How Difficult Was It To Sell Your Condo?

[chivo]

Considering to sell my condo after I've had it about 5 years (17-20 million range). Heard there is not much of a second hand market demand here....

Anyone with real experience reselling a higher end condo?

As I hear thai prefer new units (is it true?) the only optimism I have is the increased cost of construction materials which may eventually create a healthier second hand market.

[trogers]

Will depend on the location, and the demand of the rental market. Investors will buy if rental yield are at least 8% or higher.

[BrianCR]

I attempted to sell a condo in Bangkok a few years ago (actually during the Asian financial crises). One interested purchaser and her daughter arrived to view, thought the place was lovely and decided that as the place was second hand it was worth half of what I paid for it!!! I asked the mother how long she had owned her house and after hearing about 30 years I decided I would take it for nothing

[trogers]

I attempted to sell a condo in Bangkok a few years ago (actually during the Asian financial crises). One interested purchaser and her daughter arrived to view, thought the place was lovely and decided that as the plac60e was second hand it was worth half of what I paid for it!!! I asked the mother how long she had owned her house and after hearing about 30 years I decided I would take it for nothing

They could have been right. Prices of houses in the US fall more than 60% in the ongoing financial crisis from sub-prime loans. One will logically assume a seller during a crisis is selling due to financial distress.

[Naam]

I attempted to sell a condo in Bangkok a few years ago (actually during the Asian financial crises). One interested purchaser and her daughter arrived to view, thought the place was lovely and decided that as the plac60e was second hand it was worth half of what I paid for it!!! I asked the mother how long she had owned her house and after hearing about 30 years I decided I would take it for nothing

They could have been right. Prices of houses in the US fall more than 60% in the ongoing financial crisis from sub-prime loans. One will logically assume a seller during a crisis is selling due to financial distress.

in feb 1998 i was offered a bedroom flat, Jomtien first row beach for $ 84,000. identical flats (same building) sold in 2004 for $ 350,000!

asian crisis is no yardstick!

[davejones]

I attempted to sell a condo in Bangkok a few years ago (actually during the Asian financial crises). One interested purchaser and her daughter arrived to view, thought the place was lovely and decided that as the plac60e was second hand it was worth half of what I paid for it!!! I asked the mother how long she had owned her house and after hearing about 30 years I decided I would take it for nothing

They could have been right. Prices of houses in the US fall more than 60% in the ongoing financial crisis from sub-prime loans. One will logically assume a seller during a crisis is selling due to financial distress.

in feb 1998 i was offered a bedroom flat, Jomtien first row beach for $ 84,000. identical flats (same building) sold in 2004 for $ 350,000!

asian crisis is no yardstick!

Any idea how much those condos are selling for now? $350,000 seems expensive for a 1-bed in Jomtien.

[pomchop]

I attempted to sell a condo in Bangkok a few years ago (actually during the Asian financial crises). One interested purchaser and her daughter arrived to view, thought the place was lovely and decided that as the plac60e was second hand it was worth half of what I paid for it!!! I asked the mother how long she had owned her house and after hearing about 30 years I decided I would take it for nothing

They could have been right. Prices of houses in the US fall more than 60% in the ongoing financial crisis from sub-prime loans. One will logically assume a seller during a crisis is selling due to financial distress.

in feb 1998 i was offered a bedroom flat, Jomtien first row beach for $ 84,000. identical flats (same building) sold in 2004 for $ 350,000!

asian crisis is no yardstick!

Any idea how much those condos are selling for now? $350,000 seems expensive for a 1-bed in Jomtien.

for 350,000 you can buy a one brm condo in HAWAII...and Jomtiem is not Hawaii....

[davejones]

for 350,000 you can buy a one brm condo in HAWAII...and Jomtiem is not Hawaii....

But that's no use if you can't get a long-term USA visa, which most people can't. Also no use if you want to live in Thailand. Also no use if you don't like Hawaii. But your geography is excellent; Jomtien is indeed not Hawaii. Go to the top of the class.

[FalangBaa]

for 350,000 you can buy a one brm condo in HAWAII...and Jomtiem is not Hawaii....

But that's no use if you can't get a long-term USA visa, which most people can't. Also no use if you want to live in Thailand. Also no use if you don't like Hawaii. But your geography is excellent; Jomtien is indeed not Hawaii. Go to the top of the class.

What he was implying is that Jomtien is in every way vastly inferior to Hawaii. You'd be an idiot to pay anything like the same price. There are any number of brand-new condos available in Pattaya for 900,000 baht and up. Last time I checked, that was less than $30,000. Honestly, what kind of idiot would pay over $300,000 for a condo in a Third World country with Third World infrastructure, facilities, safety, disease risks, unhealthy climate and crime/corruption like Thailand? $50,000 max. is what a pad for a foreigner is worth in a marginal country like Thailand, $100,000 perhaps if it's a really really swanky and large place with several bedrooms, its own swimming pool, et cetera. Invest any more than that in property in Thailand (or similar Third World southeast Asian countries) and you're the living proof of the wisdom behind the saying "A fool and his money are easily parted."

[54321]

for 350,000 you can buy a one brm condo in HAWAII...and Jomtiem is not Hawaii....

But that's no use if you can't get a long-term USA visa, which most people can't. Also no use if you want to live in Thailand. Also no use if you don't like Hawaii. But your geography is excellent; Jomtien is indeed not Hawaii. Go to the top of the class.

What he was implying is that Jomtien is in every way vastly inferior to Hawaii. You'd be an idiot to pay anything like the same price. There are any number of brand-new condos available in Pattaya for 900,000 baht and up. Last time I checked, that was less than $30,000. Honestly, what kind of idiot would pay over $300,000 for a condo in a Third World country with Third World infrastructure, facilities, safety, disease risks, unhealthy climate and crime/corruption like Thailand? $50,000 max. is what a pad for a foreigner is worth in a marginal country like Thailand, $100,000 perhaps if it's a really really swanky and large place with several bedrooms, its own swimming pool, et cetera. Invest any more than that in property in Thailand (or similar Third World southeast Asian countries) and you're the living proof of the wisdom behind the saying "A fool and his money are easily parted."

Yes it sounds expensive.

Maybe it is inferior to Hawaii

Maybe this $350,000 flat in pataya is very nice and has several bedrooms.....

Yes you can buy a place in Pataya for 900,000 baht (approx £30,000 USD), but its hardly a large ocean facing luxury dwelling and probably not as nice.

Not sure what your problem is.

[PattayaPhom]

for 350,000 you can buy a one brm condo in HAWAII...and Jomtiem is not Hawaii....

But that's no use if you can't get a long-term USA visa, which most people can't. Also no use if you want to live in Thailand. Also no use if you don't like Hawaii. But your geography is excellent; Jomtien is indeed not Hawaii. Go to the top of the class.

What he was implying is that Jomtien is in every way vastly inferior to Hawaii. You'd be an idiot to pay anything like the same price. There are any number of brand-new condos available in Pattaya for 900,000 baht and up. Last time I checked, that was less than $30,000. Honestly, what kind of idiot would pay over $300,000 for a condo in a Third World country with Third World infrastructure, facilities, safety, disease risks, unhealthy climate and crime/corruption like Thailand? $50,000 max. is what a pad for a foreigner is worth in a marginal country like Thailand, $100,000 perhaps if it's a really really swanky and large place with several bedrooms, its own swimming pool, et cetera. Invest any more than that in property in Thailand (or similar Third World southeast Asian countries) and you're the living proof of the wisdom behind the saying "A fool and his money are easily parted."

You really need to drag yourselfe into the 21st century, Millenium Eve was almost 13 years ago!!!...........No Jomtien isnt Hawaii and am pleased it isnt but I do think you got the comparison the wrong way round. As for 900,000 Baht condos, they are 22sqm or there abouts in the middle of nowhere and Thai name.....lets just look at Jomtien, I can say that in April this year I sold a 74Million Baht Penthouse....yes 74,000,000!!!...how many $$$ is that in Yankee money.....get with the programme, Thailand/Asia and subcontinent is the powerhouse of the world.....

[cheeryble]

for 350,000 you can buy a one brm condo in HAWAII...and Jomtiem is not Hawaii....

But that's no use if you can't get a long-term USA visa, which most people can't. Also no use if you want to live in Thailand. Also no use if you don't like Hawaii. But your geography is excellent; Jomtien is indeed not Hawaii. Go to the top of the class.

What he was implying is that Jomtien is in every way vastly inferior to Hawaii. You'd be an idiot to pay anything like the same price. There are any number of brand-new condos available in Pattaya for 900,000 baht and up. Last time I checked, that was less than $30,000. Honestly, what kind of idiot would pay over $300,000 for a condo in a Third World country with Third World infrastructure, facilities, safety, disease risks, unhealthy climate and crime/corruption like Thailand? $50,000 max. is what a pad for a foreigner is worth in a marginal country like Thailand, $100,000 perhaps if it's a really really swanky and large place with several bedrooms, its own swimming pool, et cetera. Invest any more than that in property in Thailand (or similar Third World southeast Asian countries) and you're the living proof of the wisdom behind the saying "A fool and his money are easily parted."

May I compliment you on your choice of name?

[davejones]

for 350,000 you can buy a one brm condo in HAWAII...and Jomtiem is not Hawaii....

But that's no use if you can't get a long-term USA visa, which most people can't. Also no use if you want to live in Thailand. Also no use if you don't like Hawaii. But your geography is excellent; Jomtien is indeed not Hawaii. Go to the top of the class.

What he was implying is that Jomtien is in every way vastly inferior to Hawaii. You'd be an idiot to pay anything like the same price. There are any number of brand-new condos available in Pattaya for 900,000 baht and up. Last time I checked, that was less than $30,000. Honestly, what kind of idiot would pay over $300,000 for a condo in a Third World country with Third World infrastructure, facilities, safety, disease risks, unhealthy climate and crime/corruption like Thailand? $50,000 max. is what a pad for a foreigner is worth in a marginal country like Thailand, $100,000 perhaps if it's a really really swanky and large place with several bedrooms, its own swimming pool, et cetera. Invest any more than that in property in Thailand (or similar Third World southeast Asian countries) and you're the living proof of the wisdom behind the saying "A fool and his money are easily parted."

Another crazy troll. And a very poor one by the sounds of it.

Edited October 8, 2012 by davejones

[FalangBaa]

for 350,000 you can buy a one brm condo in HAWAII...and Jomtiem is not Hawaii....

But that's no use if you can't get a long-term USA visa, which most people can't. Also no use if you want to live in Thailand. Also no use if you don't like Hawaii. But your geography is excellent; Jomtien is indeed not Hawaii. Go to the top of the class.

What he was implying is that Jomtien is in every way vastly inferior to Hawaii. You'd be an idiot to pay anything like the same price. There are any number of brand-new condos available in Pattaya for 900,000 baht and up. Last time I checked, that was less than $30,000. Honestly, what kind of idiot would pay over $300,000 for a condo in a Third World country with Third World infrastructure, facilities, safety, disease risks, unhealthy climate and crime/corruption like Thailand? $50,000 max. is what a pad for a foreigner is worth in a marginal country like Thailand, $100,000 perhaps if it's a really really swanky and large place with several bedrooms, its own swimming pool, et cetera. Invest any more than that in property in Thailand (or similar Third World southeast Asian countries) and you're the living proof of the wisdom behind the saying "A fool and his money are easily parted."

You really need to drag yourselfe into the 21st century, Millenium Eve was almost 13 years ago!!!...........No Jomtien isnt Hawaii and am pleased it isnt but I do think you got the comparison the wrong way round. As for 900,000 Baht condos, they are 22sqm or there abouts in the middle of nowhere and Thai name.....lets just look at Jomtien, I can say that in April this year I sold a 74Million Baht Penthouse....yes 74,000,000!!!...how many $$$ is that in Yankee money.....get with the programme, Thailand/Asia and subcontinent is the powerhouse of the world.....

Thailand is "the powerhouse of the world"? What percentage of global GDP is contributed by Thailand? A tiny amount. The average per capita income of Thais puts Thailand definitely within the Third World. The level of corruption and the low safety standards in Thailand also drag it down. I lived in Thailand for several years (I now live in Japan), but don't make it out to be a "powerhouse" that it simply isn't. It's a cheap place to live with terrible infrastructure. You can break your leg or electrocute yourself just trying to walk down the street. It's already been overtaken economically and in terms of social progress and political stability by neighbouring countries like Malaysia and Indonesia, and will soon be overtaken by Vietnam too, which is growing massively. Thailand's had its day and that day ended at least 15 years ago. Of course, some foreign residents still cling to the belief that Thailand is the best place on earth.

[kiwiinasia]

"Thailand/Asia and subcontinent is the powerhouse of the world....

Its all built on cheap and pliable labour. That will not last, even now labour troubles are popping up in China.

The future is in Antarctica, the labour force is the most well educated of any continent on the planet.

America has no chance against that brain power!

[Mousehound]

"Thailand/Asia and subcontinent is the powerhouse of the world....

Its all built on cheap and pliable labour. That will not last, even now labour troubles are popping up in China.

The future is in Antarctica, the labour force is the most well educated of any continent on the planet.

America has no chance against that brain power!

Also free ice for my G&T.

[FalangBaa]

"Thailand/Asia and subcontinent is the powerhouse of the world....

Its all built on cheap and pliable labour. That will not last, even now labour troubles are popping up in China.

The future is in Antarctica, the labour force is the most well educated of any continent on the planet.

America has no chance against that brain power!

You're right, but only because the only people who live in Antarctica are research scientists. I agree with you 100% that Antarctica has a great future, as long as we can make all that annoying ice melt quickly enough. It's bloody cold down there!

[cheeryble]

will soon be overtaken by Vietnam too,

I personally won't be going to stay in Vietnam. A friend is paying $1500 a month for a just moderately nice one bedroom apartment. Yes property is very expensive there, which is relevant to this discussion.

Of course, some foreign residents still cling to the belief that Thailand is the best place on earth.

Not only foreign residents but a couple of major publications say Chiangmai is the place to retire....was it Forbes Magazine?

[saroq]

for 350,000 you can buy a one brm condo in HAWAII...and Jomtiem is not Hawaii....

But that's no use if you can't get a long-term USA visa, which most people can't. Also no use if you want to live in Thailand. Also no use if you don't like Hawaii. But your geography is excellent; Jomtien is indeed not Hawaii. Go to the top of the class.

What he was implying is that Jomtien is in every way vastly inferior to Hawaii. You'd be an idiot to pay anything like the same price. There are any number of brand-new condos available in Pattaya for 900,000 baht and up. Last time I checked, that was less than $30,000. Honestly, what kind of idiot would pay over $300,000 for a condo in a Third World country with Third World infrastructure, facilities, safety, disease risks, unhealthy climate and crime/corruption like Thailand? $50,000 max. is what a pad for a foreigner is worth in a marginal country like Thailand, $100,000 perhaps if it's a really really swanky and large place with several bedrooms, its own swimming pool, et cetera. Invest any more than that in property in Thailand (or similar Third World southeast Asian countries) and you're the living proof of the wisdom behind the saying "A fool and his money are easily parted."

This doesn't help the OP but I agree with you. Why would anyone spend that much money on a property in Thailand. None of their beaches or infrastructure stacks up against such a large investment and honestly if you've got speculative money to buy property why wouldn't you go pick up a bargain in the US. No BS with ownership and offered at huge discounts. In 5 or 10 years time, once the current doom and gloom is a memory, you'll be much better of than if you bought a Thai property with all of the hassles that go with them. Sorry OP I know no help to you but I predict that selling a property in the 17 to 20 mill range would be very difficult, a very small pool of buyers in that price range in Thailand and much better bargains to be had in the US.

[davejones]

Why don't you (the OP) ask a few estate agents, as they will have a much better idea than people on here.

[davesnothere]

"Thailand/Asia and subcontinent is the powerhouse of the world....

Its all built on cheap and pliable labour. That will not last, even now labour troubles are popping up in China.

The future is in Antarctica, the labour force is the most well educated of any continent on the planet.

America has no chance against that brain power!

Who knew penguins were smart ?

[johnnok]

If you condo is in the 20 million range, don't really expect a Thai national to buy it, rather a foreigner.

Depending on decoration, location, common areas and view, you may have to wait from 5 months to forever before you get to sell it.

The fact is condo seldom age well in Thailand, so don't be too stingy if you really want to sell because your condo isn't likely to appreciate that much with time.

So be ready to discount that price!

[davejones]

If you condo is in the 20 million range, don't really expect a Thai national to buy it, rather a foreigner.

Depending on decoration, location, common areas and view, you may have to wait from 5 months to forever before you get to sell it.

The fact is condo seldom age well in Thailand, so don't be too stingy if you really want to sell because your condo isn't likely to appreciate that much with time.

So be ready to discount that price!

A condo will sell very quickly if the price is right. For the last two years I have kept an eye on condos for sale in a few buildings near me. There are condos that have been on sale for that whole time, but there are a few that sold within a few weeks because the price was right. The ones that sell tend to be around 25-30% cheaper than the ones that don't sell.

So the question the OP needs to ask is if his condo is really worth 20m, or is it worth maybe 15m or less. Get the price right and the condo will sell very quickly indeed. The only ones that aren't selling are the overpriced ones. But most people seem reluctant to take a loss, as they can't bring themselves to admit that they overpaid in the first place. So pay 5m for a condo that's worth 4m, and you will only be able to sell it for 4m.

Condos in Thailand do appreciate in value over time, as long as the location is good, the building is good and you buy at the right price.

And yes, Thais do buy condos for 20m+. There are plenty of very rich Thai people.

Edited October 14, 2012 by davejones

[isawasnake]

To get a good price for a condo though, i'd be looking at anywhere from 1 to 2 years myself. If you need to sell quick, that just doesn't work. If you sell quick you probably sold too low, or got lucky.

[trogers]

To get a good price for a condo though, i'd be looking at anywhere from 1 to 2 years myself. If you need to sell quick, that just doesn't work. If you sell quick you probably sold too low, or got lucky.

How fast you want to sell will depend on your reason for selling and where you are in a property cycle. If you believe you can wait out 1-2 years to make a sales, you should be confident you are not at a risk of facing a bursting of a propery bubble before selling the condo.

[TommoPhysicist]

What did you pay for it?

Edited October 14, 2012 by TommoPhysicist

[davejones]

To get a good price for a condo though, i'd be looking at anywhere from 1 to 2 years myself. If you need to sell quick, that just doesn't work. If you sell quick you probably sold too low, or got lucky.

If you wait 1-2 years you have to factor in the interest you will lose on not having the money, also the expenses to keep the condo e.g. annual fee, repairs, etc. If you are planning to buy somewhere where prices are rising it could be better to selling quickly for less. All depends what plans you have for the money. You also run the risk of prices dropping or even crashing. If it's your home and you need to sell before buying somewhere else, then why drag it out for 1-2 years. Sell it and move on.

Edited October 14, 2012 by davejones

[davejones]

What did you pay for it?

By "it" do you mean an Hawaii hooker?

Edited October 14, 2012 by davejones

[Fgis]

People buying expensive condos can dream about making any profit on them or even being able to resell.

Buy 1-2 millions thb condos and you can be sure to sell them with profit within few years.

[fire and ice]

for 350,000 you can buy a one brm condo in HAWAII...and Jomtiem is not Hawaii....

But that's no use if you can't get a long-term USA visa, which most people can't. Also no use if you want to live in Thailand. Also no use if you don't like Hawaii. But your geography is excellent; Jomtien is indeed not Hawaii. Go to the top of the class.

What he was implying is that Jomtien is in every way vastly inferior to Hawaii. You'd be an idiot to pay anything like the same price. There are any number of brand-new condos available in Pattaya for 900,000 baht and up. Last time I checked, that was less than $30,000. Honestly, what kind of idiot would pay over $300,000 for a condo in a Third World country with Third World infrastructure, facilities, safety, disease risks, unhealthy climate and crime/corruption like Thailand? $50,000 max. is what a pad for a foreigner is worth in a marginal country like Thailand, $100,000 perhaps if it's a really really swanky and large place with several bedrooms, its own swimming pool, et cetera. Invest any more than that in property in Thailand (or similar Third World southeast Asian countries) and you're the living proof of the wisdom behind the saying "A fool and his money are easily parted."

Its absurd and misleading to cite Thailand as a Third world country with poor infrastructure etc. This puts in in the same boat as (say) India or Pakistan. Thailand is a developing country. There is good infrastructure in the Chonburi region as there is in most of the country (its a million miles closer to wester standards than, say, Indian standards). Town planning may lack a lot but its not a case of poor infrastructure.

You cite: Third World infrastructure, facilities, safety, disease risks, unhealthy climate and crime/corruption like Thailand. I agree with the poor safety and crime/corruption aspects, but the rest are incorrect & as they are erroneous it makes your argument look poor.

However your overall point is still valid and I agree with it in general. But your point would be better made by removing the errors and exaggerations.