Hua Hin land prices... Shaking my head here.

[Robert24]

apologies if I have caused confusion or misunderstanding. It seems other people have more experience in the Thai property market than me.

 

Not sure if it was mentioned in another post, but the website for repossessed properties/land up for auction by the government is

 

http://asset.led.go.th/newbid/asset_search_province.asp?search_province=เชียงใหม่&search_sub_province=เชียงใหม่

 

You can easily filter by province, district, tambon and every property has a detailed description, usually with a photo, size of property and starting price for auction.

 

Based on my limited experience of 3 property transactions in Thailand and working on a 4th, the starting price for auction is about 25-30% lower than the market price. I refer to market price with similar properties/land plots in the same area, same size etc that are up for sale. Now maybe some of you have been able to negotiate asking prices down but my experience has been that Thais don't negotiate asking prices and rather sit on a peace of land for years rather than lower a price.

 

Also as I mentioned before, if you get in contact with the bank and the owner of the property listed on the above website, often you can make a deal outside of the auction at a lower price than the starting price of the auction. (maybe an additional 5-10%). Both the owner and the bank have an interest to proceed outside of the auction process usually.

 

Hope this helps and clarifies the point I made previously. Happy to provide further input if anyone is interested in this process.

[ukrules]

At the end of the day, those greedy type of people will hardly drop the price but would rather just sit on it and wait until the time comes when it IS actually worth what they're asking... But in the meantime I'm sure they make regular visits to the temple to pray for some "dumber" to come along

 

I've seen this before in Ireland. People who had been sitting on pieces of family land all their lives wanted to sell their land for crazy inflated prices. You could see the same adverts up for several years but they wouldn't budge a bit on the price.

 

It didn't end well when the bubble burst.

 

Those who didn't sell their property before the it burst were left with mortgaged houses worth half (or less) than what they'd paid or worthless land which ended up truly worthless as nobody wanted to buy it and probably won't for another few decades.

[Porkster]

I also dont really understand the  poor Thais who wont sell there prime land even they dont have any money and live from day to day and dont use the land etc so why not sell it,buy a piece a few km away and still do same thing everyday but have millions in the bank.I have seen many plots near the sea/beach around Thailand where there is a shack on piece of land worth millions but they not interested to sell........they could buy a bigger bit of land and live a life of luxury.......i mean i would..wouldnt you???? they dont even go to the beach most of these people on these plots.....

 [/quote]

Isn't it obvious WHY these people think this way?
As we all know, the majority of Thai people are very immature and have trouble thinking in a mature & professional business manner...
All they want and all that's important to them is FACE! to show the "other families they've known for years" they tell their "friends" how much they are worth with the assets/land they have and it gives them that feel good factor.

But DO they actually own the land is an important question to raise?

I gave up thinking I could buy land at a reasonable price years ago and just continue to rent for 2 reasons.

1: The obvious reason that it DOESN'T belong to me (or any of you who keep saying "my land") IT IS NOT YOUR LAND Mr & Mrs Farang or Farang married to the Thai.

2: I gave up because every time I came across a piece of land and got seriously interested there would always be a snag involving a bank or some kind of loan...

How far has everybody actually gone in to looking at buying that ludicrously priced piece of land and discovered it doesn't belong to "the owner" at all !! It belongs to the bank or loan shark.

I dare you to at least pretend to be seriously interested in a piece of land and ask to see the ORIGINAL Chanote title, not a photo copy and don't wait for them to fax it to you either!
And I mean CHANOTE title NOT Nor Gor BS!

See how long it takes them to get it for you? If they say "tomorrow" then I guarantee you that the paper is at the bank etc...
Half of the reasons why these crappy pieces of land are so highly priced is that they want mugs like you & me to come along and pay for their entire mortgage or bank loan for their children's schooling fees, granddad's liver transplant... Blah blah blah, INCLUDING the interest involved plus something on top to satisfy their face status.

That is FACT half the time where land and it's ridiculous high price is concerned, they resent having to pay all that interest over the years because they wanted something they couldn't afford but FACE forced them to go down that road...


FACE is the most important thing to Thai people and you all know it.


I'll never attempt to buy land in Thailand for the simple fact it doesn't belong to me, but my money does and it's staying that way... Edited June 16, 2014 by Porkster

[rgs2001uk]

^^^^^, all the above so true.

You missed out my personal favourite, upgrading to chanot.

 

The vultures were circling as the mrs and I looked at some property, out came the classic, upgrade to chanot.

Very good said I, tomorrow you go and sell your land to your sister, once it has been upgraded to chanot, my mrs will buy the land complete with new chanote from your sister, my mrs will pay all trasnaction costs with an extra 10k baht on top.

 

Merry hell broke loose, I was jai dam and kee kong, for trying to cheat them.

 

Been there done that.

What screws them now is mobile phones, before I get out of bed, send me a photo of the chanot before I travel.

The old classic was to take a photocopy in black and white so I couldnt see the colur of the garuda, with as if by magic the top RH side of the paperwork always had a thumb on top of it.

 

Do they really think we are so dumb?

[Robert24]

Just read through today's posting on this thread. Is there a reason to talk in such a negative and emotional way about Thais? To say that the majority of Thais quote " are very immature and have trouble thinking in a mature and professional manner" unquote, talking about "crappy pieces of land" etc is not appropriate, condescending and arrogant in my opinion. Do you work here? Do you do business here? Anything bad happened that you make such statements?
My experience is that there are plenty of sophisticated business people in this country who operate in a smart way, often successful way both in Thailand and other countriea in ASEAN.

[Createv]

Biggest problem in land pricing comes in 2 forms:

 

1) if you go to a real estate agent

 

2) if you see advertising for the land

 

As if you go to an agent they're in their best interest to sell higher priced land, and if you think you're getting a deal by "going direct" by an ad you've seen, its really no different then an agent.  

 

Only way to get a real feel for pricing is knocking on doors, asking people and making friends.  We've been very successful in buying land but we've never bought land that is posted for sale.  Just like JesseFrank said above, he got a decent price for land because the seller wanted to sell and it was the right timing for the seller.  If someone is actively trying to sell property the sky is the limit, as there has always been a large demand within the local Thai market for land around Prachuap and now for foreigner market has grown crazy int eh last 10 years. 

 

Having said that if you want to understand true resell land value/prices here is the best website:

http://propertyforsale.kasikornbank.com/searchProperty.aspx?index=3

 

Listings are all bank foreclosures, so you get an idea of what the value of land/property is in a market.  If you watch and act fast you can buy studio condo units in Bangkok for less then 300,000 baht, but just as of today no low priced condos, but there are a few houses with land that are for sale under 500,000 in Bangkok, in Prachuap less listings but still great way to gauge pricing.  

[ukrules]

I've heard locally there's a few very wealthy Thai people who are actively buying up as much 'good location' land as they can from Thai's who are selling.

 

This is going to keep the price up.

[maccaroni man]

IMO land is not all the same even if it is 1600 square meters. Chanote title with Water, electric, government roads, sea views, and location near beaches, golf and shopping results in a rai of land worth 4 to 6 times more than a
Plot of land in the middle of a pineapple grove with no infrastructure or chanote land title.

[ableguy]

Why the the hell with your take on hua hin do you want to live here? By the way the town is grossly over rated we are moving out after five years.