Are well priced Pattaya resale condos selling now, or not?

[Jingthing]

Rather than ask people in the business who might be selling something, I'm curious what the perceptions and experiences are out there about how good or bad the condo market is for resale condos.

So, for example, if you're selling a condo and you can find lots of for sale comp prices, if you are willing to take 15 percent under the typical ad prices, good chance of selling quickly, or not?

I've heard the horror stories of people trying to sell their condos for years, but I wonder if the reason is they aren't willing to lower the price. Of course, how low is always the question.

[shirtless]

It will be tough unless you discount it , Pattaya is saturated will unsold condos ,

[Jingthing]

It will be tough unless you discount it , Pattaya is saturated will unsold condos ,

I already guessed that. But the question is how deep a discount do you need to move it relatively quickly, as in months instead of years. By discount I mean off the price levels you see in ads. For example, if you discounted 50 percent which would be horrible for the seller, would it still sit for years?

Edited January 2, 2016 by Jingthing

[TheCruncher]

My friend bought a condo right on the top of Thappraya road on the right hand side heading to Jomtien. I forgot the name, but you will know which one I mean as it only finished approximate 2 years ago, and there is only 1 just before the traffic lights.

He paid 5.3 Million and sold it last week to some foreigners that own a smaller unit in the same building, for 6.6 Million.

[Jingthing]

It's really hard to understand this market. There is no organized MLS system that tells you what things actually sell for. You can see the asks, but you can't see the sale prices.

[TheCruncher]

It will be tough unless you discount it , Pattaya is saturated will unsold condos ,

I already guessed that. But the question is how deep a discount do you need to move it relatively quickly, as in months instead of years. By discount I mean off the price levels you see in ads. For example, if you discounted 50 percent which would be horrible for the seller, would it still sit for years?

I think it is pretty simple. If it is in a good location and desirable building it will sell, if not it will sit forever regardless of the price.

There are plenty of buyers, since many want their money out of the Western banks, but there is so much choice that only the best ones are looked at.

[Jingthing]

That makes sense but you would think the ask prices already somewhat reflect the perceived optimistic market value of the condos, regardless of the location.

[anto]

If a Condo is absolute beach front (which your friends may have been ?) you will sell within months at the level of other Condos in the project.If the Condo is similar to 1000s of others you may have to discount 50 % in the present market for any hope of a sale,within a reasonable time.

[TheCruncher]

If a Condo is absolute beach front (which your friends may have been ?) you will sell within months at the level of other Condos in the project.If the Condo is similar to 1000s of others you may have to discount 50 % in the present market for any hope of a sale,within a reasonable time.

Never seen a beach in the middle of Thappraya road.

[Gsxrnz]

I don't know anybody that's sold a condo in the last 12 months, but I know five guys that are currently trying to sell. The feedback I get from them is that using an agent is virtually fruitless as they don't actually do any marketing of your property unless you agree to sell at a giveaway price.

The people I know that have managed to sell in the past (probably half a dozen I can recall going back a few years) have all sold through word of mouth to friends, or friends of friends.

It may sound stupid, but I know a couple who did their own flyers and hung them in a few bars where they knew the owner. Both sold in quick time at prices they were happy with.

[onemorechang]

It may sound stupid, but I know a couple who did their own flyers and hung them in a few bars where they knew the owner. Both sold in quick time at prices they were happy with.

That,s a good. idea.

Most estate agents are bone idle.

[n210mp]

If you are willing to sell at a fraction of a sensible price in the first place say upto 50%, off that sensible price, there are plenty of buyers around, many Thai who would also be knocking at your door, this is apart from the foreign offshore workers with plenty of spare cash who have joined forces with the delightfully Bright Thai young ladies who have learned all about the buying, selling and renting of houses condos when employed at the bigger real estate agents in town and are now making their knowledge work for them as partners of these foreign speculators.

I also think that position is as another poster pointed out primary in the quick selling of anything whether it is a condo or a house.

But this is not the time to sell in Pattaya because there is just not the turnover of tourists converting to residents as there used to be when all of the ( Most of anyway) male recently divorced or retired or both, european population was coming here with loaded wallets and a good exchange rate to boot and marrying the love of their lives, leaving their hotels not for a condo but for a house

[Jingthing]

50 percent seems like a last resort.

[OMGImInPattaya]

If you are willing to sell at a fraction of a sensible price in the first place say upto 50%, off that sensible price, there are plenty of buyers around, many Thai who would also be knocking at your door, this is apart from the foreign offshore workers with plenty of spare cash who have joined forces with the delightfully Bright Thai young ladies who have learned all about the buying, selling and renting of houses condos when employed at the bigger real estate agents in town and are now making their knowledge work for them as partners of these foreign speculators.

I also think that position is as another poster pointed out primary in the quick selling of anything whether it is a condo or a house.

But this is not the time to sell in Pattaya because there is just not the turnover of tourists converting to residents as there used to be when all of the ( Most of anyway) male recently divorced or retired or both, european population was coming here with loaded wallets and a good exchange rate to boot and marrying the love of their lives, leaving their hotels not for a condo but for a house

Maybe you've been living under a rock for awhile...oil's at $ 40 and heading to $ 30 a barrel. Those offshore workers that still have jobs aren't buying many condos at the moment.

And for Americans, the exchange rate is the best in a decade.

Edited January 2, 2016 by OMGImInPattaya

[craigt3365]

I've got a friend who's been trying to sell his condo for a few years now. Started at the market price, which is well established as it's a big building with many units. 1 year later, dropped it 10%. Last year, another 10%. Posters all over town, good word of mouth with many friends, etc. No luck. They're not sure what to do now. Maybe another 10%.

I think they are just following the downward trend of condo prices in older buildings. Too many new ones going up. A souring economy (locally and globally). I think next year might be even worse. Tough time to sell. But, if you find the right buyer, it will sell!

I highly recommend using an agent. You can also market it yourself. Can't hurt.

[KittenKong]

My friend bought a condo right on the top of Thappraya road on the right hand side heading to Jomtien. I forgot the name, but you will know which one I mean as it only finished approximate 2 years ago, and there is only 1 just before the traffic lights.

He paid 5.3 Million and sold it last week to some foreigners that own a smaller unit in the same building, for 6.6 Million.

Presumably you mean the Axis? A strange building with seemingly hardly anyone living in it. I would not pay 6.6MB to live there, but I suppose there are those who would.

[KittenKong]

50 percent seems like a last resort.

I've seen units that have sold for that, or less, when compared to the average asking price. However that was in buildings that are intrinsically not popular (far from the beach, far from Bahtbus routes etc).

I think that in a really popular building 15-20% would probably be enough to move something quite fast.

[KittenKong]

It's really hard to understand this market. There is no organized MLS system that tells you what things actually sell for. You can see the asks, but you can't see the sale prices.

This is deliberate. It's all smoke and mirrors and the whole market here is a vast Ponzi scheme that relies on no one actually knowing anything at all.

If real selling prices were known you could expect an immediate average drop of 20-30% on advertised prices.

[simple1]

50 percent seems like a last resort.

As an idea rather than dropping the asking price by 50%, why not try offering an agency with an additional say, 10 - 20 percent fee for sale, maybe an additional percentage if they sell within an agreed period. Of course need to ascertain if the condo you own fits with the agency marketing profile.

Edited January 2, 2016 by simple1

[Jingthing]

yeah there is a Thainess aspect to it. What u wanna pay?

[sotsira]

My friend bought a condo right on the top of Thappraya road on the right hand side heading to Jomtien. I forgot the name, but you will know which one I mean as it only finished approximate 2 years ago, and there is only 1 just before the traffic lights.

He paid 5.3 Million and sold it last week to some foreigners that own a smaller unit in the same building, for 6.6 Million.

If your referring to VT5D then it was completed in 2008 and VT5C in 2006.

I know of the following sales during 2015 in this condo building.

A friend of mine recently sold a high floor corner 143sqm unit for 10M which was

also the asking price.

Another one i know sold a 48sqm top floor studio for 3.2M bt after asking 3.4M.

and at the same time bought a 55sqm with extra long balcony one floor lower

for 2.9Mbt.

Another again on the top floor 55sqm studio with extra long balcony sold for 2.9M

after asking 3.4M.

Another foreign owner on the 16th floor sold a 48sqm studio for 2.8M to a Thai buyer.

[ThaiBob]

My friend bought a condo right on the top of Thappraya road on the right hand side heading to Jomtien. I forgot the name, but you will know which one I mean as it only finished approximate 2 years ago, and there is only 1 just before the traffic lights.

He paid 5.3 Million and sold it last week to some foreigners that own a smaller unit in the same building, for 6.6 Million.

If your referring to VT5D then it was completed in 2008 and VT5C in 2006.

I know of the following sales during 2015 in this condo building.

A friend of mine recently sold a high floor corner 143sqm unit for 10M which was

also the asking price.

Another one i know sold a 48sqm top floor studio for 3.2M bt after asking 3.4M.

and at the same time bought a 55sqm with extra long balcony one floor lower

for 2.9Mbt.

Another again on the top floor 55sqm studio with extra long balcony sold for 2.9M

after asking 3.4M.

Another foreign owner on the 16th floor sold a 48sqm studio for 2.8M to a Thai buyer.

5c or 5d?

[sotsira]

The last one sold to a Thai buyer was in 5C all the others were in 5D.

[TheCruncher]

My friend bought a condo right on the top of Thappraya road on the right hand side heading to Jomtien. I forgot the name, but you will know which one I mean as it only finished approximate 2 years ago, and there is only 1 just before the traffic lights.

He paid 5.3 Million and sold it last week to some foreigners that own a smaller unit in the same building, for 6.6 Million.

If your referring to VT5D then it was completed in 2008 and VT5C in 2006.

I know of the following sales during 2015 in this condo building.

A friend of mine recently sold a high floor corner 143sqm unit for 10M which was

also the asking price.

Another one i know sold a 48sqm top floor studio for 3.2M bt after asking 3.4M.

and at the same time bought a 55sqm with extra long balcony one floor lower

for 2.9Mbt.

Another again on the top floor 55sqm studio with extra long balcony sold for 2.9M

after asking 3.4M.

Another foreign owner on the 16th floor sold a 48sqm studio for 2.8M to a Thai buyer.

Is VT5 on the top of Thappraya road?

Please learn to read a post before commenting on it.

The condo I'm talking about is a few hundred meters before the turn to Pratumnak if you come from Pattaya.

Edited January 2, 2016 by TheCruncher

[sotsira]

TheCruncher,

Your post is confusing due to your description of which you said:

My friend bought a condo right on the top of Thappraya road

Which in fact it is not, so maybe you need to learn how to write a post clearly!

[KittenKong]

The condo I'm talking about is a few hundred meters before the turn to Pratumnak if you come from Pattaya.

It's not the Axis then as that is right on the corner with Pratumnak.

I cant work out which building you are referring to as the only other ones are way down near the flyover.

[ThaiBob]

The last one sold to a Thai buyer was in 5C all the others were in 5D.

Thanks, typically comparable units in 5c are higher priced than 5d. Shells from the developer are also available at a 10% discount.

[angy]

me and other friends are still looking for buy a condo or house to change for a bigger then actually owned, we saw that all the ad shows prices out of the market and rarely they can sell it but sometimes we found few pieces at good value but when we call they say it's already sold.

Maybe we have to invest more time in reading the ads or wait that the market go to pricing at what is the real value.

I suppose also that the Baht is going down in the next future so will be cheaper to buy real estate with $.

[Briggsy]

Like everything here, what you see is not the reality.

You need contacts in the Land Registry and in real estate to give you more accurate up-to-date information.

[n210mp]

If you are willing to sell at a fraction of a sensible price in the first place say upto 50%, off that sensible price, there are plenty of buyers around, many Thai who would also be knocking at your door, this is apart from the foreign offshore workers with plenty of spare cash who have joined forces with the delightfully Bright Thai young ladies who have learned all about the buying, selling and renting of houses condos when employed at the bigger real estate agents in town and are now making their knowledge work for them as partners of these foreign speculators.

I also think that position is as another poster pointed out primary in the quick selling of anything whether it is a condo or a house.

But this is not the time to sell in Pattaya because there is just not the turnover of tourists converting to residents as there used to be when all of the ( Most of anyway) male recently divorced or retired or both, european population was coming here with loaded wallets and a good exchange rate to boot and marrying the love of their lives, leaving their hotels not for a condo but for a house

Maybe you've been living under a rock for awhile...oil's at $ 40 and heading to $ 30 a barrel. Those offshore workers that still have jobs aren't buying many condos at the moment.

And for Americans, the exchange rate is the best in a decade.

Not wanting to be pedantic old girl but "offshore" is not always associated with the oil industry.

in general terms it can mean that the "lolly or moolah is from another source rather than indigenous, ie; usually offshore !

Have you not heard of Offshore investments or the term He has plenty money stashed Offshore?

Apart from the many Oil workers who have frittered their money away and not thought about a rainy day ever coming there are many offshore workers from all the relevant industries that have not gone down that route and I number quite a few among my friends and acquaintances.

Two of them quite separately are busy little bees searching out skint and disillusioned Farangs who are quite happy to take a 50% cut off their asking prices , just relieved to get anything in fact back from a bad investment in their choice property and lady.

Funnily enough they shy away from the Condo market as they think its unstable, much prefer houses which they can refurbish a little and rent out hopefully waiting for inflation or similar to boost their profits when they sell in maybe 5/10 years