it's time to bargain when buying a condo in Pattaya

[VIPinthailand]

why they set the price for you? we all know this market is 50% over evaluated and we are the sheep. (thai will tell you same).

a 1.8 million.condo worth 1.2

a 1.2 million condo worth 800'000

it s time to set the price right. bargain all you can. don't let them to fix the price for you or leave.

[Don Mega]

I have no need for a condo (I hate them) but suddenly I have an urge to bargain for for a bargain !!

[loppylugs1]

Bargain? there are 5 pinned property notices on the start page here,but no way of quoting or asking questions. I wonder why?

[KittenKong]

It's always been time to bargain in Pattaya.

[VIPinthailand]

I would like to know if someone has bargained for a new condo and how much cheaper he paid.

I think after visiting their site , just say you are interested but you want 40 percent discount because you have other condo to visit. I would never pay the price stated on their website or advertising.

[fosseway]

I would like to know if someone has bargained for a new condo and how much cheaper he paid.

I think after visiting their site , just say you are interested but you want 40 percent discount because you have other condo to visit. I would never pay the price stated on their website or advertising.

Firstly, many of the new condos would not interest me if they were discounted by 80% !! As you are more than likely to loose 100% of your money if the development does not offer an escrow guarantee, if the contract is broken.

The used condo market is rather different, you say bid 40% less, well, this would very much depend on the asking price, this could be established by looking at the Land Office Valuation, and then comparing this to other units that have actually been sold recently.

In these "Lean" times some units are worth less than the LOV, but this is on a case by case basis, and very much depends of the condominium, the units location in the building, the restoration standard, if any.

[swissie]

Wait until next spring. Another "below expectation" High-Season and the "Bargaining" may become more attractive.

= Only goes for Condos owned by Farangs, well understood.

Cheers.

[fosseway]

I would like to know if someone has bargained for a new condo and how much cheaper he paid.

I think after visiting their site , just say you are interested but you want 40 percent discount because you have other condo to visit. I would never pay the price stated on their website or advertising.

Firstly, many of the new condos would not interest me if they were discounted by 80% !! As you are more than likely to loose 100% of your money if the development does not offer an escrow guarantee, if the contract is broken.

The used condo market is rather different, you say bid 40% less, well, this would very much depend on the asking price, this could be established by looking at the Land Office Valuation, and then comparing this to other units that have actually been sold recently.

In these "Lean" times some units are worth less than the LOV, but this is on a case by case basis, and very much depends of the condominium, the units location in the building, the restoration standard, if any.

I forgot to mention the difference in price within the 49/51% quota system,if the unit is only available in a Thai name, it is very difficult at best for a foreigner to transfer into his name, as forming a "shell company" was always a grey area at best.

There is usually a cheaper price per s.m quoted for Thai ownership with most new projects.

[SunLover2]

Negotiating is a real estate truism. Offer what the property is worth to you and go from there. But if you are seeking a 40% discount off of the asking price you will likely have a tough road to hoe. With no property taxes and low maintenance charges property owners in Thailand can better afford to hold out for their price.

And thinking about finding a distressed Russian seller? Well the Ruble is down 50% vs. the Baht in the last two years. And asking for a 40% discount off the asking price? Assuming no price appreciation that would mean the Russian seller would only be getting back approximately 30% of their initial investment after converting the proceeds back to their home currency.

If a buyer has the time and the patience to hold out for an extraordinary deal then all the best of luck to them; but IMO they should be prepared to kick a heck of a lot of tires, and don't be surprised if not too many sellers share their view of realistic market prices.

SL

[questionsreplies]

Everybody talking without real facts...

What condo did you get for cheaper (not in your dreams) ?

[aussiandrew]

It is the silly season right! Nothing ventured nothing gained right.

[nickmanchester2]

It is the silly season right! Nothing ventured nothing gained right.

do you mean that things are more expensive now as its high season?

[Basil B]

If you got a New Condo at a real bargain price I bet even then you could not sell for anything like what you paid for it...

Wonder if any of the developers guarantee to buy back property for what you paid?

It is like buying a new car in the UK, it loses half it's value as soon as you drive it out of the showroom.

Edited December 14, 2015 by Basil B

[mcfish]

why they set the price for you? we all know this market is 50% over evaluated and we are the sheep. (thai will tell you same).

a 1.8 million.condo worth 1.2

a 1.2 million condo worth 800'000

it s time to set the price right. bargain all you can. don't let them to fix the price for you or leave.

You really think that crying in to a forum where 90% can barely afford happy hour prices will somehow help push down the price of new condo's?

Your delerious.

Sent from my SC-01D using Tapatalk

[PattayaPhom]

Negotiating is a real estate truism. Offer what the property is worth to you and go from there. But if you are seeking a 40% discount off of the asking price you will likely have a tough road to hoe. With no property taxes and low maintenance charges property owners in Thailand can better afford to hold out for their price.

And thinking about finding a distressed Russian seller? Well the Ruble is down 50% vs. the Baht in the last two years. And asking for a 40% discount off the asking price? Assuming no price appreciation that would mean the Russian seller would only be getting back approximately 30% of their initial investment after converting the proceeds back to their home currency.

If a buyer has the time and the patience to hold out for an extraordinary deal then all the best of luck to them; but IMO they should be prepared to kick a heck of a lot of tires, and don't be surprised if not too many sellers share their view of realistic market prices.

SL

I believe you have your calcs back to front... a lower Ruble means repatriating the funds from Thailand to Russia would be beneficial to the Russian seller

[loppylugs1]

If you got a New Condo at a real bargain price I bet even then you could not sell for anything like what you paid for it...

Wonder if any of the developers guarantee to buy back property for what you paid?

It is like buying a new car in the UK, it loses half it's value as soon as you drive it out of the showroom.

A lot worse than this ,I'm afraid,when you realise a load of utter crap has been purchased,duped to the extreme,especially these so called themed developments,likened to waking up from a bad dream into a nightmare.

The pinned notices top of page "underpriced market value" "russian rubbish" should be buy one get ten free. Least the car after 7 years or so will look like junk,here it looks like junk a few months after purchase

[dotpoom]

As with everything.....an item is worth what people are willing to pay for it, you just go by the best offer.

[williamgeorgeallen]

I bought off plan 4 years ago, project almost finished and I doubt I could sell my condos for what I paid for them at the early bird 'discounted rate'. one friend walked into a condo project and offered thai price and payment plan on a condo and they are very keen to sell so he got it. I still think the best option is to offer low on almost finished condos. LBR1 has 46m condos for sale 1.8mill, foreign name. seems pretty good to me. think you should be offering about 40K/sq meter as a rough guide. less in a thai name. so cheap to rent now that you don't save that much owning after paying maintenance fees and upkeep.

[TaaSaparot]

Its not all doom and gloom.

The still to open, Base Condo off Second Road is totally sold out, and has been since very early on in the project.

Location is everything.

[chicowoodduck]

Why pray tell would anyone want to buy anything in LOS???

Get a coin operated gf, rent everything and be done with it...?

[mcfish]

Thai price is a myth created by a TV poster and then repeated so many times that it became true.

I went with GF whilst she was condo shopping to at least a dozen projects and nobody offered her a " thai" price. Is there a secret nod or wink or something?

Sent from my SC-01D using Tapatalk

[williamgeorgeallen]

Thai price is a myth created by a TV poster and then repeated so many times that it became true.

I went with GF whilst she was condo shopping to at least a dozen projects and nobody offered her a " thai" price. Is there a secret nod or wink or something?

Sent from my SC-01D using Tapatalk

one condo I bought was for sale for 2.4mill foreign name or 2.04 mill thai name so it must be real. also the thai option had better payment plans. thai quota is generally (not always) harder to sell so they would have to be discounted.

[KittenKong]

Thai price is a myth created by a TV poster and then repeated so many times that it became true.

I went with GF whilst she was condo shopping to at least a dozen projects and nobody offered her a " thai" price. Is there a secret nod or wink or something?

Many off-plan buildings (not all) do indeed have two price lists: one for farang name and one for Thai/company name.

There is also often a difference in asking prices between farang-name and Thai-name resale units.

It all depends on whether the building is a popular one with farangs or not, and whether farang occupancy is, or is expected to be, 49%. If it isnt then there will be no price difference.

[mcfish]

I am see that makes sense.

Sent from my SC-01D using Tapatalk

[Jimbo53]

Everybody talking without real facts...

What condo did you get for cheaper (not in your dreams) ?

I have a friend who recently bargained,and bought a 2 Bed/2 Bath condo near Jomtien..owner wanted 7.8M Baht....he got it for 5.1M......good buy!

[williamgeorgeallen]

Thai price is a myth created by a TV poster and then repeated so many times that it became true.

I went with GF whilst she was condo shopping to at least a dozen projects and nobody offered her a " thai" price. Is there a secret nod or wink or something?

Sent from my SC-01D using Tapatalk

one condo I bought was for sale for 2.4mill foreign name or 2.04 mill thai name so it must be real. also the thai option had better payment plans. thai quota is generally (not always) harder to sell so they would have to be discounted.

after a second thought why would they offer her a thai price? they would see she is thai and just give it to her automatically.

[frimu]

Thai price is a myth created by a TV poster and then repeated so many times that it became true.

I went with GF whilst she was condo shopping to at least a dozen projects and nobody offered her a " thai" price. Is there a secret nod or wink or something?

Sent from my SC-01D using Tapatalk

The Thai price system believers would tell you, that since you were with your girlfriend you two got offered the foreigner price. If you really want to test it, send here off alone with a Thai friend and then later you go to the same places with a Thai person and then compare. :-)

[KittenKong]

after a second thought why would they offer her a thai price? they would see she is thai and just give it to her automatically.

Even for farang buyers it's quite common for off-plan salespeople to start quoting the Thai/company price. Only later once the client is interested do they talk about farang prices and all the other extras.

It's like the billboards: the "from" price is for a Thai-name little box with no furniture at the back of the building with a view over the air-conditioning towers and the local chicken factory.

[Jeffkp]

There is buying real estate as an investment and buying real estate to live in. Bad idea to combine the two. I bought my condo in CM one year ago. Never thought about re-sale as I intend to live here for the rest of my life (I'm 60). If you want to sale in 5 years or so, I would rent.

I think it would take years for a Farang to truly understand Thai real estate.

[Henryford]

Unless the owner is desperate to sell they will tell you to get lost. I've sold a car and bike recently and some of the offers from these down and outs were laughable.