Is the real estate market slow all over LOS?

[jaideeguy]

Been trying to sell our house in CM and have dropped the price to desperation level, as I am desperate. Listed with 3 agencies at a very competitive price and the R E agents are telling me that the market for 2nd hand houses is as slow as they have seen it.

I know that these months are the slow season and not as many buyers, so the few buyers are mostly buying for speculative investment and throwing out insulting low offers so far.

Just wondering if other areas of LOS are experiencing same.

mods: this is not an ad for my property. Just asking about the market in other areas...............

[CharlieH]

MOVED to Real estate forum

[Lukecan]

What type of condo is it? What is your asking price? How big is it?

[AlexRRR]

The problem when it comes to selling property there is there isnt much of a system to do it other than list it on the net yourself, most of the agents there arnt worth a cracker, a good percentage of Thais hold on to the the house/s land etc for "family"

Friend of mine has put her very nice house up for sale in BKK but at 6m not much interest (she brought it 3 or 4 years ago for the same price brand new), when i asked her what she would do if there were no reasonable offers she said "i will keep it for my son", her son is 3 years old.

The word here and has been for ever that it takes close to forever to move property, so unless you dam sure your gonna die there dont buy just rent.

[ukrules]

This is what happens when things are traded for multiples of their real value.

http://en.wikipedia.org/wiki/Greater_fool_theory

[jaideeguy]

What type of condo is it? What is your asking price? How big is it?

Not a condo, it's on the ground and I shouldn't say much more or it will be interpreted as an ad . PM me if you are serious and want info.

Still waiting to hear if 2nd hand house sales in other areas are as stuck in the mud as the market in overbuilt CM.

[Aussieroaming]

I think you have to be very careful in marketing a property for sale in Thailand. My wife will never look at a house that has bad karma attached I.e. If there is talk of divorce or anger my wife won't even discuss it due to her personal feelings of Buddha and karma.

Also unlucky numbers freak her out.

In her opinion people shouldn't buy second hand..I don't agree with her at all but this is the sentiment.

Hence when we as foreigners try and sell our properties we should be wary of giving negative reasons for the sale.

Keep it positive and check what lucky numbers are associated with the place. I honestly offer this as reasonable choices due to my discussions with Thai well educated family members comments.

[kannot]

owned condo lpn suk 77 in BKK for 7 years, bought 1,1 million , sold in one month 1.5 million, thats the last one of the four we had there, all sold within a month. They were clean well painted and furnished.

Wife sells /rents rooms for a living.

[kannot]

The problem when it comes to selling property there is there isnt much of a system to do it other than list it on the net yourself, most of the agents there arnt worth a cracker, a good percentage of Thais hold on to the the house/s land etc for "family"

Friend of mine has put her very nice house up for sale in BKK but at 6m not much interest (she brought it 3 or 4 years ago for the same price brand new), when i asked her what she would do if there were no reasonable offers she said "i will keep it for my son", her son is 3 years old.

The word here and has been for ever that it takes close to forever to move property, so unless you dam sure your gonna die there dont buy just rent.

You have no idea, my Wife sells stuff like that all day everyday salary circa 250k a month.

"some" properties will never sell due to bad investment/location etc etc unrealistic prices , poor condition, dirty ,unkempt.

I can only vouch for Bangkok though

Edited September 26, 2014 by kannot

[chiang mai]

The sales market seems not good right now. We took a drive through Bangwantan last week and were amazed at the number of rental/sales boards nailed to trees. We checked out some of the agents leads and again were surprised, prices seem to be static but the volume seems to be increasing.

[jaideeguy]

The sales market seems not good right now. We took a drive through Bangwantan last week and were amazed at the number of rental/sales boards nailed to trees. We checked out some of the agents leads and again were surprised, prices seem to be static but the volume seems to be increasing.

And they keep on building gated moo baans, shop houses and condos.

I've never been in a country where there is so much wasted/unoccupied real estate.

Build it and they will come??

[AnotherOneAmerican]

The sales market seems not good right now. We took a drive through Bangwantan last week and were amazed at the number of rental/sales boards nailed to trees. We checked out some of the agents leads and again were surprised, prices seem to be static but the volume seems to be increasing.

And they keep on building gated moo baans, shop houses and condos.

I've never been in a country where there is so much wasted/unoccupied real estate.

Build it and they will come??

Houses in gated communities are going for around 2M, and with all new services laid on.

1.5M to 2.5M is a fairly easy sell if latest internet and public water.

Tell us what your latest asking price is?

[PattayaPhom]

Land, well located condos with high ROI and houses new/second hand THB 2-3.5 Mil selling quickly. Anything else is stuck unless at the top end. Pool villas etc 5-15 Mil no interest, partly as owners are looking for unrealistic prices. If the same property can be built by purchasing land and overseeing the build, why pay 15 Mil when it can be done for 6 or 7 Mil

[Upset]

First rule, never work with any agents or brokers....I have only one word for them............@#!!!. Next , find a realistic value for your property and place listsinsg yourself and wait...it will take a while. any properties be it condos or landed properties priced about 3 million baht or rentals priced more than 25k per month will not move in the current market as people are tight with their wallets and also those with money are looking for deals or waiting for a supposedly market crash (if ever it comes!).

Banks are also reluctant to finance housing loans despite whateveryou can see or hear.

Just be patient...hurried sales will only occur with losses as you will have to discount.

Do not belive the words of any @#!!....real estate agents or brokers......I always wish and curse the worst for them and their families!

[ezzra]

Yes, as a person who won few properties, I can concur that there is a glut of second hand

properties in the greater Bkk area, mainly owning to the fact that they still build new one

like there is no tomorrow, and that Thai people like to buy new units rather than old one,

on top which, the recent visa woes doesn't help and make foreigners feels jittery...

[jaideeguy]

I'm listed with 2 agents............

one a Thai agent that just brings 'warm bodies' by, mostly what I call 'real estate tourists' as he doesn't screen potential clients.

The other agency is a lot more professional, run by a falang and he knows to save time for the agent, buyer and seller to screen potential buyers.

Also, my website designer has turned into another broker for my house and he seems to be the best at screening possible buyers because he knows me and my property and realizes that time is money.

I have found that the problem with most Thai agencies is that they just want to bring any warm body by and they just play the numbers game of 1 in 100 might be a buyer.

[jaideeguy]

Yes, as a person who won few properties, I can concur that there is a glut of second hand

properties in the greater Bkk area, mainly owning to the fact that they still build new one

like there is no tomorrow, and that Thai people like to buy new units rather than old one,

on top which, the recent visa woes doesn't help and make foreigners feels jittery...

Yeah, it's hard to tell and we'll never get any accurate figures, but there does seem to be a lot of us 'rats leaving this sinking ship' mainly, i think because we're getting older and realizing the health care is better in the homeland and then there are some of us who's rose colored glasses are fading and miss home comforts.

[worgeordie]

Hi Jaideeguy, have you tried promoting the house yourself,signs in your area

fixed to posts,on the gate,listed on free sites on the Internet,we used to use

agents to find tenants for our properties,they were a waste of time, so we just

do it ourselves,by methods listed above,and find tenants quicker ourselves,and

save the commission payments to boot.

I am sure there are Thais out there with plenty money,who are looking for investment

properties,as they have cash and returns on bank deposits do not cover inflation,it

all depends how much you are asking for your house and the size of the land plus

location.how much are you asking?

regards worgeordie

[trogers]

The sales market seems not good right now. We took a drive through Bangwantan last week and were amazed at the number of rental/sales boards nailed to trees. We checked out some of the agents leads and again were surprised, prices seem to be static but the volume seems to be increasing.

Volume of unsold and unoccupied properties have been increasing since late 2013. Reason is non-existence of property tax, and so this country has no system to halt inefficient allocation of its resources.

[jaideeguy]

Hi Jaideeguy, have you tried promoting the house yourself,signs in your area

fixed to posts,on the gate,listed on free sites on the Internet,we used to use

agents to find tenants for our properties,they were a waste of time, so we just

do it ourselves,by methods listed above,and find tenants quicker ourselves,and

save the commission payments to boot.

I am sure there are Thais out there with plenty money,who are looking for investment

properties,as they have cash and returns on bank deposits do not cover inflation,it

all depends how much you are asking for your house and the size of the land plus

location.how much are you asking?

regards worgeordie

Thanks for your input WG, but using signs on the road would attract a lot of curious nosey neighbors that just want a peek inside a Falang's house and they will drop by at any time. Advertising with RE agents and on Baht and sold/Thaivisa and facebook you do get a chance to screen the RE tourists a bit before making an appointment.

I may give it a go and stress 'View our website and give a call for an appointment to show the property.

Also, we are out in the ricefields near a small local village and our property will appeal to Falangs and neighbors are all Thais.

[AlexRRR]

The problem when it comes to selling property there is there isnt much of a system to do it other than list it on the net yourself, most of the agents there arnt worth a cracker, a good percentage of Thais hold on to the the house/s land etc for "family"

Friend of mine has put her very nice house up for sale in BKK but at 6m not much interest (she brought it 3 or 4 years ago for the same price brand new), when i asked her what she would do if there were no reasonable offers she said "i will keep it for my son", her son is 3 years old.

The word here and has been for ever that it takes close to forever to move property, so unless you dam sure your gonna die there dont buy just rent.

You have no idea, my Wife sells stuff like that all day everyday salary circa 250k a month.

"some" properties will never sell due to bad investment/location etc etc unrealistic prices , poor condition, dirty ,unkempt.

I can only vouch for Bangkok though

Well arnt you a fortunate man mr kannot to have a high rolling 250k a month BMW driving hotshot real estate sales woman as your wife, and for your information i was generalizing, plenty of big earners in AU real estate too, but most RE sales people are the next closest thing to slime in my humble opinion and i should know since ive dealt with quite a few in my short miserable life.

Your not telling me anything i dont already know, Thai property is a bit of a lucky dip and you just need to trawl this forum or even read the OP version of events with a Thai RE.

[ldnguy]

Yes, as a person who won few properties, I can concur that there is a glut of second hand

properties in the greater Bkk area, mainly owning to the fact that they still build new one

like there is no tomorrow, and that Thai people like to buy new units rather than old one,

on top which, the recent visa woes doesn't help and make foreigners feels jittery...

Yeah, it's hard to tell and we'll never get any accurate figures, but there does seem to be a lot of us 'rats leaving this sinking ship' mainly, i think because we're getting older and realizing the health care is better in the homeland and then there are some of us who's rose colored glasses are fading and miss home comforts.

Not sure where you're from, but I have been blown away by the quality of healthcare here compared to the UK. Not out in the sticks but in Bangkok.

[ldnguy]

The problem when it comes to selling property there is there isnt much of a system to do it other than list it on the net yourself, most of the agents there arnt worth a cracker, a good percentage of Thais hold on to the the house/s land etc for "family"

Friend of mine has put her very nice house up for sale in BKK but at 6m not much interest (she brought it 3 or 4 years ago for the same price brand new), when i asked her what she would do if there were no reasonable offers she said "i will keep it for my son", her son is 3 years old.

The word here and has been for ever that it takes close to forever to move property, so unless you dam sure your gonna die there dont buy just rent.

You have no idea, my Wife sells stuff like that all day everyday salary circa 250k a month.

"some" properties will never sell due to bad investment/location etc etc unrealistic prices , poor condition, dirty ,unkempt.

I can only vouch for Bangkok though

Well arnt you a fortunate man mr kannot to have a high rolling 250k a month BMW driving hotshot real estate sales woman as your wife, and for your information i was generalizing, plenty of big earners in AU real estate too, but most RE sales people are the next closest thing to slime in my humble opinion and i should know since ive dealt with quite a few in my short miserable life.

Your not telling me anything i dont already know, Thai property is a bit of a lucky dip and you just need to trawl this forum or even read the OP version of events with a Thai RE.

The truth is that there are good and bad RE agents here, as there are in most countries. The good ones make good money because they're good at their job. The bad ones probably don't understand the job.

To the OP - I don't think it will be seen as advertising if you tell us whereabouts your house is, size, asking price, whether in Thai or farang neighborhood, etc. This my result is more helpful advice. From my experience, good houses in good areas where there is demand from Thais sell quickly and generally rise in price. But I've seen many farangs buy in areas that aren't suitable for Thais or are just too expensive for them. That usually means that farangs paid double (or more) what the property was worth. They then think they can't sell it, but the reality is that the price is too high.

Generally speaking I don't think there is such a thing as a property that you can't sell. If it's not selling that generally means the price is too high. You already said you has some offers, so it is obvious that your house can be sold, just not at the price you want. If you want to sell, then you need to price it correctly. Perhaps you can also tell us what these offers were, so we can compare to your asking price. Do you know of any similar houses that sold in your area recently?

A house came up for sale near where I live in Bangkok and sold in days. There is another house further down the road that is similar, but has been on sale for years. I asked the buyer of the first house what she though about it and she said it was too far down the road and was probably worth half the asking price. She's lived in the area her whole life (over 60 years), so she seems to know the market. The house she bought doubled in price in the last 5-6 years. The right property appreciates and is easy to sell. The wrong property will be difficult to sell unless the price is realistic. That's the same the world over.

[IMA_FARANG]

I have seen more abandoned and dilapidated property in Bangkok than I have in my 3 years living in Thailand in the last year or so.

I can look out from my apartment here and see "condo" units that show only to be half lighted at night.

Whatever that means.

[Paul944]

I am thinking about retiring in the area around CM in about 10 years. My Thai wife likes CM also. So I check the CM real estate websites once a while to get an impression of the real estate market. I guess some are more professional as others. In general the prices are high. With an estimated building cost of 20,000 baht a m^2 and 2 million for 1 rai land a nice new house will cost me about 4 million but the second hand prices are always more.

[chiang mai]

Yes, as a person who won few properties, I can concur that there is a glut of second hand

properties in the greater Bkk area, mainly owning to the fact that they still build new one

like there is no tomorrow, and that Thai people like to buy new units rather than old one,

on top which, the recent visa woes doesn't help and make foreigners feels jittery...

Yeah, it's hard to tell and we'll never get any accurate figures, but there does seem to be a lot of us 'rats leaving this sinking ship' mainly, i think because we're getting older and realizing the health care is better in the homeland and then there are some of us who's rose colored glasses are fading and miss home comforts.

Not sure where you're from, but I have been blown away by the quality of healthcare here compared to the UK. Not out in the sticks but in Bangkok.

Most private Thai hospitals will beat most UK hospitals hands down, when it come to the availability and cost of tests. Almost any UK hospital will beat the best Thai hospital when it comes to diagnosis. I suggest you haven't been here long enough or had enough experience of hospitals to cut through the veneer and understand the difference.

[jaideeguy]

Seems we got side tracked to comparing health care quality. I'll throw in my 2 satang on health care here in LOS.

It's a great and affordable system if you are young, healthy and need surgery...........either from an accident or elective [cosmetic] or maybe you want to change your sex, but as an older person maybe facing some long term care I find it quite lacking in the basics of dealing with the elderly [hate that word].

I care gave my 87 yr old father for 5 years until he passed away at 92 here and found out the hard way about dealing with elderly issues. There are no geriatrics Dr's here, there is little knowledge of alzheimer's/dementia, pain meds are difficult to impossible to get outside of a hospital environment and worst of all, there is no hospice in this Buddhist country because of the belief that we are put here to suffer........... sorry, but not me.

Back in the US, despite all it's faults at least there is somewhat of a safety net with SS, Obamacare, the VA and their research is a decade ahead of LOS as I found out in seeking a cure for my illness.

The local specialist here didn't have a clue about the new treatment that has been common practice for a couple of years in the west.

And I have never seen so many wrong diagnoses and wrong drugs Rxed that I won't take anything a Dr Rxes until I confirm on Google...........healthcare is cheap here, but you are lucky to get what you pay for.

OK, maybe we can get back to my OP on the slow 2nd hand RE market and will and when will it recover...................or will it get worse??

Edited September 27, 2014 by jaideeguy

[jaideeguy]

I wonder who in their right mind would purchase property in this current political climate........I bought and built when the $ was strong, labor and materials were cheap and politics were [seemingly] stable. but things change so fast here in the 'Land Of Surprises'.

The few that are gambling that it will pass may be in for a surprise............

[meand]

I personally would wait a year to get. A good price for property. After that I suppose I'd worry a little. I don't know how long you have waited.

[PattayaPhom]

I wonder who in their right mind would purchase property in this current political climate........I bought and built when the $ was strong, labor and materials were cheap and politics were [seemingly] stable. but things change so fast here in the 'Land Of Surprises'.

The few that are gambling that it will pass may be in for a surprise............

This comment seems you already have a view and your post is but a troll. Read #13, anything but a gamble. The only properties stuck are the overpriced rubbish in the boonies. Sensibly priced in a good location barely has time to be listed. Lets put to bed another myth, Thais have no problem buying second hand properties, this is rampant throughout the Expat community as their tilak wants a new house built in the village not a second hand condo in his name.