Original Bangkok Condo Prices from 5-10 Years Ago?

[davejones]

Does anyone have any links to websites that show what particular Bangkok condos were selling for when they were first built 5-10 years ago? Or any firsthand information because maybe you bought one or remember the pricing. I'm interested to know the original prices compared to what the condos are selling for now. There's lots of talk on this forum about condo prices not rising, but I rarely see any concrete examples of what a condo originally cost and what it's selling for now. So let's compare some real examples and see what's really been happening over the last 5-10 years.

[Khun Jean]

You can try to find sales brochures from a particular building. On internet everything is archived.

Does not work all the time but i have found a few when i needed them.

[Showbags]

I have several news articles and property mags saved from that era, 5 - 10 years ago...but digging them out will be an effort.

But, I remember when I moved here 11 years or so ago, that condos were around the 30k psqm and I was dumbfounded when they shot up to 60/70k a few years after.

[davejones]

I have several news articles and property mags saved from that era, 5 - 10 years ago...but digging them out will be an effort.

But, I remember when I moved here 11 years or so ago, that condos were around the 30k psqm and I was dumbfounded when they shot up to 60/70k a few years after.

What area was that though. Bangkok is a big city and prices can vary enormously. I'm hoping to find more specific information.

I've tried search for specific condos, but can't find any original sales figures for any of them.

[Showbags]

Pretty much sukhumvit area, maybe some sathorn stuff and some ratchada.

I would have what you need....but honestly going and digging through all the crap to find it will be a hassle...I might have a look next week, busy weekend this week.

[Khun Jean]

One of my secrets: Oh, well.......

You can use the internet archive.

Here is one that has been recently advertised on TV.

http://www.thaivisa.com/forum/topic/679625-stunning-sea-view-top-floor-jomtien-pattaya/#entry7011690

It is the View Talay 8 as was offered in 2007.

http://web.archive.org/web/20070623235216/http://www.viewtalay8condo.com/floorplan.php?

Edited November 8, 2013 by Khun Jean

[KittenKong]

As far as that particular building is concerned the sale price from the developer was for a bare shell but the small ad was for a finished condo.

When I looked two years ago the developer sale price for shells in that building seemed to be very close to the 2007 price. I don't suppose they have changed much since but they may have. I've seen finished resale units go for less than the shell price.

And of course the main problem with looking at historical list prices in other buildings is that few sensible buyers would actually pay the full developer's list price. I wouldn't anyway.

[davejones]

I had a look at prakard website for 3 different buildings. I only looked at English listings. These are asking prices not sale prices. Not very big samples, so don't rely on these. It's not scientific at all. So few sales listed in English that it's hard to tell what's going on. Can't be bothered to check Thai language ads. I would if I was planning to buy, but this is just for entertainment purposes.

St Louis Sathorn Soi 11 - 47 sqm studio asking prices

2007 - 3.6 m

2008 - 4.4 m, 4.4 m, 4.0 m

2013 - 4.8 m, 4.1 m

My conclusion. Prices seem similar now to 2008, so no increase in 5 years.

2-bed, same building

2008 - 7.7 m, 7.2 m (84 sqm)

2013 - 6.5 m (77 sqm), 8.5 m (108 sqm)

My conclusion - price per sqm has come down a little.

Baan Siri Silom - 43-46 sqm studios

2010 - 5.5 m

2011 - 6.3 m

2013 - 5.0 m, 4.5 m (negotiable)

My conclusion - studio prices down.

Pabhada - 2-bed 73 sqm

2009 - 7.0 m, 7.5 m

2013 - 5.0 m (this seemed like a distressed seller though)

2009 - 7.5 m (62 sqm), 7.5 m (107 sqm)

2013 - 8.0 m (147 sqm)

My conclusion - very steep prices falls.

2009 - 70-120K per sqm

2013 - 54-68K per sqm

Overall conclusion - 2 buildings similarly priced or slightly lower to 4-5 years ago, with one seemingly down a lot. Could be a couple of distressed sellers, but I get the impression that prices are much lower. Can't see any particular reason for prices this much lower though. Seems an ok building in a good location. I'd expect prices to be higher here but they're not.

Would these have been good investment - for me, no. Might be for some as they would (hopefully) get rent coming in. Lots of new buildings popping up in these areas, so that's likely to put more downward pressure on older buildings I would have thought. New buildings being built either side of St Louis. One opposite Pabhada. One behind Baan Siri Silom. And others in the area.

Edited November 8, 2013 by davejones

[Khun Jean]

Lower priced condos.

The top for most was in 2008-2009. Some in very good locations increased until 2011.

After that it remained about equal. The distressed sales are more often though and can be a good deal as they represent the real price more then what others ask.

Unfortunately prices and their fluctuations are very much dependent on the specific building and area.

I know the trends in some specific buildings. Some follow the countries trend but then some do completely not with prices in one building soaring 50% over the last 3 years and in another collapsing 30%. Those are extremes. Often they are caused by what happens in the area, like the building of a new condo or widening of the road.

There seems no good way to get a meaningful average.

Edited November 8, 2013 by Khun Jean

[davejones]

Does building a new condo nearby tend to depress prices a lot in older buildings? It seems like in Silom new condos are popping up all over the pace, with lots of spare land as well. Most people would choose new over old, so the old would need a very good discount to tempt people.

If I see a few distressed sellers in one building, I'm never sure if bargains are available, or they know something about the building that I don't. But I suppose there must be plenty of foreigner who decide to leave Thailand and then just want to get of their condo at any price. With low prices, the condos seem to sell very quickly,but with higher prices they can change around for years. So maybe those lower prices are just the 'real' prices, as you say. The higher prices are sellers either in no hurry to sell, so hoping for a higher prices, or in denial about the real value of their condo.

[WhizBang]

Condo prices most definately have risen over the past 10 years. But that is for NEW condos. I think the big problem is that trying to resell a condo can be difficult, unless you price it fairly low, definately much lower than an equivalent new condo.

Of course, many people may simply be asking too much for an older condo.

[Khun Jean]

Many older condos tripled in price in the last ten years. And they sell mostly to Thais who as rumors go, do not like second hand.

[trogers]

Many older condos tripled in price in the last ten years. And they sell mostly to Thais who as rumors go, do not like second hand.

Those who do not like 2nd hand property are those who have cash to burn. They do not need to consider the fact that a newly acquired property will start getting old the moment the chanote is in their name. They do not face much pain in leaving the property vacant as annual property taxes are non-existent.

This has been the mentality of well-to-do Thais, until condos came along. They are the majority who refused to pay common fees back in the '80s and '90s.

Less well-to-do Thais do not mind acquiring 2nd hand property. But they face a major problem - banks are not as generous in their mortgage terms for 2nd hand properties as they are with new developments.

Thus, the statement "Thais do not like second hand" reflects the mentality of the rich locals and not the majority of Thais.

This also shows the inefficiency of the property market and the reasons why condo units can be left vacant years on end and the mountain of court cases over unpaid common fees.

[Gotogezr]

Does anyone have any links to websites that show what particular Bangkok condos were selling for when they were first built 5-10 years ago?

There is one website that shows exactly that - historical price graphs for most popular condos in Bangkok:

http://www.hipflat.co.th/en/bangkok/condo/the-address-chidlom

[davejones]

Does anyone have any links to websites that show what particular Bangkok condos were selling for when they were first built 5-10 years ago?

There is one website that shows exactly that - historical price graphs for most popular condos in Bangkok:

http://www.hipflat.co.th/en/bangkok/condo/the-address-chidlom

Excellent. Thanks.

So prices seem to be up, 79 currently for sale and 128 for rent. Does anyone actually live there. Chances of selling a condo there must be very slim if there are 79 for sale.

[Gotogezr]

79 currently for sale and 128 for rent. Does anyone actually live there. Chances of selling a condo there must be very slim if there are 79 for sale.

My guess is most of those units are actually not available / sold. The units taken from the property agents' websites, but 90% of property agents never remove expired / sold listings from their sites, because they still attract inquiries.

[KittenKong]

Does anyone have any links to websites that show what particular Bangkok condos were selling for when they were first built 5-10 years ago?

There is one website that shows exactly that - historical price graphs for most popular condos in Bangkok:

Excellent. Thanks.

So prices seem to be up, ....

Those prices are asking prices. I think those are pretty meaningless in Thailand.

Note the classified TV ad for a studio condo in VT8 in Jomtien at 5.5MB

Similar (7sqm smaller balcony) units are for sale in the same building at around 3MB.

It's easy to ask absurdly high prices if you aren't too bothered about actually selling.

[davejones]

I agree. But I think you can get some idea of prices if you look at many asking prices over a number of years. It's better than nothing if you want to buy in a certain building.