Has the condo discount festival started ?

[tontraveller]

Looks like some developers are feeling the heat from Russian buyers who no longer are able to do their payments.

A friend of mine yesterday bought a 34 sqm condo in Siam Oriental Garden Pratamnak

Developers price of 2,4 mio went down to 1.25 mio and foreign name..

Not an impressive condo although brand new and construction almost finished.

Nice bargain as I seen it already advertised at 12.000 per month rent..

[mike2011]

It is not just the Russian buyers. Euro dropping significantly, current government a big, big reason not to visit and even less to buy, dozens of projects about to be finished, Bath at a 3-4 year high. It looks like a perfect storm gathering and it will get better for buyers over the coming months, provided they have USD.

So make yourself comfortable and watch the show....Not yet the time to buy there will be much more blood in the streets.

[mbbnyc]

Just a question, They don't do mortgages for Falang do they ?

I have asked various people and gotten several different answers, I figured I would ask the fourm

Thanks in advance

[AnotherOneAmerican]

Just a question, They don't do mortgages for Falang do they ?

I have asked various people and gotten several different answers, I figured I would ask the fourm

Thanks in advance

The color of your skin (and your nationality) is not important.

Farang, Kairk, Jin, Gowlee, Neego, Nippon .........

If you are legally employed in Thailand, then you can get a home loan.

[mbbnyc]

Just a question, They don't do mortgages for Falang do they ?

I have asked various people and gotten several different answers, I figured I would ask the fourm

Thanks in advance

The color of your skin (and your nationality) is not important.

Farang, Kairk, Jin, Gowlee, Neego, Nippon .........

If you are legally employed in Thailand, then you can get a home loan.

I was not referring to the color of my skin. More my status as a foreigner. What if I am not employed in Thailand, But gainfully employed elsewhere ? What if I were on a retirement visa ?

[chakatee]

Just a question, They don't do mortgages for Falang do they ?

I have asked various people and gotten several different answers, I figured I would ask the fourm

Thanks in advance

The color of your skin (and your nationality) is not important.

Farang, Kairk, Jin, Gowlee, Neego, Nippon .........

If you are legally employed in Thailand, then you can get a home loan.

"can get a home loan" but it's still not easy and the regular branch officer will probably just say "cannot" so you'll need to talk to the right person. Also you'll need a bank with branches abroad as the money needs to be transferred in from abroad in order to get you a foreign exchange transaction form. I am not sure but I believe that for example Ayudhya / KrungSri doesn't have this facility but Kasikorn does ... (don't shoot me if not 100% correct, thanks)

[BlackJack]

yes seeing some heavy discounting in Pattaya and Jomtien area

a lot breaking their lease as well

forfeiting their bonds

but judging by the 1000's of rooms being built and built waiting for buyers it reminds me of 97

[KittenKong]

A friend of mine yesterday bought a 34 sqm condo in Siam Oriental Garden Pratamnak

Developers price of 2,4 mio went down to 1.25 mio and foreign name..

Not an impressive condo although brand new and construction almost finished.

Nice bargain as I seen it already advertised at 12.000 per month rent..

2.4MB for an unimpressive 34sqm condo on Pratumnak was never a serious price. I think that 1.5MB would have been much nearer the mark.

And I wonder what price your friend would get if he tried to sell it today? A year or two ago I saw a nice resale 40sqm farang-name unit go for 1MB in a decent new development in a much more convenient location. Why? Simply because no one wanted to buy it. I dont think that anything has changed much.

As for it being advertised for rent at 12,000B per month, I could advertise my condo for rent at 1MB per month but that doesn't mean that anyone would ever take me up on it.

The disparity between real prices and advertised prices here just gets bigger and bigger.

[bitcoinbob]

looks like the Saudi's are in this for the long term 2 to 5 years of low prices ,this is just the beginning. most smart oil producers put hedges on that run up to 18 months after that they will feel the pain or if they take off their hedges early. so this is just the beginning they want all future oil explorations to grind to a halt all alternative energy efforts to disappear. the next shoe to drop is oil industry workers are going to start to disappear from Thailand throwing their condos on a falling real estate market.

[mike324]

Just a question, They don't do mortgages for Falang do they ?

I have asked various people and gotten several different answers, I figured I would ask the fourm

Thanks in advance

The color of your skin (and your nationality) is not important.

Farang, Kairk, Jin, Gowlee, Neego, Nippon .........

If you are legally employed in Thailand, then you can get a home loan.

I was not referring to the color of my skin. More my status as a foreigner. What if I am not employed in Thailand, But gainfully employed elsewhere ? What if I were on a retirement visa ?

no chance if you are not employed in Thailand, they need some proof to see that you can afford and pay, they need proof locally...

[mbbnyc]

Just a question, They don't do mortgages for Falang do they ?

I have asked various people and gotten several different answers, I figured I would ask the fourm

Thanks in advance

The color of your skin (and your nationality) is not important.

Farang, Kairk, Jin, Gowlee, Neego, Nippon .........

If you are legally employed in Thailand, then you can get a home loan.

I was not referring to the color of my skin. More my status as a foreigner. What if I am not employed in Thailand, But gainfully employed elsewhere ? What if I were on a retirement visa ?

no chance if you are not employed in Thailand, they need some proof to see that you can afford and pay, they need proof locally...

So it's either Pay cash or get a job ? OR create a company hire myself and pay myself jump through a million hoops, etc, etc

Ok I think it's one of the first two and with the business I work in (freelance) thats not gonna fly. I guess it's door number one. Cash really is King.

Thanks for the answers

[mike324]

Your friend definitely got a good deal! that's a big discount, I'm guessing more of those deals will come from Russian buyers who have difficulty transferring payments or due to currency exchange differences.

[hawker9000]

...and people don't understand why resident expats remain in such desperate and total denial about any bad news that paints a dismal picture for prospective tourists and those who might otherwise be considering relocation/retirement to Thailand, or otherwise motivated real property purchases. Dogged defense of TAT predicted arrivals. Persistent denial that there's been any uptick in police extortion in BKK. Double-pricing is "thainess". Crimes against foreigners are the same "everywhere". ANY criticism is just racist "thai-bashing".

Why the defensiveness? They're watching their assets & nest eggs doing slow, painful swan dives, and it's well past time to circle the wagons! Survival instincts kicking in.

Edited January 7, 2015 by hawker9000

[how241]

A friend of mine yesterday bought a 34 sqm condo in Siam Oriental Garden Pratamnak

Developers price of 2,4 mio went down to 1.25 mio and foreign name..

Not an impressive condo although brand new and construction almost finished.

Nice bargain as I seen it already advertised at 12.000 per month rent..

2.4MB for an unimpressive 34sqm condo on Pratumnak was never a serious price. I think that 1.5MB would have been much nearer the mark.

And I wonder what price your friend would get if he tried to sell it today? A year or two ago I saw a nice resale 40sqm farang-name unit go for 1MB in a decent new development in a much more convenient location. Why? Simply because no one wanted to buy it. I dont think that anything has changed much.

As for it being advertised for rent at 12,000B per month, I could advertise my condo for rent at 1MB per month but that doesn't mean that anyone would ever take me up on it.

The disparity between real prices and advertised prices here just gets bigger and bigger.

+1... It's only really worth what you can sell it for and finder buyers is starting to get harder...Renting for 12,000B won't be easy if you want a long term customer.

[balo]

I have reduced the condo I have for sale in Jomtien to 1.4 mill baht. 35 sqm fully furnished. But even below the market price its really hard to sell these days. I am not giving up hope yet , but if no sale before February 15 it will end up as a rental .

Edited January 7, 2015 by balo

[ggt]

My hope is that the lack of condo buyers will put some of the corrupt real-estate people out on the street...

[Asiantravel]

yes seeing some heavy discounting in Pattaya and Jomtien area

a lot breaking their lease as well

forfeiting their bonds

but judging by the 1000's of rooms being built and built waiting for buyers it reminds me of 97

" it reminds me of 97 "

this guy said the same thing as far back as April 2013

" Thai property apologists defend the country’s rapid property price increases by claiming that the boom is justified by red-hot economic growth, but there is a very significant flaw in their logic because Thailand’s economic growth is currently experiencing a bubble itself."

http://www.forbes.com/sites/jessecolombo/2013/11/04/thailands-bubble-economy-is-heading-for-a-1997-style-crash/

Edited January 7, 2015 by Asiantravel

[OMGImInPattaya]

A friend of mine yesterday bought a 34 sqm condo in Siam Oriental Garden Pratamnak

Developers price of 2,4 mio went down to 1.25 mio and foreign name..

Not an impressive condo although brand new and construction almost finished.

Nice bargain as I seen it already advertised at 12.000 per month rent..

2.4MB for an unimpressive 34sqm condo on Pratumnak was never a serious price. I think that 1.5MB would have been much nearer the mark.

And I wonder what price your friend would get if he tried to sell it today? A year or two ago I saw a nice resale 40sqm farang-name unit go for 1MB in a decent new development in a much more convenient location. Why? Simply because no one wanted to buy it. I dont think that anything has changed much.

As for it being advertised for rent at 12,000B per month, I could advertise my condo for rent at 1MB per month but that doesn't mean that anyone would ever take me up on it.

The disparity between real prices and advertised prices here just gets bigger and bigger.

Exactly. And I wouldn't buy into any condo with "Oriental" in the name.

Looks like my time has come...I've held off on getting a little pied-a-terre in town to stash my ladyboys in but it looks like 2015 might be the perfect storm year to jump in and buy.

[OMGImInPattaya]

...and people don't understand why resident expats remain in such desperate and total denial about any bad news that paints a dismal picture for prospective tourists and those who might otherwise be considering relocation/retirement to Thailand, or otherwise motivated real property purchases. Dogged defense of TAT predicted arrivals. Persistent denial that there's been any uptick in police extortion in BKK. Double-pricing is "thainess". Crimes against foreigners are the same "everywhere". ANY criticism is just racist "thai-bashing".

Why the defensiveness? They're watching their assets & nest eggs doing slow, painful swan dives, and it's well past time to circle the wagons! Survival instincts kicking in.

Don't really know what you're talking about. Maybe their home country currencies are taking a beating do they have to pull in their horns but that's not Thailand's fault. If they bought overpriced poorly built condos in bad locations, again not Thailand's fault. Resident expats who planned and or invested wisely are doing fine and will get fatter in this time of economic challenge for some.

[CHdiver]

I have reduced the condo I have for sale in Jomtien to 1.4 mill baht. 35 sqm fully furnished. But even below the market price its really hard to sell these days. I am not giving up hope yet , but if no sale before February 15 it will end up as a rental .

Market price is the price you get when you did sell your Condo. If nobody will buy your Condo for 1.4 million, its still above market price.

[OMGImInPattaya]

I have reduced the condo I have for sale in Jomtien to 1.4 mill baht. 35 sqm fully furnished. But even below the market price its really hard to sell these days. I am not giving up hope yet , but if no sale before February 15 it will end up as a rental .

Market price is the price you get when you did sell your Condo. If nobody will buy your Condo for 1.4 million, its still above market price.

I tried explaining this to Balo in another thread but he persists in thinking the "market price" is what he lists the condo for or even above his price. LOL

[paddyjenkins]

I have reduced the condo I have for sale in Jomtien to 1.4 mill baht. 35 sqm fully furnished. But even below the market price its really hard to sell these days. I am not giving up hope yet , but if no sale before February 15 it will end up as a rental .

It can't be below the market price, because the market price is the price at which you can sell it. If what you thought was the market price is too high to attract a buyer, then that can't have been the market price.

[whiteman]

so many units on or coming on the market it will also have a downward pressure on rental pricers which go hand in glove so I say hold on till there really is blood on the streets

[monkey dog]

It is not just the Russian buyers. Euro dropping significantly, current government a big, big reason not to visit and even less to buy, dozens of projects about to be finished, Bath at a 3-4 year high. It looks like a perfect storm gathering and it will get better for buyers over the coming months, provided they have USD.

So make yourself comfortable and watch the show....Not yet the time to buy there will be much more blood in the streets.

japan yen and oz dollar have also been substantially hit, so mainland chinese, and american, and to a lesser extent malaysians still have the value they had before. .

[paddyjenkins]

Any prospective buyers in Pattaya should be very careful of the lies and nonsense the real estate agents and sellers claim, and even other general property owners.

First, they will claim they are cutting the price by a massive amount by inventing some ridiculous price the property was on the market on before. They may also invent stories about similar units having just exchanged hands at such and such a price, a lie to trick idiots into over paying. Or they may convince you that the seller is desperate for money, maybe unwell, or unable to get back to the country, to make you feel you are lucky to be getting a special deal. Or they may tell you that have another buyer who has just written a cheque but they prefer you as a client...so you get that warm and fuzzy feeling and just can't turn them down. Oh, and another big one is to tell you it can be leased out for some silly rent they make up, so the rental yield will sound incredible, but the truth is more like half what they claim and even then only if you find a tenant.

There are also lies about floor area, believe it or not, maybe marketing a 40 square meter unit as 70 square meters because they know most people don't check or have any common sense or ability to estimate by eye.

Then be very careful of hidden charges like inflated agents fees, tax that should be the sellers responsibility but they trick the buyer into paying, or convincing the buyer to use their lawyer, who will charge inflated fees.

There are endless tricks and cons and having spent some time looking at the market I found it to be the most dishonest I have come across anywhere in the world. I never bought, didn't like anything I saw, from the mid to top end, but I did learn a lot. I won't even get started on the terrible quality of construction, the difficulty in finding tenants, the local nuisances like Karaoke bars that can spring up, local construction, third world infrastructure and more. Oh, and please don't even consider buying off plan, the lovely show unit isn't what you will really end up with.

Nowhere else in the world is the phrase buyer beware more apt. I'm not saying every agent is bad, one or two I spoke to seemed genuine, but they seemed like the minority,

Edited January 7, 2015 by paddyjenkins

[piston broke]

so many units on or coming on the market it will also have a downward pressure on rental pricers which go hand in glove so I say hold on till there really is blood on the streets

i think its a good time to buy and are looking to build a portfolio of 10 condos over the next couple of months...

Agents tell me that i can get a 15-20% return easily.....

[Anthony5]

so many units on or coming on the market it will also have a downward pressure on rental pricers which go hand in glove so I say hold on till there really is blood on the streets

i think its a good time to buy and are looking to build a portfolio of 10 condos over the next couple of months...

Agents tell me that i can get a 15-20% return easily.....

Those agents are probably the ones that will "help" you building your portfolio?

[falang07]

I also think the only ones getting 15-20% are those agents

[piston broke]

I also think the only ones getting 15-20% are those agents

guaranteed......

[thailandusauk]

So where cna we find a list of the best deals available ?