New Condo Buildings

[Xmas]

I was wondering readers opions of the new Condo Blocks being advertsed for sale off the plan.

Do we feel that there is a risk they may not be completed?

They seem quite expensive in terms of size?

Has anyone researched the organisation building them?

I ask as I was considering investing.

[dindong]

I think they are selling the fifth project at the moment and the first one isn't ready yet.

Even their website has expired. Something fishy here or not?

Edited June 13, 2012 by dindong

[sceadugenga]

I'd be extremely reluctant to buy off the plan.

there's some good info on buying condos in Thailand on the internet.... rule of thumb seems to be to only buy in an established block after talking to some of the other tenants about services etc.

[Xmas]

Thanks for your input guys - I was not aware there were 5 projects

Probably best to wait to see if they deliver on the first project

[mikekim1219]

I visited Absolute condo office. 80% of their condos were sold according to their chart. The price seemed quite high for the size and location. They are calling my g/f everybody about purchasing even after she told them I am not interested.

[pomchop]

I visited Absolute condo office. 80% of their condos were sold according to their chart. The price seemed quite high for the size and location. They are calling my g/f everybody about purchasing even after she told them I am not interested.

I went in their office a couple of times....barely a word of english spoken. One "might" think that a bkk company trying to sell higher end condos, that theoretically a farang can actually own, in CR might have the good sense to hire a few people in their sales office at the mall that can speak at least a few words of english. It would not be THAT hard to find kids to work.....employers might want to ask at MFL or other universities or even high shcools if they have a few students who speak english who would be interested....but it seems that whoever makes the hiring decisions for absolute condos doesn't think some english might be a qualification...my guess is they could hire local kids with some english at the same wage as the no english ones they have....anyway...up to them i guess but does seem strange to me..and i agree they do seem overpriced and overhyped numbers as to how many are "sold".

[mikekim1219]

That's a good point. None of them spoke any English.

[villagefarang]

Yet another example of why it is advantageous to speak the language of the country in which one resides. On the flip side if you can sell into a market of roughly 70 million Thais, why bother with a few troublesome foreigners who need special attention? It makes perfect business sense to me.

[Blueskyramblinman]

I second that opinion. We the Farang are just temporary guests if that was not so why would you have to report to immigration every 90 days to update where you are residing even after you have obtained your non immigrant O visa for a years stay.

Edited June 20, 2012 by Blueskyramblinman

[ripstanley]

Buying off the plan is very dangerous. I was stung in Phuket. My own fault as I did not do enough research. The other word that I do not like is Absolute. It reminds me of the the time share company.

[pomchop]

Buying off the plan is very dangerous. I was stung in Phuket. My own fault as I did not do enough research. The other word that I do not like is Absolute. It reminds me of the the time share company.

Absolute reminds me of an overpriced vodka...maybe an appropriate name for the condos?

[toybits]

I also doubt Absolute's claim about their sales figures. I believe Absolute has blocked off desirable units and are trying to sell the c_rappy units first. Their building plan showed underground parking. But I am not sure if there is one at the building near Chiang Rai Rajabhat University (CRU).

[maidu]

I second that opinion. We the Farang are just temporary guests if that was not so why would you have to report to immigration every 90 days to update where you are residing even after you have obtained your non immigrant O visa for a years stay.

Philosophically, you could say every person in Thailand is a temporary guest. Certainly temporary. If people own the property here, either privately or via public entities, they should take better care of it. Trash is nearly everywhere. The biggest losers: local flora and fauna. The only wild mammals in northern Thailand are bats and rats. Is Environmental husbandry taught in Thai schools? Should be, along with Garbology (the science of dealing responsibly with trash).

[skybluestu]

I also doubt Absolute's claim about their sales figures. I believe Absolute has blocked off desirable units and are trying to sell the c_rappy units first. Their building plan showed underground parking. But I am not sure if there is one at the building near Chiang Rai Rajabhat University (CRU).

I'm sure a couple of the artist impressions even had helipads!

[cheeryble]

Yet another example of why it is advantageous to speak the language of the country in which one resides.

Sadly reading the language didn't help me find out any prices in five minutes.

On the flip side if you can sell into a market of roughly 70 million Thais, why bother with a few troublesome foreigners who need special attention? It makes perfect business sense to me.

If a CEO ignored the 20 to 50% farang who in my experience own condos in good quality blocks he would not be realising the full price potential. You're fired.

Edited June 21, 2012 by cheeryble

[villagefarang]

I’m sorry, I don’t feel like playing today.

[el jefe]

I second that opinion. We the Farang are just temporary guests if that was not so why would you have to report to immigration every 90 days to update where you are residing even after you have obtained your non immigrant O visa for a years stay.

Philosophically, you could say every person in Thailand is a temporary guest. Certainly temporary. If people own the property here, either privately or via public entities, they should take better care of it. Trash is nearly everywhere. The biggest losers: local flora and fauna. The only wild mammals in northern Thailand are bats and rats. Is Environmental husbandry taught in Thai schools? Should be, along with Garbology (the science of dealing responsibly with trash).

This must have something to do with buying condos.

Back on subject, remember that the condo you buy is for life. Based on experiences in other parts of Thailand, you shouldn't expect to make a profit on selling a condo.No one will want your used condo when they can buy a brand new one.

[chang35baht]

I second that opinion. We the Farang are just temporary guests if that was not so why would you have to report to immigration every 90 days to update where you are residing even after you have obtained your non immigrant O visa for a years stay.

Philosophically, you could say every person in Thailand is a temporary guest. Certainly temporary. If people own the property here, either privately or via public entities, they should take better care of it. Trash is nearly everywhere. The biggest losers: local flora and fauna. The only wild mammals in northern Thailand are bats and rats. Is Environmental husbandry taught in Thai schools? Should be, along with Garbology (the science of dealing responsibly with trash).

This must have something to do with buying condos.

Back on subject, remember that the condo you buy is for life. Based on experiences in other parts of Thailand, you shouldn't expect to make a profit on selling a condo.No one will want your used condo when they can buy a brand new one.

I think garbology was the relevant word in the above post El Hefe.

C35B.

[jubby]

I second that opinion. We the Farang are just temporary guests if that was not so why would you have to report to immigration every 90 days to update where you are residing even after you have obtained your non immigrant O visa for a years stay.

Philosophically, you could say every person in Thailand is a temporary guest. Certainly temporary. If people own the property here, either privately or via public entities, they should take better care of it. Trash is nearly everywhere. The biggest losers: local flora and fauna. The only wild mammals in northern Thailand are bats and rats. Is Environmental husbandry taught in Thai schools? Should be, along with Garbology (the science of dealing responsibly with trash).

This must have something to do with buying condos.

Back on subject, remember that the condo you buy is for life. Based on experiences in other parts of Thailand, you shouldn't expect to make a profit on selling a condo.No one will want your used condo when they can buy a brand new one.

I think people do make a profit on used Condo's, I'm sure I remember a conversation with a well renowned Animal Lover who posts on here frequently who Sold his Condo in Bangkok and then built a very nice house with the proceedings . but then again I could have imagined it

[cheeryble]

I second that opinion. We the Farang are just temporary guests if that was not so why would you have to report to immigration every 90 days to update where you are residing even after you have obtained your non immigrant O visa for a years stay.

Philosophically, you could say every person in Thailand is a temporary guest. Certainly temporary. If people own the property here, either privately or via public entities, they should take better care of it. Trash is nearly everywhere. The biggest losers: local flora and fauna. The only wild mammals in northern Thailand are bats and rats. Is Environmental husbandry taught in Thai schools? Should be, along with Garbology (the science of dealing responsibly with trash).

This must have something to do with buying condos.

Back on subject, remember that the condo you buy is for life. Based on experiences in other parts of Thailand, you shouldn't expect to make a profit on selling a condo.No one will want your used condo when they can buy a brand new one.

You have a point about people preferring a new condo,,,,,the question is is it valid?

Some thoughts:

1. The older condos tend to have the prime positions

2. New condos charging much higher monthly fees (despite having no renovations required)

3. Farang are usually selling to farang (as the 50% is full or near) so no Thai cultural requirement that it must be new property

4. People are concerned about how a new buy will turn out. If not they should be. As with moo bahns they do not know if it will sell out (essential for the financial wellbeing of the block) what the power structure will be (unless you are happy with the developer ruling the roost, sometimes egregiously and possibly "finishing off" the condo from your fees. Residents need to know they will have power, there are well known cases where the developer retains power and uses it egregiously). Threads on here even show people are concerned about losing their deposits.

5. Oh! For the price of a new condo with very mediocre finish you can probably find or do a very high quality renovation in an established block. (and for all the bling, when you get inside these new places the finish ain't great. Typically laminated floors instead of real parquet or marble, the cheapest of cheap door surrounds, not enough electrics etc etc)

6. Established condos will also sell based on their rentability, which given some of the advantages above should be on a pretty even playing field with new.

Cheeryble

Edited June 25, 2012 by cheeryble

[villagefarang]

Comparing the Bangkok condo market to what is available in Chiang Rai is a bit silly in my opinion. If one chooses wisely in Bangkok, resale should not be a problem.

Unless the demographics of Chiang Rai change considerably, however, I have my doubts about the potential of the condo market up here.

[cheeryble]

My bad I didn't notice it was the CR forum and was probably focussed on CM, though I hope my points were valid, there are very good reasons for buying into, and preferring, the right older block.As for CR, there will always be the two advantages...that a farang can own, and that a proportion of people simply always prefer living in the environment of a block of flats and history says this will remain so. I'd be wary about buying off plan up there though until some pattern of success for condos is established and that my point 4 above is covered.A well-bought condo is still a solid asset against inflation however, and if you live in it yourself you have the perfect tenant and a fair investment almost certainly regardless of how housing law may change in future. Every bit of condo building material and the land it goes on to is likely to rise inexorably, and in the long run, the price chart will come in at the bottom left and go out at the top right.But buy right(probably a lot easier than with land for most people).

Edited June 25, 2012 by cheeryble

[mikekim1219]

Somebody is offering me 45 sqm at Condotel (next to Mae Koh) for 700,000 plus commission. Since I am still new here I would like to know if anybody have any idea on the true value

[cheeryble]

Somebody is offering me 45 sqm at Condotel (next to Mae Koh) for 700,000 plus commission. Since I am still new here I would like to know if anybody have any idea on the true value

I have no idea of the specific price information you need but I would say this.....

The power structure in the building is all-important.

Ideally a good working residents' committee with helpful staff and finances posted every month on an offical noticeboard with committee minutes, proposals, etc. Check the past minutes to judge the committee competence, they should be easily available in the right block.

A benevolent dictatorship is just occasionally OK but needs some history.

There should be strictly enforced rules about noise, renovation hours, and so on. Ask about that, and smell the rubbish chute areas.

Be sure the building has been fully sold and is well looked after.

Without any of these I wouldn't buy.

Edited June 25, 2012 by cheeryble

[el jefe]

I second that opinion. We the Farang are just temporary guests if that was not so why would you have to report to immigration every 90 days to update where you are residing even after you have obtained your non immigrant O visa for a years stay.

Philosophically, you could say every person in Thailand is a temporary guest. Certainly temporary. If people own the property here, either privately or via public entities, they should take better care of it. Trash is nearly everywhere. The biggest losers: local flora and fauna. The only wild mammals in northern Thailand are bats and rats. Is Environmental husbandry taught in Thai schools? Should be, along with Garbology (the science of dealing responsibly with trash).

This must have something to do with buying condos.

Back on subject, remember that the condo you buy is for life. Based on experiences in other parts of Thailand, you shouldn't expect to make a profit on selling a condo.No one will want your used condo when they can buy a brand new one.

I think people do make a profit on used Condo's, I'm sure I remember a conversation with a well renowned Animal Lover who posts on here frequently who Sold his Condo in Bangkok and then built a very nice house with the proceedings . but then again I could have imagined it

You're replying to my post so I think you're referring to me as the "Animal Lover". I answered your comments in the other thread.

[mikekim1219]

Somebody is offering me 45 sqm at Condotel (next to Mae Koh) for 700,000 plus commission. Since I am still new here I would like to know if anybody have any idea on the true value

I have no idea of the specific price information you need but I would say this.....

The power structure in the building is all-important.

Ideally a good working residents' committee with helpful staff and finances posted every month on an offical noticeboard with committee minutes, proposals, etc. Check the past minutes to judge the committee competence, they should be easily available in the right block.

A benevolent dictatorship is just occasionally OK but needs some history.

There should be strictly enforced rules about noise, renovation hours, and so on. Ask about that, and smell the rubbish chute areas.

Be sure the building has been fully sold and is well looked after.

Without any of these I wouldn't buy.

Thanks for the pointers. If I decide to buy it, I will do some research and hire a real estate lawyer. This is only type of its kind in downtown. I think many guys are familiar with this building. The building is 20 years old but well maintained. There was another one available earlier, 35 sqm, but sold to a farang.

Edited June 25, 2012 by mikekim1219

[cheeryble]

I will do some research and hire a real estate lawyer.

There's little a lawyer can do to help apart from lighten your pocket and perhaps make you feel better.

The Land Dept people will check everything and will more or less tell you when it's OK to pay.....which is when they are in the process of irreversibly changing it to your name. Pay by cashier's cheque crossed to the name on the chanot so everything's pukka. Don't forget when you import the money have them write in the additional information section of the TT "For the purpose of buying a condominium". Copy it all for future use in exporting the money if you want to.

Cheeryble

Edited June 25, 2012 by cheeryble

[mikekim1219]

I will do some research and hire a real estate lawyer.

There's little a lawyer can do to help apart from lighten your pocket and perhaps make you feel better.

The Land Dept people will check everything and will more or less tell you when it's OK to pay.....which is when they are in the process of irreversibly changing it to your name. Pay by cashier's cheque crossed to the name on the chanot so everything's pukka. Don't forget when you import the money have them write in the additional information section of the TT "For the purpose of buying a condominium". Copy it all for future use in exporting the money if you want to.

Cheeryble

Don't you need real estate lawyer or expert to check to make sure the building is at least 51% owned by Thai and the seller doesn't owe any unpaid taxes. etc?

[cheeryble]

I will do some research and hire a real estate lawyer.

There's little a lawyer can do to help apart from lighten your pocket and perhaps make you feel better.

The Land Dept people will check everything and will more or less tell you when it's OK to pay.....which is when they are in the process of irreversibly changing it to your name. Pay by cashier's cheque crossed to the name on the chanot so everything's pukka. Don't forget when you import the money have them write in the additional information section of the TT "For the purpose of buying a condominium". Copy it all for future use in exporting the money if you want to.

Cheeryble

Don't you need real estate lawyer or expert to check to make sure the building is at least 51% owned by Thai and the seller doesn't owe any unpaid taxes. etc?

No you don't.

An essential requirement from the Land Dept is a letter from the condominium management stating it is under 50% farang and also that all back fees and debts have been paid up to date. The manager will likely have written several of these before. Without this the Land Dept will not allow the transaction to take place.

What I might do is go to the condo in the evening before I bought to listen for any noise from neighbours.

Also important! Check the water pressure both in kitchen area and bathroom.....the pipes may have furred up badly and even rusted to leaking point it's not uncommon and a first job in a proper renovation is replacement of piping from galvanised to plastic.

After the meter these pipes belong to you and if the pressure's bad it may be a bargaining point for the price as replacement will need tiles stripping out of the bathroom......maybe all as the old ones won't match new.....and if you're changing the tiles well it might as well be new sanitaryware and suddenly you've got a real expense (occasionally a pump will do the job but it's not optimal because of rusting).

[mikekim1219]

I will do some research and hire a real estate lawyer.

There's little a lawyer can do to help apart from lighten your pocket and perhaps make you feel better.

The Land Dept people will check everything and will more or less tell you when it's OK to pay.....which is when they are in the process of irreversibly changing it to your name. Pay by cashier's cheque crossed to the name on the chanot so everything's pukka. Don't forget when you import the money have them write in the additional information section of the TT "For the purpose of buying a condominium". Copy it all for future use in exporting the money if you want to.

Cheeryble

Don't you need real estate lawyer or expert to check to make sure the building is at least 51% owned by Thai and the seller doesn't owe any unpaid taxes. etc?

No you don't.

An essential requirement from the Land Dept is a letter from the condominium management stating it is under 50% farang and also that all back fees and debts have been paid up to date. The manager will likely have written several of these before. Without this the Land Dept will not allow the transaction to take place.

What I might do is go to the condo in the evening before I bought to listen for any noise from neighbours.

Also important! Check the water pressure both in kitchen area and bathroom.....the pipes may have furred up badly and even rusted to leaking point it's not uncommon and a first job in a proper renovation is replacement of piping from galvanised to plastic.

After the meter these pipes belong to you and if the pressure's bad it may be a bargaining point for the price as replacement will need tiles stripping out of the bathroom......maybe all as the old ones won't match new.....and if you're changing the tiles well it might as well be new sanitaryware and suddenly you've got a real expense (occasionally a pump will do the job but it's not optimal because of rusting).

That's a good advice.

I met a gentlemen who bought 35 sqm room. He is the one recommending me the 45sqm. He is not making any commission. The security guard is as he is watching the place for the owner. One concern I have is the age of the building. As I mentioned the building is 20 years old. How long does average condo last in Thailand?

Eventually I planned to build a house in .a year or two if all things work out in my personal matter. Before that I thought about buying the condo for short term living and rent or sell once me and my wife to be move into new house.