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

[Dog Tooth]

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.

Nor have I decent condos sell, badly run small units don't

[Thainess]

Why anyone would want to buy any type of property in an unstable country that is quickly heading towards civil war and economic disaster, is frankly beyond me. A lot of falang residents of Thailand are completely oblivious to the coming crisis.

[theswedishguy]

The condo market is fun. For westerners who think in western prices "these are cheap".

The biggest difference is that in west banks earns hundreds of billions on interest. West is really funny with this.

(when a bank in west lend out money they only need to have a fraction of it in real money. For example Sweden with strict rules: 15%. People lend 1 million, where 85% don't exist and pay interest for it. And this is the western economic today. Condos can lend 80% of its value, shares 70-90%, companies have 70% dept and on and so on. Isnt this the best idea ever? Lend out something that don't exist and get interest of it? This system works as long as banks have enough cash to cover their requirement. In EU for example: Thats why the government print money. Again in Sweden: They print 20 billion more money each year hoping that the banks have enough to cover their 10-15%. Thats why cash is gone in west and people pay with card since each euro in the bank: the bank can led out 85% that don't exist. 2008 crash in US was a crash where banks suddenly didn't have enough money to cover their requirement, so they got hundreds of billions of newly printed cash. This is the reason why we have economic crash every 10 year since money don't have any value anymore. 97% of western money don't exist today, but generate interest for the banks. Anyone who knows math understand that this don't work since there is not enough printed money to pay of the depth. So we have crashes every 10 year until people rise up and stop allowing banks to lend out nothing and get interest).

In good countries like TH, we can't lend a bunch of money to buy a condo. This means that prices are more reasonable.

The problem with TH condo market is this: "reservations"

its extremely cheap compared to west to build here. Many projects are funded with "reservations". Its a huge problem

When a good location project is announced everything is reserved since its only 10% downpayment and a small monthly fee. Then they have 2-3 years to resale the project before its finished and the completion fee have to be payed.

This crashed the condo market last year in Pattaya for condos that where finished last year. Tons of russians that had reserved condos now are in panic to sell them before they are completed and they have to pay.

This is a chicken race. There are great location projects in Pattaya where the mark up is way over 50%. Next year when these projects are finished and if the rubel have not gained a lot, they also will have to sell in panic.

Tourists see: "Project with over 80% sold"

No. 80% reserved. Not sold.

Add to this the difference in western/asian culture.

Again in west: There are a ton of houses that are hundreds of years old. One of the reason why monthly fees are high is renovation/maintenance. How many 30 year old condos do you see in Thailand? Not many. Because we can't own land as farangs. For the condo builder: Its better to tear down the building after 30 years and build a new one. You can't do anything about it.

Again: Its extremely cheap to build in TH. Even good location are unsold. "why not lower prices?"
Well. That is western thinking again. And I finally figured it out last year when we tried to get some work done in a 15 year old condo project Pattaya.

Every unsold condo: The votes belongs to the owners. So even when majority of real people living wanted to maintain the house, it was voted down.

Check any high-rise, expensive condo. Every apartment without aircon is unsold. The project owner have already made money to cover the cost of the house since it cost about 20K to produce a square meter and its sold for 60-80K. Better to have empty lots than lower the price.

And then they have the votes to do what they want with their condo.

Its a fun fun place TH, but we have to stop think like westerners if we live here.

Beach front condos are still expensive since they easily can be rented out with 10-15% profit. Paying 700-1000 dollar a month in rent is not "expensive" in western eyes.

Just 700 meters into land I can rent an condo for 150 dollar/month.

Only buy a condo in TH if you are going to live there since its cheaper than renting long term (often).

If resale/renting is the goal: Location is everything.

And remember:

10 year crash cycle.

2008 --- We are already into the next crash. US stockmarket will go down 50% (and remember to buy when 50% down).

This is a fact. History is important. Happens every 8-12 year. Again and Again and Again as long as banks are allowed to lend out something that don't exist and get interest on it.

There is a reason why 1% owns over 50% of the whole worlds assets and that they get richer.

Its a fact that we don't need hunger or poverty in the world. Not even 8 hours work/days. The only problem is this 1% that believes that they are better than everyone else and that they should have 100000 times the amount of money that ordinary workers have. Bankers don't create. Its workers that create. Bitcoin could save us, but it would hurt the 1%. (and the media is owned by the same people as owns the bank so you won't be able to read about Island that instead printing money and give it for free to the banks: they looked the bankers in jail. After 5 years of hell, Iceland shows us how much better everything is without lending out air economy. BTW. Isnt if fun with no-money society? When we pay with cards the banks make 2-5%. Imagine how much free money they get.

I purpose that the government should hand out a card and get 2-5% instead of banks. Taxes could be lower a loot just with the billions and billions this would generate. Close banks. Close political parties and we will have real democracy. Each year with the tax statement: Everyone just fill in what they believe what their taxes should be used to. Ultimate economic democracy. Something politicians and bankers newer will allow. We need a 1789 revolution in west.

[anto]

Swedish guy you make a lot of good points .Just something you said though i would question >>For the condo builder: Its better to tear down the building after 30 years and build a new one. You can't do anything about it.<<

I always wondered what happens to very old Condo buildings in Thailand .?...The builder will have long gone and the Condominium is owned by the whole collection of individual owners ,so surely it can not just be knocked down ?

[Scouse123]

No,

The condo builder cannot knock it down, it is no longer his property or concern and the building just joins the long list of buildings that you see often, run-down, decrepit and in a state of severe disrepair and valueless!!

[newnative]

Hi, Scouse123! Can you post this 'long list' of Pattaya condos that are in 'state of severe disrepair and valueless'? Thanks!

[newnative]

Excellent posting, Theswedishguy. Only clarification I might make is to say that a lot of the new condos now being built already come with aircon units so checking for aircons to determine the number of units sold wouldn't work with those buildings. For new condos with aircons, check the number of units with curtains/blinds in the windows. Usually the buyer still has to install them.

[Scouse123]

I am and was referring to buildings up and down the country and even on the approaches to Bangkok..!

I have not been to Pattaya in years and years.

However, I am sure there are plenty as management companies are usually interested in profit and seldom in upkeep...!!

I have heard in the past many condo owners complain bitterly about their condos from neglect, excessive charges for works not carried out, to committees not agreeing on repairs and renewals to the often comments of owners saying their condo block has ' gone down the pan '

Anto's post stated:-

" I always wondered what happens to very old Condo buildings in Thailand .?."

[KittenKong]

In buildings with a full foreign ownership taken what is the premium for that?

It varies from building to building but 10-15% is about right in mine.

I think it's more that a farang-name unit will be easier to sell than a unit in Thai/company name.

[Henryford]

Hi, Scouse123! Can you post this 'long list' of Pattaya condos that are in 'state of severe disrepair and valueless'? Thanks!

Yes i don't see many farang condos in a bad state. Even VT 1 and 2 which are what nearly 20 years old seem fine. Places like Nirun, 9karat look quite bad but they were cheap to start with. If you have a well run condo committee there is no reason why the condo should not be maintained well for 50+ years.

[newnative]

I live in Pattaya and I would be hard-pressed to come up with even a short list of condo complexes in such a severe state of disrepair that the units are 'worthless'. Perhaps there are some small ones but I certainly can't think of any large complexes in that state of disrepair; maybe others could enlighten me. But, there are definitely some that could use a fresh coat of paint!

[Bear78]

The condo market is fun. For westerners who think in western prices "these are cheap".

The biggest difference is that in west banks earns hundreds of billions on interest. West is really funny with this.

(when a bank in west lend out money they only need to have a fraction of it in real money. For example Sweden with strict rules: 15%. People lend 1 million, where 85% don't exist and pay interest for it. And this is the western economic today. Condos can lend 80% of its value, shares 70-90%, companies have 70% dept and on and so on. Isnt this the best idea ever? Lend out something that don't exist and get interest of it? This system works as long as banks have enough cash to cover their requirement. In EU for example: Thats why the government print money. Again in Sweden: They print 20 billion more money each year hoping that the banks have enough to cover their 10-15%. Thats why cash is gone in west and people pay with card since each euro in the bank: the bank can led out 85% that don't exist. 2008 crash in US was a crash where banks suddenly didn't have enough money to cover their requirement, so they got hundreds of billions of newly printed cash. This is the reason why we have economic crash every 10 year since money don't have any value anymore. 97% of western money don't exist today, but generate interest for the banks. Anyone who knows math understand that this don't work since there is not enough printed money to pay of the depth. So we have crashes every 10 year until people rise up and stop allowing banks to lend out nothing and get interest).

In good countries like TH, we can't lend a bunch of money to buy a condo. This means that prices are more reasonable.

The problem with TH condo market is this: "reservations"

its extremely cheap compared to west to build here. Many projects are funded with "reservations". Its a huge problem

When a good location project is announced everything is reserved since its only 10% downpayment and a small monthly fee. Then they have 2-3 years to resale the project before its finished and the completion fee have to be payed.

This crashed the condo market last year in Pattaya for condos that where finished last year. Tons of russians that had reserved condos now are in panic to sell them before they are completed and they have to pay.

This is a chicken race. There are great location projects in Pattaya where the mark up is way over 50%. Next year when these projects are finished and if the rubel have not gained a lot, they also will have to sell in panic.

Tourists see: "Project with over 80% sold"

No. 80% reserved. Not sold.

Add to this the difference in western/asian culture.

Again in west: There are a ton of houses that are hundreds of years old. One of the reason why monthly fees are high is renovation/maintenance. How many 30 year old condos do you see in Thailand? Not many. Because we can't own land as farangs. For the condo builder: Its better to tear down the building after 30 years and build a new one. You can't do anything about it.

Again: Its extremely cheap to build in TH. Even good location are unsold. "why not lower prices?"

Well. That is western thinking again. And I finally figured it out last year when we tried to get some work done in a 15 year old condo project Pattaya.

Every unsold condo: The votes belongs to the owners. So even when majority of real people living wanted to maintain the house, it was voted down.

Check any high-rise, expensive condo. Every apartment without aircon is unsold. The project owner have already made money to cover the cost of the house since it cost about 20K to produce a square meter and its sold for 60-80K. Better to have empty lots than lower the price.

And then they have the votes to do what they want with their condo.

Its a fun fun place TH, but we have to stop think like westerners if we live here.

Beach front condos are still expensive since they easily can be rented out with 10-15% profit. Paying 700-1000 dollar a month in rent is not "expensive" in western eyes.

Just 700 meters into land I can rent an condo for 150 dollar/month.

Only buy a condo in TH if you are going to live there since its cheaper than renting long term (often).

If resale/renting is the goal: Location is everything.

And remember:

10 year crash cycle.

2008 --- We are already into the next crash. US stockmarket will go down 50% (and remember to buy when 50% down).

This is a fact. History is important. Happens every 8-12 year. Again and Again and Again as long as banks are allowed to lend out something that don't exist and get interest on it.

There is a reason why 1% owns over 50% of the whole worlds assets and that they get richer.

Its a fact that we don't need hunger or poverty in the world. Not even 8 hours work/days. The only problem is this 1% that believes that they are better than everyone else and that they should have 100000 times the amount of money that ordinary workers have. Bankers don't create. Its workers that create. Bitcoin could save us, but it would hurt the 1%. (and the media is owned by the same people as owns the bank so you won't be able to read about Island that instead printing money and give it for free to the banks: they looked the bankers in jail. After 5 years of hell, Iceland shows us how much better everything is without lending out air economy. BTW. Isnt if fun with no-money society? When we pay with cards the banks make 2-5%. Imagine how much free money they get.

I purpose that the government should hand out a card and get 2-5% instead of banks. Taxes could be lower a loot just with the billions and billions this would generate. Close banks. Close political parties and we will have real democracy. Each year with the tax statement: Everyone just fill in what they believe what their taxes should be used to. Ultimate economic democracy. Something politicians and bankers newer will allow. We need a 1789 revolution in west.

best post on this forum , tack

[derator01]

References to the Monarchy have been removed from view. Future posts like this could result in an immediate suspension of your membership.

[TheCruncher]

I visited 2 major new projects in Pattaya. One is finished, the other in the very near future. Both projects consist of more than 1000 units.

At the first one they told me that approximate 80% of what was sold, but they still had more than 20% of the total available in first hand sale, was sold to Asian investors. Only a few to Westerners.

When I looked at the outside of the buildings i noticed that, regardless that the building is finished a few months already, at least 90% still had the paper to the windows.

They offered me prices in the range of 70K/sqm for developer sales, which is about 15% below list price. They lied that they were not aware of any sales by investors, but the look at the building made this VERY obvious, as they probably first wanted to offload their own units.

At the second project, which will finish soon, they had only 5 one bedroom condo's available from developer, which was very strange, because when my friend went there a week ago they had only 3

Prices were +100k/sqm, but the lady told me that at least 300 would come available as soon as the building was finished, from investors who couldn't flip them yet. She told me that she was aware price offers in the range of 65K/sqm, but advised me not to buy yet, as they would get cheaper the closer the transfer date approaches.

Thai investors pay only a 5% deposit and can get finance, so they may not care to lose that money, but foreign investors pay 30% deposit + I assume some contract payments so they will try to at least recover a part of their money.

So that is straight from the horse mouth.

[KittenKong]

So that is straight from the horse mouth.

I dont care which end of the horse the information comes from: I never believe anything I'm told by anyone in real estate here.

That said, that several hundred people will fail to complete their purchases on time thus allowing their condos to revert to the developer sounds quite possible to me.

[Asiantravel]

I visited 2 major new projects in Pattaya. One is finished, the other in the very near future. Both projects consist of more than 1000 units.

At the first one they told me that approximate 80% of what was sold, but they still had more than 20% of the total available in first hand sale, was sold to Asian investors. Only a few to Westerners.

When I looked at the outside of the buildings i noticed that, regardless that the building is finished a few months already, at least 90% still had the paper to the windows.

They offered me prices in the range of 70K/sqm for developer sales, which is about 15% below list price. They lied that they were not aware of any sales by investors, but the look at the building made this VERY obvious, as they probably first wanted to offload their own units.

At the second project, which will finish soon, they had only 5 one bedroom condo's available from developer, which was very strange, because when my friend went there a week ago they had only 3

Prices were +100k/sqm, but the lady told me that at least 300 would come available as soon as the building was finished, from investors who couldn't flip them yet. She told me that she was aware price offers in the range of 65K/sqm, but advised me not to buy yet, as they would get cheaper the closer the transfer date approaches.

Thai investors pay only a 5% deposit and can get finance, so they may not care to lose that money, but foreign investors pay 30% deposit + I assume some contract payments so they will try to at least recover a part of their money.

So that is straight from the horse mouth.

" Thai investors pay only a 5% deposit and can get finance, so they may not care to lose that money"

with that kind of attitude it's no wonder they have to pay for their meals in instalments

http://www.thaivisa.com/forum/topic/884489-oishi-first-in-thailand-to-let-customers-pay-for-meals-by-installments/

[Asiantravel]

Swedish guy you make a lot of good points .Just something you said though i would question >>For the condo builder: Its better to tear down the building after 30 years and build a new one. You can't do anything about it.<<

I always wondered what happens to very old Condo buildings in Thailand .?...The builder will have long gone and the Condominium is owned by the whole collection of individual owners ,so surely it can not just be knocked down ?

may be he is confusing condominiums with apartment buildings?

[bkk6060]

Just as a comparison.

Yesterday I stopped by the Qcondo Luxury project at Nana, BKK.

30 million b for a 2 bedroom minimum 100 sqm.

Yes, it is at the Nana station but that is a negative I think as every 5 minutes from 6 am to midnight you will hear Bts coming and going. Plus, there is a large empty lot next door which I am sure will be developed at some point adding 2 years of noise.

Of course, the sales agent said they have sold many. But, it has been several months and I don't think they have started building except for the sales office. Not uncommon I guess but makes me wonder.

[TheCruncher]

Just as a comparison.

Yesterday I stopped by the Qcondo Luxury project at Nana, BKK.

30 million b for a 2 bedroom minimum 100 sqm.

Yes, it is at the Nana station but that is a negative I think as every 5 minutes from 6 am to midnight you will hear Bts coming and going. Plus, there is a large empty lot next door which I am sure will be developed at some point adding 2 years of noise.

Of course, the sales agent said they have sold many. But, it has been several months and I don't think they have started building except for the sales office. Not uncommon I guess but makes me wonder.

300K/sqm for a condo in Nana?

I bet they will sell like hot pastries.

[mcfish]

I visited 2 major new projects in Pattaya. One is finished, the other in the very near future. Both projects consist of more than 1000 units.

At the first one they told me that approximate 80% of what was sold, but they still had more than 20% of the total available in first hand sale, was sold to Asian investors. Only a few to Westerners.

When I looked at the outside of the buildings i noticed that, regardless that the building is finished a few months already, at least 90% still had the paper to the windows.

They offered me prices in the range of 70K/sqm for developer sales, which is about 15% below list price. They lied that they were not aware of any sales by investors, but the look at the building made this VERY obvious, as they probably first wanted to offload their own units.

At the second project, which will finish soon, they had only 5 one bedroom condo's available from developer, which was very strange, because when my friend went there a week ago they had only 3

Prices were +100k/sqm, but the lady told me that at least 300 would come available as soon as the building was finished, from investors who couldn't flip them yet. She told me that she was aware price offers in the range of 65K/sqm, but advised me not to buy yet, as they would get cheaper the closer the transfer date approaches.

Thai investors pay only a 5% deposit and can get finance, so they may not care to lose that money, but foreign investors pay 30% deposit + I assume some contract payments so they will try to at least recover a part of their money.

So that is straight from the horse mouth.

Some things fishy about your post. the sales lady told you not to buy yet? And she is telling you to buy it cheaper.. Nah you made that up

Sent from my SC-01D using Tapatalk

[TheCruncher]

I visited 2 major new projects in Pattaya. One is finished, the other in the very near future. Both projects consist of more than 1000 units.

At the first one they told me that approximate 80% of what was sold, but they still had more than 20% of the total available in first hand sale, was sold to Asian investors. Only a few to Westerners.

When I looked at the outside of the buildings i noticed that, regardless that the building is finished a few months already, at least 90% still had the paper to the windows.

They offered me prices in the range of 70K/sqm for developer sales, which is about 15% below list price. They lied that they were not aware of any sales by investors, but the look at the building made this VERY obvious, as they probably first wanted to offload their own units.

At the second project, which will finish soon, they had only 5 one bedroom condo's available from developer, which was very strange, because when my friend went there a week ago they had only 3

Prices were +100k/sqm, but the lady told me that at least 300 would come available as soon as the building was finished, from investors who couldn't flip them yet. She told me that she was aware price offers in the range of 65K/sqm, but advised me not to buy yet, as they would get cheaper the closer the transfer date approaches.

Thai investors pay only a 5% deposit and can get finance, so they may not care to lose that money, but foreign investors pay 30% deposit + I assume some contract payments so they will try to at least recover a part of their money.

So that is straight from the horse mouth.

Some things fishy about your post. the sales lady told you not to buy yet? And she is telling you to buy it cheaper.. Nah you made that up

Sent from my SC-01D using Tapatalk

The sales lady had only 5 condo's left from developer, and I made clear that hell would freeze over before I'll pay +100K/sqm for an average quality condo.

So probably she saw an opportunity for a little earner in mediating between buyer and seller when the massive amount of resales hit the market in just a few months time.

[newnative]

Interesting report, Cruncher. I assume the first sales office you visited was Centric Sea--I don't know any other recently opened condos in Pattaya with over 1000 units. So, 80% sold. Quite a different figure from what that other guy was saying awhile back--I think he thought it was 7%--judging by the number of lights on at night or some such nonsense. 7 not 70. So much for his guessing ability. 80% sounds about right. I was in the sales office, too, the other day and picked up the latest price lists for condos still for sale in building A and B. The sales clerk told me there was still 19% foreign quota available so sales have been fairly healthy to Thai buyers, with a number from Bangkok, I think.

As you mentioned, there are some condos available in the 70,000 Baht a square meter range--but it should be noted that those are mostly on a low floor or face east. If you want a high floor with seaview, those are around 95,000-120,000 Baht a sqm. I couldn't find any 1 bedrooms still for sale facing west in the A Building on the price list. The cheapest in the B Building was on floor 10 for 86,520 Baht a sqm. A higher floor, say floor 17, is 112,992 Baht a sqm with west seaview. The A Building (the taller one) has been more popular than B Building. Out of around 450 units for sale, it looks like there are about 50 units still available on the price list. B Building has about 460 units and has about 100 listed still for sale, the majority facing east with no seaview.

I'm not sure why you are faulting the sales clerk for wanting to sell you a condo from the developer rather than try to find a resale for you. Obviously, the developer is paying her and you are in the developer's sales office. Seems logical she would be trying to sell the developer's unsold product first. There are resales with any condo project but usually it's up to you to find them on your own. The Centric resales I have seen advertised on various websites have so far not seemed to be especially good buys from desperate sellers.

[mcfish]

Interesting report, Cruncher. I assume the first sales office you visited was Centric Sea--I don't know any other recently opened condos in Pattaya with over 1000 units. So, 80% sold. Quite a different figure from what that other guy was saying awhile back--I think he thought it was 7%--judging by the number of lights on at night or some such nonsense. 7 not 70. So much for his guessing ability. 80% sounds about right. I was in the sales office, too, the other day and picked up the latest price lists for condos still for sale in building A and B. The sales clerk told me there was still 19% foreign quota available so sales have been fairly healthy to Thai buyers, with a number from Bangkok, I think.

As you mentioned, there are some condos available in the 70,000 Baht a square meter range--but it should be noted that those are mostly on a low floor or face east. If you want a high floor with seaview, those are around 95,000-120,000 Baht a sqm. I couldn't find any 1 bedrooms still for sale facing west in the A Building on the price list. The cheapest in the B Building was on floor 10 for 86,520 Baht a sqm. A higher floor, say floor 17, is 112,992 Baht a sqm with west seaview. The A Building (the taller one) has been more popular than B Building. Out of around 450 units for sale, it looks like there are about 50 units still available on the price list. B Building has about 460 units and has about 100 listed still for sale, the majority facing east with no seaview.

I'm not sure why you are faulting the sales clerk for wanting to sell you a condo from the developer rather than try to find a resale for you. Obviously, the developer is paying her and you are in the developer's sales office. Seems logical she would be trying to sell the developer's unsold product first. There are resales with any condo project but usually it's up to you to find them on your own. The Centric resales I have seen advertised on various websites have so far not seemed to be especially good buys from desperate sellers.

Great post, we'll researched and informative for any potential buyers

Sent from my SC-01D using Tapatalk

Edited January 10, 2016 by mcfish

[TheCruncher]

Interesting report, Cruncher. I assume the first sales office you visited was Centric Sea--I don't know any other recently opened condos in Pattaya with over 1000 units. So, 80% sold. Quite a different figure from what that other guy was saying awhile back--I think he thought it was 7%--judging by the number of lights on at night or some such nonsense. 7 not 70. So much for his guessing ability. 80% sounds about right. I was in the sales office, too, the other day and picked up the latest price lists for condos still for sale in building A and B. The sales clerk told me there was still 19% foreign quota available so sales have been fairly healthy to Thai buyers, with a number from Bangkok, I think.

As you mentioned, there are some condos available in the 70,000 Baht a square meter range--but it should be noted that those are mostly on a low floor or face east. If you want a high floor with seaview, those are around 95,000-120,000 Baht a sqm. I couldn't find any 1 bedrooms still for sale facing west in the A Building on the price list. The cheapest in the B Building was on floor 10 for 86,520 Baht a sqm. A higher floor, say floor 17, is 112,992 Baht a sqm with west seaview. The A Building (the taller one) has been more popular than B Building. Out of around 450 units for sale, it looks like there are about 50 units still available on the price list. B Building has about 460 units and has about 100 listed still for sale, the majority facing east with no seaview.

I'm not sure why you are faulting the sales clerk for wanting to sell you a condo from the developer rather than try to find a resale for you. Obviously, the developer is paying her and you are in the developer's sales office. Seems logical she would be trying to sell the developer's unsold product first. There are resales with any condo project but usually it's up to you to find them on your own. The Centric resales I have seen advertised on various websites have so far not seemed to be especially good buys from desperate sellers.

It seems that you can give a swing on everything.

I'm sure to most readers of my post that, from the look at the outside of the building and the remarks of the sales person, that she meant bookings when she said sales.

Without doubt you know the difference between a booking and a sale..

Or how do you explain that a building that has been finished for a few months already, has about 90% of their "sold" units not taken up yet.

Did you also notice that I mentioned that the sales person admitted that the majority of the sold/booked units was to investors?

Oh and I'm not faulting the sales person, I only said that she lied when she said there are no resales, while there are literally hundreds of them and she obviously must be aware of that.

[huawei]

Interesting report, Cruncher. I assume the first sales office you visited was Centric Sea--I don't know any other recently opened condos in Pattaya with over 1000 units. So, 80% sold. Quite a different figure from what that other guy was saying awhile back--I think he thought it was 7%--judging by the number of lights on at night or some such nonsense. 7 not 70. So much for his guessing ability. 80% sounds about right. I was in the sales office, too, the other day and picked up the latest price lists for condos still for sale in building A and B. The sales clerk told me there was still 19% foreign quota available so sales have been fairly healthy to Thai buyers, with a number from Bangkok, I think.

As you mentioned, there are some condos available in the 70,000 Baht a square meter range--but it should be noted that those are mostly on a low floor or face east. If you want a high floor with seaview, those are around 95,000-120,000 Baht a sqm. I couldn't find any 1 bedrooms still for sale facing west in the A Building on the price list. The cheapest in the B Building was on floor 10 for 86,520 Baht a sqm. A higher floor, say floor 17, is 112,992 Baht a sqm with west seaview. The A Building (the taller one) has been more popular than B Building. Out of around 450 units for sale, it looks like there are about 50 units still available on the price list. B Building has about 460 units and has about 100 listed still for sale, the majority facing east with no seaview.

I'm not sure why you are faulting the sales clerk for wanting to sell you a condo from the developer rather than try to find a resale for you. Obviously, the developer is paying her and you are in the developer's sales office. Seems logical she would be trying to sell the developer's unsold product first. There are resales with any condo project but usually it's up to you to find them on your own. The Centric resales I have seen advertised on various websites have so far not seemed to be especially good buys from desperate sellers.

They generally have an agreement in place that they cannot help with Re- sales until they have sold the developers. That is who they have the contract with.

Do you think there will be significant re- sales of the base Pattaya.

[newnative]

Yes I know the difference between a booking and a sale. I would question your 90% figure--just as I questioned the other guy's guess that 7% of the condos were sold just by looking at the building. I would also question the 'hundreds' of resales you mentioned. I've seen some resales, of course, but I doubt there are 'hundreds' on the market. DD Property shows 15 (none a bargain) and I've seen 5or 6 on Craigslist from time to time and maybe another dozen or so on various realtor emails I have received.

[TheCruncher]

Yes I know the difference between a booking and a sale. I would question your 90% figure--just as I questioned the other guy's guess that 7% of the condos were sold just by looking at the building. I would also question the 'hundreds' of resales you mentioned. I've seen some resales, of course, but I doubt there are 'hundreds' on the market. DD Property shows 15 (none a bargain) and I've seen 5or 6 on Craigslist from time to time and maybe another dozen or so on various realtor emails I have received.

In those realtor emails, was there one included from your own office ?

[thaibeachlovers]

Interesting report, Cruncher. I assume the first sales office you visited was Centric Sea--I don't know any other recently opened condos in Pattaya with over 1000 units. So, 80% sold. Quite a different figure from what that other guy was saying awhile back--I think he thought it was 7%--judging by the number of lights on at night or some such nonsense. 7 not 70. So much for his guessing ability. 80% sounds about right. I was in the sales office, too, the other day and picked up the latest price lists for condos still for sale in building A and B. The sales clerk told me there was still 19% foreign quota available so sales have been fairly healthy to Thai buyers, with a number from Bangkok, I think.

As you mentioned, there are some condos available in the 70,000 Baht a square meter range--but it should be noted that those are mostly on a low floor or face east. If you want a high floor with seaview, those are around 95,000-120,000 Baht a sqm. I couldn't find any 1 bedrooms still for sale facing west in the A Building on the price list. The cheapest in the B Building was on floor 10 for 86,520 Baht a sqm. A higher floor, say floor 17, is 112,992 Baht a sqm with west seaview. The A Building (the taller one) has been more popular than B Building. Out of around 450 units for sale, it looks like there are about 50 units still available on the price list. B Building has about 460 units and has about 100 listed still for sale, the majority facing east with no seaview.

I'm not sure why you are faulting the sales clerk for wanting to sell you a condo from the developer rather than try to find a resale for you. Obviously, the developer is paying her and you are in the developer's sales office. Seems logical she would be trying to sell the developer's unsold product first. There are resales with any condo project but usually it's up to you to find them on your own. The Centric resales I have seen advertised on various websites have so far not seemed to be especially good buys from desperate sellers.

especially good buys from desperate sellers

As one that thinks it is a mug's game for a farang to buy any property in LOS ( and I say so often on TV threads ), I just love threads like this.

[mcfish]

Interesting report, Cruncher. I assume the first sales office you visited was Centric Sea--I don't know any other recently opened condos in Pattaya with over 1000 units. So, 80% sold. Quite a different figure from what that other guy was saying awhile back--I think he thought it was 7%--judging by the number of lights on at night or some such nonsense. 7 not 70. So much for his guessing ability. 80% sounds about right. I was in the sales office, too, the other day and picked up the latest price lists for condos still for sale in building A and B. The sales clerk told me there was still 19% foreign quota available so sales have been fairly healthy to Thai buyers, with a number from Bangkok, I think.

As you mentioned, there are some condos available in the 70,000 Baht a square meter range--but it should be noted that those are mostly on a low floor or face east. If you want a high floor with seaview, those are around 95,000-120,000 Baht a sqm. I couldn't find any 1 bedrooms still for sale facing west in the A Building on the price list. The cheapest in the B Building was on floor 10 for 86,520 Baht a sqm. A higher floor, say floor 17, is 112,992 Baht a sqm with west seaview. The A Building (the taller one) has been more popular than B Building. Out of around 450 units for sale, it looks like there are about 50 units still available on the price list. B Building has about 460 units and has about 100 listed still for sale, the majority facing east with no seaview.

I'm not sure why you are faulting the sales clerk for wanting to sell you a condo from the developer rather than try to find a resale for you. Obviously, the developer is paying her and you are in the developer's sales office. Seems logical she would be trying to sell the developer's unsold product first. There are resales with any condo project but usually it's up to you to find them on your own. The Centric resales I have seen advertised on various websites have so far not seemed to be especially good buys from desperate sellers.

especially good buys from desperate sellers

As one that thinks it is a mug's game for a farang to buy any property in LOS ( and I say so often on TV threads ), I just love threads like this.

Why? there is only one credible post and you quoted it

Edited January 10, 2016 by mcfish

[thaibeachlovers]

Interesting report, Cruncher. I assume the first sales office you visited was Centric Sea--I don't know any other recently opened condos in Pattaya with over 1000 units. So, 80% sold. Quite a different figure from what that other guy was saying awhile back--I think he thought it was 7%--judging by the number of lights on at night or some such nonsense. 7 not 70. So much for his guessing ability. 80% sounds about right. I was in the sales office, too, the other day and picked up the latest price lists for condos still for sale in building A and B. The sales clerk told me there was still 19% foreign quota available so sales have been fairly healthy to Thai buyers, with a number from Bangkok, I think.

As you mentioned, there are some condos available in the 70,000 Baht a square meter range--but it should be noted that those are mostly on a low floor or face east. If you want a high floor with seaview, those are around 95,000-120,000 Baht a sqm. I couldn't find any 1 bedrooms still for sale facing west in the A Building on the price list. The cheapest in the B Building was on floor 10 for 86,520 Baht a sqm. A higher floor, say floor 17, is 112,992 Baht a sqm with west seaview. The A Building (the taller one) has been more popular than B Building. Out of around 450 units for sale, it looks like there are about 50 units still available on the price list. B Building has about 460 units and has about 100 listed still for sale, the majority facing east with no seaview.

I'm not sure why you are faulting the sales clerk for wanting to sell you a condo from the developer rather than try to find a resale for you. Obviously, the developer is paying her and you are in the developer's sales office. Seems logical she would be trying to sell the developer's unsold product first. There are resales with any condo project but usually it's up to you to find them on your own. The Centric resales I have seen advertised on various websites have so far not seemed to be especially good buys from desperate sellers.

especially good buys from desperate sellers

As one that thinks it is a mug's game for a farang to buy any property in LOS ( and I say so often on TV threads ), I just love threads like this.

Why? there is only one credible post and you quoted it

"Desperate" sellers says it all.