Sr & Pp Condominiums - Has Anyone Lived/Stayed There?

[scd]

Hello all.

I'm looking at buying a condominium in CM and have noticed that these two complexs have a number of listings. I'm hoping that if anyone has lived/stayed in either of these buildings they can tell me of there experience and if there is anything i should be aware of before buying?

With much thanks in advance.

scd

[Rancid]

I haven't found yet them as can never get the pronounciation right, but the local sahmlor driver loves Sr and the wretched old hag who flogs the lotteries swears by Pp, so I reckons they are probably OK.

[stigvinck]

Hi scd,

I have not lived in either of the condos, but have some experience with both of them.

We own a few condos in PP condominium and we manage quite a number of rental units in PP and SR for clients.

Both condos are in a similar situation.

Both condos are at the lower end of the market and good value. They both were run down and had low maintenance for a long period of time, but that is changing since more and more people are buying in there. That means that the managements are getting years and years of back dated condo fees available to upgrade the buildings. This means that the buildings are being put back into good shape step by step and that attracts more buyers/tenants. A process that some other buildings already have gone through in the last years, such as Galae Thong, Riverside, Skybreeze, etc.

Both PP and SR still have a long way to go and I doubt if they will ever get to the quality of GT, or Riverside or similar, but they are on the good way.

There are a lot of buildings out there that are way better than PP or SR will ever be, but the price will be double, at least.

I think that buying in SR or PP was a big risk about a year or 2 ago, but some (including me) have already taken that risk and it is turning out OK. Buying in both buildings now is a good idea. Prices have gone up a little bit already since a year ago, but are definetly still going up.

Personally, I prefer PP, even though there are almost no views, no lobby etc. It is a basic complex of blocks. Nothing fancy. SR is a bit bigger and can turn into something nice if they do up the lobby etc etc. But the management at PP seems to be more open to changes than the management at SR. And parking at SR is terrible (already, and that is with the building less than half filled). PP is a lot more lively and you see it is a real community. Mostly Thais, but some of our tenants are foreigners.

Everyone we have rented to until now in both condos seem to be happy there.

Hope that helps.

Stig

[anto]

There are Condos selling for B200,000 at PP so i went to look .The place looks grim ,and looks like a prison block .No way would i invest any money there even at the cheap initial cost .

[Rungthip]

You have to understand that at the prices that these buildings are selling at your not going to be able to purchase at the Punna!!! They have seen a lot of interest in the last year or so and this in-turn has added to the price.. They are definitely worth watching as there are not many places in Chiang Mai where you can purchase at these prices..

[scd]

Thank you everyone so far for the advice, and any more is welcome, positive or negative. I like to do due dilligence when making investments and it's nice to think we can all support each other here in CM.

[WinnieTheKhwai]

There are Condos selling for B200,000 at PP so i went to look .The place looks grim ,and looks like a prison block .No way would i invest any money there even at the cheap initial cost .

Yeah; I think you're always limited to the lower end in those types of buildings. No matter how nice you decorate a unit, you're still firmly in apartment territory. (4000 baht rent max) Of course, that may be just fine.

[hellodolly]

Thank you everyone so far for the advice, and any more is welcome, positive or negative. I like to do due dilligence when making investments and it's nice to think we can all support each other here in CM.

due diligence would include a inspection of the property talk to the management and look around the area is it in a noisy place or next door to property for future development.

Not sure how to create a community feeling with no lobby.

[Greenside]

Well, good luck talking to management and getting any straight answers.

Never, ever rely on what condo management or the vendor tells you - insist on seeing (and understanding) the up to date audited accounts, walk the whole building to check if it's maintained, take a look at the fire escapes and lift inspection certificate while you are at it too. Most importantly, find as many impartial co-owners or even tenants and get the picture about the management - they've got you by the proverbial short and curlies after you buy and no matter how lovely your own apartment is, when it comes to selling or renting it's the lobby, the pool, the parking and the common areas that people judge the place on.