How Is The Bangkok Condo Market Now, Compared To Two Years Ago?

[eeeya]

No. just the raw figures.

[trogers]

I closely watched a higher end new condo in thong lo. From release off the plan, to re sale mid build by speculators and finally at completion of the build (where speculators would have to pay up full)

Id have to say that it was all pretty unteresting profit wise for the off the plan buyer.

A contact I saw with buy and sell price over a two year period yielded about 200k profit for a 7 m condo.

The only benefit I could see was the down payment was minimal and monthly payments were about half by the time the condo was completed.

What you are simply saying is that prices are so inflated that even flippers are harvesting just peanuts.

[eeeya]

In this one instance it was a surprise to me. The owner was famous restaurateur so id guess there were several in the portfolio.

if the popularity of the new condo block doest pick up towards completion, there is alot for sale at initial launch prices as its time to pay total price to the developer

[beautifulthailand99]

Some wise words and good advice here. My wife and I have started to look at condos and have up to 5 million to spend in Bkk close top BTS/MRT and are open to suggestions as to areas. To kick off we are currently staying in Rachada and had a look at the Diamond Residences. The previous poster was spot on that the block seems to have been finished cheaply and you can see poor paint finishes grouting etc and the entrance is already showing some broken bits which doesnt bode well for the future. We looked at 3.9 m 1 bedders in the block with pool and fitness centre ( which were nicely done and looked good - though no steam room - only separate male and female saunas)3.9 - 2 bed 5.7 - monthly charges to the management company a modest 1k. All the fittings were cheap and relatively nasty - no gas just 2 electric rings. Mostly sold to Thais and HK Chinese , Koreans and Japanese. We are not looking for investment potential per se just somewhere to park our money from a house sale in London and give us somewhere to stay for say a couple of month a year (we will stay 6 months in UK) and the rest of the time in Chiang Mai. Starting to agree with some of the posters that says quality will win out in the long run. Very open to further suggestions either on the forum of PM me.

[BlackPuddingBertha]

- no gas just 2 electric rings.

I think you will find that gas and other open flames (BBQs) are prohibited by condo building management for fairly obvious safety reasons. It may also be illegal.

[HC82]

Some wise words and good advice here. My wife and I have started to look at condos and have up to 5 million to spend in Bkk close top BTS/MRT and are open to suggestions as to areas. To kick off we are currently staying in Rachada and had a look at the Diamond Residences. The previous poster was spot on that the block seems to have been finished cheaply and you can see poor paint finishes grouting etc and the entrance is already showing some broken bits which doesnt bode well for the future. We looked at 3.9 m 1 bedders in the block with pool and fitness centre ( which were nicely done and looked good - though no steam room - only separate male and female saunas)3.9 - 2 bed 5.7 - monthly charges to the management company a modest 1k. All the fittings were cheap and relatively nasty - no gas just 2 electric rings. Mostly sold to Thais and HK Chinese , Koreans and Japanese. We are not looking for investment potential per se just somewhere to park our money from a house sale in London and give us somewhere to stay for say a couple of month a year (we will stay 6 months in UK) and the rest of the time in Chiang Mai. Starting to agree with some of the posters that says quality will win out in the long run. Very open to further suggestions either on the forum of PM me.

Put the money in some other investment and rent, would be my advice. Unless you are fine with possibly being dead by the time somebody comes along willing to buy that condo from you.

Edited January 6, 2013 by HC82

[eeeya]

Had a look at the annual report for large condo in Thonglor.

The official figures of occupancy are

100% sold

58% occupied

42% vacant

Quite a few owners having several apartments.

I do not have any official information on whether the vacant apartments are looking for renters but judging by the small amount of apartments for rent in the media I suspect they are not interested in renting them out, rather holding them only.

[Thereisnoif]

Had a look at the annual report for large condo in Thonglor. The official figures of occupancy are 100% sold 58% occupied 42% vacant Quite a few owners having several apartments. I do not have any official information on whether the vacant apartments are looking for renters but judging by the small amount of apartments for rent in the media I suspect they are not interested in renting them out, rather holding them only.

Of course they are not interested in renting out, they already achieved their goal : laundering dirty money .

Flush out your brains people, this is the land of the corrupt and morallly bankrupt .

[eeeya]

Cheers for that

[BlackPuddingBertha]

Of course they are not interested in renting out, they already achieved their goal : laundering dirty money .

Flush out your brains people, this is the land of the corrupt and morallly bankrupt .

I don't know enough Thai condo owners to be able to tell how many of them are mostly interested in "legitimising" their cash.

I do know enough farang condo owners in Pattaya to be aware that for many of them this is indeed one of their main purposes.

[GAS]

Anyone have any insights in where things are headed?

I personally think this bubble has to burst but I know many Thai's will sit on things and hold out...and somehow have the means to do it. Also, it seems the economy is pretty good unrelated to real estate.

I am sitting on cash, I just have my little place I bought last year for not much and waiting to see how things pan out over the next year.

[USNret]

Sorry if someone already posted this; I haven't read the discussion...

Go to the CBRE Thailand website & sign up for their quarterly newsletter. They have several. They provide a market analysis of what the market did last quarter, vacancies, buildings under construction, and outlook. They have newsletters for BKK residential, Asia overall, BKK retail & commercial, and more. As an owner, this is a good way to stay in touch with the market.