Popular Post mberbae Posted September 30, 2014 Popular Post Share Posted September 30, 2014 Due to all the Riverside Condo Posts that last were dated 2012 - it is best to update the current situation. The Committee and Juristic Person that were in power in 2012 are all gone. The gymn issue is no longer relevant. No gymn. There was a power vacuum after the dismissal of the 2012 manager, as well as the resignations of some of the past Committee members. This allowed an unsavory element to seize control and work against the betterment of the Condominium Owners. A core group of interested owners formed in the past few months. They gathered support to hold an EGM and dismiss the Unsavory Element. The Actual EGM voter return was quite high.....a sign that , when people are informed, they are prone to act. After a month or two of bitter back and forth wrangling, the Land Office as well as the Criminal Court system sided with our core group. They saw through all the lies and innuendo that the Unsavory Element tried to present. Riverside is once again with a Good Committee. Good people who stood up to right the wrongs of past actions that were not well thought out, and were of a dubious nature. Riverside also has a new Juristic Manager . We are well on the way towards improving Life here at our Condominium. Riverside is in the process of having its own website and its own Facebook page. All staff have been given pay raises to bring them into line of Minimum Wage Requirements. Staff that have not receieved any salary increase for over 2 plus years will also recieve increases . Pool improvements are on the agenda as well as the improvements of the Common Areas and hallways to each unit. In short, the Committee and Sub Committees are dedicated to improving Riverside Condo Living as best we can. All feedback and active participation to help improve our Condominium at Riverside is welcomed and appreciated. Regards, MWB 4 Link to comment Share on other sites More sharing options...
mesquite Posted September 30, 2014 Share Posted September 30, 2014 Here we go again! Link to comment Share on other sites More sharing options...
iancnx Posted September 30, 2014 Share Posted September 30, 2014 Many thanks for the clarity. I have a potential interest as I am looking to invest. A pertinent question to ask is what is the value of the sinking fund now compared to the opening balance? How many owners are in arrears with their annual management fees? What action is being taken against any owners in arrears? Link to comment Share on other sites More sharing options...
mberbae Posted October 1, 2014 Author Share Posted October 1, 2014 The Sinking Fund is subsidising the Common Area Fund ( which pays for the day to day operations of the Condos - staff, electric, insurance etc.etc ). The Common Area fees ( 10 bht p/sq.met ) have NOT been increased in over 20 + years and are amongst the lowest in CM. A small increase ( 10 baht p/sq met ) seems logical. The Sinking Fund amount can be obtained by visiting the Juristic Manager inside the lobby ). As for condo owners in arrears - There are a few...with a fair amount of debt outstanding. The current Committee addressed this issue last week....with proposals to send out a Letter giving those owners 90 days to clear their accounts. If they do not - then water and electric can be cut off from those condos. Other condos that have had NO tennants living in them, and have been repossesed by the bank....the JPM will try to see what the Debt amount is - before proceeding with legal action at the Land Office to reposses those units. Since there has never been a computerized data base at Riverside for all bills/wages/fees/ etc.etc....the Committee is exploring the best way to establish a modernized method of keeping records - rather than relying on the paper bills currently in use, but very time consuming when trying to retrieve data from past months/years. mwb 1 Link to comment Share on other sites More sharing options...
kalbo123 Posted October 1, 2014 Share Posted October 1, 2014 Good to hear all is good in Riverside condominium, how ever I would not want to live there even if they paid me.. 1 Link to comment Share on other sites More sharing options...
evenstevens Posted October 1, 2014 Share Posted October 1, 2014 common areas fees at 10 baht a sq metre,thats absoulately insane for 2014 your proposal of doubling your fee to 20 baht,??? cobber ,get in line with other condo fees ,minium these days are 30 baht plus very best of luck Link to comment Share on other sites More sharing options...
iancnx Posted October 1, 2014 Share Posted October 1, 2014 The Sinking Fund is subsidising the Common Area Fund ( which pays for the day to day operations of the Condos - staff, electric, insurance etc.etc ). The Common Area fees ( 10 bht p/sq.met ) have NOT been increased in over 20 + years and are amongst the lowest in CM. A small increase ( 10 baht p/sq met ) seems logical. The Sinking Fund amount can be obtained by visiting the Juristic Manager inside the lobby ). As for condo owners in arrears - There are a few...with a fair amount of debt outstanding. The current Committee addressed this issue last week....with proposals to send out a Letter giving those owners 90 days to clear their accounts. If they do not - then water and electric can be cut off from those condos. Other condos that have had NO tennants living in them, and have been repossesed by the bank....the JPM will try to see what the Debt amount is - before proceeding with legal action at the Land Office to reposses those units. Since there has never been a computerized data base at Riverside for all bills/wages/fees/ etc.etc....the Committee is exploring the best way to establish a modernized method of keeping records - rather than relying on the paper bills currently in use, but very time consuming when trying to retrieve data from past months/years. mwb Thanks for the reply. 10 baht sqm / month says it all. I wonder if the JPM really knows the extent of what is surviving in the sinking fund? It is a figure that I would want immediately to hand if I was an owner. I agree with the other poster above; 30 baht sqm seems about the going rate. I should have thought an older building such as yours would need every baht of sinking fund to get ready for certain unforeseen expenditures in the future. What happens when the sinking fund runs out? Building closes? I appreciate you are trying to fix the mess, but as an investor, I'm out. Good luck with your endeavour. Link to comment Share on other sites More sharing options...
anto Posted October 1, 2014 Share Posted October 1, 2014 (edited) B30 sqm ,for an old building ? No way ,but B20 would be about right .My previous old (15 year old ) Condo ,right on Jomtien Beach road is about that .(B6,000 per year ) ,for a 28 sqm Studio . Edited October 1, 2014 by anto 2 Link to comment Share on other sites More sharing options...
Popular Post beau thai Posted October 1, 2014 Popular Post Share Posted October 1, 2014 Beware of comparing apples with pears. The 10baht mentioned doesnt incl insurance which is billed separately for some reason, although it is not optional of course. There is a further charge for the sinking fund, so the total is closer to 17 baht than 10 baht. From my reading of the management accounts, the operating costs are covered by current charges and the case for an increase is not proven. And there are arguments for and against sinking funds in condos. Many owners dont like them as they get nothing back if they sell up and also fear that 'money in the bank' will get frivolously spent because it's there. My own view is that it is far better to have an active amortisation plan so asset depreciation gets charged to monthly expenses, so there are funds available for lift maintenance etc etc. Bear in mind Riverside has 552 units of varying sizes so the economics of the per metre charge are not necessarily comparable to those of condos with say 100 units. And as for the poster who says he wouldnt live at Riverside if somone paid him-- that aint gonna happen!!! Personally I wouldnt live anywhere else but I like to have a high terrace with a river and mountain view. I have been in many other Chiang Mai condos and have yet to find one that suits me better. But everyone has different needs and desires. Each to their own.... but that doesn't justify criticisng choices made by others surely? 4 Link to comment Share on other sites More sharing options...
ThaiPauly Posted October 1, 2014 Share Posted October 1, 2014 552 Units !! I would never have believed it was that big !! 1 Link to comment Share on other sites More sharing options...
chiang mai Posted October 1, 2014 Share Posted October 1, 2014 Which probably explains the 10 baht figure for the sinking fund. Link to comment Share on other sites More sharing options...
mberbae Posted October 2, 2014 Author Share Posted October 2, 2014 Sure...30 baht is the LOW norm these days. It may still come too that. As for Kalbo123 - try Siritana 2 condos , next to Kad Suan Kaeow. Probelms ten fold ours. Link to comment Share on other sites More sharing options...
mberbae Posted October 2, 2014 Author Share Posted October 2, 2014 Depreciation Assets does not bring cash into the Common Area Fund to pay the operating expenses. As it is - We have 41 owners who are in arears....10 of which are bank Repo's. Being a relatively New Committee...( 4 weeks ) they are in the process of finding legal ways to recover past due fees. All options are on the table. Dealing with a Bank such as SCB, however, can be more expensive than it's worth. Time will tell...but the wheels are turning. As for the Sinking Fund and the fear of it being " frivolously spent ". NO Sinking Fund monies can be used without an AGM. Most owners agree that the fixing of the cracks - painting of the building - and getting rid of the moniker " Bird Shit Condos " was a real benefit to Riverside joint owners. Some naysayers may disagree....but they are certainly in the minority. Arguably, living at Riverside - offers some of the best views in CM. And MUCH less traffic than the " trendy " West side. 2 Link to comment Share on other sites More sharing options...
beau thai Posted October 2, 2014 Share Posted October 2, 2014 Depreciation Assets does not bring cash into the Common Area Fund to pay the operating expenses. As it is - We have 41 owners who are in arears....10 of which are bank Repo's. Being a relatively New Committee...( 4 weeks ) they are in the process of finding legal ways to recover past due fees. All options are on the table. Dealing with a Bank such as SCB, however, can be more expensive than it's worth. Time will tell...but the wheels are turning. As for the Sinking Fund and the fear of it being " frivolously spent ". NO Sinking Fund monies can be used without an AGM. Most owners agree that the fixing of the cracks - painting of the building - and getting rid of the moniker " Bird Shit Condos " was a real benefit to Riverside joint owners. Some naysayers may disagree....but they are certainly in the minority. Arguably, living at Riverside - offers some of the best views in CM. And MUCH less traffic than the " trendy " West side. You misunderstand my point about depreciation. Co-owners wil argue about sinking funds for many reasons, some quite valid. But unless you properly depreciate assets in the accounts, then there will not be enough in the kitty to replace lifts etc etc when the time comes . And if that depreciation is shown in the operating expenses then co-owners can see the real cost of running the condo and are far more likely to meet those costs than they are to toss cash into a sinking fund with an undefined purpose That's all 1 Link to comment Share on other sites More sharing options...
beau thai Posted October 2, 2014 Share Posted October 2, 2014 Every condo I have seen differs in size, location, facilities, staffing, parking,age and historical baggage. Therefore, It is not instructive to compare per sq metre charges in different buildings - actually it is misleading. Get happy with the real operating costs, divide them by the total chargeable co-owner sq metre, and that will tell you what you need. Simple surely? Link to comment Share on other sites More sharing options...
chiang mai Posted October 2, 2014 Share Posted October 2, 2014 The entire dialogue turns me off from ever wanting to buy or stay there. Sorry, but your conversation is simply depreciating the value of your assets and I'm sure I'm not alone in that sentiment! 1 Link to comment Share on other sites More sharing options...
evenstevens Posted October 2, 2014 Share Posted October 2, 2014 The entire dialogue turns me off from ever wanting to buy or stay there. Sorry, but your conversation is simply depreciating the value of your assets and I'm sure I'm not alone in that sentiment! ^^^^^^me thinks the exact opposite I.M.O. i feel its refreshing that the o/p has got the balls to discuss the condos present situation on the board and his posts have been of very good contents and straight from the hip and its been a very good P.R. job so far ,therefore it only helps the condo in question,and gives a valuable insight to members of the pitfalls of condos in c/mai this condo is not alone,u can count on e/s word on that..a nice afternoon to Link to comment Share on other sites More sharing options...
chiang mai Posted October 2, 2014 Share Posted October 2, 2014 Of course the OP has done a good job with his posts, less so however regarding the character of Riverside. goodness me, over 500 units in one building, status of the sinking fund unclear and the JP and residence committee ousted by the government, turns me off at least. Link to comment Share on other sites More sharing options...
New beginnings Posted October 2, 2014 Share Posted October 2, 2014 Very surprised to hear some of the negative comments concerning Riverside Condo. Personally have lived here for two years and even during the recent troubles have found the staff friendly and experienced no problems in the running of the Condo. There have been regular notices advising tenants what's happening and I have always felt safe and secure. Keep up the good work Riverside - certainly no reason for complaint from this tenant. 1 Link to comment Share on other sites More sharing options...
uptheos Posted October 2, 2014 Share Posted October 2, 2014 Lots of condo's for sale at Riverside, seems many more than elsewhere 1 Link to comment Share on other sites More sharing options...
New beginnings Posted October 2, 2014 Share Posted October 2, 2014 Hmmmm - Well uptheos perhaps the answer could be that we have a lot of units. 522 at the last count! Link to comment Share on other sites More sharing options...
uptheos Posted October 2, 2014 Share Posted October 2, 2014 Hmmmm - Well uptheos perhaps the answer could be that we have a lot of units. 522 at the last count! Yup, wonder what the % is of those for sale, bet it's very high. Link to comment Share on other sites More sharing options...
New beginnings Posted October 2, 2014 Share Posted October 2, 2014 Uptheos - Maybe it is, maybe it isn't. You don't know and neither do I. Always good to speculate on things neither of us have the true facts about though. Link to comment Share on other sites More sharing options...
Chicog Posted October 2, 2014 Share Posted October 2, 2014 Out of interest, is there somewhere online where you can look at what's for sale there? I do like the location. Link to comment Share on other sites More sharing options...
chiang mai Posted October 2, 2014 Share Posted October 2, 2014 There's lots of agents trying to specialize in Riverside condo's, most are the wives of farang owners, just do a google search. We've looked at a number of units there and none have been of any interest, from a desirability or price standpoint. If you do find something that interests you, before you buy, go to the 19th floor and look at the filled cracks in the hallway walls, buyer beware. Link to comment Share on other sites More sharing options...
uptheos Posted October 2, 2014 Share Posted October 2, 2014 Out of interest, is there somewhere online where you can look at what's for sale there? I do like the location. Good location Chic, right opposite Nong Hoi fresh market and just around the corner from Rajavej hospital. Quite convenient with or without personal transport http://chiangmairiversidecondo.com/ 1 Link to comment Share on other sites More sharing options...
beau thai Posted October 2, 2014 Share Posted October 2, 2014 Out of interest, is there somewhere online where you can look at what's for sale there? I do like the location. Good location Chic, right opposite Nong Hoi fresh market and just around the corner from Rajavej hospital. Quite convenient with or without personal transport http://chiangmairiversidecondo.com/ As with all condo listings, when you try to buy, you find that they are just...listings, that were sold sometime before. I am unaware of many for sale in Riverside, and when trying to buy in the past, have been gazumped. There may be a few apparently on the market, but at fancy prices. Quite a few owners are multiple owners as they like to live there and have their rental properties close by. I would be interested to hear of any sensibly priced units with at least one bedroom- not a studio - and a river view, on floors 9-18. Of course the vendors view of 'sensible' may not be mine.... 1 Link to comment Share on other sites More sharing options...
chiang mai Posted October 2, 2014 Share Posted October 2, 2014 Out of interest, is there somewhere online where you can look at what's for sale there? I do like the location. Good location Chic, right opposite Nong Hoi fresh market and just around the corner from Rajavej hospital. Quite convenient with or without personal transport http://chiangmairiversidecondo.com/ As with all condo listings, when you try to buy, you find that they are just...listings, that were sold sometime before. I am unaware of many for sale in Riverside, and when trying to buy in the past, have been gazumped. There may be a few apparently on the market, but at fancy prices. Quite a few owners are multiple owners as they like to live there and have their rental properties close by. I would be interested to hear of any sensibly priced units with at least one bedroom- not a studio - and a river view, on floors 9-18. Of course the vendors view of 'sensible' may not be mine.... Good grief: Try standing ion the lobby of RS and shouting, "I want to buy a condo here", alternatively, ask the receptionists. If that fails, try the agent on the ground floor office and if that doesn't work, PM me and I'll give you the email addresses of three agents who keep bugging me and keep sending me details. Sensibly priced, that's another story! Link to comment Share on other sites More sharing options...
beau thai Posted October 2, 2014 Share Posted October 2, 2014 Out of interest, is there somewhere online where you can look at what's for sale there? I do like the location. Good location Chic, right opposite Nong Hoi fresh market and just around the corner from Rajavej hospital. Quite convenient with or without personal transport http://chiangmairiversidecondo.com/ As with all condo listings, when you try to buy, you find that they are just...listings, that were sold sometime before. I am unaware of many for sale in Riverside, and when trying to buy in the past, have been gazumped. There may be a few apparently on the market, but at fancy prices. Quite a few owners are multiple owners as they like to live there and have their rental properties close by. I would be interested to hear of any sensibly priced units with at least one bedroom- not a studio - and a river view, on floors 9-18. Of course the vendors view of 'sensible' may not be mine.... Good grief: Try standing ion the lobby of RS and shouting, "I want to buy a condo here", alternatively, ask the receptionists. If that fails, try the agent on the ground floor office and if that doesn't work, PM me and I'll give you the email addresses of three agents who keep bugging me and keep sending me details. Sensibly priced, that's another story! tried that- also pm'd you. Thanks! Link to comment Share on other sites More sharing options...
NeverSure Posted October 2, 2014 Share Posted October 2, 2014 Out of interest, is there somewhere online where you can look at what's for sale there? I do like the location. Can't answer your question but the Riverside is a great place to live in Chiang Mai. It has good location, and being older may be the reason that many units are larger than in newer condos. I've lived there twice because I liked it the first time. I was fortunate to find a unit available for 90 days and later for 180 days. I found it very friendly, clean, and comfortable. I'd never buy in Thailand partly because I'm part time and partly because rents are cheap. I had great views and in every way I was satisfied. If I was an owner dealing with owner issues it might be different, I don't know. 2 Link to comment Share on other sites More sharing options...
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