Buying (cheap) Condo in Chiang Mai

[AnotherOneAmerican]

Obviously at the end of the 11 years 9 months I would own the Condo, but renting I would still have the £60,000 (adjusted for any compound interest gains) so financially it does feel like a wager on whether you believe the property market is going to go up or down over that term.

It's also a wager that you condo would have any value at all in 12 years time.

It might fall down, they might build a million more unwanted condos, they might not let you live in Thailand.

I've never liked the idea of condos, anywhere in the world, I just like to own that little bit of land my home sits on.

Edited April 29, 2014 by AnotherOneAmerican

[heybruce]

Obviously at the end of the 11 years 9 months I would own the Condo, but renting I would still have the £60,000 (adjusted for any compound interest gains) so financially it does feel like a wager on whether you believe the property market is going to go up or down over that term.

It's also a wager that you condo would have any value at all in 12 years time.

It might fall down, they might build a million more unwanted condos, they might not let you live in Thailand.

I've never liked the idea of condos, anywhere in the world, I just like to own that little bit of land my home sits on.

Very good point. Some people seem to think that condo prices can only go up, and that foreign ownership rules won't change for the worse. Let's face it, no one knows. I prefer to invest in places where I can take an educated guess and have a little more confidence I'm right.

[Thighlander]

I've seen condo prices drop precipitously. It can happen. The last one I sold in Phoenix was for 42,000. Pretty cheap, but I only paid 22,000 three years earlier, and had it rented for 569 per month. The lady before me, who lost it to the bank had paid 119,000 only three years before I bought it from the bank. http://www.zillow.com/homedetails/2121-W-Royal-Palm-Rd-APT-1065-Phoenix-AZ-85021/68956935_zpid/

The golf course is now an I-Hop and an AutoZone, LOL. But the big difference is you don't have the large amount of people who are over leveraged like you did in the US, or Spain (and some of the other European markets).....all due to reckless lending. And the property crash came before the sky high unemployment; not the other way around as would seem more likely.

[evenstevens]

over the past couple weeks, i have again visited two projects in progress and one that has stopped

firstly the two in progress are running late for completion by a country mile,in fact the nice scene one was started (on offer off the plan)jan 2012,laid idle to approx 6 months ago ,the reason given to me was that the steel specifications held up the construction in saying the this ,the construction is now swinging along nicely,60%deposits have been taken and is approx around the early fiftys k per sq metre, several days after my visit rec a email giving me a further 3%discount on the price list,please note while in a good position,there is ample available land close by this condo,to fluff you up at a later date

the second one is near the four seasons shack,along the same lines as the scene one ,it was was first put up on offer approx oct 2012 not started til jan 2014 and at least it has progressed at a good pace since then,they are saying completion date is dec 2014,try june 2015 at the earliest have rec conflicting deposits taken for the units,they vary from 28 out 48 ...to the latest 19 out of 48,in the matter of a month mind you this is plan A...of a further developement, which is shown with the brochure ,at least they are up front on what to expect in the future ..prices are from 46...to 51 k a sq metre

the one, that has stopped in its tracks(4 th floor) is next to the hill condo,(convention centre )from my grapevine no work has been carried out since approx oct 2013,due to building heights restrictions put in place

the moral of my above inspections is that one can enter agreements(deposits taken etc etc) and can be left in a blind canyon for years at end,or could be clean bowled

a escrow a/c is needed in these deals,to protect your deposits,but this is the land of the shonk,so that will never happen..a nice morning to all

[ericpasansai]

hm.. more than I expected

16 dollars a month is more than you expected?

[Sparkles]

over the past couple weeks, i have again visited two projects in progress and one that has stopped

firstly the two in progress are running late for completion by a country mile,in fact the nice scene one was started (on offer off the plan)jan 2012,laid idle to approx 6 months ago ,the reason given to me was that the steel specifications held up the construction in saying the this ,the construction is now swinging along nicely,60%deposits have been taken and is approx around the early fiftys k per sq metre, several days after my visit rec a email giving me a further 3%discount on the price list,please note while in a good position,there is ample available land close by this condo,to fluff you up at a later date

the second one is near the four seasons shack,along the same lines as the scene one ,it was was first put up on offer approx oct 2012 not started til jan 2014 and at least it has progressed at a good pace since then,they are saying completion date is dec 2014,try june 2015 at the earliest have rec conflicting deposits taken for the units,they vary from 28 out 48 ...to the latest 19 out of 48,in the matter of a month mind you this is plan A...of a further developement, which is shown with the brochure ,at least they are up front on what to expect in the future ..prices are from 46...to 51 k a sq metre

the one, that has stopped in its tracks(4 th floor) is next to the hill condo,(convention centre )from my grapevine no work has been carried out since approx oct 2013,due to building heights restrictions put in place

the moral of my above inspections is that one can enter agreements(deposits taken etc etc) and can be left in a blind canyon for years at end,or could be clean bowled

a escrow a/c is needed in these deals,to protect your deposits,but this is the land of the shonk,so that will never happen..a nice morning to all

I'm not in the market for a condo but if I was I would be looking at an existing building where I knew what was around me not some artists sketch. Sure things can change but as its probably the biggest investment you will ever make in this country,due diligence is a priority. Also you can talk to fellow dwellers and get their take on the body corp, potential problems etc.Just my take on it anyway.

[evenstevens]

over the past couple weeks, i have again visited two projects in progress and one that has stopped

firstly the two in progress are running late for completion by a country mile,in fact the nice scene one was started (on offer off the plan)jan 2012,laid idle to approx 6 months ago ,the reason given to me was that the steel specifications held up the construction in saying the this ,the construction is now swinging along nicely,60%deposits have been taken and is approx around the early fiftys k per sq metre, several days after my visit rec a email giving me a further 3%discount on the price list,please note while in a good position,there is ample available land close by this condo,to fluff you up at a later date

the second one is near the four seasons shack,along the same lines as the scene one ,it was was first put up on offer approx oct 2012 not started til jan 2014 and at least it has progressed at a good pace since then,they are saying completion date is dec 2014,try june 2015 at the earliest have rec conflicting deposits taken for the units,they vary from 28 out 48 ...to the latest 19 out of 48,in the matter of a month mind you this is plan A...of a further developement, which is shown with the brochure ,at least they are up front on what to expect in the future ..prices are from 46...to 51 k a sq metre

the one, that has stopped in its tracks(4 th floor) is next to the hill condo,(convention centre )from my grapevine no work has been carried out since approx oct 2013,due to building heights restrictions put in place

the moral of my above inspections is that one can enter agreements(deposits taken etc etc) and can be left in a blind canyon for years at end,or could be clean bowled

a escrow a/c is needed in these deals,to protect your deposits,but this is the land of the shonk,so that will never happen..a nice morning to all

I'm not in the market for a condo but if I was I,due diligence is a priority.

how true,^^^^^^whilst collecting my condo brief,have uncovered many skeltons closets etc etc..,on old/new /off the plan condos, there appears to be no condo in c/mai without some small twist, i am sure there are the exceptions,but to date the g/v condo( with a good deal of bones) is looking the best so far.. a nice morning to all

[evenstevens]

, there appears to be no condo in c/mai without some small twist, i am sure there are the exceptions,but to date the g/v condo( with a good deal of bones) is looking the best so far..

perhaps????? a big bone is thrown away

late y/day evening,rec info that g.v.e. have granted easement access rights to that condo,for the keen buyer this maybe very interesting news,

and a great morning to all

[evenstevens]

the one, that has stopped in its tracks(4 th floor) is next to the hill condo,(convention centre )from my grapevine no work has been carried out since approx oct 2013,due to building heights restrictions put in place

the moral of my above inspections is that one can enter agreements(deposits taken etc etc) and can be left in a blind canyon for years at end,or could be clean bowled

a escrow a/c is needed in these deals,to protect your deposits,but this is the land of the shonk,so that will never happen..a nice morning to all

several days back,paid a visit to t.hill#2 condo

sadly all constuction still has completely stopped(close to 1 year)

they have cleaned up the site and erected a galvanised fence around the front perimeter

also their h/rise crane is gone,and their offices are now closed

i made enquirys around late 2012,and from memory the condo in question was to be 10 floors high

and had taken approx 70% deposits, the word on the street,is that construction was stopped due to building heights in place

perhaps a couple yrs prior to the above,i had a small interest in acquiring into touch hill #1, from my inspection the sales lady happily informed me that t/hill 2 would be built in the very near future

red flags were immediately hoisted,also during my inspection i looked at a unit facing west(views of doi supeth)and noticed a nice plot of dirt immediatley in front of me, another red flag raised

needless to say 3 storey town houses are presently been built at piont blank range,taking out the view of t/hill first 4 floors,and perhaps 100 metres away a no name condo around 8 floors is in progress

also obstructing,their once fabalous views

taking into consideration ,that 2 red flags had been hoisted,it was a no way jose, call from me

but with due respect,the developer and the finish of units of t/hill#1, from my little exercise,the condo appeared to be of very high standard ,and clearly think that t/hill#2 has ran into red tape with the u know who, perhaps a another member can up date my post

sincerley hope that depositors of t/hill2 come out smiling in due course

a lovely morning to all

[AnotherOneAmerican]

Fees tend to depend on the size (number of square meters) but it can be around 500 Baht / month.

But can be as low as 500bht/year.

Take a look at the large pink condo between Tesco and superhighway (built 1990), small condo for 450k, double condo for 950k.

No need for a lawyer, buyer and seller go to the land office with chanote, transfer and payment made when Land Office say OK.

No different to buying a second hand car.

Edited September 13, 2014 by AnotherOneAmerican

[northernjohn]

Seems to me these low end or for that matter high end condos that take fort ever to complete as has been pointed out already some just sit for a year or so would be a bit dodgy on the upkeep of the property.