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

[dennis123]

I saw a few second hand condos and the state of the builidng after 10-15 years often disappointed me so to buy second hand I wouldn't want it to be older than just a few years.

As for discount, I think 30% would be reasonable enough.

[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.

Never seen a beach in the middle of Thappraya road.

Read again .He said the Condo his friend sold was at the top of T. road going towards Jomtien.Some of the Condos there (if he meant towards the end of T. road and before the bend ) are absolute beach front .Anyway it turns out that he meant before the top of the hill going to Jomtien .If he just named the Condo it would have made things a lot easier ;-)

[thaitero]

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

Real estate business is more or less wild west business here in Pattaya.. There are a lot of ads on internet which are not up to date or never have been,,

The main point is to collect contact details of potential buyers and try to sell them something else,,

[Naam]

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.

three persons (two good friends, one acquaintance) bought 6 units (all studios, price range 900k to 3.9m, foreign owned) in august, oktober and november 2015. 3 units were bought slightly below asking price, the other 3 at full asking price. 4 units are rented out long term, one is empty and one in a building not yet fully finished.

[anto]

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.

three persons (two good friends, one acquaintance) bought 6 units (all studios, price range 900k to 3.9m, foreign owned) in august, oktober and november 2015. 3 units were bought slightly below asking price, the other 3 at full asking price. 4 units are rented out long term, one is empty and one in a building not yet fully finished.

Will they still be occupied by next March after high season ?,i doubt it .They may have a 12 month contract ,but hardly any tenant keeps to the contract in my experience.

[TheCruncher]

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!

So what you want to say, that VT5 is on the top of Thappraya road, which it is not since it is at the bottom, or that the turn to Pratumnak is not at the top, which it is definitely is because either towards Jomtien or Pattaya the road goes down.

As far as I resemble the Pratumnak junction is at the highest point ( TOP) of Thappraya road.

[TheCruncher]

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.

It is indeed the Axis

[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.

Read again .He said the Condo his friend sold was at the top of T. road going towards Jomtien.Some of the Condos there (if he meant towards the end of T. road and before the bend ) are absolute beach front .Anyway it turns out that he meant before the top of the hill going to Jomtien .If he just named the Condo it would have made things a lot easier ;-)

TOP as in highest point, not end of road. By the way it's me who made the post.

[sotsira]

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.

It is indeed the Axis

Seems that i'm not the only one who doesn't understand your posts Mr Cruncher,

but never mind, you keep on practising and i'm sure you'll get there in the end.

[TheCruncher]

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.

It is indeed the Axis

Seems that i'm not the only one who doesn't understand your posts Mr Cruncher,

but never mind, you keep on practising and i'm sure you'll get there in the end.

Why don't you answer my questions to you in post #36, instead of exposing me for something your are yourself?

Oh and KK got it right from the first time, as he probably know the difference between top and bottom.

Edited January 2, 2016 by TheCruncher

[AbeSurd]

JT, why do you ask about selling condos?

You're not thinking of leaving us, are you?

[KittenKong]

three persons (two good friends, one acquaintance) bought 6 units (all studios, price range 900k to 3.9m, foreign owned) in august, oktober and november 2015. 3 units were bought slightly below asking price, the other 3 at full asking price.

I dont think it demonstrates much skill to buy property at or very near the asking price here. In fact any fool can do this. Nor does the fact that a few people bought at or near the asking price prove that those asking prices were in any way representative of the real value.

From what I know of Pattaya real estate, paying the asking price just means that some agent or rep somewhere has made a huge commission out of the sale and that the vendor will be very happy. The likelihood of being able to resell the same unit for the same price is very low.

Perhaps you can tell us for how long those properties were for sale at the asking prices? And how many offers were made by others, and how much they were for? That might cast more light on the true value.

[Naam]

three persons (two good friends, one acquaintance) bought 6 units (all studios, price range 900k to 3.9m, foreign owned) in august, oktober and november 2015. 3 units were bought slightly below asking price, the other 3 at full asking price.

I dont think it demonstrates much skill to buy property at or very near the asking price here. In fact any fool can do this. Nor does the fact that a few people bought at or near the asking price prove that those asking prices were in any way representative of the real value.

From what I know of Pattaya real estate, paying the asking price just means that some agent or rep somewhere has made a huge commission out of the sale and that the vendor will be very happy. The likelihood of being able to resell the same unit for the same price is very low.

Perhaps you can tell us for how long those properties were for sale at the asking prices? And how many offers were made by others, and how much they were for? That might cast more light on the true value.

i can tell you what i had for dinner yesterday and for breakfast today. i can also tell you that the buyers had specific, albeit completely different, reasons to accept the prices they paid. but i refrain from telling you the reasons because you won't understand as these reasons are light years apart from your thinking of "real/true value" and "reselling".

but i have to admit that buying a 38m² studio for THB 3.9 million to use three or four times a year for a couple of weeks each time is also light years apart from my thinking.

[Spaniel]

Here is a ad I saw recently in the Pattaya Mail: 33 SQM Studio, Soi 15 Central Pattaya. Walking distance to nearly everything Pattaya has to offer. B 2,580,000. And another: Markalnd, refurbished, sea view studio,

48 sqm, B3,000,000. The ad didn't say exactly where the 33 sqm unit is located by I'm familiar with Markland. Both prices seem pretty high. I can't imagine a 33 sqm unit for that price.

[guzzi850m2]

Here is a ad I saw recently in the Pattaya Mail: 33 SQM Studio, Soi 15 Central Pattaya. Walking distance to nearly everything Pattaya has to offer. B 2,580,000. And another: Markalnd, refurbished, sea view studio,

48 sqm, B3,000,000. The ad didn't say exactly where the 33 sqm unit is located by I'm familiar with Markland. Both prices seem pretty high. I can't imagine a 33 sqm unit for that price.

Neither could I.

The master bed room in our house is bigger than 33 M2.

Some sellers just put them on the market at highly inflated prices and hope one sucker will bite one day and also some Thais do the same and can wait +10 years if they want.

I guess as some poster mentioned that some sellers HAS to sell for one reason or the other and there you can perhaps get one for a good price but as mentioned, Pattayas condo market is very very odd.

A friend of mine living here in Pattaya, bought 2 studios in Bangkok for rental purposes, he got them around the 1 mill baht mark, also around 35-45 M2 and they are both rented out, long term.

Well all this don't help OP much.

Seems like you are slowly preparing to move back to the US JT?

Good luck with it.

[Henryford]

I tried to sell my condo last year. 100 sq m in a popular modern unit near the beach. I asked a reasonable price 45,000 baht a sq m. (which is well below the rate being asked for the new condos in the same area). For six months i didn't get even one inquiry so i took it off the market. Seems the only way to sell is to drastically cut the price which i'm not prepared to do.

Edited January 3, 2016 by Henryford

[TheCruncher]

Here is a ad I saw recently in the Pattaya Mail: 33 SQM Studio, Soi 15 Central Pattaya. Walking distance to nearly everything Pattaya has to offer. B 2,580,000. And another: Markalnd, refurbished, sea view studio,

48 sqm, B3,000,000. The ad didn't say exactly where the 33 sqm unit is located by I'm familiar with Markland. Both prices seem pretty high. I can't imagine a 33 sqm unit for that price.

I always read that Markland is much sought after, and that around 60K/sqm for a seaview unit in that building is considered a bargain.

[morrobay]

In 2001 , 2002 I saw a studio in a Jomtien View Taly advertised in the Pattaya Mail for 400, 000

[Nomyai]

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?

You go by what has sold. You dont go by what listed prices are.

[Nomyai]

I tried to sell my condo last year. 100 sq m in a popular modern unit near the beach. I asked a reasonable price 45,000 baht a sq m. (which is well below the rate being asked for the new condos in the same area). For six months i didn't get even one inquiry so i took it off the market. Seems the only way to sell is to drastically cut the price which i'm not prepared to do.

Ding ding! you have what is known as a loser! no winner winner chicken dinner for you.

can you tell us why you bought in the first place?

[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?

You go by what has sold. You dont go by what listed prices are.

Duh. Would love to but where is that published for the public? Also foreign owner share condos have a premium.

[gk10002000]

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.

I think there are a lot of draws now for Americans. As an American the exchange rate to the Baht is very decent right now. Also, Obamacare is very expensive for people that don't qualify for subsidies (me). Living overseas would qualify to be exempt from Obamacare. These two things are big Pros for me to get to Thailand for a full or semi retirement. I would love to semi retire and buy a place in or near Pattaya, even given as much as it has changed since my first visit in 2004. I love the idea of having a place I can customize a bit. 1 or 2 million baht is no big deal. However, I am pretty sure I won't buy because I have grave doubts about Pattaya's water supply. I don't want to get stuck with something I could never sell. It will take 5 or 6 years or more before I spend enough in rent to match what I would lay out by buying, depending on actual costs. I like keeping my money invested and earning dividends, so I would just rent monthly or longer term so I could walk away if needed. Plus I seem to have a knack of running into all the neighbor problems, noisy, crime, construction, etc. here in the States so I don't want to get locked in over there and then encounter the same problems.

[anto]

In 2001 , 2002 I saw a studio in a Jomtien View Taly advertised in the Pattaya Mail for 400, 000

That was about the going rate then for an unrenovated basic condo in Jomtien.I paid the same for a 6 th floor studio in JBC ,around 2003 .

[Spaniel]

In 2001 , 2002 I saw a studio in a Jomtien View Taly advertised in the Pattaya Mail for 400, 000

That was about the going rate then for an unrenovated basic condo in Jomtien.I paid the same for a 6 th floor studio in JBC ,around 2003 .

When I bought my condo in VT 2A, 14th floor 41 sqm, the posted price was B714,000. I got a discount by paying in advance and I think my total price was around B650,000. This was in 2541.

[KittenKong]

When I bought my condo in VT 2A, 14th floor 41 sqm, the posted price was B714,000. I got a discount by paying in advance and I think my total price was around B650,000. This was in 2541.

Presumably that was for a shell and you then had to pay for all the finishing work (floor tiles, bathroom, kitchen, ceiling, electrics, plumbing, painting etc etc). And furniture.

[Naam]

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?

You go by what has sold. You dont go by what listed prices are.

Duh. Would love to but where is that published for the public? Also foreign owner share condos have a premium.

and if you add a few demands such as good location, long term tenants, building not older than x-years the offered "low priced" condos become suddenly as rare as the proverbial hens with teeth.

[Naam]

Here is a ad I saw recently in the Pattaya Mail: 33 SQM Studio, Soi 15 Central Pattaya. Walking distance to nearly everything Pattaya has to offer. B 2,580,000. And another: Markalnd, refurbished, sea view studio,

48 sqm, B3,000,000. The ad didn't say exactly where the 33 sqm unit is located by I'm familiar with Markland. Both prices seem pretty high. I can't imagine a 33 sqm unit for that price.

try 30m² for 3.8 million!

http://www.thailand-property.com/developments/97/southpoint

[anto]

When I bought my condo in VT 2A, 14th floor 41 sqm, the posted price was B714,000. I got a discount by paying in advance and I think my total price was around B650,000. This was in 2541.

Presumably that was for a shell and you then had to pay for all the finishing work (floor tiles, bathroom, kitchen, ceiling, electrics, plumbing, painting etc etc). And furniture.

In my case which is general in an older Condo building ,the bathroom was complete.The whole studio needed floor tiles ,a new a/c .The ceiling had those cheap white asbestos suspended tiles which i left ,but many want to replace .

[Spaniel]

When I bought my condo in VT 2A, 14th floor 41 sqm, the posted price was B714,000. I got a discount by paying in advance and I think my total price was around B650,000. This was in 2541.

Presumably that was for a shell and you then had to pay for all the finishing work (floor tiles, bathroom, kitchen, ceiling, electrics, plumbing, painting etc etc). And furniture.

Correct. That cost a little over B300,000. So my total investment is a bit over 1 million bhat. I trasfered the money at 42.41 so even if I sold it today for 1 million bhat I would still be ahead.

[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.

I think there are a lot of draws now for Americans. As an American the exchange rate to the Baht is very decent right now. Also, Obamacare is very expensive for people that don't qualify for subsidies (me). Living overseas would qualify to be exempt from Obamacare. These two things are big Pros for me to get to Thailand for a full or semi retirement. I would love to semi retire and buy a place in or near Pattaya, even given as much as it has changed since my first visit in 2004. I love the idea of having a place I can customize a bit. 1 or 2 million baht is no big deal. However, I am pretty sure I won't buy because I have grave doubts about Pattaya's water supply. I don't want to get stuck with something I could never sell. It will take 5 or 6 years or more before I spend enough in rent to match what I would lay out by buying, depending on actual costs. I like keeping my money invested and earning dividends, so I would just rent monthly or longer term so I could walk away if needed. Plus I seem to have a knack of running into all the neighbor problems, noisy, crime, construction, etc. here in the States so I don't want to get locked in over there and then encounter the same problems.

Your concern about the water is over-blown. Yes, like in other places like California, there are occasional droughts and dry spells but we haven't had a really bad dry sPell for over 5 years now. And even in the dry times, we were never under any water use restrictions nor were their any increases in price like there have been in California. If there were a serious long-term shortage, do you think the government would just let pattaya dry up and wither away...hardly likely.

If one is paying in $ then now is the best time to buy in a decade...a very strong currency and a market that's flat on its back. One can really break some balls in this market ? If one is thinking long term, buying could make sense as it gives oNE control but renting gives flexibility but no protection against rental inflation.

As to medical care, if you cant afford obamacare you're hardly likely to be able to afford medical care in LOS is things go seriously haywire health wise.