Consumer officials give Phuket condo developer 1 week to solve problem

[Old Croc]

Ah Phuket....good place to invest in real estate!

I agree, many of us on this forum have made good profits from real estate investments in Phuket.

I bought a slightly rundown house in an excellent area, for a cheap price, 3 or 4 years ago. I've spent a fair amount on renovations to lift the place to a very good condition, and, if I was of a mind to sell, would be looking at doubling my investment.

However, on topic, I would never buy a condo from the plans.

[steelepulse]

Ah Phuket....good place to invest in real estate!

Another fantastic post for the Phuket forum stalker.

I have to agree with Old Croc, quite a few people have done really well on investing in Phuket real estate, including a number of board members that actually live here and not in Nakorn Nowhere bashing Phuket every chance they get. Life in the village that boring huh?

Looks like this will be a mess as companies have changed hands according to the original sales pitch article by the gazette http://www.phuketgazette.net/phuket-property/Phuketaposs-ACE-condo-holds-the-cards/22560#ad-image-0

Edited May 21, 2015 by steelepulse

[Anthony5]

Ah Phuket....good place to invest in real estate!

I agree, many of us on this forum have made good profits from real estate investments in Phuket.

I bought a slightly rundown house in an excellent area, for a cheap price, 3 or 4 years ago. I've spent a fair amount on renovations to lift the place to a very good condition, and, if I was of a mind to sell, would be looking at doubling my investment.

However, on topic, I would never buy a condo from the plans.

You realise that to sell and double your investment 2 parties are needed, a seller and more important a buyer.

The past is no prediction for the future.

[Pinot]

we had a thread on here this week with people moaning that they cant buy land etc.....does this this topic help any queries you may have ..renting is the way to go .if your a foreigner ..i think..

That's great for those that want to rent until they die. Some prefer to pay less and have a condo they own and that they can pass on to family. Why waste money on rent when you can buy? 30K per month to rent = 360K per year = 3.6 million per decade = 14.4 million if you rent for 40 years. And that doesn't even take account of inflation. Seems like a complete waste of money to me. But I guess your landlord is very happy that you have that attitude.

Anybody that pays 30,000 bahts a month for a condo should get his head read. There are so many on the market to choose from. I have 40 sq. metres and we have a pool for 4,000 a month in Chiang Mai close to everything. I do not need to live like the Jetsons. My home does not have to be my castle. At my age I will not live another 40 years I will be happy with 4.

The rent is loosely based on the cost of buying the condo, so the same holds true. If you're happy to rent, that's fine. Renting suits some people and some situations. But many people have families and prefer to buy so that they have something to pass on to the next generation. There's nothing at all wrong with that. You might not live for 40 years longer, but many will. Personally I don't like the though of paying rent forever. I would rather buy.

Also, you are happy with a 40 sqm condo, but many have families, so they'd need a house or large condo. Different situations, different solutions. Not everyone wants to live in such a small space as you do. I certainly wouldn't.

I've no idea who the Jetsons are.

One question for you. Suppose a family of 4 moves to Bangkok for work and gets paid a salary of 200K a month. Why do you think they need their head tested if they rent a condo for 30K or more? They'd likely have to pay more for a 3-bed condo. I don't see why you think that is so wrong.

Don't forget it's not just the initial outlay of money. It's the monthly fees as well. More often than not that money just goes into the pockets of the management companies. Often the fee is something like 5000b/mo +. When you consider that rent is 15,000b a month, why would you buy? The real estate market is overwhelmingly in favor of the buyer. Again, buying in Thailand is a terrible financial decision. My friend, a top realtor in Phuket (if there is such a thing) rents his house and would never consider buying. Since the Russians are gone the resale market is absolutely dead.

If one could actually own a place, at least an arguement could be made to buy but with the ridiculous ownership laws in LOS...fergedaboutit.

[KarenBravo]

Cue NKM rant......

[trogers]

At my age I will not live another 40 years I will be happy with 4.

A reason more to live like the jetsons and enjoy your last years on this world, because you can't take it with you.

I find it quite sad that someone would want to spend that last 4 years of their life in such a small condo. Surely there is more to life than finding the cheapest condo in town.

Depends on lifestyle. Would be adequate when you spend much time outside the accommodation.

[stevenl]

Don't forget it's not just the initial outlay of money. It's the monthly fees as well. More often than not that money just goes into the pockets of the management companies. Often the fee is something like 5000b/mo +. When you consider that rent is 15,000b a month, why would you buy? The real estate market is overwhelmingly in favor of the buyer. Again, buying in Thailand is a terrible financial decision. My friend, a top realtor in Phuket (if there is such a thing) rents his house and would never consider buying. Since the Russians are gone the resale market is absolutely dead.

If one could actually own a place, at least an arguement could be made to buy but with the ridiculous ownership laws in LOS...fergedaboutit.

Because, as you say, the real estate market is overwhelmingly in favor of the buyer.

[xylophone]

I have bought/owned two properties in Patong and even though I sold them both for a profit, I wouldn't do it again, more to the point I probably couldn't do it again because the arse has dropped out of the market and nothing is moving.

I have rented for the past three years or so and quite like the idea, so that will be how I will continue, however I can understand the other viewpoint with regards to ownership, such as it is here.

Were I 50 years old and looking to settle down and make my life here in Thailand then I would certainly consider buying, and I would probably settle for a nice plot of land (leased in one form or another through wife/GF/friend etc) somewhere around the Chiang Rai area, and build a large house on it, a swimming pool and have some sort of vegetable and fruit gardens – – my ideal situation here.

That would enable me to live comfortably for the rest of my natural life, provide my family with a nice place in which to live and something for their future.

HOWEVER, I am some 17 years older than stated above and for me renting is the way to go. That way if I want to leave something for my Thai GF or similar, it will be in the form of money in the bank and not through something which she cannot sell and realise the money.

In addition, with things as they are here, from the problems that farangs have with immigration, corruption, to government, to coups and things we cannot mention, I see renting as ideal for me because at any given time I can pack my suitcase and be out of the country within hours.

So I suppose it's "different strokes for different folks", however just to finish, I have always been very sceptical of "buying off the plans", even in other countries, so I certainly wouldn't do it here.

Edited May 21, 2015 by xylophone

[NamKangMan]

Ah Phuket....good place to invest in real estate!

I agree, many of us on this forum have made good profits from real estate investments in Phuket.

I bought a slightly rundown house in an excellent area, for a cheap price, 3 or 4 years ago. I've spent a fair amount on renovations to lift the place to a very good condition, and, if I was of a mind to sell, would be looking at doubling my investment.

However, on topic, I would never buy a condo from the plans.

Good luck trying to sell it.

[simon43]

I find it quite sad that someone would want to spend that last 4 years of their life in such a small condo.

What a strange comment. (Genuine) monks live in a tiny 'cell', but are happy with their lives. I live in a 25sqm 'shack' by choice (I can easily afford a penthouse with pool. but my shack suits me just fine.

IMHO, you can be extremely happy without penthouse and BMW 'crutches'.

[NamKangMan]

I find it quite sad that someone would want to spend that last 4 years of their life in such a small condo.

What a strange comment. (Genuine) monks live in a tiny 'cell', but are happy with their lives. I live in a 25sqm 'shack' by choice (I can easily afford a penthouse with pool. but my shack suits me just fine.

IMHO, you can be extremely happy without penthouse and BMW 'crutches'.

From memory, didn't you get screwed over by a Thai wife/wives in the past?

If so, you have wised up. Thai women don't want "25sqm shacks."

Probably why you are now "extremely happy."

Edited May 23, 2015 by NamKangMan