Patong property market

[Will1]

I want to sell a house In Patong, Has anyone got any experience or Ideas.

Giving It away Is not a option.

[Sharp]

Just sold my Villa after 3 years on the market ,in the end I offered financial assistance with monthly serviced interest so I get a monthly income whilst the capital is paid off ,,like a mortgage over 3 years .

Not for all but it's was the deciding factor for the buyer .....on and it stays in my name until the whole amount is paid.

Just my decision not for all

Good luck man it's not easy right now.

Sent from my iPad using ThaiVisa app

[hansgruber]

Use an agent, they want a percentage of course but only get paid if they move it. Some are agents are scum but they have the leads.

List within many as you can.

Make sure the property is clean and maintained, I've looked at some real bad ones that I turned away from just by first impression, didn't bother going inside.

Also, dont be a dreamer. Dont price yourself out of the sellers market by being ridiculous with price.

Thats the main reason guys cant move a property.

Good luck.

[NamKangMan]

You'll have difficulty even "giving it away."

Good Luck - you'll need it.

[eezergood]

You'll have difficulty even "giving it away."

Good Luck - you'll need it.

GIve it to me, i can do you this favour

[NamKangMan]

You'll have difficulty even "giving it away."

Good Luck - you'll need it.

GIve it to me, i can do you this favour

He meant, "give it away" as in not for free, but at a greatly reduced price.

He will have problems selling the property, even at a "give away" price.

For the few properties that do get sold, every week, more and more come onto the market the week later.

Just look at what Sharp had to offer in order to sell his property, and it technically has not really been sold yet, and could still fall through, within the next 3 years. So, it was on the market for 3 years - then vendor financed for 3 years. That's 6 years to sell, IF, the buyer meets their obligations over the next 3 years.

Also, every week that passes, new properties are being completed, whilst construction starts on other properties.

It's very difficult, to near impossible, to sell at the moment, and will get even harder in the future.

[Colonel_Mustard]

Price it realistically and you have a chance but as mentioned elsewhere the market is really very good at present due to the relatively strong baht and weak economies in the countries of traditional buyers.

As Hans said, list it with as many agents as you can and try and keep the property in good order for any viewers.

I know one or two people with their houses on the market and present and they have had quite a few come round and have a look but no takers but their villas in my opinion are a bit over priced.

Edited June 25, 2013 by Colonel_Mustard

[steelepulse]

Most people tend to overprice their houses for sale, just as rentals are often overpriced and stay vacant. I have a rental house and have priced it accordingly, and it's only been vacant two months in 7 years, while I read on here NKM pitching the same old " there's thousands of vacant rental properties that will never rent" mantra.

I hear from a number of people that are active in the property industry (not as agents) that property is still moving. BTW OP, get the Russian agents involved as Russians are buying.

[Colonel_Mustard]

To be of help to the OP, who are these Russian agents? Any links or phone numbers?

I know the Phuket News has a Russian version of its newspaper which might be worth a try but haven't heard of any Russian real estate agents.

[hansgruber]

To be of help to the OP, who are these Russian agents?  Any links or phone numbers?

 

I know the Phuket News has a Russian version of its newspaper which might be worth a try but haven't heard of any Russian real estate agents.

http://www.rushome-group.com/

[eezergood]

You'll have difficulty even "giving it away."

Good Luck - you'll need it.

GIve it to me, i can do you this favour

He meant, "give it away" as in not for free, but at a greatly reduced price.

He will have problems selling the property, even at a "give away" price.

For the few properties that do get sold, every week, more and more come onto the market the week later.

Just look at what Sharp had to offer in order to sell his property, and it technically has not really been sold yet, and could still fall through, within the next 3 years. So, it was on the market for 3 years - then vendor financed for 3 years. That's 6 years to sell, IF, the buyer meets their obligations over the next 3 years.

Also, every week that passes, new properties are being completed, whilst construction starts on other properties.

It's very difficult, to near impossible, to sell at the moment, and will get even harder in the future.

Thanks for pointing that out!

[Colonel_Mustard]

To be of help to the OP, who are these Russian agents? Any links or phone numbers?

I know the Phuket News has a Russian version of its newspaper which might be worth a try but haven't heard of any Russian real estate agents.

http://www.rushome-group.com/

Cheers. Site still seems to under construction at the moment and not fully functional.

[steelepulse]

To be of help to the OP, who are these Russian agents? Any links or phone numbers?

I know the Phuket News has a Russian version of its newspaper which might be worth a try but haven't heard of any Russian real estate agents.

http://www.rushome-group.com/

http://www.rt-pro.ru/eng/

[Colonel_Mustard]

To be of help to the OP, who are these Russian agents? Any links or phone numbers?

I know the Phuket News has a Russian version of its newspaper which might be worth a try but haven't heard of any Russian real estate agents.

http://www.rushome-group.com/

http://www.rt-pro.ru/eng/

Thanks. That might come in handy for the future if NKM is right

[manly100]

in my soi there are 12 town houses for sale and have been for sale for over 2 years! and this is a dog/ladyboy free soi which is also quite. priced at about 5m baht i think 3.5m baht is more reasonable.

[falkan]

everything below 3million is pretty easy sold, but above that will take time..

location location...

[NamKangMan]

Most people tend to overprice their houses for sale, just as rentals are often overpriced and stay vacant. I have a rental house and have priced it accordingly, and it's only been vacant two months in 7 years, while I read on here NKM pitching the same old " there's thousands of vacant rental properties that will never rent" mantra.

I hear from a number of people that are active in the property industry (not as agents) that property is still moving. BTW OP, get the Russian agents involved as Russians are buying.

I'm not quite sure it's a "mantra" steelpulse.

A quick check of one of the larger real estate agents on Phuket reveals they have 764 villas for sale.

http://www.siamrealestate.com/search/?search=1&as_province_id=53&as_otype=sale&as_ptype=200

They have 240 condos for sale.

http://www.siamrealestate.com/search/?search=1&as_province_id=53&as_otype=sale&as_ptype=7

They have 645 villas for rent.

http://www.siamrealestate.com/search/?search=1&as_province_id=53&as_otype=rental_longterm&as_ptype=200

They have 235 condos for rent.

http://www.siamrealestate.com/search/?search=1&as_province_id=53&as_otype=rental_longterm&as_ptype=7

This is only one real estate website out of many here. So, there's thousands of properties for sale and for rent here, and they keep building more.

In the future, people may have to sell at what the bought in for, or even at a loss, just to offload the property, which still continues to attract taxes and high management fees.

Edited June 25, 2013 by NamKangMan

[KarenBravo]

The reality is not quite what you paint in your post.

Different property agents will be advertising the same developments.

You total condo figures are flawed.

[NamKangMan]

The reality is not quite what you paint in your post.

Different property agents will be advertising the same developments.

You total condo figures are flawed.

Yes, I know several agents list the same properties.

For someone placing their property on the market for sale today - look at the competition they have to be able to sell their property, in a timely fashion, and they keep building more and placing them on the market, every week.

[KarenBravo]

Not a good time to sell, unless you have something special.

[NamKangMan]

Not a good time to sell, unless you have something special.

I agree, but do you honestly see a "good time to sell" in the future?

[iluvbeaches]

If it is not a town house but a freestanding house in Patong that is pretty unique. Millions of condos, guesthouses and townhouses it seems there but relatively few free houses. Should be relatively easy to rent out long term if it is in good shape.

Either contact someone like Wellta who does strictly long term rentals or rent it out to groups making it cheaper than a hotel short term. Maybe to to hotels in the area and give them the link and commissions for booking.

Take some high quality pictures on a sunny day then rent it out and try to sell it with a tenant.

Once you have proof you rented it two three years could be a potential business opportunity for some... Makes more sense than buying a bar or massage shop at least.

[steelepulse]

Most people tend to overprice their houses for sale, just as rentals are often overpriced and stay vacant. I have a rental house and have priced it accordingly, and it's only been vacant two months in 7 years, while I read on here NKM pitching the same old " there's thousands of vacant rental properties that will never rent" mantra.

I hear from a number of people that are active in the property industry (not as agents) that property is still moving. BTW OP, get the Russian agents involved as Russians are buying.

I'm not quite sure it's a "mantra" steelpulse.

A quick check of one of the larger real estate agents on Phuket reveals they have 764 villas for sale.

http://www.siamrealestate.com/search/?search=1&as_province_id=53&as_otype=sale&as_ptype=200

They have 240 condos for sale.

http://www.siamrealestate.com/search/?search=1&as_province_id=53&as_otype=sale&as_ptype=7

They have 645 villas for rent.

http://www.siamrealestate.com/search/?search=1&as_province_id=53&as_otype=rental_longterm&as_ptype=200

They have 235 condos for rent.

http://www.siamrealestate.com/search/?search=1&as_province_id=53&as_otype=rental_longterm&as_ptype=7

This is only one real estate website out of many here. So, there's thousands of properties for sale and for rent here, and they keep building more.

In the future, people may have to sell at what the bought in for, or even at a loss, just to offload the property, which still continues to attract taxes and high management fees.

How many of these listings are outdated, haven't been available for a few years, have been sold and or rented but never removed from the listings etc? You'd be surprised ( well not really) at how lazy these agents are in regards to keeping their inventory fresh and up to date.

I still say if you have a good place at a fair price, it will move. If you have an average place in the middle of BF Eqypt with a list price double what was paid ( due to the principle of doubling your money in 5-7 years here in real estate) it won't move as that is not what people are looking for. Of course you also have to take into consideration that many properties are not mortgaged, so there is no rush to move said property if the seller is financially solid.

[eezergood]

Did someone say long term rent.........

[Will1]

You'll have difficulty even "giving it away."

Good Luck - you'll need it.

GIve it to me, i can do you this favour

He meant, "give it away" as in not for free, but at a greatly reduced price.

He will have problems selling the property, even at a "give away" price.

For the few properties that do get sold, every week, more and more come onto the market the week later.

Just look at what Sharp had to offer in order to sell his property, and it technically has not really been sold yet, and could still fall through, within the next 3 years. So, it was on the market for 3 years - then vendor financed for 3 years. That's 6 years to sell, IF, the buyer meets their obligations over the next 3 years.

Also, every week that passes, new properties are being completed, whilst construction starts on other properties.

It's very difficult, to near impossible, to sell at the moment, and will get even harder in the future.

This Is the attitude of people living In Thailand, penny pinching or Baht pinching. Due to rent being so cheap, Most can afford. 4m up Is just out of reach for most.

[Will1]

If it is not a town house but a freestanding house in Patong that is pretty unique. Millions of condos, guesthouses and townhouses it seems there but relatively few free houses. Should be relatively easy to rent out long term if it is in good shape.

Either contact someone like Wellta who does strictly long term rentals or rent it out to groups making it cheaper than a hotel short term. Maybe to to hotels in the area and give them the link and commissions for booking.

Take some high quality pictures on a sunny day then rent it out and try to sell it with a tenant.

Once you have proof you rented it two three years could be a potential business opportunity for some... Makes more sense than buying a bar or massage shop at least.

Condo,Townhouse and detached house, It cames down to what Is within your budget. Not everyone can afford a detached house.

[Will1]

Not a good time to sell, unless you have something special.

I agree, but do you honestly see a "good time to sell" in the future?

The properties will increase again In the furture, But when Is the guestion?

[Jimi007]

You'll have difficulty even "giving it away."

Good Luck - you'll need it.

GIve it to me, i can do you this favour

He meant, "give it away" as in not for free, but at a greatly reduced price.

He will have problems selling the property, even at a "give away" price.

For the few properties that do get sold, every week, more and more come onto the market the week later.

Just look at what Sharp had to offer in order to sell his property, and it technically has not really been sold yet, and could still fall through, within the next 3 years. So, it was on the market for 3 years - then vendor financed for 3 years. That's 6 years to sell, IF, the buyer meets their obligations over the next 3 years.

Also, every week that passes, new properties are being completed, whilst construction starts on other properties.

It's very difficult, to near impossible, to sell at the moment, and will get even harder in the future.

This Is the attitude of people living In Thailand, penny pinching or Baht pinching. Due to rent being so cheap, Most can afford. 4m up Is just out of reach for most.

Since I can't actually own the land in my name, there isn't a lot of incentive. With the way things are changing around here, and so many properties for sale, to me it is was wiser to rent. At the rent I pay it would be 25 years to get to 4 M. I think in 25 years I won't be living in Rawai, if I'm living at all.

[LivinginKata]

The properties will increase again In the furture, But when Is the guestion?

You really think so ? I'm not so sure, and I speak as someone heavily invested in Phuket property. Much will depend on the attributes of a particular property. Have to say I am not looking forward to improving 2nd market properties prices in the near to long term.

[NamKangMan]

You'll have difficulty even "giving it away."

Good Luck - you'll need it.

GIve it to me, i can do you this favour

He meant, "give it away" as in not for free, but at a greatly reduced price.

He will have problems selling the property, even at a "give away" price.

For the few properties that do get sold, every week, more and more come onto the market the week later.

Just look at what Sharp had to offer in order to sell his property, and it technically has not really been sold yet, and could still fall through, within the next 3 years. So, it was on the market for 3 years - then vendor financed for 3 years. That's 6 years to sell, IF, the buyer meets their obligations over the next 3 years.

Also, every week that passes, new properties are being completed, whilst construction starts on other properties.

It's very difficult, to near impossible, to sell at the moment, and will get even harder in the future.

This Is the attitude of people living In Thailand, penny pinching or Baht pinching. Due to rent being so cheap, Most can afford. 4m up Is just out of reach for most.

It has nothing to do with "penny pinching or baht pinching."

You may have a very well presented property to sell, but Phuket has changed around your property, and not for the best. The island just isn't as desirable as it once was. There are also other destinations in Thailand that are now in direct competition with Phuket for expats, as well as neighbouring countries.

They have also saturated the property market, particularly with new properties, which drives prices down, and they are still building more. Simple supply and demand.

Then, you have the fact that a foreigner can not own land here, therefore, you are selling a diminishing 30 land lease, and the ridiculous management costs, maintainence and taxes/fees associated with "ownership."

Then, due to all of the above, you have very affordable rents, with all the benefits, security and lack of risk that renting brings.

Leave your 4 million baht in a term deposit in your home country and the interest will practically pay your rent, and, the capital is at call, at anytime.

Why would someone "buy?"

Edited June 25, 2013 by NamKangMan