dirtycash Posted September 19, 2015 Share Posted September 19, 2015 bought condo in CCR pattaya 6 months ago, was told completion was december 2015. looks like completion will run to mid 2016 at least. i paid 2.5M cash for it with full furniture package. i bought it in thai company name and did not know at the time i needed to pay company fees and taxes yearly. i rushed into this deal without doing my homework and not thinking straight was going through a messy break up with wife at the time. anyway im now thinking of selling it for 2.79 M at least trying to get my money back. i dont think these units will sell for 3M on completion . its ground floor poolside 34sqm. wait untill completion or sell now ? i just do not want the headache of having to try rent it out etc. and having to be in thailand to take care of it regularly. if i cannot sell it and do need to rent it out i heard there was a guy in pattaya that will rent it out on ashort term basis for a commision, he will manage everything . does anyone know him or have had any dealings with him. Link to comment Share on other sites More sharing options...
KittenKong Posted September 19, 2015 Share Posted September 19, 2015 (edited) What makes you think you can actually sell an unfinished 34sqm company-name unit for 2.79MB? You could certainly advertise it at that price, though you may wait decades to generate any interest. If you really have a buyer at that price then I suggest you sign as quickly as possible and get the hell out, especially as from what you say this is a premium of nearly 300,000B on what you paid. Why did you pay 100% upfront anyway? Normally you only pay in stages with a final payment when the chanote is transferred. There are thousands of agents in Pattaya who will be happy to get commission for renting out your property. The trick will be finding a suitable tenant and making sure that the agent doesn't rip you off by telling you that the place isn't let when it really is. This happens often here. Edited September 19, 2015 by KittenKong Link to comment Share on other sites More sharing options...
falang07 Posted September 19, 2015 Share Posted September 19, 2015 Ground floor pool side 34sqm and in Thai company name for 2.5M? Is this in central New York? Keep dreaming. I wonder when will people wake up from their dreams and stop buying these overpriced "bargains". Link to comment Share on other sites More sharing options...
Mudcrab Posted September 19, 2015 Share Posted September 19, 2015 i bought it in thai company name and did not know at the time i needed to pay company fees and taxes yearly. Oh dear...this won't end well. Did you bring the money from overseas or is it dirtycash? Link to comment Share on other sites More sharing options...
steven100 Posted September 19, 2015 Share Posted September 19, 2015 Why not advertise to rent it out when it's finished and ready ..... get your 15,000 / m or whatever it is ... You could even arrange to meet an interested tenant in person ...... cut out the commission ... Just make sure the tenant is ok for the rent , contract drawn up , lease agreement long term ... deposit 25k Link to comment Share on other sites More sharing options...
realenglish1 Posted September 19, 2015 Share Posted September 19, 2015 I would suggest you over paid for the property. Here in Bangkok you can get one with same square meter for the same or a little bigger Sorry but I think you will have it a very long time Link to comment Share on other sites More sharing options...
peterjackson Posted September 19, 2015 Share Posted September 19, 2015 You appear to be thinking on Thai mentality. If it doesn't sell, it must be too cheap and increase the price. Then, like a Thai, you will be stuck with it forever. In it's present condition and in a company name, you would need to find another sucker like you and maybe let it go for 1.95 million on a good day. Link to comment Share on other sites More sharing options...
abrahamzvi Posted September 19, 2015 Share Posted September 19, 2015 I would suggest you over paid for the property. Here in Bangkok you can get one with same square meter for the same or a little bigger Sorry but I think you will have it a very long time Where in Bangkok??? In a good area( Sukhumvit, Sathorn, even Silom), you would be lucky to get one this size for 5-6 Million THB! Link to comment Share on other sites More sharing options...
Ulic Posted September 19, 2015 Share Posted September 19, 2015 Condos, like sailboats, easy to buy, hard to sell. Lucky if you can sell it for a 300k loss rather than a 300k gain. Link to comment Share on other sites More sharing options...
mike324 Posted September 19, 2015 Share Posted September 19, 2015 Have you been paying 300,000 in company taxes or something? By all means sell it if you can if you don't plan on living here. If you can get your asking price, why not right? Link to comment Share on other sites More sharing options...
Farangdanny Posted September 19, 2015 Share Posted September 19, 2015 No offense intended, but this is yet another classic case which proves the saying, " Most foreigners leave their brains at the airport" ! Just so some people can take advantage of them. I have a lovely tower for sale,cheap for very quick sale, located in center of PARIS. Only 500,000 Baht for very quick sale. Tremendous tourist potential GUARANTEED !! Link to comment Share on other sites More sharing options...
mogo51 Posted September 19, 2015 Share Posted September 19, 2015 There is a glut of condos and indeed all property in Pattaya now and has been for some time. Plus Russians have left in large numbers, the Chinese that come here are not looking tto live here. You can forget about making any profit or indeed getting square. You will loose money on this market. Rentals are dropping accordinlgy unless you rent it cheap and look to have it pay its way only, you can forget it. It is a buyers/renters market. Tax yu dont pay unless you are not using it for your holidays back here - get it? Link to comment Share on other sites More sharing options...
mcfish Posted September 19, 2015 Share Posted September 19, 2015 Where in Pattaya? I would expect a rent return of around 10k if its in a good location but there are soooo many condos for rent unless you drop the price dramatically to cut out the competition. My friend has his Pattaya condo for sale 8 years now, its probably the worst place in Thailand to buy a condo sadly Link to comment Share on other sites More sharing options...
F4UCorsair Posted September 19, 2015 Share Posted September 19, 2015 34 sq m???? My bedroom, and kitchen, are bigger!! If you can find a buyer anywhere near your asking price, break his leg so can't get away, then stand over him until he signs. Any penalties for not finishing on time? Link to comment Share on other sites More sharing options...
Mr Wonderful Posted September 19, 2015 Share Posted September 19, 2015 (edited) bought condo in CCR pattaya 6 months ago, was told completion was december 2015. looks like completion will run to mid 2016 at least. i paid 2.5M cash for it with full furniture package. i bought it in thai company name and did not know at the time i needed to pay company fees and taxes yearly. i rushed into this deal without doing my homework and not thinking straight was going through a messy break up with wife at the time. anyway im now thinking of selling it for 2.79 M at least trying to get my money back. i dont think these units will sell for 3M on completion . its ground floor poolside 34sqm. wait untill completion or sell now ? i just do not want the headache of having to try rent it out etc. and having to be in thailand to take care of it regularly. if i cannot sell it and do need to rent it out i heard there was a guy in pattaya that will rent it out on ashort term basis for a commision, he will manage everything . does anyone know him or have had any dealings with him. It isn't in any name at the moment. But you might have purchased under Thai quota. Check if they have foreign quota available and change the contract to your name. However you would require an FET. If you sell prior to completion and transfer then you will save all sorts of headaches and taxes because you are merely transferring he agreement, not the actual property. You can then forget about the company registration or FET and just be done with it. In short. Yes. Sell before completion and you are actually doing well if you sell at a small loss. If you can make a few hundred K you are a genius. Ps: If you can't sell it then do whatever possible to NOT own it under a Thai company. In fact what you probably don't know is that you don't really own the Thai company. Someone else (a Thai) does and they have control. Edited September 19, 2015 by Mr Wonderful Link to comment Share on other sites More sharing options...
Mr Wonderful Posted September 19, 2015 Share Posted September 19, 2015 I would suggest you over paid for the property. Here in Bangkok you can get one with same square meter for the same or a little bigger Sorry but I think you will have it a very long time Where in Bangkok??? In a good area( Sukhumvit, Sathorn, even Silom), you would be lucky to get one this size for 5-6 Million THB! Bought an excellent location for 90k per sqm. Off plan last year. Mind you they are now asking 140-160k for the same units and none are available. But ... If you know where and when to look and are willing to move fast there are good deals. Link to comment Share on other sites More sharing options...
PattayaPhom Posted September 19, 2015 Share Posted September 19, 2015 No offense intended, but this is yet another classic case which proves the saying, " Most foreigners leave their brains at the airport" ! Just so some people can take advantage of them. I have a lovely tower for sale,cheap for very quick sale, located in center of PARIS. Only 500,000 Baht for very quick sale. Tremendous tourist potential GUARANTEED !! With the sound of Prayer calling, riots every month, burnt out cars, murders on a daily basis, terrorist attacks 2 or 3 times a year and on the increase, I wouldnt give you 50 Baht for it. Link to comment Share on other sites More sharing options...
Farangdanny Posted September 19, 2015 Share Posted September 19, 2015 No offense intended, but this is yet another classic case which proves the saying, " Most foreigners leave their brains at the airport" ! Just so some people can take advantage of them. I have a lovely tower for sale,cheap for very quick sale, located in center of PARIS. Only 500,000 Baht for very quick sale. Tremendous tourist potential GUARANTEED !! With the sound of Prayer calling, riots every month, burnt out cars, murders on a daily basis, terrorist attacks 2 or 3 times a year and on the increase, I wouldnt give you 50 Baht for it. Hehe. Are you talking about MY tower or HIS condo ? Link to comment Share on other sites More sharing options...
chicowoodduck Posted September 19, 2015 Share Posted September 19, 2015 My best advice is to never buy a condo or anything else in Thailand.....a fool and his money......? Link to comment Share on other sites More sharing options...
onni4me Posted September 19, 2015 Share Posted September 19, 2015 Would I pay 100% upfront without getting anything but the promise to have it maybe next year? Ground floor? Nope... Why to buy if you are not going to live in it? Investment? Dream on... Link to comment Share on other sites More sharing options...
fred Kubasa Posted September 19, 2015 Share Posted September 19, 2015 Rentals often a bigger headache but selling might nor be so easy either ! Link to comment Share on other sites More sharing options...
The Man Who Sold the World Posted September 19, 2015 Share Posted September 19, 2015 Factual, as provided by you, you own a property, the property has associated maintenance costs, and you are “thinking of selling it for 2.79M at least trying to get my money back”. Also, factual, as history shows, everything is cyclic, including real estate. Subjective analysis provides that Thailand’s “recent” political turmoil, coupled with the world economic crisis, and the fall in the ruble, indicates that the Pattaya real estate market is a buyer’s market. This will change but who knows when. In your shoes, I would list the property for sale and consider any offers, investigate with the property management if you are legally allowed to rent the unit out (once it has been completed) perhaps with a lease-to-buy option, and, lastly, abandon the property if a buyer can’t be found (to avoid the maintenance costs). Only you can make the decision as only you know your financial status. Worse case scenario is you are not legally able to rent-it-out, you cannot afford the maintenance fees and you cannot find a buyer. I don’t know for a fact but I have serious doubts that you will be able to sell the unfinished property for the price you are thinking about – but, you never know – how good a salesman are you? Anyway, good luck. Link to comment Share on other sites More sharing options...
Nomyai Posted September 19, 2015 Share Posted September 19, 2015 No offense intended, but this is yet another classic case which proves the saying, " Most foreigners leave their brains at the airport" ! Just so some people can take advantage of them. I have a lovely tower for sale,cheap for very quick sale, located in center of PARIS. Only 500,000 Baht for very quick sale. Tremendous tourist potential GUARANTEED !! No no no!. i think guys who get into these situations never had brains in the first place. Just hardworkers who saved their money diligently-doesnt mean they were smart. Link to comment Share on other sites More sharing options...
PattayaPhom Posted September 19, 2015 Share Posted September 19, 2015 No offense intended, but this is yet another classic case which proves the saying, " Most foreigners leave their brains at the airport" ! Just so some people can take advantage of them. I have a lovely tower for sale,cheap for very quick sale, located in center of PARIS. Only 500,000 Baht for very quick sale. Tremendous tourist potential GUARANTEED !! With the sound of Prayer calling, riots every month, burnt out cars, murders on a daily basis, terrorist attacks 2 or 3 times a year and on the increase, I wouldnt give you 50 Baht for it. Hehe. Are you talking about MY tower or HIS condo ? I think you know the answer, how many of the things I listed do you see in Pattaya compared to Paris? Link to comment Share on other sites More sharing options...
Dogbreath Posted September 19, 2015 Share Posted September 19, 2015 Pattaya and Jomtien have built in excess of 30,000 condos in the past two or three years. Many projects are stalled and only have skeleton crews working on them. The Russians and the Chinese (the biggest group of buyers) have both devalued their currencies and many who put down deposits are just walking away because they can't make the progress payments. 2.5 million for a 34 sqm unit seems very ambitious especially since it is not completed and the completion date is uncertain. The poolside location is not necessarily a plus since you will have screaming children in the pool from morning til night during high season.. If you will take the time to look at offerings in Pattaya for similar units, you will see prices much lower, and those places are ready to occupy, not pie in the sky. I am afraid you are in for a rough ride. I could be wrong, but I don't think so. The Thai real estate bubble seems to be deflating rapidly. What to do? Sell it to a speculator at a substantial loss or hang with it and you may get your money out(if the project completes) in 5-10 years. Link to comment Share on other sites More sharing options...
bazza40 Posted September 19, 2015 Share Posted September 19, 2015 IMHO the OP has taken the adjective dumb to a new level. Link to comment Share on other sites More sharing options...
gandalf12 Posted September 19, 2015 Share Posted September 19, 2015 Things must have increased dramatically in price. Several yers ago I had two condos in Jomtien. Combined area 56sqm and had an internal door connecting them. Bought the two for Bht1m and sold them for the same price. Nearly Bht3m for 38spm seems to me at least high Link to comment Share on other sites More sharing options...
shaurene Posted September 19, 2015 Share Posted September 19, 2015 Reading some of the comments here make a lot of sense. I have house with a dairy type shop together. Very big in Khon Kaen, been here 7 yrs have decided to go back to Pattaya to live. I found a private sale from a swiss guy with a nice condo in Jomtiem 75 sqr mt 2 bed room corner unit in 3rd floor he asking 1.85mil which is very very good price for this size. Reading all this now makes me think to rent one until I sell this one. I know there are so many condos for sale in Pattaya/Jomtien, and just no buyers. I was going to make an offer on this Condo I think I will make offer of 1.5mil and just wait and rent one.till I sell my place or he accepts my offer. It is the same up here property market on it's ass. It will come back in Pattaya but when. Link to comment Share on other sites More sharing options...
ozyjon Posted September 19, 2015 Share Posted September 19, 2015 34sqm As said my lounge room is bigger than that. Good luck, sell before the Syrians arrive (i hear they are on their way) Link to comment Share on other sites More sharing options...
beerzy Posted September 19, 2015 Share Posted September 19, 2015 um no offence but I think your dreaming....but maybe sell on foriegn websites and a Farang might pay. But as a previous post advised Pattaya has an over supply of condos....maybe if central you might setup as a holiday condo and get say2000bht a day in high season...again put on overseas websites like trip advisor etc Link to comment Share on other sites More sharing options...
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