Home in Park, Hang Dong

[chiang mai]

Any views or comments, a decent place to live or a farang enclave?

Prices and issues - value for money or an over supply of places for sale?

It's an investment thing rather than me considering living there.

Any feedback gratefully received.

Thanks

[WinnieTheKhwai]

I think it's slightly above average in every way. But not way above average.

* Area doesn't flood.

* Canal Road will get a lot bigger in the near future, be careful with any plot too close to the road.

So suitability as an investment will depend completely on price, and the individual size/state of the house.

If you see a nice 3-4BR house for 2.5 million then that's a reasonable investment. If you get to 3 then it's still okay if you actually need a house to live in. And above that you're just blowing money into the wind.

[AnotherOneAmerican]

What Winnie says,

Compare to KanKanok who are doing new 3bed 3 shower builds in the area for 1.8M.

(Just behind Baan Wang Taan)

[chiang mai]

Interesting, most everything we've seen that's been put up for evaluation is 4.5 mill. or above. And in looking around the various parts of the complex we've not spotted anything under that figure but we have seen a few 9+ mill, the median seems to be around 4.5 mill.. I wonder Winnie if you're speaking from a position of first hand knowledge?

it's difficult to understand that there's actually anything to be had there under 4 mill. Current candidate is two story 4 bed/3bath of 248 square metre on 148 talang wah, 4.8, that's a far cry from 2.5mill!

And before the theorists jump in (you know who you are) and point out and point out that farangs blah blah blah, don't waste your time. The vehicle for this potential purchase is a time trusted Thai partner company that has proved itself to us repeatedly over many years on many real estate projects so don't go there with me, thanks.

[AnotherOneAmerican]

I have a pal living in Baan Wang Taan, rented 3 bed single floor.

Just been given notice cos the owners want to sell it for 2.5M, it needs a few repairs but it's not bad, 75Tw.

Very quiet apart from the occasional aircraft.

Currently rents for 10k/month.

Land is about 10-12k per Tw in that area, So another 75Tw would be about 3.25M.

[chiang mai]

What Winnie says,

Compare to KanKanok who are doing new 3bed 3 shower builds in the area for 1.8M.

(Just behind Baan Wang Taan)

Compares apples and light bulbs, not even remotely comparable.

[WinnieTheKhwai]

150 tarang wa is bigger than usual; 2.5 mil is from when I looked in that area a couple years ago, for a typical 3BR house on something like 70 tarang wa.

I guess a bit higher is okay for a large plot like that, but to go above 4 million is really a lot of money. Pictures would help.

[chiang mai]

I have a pal living in Baan Wang Taan, rented 3 bed single floor.

Just been given notice cos the owners want to sell it for 2.5M, it needs a few repairs but it's not bad, 75Tw.

Very quiet apart from the occasional aircraft.

Currently rents for 10k/month.

Land is about 10-12k per Tw in that area, So another 75Tw would be about 3.25M.

We've been over Ban Wang Tan with a fine tooth comb, agreed that land price is 10/15 per but build quality size and finish push comparable pricing way above 3.25. Mature fully planted garden, immaculate, five aircon, burglar alarm, fully furnished, western kitchen, no aircraft, security that works and on and on - you make a case that supports 4.5 mill. at HIP.

[chiang mai]

150 tarang wa is bigger than usual; 2.5 mil is from when I looked in that area a couple years ago, for a typical 3BR house on something like 70 tarang wa.

I guess a bit higher is okay for a large plot like that, but to go above 4 million is really a lot of money. Pictures would help.

Would like to post pics but obviously I can't at this stage.

[AnotherOneAmerican]

What Winnie says,

Compare to KanKanok who are doing new 3bed 3 shower builds in the area for 1.8M.

(Just behind Baan Wang Taan)

Compares apples and light bulbs, not even remotely comparable.

Well, you did claim it was for investment.

1.8M house in that area is much easier to rent than a 4.5M house.

If you think land price increase is your investment, buy land, no house.

If you think rental income is your investment, buy property with minimum land.

Usually landlords who buy what they would like to live in, make less money that those who buy what will rent.

[Thighlander]

A friend of mine rented there 8 years ago. It was 28,000 per month then. Way too big for single guy. Had 5 a/c. As stated...somewhat above average. There was a large husky chained up across the street from him...barked continuously....148 is a big lot....new builds are likely 50-60. I also think a single floor is good for the aging population. When land gets much more expensive they will be harder to find, as the builders will insist on the monstrosities. I would go with a townhouse in a great location for convenience and appreciation. HIP is a pretty good location...don't forget about the jet noise....which I don't recall being bad up there.......and being out of the flood plains is always a good idea. I've seen some so called 100 year flood zones get hit twice in five years.

[chiang mai]

What Winnie says,

Compare to KanKanok who are doing new 3bed 3 shower builds in the area for 1.8M.

(Just behind Baan Wang Taan)

Compares apples and light bulbs, not even remotely comparable.

Well, you did claim it was for investment.

1.8M house in that area is much easier to rent than a 4.5M house.

If you think land price increase is your investment, buy land, no house.

If you think rental income is your investment, buy property with minimum land.

Usually landlords who buy what they would like to live in, make less money that those who buy what will rent.

Your last statement is correct and I agree fully.

The return in this case is 5.5% with an existing long term tenant.

[Sparkles]

What Winnie says,

Compare to KanKanok who are doing new 3bed 3 shower builds in the area for 1.8M.

(Just behind Baan Wang Taan)

Compares apples and light bulbs, not even remotely comparable.

The developer at Kankanok is squeezing every sq metre out of the project. In a 2 story house you could reach out and shake hands with your neighbour and not leave the bedroom.

You can do a lot better I would suggest and we live next door in BWT so have watched the project grow.Enormous amount of fill was put in there will be interesting when we get a big wet to see how handles it.

[AnotherOneAmerican]

The developer at Kankanok is squeezing every sq metre out of the project. In a 2 story house you could reach out and shake hands with your neighbour and not leave the bedroom.

You can do a lot better I would suggest and we live next door in BWT so have watched the project grow.Enormous amount of fill was put in there will be interesting when we get a big wet to see how handles it.

Off topic,

I'm living in a KKN house, 55Tw is the standard plot size for most moobaans being built now.

You are right about the fill, it worried me too, but KKN build on concrete pilings, the house doesn't sit on the fill.

[chiang mai]

OK, before we digress too far: any HIP owners on TV who can comment accurately rather than theorize or reminisce about the past, or do they all rise above such activities?

[chiang mai]

The developer at Kankanok is squeezing every sq metre out of the project. In a 2 story house you could reach out and shake hands with your neighbour and not leave the bedroom.

You can do a lot better I would suggest and we live next door in BWT so have watched the project grow.Enormous amount of fill was put in there will be interesting when we get a big wet to see how handles it.

Off topic,

I'm living in a KKN house, 55Tw is the standard plot size for most moobaans being built now.

You are right about the fill, it worried me too, but KKN build on concrete pilings, the house doesn't sit on the fill.

Even further off topic: we built the MIL's house in Sukothai ten years ago, it was built on pilings but it's still a small house on a small lot with near neighbors and no privacy.

[MESmith]

The developer at Kankanok is squeezing every sq metre out of the project. In a 2 story house you could reach out and shake hands with your neighbour and not leave the bedroom.

You can do a lot better I would suggest and we live next door in BWT so have watched the project grow.Enormous amount of fill was put in there will be interesting when we get a big wet to see how handles it.

Off topic,

I'm living in a KKN house, 55Tw is the standard plot size for most moobaans being built now.

You are right about the fill, it worried me too, but KKN build on concrete pilings, the house doesn't sit on the fill.

Please tell me you're joking.

10 years ago when we were looking at houses, 40tw was for very cheap housing, tiny house with barely enough room to walk around the house. Standard plot on HiP was 120 tw. We looked at 250 tw plot on HiP, but decided "stepford wives" wasn't for us, and bought ricefield land (several rai) to build a home....

[AnotherOneAmerican]

Please tell me you're joking.

10 years ago when we were looking at houses, 40tw was for very cheap housing, tiny house with barely enough room to walk around the house. Standard plot on HiP was 120 tw. We looked at 250 tw plot on HiP, but decided "stepford wives" wasn't for us, and bought ricefield land (several rai) to build a home....

10 years ago you could buy 1 rai for 30k.

Look at any of the modern moobaans, Pillow, H&G, Suan Non SI, 55tw.

[evenstevens]

when buying any property, the first question one should asked yourself

if a emergency cropped up, can i sell as easily as i have bought in and without a loss

selling a property in any c/mai moobaan, is a very tough assignment

nine times out of ten u will sell at a loss, if a immediate sale is the order of the day

moobaans propertys are notorious slow sellers, unless its bargain price, so good bartering to buy, is the major key to your investments interest here

a very nice evening to all

[chiang mai]

I refer to post number 4:

"And before the theorists jump in (you know who you are) and point out that farangs blah blah blah, don't waste your time. The vehicle for this potential purchase is a time trusted Thai partner company that has proved itself to us repeatedly over many years on many real estate projects so don't go there with me, thanks".

[MESmith]

Please tell me you're joking.

10 years ago when we were looking at houses, 40tw was for very cheap housing, tiny house with barely enough room to walk around the house. Standard plot on HiP was 120 tw. We looked at 250 tw plot on HiP, but decided "stepford wives" wasn't for us, and bought ricefield land (several rai) to build a home....

10 years ago you could buy 1 rai for 30k.

Look at any of the modern moobaans, Pillow, H&G, Suan Non SI, 55tw.

Not anywhere near CM with chanote you couldn't....

[cmsally]

I live very close to Home in Park (some of the time). To be honest I don't know much about the rental situation but its quite close to Panyaden and LIST , oh and Grace. They are building a new Rimping and also the rather pricey Peaks development is in progress closeby. A friend of my husbands is selling her house for about 4.9 m in Home In park, but maybe that's the one you looked at. It seems to be the average price at the moment.

I seem to remember about 10 years ago price would be around 3.5 mill but of course that was 10 yrs ago. Rents were around 20k I think. I don't know what they are now and how easy to find occupants.

Stay away from the canal/road side as at some stage there will be a road up to their boundary on the other side of the canal.

Land prices around there (out of moobahn) have increased about 5 times in the last 10years. One of our neighbours bought a piece of 200wah land for 1.9mill.(10-12 yrs ago same piece went for 400k)

No jet noise, no flooding that I have seen, seems to be pretty OK but don't know how easy to find someone to rent.

[chiang mai]

I live very close to Home in Park (some of the time). To be honest I don't know much about the rental situation but its quite close to Panyaden and LIST , oh and Grace. They are building a new Rimping and also the rather pricey Peaks development is in progress closeby. A friend of my husbands is selling her house for about 4.9 m in Home In park, but maybe that's the one you looked at. It seems to be the average price at the moment.

I seem to remember about 10 years ago price would be around 3.5 mill but of course that was 10 yrs ago. Rents were around 20k I think. I don't know what they are now and how easy to find occupants.

Stay away from the canal/road side as at some stage there will be a road up to their boundary on the other side of the canal.

Land prices around there (out of moobahn) have increased about 5 times in the last 10years. One of our neighbours bought a piece of 200wah land for 1.9mill.

No jet noise, no flooding that I have seen, seems to be pretty OK but don't know how easy to find someone to rent.

You've nailed it all pretty accurately Sally, thanks for confirming.

Re: Rimping: there's a small Rimping to the North near the market, are they building a new one and if so where, please?

[AnotherOneAmerican]

Small Rimping at Mae Hia.

Big one at Kad Farang.

[cmsally]

I live very close to Home in Park (some of the time). To be honest I don't know much about the rental situation but its quite close to Panyaden and LIST , oh and Grace. They are building a new Rimping and also the rather pricey Peaks development is in progress closeby. A friend of my husbands is selling her house for about 4.9 m in Home In park, but maybe that's the one you looked at. It seems to be the average price at the moment.

I seem to remember about 10 years ago price would be around 3.5 mill but of course that was 10 yrs ago. Rents were around 20k I think. I don't know what they are now and how easy to find occupants.

Stay away from the canal/road side as at some stage there will be a road up to their boundary on the other side of the canal.

Land prices around there (out of moobahn) have increased about 5 times in the last 10years. One of our neighbours bought a piece of 200wah land for 1.9mill.

No jet noise, no flooding that I have seen, seems to be pretty OK but don't know how easy to find someone to rent.

You've nailed it all pretty accurately Sally, thanks for confirming.

Re: Rimping: there's a small Rimping to the North near the market, are they building a new one and if so where, please?

Its right near the old one (at Kad Farang), sort of roundish 2 storeys, from the artist impression pics I've seen, looks quite flash. The pics I saw sort of reminded me of the Ari BTS shopping area but who knows what it will look like, but I think they are aiming up market style. Sorry that should be the Alps (not the Peaks!) is an interesting one, don't quite know how they ended up there. Looks rather like a serviced apartment arrangement and I guess they manage and rent if you are not there.

https://www.facebook.com/TheAlpsChiangmai

Its a Singaporean development

To compare I think you really have to look at Lanna Pinery , and the new one next door Mantra/Montra?? (can't remember) and maybe Masterpiece. Have a drive around Roong Arun but I think it really is a different kettle of fish but for a renter if the prices are really low it could swing it for them

[chiang mai]

Thanks again Sally PM sent.

[beau thai]

What Winnie says,

Compare to KanKanok who are doing new 3bed 3 shower builds in the area for 1.8M.

(Just behind Baan Wang Taan)

Compares apples and light bulbs, not even remotely comparable.

Well, you did claim it was for investment.

1.8M house in that area is much easier to rent than a 4.5M house.

If you think land price increase is your investment, buy land, no house.

If you think rental income is your investment, buy property with minimum land.

Usually landlords who buy what they would like to live in, make less money that those who buy what will rent.

Your last statement is correct and I agree fully.

The return in this case is 5.5% with an existing long term tenant.

Interested that you find 5.5% an attractive return. Is that because you are banking on (hoping for) capital appreciation, may I ask?

I guess you regard condo purchase as too risky?

[chiang mai]

I'm very conservative when I calculate returns so 5.5% is an absolute worst case net figure calculated over five years and assumes maintenance, tax and periods without a tenant. Having said that there is a long term tenant in place who is forecast to remain - if I were to simply calculate rent vs purchase price the return is closer to 9%.

As far as vs a condo: I think the condo market is looking messy, the ones that interest me are over priced and I've no interest in buying something that I wouldn't want to live in myself, simply because one day I just might do that. My reading of HIP is summed up nicely by MESMITH earlier where he described it as Stepford Wives, it's stable secure and very traditional, a safe bet that will always appeal to some.

[beau thai]

I'm very conservative when I calculate returns so 5.5% is an absolute worst case net figure calculated over five years and assumes maintenance, tax and periods without a tenant. Having said that there is a long term tenant in place who is forecast to remain - if I were to simply calculate rent vs purchase price the return is closer to 9%.

As far as vs a condo: I think the condo market is looking messy, the ones that interest me are over priced and I've no interest in buying something that I wouldn't want to live in myself, simply because one day I just might do that. My reading of HIP is summed up nicely by MESMITH earlier where he described it as Stepford Wives, it's stable secure and very traditional, a safe bet that will always appeal to some.

Thanks- I understand your point of view perfectly. And 9% minus minus is pretty ok in my view.

But I think, maybe wrongly, that good returns at relatively low risk are around in units you wouldnt choose to live in, as that is a big market. Lower rents etc, and a void in one for a while doesnt hurt so much.

But your post has given me food for thought-so thanks for that. It's always good to test your own philosophy through reading those of others-thank you.

[BritManToo]

Houses in Thai moobaans are very hard to sell.