Condo glut

[Ling Kae]

I specifically said that I don't know the detail of how it works. Nor do I care, since I don't own any farang-name properties. I reported information gained from a conversation with someone who is in a position to know, for the benefit of anyone who is not aware of this possibility. One day you may find that "farang chanote not same-same Thai chanote". It wouldn't be the most surprising thing that's ever happened in this country.

You "don't know the detail of how it works" then why are you posting nonsense here?

Then there is the "position to know" and "benefit of anyone" comments here..................sounds like cr@p to me. Who are these anyone's and somebody's and the details?

[Spalpeen]

I specifically said that I don't know the detail of how it works. Nor do I care, since I don't own any farang-name properties. I reported information gained from a conversation with someone who is in a position to know, for the benefit of anyone who is not aware of this possibility. One day you may find that "farang chanote not same-same Thai chanote". It wouldn't be the most surprising thing that's ever happened in this country.

You "don't know the detail of how it works" then why are you posting nonsense here?

Then there is the "position to know" and "benefit of anyone" comments here..................sounds like cr@p to me. Who are these anyone's and somebody's and the details?

Another one who hasn't read the whole thread. See post no.19 from a moderator about naming names.

[Ling Kae]

I specifically said that I don't know the detail of how it works. Nor do I care, since I don't own any farang-name properties. I reported information gained from a conversation with someone who is in a position to know, for the benefit of anyone who is not aware of this possibility. One day you may find that "farang chanote not same-same Thai chanote". It wouldn't be the most surprising thing that's ever happened in this country.

You "don't know the detail of how it works" then why are you posting nonsense here?

Then there is the "position to know" and "benefit of anyone" comments here..................sounds like cr@p to me. Who are these anyone's and somebody's and the details?

Another one who hasn't read the whole thread. See post no.19 from a moderator about naming names.

If you "don;t know the detail of how it works" then really you should not be saying anything. Provide legitimate links that are posted on websites to prove this. It is not illegal anywhere in the world to post links. Put up or shut up and stop spreading unproved friend of a friend of a good buddy best mate stories! Anyhow time for a beer with the real people, good night.

[Spalpeen]

I specifically said that I don't know the detail of how it works. Nor do I care, since I don't own any farang-name properties. I reported information gained from a conversation with someone who is in a position to know, for the benefit of anyone who is not aware of this possibility. One day you may find that "farang chanote not same-same Thai chanote". It wouldn't be the most surprising thing that's ever happened in this country.

You "don't know the detail of how it works" then why are you posting nonsense here?

Then there is the "position to know" and "benefit of anyone" comments here..................sounds like cr@p to me. Who are these anyone's and somebody's and the details?

Another one who hasn't read the whole thread. See post no.19 from a moderator about naming names.

If you "don;t know the detail of how it works" then really you should not be saying anything. Provide legitimate links that are posted on websites to prove this. It is not illegal anywhere in the world to post links. Put up or shut up and stop spreading unproved friend of a friend of a good buddy best mate stories! Anyhow time for a beer with the real people, good night.

Wondering if we'll ever be able to sell that farang-name condo, are we? Pattaya is full of people who didn't listen to cautionary advice. Ignore at your own risk.

[ThaiBob]

Spalpeen, You dug yourself your own hole and now you can not get out with your unsupported allegations. Best you just step back and give it a rest.

[Pattaya28]

My wife told me something about the new condo developments in Jomtien that I didn't know. She got this from the horse's mouth, and it probably applies just as much to Pattaya developments.

Many foreigners buy condos because they think that they can own them outright, unlike houses and land. But the developers are not buying the freehold on the land, they are taking the land on a 30 year lease. That means that after 30 years, with the original developer and his profits long gone, the land will revert to it's original owner and whoever owns the condo at that time will lose it.

This is absolute rubbish.

Whichever horse you got this from needs to be shot.

[PattayaPhom]

We all had a good laugh in the office at this one, slightly different to the usual negativity. Am guessing these thousands of false Chanotes floating around Pattaya were made in Khao Sarn Road along with the fake degrees

[lemoncake]

I specifically said that I don't know the detail of how it works. Nor do I care, since I don't own any farang-name properties. I reported information gained from a conversation with someone who is in a position to know, for the benefit of anyone who is not aware of this possibility. One day you may find that "farang chanote not same-same Thai chanote". It wouldn't be the most surprising thing that's ever happened in this country.

You "don't know the detail of how it works" then why are you posting nonsense here?

Then there is the "position to know" and "benefit of anyone" comments here..................sounds like cr@p to me. Who are these anyone's and somebody's and the details?

Another one who hasn't read the whole thread. See post no.19 from a moderator about naming names.

If you "don;t know the detail of how it works" then really you should not be saying anything. Provide legitimate links that are posted on websites to prove this. It is not illegal anywhere in the world to post links. Put up or shut up and stop spreading unproved friend of a friend of a good buddy best mate stories! Anyhow time for a beer with the real people, good night.

I do not understand why you are attacking Spalpeen, what he posted may well be true and i seriously doubt anyone would make this information public because it would expose too many people and agency's involved.

Why do not you take it on board, and do some research about the condo you own or want to own, check the land ownership details.

[Spalpeen]

I wondered how long it would be before the real estate agents joined in. The naively of farangs who come here never ceases to amaze me. They come here and see that there is a system of laws and courts, and they assume that things work the same way as they do back home. They don't.

This is a town where you can build four more stories on to the roof of your hotel (see news clippings) with no paperwork whatsoever and apparently without being noticed by either the land office or the city engineer until the work is almost finished. No permissions whatsoever, and I'll bet it gets retrospective approval. Now how safe does that farang chanote look? Condo owners and real estate agents will tell you different of course, but then that's hardly surprising.

[KittenKong]

Whilst I have no real qualms about the authenticity of chanotes that have been issued, I have often wondered about the exact legal situation of a buyer who has bought off-plan, has received the keys to his unit but has not yet received his chanote due to legal problems with the ownership of the land. This certainly has happened here.

It seems to me that there is a very long period during off-plan purchases when the buyer has handed over a lot of money but only has a contract and a nebulous bank guarantee to show for it.

[sfokevin]

I miss the good ole days of horse drawn bhat busses...

[tropo]

No thoughts as this has discussed tooooo many times here before. This could be construed as a troll post. Can't we discuss baht buses?

You couldn't be more wrong. The subject is good, your reply is a troll post.

New people are constantly viewing these topics and would be interested in reports regarding prices NOW, not last month or last year. I'm a good example. I have started to consider the idea of buying a condo and these topics are of great interest to me. Even as a current renter, I'm interested in knowing current trends to ensure I'm paying the going rate and not being ripped off by an overenthusiastic landlord.

I thought the trend was going the other way in that so many Russians are entering the rental market and forcing prices up.

Edit: I noticed you (ThaiBob) have posted quite a few times in this thread, so perhaps you were joking and find this subject fascinating.

Edited August 19, 2013 by tropo

[Bodrules]

For newbies like me, can someone inform us as to what in the h_ll is a farang named condo? /is it "Billy Bob's Not as secure as you thought" developments?

[NCC1701A]

have any condo property developers defaulted on their loans recently?

[Naam]

...

Can't we discuss baht buses?

Yes, please!

NO, please!!!

OK. How 'bout we do the Russians again? Breakfast buffets?

I love those hot Russian women I see around nowadays. Even the fat ol' potato farmers have lovely daughters.

what about discussing the price of Beer Lao and Chang in various 7/11 and family marts?

[PattayaPhom]

No thoughts as this has discussed tooooo many times here before. This could be construed as a troll post. Can't we discuss baht buses?

You couldn't be more wrong. The subject is good, your reply is a troll post.

New people are constantly viewing these topics and would be interested in reports regarding prices NOW, not last month or last year. I'm a good example. I have started to consider the idea of buying a condo and these topics are of great interest to me. Even as a current renter, I'm interested in knowing current trends to ensure I'm paying the going rate and not being ripped off by an overenthusiastic landlord.

I thought the trend was going the other way in that so many Russians are entering the rental market and forcing prices up.

Edit: I noticed you (ThaiBob) have posted quite a few times in this thread, so perhaps you were joking and find this subject fascinating.

Rental rates are pretty static with established property. When newbuilds are finished rates are usually higher than the older property next door/down the road. Reason, better facilities, its new!!!. Always try and negotiate with both rentals and purchases without being rude and lowballing a deal can usually be done to suit both parties....yes there are landlords that wont budge and would rather see the property empty for a year than come down a few thousand a month. If your looking at buying, keep well clear of the shoeboxes being built. Look for location and management of the area. I have had my name down on a waiting list for almost 2 years for a condo in Baan Amphur, they rarely come up and it may be years befor I get a look in.

[bangkokstick]

I do not see them, where do you see 50000 new baht buses ?

:-)

About the condo, of course you are wrong and I don't see anything going down, and what it seems that you do not understand, people who built these condos do not need their money back quickly and people will keep visiting here whatever happens because there are beaches for family and hoookers for single guys.

If tourists keep visiting France when people suxx so much there I cannot imagine that they will quit visiting Thailand where mostly people are nice !

[bangkokstick]

So the OP came to troll and disappeared ?

These guys will keep doing it because they get so many replies 555...

Can I know where the running "HOUSE SUXX - CONDOS ARE GREAT" thread ?

[KittenKong]

Always try and negotiate with both rentals and purchases without being rude and lowballing a deal can usually be done to suit both parties....yes there are landlords that wont budge and would rather see the property empty for a year than come down a few thousand a month.

There may be only a little scope for negotiation on monthly rentals but I would say that if one is a serious tenant intending to stay for a long time (years) one should definitely offer half the asking price. It has worked for me more than once and I fully expect it to work again.

Many rental asking prices here are plucked straight out of thin air. I went to see a unit in a nice building in NaJomtien recently. Spacious, 2 bedrooms, good view (apart from the noisy new condo going up next door, which put me right off), but the fixtures and fittings obviously dated back about 20 years, as did the small TV installed. No cable TV, no satellite TV, no internet, no washing machine. Bits of rotten wood hanging off the vanity unit in the bathroom, and two baths but no shower. For this they wanted 50K/month. I told them that 20K would be way overpriced, and I meant it.

I suppose that maybe once a year, probably around Christmas, they may be able to let the thing for one month to some idiot who reserves online and pays a deposit in advance, and who then bitterly regrets doing so. But I bet that the rest of the time it's either empty or used by the Thai owner at weekends.

[JSixpack]

No thoughts as this has discussed tooooo many times here before. This could be construed as a troll post. Can't we discuss baht buses?

You couldn't be more wrong. The subject is good, your reply is a troll post.

New people are constantly viewing these topics and would be interested in reports regarding prices NOW, not last month or last year.

And those reports, if there are are any , could just as easily be posted in one of the many existing threads. They're still open.

Anyway, the OP didn't make any "report," nor has anyone else in this thread. It was just a naive speculation--more hot air, in other words. And it was just another of the countless predictions, over the last 10 years or so, of crashing condo prices owing to the never-ending GLUT.

Very few TV members are capable of understanding the real estate market here. Leaving a beer bar, posters ride or walk by a development sold out years ago and count the lights on at night and conclude that it is unsold and vacant and part of the GLUT.

The condo-as-investment thread had more substance than this one. Not that it had much either, and nothing new that hadn't been said countless times before.

So ThaiBob is quite right.

You wanna buy a condo, read over the older threads, look for favorable mentions of particular developments, do your due diligence (there was a great post some years ago about how to do that--if you ask, somebody knowledgeable w/ probably repeat the list), look at ads, put up your own WANTED TO BUY ad, and go around and bargain. (I don't dare suggest a real estate agent lest the hysterical HATE REAL ESTATE AGENTS brigade jump in and hijack the thread.)

One of the very best things you can do is rent in a building (an established building) before you buy a condo there and get to know some veteran owners.

You'll notice in these threads that the HATE CONDOS and FOOLS BUY REAL ESTATE brigades are of course composed of mere renters. You'd think of the thousands of condo owners, many would jump in and agree, "dam_n, I should never have bought that condo!" But no. In fact, most owners are reasonably satisfied w/ their purchases.

Edited August 20, 2013 by JSixpack

[JSixpack]

Another thing you never, ever hear from a condo owner is "my (ex-)wife and her relatives kicked me out of my condo and I lost X million baht."

[Spalpeen]

For newbies like me, can someone inform us as to what in the h_ll is a farang named condo? /is it "Billy Bob's Not as secure as you thought" developments?

As a farang in Thailand, the law doesn't allow you to own a house or land. You can only lease or rent. However there is an exception for condo blocks. In some condo developments farangs are allowed to own units in their own name (farang name condo), as long as more than 50% of the units in the building are owned by Thais. Thus the building and land are jointly owned by the Thai and farang owners. Each owner has a deed (chanote) showing his ownership.

However, never forget that the law in Thailand is not really on your side if you run into problems with a Thai national or government entity. Plenty of farangs have found this out the hard way.

[JSixpack]

However, never forget that the law in Thailand is not really on your side if you run into problems with a Thai national or government entity. Plenty of farangs have found this out the hard way.

Stir the pot, stir the pot. Plenty of farangs have been treated w/ complete fairness by the courts and plenty of Thais have found this out the hard way. I was once involved in just such a case. The law, police, and the courts aren't "against farang." In many cases, the Thai national or government entity may be acting in accordance w/ the law and the farang not. Why should the courts exonerate some criminal farang because he's a farang? Nor is ignorance of the law any excuse.

Yawn. Looks to me that you don't have any credibility here and are mainly trolling. I ain't scared.

Edited August 20, 2013 by JSixpack

[Spalpeen]

However, never forget that the law in Thailand is not really on your side if you run into problems with a Thai national or government entity. Plenty of farangs have found this out the hard way.

Stir the pot, stir the pot. Plenty of farangs have been treated w/ complete fairness by the courts and plenty of Thais have found this out the hard way. I was once involved in just such a case. The law, police, and the courts aren't "against farang." In many cases, the Thai national or government entity may be acting in accordance w/ the law and the farang not. Why should the courts exonerate some criminal farang because he's a farang? Nor is ignorance of the law any excuse.

Yawn. Looks to me that you don't have any credibility here and are mainly trolling. I ain't scared.

Go to the thread "Pattaya threatens demolition of illegally expanded boutique hotel" on page 2 of News Clippings, and read post 12 by Lemoncake. This is a snapshot of how the property business works in Pattaya. I've been involved with it for years and done well out of it, but only by understanding that I'm swimming in shark infested waters.

[jbrain]

Another thing you never, ever hear from a condo owner is "my (ex-)wife and her relatives kicked me out of my condo and I lost X million baht."

You could be right about that, because they are mostly very quiet after they have exited through the balcony

[frankold]

Another thing you never, ever hear from a condo owner is "my (ex-)wife and her relatives kicked me out of my condo and I lost X million baht."

 

You could be right about that, because they are mostly very quiet after they have exited through the balcony

 

Lol.. classic

[JSixpack]

Another thing you never, ever hear from a condo owner is "my (ex-)wife and her relatives kicked me out of my condo and I lost X million baht."

You could be right about that, because they are mostly very quiet after they have exited through the balcony

Good laugh, but it's almost unheard of for a condo owner to exit through the balcony. Renters, now, are in a whole different category.

Speaking of violent crime, again home owners are much more commonly victims for reasons not difficult to fathom.

[PattayaPhom]

However, never forget that the law in Thailand is not really on your side if you run into problems with a Thai national or government entity. Plenty of farangs have found this out the hard way.

Stir the pot, stir the pot. Plenty of farangs have been treated w/ complete fairness by the courts and plenty of Thais have found this out the hard way. I was once involved in just such a case. The law, police, and the courts aren't "against farang." In many cases, the Thai national or government entity may be acting in accordance w/ the law and the farang not. Why should the courts exonerate some criminal farang because he's a farang? Nor is ignorance of the law any excuse.

Yawn. Looks to me that you don't have any credibility here and are mainly trolling. I ain't scared.

Go to the thread "Pattaya threatens demolition of illegally expanded boutique hotel" on page 2 of News Clippings, and read post 12 by Lemoncake. This is a snapshot of how the property business works in Pattaya. I've been involved with it for years and done well out of it, but only by understanding that I'm swimming in shark infested waters.

This really is a one off and nothing like the property market in Pattaya.

[JakeBKK]

There are numerous large condo developments under way in Jomtien, but nothing like 50,000.

The oil spill in Rayong has no bearing on the Pattaya property market at all.

There's no decline in quality tourists because there were never many to start with.

As ThaiBob says, the end of the supposed property bubble here is predicted every few weeks and it never happens.

A couple of weeks back the bankok post had a pice about what is going on here. AD condo on second road alone will have 1200 units, dusit next to it 500 units opiste that aqua. let me find the link.

Than we have those 28 m2 5 building russian place down the road, the sphere, 45 floors coming up in front of jomtien beach paradise shall we go on? jomtien at the moment outranks nakuea by far. and they still haven't finished 2.nd road, so they cant build there.

Edited August 20, 2013 by JakeBKK

[Spalpeen]

There are numerous large condo developments under way in Jomtien, but nothing like 50,000.

The oil spill in Rayong has no bearing on the Pattaya property market at all.

There's no decline in quality tourists because there were never many to start with.

As ThaiBob says, the end of the supposed property bubble here is predicted every few weeks and it never happens.

A couple of weeks back the bankok post had a pice about what is going on here. AD condo on second road alone will have 1200 units, dusit next to it 500 units opiste that aqua. let me find the link.

Than we have those 28 m2 5 building russian place down the road, the sphere, 45 floors coming up in front of jomtien beach paradise shall we go on? jomtien at the moment outranks nakuea by far. and they still haven't finished 2.nd road, so they cant build there.

The OP mentions "50,000 condo units being built in Jomtien alone'". That would be roughly forty 1,200 unit developments. Now if you include Pratumnak, Pattaya and Naklua, and all the developments that only exist on paper you might get 50,000. But not 50,000 being built in Jomtien alone. i would have noticed.

But you're right about Jomtien being a hot spot for building right now.