Housing market

[giddyup]

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.

You have a sure-fire way of avoiding that? I would say that maxisrael is one of the very few that have made money on a house sale.

Edited July 11, 2016 by giddyup

[Dan5]

Thais generally much prefer new houses or condos to older ones. So selling a house or condo is much more difficult here than where I'm from (the USA) where people don't generally care whether a house is new or old.

[giddyup]

Thais generally much prefer new houses or condos to older ones. So selling a house or condo is much more difficult here than where I'm from (the USA) where people don't generally care whether a house is new or old.

Very true, the house I bought in Australia was over 50 years old, and of course in the UK and Europe the house may be over 100 (and up) years old. I would be very surprised if any of the houses built in Thailand could last that long.

[abrahamzvi]

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.

Obviously it's a tough market now. However, in whichever market, wherever, the most important factors are: location, location, location and price. At the right location and a market orientated price and, admittedly, more than a little patience, properties can be sold.

[Dellie]

People just sit on property here and never budge on the price. Always been that way. The cost of ownership is too low to force a healthy market.

[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.

Obviously it's a tough market now. However, in whichever market, wherever, the most important factors are: location, location, location and price. At the right location and a market orientated price and, admittedly, more than a little patience, properties can be sold.

Other than either beachfront, or close to, there doesn't seem to be the same kind of desirable suburbs you get in the West, at least not here in Pattaya. OK, you have areas like Pratumnak, that are sought after because of possible sea views (and a 100 other high rises) and close access to Pattaya itself, but other than that not much in the way of what I would call upmarket neighbourhoods.

[inzman]

Sold my house for the full asking price in one week! I lived in it 5 years, listed it for 90 % of the purchase price. Houses don't go up in this country, they depreciate. The ones not selling are overpriced. You can't think this is like the west.

[Global Guy]

I've been looking to invest for about two years now. I found that most sellers don't understand local market conditions, real estate and economic sentiment, or supply and demand when setting their selling price. In other words, sellers list property for too much given the market and are unwilling to be flexible.

That plus the landmines of buying in Thailand to begin with don't make it an attractive country to invest in.

[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 !!

You have loads of room to drop the price

Drop a million or a bit more and it will most likely sell.

Edited July 11, 2016 by onemorechang

[Dan5]

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

What do you mean by dark side? I've seen a few references to it lately, but have no idea what it is.

[giddyup]

I've been looking to invest for about two years now. I found that most sellers don't understand local market conditions, real estate and economic sentiment, or supply and demand when setting their selling price. In other words, sellers list property for too much given the market and are unwilling to be flexible.

That plus the landmines of buying in Thailand to begin with don't make it an attractive country to invest in.

I think calling buying a house in Thailand "an investment" is a misnomer. I, like many other retirees, bought a house to live in without thought of selling it at some time down the road, if ever, and whatever my partner gets for the house, if she chooses to sell when I'm gone, will be 100% profit for her.

Edited July 11, 2016 by giddyup

[topt]

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

What do you mean by dark side? I've seen a few references to it lately, but have no idea what it is.

It generally means anywhere east of Sukhumvit.

[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

What do you mean by dark side? I've seen a few references to it lately, but have no idea what it is.

A quick Google search would have given you this...

East Pattaya commonly referred to by the locals as The Darkside, is the area of the city across the train tracks on the other side of Sukhumvit Road. The Darkside in Pattaya stretches to highway 36 in the north, Huai Yai Road in the south and Lake Mapbrachan in the east.

[williamgeorgeallen]

i have had 2 houses in pattaya. decided to sell them. one in pratumnak sold immediately for a good profit. other one na jomtien took about 2.5 years with a reduction in price every 6 months. made a loss from the na jomtien house that wiped out the profit i made on the other one. both sold through baht sold website. cant say enough about that website. just sold a condo using that website last week as well. i am now very anti owning property in thailand.difficulty of sales is just is one of the reasons why. there are many more.

[mercman24]

my rented condo just sold, thai owner wanted 3mill 4 for it, it went for 2mill 9, if i had to move (which i do not now) my agent said no problem there are 6 for rent in my block, as they cannot sell. not had a rent rise in 3 years can't believe it . lol

[elgordo38]

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.

Yes its the cheap cash that is goosing the housing market. Everybody suddenly glommed onto this idea that building something was a path to prosperity.

[MissAndry]

I, like many other retirees, bought a house to live in without thought of selling it at some time down the road, if ever, and whatever my partner gets for the house, if she chooses to sell when I'm gone, will be 100% profit for her.

What if she sells it, or borrows against it tomorrow?

[giddyup]

my rented condo just sold, thai owner wanted 3mill 4 for it, it went for 2mill 9, if i had to move (which i do not now) my agent said no problem there are 6 for rent in my block, as they cannot sell. not had a rent rise in 3 years can't believe it . lol

A Thai owner that was prepared to sell for less than he was asking? A rare beast indeed!

[giddyup]

I, like many other retirees, bought a house to live in without thought of selling it at some time down the road, if ever, and whatever my partner gets for the house, if she chooses to sell when I'm gone, will be 100% profit for her.

What if she sells it, or borrows against it tomorrow?

Bit hard to do when I have a 30 year lease. Besides, she has everything she wants, no need to borrow money. She doesn't drink or gamble, has no greedy kids or loser brothers and sisters.

Edited July 11, 2016 by giddyup

[MissAndry]

I, like many other retirees, bought a house to live in without thought of selling it at some time down the road, if ever, and whatever my partner gets for the house, if she chooses to sell when I'm gone, will be 100% profit for her.

What if she sells it, or borrows against it tomorrow?

Bit hard to do when I have a 30 year lease.

In that case let's hope you're not "here today, and gone tomorrow"

PS

I was married quite a while back in the UK, he too would have claimed that I had everything I wanted, but what I really, really wanted, was his house and pension with him gone! And he was my age.

Edited July 11, 2016 by MissAndry

[giddyup]

I, like many other retirees, bought a house to live in without thought of selling it at some time down the road, if ever, and whatever my partner gets for the house, if she chooses to sell when I'm gone, will be 100% profit for her.

What if she sells it, or borrows against it tomorrow?

Bit hard to do when I have a 30 year lease.

In that case let's hope you're not "here today, and gone tomorrow"

Been together 7 years and had the house for 6 years, she's a trooper.

[elgordo38]

Funny Phenomena. I have lived in this condo for 5 years and we have had about 10 empty commercial units on the main floor. When I first moved in times I feel were better than now. Now that times have taken a bit of a turn for the worst all of a sudden these units are being remodeled and rented out to businesses well lets just say I would not invest in them. Go figure.

[akentryan]

My village on the dark side does not flood, has rare, short power losses, and very rare water stoppages. The developer is building 2 million baht town houses now and there are 5 houses in the 3 to 4 million baht range unsold for years. Clubhouse and community pool not open and no gate security. My house was bought for 3.8 million but i couldn't get that today. Bangkok is another story entirely. I have a town house in Bang Sue that was bought 25 years ago for 1.1 million. An identical unit across the street just sold for 2.5 million. Location, location, location

[Robert24]

Your asking price is probably too high would be my guess. Recommend you look at the land and house separate. What appreciates in Thailand is land, houses/condos depreciate in value as people pointed out.

The land value is determined on the location (are you near the main road etc etc) whereas the house you probably have to take at least a 30%-50% cut from what you paid in 2000.

hope this helps. Supply of property is huge across Thailand so unless you price it attractively, it's hard to sell.

[williamgeorgeallen]

not many people really understand property. like one poster said land and buildings need to be considered separately.

first land generally appreciates as it is a limited resource. desirability of location is important on this. major center, close to the ocean, employment opportunit etc.

second buildings and houses depreciate over time. often the may actually go up in value as the cost of replacing them generally goes up, cost of labor and materials etc. the increase in the cost of replacement generally outpaces the depreciation up until the point where the building comes closer towards the end of its useful life.

now these are generalizations of course but they generally hold true. overall property normally has to double approximately every 10 years just to keep pace with inflation. the spending power of 2.5million now would be far less than 1.1 million 25 years ago, if fact the case quoted in bangkok showed a loss. the expression 'safe as houses' does not hold very true here. 10 years investing in australia and i am pretty much retired. 10 years of investing in thailand and i am barely breaking even. any one looking for a cheap condo?

[sead]

Did you try to rent it out?

[Rimmer]

Multiple off topic posts and replies discussing property in another country have been removed, we are in Thailand and this is the Pattaya Forum

[brownknees]

I get the point about dropping the price and agree I will do it.However what got me was absolutley no one came to look!!!The house is not falling down its in good nick and was actually a show house for the project!Selling the land could be the only option to get the money I need but then who knows what would be built next to the house you have left!!

[giddyup]

I get the point about dropping the price and agree I will do it.However what got me was absolutley no one came to look!!!The house is not falling down its in good nick and was actually a show house for the project!Selling the land could be the only option to get the money I need but then who knows what would be built next to the house you have left!!

Maybe you need to advertise on more sites. Put flyers up in supermarkets etc, sounds like not enough people are viewing your ad, or maybe there is a slump on and no one is buying, but 17 months sounds like a long time without at least a few tyre kickers.

[onemorechang]

I get the point about dropping the price and agree I will do it.However what got me was absolutley no one came to look!!!The house is not falling down its in good nick and was actually a show house for the project!Selling the land could be the only option to get the money I need but then who knows what would be built next to the house you have left!!

Your a long way out, could be to far for some people.

Try advertising yourself. don't wait for the lazy estate agents.

There is a few of them on here ( not lazy ) let them know your going to slash the price,

you might get a PM from one of them.