to the OP (entirely out of compassion for him, I might add, as I certainly wont get any benefit from him living there).

I just said that I wouldnt live there, and the reason is as much for the locations as the state of the buildings. All of them are too hard to get to for my liking. I probably wouldnt live anywhere in Wong Amat or east of 3rd Rd for the same reason.

But the further out you are the less you pay, as a rule, and that seems to be what he's after.

I think my database is considerably more up to date than that of most Pattaya real estate agents. Though that isnt saying much.

[Penefattore]

My experience as owner has been until now positive. I bought a unit in View Talay 1 for 700,000 baht in December 2003 an lived there until now , the alternative would have been paying a 6,000 baht monthly rent so you can quickly compute how much I saved.

[lovetotravel]

My experience as owner has been until now positive. I bought a unit in View Talay 1 for 700,000 baht in December 2003 an lived there until now , the alternative would have been paying a 6,000 baht monthly rent so you can quickly compute how much I saved.

You just had to bring logic into this?

[guzzi850m2]

My experience as owner has been until now positive. I bought a unit in View Talay 1 for 700,000 baht in December 2003 an lived there until now , the alternative would have been paying a 6,000 baht monthly rent so you can quickly compute how much I saved.

You just had to bring logic into this?

Well if he had been renting during all those years it will be over 550K bath in rent so its a winner for sure, way better than rent in my opinion.

[PattayaParent]

My experience as owner has been until now positive. I bought a unit in View Talay 1 for 700,000 baht in December 2003 an lived there until now , the alternative would have been paying a 6,000 baht monthly rent so you can quickly compute how much I saved.

You just had to bring logic into this?

Well if he had been renting during all those years it will be over 550K bath in rent so its a winner for sure, way better than rent in my opinion.

Until someone points out the opportunity costs of the initial lump sum purchase.

[Tolley]

My experience as owner has been until now positive. I bought a unit in View Talay 1 for 700,000 baht in December 2003 an lived there until now , the alternative would have been paying a 6,000 baht monthly rent so you can quickly compute how much I saved.

You just had to bring logic into this?

Well if he had been renting during all those years it will be over 550K bath in rent so its a winner for sure, way better than rent in my opinion.

Until someone points out the opportunity costs of the initial lump sum purchase.

I was wondering when someone would point that out.

[Darrel]

If I had the faintest idea what an "opportunity cost" is I would probably say something about it.

As it is, buying a unit for 700K and living in it for 8 years, thus saving 550K rent and ending up with a unit that's probably worth 200-300K more today seems like a good deal to me. If the condo was bought using GBP in December 2003 then the owner has also made another 40+% on the drop in the value of the GBP to date.

Taking that 700K and putting it in a bank would not have produced a return anywhere near that.

Of course, the exchange rate and the property value could have gone the other way. But it didn't.