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

[loppylugs1]

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!

Lets see when it comes to selling,3.5 or even less.

[robertson468]

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.

This is a very poor comparison. The longer you hold on to your property/land the more it will appreciate, unless there is a sudden collapse in the market. As in every other Country in the World. Also when I bought my last house in the UK, I bargained the price down from the asking price, so some people on here have little idea of the World Markets and only have a bitch against Thailand. Another fact is I bought my land 13 years ago and it is now valued at 500% more than I bought it for.

[Shiver]

A couple of months ago a Thai told me that some condos were 700-800K on one particular development near me. I'm not really looking for a condo, but the price sounded low ball so went to have a look just for curiosity that may have made me change my view on property ownership. They seemed okay quality but really tiny and didn't capture my interest - even 2 together were still small. I was quoted 1.4mill per unit. I talked to the Thai person who told me about them and the price error, and she said "oh that is farang price".

I say this just to give you an idea of the real price compared to what the brochure says. If you look behind the counter and see the Thai language version you can see the numbers are also different. Made me feel all warm and fuzzy inside. Not.

[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.

This is a very poor comparison. The longer you hold on to your property/land the more it will appreciate, unless there is a sudden collapse in the market. As in every other Country in the World. Also when I bought my last house in the UK, I bargained the price down from the asking price, so some people on here have little idea of the World Markets and only have a bitch against Thailand. Another fact is I bought my land 13 years ago and it is now valued at 500% more than I bought it for.

Yeah right wondering which planet? 500% rise ,so someone is outside the door right now with a bundle,think not,fact is Ill say definitely not "The longer you hold onto land" negotiating prices right now in Spain and Portugal that makes the eyeballs roll at the prices here for the crap. "World markets" sure Thailand is in its own little world,Pattaya especially...and to end "your land" the wife's or company,go on give it a go

[TheCruncher]

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?

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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. :-)

You will find that Thai and Foreign prices for condo's are well published, and apply to the foreign 49% and Thai 51% quota, nothing to do with skin color.

[pegman]

Near slave labour wages. Shoddy workmanship. Worsening economy. Inventory of 1,000's of m/t shells on market for years on end. Industrial country prices. Pass.

[newnative]

The poster is correct regarding The Base. It is maintaining prices of around 100,000 Baht a sq. meter even in a slow market. Why? Pretty simple. It is a quality project by a large, well-known BKK developer in a top location. Location and the developer are the 2 key things to look for, in my opinion, when you go shopping for a condo. Another example: Centric Sea, also, like The Base, in central Pattaya. Also like The Base, a quality project, top location, and well-known BKK developer. Prices also maintaining in the 100,000 Baht a sq. meter range. And, in some cases more than 100,000B a sq. meter. A buyer recently paid over 4MB for a 35sqm. condo on one of the higher floors. Buyers are willing to pay this price per sq. meter to be in a prime location in a quality high-rise condo that offers great views and amenities. Harder to sell, in my opinion, now and in the future, are the thousands of look-alike low-rise condos being built in all those 'theme park' condos mostly far from transportation and the beach. When all those come on-line I think there will be an even bigger glut and there should be some bargains to be had--if one of those floats your boat.

[mcfish]

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.

You nailed it. I bought mine in bangkok 10 years ago and in 10 more years it would have paid for itself in rent alone The same would be true for Pattaya. The secret to good money management is to diversify, don't put all your eggs in one basket

Sent from my IdeaTabA1000-G using Tapatalk

[loppylugs1]

The poster is correct regarding The Base. It is maintaining prices of around 100,000 Baht a sq. meter even in a slow market. Why? Pretty simple. It is a quality project by a large, well-known BKK developer in a top location. Location and the developer are the 2 key things to look for, in my opinion, when you go shopping for a condo. Another example: Centric Sea, also, like The Base, in central Pattaya. Also like The Base, a quality project, top location, and well-known BKK developer. Prices also maintaining in the 100,000 Baht a sq. meter range. And, in some cases more than 100,000B a sq. meter. A buyer recently paid over 4MB for a 35sqm. condo on one of the higher floors. Buyers are willing to pay this price per sq. meter to be in a prime location in a quality high-rise condo that offers great views and amenities. Harder to sell, in my opinion, now and in the future, are the thousands of look-alike low-rise condos being built in all those 'theme park' condos mostly far from transportation and the beach. When all those come on-line I think there will be an even bigger glut and there should be some bargains to be had--if one of those floats your boat.

Slow market? you ain't seen nothing yet,worse will most definitely get worse,just waiting for those interest rises to take effect. Funny you should state Centric Sea,now is this a sales ploy? An example of a quality project and top location in your opinion. I can state hardly any of the SEA has been sold,virtually empty, sales attempted to be pushed along by freebies Ducati motorbikes,the place ;looks liked to a council block in Glasgow

[bushwacker]

I was looking at buying into a condo in Patts until reading all the stuff on climate change. In 15 years, Patts will be under water so I am now looking in CM!

[Ulic]

Like buying a sail boat, "If you are not embarrassed by your offer, you are offering too much."

[Rimmer]

Troll post, Libellous post and a post in caps removed

[newnative]

Totally not true, Loppy, regarding Centric. I was in the sales office a few days ago with a friend who is looking to maybe buy there and I think it's 70% sold--and probably a larger percentage sold for the higher floors with the best views. And, what's wrong with giving away a motorcycle? It's called MARKETING. It's called getting the customer in the door. Riviera is giving away a Mercedes. A poster mentioned about developers being happy selling 49% and then just sitting on the unsold condos. I think that is sometimes true with the 'Mom and Pop' companies but not so true with the big public companies. They have shareholders to answer to and they want to get the condos sold and move on to their next project. So, even if they have a great product they still do advertising and marketing. Just smart business.

[alex8912]

If it's a great location and a good price what makes someone think they can bargain so much? It's just like everywhere else in the world. Most new buyers want shiny and new and don't give an f about location and then when it's time to sell get screwed. I say especially in Bangkok and perhaps in Pattaya, go for a well managed and well kept older building in a great area. The best way to figure this out is after you see a nice place hang around and ask people who live there. For some reason their always seems to be the same type of "buyer" on TVF.

The ones who actually buy and have a good experience like me and then buy again.

The ones who always look and never buy but think they will find the hidden gem some decade.

The ones who buy but made ridiculous assumptions about the property and end up bitter

The ones who always say " I would never buy in Thailand blah blah blah" (always the most vocal and probably don't have a pot to piss in anyways)

Let's face it if similar units in the same complex recently sold for X $$$ what the hell makes you think you are getting yours for 40% les???

This kind of boggles my mind.

[VIPinthailand]

I have looked at condo. I don't find the one I want. I want very good quality room (30 sqm), with no noise, a thick door with card keys , wood floor, nice bathroom, small swimming pool and small fitness room on top of the building. like a hotel room.

all I see is water parks with toboggans around buildings, stinky halls, low quality rooms, unfinished paint job or bad paint job, bad maintenance, building far away from downtown, kids screaming and jumping all around...

[Rimmer]

Off topic post removed, the topic is about: buying a condo in Pattaya

If you want to ask about land ownership best to post in Real Estate, housing, house and land ownership

[mercman24]

just check out the floor area (sq m.) since when has 32 sq m, been a one bed condo ? on a new condo, as compared to buying an older condo's (sq m,) they are selling rabbit hutches today and have the cheek to call them one bed condos (my ass) so buy older established condos every time, you will have room to swing two cats round instead of one lol !!

[loppylugs1]

Totally not true, Loppy, regarding Centric. I was in the sales office a few days ago with a friend who is looking to maybe buy there and I think it's 70% sold--and probably a larger percentage sold for the higher floors with the best views. And, what's wrong with giving away a motorcycle? It's called MARKETING. It's called getting the customer in the door. Riviera is giving away a Mercedes. A poster mentioned about developers being happy selling 49% and then just sitting on the unsold condos. I think that is sometimes true with the 'Mom and Pop' companies but not so true with the big public companies. They have shareholders to answer to and they want to get the condos sold and move on to their next project. So, even if they have a great product they still do advertising and marketing. Just smart business.

There is one thing of buying to live in ,and buying to flip,just by looking at the lights on or not on at nighttime everyone must be blind

Might as well add that 30 floor monster going up on Pattaya Nua,some flippers are going to get seriously burned

Edited December 15, 2015 by loppylugs1

[The Deerhunter]

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.

Third thought. If you were with her why would they offer Thai price. That could be negotiated later if she seemed serious and it was to be hers, not her farang boyfgiend's. Or spoken in Thai, not within your hearing range.

[The Deerhunter]

The poster is correct regarding The Base. It is maintaining prices of around 100,000 Baht a sq. meter even in a slow market. Why? Pretty simple. It is a quality project by a large, well-known BKK developer in a top location. Location and the developer are the 2 key things to look for, in my opinion, when you go shopping for a condo. Another example: Centric Sea, also, like The Base, in central Pattaya. Also like The Base, a quality project, top location, and well-known BKK developer. Prices also maintaining in the 100,000 Baht a sq. meter range. And, in some cases more than 100,000B a sq. meter. A buyer recently paid over 4MB for a 35sqm. condo on one of the higher floors. Buyers are willing to pay this price per sq. meter to be in a prime location in a quality high-rise condo that offers great views and amenities. Harder to sell, in my opinion, now and in the future, are the thousands of look-alike low-rise condos being built in all those 'theme park' condos mostly far from transportation and the beach. When all those come on-line I think there will be an even bigger glut and there should be some bargains to be had--if one of those floats your boat.

Three golden rules of real estate. Location, Location & location. Quality known developer also helps a lot.

[TheCruncher]

Totally not true, Loppy, regarding Centric. I was in the sales office a few days ago with a friend who is looking to maybe buy there and I think it's 70% sold--and probably a larger percentage sold for the higher floors with the best views. And, what's wrong with giving away a motorcycle? It's called MARKETING. It's called getting the customer in the door. Riviera is giving away a Mercedes. A poster mentioned about developers being happy selling 49% and then just sitting on the unsold condos. I think that is sometimes true with the 'Mom and Pop' companies but not so true with the big public companies. They have shareholders to answer to and they want to get the condos sold and move on to their next project. So, even if they have a great product they still do advertising and marketing. Just smart business.

Nothing wrong with giving away a Ducati or a Mercedes, it only indicates that sales not go as hoped.

I understand that the Ducati is given to every buyer of a condo, while riviera only gives 1 Mercedes for the whole project, and that the Ducati promotion only started merely 2 years after the sales campaign started. This is a clear sign that they are desperate for sales.

No just wait a bit longer till Riviera nears completion date and see what they will shake out of their sleeve. Has construction of that project even started by the way?

I love the smell of despair in the morning.

[newnative]

Once again, totally incorrect regarding Centric Sea condo. Centric Sea gave away a FEW motorcycles to buyers of a FEW select units a month or so ago. I think all the units sold and it created some buzz and was a fun promotion with the motorcycle sitting in the sales office. That's good marketing--and any well-run company, be it Coca Cola, Apple, or SC Asset, is going to always be doing marketing. Centric Sea is in no way 'desperate' for sales and is doing quite nicely in a slow sales environment. Another poster who needs correcting, the one who said something about condo buildings not having lights on at night being an indication the condo has had few sales. Not always true. Drive by Lumpini Park Beach Jomtien sometime during the week at night. Huge complex of 3 thirty story buildings and you may see only a few dozen lights on. Must be a failed project with few sales, right? Wrong. It's about 80% sold out, possibly more--the reason you see so few lights is that the vast majority of the condos are owned by Bangkok residents as getaway escapes and they only come now and then, usually on weekends or holidays.

[djlest]

well dont be to quick to jump ship - ive been waiting 12 year for Bangkok property buble to pop, instead ive watched condos go from 3 million for a modest size basic condo to now 22million - jeys today i was looking for shop houses, yep those old skanky decrepid shop houses no one wants to live in now only cost 10 million up to 22 million, just because they are in Bangkok.... Predicting Thailand property is futile...

[mcfish]

well dont be to quick to jump ship - ive been waiting 12 year for Bangkok property buble to pop, instead ive watched condos go from 3 million for a modest size basic condo to now 22million - jeys today i was looking for shop houses, yep those old skanky decrepid shop houses no one wants to live in now only cost 10 million up to 22 million, just because they are in Bangkok.... Predicting Thailand property is futile...

This is the cold hard truth. My best mate has been cashed up for 10 years but has now priced him self out of the market by a huge margin. Thailand and bangkok is just a a dream now..

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[loppylugs1]

Once again, totally incorrect regarding Centric Sea condo. Centric Sea gave away a FEW motorcycles to buyers of a FEW select units a month or so ago. I think all the units sold and it created some buzz and was a fun promotion with the motorcycle sitting in the sales office. That's good marketing--and any well-run company, be it Coca Cola, Apple, or SC Asset, is going to always be doing marketing. Centric Sea is in no way 'desperate' for sales and is doing quite nicely in a slow sales environment. Another poster who needs correcting, the one who said something about condo buildings not having lights on at night being an indication the condo has had few sales. Not always true. Drive by Lumpini Park Beach Jomtien sometime during the week at night. Huge complex of 3 thirty story buildings and you may see only a few dozen lights on. Must be a failed project with few sales, right? Wrong. It's about 80% sold out, possibly more--the reason you see so few lights is that the vast majority of the condos are owned by Bangkok residents as getaway escapes and they only come now and then, usually on weekends or holidays.

This must be true then,but from where I sit everything is up for sale,but problem is nothing is selling. yes undoubtedly Bangkok owners trying a bit of flipping,goes to show why Thailand has the highest debt in the world, per individual everyone gambling prices rise,if they don't,no problem,just sit on it for evermore,

[newnative]

Certainly there are people who buy contracts on condos during the pre-sale and construction stage with the intention of then re-selling the contract later and making a profit. But, and here's the big but, they usually try to sell before the project is done and they have to go to closing and actually buy the condo. The Base condo, now finishing construction, will be sending letters in a few months to all the buyers telling them it's now time to buy your condo. Might see a bargain or two then if a buyer hasn't sold his contract and doesn't have the money to go to closing. In the case of Lumpini Park Beach, the condo has been open for a few years now and those contract buyers long ago either sold the contract, went to closing, or returned the contract to Lumpini. There may be some owners sitting on condos and leaving them empty but the large majority are actually being used, just infrequently.

It's not true that "nothing is selling". Desirable condos in desirable locations are selling--and at high prices per square meter. If a project isn't selling well, it's likely in a less than desirable location, possibly being built by a sketchy developer, not offering anything special, and not really needed,to be honest--at least by enough buyers.

[VIPinthailand]

I will look at buildings this Christmas, if I can see some light.

until now, I don't see many light. for me there is nobody living in these condos.

swimming pools are empty. and parking spots empty too.

these buildings are dead zone, just go Park Lane, Laguna, etc and you will understand what I m talking about.

Edited December 15, 2015 by VIPinthailand

[jacko45k]

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.

So would I.

Although the OP did not specify I guess we are talking of new and completed condos. As opposed to second hand (where bargaining should be obvious) and off plan, where I guess it would be more difficult.

I have always had this impression that the price is fixed and they would rather leave them empty than come down in price, but with the number available in the area and more monstrosities going up, surely something has got to give.

[loppylugs1]

Certainly there are people who buy contracts on condos during the pre-sale and construction stage with the intention of then re-selling the contract later and making a profit. But, and here's the big but, they usually try to sell before the project is done and they have to go to closing and actually buy the condo. The Base condo, now finishing construction, will be sending letters in a few months to all the buyers telling them it's now time to buy your condo. Might see a bargain or two then if a buyer hasn't sold his contract and doesn't have the money to go to closing. In the case of Lumpini Park Beach, the condo has been open for a few years now and those contract buyers long ago either sold the contract, went to closing, or returned the contract to Lumpini. There may be some owners sitting on condos and leaving them empty but the large majority are actually being used, just infrequently.

It's not true that "nothing is selling". Desirable condos in desirable locations are selling--and at high prices per square meter. If a project isn't selling well, it's likely in a less than desirable location, possibly being built by a sketchy developer, not offering anything special, and not really needed,to be honest--at least by enough buyers.

For someone who" just happened to be with a friend at Centric" you sure have a remarkable insight with developments here,not that I would query anything ,but as one who who would not trust my own shadow in any financial dealings here in Thailand,you sure follow the patter of another "plant" on the pinned topics ,top of page. Now the patter went to and fro,on the topics,... too many awkward questions were raised, lo and behold the thread was locked,,still there,but unquestionable,why is this I ask myself?/ perhaps bandwidth

From my perspective Centric as you say70% sold and you state probably to BKK individuals and used at holidays ,weekends etc, but forgive me ,living virtually in the shadow of the thing ,there are no lights on in the thing period,'cept the top sea view floors,just the constant 8 or so at rear side,appears more like 7% sold perhaps the 0 should have been omitted.Easy to see the BKK folk seeking other areas as seawater is forecast to be running from their taps next summer.

Take a few seconds to explore the pinned property topics ,top of page,this is the tip of the iceberg,what was it Colliers ,yes the international estate agency stating Bkk and Pattaya was awash with property for sale. Need to get flogging more Ducati bikes methinks,and I do not believe a word you spout

[newnative]

Pity you don't retain what you read. I said LUMPINI PARK BEACH JOMTIEN had many Bangkok buyers who only visit on weekends and holidays, not CENTRIC SEA. It's too early to tell with Centric but it's likely that will be the case at Centric, as well, as it has had a lot of BKK buyers, too, who will use the condos as getaways. The reason you are not seeing many lights on at Centric is that it has only been open for about 2 months. It's brand new and some of the buyers haven't closed yet. And, once again for the hard of hearing, the number of lights on in a project at night is no indication of anything. Instead of driving around Christmas evening looking at condo lights, VIP should visit during the day and check: the number of unsold units; the number of delinquent owners, if the information is available; the grounds; the paint, inside and out; the cleanliness; the lobby; the hallways; the front desk staffing; the condition of the gym and elevators; and the pool water--is it crystal clear or a cloudy green? If VIP still wants to drive around at night he should choose New Years--more Thai owners will be here then than at Christmas.

I'm not a shill for any company or project. I am retired and living on a small pension and social security. With a small budget, I need to be a careful shopper when it comes to condos. I've made mistakes and hope to maybe steer buyers from making the same mistakes. A lot of misinformation is thrown out here--when I see an obvious howler I might correct it--like the free Ducati with every condo purchase nonsense. Guess it could have been worse and been a free Mercedes with every purchase. Recently a poster stated that Waterfront is 90% unsold and the only condos that sold were the penthouses. I think actually the reverse is true, or was true when construction was started. Would a developer start a large, expensive project with 90% of the units unsold--I don't think so.

Buying is always not the best option, as I have said in the past. For many, renting is better. It depends on the individual and his preferences, circumstances, wants and needs. Do you have a renter or buyer temperament--IN THAILAND? Are you here short-term or are you planning to be carried out toes first? Are you here year-round or part-time? Are you buying to live in or for investment? I've stated that I wouldn't buy a 'theme-park' low-rise condo but if it's your hearts desire to sit on your balcony and look at a pirate ship, I say go for it. Just realize that the condo might not rise much in value as I think there will be a glut of these condos in a few years. It's basic supply and demand that is a big factor in prices and I think there will be too much supply and not enough demand. In contrast, The Base and Centric Sea are two new affordable highrise projects in central Pattaya offering nice amenities and seaviews. Lots of demand and not much supply--really just VT 6 with few amenities. There's a reason The Base sold out in a week. Yes, there were definitely flippers buying but not all the sales were to flippers. A good many buyers were looking for an affordable new high-rise condo in central Pattaya and the choices are The Base to the south of Central Festival and Centric Sea to the north. Despite what some posters have said, sales have been good at both projects. Finally, to answer the original question, yes you can bargain--and you should. A good developer, even with a successful project, is likely to come down some on the price--that's why they are successful. But, be realistic.