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Buying A Condo In Pattaya


deejah

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>>If the offers come in below your purchasing price,which I recall was already at a heavy discount because you bought in the early phase of construction,that would be a clear sign that nobody wants to live there.<<

I can only think you have not seen Park Lane .Its one of the most desirable Condos in Jomtien .

Many people dream of living there but as they dont have a pot to piss in ,it remains a dream for them .( ..some of them end up sniping like yourself ) . :jap:

Looks like just another collection of poorly built little shoeboxes to me. I could buy your apartment 100 times over in cash if I wanted but I won't because I don't like to waste my money...no more likely than I would pay 200 baht for a horrible T-shirt that is actually only worth 100 baht...

Wow you have 130,000,000 baht or £2.7 million pounds in the bank, if I had that kind of money I would not be sitting around making posts like that on TV....laugh.gif

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>>If the offers come in below your purchasing price,which I recall was already at a heavy discount because you bought in the early phase of construction,that would be a clear sign that nobody wants to live there.<<

I can only think you have not seen Park Lane .Its one of the most desirable Condos in Jomtien .

Many people dream of living there but as they dont have a pot to piss in ,it remains a dream for them .( ..some of them end up sniping like yourself ) . :jap:

Looks like just another collection of poorly built little shoeboxes to me. I could buy your apartment 100 times over in cash if I wanted but I won't because I don't like to waste my money...no more likely than I would pay 200 baht for a horrible T-shirt that is actually only worth 100 baht...

Wow you have 130,000,000 baht or £2.7 million pounds in the bank, if I had that kind of money I would not be sitting around making posts like that on TV....laugh.gif

:thumbsup:

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Q.Morphic,

>>''Looks like just another collection of poorly built little shoeboxes to me. I could buy your apartment 100 times over in cash if I wanted but I won't because I don't like to waste my money...''<<

If i had your money i would be buying 100 such Condos and renting them out . :jap:

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If i had your money i would be buying 100 such Condos and renting them out .

Ah, but would you really?

I could afford to buy several dozens of those condos, but then I would have to manage them, find tenants, chase them up for payment, worry about them scratching the bath and dirtying the walls etc. etc. etc. And what would I do with all the Baht coming in? Buy more condos, I suppose, but they would have to be company name as I wouldnt have a tor tor sam for the incoming funds. So then I would have the problem of owning company name units that are hard to sell and probably overdue for investigation by the Thai government. I expect that all sounds unpleasantly familiar to some people here.

As it is I can just leave the money in the bank and spend my days eating Thai food, strolling along the beach, listening to the radio and waffling on the internet, with hardly a care in the world.

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If i had your money i would be buying 100 such Condos and renting them out .

Ah, but would you really?

I could afford to buy several dozens of those condos, but then I would have to manage them, find tenants, chase them up for payment, worry about them scratching the bath and dirtying the walls etc. etc. etc. And what would I do with all the Baht coming in? Buy more condos, I suppose, but they would have to be company name as I wouldnt have a tor tor sam for the incoming funds. So then I would have the problem of owning company name units that are hard to sell and probably overdue for investigation by the Thai government. I expect that all sounds unpleasantly familiar to some people here.

As it is I can just leave the money in the bank and spend my days eating Thai food, strolling along the beach, listening to the radio and waffling on the internet, with hardly a care in the world.

But if the company was formed for the purpose of purchasing and managing condos then you would be perfectly legal, and would even be able to get a work permit.

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>>And what would I do with all the Baht coming in? <<

..Spend it on booze and women

Hmm. I wonder how I would look if I spent the rental income from several dozen condos on booze and women?

Actually I dont need to wonder; there are several good examples lurching around Soi Buakow.

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But if the company was formed for the purpose of purchasing and managing condos then you would be perfectly legal, and would even be able to get a work permit.

And the nominee aspect? And the four Thai staff per farang WP?

I just dont like the look of company-owned property in Thailand at all, I'm afraid. Talk about a can of worms.

Luckily I'm over 50, have money in the bank, and dont need a WP or an extra income. I would perhaps consider owning 2 farang-name condos, one to live in and one to rent out on a long-term basis, doing the management myself, but that would have to be a beachfront firesale bargain (which do come up, from time to time: I've seen 3 this year).

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>>And what would I do with all the Baht coming in? <<

..Spend it on booze and women

Hmm. I wonder how I would look if I spent the rental income from several dozen condos on booze and women?

Actually I dont need to wonder; there are several good examples lurching around Soi Buakow.

A bit like PattayaParent I should think

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But if the company was formed for the purpose of purchasing and managing condos then you would be perfectly legal, and would even be able to get a work permit.

And the nominee aspect? And the four Thai staff per farang WP?

I just dont like the look of company-owned property in Thailand at all, I'm afraid. Talk about a can of worms.

Luckily I'm over 50, have money in the bank, and dont need a WP or an extra income. I would perhaps consider owning 2 farang-name condos, one to live in and one to rent out on a long-term basis, doing the management myself, but that would have to be a beachfront firesale bargain (which do come up, from time to time: I've seen 3 this year).

A nominee is only for the dodgy ownership of land/coondos, not a legitimately trading company as I suggested.

And don't you think you'd need some staff to help you manage 100++ flats?

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>>If the offers come in below your purchasing price,which I recall was already at a heavy discount because you bought in the early phase of construction,that would be a clear sign that nobody wants to live there.<<

I can only think you have not seen Park Lane .Its one of the most desirable Condos in Jomtien .

Many people dream of living there but as they dont have a pot to piss in ,it remains a dream for them .( ..some of them end up sniping like yourself ) . :jap:

Looks like just another collection of poorly built little shoeboxes to me. I could buy your apartment 100 times over in cash if I wanted but I won't because I don't like to waste my money...no more likely than I would pay 200 baht for a horrible T-shirt that is actually only worth 100 baht...

Wow you have 130,000,000 baht or £2.7 million pounds in the bank, if I had that kind of money I would not be sitting around making posts like that on TV....laugh.gif

one way to a pile up a substantial, albeit moderate, fortune is not to buy expensive horrible t-shirts :whistling:

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A nominee is only for the dodgy ownership of land/coondos, not a legitimately trading company as I suggested.

And don't you think you'd need some staff to help you manage 100++ flats?

What about the 51% Thai ownership of the company? Somewhere or another there is going to be a nominee, or trickery, or both. Not my cup of tea at all.

I tried having staff just once, about 10 years ago. I couldnt stand it. It doesnt matter who they are, or what colour skin they have, they just dont do the job properly. It drove me mad having to double-check everything all the time. So I continued doing it all myself and never looked back. Saved a fortune on social security taxes also.

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>>If the offers come in below your purchasing price,which I recall was already at a heavy discount because you bought in the early phase of construction,that would be a clear sign that nobody wants to live there.<<

I can only think you have not seen Park Lane .Its one of the most desirable Condos in Jomtien .

Many people dream of living there but as they dont have a pot to piss in ,it remains a dream for them .( ..some of them end up sniping like yourself ) . :jap:

Looks like just another collection of poorly built little shoeboxes to me. I could buy your apartment 100 times over in cash if I wanted but I won't because I don't like to waste my money...no more likely than I would pay 200 baht for a horrible T-shirt that is actually only worth 100 baht...

Wow you have 130,000,000 baht or £2.7 million pounds in the bank, if I had that kind of money I would not be sitting around making posts like that on TV....laugh.gif

one way to a pile up a substantial, albeit moderate, fortune is not to buy expensive horrible t-shirts :whistling:

Metaphorically speaking, yes, thats right. Always looks for value in any investment or purchase you make, big or small.

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A nominee is only for the dodgy ownership of land/coondos, not a legitimately trading company as I suggested.

And don't you think you'd need some staff to help you manage 100++ flats?

What about the 51% Thai ownership of the company? Somewhere or another there is going to be a nominee, or trickery, or both. Not my cup of tea at all.

I tried having staff just once, about 10 years ago. I couldnt stand it. It doesnt matter who they are, or what colour skin they have, they just dont do the job properly. It drove me mad having to double-check everything all the time. So I continued doing it all myself and never looked back. Saved a fortune on social security taxes also.

In the business world that would usually be called a partner. Remember you are operating a legitimate business, look at Tesco, Carrefour and more on topic Frank Knight and CBRE who are property managers. Do you think they are all dodgy nominee companies?

You could still do all the work yourself, painting, changing light bulbs, fixing the blocked toilets, answering the 'phone etc. you just have to have 4 Thais on the books.

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In the business world that would usually be called a partner. Remember you are operating a legitimate business, look at Tesco, Carrefour and more on topic Frank Knight and CBRE who are property managers. Do you think they are all dodgy nominee companies?

No, those big names wouldnt be dodgy nominee companies, if only because they are in the spotlight and couldnt get away with it. Though I suspect that "partner" often translates into something quite different. "Pigeon" probably.

For me to buy my 100 condos via a 49/51 company structure I would need to find a Thai partner with money to buy 102 condos. Or is it a "partnership" where I put in all the money and get 49% of the equity?

And if this partner had money to buy 102 condos why would he want to get involved with me? There must be something that I have that he wants, and maybe that means that after a while I wont have it any more.

Just wondering.

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hi,

I like the park lane, but i like my freedom. i was thinking to buy condo at park lane, terrasse is very small.area is not too bad.

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

I have seen buildings were roof was leaking, lift barely working, and stinking halls.

these condo are out of price, you can buy a nice house with this money and rent the land for 60 years. enough to die in peace if you are over 40yo. still u can buy, but thai will decide because you need 2 thais to sign company ownership(whatever u call that)

the best is to keep your freedom in thailand, just rent and move out when you ae bored of the place.

i stay in thailand for over 2 years, then bored to not to work,now i am leaving thailand and get a job back where the money is and i will come back to thailand for some free time only.

I thought thailand was good, I like it very much ... but do nothing there, is hell for me, and too hot....

buying condo , and be stuck with thai problems, no thanks!lets go back to action!!!!

Edited by swisstouristpattaya
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>>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 .

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Hi All

I went to pattaya as I was planning to buy 2 condos as an investment. With banks and stock market volatile it didnt seem like a bad idea and as an insurance policy if my business failed at least i would have a shoe box to live in.

I spend two weeks lookng around. The first "agent" i used was a well known one he took me to see many off-plan stuff, . He was REALLY pushy, a bit like a timeshare salesman and he wouldnt leave me alone after that. I went to another agent to look at stuff that was already built and mentioned the first agent and then the two agents got together and were trying to manipulate me and gave me a lot of false information. They also contacted one of the developers and were squabbling over who should get the commission should I buy something there.

The whole experience was horrible.

The agents tell you false information. For instance buying off-plan. Well i found out you need to transfer $50k in one hit to a Thai bank account to get your Foreign Transfer document, previously called a Tor Tor Sam. They were asking for 20% up front then various installements. Of course to get a legit property this $50k has to come over in one hit and then you pay for the condo. So staggered payments from an offshore account to Thailand would not make your purchase 100% Kosher. They were also suggesting I transferred money directy to their accounts for the installments but my lawyer advised me against that.

Basically dont trust the agents in Pattaya. There may be some good ones but you will have to go through 5 bad ones to find a good one.

Dont trust "friends" you make in bars. Farangs who will quickly jump at the chance to introduce you to their real estate "friend". There is a lot of commissions going about between farangs in Pattaya.

My advice - get the money FIRST. Transfer the money over in one hit and when you send the money make sure the transfer note says "For Purchase Condominium". Only transfer between YOUR offshore account and YOUR thai account.

THEN - when you have the money, have the foreign funds fransfer form (or whatever its called) - then look around for existing developments. DONT buy off plan. Have everythign sorted out and ready and HAMMER the fuc_kers down on the price. My advice would be to either find a seller directly, lots of footwork going around condo blocks yourself (hire a motorbike) or go to an agent and show interest in some really cheap properties which are well below what you want to spend.. they might show you some good prices for better places, they always try and upsell. They always present the "champagne and lemonade" sales pitch and always try to make out that property is getting snapped up and going up in value when it isnt. If the prices are going up its a BUBBLE. And remember pattaya is a LEMONADE desination. Its not a 5 star place its a s-hole. Drive around in the evening see how many lights are off many many condos are empty.

Look for a desperate seller

Dont buy off plan

Edited by BuffaloRescue
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Hi All

I went to pattaya as I was planning to buy 2 condos as an investment. With banks and stock market volatile it didnt seem like a bad idea and as an insurance policy if my business failed at least i would have a shoe box to live in.

I spend two weeks lookng around. The first "agent" i used was a well known one he took me to see many off-plan stuff, . He was REALLY pushy, a bit like a timeshare salesman and he wouldnt leave me alone after that. I went to another agent to look at stuff that was already built and mentioned the first agent and then the two agents got together and were trying to manipulate me and gave me a lot of false information. They also contacted one of the developers and were squabbling over who should get the commission should I buy something there.

The whole experience was horrible.

The agents tell you false information. For instance buying off-plan. Well i found out you need to transfer $50k in one hit to a Thai bank account to get your Foreign Transfer document, previously called a Tor Tor Sam. They were asking for 20% up front then various installements. Of course to get a legit property this $50k has to come over in one hit and then you pay for the condo. So staggered payments from an offshore account to Thailand would not make your purchase 100% Kosher. They were also suggesting I transferred money directy to their accounts for the installments but my lawyer advised me against that.

Basically dont trust the agents in Pattaya. There may be some good ones but you will have to go through 5 bad ones to find a good one.

Dont trust "friends" you make in bars. Farangs who will quickly jump at the chance to introduce you to their real estate "friend". There is a lot of commissions going about between farangs in Pattaya.

My advice - get the money FIRST. Transfer the money over in one hit and when you send the money make sure the transfer note says "For Purchase Condominium". Only transfer between YOUR offshore account and YOUR thai account.

THEN - when you have the money, have the foreign funds fransfer form (or whatever its called) - then look around for existing developments. DONT buy off plan. Have everythign sorted out and ready and HAMMER the fuc_kers down on the price. My advice would be to either find a seller directly, lots of footwork going around condo blocks yourself (hire a motorbike) or go to an agent and show interest in some really cheap properties which are well below what you want to spend.. they might show you some good prices for better places, they always try and

upsell. They always present the "champagne and lemonade" sales pitch and always try to make out that property is getting snapped up and going up in value when it isnt. If the prices are going up its a BUBBLE. And remember pattaya is a LEMONADE desination. Its not a 5 star place its a s-hole. Drive around in the evening see how many lights are off many many condos are empty.

Look for a desperate seller

Dont buy off plan

Good advice but it really is not necessary to throw in the s-hole remark. Most folks do not think that is true any way and all it does is diminish the credibility of your overall good post.

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Hi All

I went to pattaya as I was planning to buy 2 condos as an investment. With banks and stock market volatile it didnt seem like a bad idea and as an insurance policy if my business failed at least i would have a shoe box to live in.

I spend two weeks lookng around. The first "agent" i used was a well known one he took me to see many off-plan stuff, . He was REALLY pushy, a bit like a timeshare salesman and he wouldnt leave me alone after that. I went to another agent to look at stuff that was already built and mentioned the first agent and then the two agents got together and were trying to manipulate me and gave me a lot of false information. They also contacted one of the developers and were squabbling over who should get the commission should I buy something there.

The whole experience was horrible.

The agents tell you false information. For instance buying off-plan. Well i found out you need to transfer $50k in one hit to a Thai bank account to get your Foreign Transfer document, previously called a Tor Tor Sam. They were asking for 20% up front then various installements. Of course to get a legit property this $50k has to come over in one hit and then you pay for the condo. So staggered payments from an offshore account to Thailand would not make your purchase 100% Kosher. They were also suggesting I transferred money directy to their accounts for the installments but my lawyer advised me against that.

Basically dont trust the agents in Pattaya. There may be some good ones but you will have to go through 5 bad ones to find a good one.

Dont trust "friends" you make in bars. Farangs who will quickly jump at the chance to introduce you to their real estate "friend". There is a lot of commissions going about between farangs in Pattaya.

My advice - get the money FIRST. Transfer the money over in one hit and when you send the money make sure the transfer note says "For Purchase Condominium". Only transfer between YOUR offshore account and YOUR thai account.

THEN - when you have the money, have the foreign funds fransfer form (or whatever its called) - then look around for existing developments. DONT buy off plan. Have everythign sorted out and ready and HAMMER the fuc_kers down on the price. My advice would be to either find a seller directly, lots of footwork going around condo blocks yourself (hire a motorbike) or go to an agent and show interest in some really cheap properties which are well below what you want to spend.. they might show you some good prices for better places, they always try and

upsell. They always present the "champagne and lemonade" sales pitch and always try to make out that property is getting snapped up and going up in value when it isnt. If the prices are going up its a BUBBLE. And remember pattaya is a LEMONADE desination. Its not a 5 star place its a s-hole. Drive around in the evening see how many lights are off many many condos are empty.

Look for a desperate seller

Dont buy off plan

Good advice but it really is not necessary to throw in the s-hole remark. Most folks do not think that is true any way and all it does is diminish the credibility of your overall good post.

Not to forget that Pattaya is a "holiday" destination. Many units are only used for a very short time each year. Plenty of buildings that are fully sold out rarely have more than 10% occupancy. Wish I had extra money to do that! :(

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Hi All

I went to pattaya as I was planning to buy 2 condos as an investment. With banks and stock market volatile it didnt seem like a bad idea and as an insurance policy if my business failed at least i would have a shoe box to live in.

I spend two weeks lookng around. The first "agent" i used was a well known one he took me to see many off-plan stuff, . He was REALLY pushy, a bit like a timeshare salesman and he wouldnt leave me alone after that. I went to another agent to look at stuff that was already built and mentioned the first agent and then the two agents got together and were trying to manipulate me and gave me a lot of false information. They also contacted one of the developers and were squabbling over who should get the commission should I buy something there.

The whole experience was horrible.

The agents tell you false information. For instance buying off-plan. Well i found out you need to transfer $50k in one hit to a Thai bank account to get your Foreign Transfer document, previously called a Tor Tor Sam. They were asking for 20% up front then various installements. Of course to get a legit property this $50k has to come over in one hit and then you pay for the condo. So staggered payments from an offshore account to Thailand would not make your purchase 100% Kosher. They were also suggesting I transferred money directy to their accounts for the installments but my lawyer advised me against that.

Basically dont trust the agents in Pattaya. There may be some good ones but you will have to go through 5 bad ones to find a good one.

Dont trust "friends" you make in bars. Farangs who will quickly jump at the chance to introduce you to their real estate "friend". There is a lot of commissions going about between farangs in Pattaya.

My advice - get the money FIRST. Transfer the money over in one hit and when you send the money make sure the transfer note says "For Purchase Condominium". Only transfer between YOUR offshore account and YOUR thai account.

THEN - when you have the money, have the foreign funds fransfer form (or whatever its called) - then look around for existing developments. DONT buy off plan. Have everythign sorted out and ready and HAMMER the fuc_kers down on the price. My advice would be to either find a seller directly, lots of footwork going around condo blocks yourself (hire a motorbike) or go to an agent and show interest in some really cheap properties which are well below what you want to spend.. they might show you some good prices for better places, they always try and upsell. They always present the "champagne and lemonade" sales pitch and always try to make out that property is getting snapped up and going up in value when it isnt. If the prices are going up its a BUBBLE. And remember pattaya is a LEMONADE desination. Its not a 5 star place its a s-hole. Drive around in the evening see how many lights are off many many condos are empty.

Look for a desperate seller

Dont buy off plan

Not true.

Edited by PattayaParent
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Anyway dont take it from me, and dont take it from any agents. Find an independant lawyer who isnt associated with the agent or seller, preferably one who isnt in pattaya and ask them. Get all the legal stuff straight and dont beleive, me, agents or anyone on this forum. Many foreigners are doing some pretty dodgy stuf with properties and there is a lot of black money being invested by russians etc with bogus companies. If you want a sound investment there are probably better ways to gamble than with a dodgy thai company / nominee company etc etc. In pattaya just assume everyone is lying

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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

Crackdown for what?

&lt;deleted&gt; are you talking about?

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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?

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Look for a desperate seller

Dont buy off plan

Your comments about agents were mostly spot on. Many of them here really are the bottom of the barrel: squabbling about relatively small amounts of money, and every other word a lie, misdirection or half-truth. Generally they dont even lie well as that requires a great deal of skill and a very good memory. The old cartoon image of dollar signs lighting up in eyes really does apply here, in spades.

I would also agree that it is best to find a motivated (not necessarily desperate) seller. Asking prices from them may well be 30% or more below the average asking price for a similar unit, and you probably wont suffer from the perpetual on market again - off market again idiot vendors who just have no idea whether they want to sell or not.

As for buying off-plan: I think it's OK if you get in early enough to benefit from the launch prices and, above all, if you are very good at visualising a finished unit, especially in relation to what is around it. Most recent, new and future buildings in greater Pattaya are likely to have other buildings going up next door sooner or later, and what seems like a nice view on paper today could well turn into a concrete wall a few years down the line. Units with views of concrete are very hard to sell, unless they are within staggering distance of Walking Street or the Avenue, or right on the beach.

All that said, condo-buying in Pattaya is like gambling. Fine if you can afford to lose the money, but not for widows and orphans.

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