Looking To Buy A Condo - Among The Better Ones

[adam1]

Well this is an interesting thread, and thanks to those who have shared valuable info.

I've been working in and around condos in Chiang Mai for over six years, so I thought I'd add a few tidbits into the mix.

Firstly, in terms of investment, your condo purchase will only be a viable concern if you have put the time and energy into getting the right kind of unit, with the right kind of view, in the right location, at the right price, etc etc etc.....just like stocks and shares - you gotta know what you are doing, or you'll lose money. A degree of luck also helps.

I know plenty of people who have done very well in the market here. It can still be done provided sufficient care is taken, although it is getting harder given that space is getting squeezed, and the older buildings are mostly being renovated and resold.

I too will be interested to see how re-sale activity develops at the newer places like Convention, M Front etc. At the present time, I tend to agree with the poster who said that in 5 - 10 years time, the canal road will be a very desirable location. Frankly, Chiang Mai is growing like crazy, Asia is not in recession, and imho the city will continue to mushroom in size with Asian if not European investment. For this reason, I would suggest that people invest here, if they find a suitable option, all things considered.

In terms of specific condos, I have heard that Floral is next to a Mosque, and so you get the prayer call blasted out five times a day. I lost a sale there due to this very reason.

Rimping appears to be doing ok, foreigners are eager to rent here. The units I know of go like hot cakes as soon as they become available.

Moreover, the debate about 3 Million Condos being too pricey is really a non-starter. The units I know, renting for 15-25k, are in high demand, and I don't even have to advertise for the unit I manage - it sells itself! Imho, there is a shortage of quality units at 80-130m2. Please pm me or call me on 0873425785 if you want to talk more or maybe do some business.

You may have appeared to be credible until you started to try and make a sale for yourself. It's a no brainer that a commission on a 3 mil baht condo will be higher than that of a 700k baht unit.

Appeared to be credible? And what's this about commissions? I am afraid that you have either misinterpreted my post, or your post needs further elaboration.

[adam1]

I have heard that Floral is next to a Mosque, and so you get the prayer call blasted out five times a day. I lost a sale there due to this very reason.

Please pm me or call me on 0873425785 if you want to talk more or maybe do some business.

I suggest you lost your sale because, like most EA's, you didn't understand the property you were trying to sell, sounds like you didn't even go see it!

I suggest that you save your judgemental opinions for yourself sir. Are you having a bad day? I visited Floral several times with grateful clients who in the end decided to buy elsewhere. Very happy customers too and good friends. I have since stopped going to Floral, for various reasons........not least of which is the relative unavailability of units for sale. I appreciate that you seem to have had issues with EA's, but I would be grateful if you could refrain from projecting these onto me.

[adam1]

I have heard that Floral is next to a Mosque, and so you get the prayer call blasted out five times a day. I lost a sale there due to this very reason.

Please pm me or call me on 0873425785 if you want to talk more or maybe do some business.

I suggest you lost your sale because, like most EA's, you didn't understand the property you were trying to sell, sounds like you didn't even go see it!

That is pretty funny. He's trying to sell and apartment and he heard it's next to a mosque.

Adam1 lost a sale to me too. I tried to buy an apartment that he was trying to sell for a client. Every time I made an offer it took forever for him to get back to me but each time he did it was with an even higher asking price!

haha.....I think , Mr. Boss (high wai is it?), that you will find a mosque very close. Second, I don't believe I have the pleasure of your acquaintance. You may be assuming that there is only one Adam in Chiang Mai involved in marketing Real Estate. If so, your assumption is wrong. In any case, the above scenario you describe does not ring any bells, and I therefore assume we have a case of mistaken identity, and perhaps the Adam you are referring to is the Thai gentleman. Perhaps, seeing as this is a public forum, you might care to reply and confirm that this is indeed so.

[KRS1]

Well this is an interesting thread, and thanks to those who have shared valuable info.

I've been working in and around condos in Chiang Mai for over six years, so I thought I'd add a few tidbits into the mix.

Firstly, in terms of investment, your condo purchase will only be a viable concern if you have put the time and energy into getting the right kind of unit, with the right kind of view, in the right location, at the right price, etc etc etc.....just like stocks and shares - you gotta know what you are doing, or you'll lose money. A degree of luck also helps.

I know plenty of people who have done very well in the market here. It can still be done provided sufficient care is taken, although it is getting harder given that space is getting squeezed, and the older buildings are mostly being renovated and resold.

I too will be interested to see how re-sale activity develops at the newer places like Convention, M Front etc. At the present time, I tend to agree with the poster who said that in 5 - 10 years time, the canal road will be a very desirable location. Frankly, Chiang Mai is growing like crazy, Asia is not in recession, and imho the city will continue to mushroom in size with Asian if not European investment. For this reason, I would suggest that people invest here, if they find a suitable option, all things considered.

In terms of specific condos, I have heard that Floral is next to a Mosque, and so you get the prayer call blasted out five times a day. I lost a sale there due to this very reason.

Rimping appears to be doing ok, foreigners are eager to rent here. The units I know of go like hot cakes as soon as they become available.

Moreover, the debate about 3 Million Condos being too pricey is really a non-starter. The units I know, renting for 15-25k, are in high demand, and I don't even have to advertise for the unit I manage - it sells itself! Imho, there is a shortage of quality units at 80-130m2. Please pm me or call me on 0873425785 if you want to talk more or maybe do some business.

You may have appeared to be credible until you started to try and make a sale for yourself. It's a no brainer that a commission on a 3 mil baht condo will be higher than that of a 700k baht unit.

Appeared to be credible? And what's this about commissions? I am afraid that you have either misinterpreted my post, or your post needs further elaboration.

So you are suggesting people do business with you and you will be doing it for free without any commissions.I guess you just listed your phone number so people can ask you out on a date then huh?

I have interpreted your post accurately as well as anyone else who reads it.

[adam1]

Well this is an interesting thread, and thanks to those who have shared valuable info.

I've been working in and around condos in Chiang Mai for over six years, so I thought I'd add a few tidbits into the mix.

Firstly, in terms of investment, your condo purchase will only be a viable concern if you have put the time and energy into getting the right kind of unit, with the right kind of view, in the right location, at the right price, etc etc etc.....just like stocks and shares - you gotta know what you are doing, or you'll lose money. A degree of luck also helps.

I know plenty of people who have done very well in the market here. It can still be done provided sufficient care is taken, although it is getting harder given that space is getting squeezed, and the older buildings are mostly being renovated and resold.

I too will be interested to see how re-sale activity develops at the newer places like Convention, M Front etc. At the present time, I tend to agree with the poster who said that in 5 - 10 years time, the canal road will be a very desirable location. Frankly, Chiang Mai is growing like crazy, Asia is not in recession, and imho the city will continue to mushroom in size with Asian if not European investment. For this reason, I would suggest that people invest here, if they find a suitable option, all things considered.

In terms of specific condos, I have heard that Floral is next to a Mosque, and so you get the prayer call blasted out five times a day. I lost a sale there due to this very reason.

Rimping appears to be doing ok, foreigners are eager to rent here. The units I know of go like hot cakes as soon as they become available.

Moreover, the debate about 3 Million Condos being too pricey is really a non-starter. The units I know, renting for 15-25k, are in high demand, and I don't even have to advertise for the unit I manage - it sells itself! Imho, there is a shortage of quality units at 80-130m2. Please pm me or call me on 0873425785 if you want to talk more or maybe do some business.

You may have appeared to be credible until you started to try and make a sale for yourself. It's a no brainer that a commission on a 3 mil baht condo will be higher than that of a 700k baht unit.

Appeared to be credible? And what's this about commissions? I am afraid that you have either misinterpreted my post, or your post needs further elaboration.

So you are suggesting people do business with you and you will be doing it for free without any commissions.I guess you just listed your phone number so people can ask you out on a date then huh?

I have interpreted your post accurately as well as anyone else who reads it.

Oh I see, thank you for elaborating and making yourself quite clear. Well well well.....how to respond...hmmm...it appears that you are quite happy to sit back and state that I lack credibility. You might know better on a Thaivisa discussion board that this will not go unchallenged. I would rather not get into a negative to and fro with the likes of yourself who are quick to post negatively slanted replies, so I will simply state the following: The OP clearly asks for information and advice, and as I have a substantial amount of experience, I felt entitled to respond. What harm has it done that I post my number? None. A gentleman called me yesterday and we spent a long time sharing valuable information. A very beneficial exercise. Anyone is more than welcome to disagree with my information, such as the gentlemen who suggests that the mosque only sounds twice a day, and not five as I had written, and I am more than happy to be updated and stand corrected. However, I think most TV members are savvy enough to be able to see through any sales baloney, and pick and choose the information that they need, without you having to throw in your grumpy two cents worth.

[KRS1]

Oh I see, thank you for elaborating and making yourself quite clear. Well well well.....how to respond...hmmm...it appears that you are quite happy to sit back and state that I lack credibility. You might know better on a Thaivisa discussion board that this will not go unchallenged. I would rather not get into a negative to and fro with the likes of yourself who are quick to post negatively slanted replies, so I will simply state the following: The OP clearly asks for information and advice, and as I have a substantial amount of experience, I felt entitled to respond. What harm has it done that I post my number? None. A gentleman called me yesterday and we spent a long time sharing valuable information. A very beneficial exercise. Anyone is more than welcome to disagree with my information, such as the gentlemen who suggests that the mosque only sounds twice a day, and not five as I had written, and I am more than happy to be updated and stand corrected. However, I think most TV members are savvy enough to be able to see through any sales baloney, and pick and choose the information that they need, without you having to throw in your grumpy two cents worth.

Well you asked me to elaborate and i did, whats the problem?

I simply gave you what you asked for.

[udonguy]

Farang are prohibited by Thai law accepting 'commissions' on real estate so anyone doing so should keep a very low profile. As for condos it's a difficult game and you win some and lose some I believe the market is becoming over-saturated and the 'good old days' of finding bargains is shrinking very, very fast.

[scotinsiam]

3M is a lot?? In relation to what?? The english teacher that is pulling in 15K-20K per month? Or a retiree from overseas that has a nest egg of a few mill dollars?? Who do you think 3M baht condos are marketed too?

I would think that these "retirees from overseas that has a nest egg of a few mill dollars" would be living their retirement life on the Mediterranean or in some other beautiful part of Europe or even Northern California? No?

no the Med sucks and can be cold a lot of the year

[elektrified]

Asia is not in recession, and imho the city will continue to mushroom in size with Asian if not European investment. For this reason, I would suggest that people invest here, if they find a suitable option, all things considered...The units I know, renting for 15-25k, are in high demand, and I don't even have to advertise for the unit I manage - it sells itself! Imho, there is a shortage of quality units at 80-130m2. Please pm me or call me on if you want to talk more or maybe do some business.

Oh really? Asia is not in recession? Tell that to the people of Japan or even Korea. Ever taken a look at how many Chinese have lost their jobs in the last couple of years?

Of course you would "suggest" people invest here and even leave a phone number to "do some business". Like I said the only people hyping the condo market here are sellers trying desperately to off their units.

[elektrified]

...The units I know of go like hot cakes as soon as they become available...

[adam1]

Asia is not in recession, and imho the city will continue to mushroom in size with Asian if not European investment. For this reason, I would suggest that people invest here, if they find a suitable option, all things considered...The units I know, renting for 15-25k, are in high demand, and I don't even have to advertise for the unit I manage - it sells itself! Imho, there is a shortage of quality units at 80-130m2. Please pm me or call me on if you want to talk more or maybe do some business.

Oh really? Asia is not in recession? Tell that to the people of Japan or even Korea. Ever taken a look at how many Chinese have lost their jobs in the last couple of years?

Of course you would "suggest" people invest here and even leave a phone number to "do some business". Like I said the only people hyping the condo market here are sellers trying desperately to off their units.

Haha, well Japan has had a tough time indeed, but construction and real estate continue to enjoy a healthy turn across much larger swathes of Asia in China, India, and I don't see things slowing down too much in Chiang Mai, quite the reverse in fact. Therefore, my point remains valid, and we must agree to disagree, politely if you can manage it. The explosion of new developments in and around the city has been nothing short of phenomenal in recent years, and in the light of this, well-placed and well-maintained residential units in the city centre must remain an attractive option imho. The squeeze may be on in terms of saturation of supply for condos in less desirable locales and buildings, but the point myself and other posters are making is that you can still do well provided you do your homework and make the right choice.

[adam1]

...The units I know of go like hot cakes as soon as they become available...

haha....well it may not fit with your experience, and seeing as you won't take my word for it, given that I have committed the apparently heinous crime of putting my phone number in the thread, may I refer you to the previous poster who remarked that on a certain website most of the units in the upper price categories had already been taken........

[udonguy]

I dunno - I wish my units sold that quick! there is over supply here and no amount of 'talking it up' is going to help. I owned 10 at one stage and have down scaled by over half because of experience and, I hope, good judgement trying to offset the risk of 'what is going to happen'.

[adam1]

I dunno - I wish my units sold that quick! there is over supply here and no amount of 'talking it up' is going to help. I owned 10 at one stage and have down scaled by over half because of experience and, I hope, good judgement trying to offset the risk of 'what is going to happen'.

Sorry to hear that Udonguy. I do know of others in certain locations (ahem) who have not come off so well either.....Anyway, wishing you good luck getting that sorted out.

[el jefe]

I have heard that Floral is next to a Mosque, and so you get the prayer call blasted out five times a day. I lost a sale there due to this very reason.

Please pm me or call me on 0873425785 if you want to talk more or maybe do some business.

I suggest you lost your sale because, like most EA's, you didn't understand the property you were trying to sell, sounds like you didn't even go see it!

That is pretty funny. He's trying to sell and apartment and he heard it's next to a mosque.

Adam1 lost a sale to me too. I tried to buy an apartment that he was trying to sell for a client. Every time I made an offer it took forever for him to get back to me but each time he did it was with an even higher asking price!

haha.....I think , Mr. Boss (high wai is it?), that you will find a mosque very close. Second, I don't believe I have the pleasure of your acquaintance. You may be assuming that there is only one Adam in Chiang Mai involved in marketing Real Estate. If so, your assumption is wrong. In any case, the above scenario you describe does not ring any bells, and I therefore assume we have a case of mistaken identity, and perhaps the Adam you are referring to is the Thai gentleman. Perhaps, seeing as this is a public forum, you might care to reply and confirm that this is indeed so.

Adam,

In my 7 years in CM I've met 3 farang who are acting as real estate agents. Two set their girlfriends up in the business because they did not have the proper permits to work here. The third was a guy named Adam. (btw, I assume you do have the proper visa and permits to work here since you've admitted that you are "working" and that you have "lost sales". Don't bother replying. I know your answer.)

There very well be more than one Adam posing as a real estate agent in CM. If you're not the one I dealt with several years ago, then you have my sincerest apologies. If you are the same one, then my comments stand. I'll give you a head start in figuring it out. Do you know someone named Daeng? No need to answer that either.

[cdnvic]

Two posts with phone numbers removed.

[adam1]

What a strange post......I assume you do have the proper visa and permits......... Don't bother replying. I know your answer..................

You either assume, or you know, - you can't have it both ways, I'm afraid that's impossible.........

Seeing as you've brought it up............I have may papers thank you. I wonder why should you bring it up? Strange, and then especially seeing as you already know........ even curioser...........

Fyi and for the record, I am employed as a marketing agent for a Thai company who own two very well-known international franchises here in CM. There's plenty of overlap between my job and that of the brokers, but unfortunately I am unable to accept commissions, these are paid directly to the Thai company.

So there's my reply - enuf for this thread.

[el jefe]

What a strange post......I assume you do have the proper visa and permits......... Don't bother replying. I know your answer..................

You either assume, or you know, - you can't have it both ways, I'm afraid that's impossible.........

Seeing as you've brought it up............I have may papers thank you. I wonder why should you bring it up? Strange, and then especially seeing as you already know........ even curioser...........

Fyi and for the record, I am employed as a marketing agent for a Thai company who own two very well-known international franchises here in CM. There's plenty of overlap between my job and that of the brokers, but unfortunately I am unable to accept commissions, these are paid directly to the Thai company.

So there's my reply - enuf for this thread.

Wow! What a strange reply.

I asked you one simple question and you wrote an entire paragraph explaining something entirely different!

I've had enough of this topic and your self-contradictions. Thanks for the entertainment.

[ROMANOBA]

I follow those rules in Chiangmai:

1- the condo must be as central as possible

2-Avoid Nimmhain area because of noise

3-Avoid new condos ( overpriced), avoid too old and bad maintained condo.

I would look in the Changklan road area, where 3 condo meet those criteria:

-Changklan resident

-Gala Tong

-Riverside

All those condo are not expensive,central, not too old, with reasonable maintainance.

FVurthermore price have been quite the same in

[udonguy]

Galae Thong? NO pool NOT much parking NO gym and you have to pass many karaoke bars to get to the condo - 20 years old!!!

Riverside? poor management, NOT Much parking, Pool not too bad, NO gym and bad location - 20 years old!!!

no idea about Changklan Resident

[chiang mai]

Galae Thong? NO pool NOT much parking NO gym and you have to pass many karaoke bars to get to the condo - 20 years old!!!

Riverside? poor management, NOT Much parking, Pool not too bad, NO gym and bad location - 20 years old!!!

no idea about Changklan Resident

I fully agree about the first two.

[WinnieTheKhwai]

I follow those rules in Chiangmai:

1- the condo must be as central as possible

2-Avoid Nimmhain area because of noise

3-Avoid new condos ( overpriced), avoid too old and bad maintained condo.

I would look in the Changklan road area, where 3 condo meet those criteria:

-Changklan resident

-Gala Tong

-Riverside

All those condo are not expensive,central, not too old, with reasonable maintainance.

FVurthermore price have been quite the same in

And you know what, those aren't even too central, with the exception of Changklan Resident. From a city condo I would expect to be walking to a lot of stuff in the city center. You can't do that from down Chiang Mai Land or the Riverside Condo.

It's actually easier to rent a house in a more central location than a condo.. Also furnished, aircon and just as easy to move into as a condo or apartment. And much more space of course, and for the same price or cheaper; go figure.

Edited January 31, 2012 by WinnieTheKhwai

[adam1]

Yes, if you want to be able to walk everywhere easily then Galae Thong and the Riverside are just a little too far for that. However, for those with a motorbike the distance really becomes an non-issue, and there are some nice quiet units with excellent views and balconies in both.

I am not sure how much age is a factor is gauging the value of a condo. Short of having a team of Western surveyors assess a building from top to bottom, who would be able to give a definitive answer as to the health of a building of this sort of size?

Further, as we have already seen in this thread, some of the new buildings are apparently coming up short in terms of construction standards..........

I do know that the Riverside was built at the same time as the big hotel next to it - what is it now, the Holiday Inn? I wonder what they'd have to say about the quality of construction......

In terms of pools, there is a nice one at Sky Breeze Condo, near CMU. There are some nice quiet units there too. Last time I was there, a couple of weeks ago, there didn't seem to be many adverts for sales or rentals, perhaps suggesting that people are happy there......who knows.........

[chiang mai]

One of the nice points about Floral is that it was built by a Japanese construction company and I think the results show in the quality of the building.

[udonguy]

Yes, if you want to be able to walk everywhere easily then Galae Thong and the Riverside are just a little too far for that. However, for those with a motorbike the distance really becomes an non-issue, and there are some nice quiet units with excellent views and balconies in both.

I am not sure how much age is a factor is gauging the value of a condo. Short of having a team of Western surveyors assess a building from top to bottom, who would be able to give a definitive answer as to the health of a building of this sort of size?

Further, as we have already seen in this thread, some of the new buildings are apparently coming up short in terms of construction standards..........

I do know that the Riverside was built at the same time as the big hotel next to it - what is it now, the Holiday Inn? I wonder what they'd have to say about the quality of construction......

In terms of pools, there is a nice one at Sky Breeze Condo, near CMU. There are some nice quiet units there too. Last time I was there, a couple of weeks ago, there didn't seem to be many adverts for sales or rentals, perhaps suggesting that people are happy there......who knows.........

Skybreeze is nice - but many committee problems and VERY, VERY noisy from Prasterland when they put on the concerts

edit: committee problems at riverside too

Edited February 1, 2012 by udonguy

[peterpop]

@ KRS1

- I take your point about Punna; though one wonders if the noisy venues will last into the future, and one could look for a condo on the other side of the buildings

- I like the building behind Duke's too; but though not new the prices there are not cheap - will make inquiries again.

- On resale, you imply that house and flat sales (and rentals) are catering to the same market when surely they are not. For example in rentals also, smallish flats ask as high a rent as a decent sized house.

@electrified

- Your comments are sobering. But would you say they apply equally to flats at the top end of the market?

- Actually I wouldn't be entirely reliant on the rental income, though I would be expecting it.

- I intend to carry on living in a (rented) house now; but in the future I want to have the option of maybe moving to the (smaller) flat. Hence my investing only in a high qaulity, well-build and well maintained flat.

Thanks for all comments though; more would be welcome too.

I have been renting in Chang Mai for 6 years now and watch the property market always wondering if I am right to rent or should I buy. I remain unconvinced in buying because used proerty is so hard to shift. I know of houses on the market for all the six years I have been here. There is now a glut of apartments with everyone buying new with modern stylish frniture. I saw all this before in UK. Indeed I was then building the apartments. It all ended in tears. I advise patience and extreme caution. Not an area of investment for widows and orphans.