klubex99 Posted August 30, 2013 Share Posted August 30, 2013 (edited) The wife has been following a lot of chatter on the Thai web boards lately about a new strategy being harnessed by some Thai housing development companys. Apparently one company started to give a free car away with every new house purchase on some random project. Of course, the full price of the car is added to the price of the house, and some on top. The developer buys the car and when you sign the deeds to the house and the sale is complete, the car is transferred to the buyers name and owns it outright. This is said to be working well? Why?? Because this is Thailand. No, I am not going to say that the Thai people are gullible, and fall for this cheap trick. More because they can put down a deposit of 250,000 baht on the house and get a mortgage and the car is the cherry on top that the lender will probably not realize, then said borrower can then default on the mortgage and have the house repossessed by the lender and of course, the car is theirs..... lol The lender is then lumbered with a house that couldn't even sell for 1.5 million with about 2.25 million of debt tied into it. Apparently according to the wife, lots of other developers are copying the idea. I wonder how long it will be before this is made into a criminal action? If developers are having a tough time selling all their new stock, why don't they give it a rest for a while? There are new houses around here that have been built for 8 years and still standing empty, not 1 or 2, I am talking about more than 50% of a moo baan. They are looking grey and on the verge of decay already with gardens 3 feet high in weeds. Hardly an appealing sight for a prospective buyer. Thailand has become so over-developed recently with housing projects that it is creating its own slump. But still they build and build and build some more. Can't they see that they are digging a big hole for their industry to slide into? I suppose once the industry is completely in the hole, they can sand it over and build some more houses on it I mean.... It's coming to something when they have to resort to this sort of scam just to offload their current over-stock. One of the many things that keep me entertained in Thailand. Edited August 30, 2013 by klubex99 Link to comment Share on other sites More sharing options...
klubex99 Posted August 30, 2013 Author Share Posted August 30, 2013 Oh... When wifey gets back from town I will get her to send me details of the ads, I can put them here for you to laugh at. Link to comment Share on other sites More sharing options...
AlexRRR Posted September 1, 2013 Share Posted September 1, 2013 Cant see what all the ho harr is about, good markerting i think, so the world crisis has caught up in the property market of thailand what a suprise. Im involved in the building cycle of boom and bust in my country, ive noticed clients often purchase a new car to go with the new house ... and the new 65 inch tv and furniture too, dont forget the new dishwasher fridge and washing machine too... Nothing new mate, lot of building companys throw in stone bench tops and dishwashers etc Kinda makes sense to take out a loan to cover the new products then knuckle down and pay them off for the next 10 comfortable years. To say the cost of the car is on top of might not be totaly corect either these big co's have very good purchasing power if there not gettin much of a cut on the cars there buying you can bet its coming from the materials there buying, ho and for the doomsters they dont use cheap materials the companys just screw there suppilers down on price, you do have a choice to supply them or not and if not you someone else is more than happy to take your place. Are thais any differant to the rest of the world? from where i sit i can see there making credit easier to get, TGF has 6 credit cards when i asked her why she needs so many she said one was from her bank of employ the other 5 were helping friends out so they could get comission from from the sale...hmm... 1 Link to comment Share on other sites More sharing options...
Popular Post historyprof Posted September 1, 2013 Popular Post Share Posted September 1, 2013 You have two basic choices. 1. you can run around shouting the sky is falling and why oh why don't the Thais do things like they do back home and build a decent footpath. Or. 2. There are 63 stocks on the Stock Exchange of Thailand (SET) listed in the property development category, however, only four are included in the SET50, the bourse’s benchmark index of large-cap stocks: Pruksa, Land & Houses, Supalai and Central Pattana, the latter of which falls within the corporate structure of Central Group. If you want to find out the condition of the housing/condo market in Thailand check out the financial condition of those four companies. 3. If you are delivering doom pronouncements it is best to use a Robert Newton voice. "Arrgh Jim boyo thar be sky falling in Bangkok soon, and he took another swallow of the brandy, shaking his great fair head like a man who looks forward to the worst ." 3 Link to comment Share on other sites More sharing options...
kevvy Posted September 1, 2013 Share Posted September 1, 2013 I am building a village with my wife and we dont offer any cars just one air con. the village is 70% sold and we have stopped advertising because we cannot build the houses quick enough . Most Thai people do not like old houses. Dont ask me why they seem to want a new house , maybe keeping up with the friends . Link to comment Share on other sites More sharing options...
sirineou Posted September 1, 2013 Share Posted September 1, 2013 I don't know why it would be a criminal offence for developers to provide incentives to sell their properties. incentives are are given all the time ,for all short of products, all over the world. If the incentive does not make economic sense, either for the seller or for the buyer, the market will adjust it's self accordingly, buyers will not be induced to buy,(if they buy do to an incentive that does not make economic sense ,then it is their fault), or sellers will not find the incentive profitable. (if they continue to provide an incentive that does not make financial sense then it is their fault, and I suspect will not be in business very long) No necessity for government intervention , unless the practice is fraudulent, from either end of the transaction. I suspect that if a developer offers a package deal with the sale of a home, then if the buyer is in default and the house is repossessed, then the car would be repossessed also, unless of course the developer or lending institution that provide the financing are stupid.. Link to comment Share on other sites More sharing options...
Popular Post buck99 Posted September 1, 2013 Popular Post Share Posted September 1, 2013 If my TGF is any indication of how Thai people think, the car give away scheme is a winner. When we travel, she's always so impressed with the "free" soap, tooth brushes, tooth paste, mouth wash and ear buds at the hotel. When I told her the breakfast was also included with the room she was speechless. She asked why they would give away breakfast for "free". I trid to explain that nothing is free and the cost is included in the cost of the room. Nothing I could do or say could convince her that the breakfast wasn't free. 4 Link to comment Share on other sites More sharing options...
Skint Posted September 1, 2013 Share Posted September 1, 2013 I'm sure most people (westerners) are waiting for better exchange rates before buying, the car gimmick i see no point id rather have the money off. Link to comment Share on other sites More sharing options...
Popular Post patongphil Posted September 1, 2013 Popular Post Share Posted September 1, 2013 I am building a village with my wife and we dont offer any cars just one air con. the village is 70% sold and we have stopped advertising because we cannot build the houses quick enough . Most Thai people do not like old houses. Dont ask me why they seem to want a new house , maybe keeping up with the friends . No ghosts in new houses. 4 Link to comment Share on other sites More sharing options...
Kudel Posted September 1, 2013 Share Posted September 1, 2013 (edited) I am building a village with my wife and we dont offer any cars just one air con. the village is 70% sold and we have stopped advertising because we cannot build the houses quick enough . Most Thai people do not like old houses. Dont ask me why they seem to want a new house , maybe keeping up with the friends .I hope they all paid cash up front to you both,because ........youre in a world of do do......with youre top investment.when investing never listen to youre litlle head. Edited September 1, 2013 by Kudel Link to comment Share on other sites More sharing options...
kannot Posted September 1, 2013 Share Posted September 1, 2013 I am building a village with my wife and we dont offer any cars just one air con. the village is 70% sold and we have stopped advertising because we cannot build the houses quick enough . Most Thai people do not like old houses. Dont ask me why they seem to want a new house , maybe keeping up with the friends . No ghosts in new houses. No ghosts in old houses either.....just don't let on you know the truth and leave the mumbo jumbo to the mentally inferior. Link to comment Share on other sites More sharing options...
ikan Posted September 1, 2013 Share Posted September 1, 2013 i like how they post x million security guards around these property things to keep out all the prospective tenants. i happily oblige and stay in the guest houses/hotels. yes ones without these visible thugs lounging around making the place look cheap and disgusting. Link to comment Share on other sites More sharing options...
kannot Posted September 1, 2013 Share Posted September 1, 2013 i like how they post x million security guards around these property things to keep out all the prospective tenants. i happily oblige and stay in the guest houses/hotels. yes ones without these visible thugs lounging around making the place look cheap and disgusting. Go back later they will all be asleep! Link to comment Share on other sites More sharing options...
samran Posted September 1, 2013 Share Posted September 1, 2013 So Thai's are not allowed to aspire or be given incentives to newer housing stock and shall forever be destined to live in substandard old housing? As with all these things, it is buyer beware. Equally, if people are defaulting then it is only the banks who are ultimately taking the risk. Seems like a fair bargain. I'm also not sure why offering a car is a problem. Housing estates in Australia continually pop up. No facilities, no public transport, miles from anywhere. Incentives include the building company's throwing in new furniture, kitchens, or paying the building taxes on the buyers behalf. Seems to be standard practice. Is it a healthy thing? As long as their is risk on both sides, then probably. 1 Link to comment Share on other sites More sharing options...
krisb Posted September 2, 2013 Share Posted September 2, 2013 Builders do that car thing in Australia also. Nothing new. Cheap 4 cylinder whatever it is. Link to comment Share on other sites More sharing options...
historyprof Posted September 2, 2013 Share Posted September 2, 2013 I am building a village with my wife and we dont offer any cars just one air con. the village is 70% sold and we have stopped advertising because we cannot build the houses quick enough . Most Thai people do not like old houses. Dont ask me why they seem to want a new house , maybe keeping up with the friends .I hope they all paid cash up front to you both,because ........youre in a world of do do......with youre top investment.when investing never listen to youre litlle head. No one pays cash for a house except drunk expats! 1 Link to comment Share on other sites More sharing options...
btwretail Posted September 2, 2013 Share Posted September 2, 2013 I am building a village with my wife and we dont offer any cars just one air con. the village is 70% sold and we have stopped advertising because we cannot build the houses quick enough . Most Thai people do not like old houses. Dont ask me why they seem to want a new house , maybe keeping up with the friends . No ghosts in new houses. Ghost thing, is just an excuse. Who would not prefer a new house, when it is paid for in cash, by your beloved partner? Besides houses are so poorly built, so an old house quickly becomes worthless. Link to comment Share on other sites More sharing options...
krisb Posted September 2, 2013 Share Posted September 2, 2013 So Thai's are not allowed to aspire or be given incentives to newer housing stock and shall forever be destined to live in substandard old housing? As with all these things, it is buyer beware. Equally, if people are defaulting then it is only the banks who are ultimately taking the risk. Seems like a fair bargain. I'm also not sure why offering a car is a problem. Housing estates in Australia continually pop up. No facilities, no public transport, miles from anywhere. Incentives include the building company's throwing in new furniture, kitchens, or paying the building taxes on the buyers behalf. Seems to be standard practice. Is it a healthy thing? As long as their is risk on both sides, then probably. Also lots of new house buyers want that new car in the driveway of the new house, usually new furniture also. Borrowing money on the house to fund these things. Link to comment Share on other sites More sharing options...
patongphil Posted September 2, 2013 Share Posted September 2, 2013 I am building a village with my wife and we dont offer any cars just one air con. the village is 70% sold and we have stopped advertising because we cannot build the houses quick enough . Most Thai people do not like old houses. Dont ask me why they seem to want a new house , maybe keeping up with the friends . No ghosts in new houses. Ghost thing, is just an excuse. Who would not prefer a new house, when it is paid for in cash, by your beloved partner? Besides houses are so poorly built, so an old house quickly becomes worthless. Mate you really need to talk to some Thais about ghosts and houses before you comment. Link to comment Share on other sites More sharing options...
razorramone Posted September 2, 2013 Share Posted September 2, 2013 Isn't Bangkok one of the worst exposed international cities to global warming? And doomed by Venice style sinking? I'm amazed there are so many huge condo towers going up. Link to comment Share on other sites More sharing options...
bunnydrops Posted September 3, 2013 Share Posted September 3, 2013 Am I hearing this correct. Buy house, get new car, default on house, keep car? Sign me up! 1 Link to comment Share on other sites More sharing options...
trogers Posted September 4, 2013 Share Posted September 4, 2013 The answer to the question of this topic - "When banks stop giving out easy credit and re-evaluate risks!". 1 Link to comment Share on other sites More sharing options...
h90 Posted September 5, 2013 Share Posted September 5, 2013 I am building a village with my wife and we dont offer any cars just one air con. the village is 70% sold and we have stopped advertising because we cannot build the houses quick enough . Most Thai people do not like old houses. Dont ask me why they seem to want a new house , maybe keeping up with the friends . My wife really don't like houses in which someone died. This kind of superstition is very common in Thailand. Beside with the usual building quality a 20 year old house almost fall apart. Link to comment Share on other sites More sharing options...
AlexRRR Posted September 5, 2013 Share Posted September 5, 2013 How can a concrete house fall apart? You might mean poor quality work etc....you think Americans euros and Aussies don't have issues with quality build? As for dieing in a house most Thais would be living on the street if that we're true, house's are passed down to the next generation etc....as for there love affair with every thing new as in housing don't think it's just a Thai thing seemed Aussies are rampant new home builders too... Some gentlemen that post in here live in lala land... Link to comment Share on other sites More sharing options...
bunnydrops Posted September 6, 2013 Share Posted September 6, 2013 (edited) How can a concrete house fall apart? You might mean poor quality work etc....you think Americans euros and Aussies don't have issues with quality build? As for dieing in a house most Thais would be living on the street if that we're true, house's are passed down to the next generation etc....as for there love affair with every thing new as in housing don't think it's just a Thai thing seemed Aussies are rampant new home builders too... Some gentlemen that post in here live in lala land... True but most of those houses have a shrine by the house for the ghosts to live. Had to change the one at my house. You have to put up the new one before you take down the old one or they move into the house. Edited September 6, 2013 by bunnydrops Link to comment Share on other sites More sharing options...
AlexRRR Posted September 6, 2013 Share Posted September 6, 2013 Hahaha....move in? What's your address? I can freeload next vist, I can be invisible and be seen when I want, if your mrs is a good cook and has a hot sister I might never leave. Link to comment Share on other sites More sharing options...
bunnydrops Posted September 6, 2013 Share Posted September 6, 2013 Hahaha....move in? What's your address? I can freeload next vist, I can be invisible and be seen when I want, if your mrs is a good cook and has a hot sister I might never leave. Well since we got the shrine up first you would have to share it with other ghosts-- Maybe I should have put up a bigger one--- Food is put out every 8 days, small portions, but 6 course. Link to comment Share on other sites More sharing options...
mccw Posted September 8, 2013 Share Posted September 8, 2013 I am building a village with my wife and we dont offer any cars just one air con. the village is 70% sold and we have stopped advertising because we cannot build the houses quick enough . Most Thai people do not like old houses. Dont ask me why they seem to want a new house , maybe keeping up with the friends .No ghosts in new houses. Next time say that the land can have the spirits and ghosts already; who then see the nice new house and move strait in Link to comment Share on other sites More sharing options...
AlexRRR Posted September 12, 2013 Share Posted September 12, 2013 With this post in the back of my mind sitting on the john reading Saturdays paper what did I spy in a Melbourne new paper? an add offering a new mini (car) for first x amount of customers on a 2 bedroom apartment and for 1 bed room the offer was a new vesper motor scooter, and these apartments were not expensive as some can be here. As I said earlier in this post, nothing new and done all over the world. Link to comment Share on other sites More sharing options...
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