Viengping condo

[mccw]

Hi all

I am looking at potentially buying in this building.

Any inside info, views, opinions welcome please. I mean on how the commitee take care the management of the services/ building, or how is the social/ neighbours, and that sort of thing.

Cheers

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[mccw]

Average rental on a small unit?

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[mccw]

36sqm if done at a decent finish?

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[WinnieTheKhwai]

If it's a good deal depends on the price.. That part of town is not personally my cup of tea, especially not once on the Superhighway, but it does seem likely that the area will improve, as an extension of Nimmanhaemin, and it's close to the Maya mall of course. So I would expect prices to go up. Question is, have they gone up too much already, looking at the current asking price for a small studio. Around a million Baht (preferably less) I don't think you can go wrong with it.

But I don't know the specifics of the building/management. As it's an ancient building so I'd say that if stuff is still working (security, elevator, pool) then it's unlikely to get worse at this point.

Edited February 6, 2014 by WinnieTheKhwai

[donniereadit]

Looked at some units here a couple years back when first settling in. It was like a scene from hell that I still recall vividly.

Arrived by car and some guy with a bum leg hobbling around the carpark, security I think. Enter and electricity is down, wandering through dark passageways with wires hanging etc. Whole surreal scene overshadowed by noise from a huge construction site next door (looked like new condos). The room itself sucked. I remember thinking that I would do anything to not grow old and die in such a place. Glances all around like 'what on earth is HE doing here?). Asked the agent what he thought once back in car we both laughed 'no comment'. Would go for a run down thai place anyday over a room here.

You must be nuts to want to purchase here, you have never seen the place, or it's been remodeled since I saw it.

Edited February 6, 2014 by donniereadit

[Oscar2]

i couldn't imagine living there even if only for a few days.

[anto]

Small pool and rotten smell around the reception . .Room I looked at was grim to say the least .

Edited February 6, 2014 by onthedarkside
sexist slur removed

[mccw]

Thanks for the comments .

I went for a butchers today.

The pool is broke and stagnent puddle, shops and cafe all dead. No lights on any corridors. Pretty grim really. Looked like the hall on some inside level had been painted not so long ago though; so maybe first signs of renovation.

I am not wanting to live there.

It's basically a quick cash deal but given state of building I don't think could sell on at hardly a profit now; so it's a gamble to wait and see the building gets renovated. Could double or more value with just a bit of work on pool and common areas. Such a waste at present, great location.

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[NigelKennedy]

Depends on purchase price, seems small nicely renovated 36sq.m are renting for 8,000 to 9,000 pcm

so if it is good price buy. This condo is in a great location and new ones around being built are

selling at 70,000 plus a sq.m. Could be a good investment with good yield.

How much are they asking and which floor ?

[haybilly]

Wow--those are 360 degree replies--2 X "wouldn't touch with a bargepole" and 1 X " looks like a 'potentially' good investment"--you pays your money and you takes your choice, I guess.

[elektrified]

Depends on purchase price, seems small nicely renovated 36sq.m are renting for 8,000 to 9,000 pcm

so if it is good price buy. This condo is in a great location and new ones around being built are

selling at 70,000 plus a sq.m. Could be a good investment with good yield.

How much are they asking and which floor ?

Tell me you are joking....8-9K THB p/m for a 36 m2 box in an ugly place like that? Even when I lived in the city years ago, I paid about 6.5K THB for a flat that was about 50 m2. We pay 6K THB p/m for more than 200 m2 home in a beautiful area of Sansai!

It is so easy to see who the sellers are on here who make statements that these are good deals. "Could be a good investment with good yield." "This condo is in a great location..." Right...

[WinnieTheKhwai]

Depends on purchase price, seems small nicely renovated 36sq.m are renting for 8,000 to 9,000 pcm

so if it is good price buy. This condo is in a great location and new ones around being built are

selling at 70,000 plus a sq.m. Could be a good investment with good yield.

How much are they asking and which floor ?

Tell me you are joking....8-9K THB p/m for a 36 m2 box in an ugly place like that? [...] We pay 6K THB p/m for more than 200 m2 home in a beautiful area of Sansai!

But, but.. "Condominium!"

Edited February 7, 2014 by WinnieTheKhwai

[mccw]

Looks like we have a deal:)

I'm guessing it could rent for around 6000pm in a decent state of renovation and furnished.

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[mccw]

If anyone does have a bare unit in this building for sale then can PM me for a fast cash deal if the price is right.

Cheers

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[mccw]

Also any other owners in this building already- I'd be happy to me or message to talk about how I / we can be involved to get some positive effect on the building; ie renovations and such.

Not sure what others think but I'm thinking if several of people own on the same floor then we could club together to renovate just that floors corridor at least- since cost to do it would be minimal really- and then no need to wait for the HOA committee. Or you think such a thing sets a bad precedent in a way the commitee might not allocate recourses fairly in the future? But in my mind it's worth doing- and if a few floors did like this then rather than a big job being to do all floors simultaneously / big money, perhapse a smaller job and easier target for HOA would be to renovate the lobby area?

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[NigelKennedy]

If you are looking for a good deal,then I think so are many others as it seems there are a lot of investors in CM looking for a passive income and it is the "uglies" that give it to you.

You should try the Banks,BAM recently sold 10 units in the building.

Get to know the staff there,security,cleaners etc, they could be a good source of info.

Think the same here as USA in that agents give all best deals to family then friends then investors.

Saying that you should put your name with agents so they know what you are looking for. There are also a few who act as buying agents, notably, www.buyinchiangmai.com.

Good luck.

[mccw]

Out of interest- Do you know ball park what bank repos went for/ were advertised at?

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[Greenside]

Location: good and getting better as development happens to the north towards wat Jed Yod.

Building: In serious need of some care and attention.

Management: Entrenched cronies of original developer. Attempts by owners to improve the place and have some meaningful involvement met with intimidation, lawsuits and indifference (in that order).

Rental Potential: Good but low end of the market and not long stay.

Cost: Improved, ready-to-rent unit looking at Maya sells for about 19k per m². Very cheap for the area. Service charge 14 baht per m² per month.

Prospects: Good, when some brave group gets the management changed and the building improves. Until then will produce 5 or 6% return if rented.

[NigelKennedy]

Sorry don't know guess around 20k sq m. for a shell

[heybruce]

Depends on purchase price, seems small nicely renovated 36sq.m are renting for 8,000 to 9,000 pcm

so if it is good price buy. This condo is in a great location and new ones around being built are

selling at 70,000 plus a sq.m. Could be a good investment with good yield.

How much are they asking and which floor ?

Tell me you are joking....8-9K THB p/m for a 36 m2 box in an ugly place like that? Even when I lived in the city years ago, I paid about 6.5K THB for a flat that was about 50 m2. We pay 6K THB p/m for more than 200 m2 home in a beautiful area of Sansai!

It is so easy to see who the sellers are on here who make statements that these are good deals. "Could be a good investment with good yield." "This condo is in a great location..." Right...

Agreed. 8-9K per month is possible for a nice 36 m2 condo in a nice building, but even that is pushing it--those are westerner prices, and westerners like more space than that. No matter how nice the room itself is renovated, you'll be lucky to get half that amount in Viengping.

[heybruce]

Depends on purchase price, seems small nicely renovated 36sq.m are renting for 8,000 to 9,000 pcm

so if it is good price buy. This condo is in a great location and new ones around being built are

selling at 70,000 plus a sq.m. Could be a good investment with good yield.

How much are they asking and which floor ?

Tell me you are joking....8-9K THB p/m for a 36 m2 box in an ugly place like that? [...] We pay 6K THB p/m for more than 200 m2 home in a beautiful area of Sansai!

But, but.. "Condominium!"

Good point. In Chiang Mai some people believe a turd turns to gold when you call it a condominium.

[baywatch82]

I own room there for last 10 months and so far I am happy.

My room is 80sq.m. 2 bedroom 2 bathroom, doi suthep view unit on 12th floor bougth for 2,8mln baht.

Swimming pool - currently closed but I think this was due to Maya construction (dust). I hope it will be re-opened.

Elevators - never broken in last 10 months.

Neighbours - many friendly farang.

Reception - poor english, lazy I guess, but friendly.

Management - I think meeting with owners was never organized. One time I told them that some light are not working on my floor. Fixed next day.

Bills - very cheap water bills. 100-200 baht per month maximum.

Location - great. Movies and restaurants, shops - not have to cross any street.

Building condition - not great, but not critical. It is old building and need some money.

Things I do not like :

- quite weak water pressure (I don't know, maybe my room only). It's still alright to take shower, wash dishes etc, but could be stronger in my opinion.

- currently I can hear some whistles from Maya parking security - but improved from opening

I heard that Viengping will be re-painted from outside and swimming pool renovated by Maya (as they are partly responsible, and they had offices in Viengping, so maybe this is part of the deal) but honestly I don't know if this is true, or just agent's lie to sell.

Edited February 7, 2014 by baywatch82

[NigelKennedy]

Think Heybruce is wrong if you been along Sunday walking street recently you will see minute by minute turds being turned to gold.(They are fake though)

Though we are all taught you cannot polish a turd but you can add glitter to it.

Think the main point here is yes you can rent a house in San Sai for 6k a month if that is your budget you can also rent for 250k a month but as Winnie said you cannot compare the house and condo market here.

Ok some people would never live in ViengPing but many would Baywatch seems relatively happy.

Think the main point on this thread is buying for investment, to make minimum 7-8 % net on your money. I would say with ViengPing you can and people are. Heybruce says you would be lucky to rent

for 8k a month well fact is people are renting 32sq.m condos there from 4k to 8.5k depending on floor and condition.

All this talk of San Sai and ViengPing is a dump,etc, I believe to be irrelevant.

We are talking about returns on investment.

[mccw]

Hi Nigel. You mentioned intimidation, lawsuits & indifference. Could you kindly elaborate?

I've been thinking about this- if it's a case of corruption/ stealing the fees, then they are in a shaker position.

- if doesn't make sense they want the building to rot and them all loose value investments - unless the management are not owners.

- Aren't a majorly vote of owners able to change management company; allocate funds for renovation and such?

Also does any body know who owns the commercial spaces on the lower level front and pool side?

Cheers

[northernjohn]

Hi Nigel. You mentioned intimidation, lawsuits & indifference. Could you kindly elaborate?

I've been thinking about this- if it's a case of corruption/ stealing the fees, then they are in a shaker position.

- if doesn't make sense they want the building to rot and them all loose value investments - unless the management are not owners.

- Aren't a majorly vote of owners able to change management company; allocate funds for renovation and such?

Also does any body know who owns the commercial spaces on the lower level front and pool side?

Cheers

Indifference seems to be a common problem. I know here where I live the management recently changed and what a world of difference. Not only are things being repaired but they are being done with an eye to lasting. No longer just a good enough today.

As for intimidation and lawsuits that would be a real concern to me. Your location is good. Don't listen to the nay Sayers about the advantages of having a home in a remote area. Chances are you would be lucky to make a 2% return on your investment there.

The one thing I have noticed about Thais is as a rule they do not require isolation. They seem to enjoy people around them.

[Tokay]

I lived next door for a year, couldn't wait to move. The jets fly VERY low to your building and make a lot of noise. There is also a black dust everywhere, which I guess is either brake dust or airplane exhaust burn off. Either way, you don't want to breath it. Then add the traffic from Maya into the mix...

If it's a killer deal and you can rent it back out, sure. But I don't think I would personally live in that area again.

[Oscar2]

sounds like a wonderful place to live NOT. horrible crowded area with songthaews blowing black smoke everywhere. why would anyone choose to live around there? oh never mind.

[mccw]

Great area to live for some. I would if I wasn't married with kids already.

Main attractions being, walking distance to 2 shopping malls, cinema, etc, restaurants, night life, ladies ladies ladies everywhere, nature and waterfall just up the road / national park, temples peace and quite when want it.

Living in a condo is not breathing air from the exhaust of a songteaw- your above the immediate pollution and have air con to filter it further.

Real over reactions on the area some you guys.

To each their own.

Now I enjoy to live up the mountain in peace and quiet and driving to get everywhere is no bother; But it's so far that it would be, if I couldn't afford a car. The viengping location one wouldn't even need a bike. Maybe some people cant or don't want to drive here.

[NigelKennedy]

mccw it was not me talking about the management of VP as do not know about them,checking back it was greenside.

Like you agree VP can be good location to live and good to let out for rental.

Out of interest which area by the mountains do you live ?

[baywatch82]

I would be happy to share renovation costs of 12th floor with other owners.

Comment to other posts :

Airplane noise ? Yes, but I think north area and landing area (Hangdong) is equally affected. Not that frequent and not that disturbing with closed windows.

Black smoke from jets ? Have never noticed anything like that.

As I said before, currently security guys at Maya parking are the most annoying. Thats the only issue at this moment for me at Viengping in last 10 months.