Could somebody please help me to value some land in Khon Kaen..?

[INTJ]

Hi,

Could anybody with some local KK knowledge please help me out?

I have 2.5 rai (1000 talang-wah) of land in Tambon Phralap, Amphur Muang, Khon Kaen that I bought a good few years ago. This piece of land no longer forms part of my future plans, so through the internet I contacted a real estate agent in the city to ask if he could help me find a buyer and assist with a valuation.

The broker (Thai) was very professional and courteous, with very good English (all communication was by email as I am now back in the UK). He sent someone to value the land, and came back with this reply

"My appraiser has visited your land at Pralap.
He told me that this land is a little-bit hard to tell the market price because of two reasons.
First, it is located in the dead-end shallow road, which makes it suitable only for residential purpose.
Secondly, it has a huge pond, which may be pleasant for some buyer but considered flawed by most speculators.
He said to me that, in order to sell it, the price has to be around 2 to 2.5 million bath. (2500 per sq wa)
If you want us to sell it at the recommended price please e-mail me so that I will e-mail you the brokerage contract (in English or Thai).

Sincerely Yours"

So I duly filled in the forms, and the agent has supposedly been marketing the land at 2.5m baht for the last 9 months (with 5% commission if he finds a buyer). The problem is that there has been little communication/feedback. Now when I email for updates I receive no reply .From looking at similar land for sale this price doesn't look unreasonable? But with no sale after 9 months there is clearly something wrong. I don't want to sit on it for years Thai style.

I'd be really grateful if anybody with any current knowledge of land prices In Khon Kaen could help me out with how much I could reasonably expect for this piece of land, and how best to go about selling it within a reasonable timeframe? I am currently in the UK for the time being so the usual method of putting "for sale" boards up around the area is not possible.

I'd be happy to provide any more information as necessary.

Many Thanks

[Jay Sata]

In a few words I suggest the land is way over value.

I doubt you paid anywhere near that.

Ask yourself who would want to live there?

The fact you have had no feedback tells it all.

[Thai at Heart]

Pm me. I know people who can value it. That said, it may be a little overpriced. It depends on landfill in. However that end if town floods so, many question....

[Jay Sata]

Pm me. I know people who can value it. That said, it may be a little overpriced. It depends on landfill in. However that end if town floods so, many question....

The picture of the access tells me a lot.

[Thai at Heart]

Pm me. I know people who can value it. That said, it may be a little overpriced. It depends on landfill in. However that end if town floods so, many question....

The picture of the access tells me a lot.

To drive to town from there is 5 minutes. I still have a house in the center and reported land values are bonkers.

But that side of town floods so there isn't as much development as opposed to the side by bung nong kort. Why the whole world is desperate to live that side I don't know, but so be it.

[INTJ]

Thai at Heart -

Many thanks for the helpful reply, PM sent

Best Regards

[INTJ]

In a few words I suggest the land is way over value.

I doubt you paid anywhere near that.

Ask yourself who would want to live there?

The fact you have had no feedback tells it all.

Everything has a value, and that is what I'm trying to determine.

Please explain the relevance of what I paid for some real estate many years ago to todays value?

Do you have anything constructive or helpful to add?

Best Regards

[Issangeorge]

I have a plot of land on Koh Samui, that has been for sale for over two years now, it is priced at what the general price of similar land is at. I have had four enquiries, no offers. It suggests to me that perhaps the land is over priced, but I'm in no hurry to sell, and I want some leeway, if somebody gives me a lower offer, which no one has yet. I have a piece of land in Isaan, which is not for sale, but I have had offers for, but not any where close to what you are asking, then again my land isn't close to a city. If you don't need the money, I would wait for your price, if you need the money, then the value is anything you can get.

[tom21]

I live in the next village to where the land is and will go and have a look at it tomorrow. I asked my girl how much it is worth and the value she give is way down on what your asking. so you are right in being overpriced. I was told good rice growing land 3 km from your land was sold for 500,000 thb a rai. and it is not flood prone . there is also a field for sale right next to your land (1 km) and he wants 750,000 thb a rai. it has sealed road electricity but it is flood prone I may add it has been for sale a long time and no buyers as it is expensive. I post tomorrow what I think of it

[INTJ]

Hi, thanks for the replies.

I forgot to mention that I had the land surveyed by the Land Department in May 2012 and the general consensus then between the surveyor and a gaggle of interested locals was that the land would sell for approx 1.5m baht. I know land values have risen sharply in the last couple of years, but was surprised to have it valued 18 months later at almost double that! At that time I had no interest in selling.

That said, the person that valued the land at 2.5m earlier this year is one of the biggest property brokers in the region, and they probably have a reasonable idea of land prices - there would not be much point in them giving an unfeasibly high valuation when they are paid on commission would there?

Perhaps I should adopt the Thai approach and just "fuggedaboutit" until someone comes along and pays the price as I don't really need to sell?

It would be good to know what prices have been actually achieved for similar land recently etc. rather than subjective opinions.

The truth is out there lol

Cheers

[tom21]

Went to have a look at the land this morning at least tried to. The access road was overgrown and looks like it been used to dump peoples rubbish (How strange). Could not see any other way to view the land without going across private property so give it a miss. Looking down the track I think a truck would have trouble going down there due to the width and a bend I could see down the track. My girlfriend who is looking to buy land (farmland) in the area told me the most it would be worth is 350,000 thb to 400,000 thb a rai . As the track looks like it is used only to access your land a buyer would like to know who owns it. If your wifes family lives in the area I am sure they could arrange a tractor to clean up the track so people could look at the land and also help with the sale

[INTJ]

Hi,

Thanks for taking the time to go and have a look and post a picture. At least I know it's still there! You did really well to find the location from the information given, I can never find it whenever I go up there.

The land has legal right of access via the track (government not privately owned) which is marked on the second page of the chanote (copy attached). There is also right of access from another point to the rear of the land. I would have never bought the land in the first place if there was no legal right of access. The access is fairly narrow, but there are some concrete posts that could be removed to significantly widen the path in. We had no problems getting a large tractor down there without removing the posts.

I have periodically cleared out the land and entrance with a tractor as you can see in the pics on my first post, but I have now been back in the UK for over 2 years - the last time it was done was in May 2012 when the land office surveyed the land (all measurements confirmed and new marker posts). It is just too much aggravation trying to organise things from this end and I have no desire or ambition to return to Thailand anytime soon.

But one thing is for certain - I'd rather forget about it for a few more years, leave it advertised at 2.5m and see what the future brings than sell land 5 mins from KK centre for 400K a rai.

Cheers

Edited December 29, 2014 by INTJ

[Neeranam]

I suggest keeping it for a while.

I have land in Phralap just across the road.

The land is rising at about 1 million baht per rai per year!

I paid 1.5 million for 124 talang wa about 1.5 years ago and now it's worth about 2 million.

That's an ideal place to build a dormitory because of all the Unis/colleges nearby - Rajamangon, Thai/German etc

I'd say the land is worth about 2-3 million, depending on ho near the main road it is. If you like I can ask my wife , who is a realtor - maybe she can sell it for you.

[tom21]

I will go have another look when I get back (going away for the new year). I should be able to get to the land from the back it is just finding the right soi the farmers use to get to their fields. A block in front of your land has been built up ready for building, it looks to be close to 2 mtrs above the road. I will post a couple of pictures if I get to the land. I think you are doing the right thing and just sit on it, the land will still be there for a lot of years. There is a lot of speculation going on in kkc at the moment so wait you may get your price

[INTJ]

I suggest keeping it for a while.

I have land in Phralap just across the road.

The land is rising at about 1 million baht per rai per year!

I paid 1.5 million for 124 talang wa about 1.5 years ago and now it's worth about 2 million.

That's an ideal place to build a dormitory because of all the Unis/colleges nearby - Rajamangon, Thai/German etc

I'd say the land is worth about 2-3 million, depending on ho near the main road it is. If you like I can ask my wife , who is a realtor - maybe she can sell it for you.

Thanks for this helpful post, PM sent.

[georgegeorgia]

A block of Land? Omg looks like a big swimming pool? Whoever buys that as the real estate agent said in his email.has to deal with the pond on your land.