Housing market

[brownknees]

Been trying to sell the family home for 17 months now,not one show of interest .Is the situation so bad that no one is buying?I only advertise on the net as estate agents dont seem interested when your 10k from the city!We also have land attached but I dont want to split as it would involve moving the water system and rebuilding a wall!

Anyone else having similar problems?

[onemorechang]

Always sell for the right price.

[Bender]

I know a guy from Singapore who try to sell his condo on Sathorn road for the last 2 years( and few months) ....

[giddyup]

I live in a very nice village off the end of Nern Plubwan, only small, about 40 houses, but there have been 2 houses for sale for 6 years, and another 3 for at least 4 years. If the owners are asking too much you think they would have reduced their price by now. I would say that there is a glut of houses on the market and new villages are still being built, so who is going to buy an older house when you can move into a brand new one for the same price.

[giddyup]

Always sell for the right price.

Really?

[brownknees]

Total area is approx. 670 square metres,I thought 1.5 mill for the land and 3 mill for the house was fair.Guess I will have to reduce !!

[onemorechang]

Always sell for the right price.

Really?

Yes, is that a hard concept for you ?

People don't like the idea that they may have lost money on there property.

[giddyup]

Total area is approx. 670 square metres,I thought 1.5 mill for the land and 3 mill for the house was fair.Guess I will have to reduce !!

There's a lot of factors involved in selling, condition of the house, the location obviously, neighbours, access to schools and shopping etc. It's a tough market at present unless you're prepared to have a fire sale. I paid 3.8 million 6 years ago and doubt if i could break even if I put it on the market now, and I've spent at least another 500,000 on improvements. Hopefully I won't ever need to sell.

Edited July 9, 2016 by giddyup

[Bernard Flint]

I live in a very nice village off the end of Nern Plubwan, only small, about 40 houses, but there have been 2 houses for sale for 6 years, and another 3 for at least 4 years. If the owners are asking too much you think they would have reduced their price by now. I would say that there is a glut of houses on the market and new villages are still being built, so who is going to buy an older house when you can move into a brand new one for the same price.

Massive flooding on the darkside, power cuts, lack of water etc etc, and its Dark hahahahah

[giddyup]

I live in a very nice village off the end of Nern Plubwan, only small, about 40 houses, but there have been 2 houses for sale for 6 years, and another 3 for at least 4 years. If the owners are asking too much you think they would have reduced their price by now. I would say that there is a glut of houses on the market and new villages are still being built, so who is going to buy an older house when you can move into a brand new one for the same price.

Massive flooding on the darkside, power cuts, lack of water etc etc, and its Dark hahahahah

In 6 years probably lost power 3 or 4 times a year, usually during a storm, water goes off once or twice a month, but like most people we have an underground tank and a pump when that happens. Never once had flooding where I live, I would say Pattaya is 10 times worse for flooding, so your comments make no sense.

Edited July 9, 2016 by giddyup

[JESSVANPELT]

The estate agents concentrate on the easy money that requires no effort and that is Condo's.

Its in your best interest to Have a Thai put it on the Thai real estate blogs.

the Pattya estate agents are worthless

[onemorechang]

Total area is approx. 670 square metres,I thought 1.5 mill for the land and 3 mill for the house was fair.Guess I will have to reduce !!

What you pay for it ?:

How long ago ?

What name is it in ?

Is it open land or walled in ?

[lonewolf99]

Doomed to fail.

The whole concept of homeownership is a tangled web that has only one group winning in this country. The locals. They even get screwed and they screw themselves.

My Thai GF's brother went to his bank and bought a 2 bedroom bunglalow with a large garden near Satahip for 300,000 baht. How ?

Lots of locals buy houses and never make the payments so the banks sell them off cheap again to recoup money. Us foreigners cannot do this. We could if you had a Thai partner that was honest and and could help you......but........that is another story.

As for the market. A total mess with thousands of empty condos. I live in a new complex that has 3 buildings with about 1,200 units and barely 10% of them occupied.

[craigt3365]

We've had several houses bought and sold in our village the past 2 years. It helps that the manager is very active in the sales. But yes, it's a tough market now. For sellers.

[guzzi850m2]

Yes Pattaya's property market is completely over-flooded with houses/condos/town houses and yet they are still building them.

The owner of our village have given up building on the remaining empty plots for now, no takers, the land prices are just too high. We moved into our last house in 2009 and the situation was about the same then, well perhaps a bit more optimistic.

I doubt I can sell my house and brake even but it's not for sale anyway and doubt it ever will be in my lifetime.

Thailand has to be more inviting towards retirees and let them own houses and give them a 5 year visa and so on, that could perhaps lure some investors in. If/when the Ruble recovers that will help a bit, don't see many Russians around anymore, they seemed very keen on buying condos and houses.

Yes also our village have some trading going on, several houses have changed hands over the last few years but also a few houses with a for sale sign out front for a couple of years (price likely too high).

[brownknees]

Bought our house in 2000 for 1.7mill.tje land was bought later and is an adjacent corner plot,cost 300,000 so jus over 2 mill 15 years ago.We are 11k from central and the projct is very quite and the only crime was a break in nearbye some years backother than that nothing .No waterr shortage and power of maybe twice a year .We have land near udon and want to build there as driving in Pattaya ......!!!!

[alant]

Yes brownknees, we have 2 small bungalows and land with a pond / small lake outside of Chiang Mai 17km to the night bazaar and interest at the moment is slow

Edited July 11, 2016 by alant

[Henryford]

Doomed to fail.

The whole concept of homeownership is a tangled web that has only one group winning in this country. The locals. They even get screwed and they screw themselves.

My Thai GF's brother went to his bank and bought a 2 bedroom bunglalow with a large garden near Satahip for 300,000 baht. How ?

Lots of locals buy houses and never make the payments so the banks sell them off cheap again to recoup money. Us foreigners cannot do this. We could if you had a Thai partner that was honest and and could help you......but........that is another story.

As for the market. A total mess with thousands of empty condos. I live in a new complex that has 3 buildings with about 1,200 units and barely 10% of them occupied.

Just out of interest who pays the common fees then? is the developer still paying 90%?

[koolkarl]

Due to all governments dropping interest rates to zero with excuse of deflation, which is pure BS, new houses, malls, etc.

have been built and built and built everywhere and mostly empty. And they are still building. The inevitable crash will happen at some point

in time so demand can meet supply, unless gov. buys real estate like they buy stocks. This crash of real estate, stocks, bonds, you name it,

will a once in a 3 generation event.

Unfortunately, you will have to keep cutting your asking price until it sells.

[maxisrael]

Ii can say we where lucky bought a house at the edge of a moo-baan for 550.000 baht lived there for 8 years and sold it furnished ( we want to buy everything new in the new house) for 1.150.000 so lived free for 8 years and had money to build a new house, so who is still saying renting is better ?

[recycler]

Too many new houses and certainly locals are not interested in a second hand house.

Houses don't keep their value here, unless you are at an extremely good location, you have to depreciate as you do with a car.

[Bob12345]

I live in a very nice village off the end of Nern Plubwan, only small, about 40 houses, but there have been 2 houses for sale for 6 years, and another 3 for at least 4 years. If the owners are asking too much you think they would have reduced their price by now. I would say that there is a glut of houses on the market and new villages are still being built, so who is going to buy an older house when you can move into a brand new one for the same price.

Thats also what i see a lot; thais refusing to lower the price and being stuck with an unsold house for years in a row. They dont seem to understand the concept of timevalue of money.

Wife and i just signed for a new house (not in pattaya) as it was cheaper than an older house that is in need of restauration.

[bkk_mike]

House depreciation is seen as normal in Thailand.

Partly it's that the houses tend to age badly. (they tend to be painted concrete, and the UV light means the paint doesn't really last so unless you repaint they don't look great), and partly that things like air conditioning units and water heaters and the like tend to need to be replaced periodically, and if there's a new house costing a similar amount, all the appliances are new...

The land your house is on, will often have gone up in value, but the house itself will often have gone the other way...

Condos are almost as bad - whether you'll turn a profit often depends not on the quality of the flat itself, but how well the building is looked after. That will often depend on the "quality" of the owners, and whether the flats are empty most of the time or not, as if you have a lot of owners not paying their yearly fees on time, then, although the condo can do things like cut off water and electricity until the bill is paid, if there's nobody there, they're stuck waiting until the owner reappears...

Buying only makes sense if you're buying a place to live in for a long time, or it's a bargain and you'lre buying it to hold for demographics to push the property market up (after all, Thailand overall is getting richer, and more populous - so prices will be higher in 15-20 years - although I said the same 20 years ago, and ended up making a lot more money on my flat in London). Buying a condo as an investment - check the taxes on selling and you'll find it's not a great investment if you're planning on flipping it. There are also better places for rental yield, although if you're living here, you could at least look after the property yourself (rather than having an agent take a fee abroad).

Edited July 11, 2016 by bkk_mike

[newnative]

Don't know houses. Tough market at the moment for lower-end condo resales. Some agents would rather show clients new projects that, in some cases, offer a higher commission. There's still a market, I think, for higher-end, quality condos with seaview. Chinese are buying in Pattaya.

[Kabula]

One simply has to follow the worldwide financial retreat to understand why.

Better to rent everything now.

[overherebc]

First, decide that you're going to live in one house until you die, then it's not a worry.

Second, decide that you're not going to make a killing from buying and selling a house, unless you are the luckiest ex-pat in Thailand.

Third, work out what you would have paid in rent over the time you have lived in the house and then think about leaving and getting two/three months rent back (deposit) maybe.

Four, Sell for any significant amount above that two/three months figure is in your pocket.

Five,swear a solemn oath that you will never buy in Thailand in again.

[Guderian]

The Thai economy is having big problems and most of the rest of the global economy isn't exactly booming, Bond yields are indicating a decade of deep depression to come and many people are forecasting another global recession will start soon. Hardly surprising that the local housing market isn't exactly perky.

[whaleboneman]

Same as the used car market i think. The lot is full but they won't lower price.

[1FinickyOne]

If you paid 1.7 million in 2000 then you might have to consider 16 years of house depreciation, depending on how much you have kept it up. But remember, especially due to the climate, houses here depreciate... so, at 3MM you might be drastically over priced.

Mostly it will depend on where you are - you say near Central but not what city??

Check new building in the area and see what a comparable home might cost and then start reducing your price from there...

people tend to vastly over value their own properties... remember, it was purchased and if re-done, to your tastes, not a prospective buyer who has plenty of choice - if the home is not particularly special, then your only allure for a buyer will be how low the cost might be...

good luck.

[TravelerEastWest]

Ii can say we where lucky bought a house at the edge of a moo-baan for 550.000 baht lived there for 8 years and sold it furnished ( we want to buy everything new in the new house) for 1.150.000 so lived free for 8 years and had money to build a new house, so who is still saying renting is better ?

You invested well - good work.

No need to lose money on a house in Thailand.