mucacho Posted June 7, 2012 Share Posted June 7, 2012 I see people buying property like houses for 1.4 mil 2 years ago, today they sell for 1.6 will the property price drop again or not? Is it smart to wait a year to buy or not? Link to comment Share on other sites More sharing options...
sandgroper2 Posted June 7, 2012 Share Posted June 7, 2012 Yes and no. Link to comment Share on other sites More sharing options...
23962323 Posted June 7, 2012 Share Posted June 7, 2012 Do you mean buying at 1.4 mil baht, now selling for 1.6 baht? Link to comment Share on other sites More sharing options...
PattayaParent Posted June 7, 2012 Share Posted June 7, 2012 Prices in Thailand never drop, if nobody is buying you raise the price. 2 Link to comment Share on other sites More sharing options...
KNJ Posted June 7, 2012 Share Posted June 7, 2012 selling for 1.6 or asking 1.6? there is a big difference. What modifications have been done, for example, aircon fitted, garden sorted, furniture and kitchen fitted. Link to comment Share on other sites More sharing options...
smedly Posted June 7, 2012 Share Posted June 7, 2012 supply and demand in a normal market usually dictates price along with availabe funding (loans etc) - the latter being less of an issue since most falangs pay cash. This is not the case in Pattaya, it is a false overinflated market driven by crooks in the realestate business, never give the ask for anything, drop by at least 50% then maybe meet in the middle Link to comment Share on other sites More sharing options...
mucacho Posted June 7, 2012 Author Share Posted June 7, 2012 yes a house, they bought it 2 years ago unfurnished for 1,4, now she is selling it for 1.6 furnished i never work through agents, they take like 100 k from a simple condo, i know that for a fact, or even more.... they are crooks and want to get quick money and at the same time stalling the sale, i dont know why the sellers even consider selling through agents??? Link to comment Share on other sites More sharing options...
Swiss1960 Posted June 7, 2012 Share Posted June 7, 2012 When I see what's currently built - or planed to build with reasonable certainty - I do assume that prices for condo will drop massively over the next 3 years. I have been looking into many projects (finished and planned) and as soon as the seller realizes that you are (seriously) looking at other projects, that's when prices come down 10-20% already now... just talked with several agents back in May and they seem pretty desperate to get something sold... 1 Link to comment Share on other sites More sharing options...
Darrel Posted June 7, 2012 Share Posted June 7, 2012 I dont follow house prices as I know that I cant own one here, but most condo prices seem hugely overvalued to me and the quality of re-sales is often very low, not to mention that the interior design often seems to have been done by a colour-blind monkey. You can get two nice sea-view condos in Spain for the price of one here. If it wasn't for European tax legislation and the lack of spicy food in Spain I would probably be buying places there. About the only things that are relatively cheap here are the 1000-unit 30sqm places they are building at the back of Jomtien, and who would want to live in one of those? 1 Link to comment Share on other sites More sharing options...
Darrel Posted June 7, 2012 Share Posted June 7, 2012 .... bought it 2 years ago unfurnished for 1,4, now she is selling it for 1.6 furnished Depending on what the furnishings are like that could be a mark-up or a mark-down. Link to comment Share on other sites More sharing options...
toenail Posted June 7, 2012 Share Posted June 7, 2012 My opinion, I occasionally get the "bug" to purchase a small house on the "other side" of Pattaya. What I have noticed is that the prices seem to be quite inflated compared to what you can get in North American and the houses that are asking ridiculous prices never lower their price; thus, they have been on the market for 2...3 or more years for sale. There are a few exceptions. With condos, it is to the point where in 3 years the market will be saturated with condos to buy; however if you have a condo that is right next to the sea, then you will not lose. Link to comment Share on other sites More sharing options...
craigt3365 Posted June 7, 2012 Share Posted June 7, 2012 Everybody has an opinion, and mine is to not expect capital appreciation over the next several years. A reduction is entirely possible due to the global economy and the "interesting" politics here, not to mention the vast supply of condos on the market. But who knows? Things could (doubtfully) turn around and prices could skyrocket. Ya just never know? Link to comment Share on other sites More sharing options...
craigt3365 Posted June 7, 2012 Share Posted June 7, 2012 My opinion, I occasionally get the "bug" to purchase a small house on the "other side" of Pattaya. What I have noticed is that the prices seem to be quite inflated compared to what you can get in North American and the houses that are asking ridiculous prices never lower their price; thus, they have been on the market for 2...3 or more years for sale. There are a few exceptions. With condos, it is to the point where in 3 years the market will be saturated with condos to buy; however if you have a condo that is right next to the sea, then you will not lose. Inflated yes, but it's all supply and demand, right? Deals are happening. Sales are being made. People are paying these prices. I think many still have this image of Thai property being cheap, like it use to be years ago. Times have changed....and you're right on regarding location. It's pretty much everything here in Pattaya. Link to comment Share on other sites More sharing options...
mucacho Posted June 7, 2012 Author Share Posted June 7, 2012 I dont follow house prices as I know that I cant own one here, but most condo prices seem hugely overvalued to me and the quality of re-sales is often very low, not to mention that the interior design often seems to have been done by a colour-blind monkey. You can get two nice sea-view condos in Spain for the price of one here. If it wasn't for European tax legislation and the lack of spicy food in Spain I would probably be buying places there. About the only things that are relatively cheap here are the 1000-unit 30sqm places they are building at the back of Jomtien, and who would want to live in one of those? WHERE DUDE? CONDO IN SPAIN FOR 1 MILLION BAHT OR LESS, SEA VIEW? Are you joking dude? The last time I checked the price was like 300000 eur for condo 2 Link to comment Share on other sites More sharing options...
morphic Posted June 7, 2012 Share Posted June 7, 2012 I looked at a house a couple of years ago. It is still being marketed at the same price. Thats the story of the resale market, almost nothing sells. Now and again someone will pay close to the asking price for the right place and now and again an owner will cut the price by 30-50% to enable a sale. I offered 40% below asing on a condo a few years ago and the offer was accepted; due to my cold feet and irregularities in the chanoot I then changed my mind. On another place I thought I might be able to get 20% off a nice penthouse in a low rise development but once again I noticed irregularities in the paperwork, became concerned about local karaoke bars and so changed my mind. Finding the right property in the right location seems almost an impossibility and thats without even considering the awful quality of construction and legal uncertainties that foreign owners have to contend with here. Will prices drop? Hard to say, hard to know even if they do as asking prices may not change and transacted prices won't be known generally...and forget about getting honest information from the agents. My guess is nothing much will change, nothing much will sell apart from those vastly over priced new builds that will enrich developers and connected locals and quickly depreciate as they join the ranks of the ever growing resale market. Link to comment Share on other sites More sharing options...
23962323 Posted June 7, 2012 Share Posted June 7, 2012 I dont follow house prices as I know that I cant own one here, but most condo prices seem hugely overvalued to me and the quality of re-sales is often very low, not to mention that the interior design often seems to have been done by a colour-blind monkey. You can get two nice sea-view condos in Spain for the price of one here. If it wasn't for European tax legislation and the lack of spicy food in Spain I would probably be buying places there. About the only things that are relatively cheap here are the 1000-unit 30sqm places they are building at the back of Jomtien, and who would want to live in one of those? WHERE DUDE? CONDO IN SPAIN FOR 1 MILLION BAHT OR LESS, SEA VIEW? Are you joking dude? The last time I checked the price was like 300000 eur for condo Like here,like there,they can ask,but sure as hell they will not get it. It is easy to see how the Thai authorities want Johnny Farang to be located too,in condos,not houses, the recent restrictions highlighted in other publications brought it home and massive, massive oversupply of condos that will in time come and haunt the owners. 70,000 euros for a big and I mean big condo in Sp,well built with sea view,that was the asking price year or so ago,not sold ,never will be,the owner stuck with one hell of a headache The problem though is condo owners previously bought in a location,stuck with 70% or higher unsold units in their establishment are met by massive hikes in security fees ,garbage collection and whatever else condo living expenses are to be found,they in turn wash their hands of the problem,cannot afford to live there,same will happen here given time Link to comment Share on other sites More sharing options...
phl Posted June 7, 2012 Share Posted June 7, 2012 "What Is With The Price Of Condos And Houses In Pattaya, Will They Drop Or Raise Even More?" this is rather a very silly question, no one knows the market and future,, it all called a speculation If you have the money to buy, you buy If you do not have the money to buy and want to "wait" in hope it will drop and you will buy, perhaps you should not buy If you are an investor, then you need to have the knowledge of the market(which you clearly do not) knowledge of the areas and knowledge of the industry Simple logic, if you invest $100 000, and sell later, you will not be making profit of $100 000 because prices in Thailand do not grow as fast as in the West, though if you wait for 15-20 years you might Link to comment Share on other sites More sharing options...
morphic Posted June 7, 2012 Share Posted June 7, 2012 "What Is With The Price Of Condos And Houses In Pattaya, Will They Drop Or Raise Even More?" this is rather a very silly question, no one knows the market and future,, it all called a speculation If you have the money to buy, you buy If you do not have the money to buy and want to "wait" in hope it will drop and you will buy, perhaps you should not buy If you are an investor, then you need to have the knowledge of the market(which you clearly do not) knowledge of the areas and knowledge of the industry Simple logic, if you invest $100 000, and sell later, you will not be making profit of $100 000 because prices in Thailand do not grow as fast as in the West, though if you wait for 15-20 years you might LOL....thanks....thats got to be one of the dumbest posts I've read in a long time....thanks for making me laugh 1 Link to comment Share on other sites More sharing options...
phl Posted June 7, 2012 Share Posted June 7, 2012 "What Is With The Price Of Condos And Houses In Pattaya, Will They Drop Or Raise Even More?" this is rather a very silly question, no one knows the market and future,, it all called a speculation If you have the money to buy, you buy If you do not have the money to buy and want to "wait" in hope it will drop and you will buy, perhaps you should not buy If you are an investor, then you need to have the knowledge of the market(which you clearly do not) knowledge of the areas and knowledge of the industry Simple logic, if you invest $100 000, and sell later, you will not be making profit of $100 000 because prices in Thailand do not grow as fast as in the West, though if you wait for 15-20 years you might LOL....thanks....thats got to be one of the dumbest posts I've read in a long time....thanks for making me laugh i am glad i made you laugh Link to comment Share on other sites More sharing options...
lemoncake Posted June 7, 2012 Share Posted June 7, 2012 "What Is With The Price Of Condos And Houses In Pattaya, Will They Drop Or Raise Even More?" this is rather a very silly question, no one knows the market and future,, it all called a speculation If you have the money to buy, you buy If you do not have the money to buy and want to "wait" in hope it will drop and you will buy, perhaps you should not buy If you are an investor, then you need to have the knowledge of the market(which you clearly do not) knowledge of the areas and knowledge of the industry Simple logic, if you invest $100 000, and sell later, you will not be making profit of $100 000 because prices in Thailand do not grow as fast as in the West, though if you wait for 15-20 years you might LOL....thanks....thats got to be one of the dumbest posts I've read in a long time....thanks for making me laugh Actually his post(Phl) made perfect sense, while your response is the dumbest post i ever read, but is in line with your previous post of founding "irregularities" in chanots Just for a laugh, please share the "irregularities" with the rest, so i along with others can learn what to look out for in chanot Link to comment Share on other sites More sharing options...
morphic Posted June 7, 2012 Share Posted June 7, 2012 "What Is With The Price Of Condos And Houses In Pattaya, Will They Drop Or Raise Even More?" this is rather a very silly question, no one knows the market and future,, it all called a speculation If you have the money to buy, you buy If you do not have the money to buy and want to "wait" in hope it will drop and you will buy, perhaps you should not buy If you are an investor, then you need to have the knowledge of the market(which you clearly do not) knowledge of the areas and knowledge of the industry Simple logic, if you invest $100 000, and sell later, you will not be making profit of $100 000 because prices in Thailand do not grow as fast as in the West, though if you wait for 15-20 years you might LOL....thanks....thats got to be one of the dumbest posts I've read in a long time....thanks for making me laugh Actually his post(Phl) made perfect sense, while your response is the dumbest post i ever read, but is in line with your previous post of founding "irregularities" in chanots Just for a laugh, please share the "irregularities" with the rest, so i along with others can learn what to look out for in chanot First, nothing in his post made any sense, thats why I found it so funny. As for iregularities, they included incorrect sizes (dramatically incorrect) and huge areas of the condo missing entirely in the chanot so that I would have paid for something with no legal claim at all. Also, I noted on one modifications from the bank the chanot had been lodged with by a prior owner, with no land office stamp or signature. Link to comment Share on other sites More sharing options...
Popular Post lemoncake Posted June 7, 2012 Popular Post Share Posted June 7, 2012 "What Is With The Price Of Condos And Houses In Pattaya, Will They Drop Or Raise Even More?" this is rather a very silly question, no one knows the market and future,, it all called a speculation If you have the money to buy, you buy If you do not have the money to buy and want to "wait" in hope it will drop and you will buy, perhaps you should not buy If you are an investor, then you need to have the knowledge of the market(which you clearly do not) knowledge of the areas and knowledge of the industry Simple logic, if you invest $100 000, and sell later, you will not be making profit of $100 000 because prices in Thailand do not grow as fast as in the West, though if you wait for 15-20 years you might LOL....thanks....thats got to be one of the dumbest posts I've read in a long time....thanks for making me laugh Actually his post(Phl) made perfect sense, while your response is the dumbest post i ever read, but is in line with your previous post of founding "irregularities" in chanots Just for a laugh, please share the "irregularities" with the rest, so i along with others can learn what to look out for in chanot First, nothing in his post made any sense, thats why I found it so funny. As for iregularities, they included incorrect sizes (dramatically incorrect) and huge areas of the condo missing entirely in the chanot so that I would have paid for something with no legal claim at all. Also, I noted on one modifications from the bank the chanot had been lodged with by a prior owner, with no land office stamp or signature. Really? Wow I own 19 property's and have never come across a chanot with incorrect size, unless of course seller was giving me chanot for a property not being sold. I also never came across a chanot with "huge" areas of condo missing, unless again i was shown a chanot for a different property Chanot with no stamp from the land office?! No wonder nothing made sense for you in his post, you do not seem to have a clue on real estate in Thailand. Little advice(hope you will find it useful instead of funny) next time do not offer 40% less the asking price, so you do not get a chanot with 40% less of a property 4 Link to comment Share on other sites More sharing options...
phl Posted June 7, 2012 Share Posted June 7, 2012 Little advice(hope you will find it useful instead of funny) next time do not offer 40% less the asking price, so you do not get a chanot with 40% less of a property Link to comment Share on other sites More sharing options...
Darrel Posted June 7, 2012 Share Posted June 7, 2012 WHERE DUDE? CONDO IN SPAIN FOR 1 MILLION BAHT OR LESS, SEA VIEW? Are you joking dude? The last time I checked the price was like 300000 eur for condo There are hardly any nice condos in Pattaya for 2MB, or 3MB, and very few for 4MB for that matter. You need to be looking at 5MB (asking price) for anything nice and yes, you can get something similar in Spain for half the price without looking very hard at all. Asking prices here are absurdly high and I would never pay them. Occasional fire sales are worth buying, but they are the exception. The simple proof of this statement is that the rental I pay on my condo with sea view represents well under 4% of the asking price, not even taking into account expenses such as agency fees and common fees. And certainly not taking into account maintenance, wear and tear etc. As long as I can rent my unit for under 4% of the asking price, why on earth would I consider buying it? I would be long dead before I paid off the purchase cost in saved rental payments, even leaving aside the possibility that I might need to sell one day because they have built Ocean One or Waterfront or VT7 in front of my nice sea view, or some mad Russian line-dancer has moved in upstairs. 1 Link to comment Share on other sites More sharing options...
kanderson Posted June 7, 2012 Share Posted June 7, 2012 Jomtien reminds me of Hawaii just 20 years ago. Example - shoe box condo close to the beach < 30,000 USD. Now nothing under 120,000 it seems. Now I have no idea if that will happen in Jomtien but I jumped in when the baht hit 38 per USD. Maybe people don't always stress if they sell or rent - we don't know their situations. Link to comment Share on other sites More sharing options...
Popular Post LennyW Posted June 8, 2012 Popular Post Share Posted June 8, 2012 Unfortunately, with the amount of these shoe box 1 Million ish baht condos coming on to the market in Jomtien, i think Jomtien is going to be a right mess in the next few years:(, 5-6000 baht a month return (if you can get it) does not exactly bode well for a return when it comes to paying annual fees etc, consequently fees will go unpaid, communal areas will turn to Sh&^e, the whole place will become a slum, damned shame for Jomtien but unless they stop flooding the market with that rubbish i fear this is where it is heading!! 4 Link to comment Share on other sites More sharing options...
simple1 Posted June 8, 2012 Share Posted June 8, 2012 On the housing side of things, a house I recently bought for my Thai wife in an East Pattaya Moo Ban was originally built in 2004 and selling, at that time, for 1.7 million baht. We acquired the house for 2.5 million baht, asking price was 2.8 million baht. House has 84 square wah of land, with three bedrooms, two bathrooms and european kitchen. Getting back to the condo market I recently read a newspaper claiming some new condo builds in Pattaya/Jomtien are now starting at 22 sq metres and many already being built are only 27/29 sq meters. I guess to keep the entry price down due to the rising cost of land. As mentioned in other posts their is definately not the investment required for associated city infrastucture for population increase, Accordingly you would make the assumption that quality of life in this area is trending down and will impact property values. Just my opinion.. Link to comment Share on other sites More sharing options...
awayfoe Posted June 8, 2012 Share Posted June 8, 2012 I dont follow house prices as I know that I cant own one here, but most condo prices seem hugely overvalued to me and the quality of re-sales is often very low, not to mention that the interior design often seems to have been done by a colour-blind monkey. You can get two nice sea-view condos in Spain for the price of one here. If it wasn't for European tax legislation and the lack of spicy food in Spain I would probably be buying places there. About the only things that are relatively cheap here are the 1000-unit 30sqm places they are building at the back of Jomtien, and who would want to live in one of those? WHERE DUDE? CONDO IN SPAIN FOR 1 MILLION BAHT OR LESS, SEA VIEW? Are you joking dude? The last time I checked the price was like 300000 eur for condo Like here,like there,they can ask,but sure as hell they will not get it. It is easy to see how the Thai authorities want Johnny Farang to be located too,in condos,not houses, the recent restrictions highlighted in other publications brought it home and massive, massive oversupply of condos that will in time come and haunt the owners. 70,000 euros for a big and I mean big condo in Sp,well built with sea view,that was the asking price year or so ago,not sold ,never will be,the owner stuck with one hell of a headache The problem though is condo owners previously bought in a location,stuck with 70% or higher unsold units in their establishment are met by massive hikes in security fees ,garbage collection and whatever else condo living expenses are to be found,they in turn wash their hands of the problem,cannot afford to live there,same will happen here given time totaly agree with you..... Link to comment Share on other sites More sharing options...
Rimmer Posted June 8, 2012 Share Posted June 8, 2012 Post using underlined fonts removed and a quoted reply of the same Link to comment Share on other sites More sharing options...
Darrel Posted June 8, 2012 Share Posted June 8, 2012 If you have the money to buy, you buy Are you forgetting those who have the money but dont want to buy at current prices because they are way over the top? 1 Link to comment Share on other sites More sharing options...
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