Has the condo discount festival started ?

[KittenKong]

I still see a few 26sqm condo sell for 400/450 k.Usual rental return is about 3 to 4k a month.

I would like to know where to buy condo's at 15K per sm. ? that would be way below land and build cost.

I dont know about 15KB/sqm but 20-25KB/sqm is certainly possible within walking distance of Jomtien beach.

I wouldnt want to live there though.

[anto]

Anyone knows what to do to get some attention from buyers?

I've contacted 6 agents, one even came by and took their own pictures of the condo . I have used boards at Big C and Foodland. I have offered rewards of up to 50000 baht. I have accepted commision fees of 5% but so far nothing .

This is a small size condo 35 sqm. New building from 2013, very nice swimming pool and all I want is 1.4 million baht incl foreign ownership. I paid more for it off plan so I am selling with a loss now.

Sounds like you are in Paradise Park ? .I bought a unit in Park Lane next door for B1.2 M OFF PLAN .Got my keys around late 2010 or early 2011.Was surprised to learn that i had to pay all the transfer taxes around B80,000,plus a years management in advance plus meter installation costs .By the time i got the key i had paid B1.3 M .At that time i found it easy enough to rent out at B10,000 a month ,which i did .I sold it on after 18 months to 2 years for B1.47 M to a Russian from St Petersburgh.(not so easy as it took a year to sell even then ,and B70 ,000 went to the agent as commission ).

How did i sell it ?In the end after giving it to several agents ,i simply put a for sale sign on the window ,and a Russian Agent picked up on it and rang me .

Construction quality ? It was the last Condo on the floor and the single unit next to it was empty so i never got to test the noise barrier level of the common wall .There was some intrusive noise from a music bar across the street . One time the balcony drain blocked and the resulting rain water flooded into the Condo itself .The Condo was unoccupied at the time ,and it was only by luck i happened to visit and see the problem ,as it also could have flooded the Condo below .That was a clear case of bad design ,but other that that the Condo was fine with a separate bedroom ,even though the over all size was just 35 sqm .

Edited February 4, 2015 by anto

[anto]

I do like the older type "shoe box" condo"s that still sell for under 600k.

Whether they are good for investment Im not sure,the rental return seems from 3,000 baht a month up to about 4500.

What are the locations of these, near the beach, Pattaya or Jomtien ? Or you can PM me thanks

There are some old Condo blocks around Central Pattaya ,at those cheap prices or lower .Nirun comes to mind ,near Big C ,off Pattaya Klang .

[balo]

Anyone knows what to do to get some attention from buyers?

I've contacted 6 agents, one even came by and took their own pictures of the condo . I have used boards at Big C and Foodland. I have offered rewards of up to 50000 baht. I have accepted commision fees of 5% but so far nothing .

This is a small size condo 35 sqm. New building from 2013, very nice swimming pool and all I want is 1.4 million baht incl foreign ownership. I paid more for it off plan so I am selling with a loss now.

Sounds like you are in Paradise Park ? .I bought a unit in Park Lane next door for B1.2 M OFF PLAN .Got my keys around late 2010 or early 2011.Was surprised to learn that i had to pay all the transfer taxes around B80,000,plus a years management in advance plus meter installation costs .By the time i got the key i had paid B1.3 M .At that time i found it easy enough to rent out at B10,000 a month ,which i did .I sold it on after 18 months to 2 years for B1.47 M to a Russian from St Petersburgh.(not so easy as it took a year to sell even then ,and B70 ,000 went to the agent as commission ).

How did i sell it ?In the end after giving it to several agents ,i simply put a for sale sign on the window ,and a Russian Agent picked up on it and rang me .

Construction quality ? It was the last Condo on the floor and the single unit next to it was empty so i never got to test the noise barrier level of the common wall .There was some intrusive noise from a music bar across the street . One time the balcony drain blocked and the resulting rain water flooded into the Condo itself .The Condo was unoccupied at the time ,and it was only by luck i happened to visit and see the problem ,as it also could have flooded the Condo below .That was a clear case of bad design ,but other that that the Condo was fine with a separate bedroom ,even though the over all size was just 35 sqm .

Yes it was Paradise Park and I sold it last week for 1.35 mill . No agents could help me so in the end I had to advertise it myself and an oversea customer contacted me. So at least I saved the agent fees even if it was a loss for me.

I agree that the noise level in new buildings are higher than some of the older ones , the cheap material they use today is not the same as the older ones . like View Talay .

[anto]

>>

I agree that the noise level in new buildings are higher than some of the older ones , the cheap material they use today is not the same as the older ones . like View Talay .<<

I also had a Condo for 7 years ,in Jomtien Beach Condiminium .Its about 20 years old now ..The concrete used there is so strong thats its really hard just to drill a hole for a plug.There was some noise from the hallway .I cured that by installing a Senturian steel ,sealed door .The door is made to look like wood but is steel with many mortice locks built in and a rubber seal all around .I would recommend the same door to anyone with a Condo .Costs around B20,000 with instillation included.

[ThaiBob]

I do like the older type "shoe box" condo"s that still sell for under 600k.

Whether they are good for investment Im not sure,the rental return seems from 3,000 baht a month up to about 4500.

What are the locations of these, near the beach, Pattaya or Jomtien ? Or you can PM me thanks

There are some old Condo blocks around Central Pattaya ,at those cheap prices or lower .Nirun comes to mind ,near Big C ,off Pattaya Klang .

A quick check shows Nirun condos going for a low of 650k to 950k. Price of course is based on floor, quality/detail of build out, thai or farang name, etc.

[anto]

>>A quick check shows Nirun condos going for a low of 650k<<

They used start at B350,000 ,a few years ago .I am sure that B500,000 is still possible ,but the unit would need work .Majestic Jomtien ,is another cheap older block ,with a decent sized balcony and 800 meters from the beach .

[fosseway]

I still see a few 26sqm condo sell for 400/450 k.Usual rental return is about 3 to 4k a month.

I would like to know where to buy condo's at 15K per sm. ? that would be way below land and build cost.

Still waiting for the location georgegeorgia, as I would like to buy as many of these units as possible because 400K invested with a return of 4K a month would be a 12% return, Wow!!

[georgegeorgia]

Why dont you look yourself? Are you that lazy ? You obviously dont live in Pattaya?

You are obviously not the smartest tool in the shed and you obviously dont know the Pattaya streets nor the investment market.

Im not trying to be rude to you but there comes a time in life when you shouldnt rely on others and to start thinking for yourself.

Its not your fault that your not a independent person but you need to start developing this because people wont always be around to be beside you and care about you.

You seem to need to depend on others to help you,you cant look after yourself by the sound of it but you need to do this because people will let you down.

For Gd sake get off ya big behind and walk around and look at Pattaya Real estate instead of waiting for someone to come around and hold your hand and lead you around !!

But there you are with your arms folded shouting "he wont tell me...he wont he wont..not fair its not ...he wont tell me..he wont he wont"

Edited February 4, 2015 by georgegeorgia

[ThaiBob]

>>A quick check shows Nirun condos going for a low of 650k<<

They used start at B350,000 ,a few years ago .I am sure that B500,000 is still possible ,but the unit would need work .Majestic Jomtien ,is another cheap older block ,with a decent sized balcony and 800 meters from the beach .

The unit for 650k was on the 2nd floor, thai owned and very basic (to be kind). I have no personal interest in Nirun condo. The units at Spanish Place are newer and maybe a better value?

[fosseway]

Why dont you look yourself? Are you that lazy ? You obviously dont live in Pattaya?

You are obviously not the smartest tool in the shed and you obviously dont know the Pattaya streets nor the investment market.

You need to rely on others to help you,you cant look after yourself by the sound of it and I would be having a guess who would wear the skirt in your house.!

For Gd sake get off ya big behind and walk around and look at Pattaya Real estate instead of waiting for someone to come around and hold your hand and lead you around !!

But there you are with your arms folded shouting "he wont tell me...he wont he wont..not fair its not ...he wont tell me..he wont he wont"

Now that was bitchy George, you really are getting your knickers in a twist over this.

I just asked you a simple question, where can I buy a condo for 400K and rent it out for 4K per Month.

[anto]

>>The units at Spanish Place are newer and maybe a better value?<<Walking through its like a ghost town ,with one Pool abandoned and stinking .Nirun at least has a sense of community with many shops and a nice big well kept pool .

[balo]

I agree, Nirun is probably a better place than Spanish Place , Also Pattaya Plaza Condotel has a nice , big swimming pool. And you can buy for around 600k and up . The maintenance on the building itself is a bit run down as you would expect, But location is good. almost walking distance to Foodland , central pattaya rd.

Edited February 4, 2015 by balo

[Anthony5]

>>The units at Spanish Place are newer and maybe a better value?<<Walking through its like a ghost town ,with one Pool abandoned and stinking .Nirun at least has a sense of community with many shops and a nice big well kept pool .

I think Spanish place was also built long before Nirun.

[fosseway]

>>The units at Spanish Place are newer and maybe a better value?<<Walking through its like a ghost town ,with one Pool abandoned and stinking .Nirun at least has a sense of community with many shops and a nice big well kept pool .

I think Spanish place was also built long before Nirun.

I looked at some units in Spanish Place about 5 years ago, they were very cheap, but decided against buying as there were issues with the complex regarding the Chanote titles.

I now see someone is developing the area in front, if the juristic body managed to hold on to it, maybe it was sold to rescue the original building, but as we know, the cunning developers usually never ever sell all of the land, even if it was designated as common area, if this is challenged years later by the body corporate, the case then goes to court, and the side with most cash and connections wins the day.

[OneZero]

Quote: "I now see someone is developing the area in front, if the juristic body managed to hold on to it, maybe it was sold to rescue the original building, but as we know, the cunning developers usually never ever sell all of the land, even if it was designated as common area, if this is challenged years later by the body corporate, the case then goes to court, and the side with most cash and connections wins the day."

Similar to the situation of VT7 built in front of Jomtien Complex Condotel.

[AnotherOneAmerican]

Slightly off topic,

Was in BKB yesterday, looked at the repossessed property board, all the prices were reduced by 30%.

Never seen that before.

[georgegeorgia]

Well obviously they are going to come down in price.

[loppylugs1]

Slightly off topic,

Was in BKB yesterday, looked at the repossessed property board, all the prices were reduced by 30%.

Never seen that before.

Even at 30% off they are still 90% overpriced

[Pattaya46]

I just asked you a simple question, where can I buy a condo for 400K and rent it out for 4K per Month.

georgegeorgia talked about "return", not "rent". You need to rent more than 4k to get this 4k return.

(condo fees, insurance, re-painting, repairing, furniture's that don't last forever, ...)

[Anthony5]

I just asked you a simple question, where can I buy a condo for 400K and rent it out for 4K per Month.

georgegeorgia talked about "return", not "rent". You need to rent more than 4k to get this 4k return.

(condo fees, insurance, re-painting, repairing, furniture's that don't last forever, ...)

That would make it even more unbelievable, and probably also the reason why Georgegeorgia so far has failed to name even one single building.

[ThaiBob]

Slightly off topic,

Was in BKB yesterday, looked at the repossessed property board, all the prices were reduced by 30%.

Never seen that before.

Not surprising, these are Thai units but in Pattaya the Thai units are vacation homes or rental properties for Thailand's rich. I bet there are very few mortgaged properties in Pattaya. A Thai will seldom sell for a loss and wait years, now a farang is a different story.

Here in Pattaya, unsurprisingly, no one has mentioned the projects that have these huge "fire sale" discounts. Also, my personal experience is many farangs sell units between friends or family out of the public limelight.

When the government takes action like they did with last economic crisis in the late 90's, then we will have affirmation of the serious of the current economic downturn. Then the government implemented the 5 year moratorium (1999-2004) on the 49% farang ownership restriction.

Edited February 5, 2015 by ThaiBob

[Anthony5]

Slightly off topic,

Was in BKB yesterday, looked at the repossessed property board, all the prices were reduced by 30%.

Never seen that before.

Not surprising, these are Thai units but in Pattaya the Thai units are vacation homes or rental properties for Thailand's rich. I bet there are very few mortgaged properties in Pattaya. A Thai will seldom sell for a loss and wait years, now a farang is a different story.

Here in Pattaya, unsurprisingly, no one has mentioned the projects that have these huge "fire sale" discounts. Also, my personal experience is many farangs sell units between friends or family out of the public limelight.

When the government takes action like they did with last economic crisis in the late 90's, then we will have affirmation of the serious of the current economic downturn. Then the government implemented the 5 year moratorium (1999-2004) on the 49% farang ownership restriction.

Did you notice that AoA didn't say Bangkok but BKB, which I think means Bangkok Bank, and I feel he mean the Pattaya branch.

If you think there are very few mortgaged properties in Pattaya, I can take you to a building in Jomtien where almost an entire floor has a sign of Siam commercial bank the doors.

You would be surprised how much property in Pattaya has been foreclosed by the banks, but is still occupied.

[mike2011]

Anthony, what you say is very interesting. Could you tell us a little more. I am sure many of us like to learn from your knowledge.

[Asiantravel]

Slightly off topic,

Was in BKB yesterday, looked at the repossessed property board, all the prices were reduced by 30%.

Never seen that before.

Not surprising, these are Thai units but in Pattaya the Thai units are vacation homes or rental properties for Thailand's rich. I bet there are very few mortgaged properties in Pattaya. A Thai will seldom sell for a loss and wait years, now a farang is a different story.

Here in Pattaya, unsurprisingly, no one has mentioned the projects that have these huge "fire sale" discounts. Also, my personal experience is many farangs sell units between friends or family out of the public limelight.

When the government takes action like they did with last economic crisis in the late 90's, then we will have affirmation of the serious of the current economic downturn. Then the government implemented the 5 year moratorium (1999-2004) on the 49% farang ownership restriction.

Did you notice that AoA didn't say Bangkok but BKB, which I think means Bangkok Bank, and I feel he mean the Pattaya branch.

If you think there are very few mortgaged properties in Pattaya, I can take you to a building in Jomtien where almost an entire floor has a sign of Siam commercial bank the doors.

You would be surprised how much property in Pattaya has been foreclosed by the banks, but is still occupied.

Well if that’s the case I shudder to think what the banks are claiming is the real “ market value “of some of these properties they have in their system because I have seen in great detail how exactly valuers in this country arrive at their figures and it’s off with the fairies compared to the way properties are valued in countries like Australia and America and UK. Probably wishful thinking is one way to describe what they think they will sell for.

[ThaiBob]

Slightly off topic,

Was in BKB yesterday, looked at the repossessed property board, all the prices were reduced by 30%.

Never seen that before.

Not surprising, these are Thai units but in Pattaya the Thai units are vacation homes or rental properties for Thailand's rich. I bet there are very few mortgaged properties in Pattaya. A Thai will seldom sell for a loss and wait years, now a farang is a different story.

Here in Pattaya, unsurprisingly, no one has mentioned the projects that have these huge "fire sale" discounts. Also, my personal experience is many farangs sell units between friends or family out of the public limelight.

When the government takes action like they did with last economic crisis in the late 90's, then we will have affirmation of the serious of the current economic downturn. Then the government implemented the 5 year moratorium (1999-2004) on the 49% farang ownership restriction.

Did you notice that AoA didn't say Bangkok but BKB, which I think means Bangkok Bank, and I feel he mean the Pattaya branch.

If you think there are very few mortgaged properties in Pattaya, I can take you to a building in Jomtien where almost an entire floor has a sign of Siam commercial bank the doors.

You would be surprised how much property in Pattaya has been foreclosed by the banks, but is still occupied.

You could be right but when someone says I was "in" and not "at" then my interpretation is it was not Bangkok Bank as I never seen it abbreviated that way. In Bangkok, those Thai condo projects are heavily mortgaged and probably many are upside-down. I stand by comment that Pattaya properties are primarily cash deals and mortgages here are far less common than Bangkok.

[ThaiBob]

Everybody talks about the Russian market collapsing and the huge inventory buildup, all of which is true. But people conveniently forget or put on the back burner that we are living in a "banana republic" under military dictatorship and martial law. If the situation was like it is now when I bought my property 8 years ago then I definitely would have passed on my condo purchase. Better buckle down the hatches, we could be in for a long ride.

[Anthony5]

Slightly off topic,

Was in BKB yesterday, looked at the repossessed property board, all the prices were reduced by 30%.

Never seen that before.

Not surprising, these are Thai units but in Pattaya the Thai units are vacation homes or rental properties for Thailand's rich. I bet there are very few mortgaged properties in Pattaya. A Thai will seldom sell for a loss and wait years, now a farang is a different story.

Here in Pattaya, unsurprisingly, no one has mentioned the projects that have these huge "fire sale" discounts. Also, my personal experience is many farangs sell units between friends or family out of the public limelight.

When the government takes action like they did with last economic crisis in the late 90's, then we will have affirmation of the serious of the current economic downturn. Then the government implemented the 5 year moratorium (1999-2004) on the 49% farang ownership restriction.

Did you notice that AoA didn't say Bangkok but BKB, which I think means Bangkok Bank, and I feel he mean the Pattaya branch.

If you think there are very few mortgaged properties in Pattaya, I can take you to a building in Jomtien where almost an entire floor has a sign of Siam commercial bank the doors.

You would be surprised how much property in Pattaya has been foreclosed by the banks, but is still occupied.

You could be right but when someone says I was "in" and not "at" then my interpretation is it was not Bangkok Bank as I never seen it abbreviated that way. In Bangkok, those Thai condo projects are heavily mortgaged and probably many are upside-down. I stand by comment that Pattaya properties are primarily cash deals and mortgages here are far less common than Bangkok.

Foreign deals are mostly cash, since they would have a hard time to secure a mortgage et al.

So it's obvious that the mortgaged properties belong to the Thai population.

Now try to explain us why a Thai would mortgage a condo in Bangkok but pay cash for it in Pattaya, since it is purchased for the same purposes

[ThaiBob]

Foreign deals are mostly cash, since they would have a hard time to secure a mortgage et al.

So it's obvious that the mortgaged properties belong to the Thai population.

Now try to explain us why a Thai would mortgage a condo in Bangkok but pay cash for it in Pattaya, since it is purchased for the same purposes

Certainly, local Thais in Pattaya are renters not buyers. Ever notice how the population of Pattaya seems to double on those long Thai holidays, it's the rich Bangkok Thais visiting. They buy these condos as second homes and rental investment purposes. I know for fact in my project several Thais drive from Bangkok in their Mercedes and stay in their condos 5 nights a year and hire property managers. The dangers for Pattaya real estate is not bank foreclosures of Thai mortgages but Russians walking away from their sales contracts or not buying in the future.

[Anthony5]

Foreign deals are mostly cash, since they would have a hard time to secure a mortgage et al.

So it's obvious that the mortgaged properties belong to the Thai population.

Now try to explain us why a Thai would mortgage a condo in Bangkok but pay cash for it in Pattaya, since it is purchased for the same purposes

Certainly, local Thais in Pattaya are renters not buyers. Ever notice how the population of Pattaya seems to double on those long Thai holidays, it's the rich Bangkok Thais visiting. They buy these condos as second homes and rental investment purposes. I know for fact in my project several Thais drive from Bangkok in their Mercedes and stay in their condos 5 nights a year and hire property managers. The dangers for Pattaya real estate is not bank foreclosures of Thai mortgages but Russians walking away from their sales contracts or not buying in the future.

They buy these condos as second homes and rental investment purposes.

Right you are, and they do that with money from the bank. But after they discover that trees not really grow into heaven, and that their condo doesn't rent out because there are a zillion others purchased for the same purpose, they have to foreclose because they can't pay the bank anymore.

Go have a look at VIP condo in Baan Amphur, or the one next door which is called Royal cliff condo I think, majority of owners are Thai in these 2 luxury buildings, and a lot of foreclosed condos.

Edited February 6, 2015 by Anthony5