should i sell it now and be done with the headache. condo

[thailanddogerator]

Love it <3

[dotpoom]

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.

Agree with all the above except it is the Agents worry about the tenant, nothing to do with the owner. Seems a huge price for a ground floor 34 Sq. Mtr. Condo. I see the prices coming down quickly now. I could have got a bigger one than I did 3 months ago if I bought now.

By the way, some agents will give ten or 12,000 Bt monthly if you let them have it all year round. I know, doesn't sound very encouraging, but it relieves you of all the hassle and for sure, in many cases you will not be informed when it has a tenant in it if you are not here to keep an eye on it. That has been my experience anyway.

Try not to worry too much though, you never know, it may be the perfect solution for you in the future if you plan on settling down here. Fate has a way of working out for the good if you keep a positive outlook.

[ggt]

I would recommend waiting it out...your personal situation may change again and you will need it...

Secondly, where are you going to put the cash in today's world economy to protect these funds?

Hold tight...you will likely loose your shirt if you sell now...if you actually have a buyer at the higher price...then by all mean sell and buy two nicely furnished condos with the money your receive...many great condos around Jomtien for a much smaller price...

[Altalake]

As you are a Senior Member you must have heard the Latin Phrase "Caveat Emptor"??

Since you seem to be a "babe in the woods" I'll spell it out for you.

Buyer Beware.

You seem not to have heeded that sage advice, so you'll probably have to pay for being so silly.

[jacko45k]

I would sell it quick if you have a buyer, although that would surprise me since it obviously is NOT in a foreign name or allocation.

Yes you can rent it out and find an agent to do so, often they are associated with the building itself, but will not manifest until it is completed.

Reading your OP it sounds like a millstone around your neck, sell if you can, take a loss and walk away.

[BKKSnowBird]

Why do people buy condos in Thailand? Rent in Thailand is so cheap and makes it so easy to up and move if you want to.

Invest your cash and rent.

[CapeThai]

Not being negative here mate, but nobody in their right mind will buy a condo in company name to start with. I'm afraid your going to be stuck with it for a very long time unless you practically give it away for well below what you paid for it.

Unless you bite the bullet and rent it out on long term.

There is SO many condos up for grabs in Pattaya at very reasonable prices in foreign name and you go buy one in company name ?

[mcfish]

Why do people buy condos in Thailand? Rent in Thailand is so cheap and makes it so easy to up and move if you want to.

Invest your cash and rent.

Condos are not expensive and 2.5m is hardly a lot of money, it gets you a posh car and that's about it really. OP broke the golden rule though and put all eggs in one basket and is backed into a corner.

Not everyone wants to live in cheap rental with cheap furniture in a crappy part of town though but if that's your style then fine but if your use to certain standards then a luxury sea view Condo with stylish furniture is not going to be cheap and you mention investing money elsewhere to fund your lifestyle but where exactly in today's economic climate?

Nothing wrong in buying a condo as part of a long term balanced investment portfolio .

[CapeThai]

Why do people buy condos in Thailand? Rent in Thailand is so cheap and makes it so easy to up and move if you want to.

Invest your cash and rent.

Agreed. I was one the fools who bought a condo, but mine is at least in my own name. Will never get my money back with the current Economic Climate.

[newnative]

Not doing homework = failing grade. But, let's see if we can pull that grade up to a Gentleman's C. In your shoes I would: 1. see if there is a late completion escape clause that would allow you to get your money back. 2, If no, decide if you want to get out now or press on--only you can answer this depending on your financial situation, where you will be living, etc. 3. If getting out now, either just walk away if your initial investment is still low or price the condo low enough for it to sell. Something is better than nothing. 4. If pressing on, see if you can change the contract to foreign name and change it if you can. 4. Whether foreign name or not, see if the condo will have a rental office on-site--some complexes like Lumpini have rental offices on-site that can find a tenant and do the paperwork. 5. if yes, I would list the condo with them and realtors handling rentals when it is finished and also try to rent it myself using Craigslist, etc. At the same time you can also be listing it for sale on Craigslist and thru realtors. Finally, I am not so pessimistic as some of the other posters. Your condo will be new and if it is in a good location and offers some amenities, I think you will find a renter. Price it fairly and don't be greedy. If it rents, you can still keep it listed for sale with tenant. The Russians will be back eventually and today's Chinese tourists may one day return as buyers. Thailand is probably starting to look great to overrun Europeans right about now. And, don't forget, there are plenty of THAIS here! The last 2 condos I rented were to single Thai professional women looking for a decent, safe place to live in a good location. Good luck!

[Pinot]

Reason #873 never to buy property in Thailand

[KittenKong]

Condos are not expensive and 2.5m is hardly a lot of money, it gets you a posh car and that's about it really.

2.5MB can get you a nice house in many parts of Europe, even in the UK, though it may not be in a very popular location. And that price includes the land it sits on.

Prices are way over the top in Thailand, especially considering how much undeveloped land there is everywhere.

[KittenKong]

Agree with all the above except it is the Agents worry about the tenant, nothing to do with the owner.

As an owner you would not worry about whether your tenant is a good one or whether he is trashing your nice condo with crack parties every day?

And you would not worry about whether the agent is correctly reporting all the income to you?

And you would not worry about not having a tenant at all and your unit being empty for months on end?

I would be concerned about all those possibilities.

[mcfish]

Condos are not expensive and 2.5m is hardly a lot of money, it gets you a posh car and that's about it really.

2.5MB can get you a nice house in many parts of Europe, even in the UK, though it may not be in a very popular location. And that price includes the land it sits on.

Prices are way over the top in Thailand, especially considering how much undeveloped land there is everywhere.

The south pole has some pretty mean deals but jokes aside why would you make such a bizarre comparison? some farm in the UK to Pattaya the worlds biggest brothel? Truly that's just really strange

Edited September 20, 2015 by mcfish

[KittenKong]

Why do people buy condos in Thailand? Rent in Thailand is so cheap and makes it so easy to up and move if you want to.

Invest your cash and rent.

I rented my unit for several years. I would have happily gone on renting it forever, especially as the rent I was paying was under 4% of the sale price.

But the owner decided that he wanted to sell it and would not renew the contract.

As I had never seen any other condo unit that I liked as much (well, not at less than 3 times the price) I decided to buy it, in the full knowledge that I was paying probably 25-40% more than it was really worth. It was either that or move to some other unit that I didnt like as much, which was unacceptable to me, or pay many times more to rent somewhere else that would cost a lot more to buy.

Mentally I wrote off every penny of the purchase price as soon as I bought the unit. I dont list it as an asset in my finances at all, unlike my car which I do list at its insured value. That way I will not be very bothered if it all goes tits up and some new Thai government cancels all long visas, or does something else to make me want to leave like introducing a special farang tax, or retroactively withdraws the right of farangs to own property at all.

Dont laugh: all the above are legally possible, if unlikely. Farangs have no real tenure in Thailand and probably never will have, and no Thai is at all concerned about my well-being.

[KittenKong]

Condos are not expensive and 2.5m is hardly a lot of money, it gets you a posh car and that's about it really.

2.5MB can get you a nice house in many parts of Europe, even in the UK, though it may not be in a very popular location. And that price includes the land it sits on.

Prices are way over the top in Thailand, especially considering how much undeveloped land there is everywhere.

The south pole has some pretty mean deals but jokes aside why would you make such a bizarre comparison? some farm in the UK to Pattaya the worlds biggest brothel? Truly that's just really strange

Not everyone wants to live in a brothel. I certainly dont, and that's why I live in Jomtien.

If that 2.5MB house in Europe came without EU income tax I would consider moving there, hookers or no hookers.

[mcfish]

Condos are not expensive and 2.5m is hardly a lot of money, it gets you a posh car and that's about it really.

2.5MB can get you a nice house in many parts of Europe, even in the UK, though it may not be in a very popular location. And that price includes the land it sits on.

Prices are way over the top in Thailand, especially considering how much undeveloped land there is everywhere.

The south pole has some pretty mean deals but jokes aside why would you make such a bizarre comparison? some farm in the UK to Pattaya the worlds biggest brothel? Truly that's just really strange

Not everyone wants to live in a brothel. I certainly dont, and that's why I live in Jomtien.

If that 2.5MB house in Europe came without EU income tax I would consider moving there, hookers or no hookers.

Can I make suggestion? start a new thread titled if you had 2.5m where in the world would you live, or something like that as I think it would be interesting but this thread is about a guy in Pattaya and its almost like your posting on this thread by mistake

[KittenKong]

Can I make suggestion? start a new thread titled if you had 2.5m where in the world would you live, or something like that as I think it would be interesting but this thread is about a guy in Pattaya and its almost like your posting on this thread by mistake

The thread is largely about the perceived and real values of his condo. The relative value of other properties elsewhere is part of the real value of his unit, like it or not. The world economy is also part of that value, especially as condos in Pattaya are largely owned by foreigners.

If you aren't interested in the notion of comparative values, why read and reply to my comments about it? No one is forcing you, as far as I know.

[Farangdanny]

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

I would be interested in names of foreign websites for selling properties in Thailand please.

[xylophone]

Quote Dirtycash: "bought condo in CCR pattaya 6 months ago, was told completion was december 2015. looks like completion will run to mid 2016 at least".

If it is anything like the condos/apartment blocks which started in Patong over a year or so ago, then I don't hold out much hope for you! Work has now just about ceased on these, with just the occasional worker or two scurrying around and so far no one has got one baht back from the down payments they made and/or the ongoing monthly commitments.

One Thai lady investor was naive enough to tell me that surely if the building wasn't finished and they went bust, that she would get her money back!!!

It might pay you to find out a little more about the financial situation of the company and why the delay in completion, because if it turns out they have run out of money/bank has withdrawn funding/incorrect building permits etc then knowing that you can make a decision on what to do. Or should I say you will be a little more informed as to the situation before you decide what to do!

[mcfish]

Can I make suggestion? start a new thread titled if you had 2.5m where in the world would you live, or something like that as I think it would be interesting but this thread is about a guy in Pattaya and its almost like your posting on this thread by mistake

The thread is largely about the perceived and real values of his condo. The relative value of other properties elsewhere is part of the real value of his unit, like it or not. The world economy is also part of that value, especially as condos in Pattaya are largely owned by foreigners.

If you aren't interested in the notion of comparative values, why read and reply to my comments about it? No one is forcing you, as far as I know.

Because a farm in the UK and Pattaya brothel town are not comparative and I felt that it should be pointed out, is that okay with you? Anyway Im out of here as this thread is past its used by date IMO and I think OP has drifted away long ago

[steven100]

Condos are not expensive and 2.5m is hardly a lot of money, it gets you a posh car and that's about it really.

2.5MB can get you a nice house in many parts of Europe, even in the UK, though it may not be in a very popular location. And that price includes the land it sits on.

Prices are way over the top in Thailand, especially considering how much undeveloped land there is everywhere.

'2.5MB can get you a nice house in many parts of Europe'

cannot go there ... to many refugees ... !!

Edited September 20, 2015 by steven100

[NCC1701A]

the time to buy is one year AFTER you see the story in the paper about condo developers not being able to make their loan payments on new construction.

[bdenner]

I may be wrong but I was under the impression a Farang could not own a ground floor condominium?? In saying that the OP did mention a company and IMHO that is going to make it harder for him to move it. 34sq M is barely a liveable area.

[KittenKong]

If it is anything like the condos/apartment blocks which started in Patong over a year or so ago, then I don't hold out much hope for you! Work has now just about ceased on these, with just the occasional worker or two scurrying around and so far no one has got one baht back from the down payments they made and/or the ongoing monthly commitments.

One Thai lady investor was naive enough to tell me that surely if the building wasn't finished and they went bust, that she would get her money back!!!

Some developments here are progressing normally, others seem to be at a complete standstill. As far as I can see the buildings that are already on the final tasks (plastering, painting, wall tiling) are the ones that are still being worked on. The holes in the ground are mostly just still holes.

Sales contracts should have specific dates and penalty clauses and conditions for reimbursement included, but many people seem to happily sign any old document without checking the details. Also it is normal for payment to be made in stages during the course of the build, but again many seem happy to pay up-front.

As far as I know bank guarantees/completion insurance are now obligatory here and so in theory people who have bought should indeed get most of their money back if the project fails. But I suspect that this will all hinge on the definition of "fail". A project that is just suspended for 5 or 10 years could be deemed not to have failed ..... yet. And quite what happens if the developers skip off back to the Middle East with all the money, I dont know.

[KittenKong]

I may be wrong but I was under the impression a Farang could not own a ground floor condominium??

There is no such rule.

[i claudius]

My wife is an agent and honest. Believe it or not,her company lets out property ,but will not look after it ,its not worth the hassle ,your main problems are ,where it is ,at the moment they have more property than you can shake a stick at ,few renters or buyers want the ground floor condo ,this month so far she has rented out 3 condo,all on high floors with good views also sold 2 both again on high floors,with good views ,I think your chances of selling or renting to be honest are slim at the best, there are so many wanting to do the same as you,sorry but a hard fact

[maidee]

so you trying to find a "pigeon" here on TVF to sell your unfinished kitchen room seize studio for a profit ?

good luck !

[KittenKong]

.... few renters or buyers want the ground floor condo ....

Yes. In most buildings the higher the floor the higher the price, and this is definitely so in high rises like mine. But in some of those low-rise lagoon developments at the back of Jomtien the premium seems to be for units on the ground floor with direct access to the lagoon, and all the screaming wildlife that inhabits them. I'm not sure whether the OP's building qualifies as a lagoon development or not.

Personally I cant think of anything worse than being near a pool, except perhaps being near an airport or a karaoke bar!

[i claudius]

Many people do not mind a pool view. As long as they are at least 10 floors above it and cannot hear the noise,lol