Real Estate in Bangkok going crazy..or Thai Visa properties are overpriced?

[Muzarella]

Just looking in some real estate ads here....

57 millions for a 2 bedrooms, 157 sqmt condo in BK?

In North Thailand I can buy a 20 new cabins resort, on a 20 Rai land, with a new 300 sqmt luxury home, on a prime location, for half of that money!!!!...Or... a Brand New Hotel with 60 suites.... A condo?... for more than 1,5 million US? In Thailand?

Edited July 24, 2016 by Muzarella

[Crossy]

Got a link??

[Peterw42]

Or 57 condos in pattaya.

[trogers]

Or 57 condos in pattaya.

Same reason why some people would buy a Bentley rather than a couple of dozen Vios...

Edited July 24, 2016 by trogers

[Berty100]

Got a link??

http://property.thaivisa.com/property-item/2-bedroom-condo-for-sale-and-for-rent-at-watermark-bangkok/

[trogers]

Got a link??

http://property.thaivisa.com/property-item/2-bedroom-condo-for-sale-and-for-rent-at-watermark-bangkok/

Looks like it is very easy to slip and fall down 48 floors, especially from the master bathtub...

[thaihome]

For the price of a similar condo in NYC one can likely buy a nice 20 acre dude ranch in Montana. So what?

What's the point of comparing a downtown Bangkok condo to a resort or hotel in countryside in Chang Mai. Seems there is a certain lack of understanding in the basics of property valuations.

Or is this another thread on the collapsing, illogical Bangkok condo market.

TH

[blackcab]

That's overpriced about by about 3 times its worth. There are a lot of units for sale in that development.

The real price they can be bought for is circa 100k per sqm. That's if the seller actually wants to sell and not be ridiculous.

[thaihome]

That's overpriced about by about 3 times its worth. There are a lot of units for sale in that development.

The real price they can be bought for is circa 100k per sqm. That's if the seller actually wants to sell and not be ridiculous.

Agree, likely overpriced, but I think one shows that by comparing to similar units in similar location, not a resort in Chang Mai.

TH

[peterrabbit]

Thai visa property prices are simply wishful thinking that another falang idiot will turn up and pay them!

[wprime]

Yeah, BKK rates are about 50,000 - 150,000 per sqm.

100,000 can already get you a very nice property around Asok/Thong Lor/Ekkamai so 150,000 you're looking at new, fully furnished and in a good area.

[KittenKong]

The price does seem to about three times that of other units in the same building, as mentioned.

The view is nice enough but they dont seem to have arranged the patios very well. And looking on Google that building seems to be a very long way from any mass public transport. I also wonder how they keep those windows clean as there is no access from outside (apart from a cradle)?

Can anyone suggest a building with a nice (unblockable) river/park view that's nearer to public transport?

[theguyfromanotherforum]

Or 57 condos in pattaya.

Same reason why some people would buy a Bentley rather than a couple of dozen Vios...

lol at comparing Bentley to a property in Thailand made by Burmese poverty wage labor.

[shirtless]

^{its all way overpriced , these follks live in hope or believed the real estate agent 555}

[blackcab]

The price does seem to about three times that of other units in the same building, as mentioned.

The view is nice enough but they dont seem to have arranged the patios very well. And looking on Google that building seems to be a very long way from any mass public transport. I also wonder how they keep those windows clean as there is no access from outside (apart from a cradle)?

Can anyone suggest a building with a nice (unblockable) river/park view that's nearer to public transport?

That condo has their own shuttle boat that regularly goes to Saphan Taksin. Edited July 25, 2016 by blackcab

[huahinjoe]

Try hipflat they have a decent comparsion system, shows you graphs with history of the prices sale/rent of each property and you also able to see all the rooms available in the same condo so easy to spot if someone overprice it.

[thaitero]

Try hipflat they have a decent comparsion system, shows you graphs with history of the prices sale/rent of each property and you also able to see all the rooms available in the same condo so easy to spot if someone overprice it.

I like hipflat also..

Graphs of theirs i do not trust..

For example..

https://www.hipflat.co.th/en/pattaya/condo/view-talay-1

[trogers]

The price does seem to about three times that of other units in the same building, as mentioned.

The view is nice enough but they dont seem to have arranged the patios very well. And looking on Google that building seems to be a very long way from any mass public transport. I also wonder how they keep those windows clean as there is no access from outside (apart from a cradle)?

Can anyone suggest a building with a nice (unblockable) river/park view that's nearer to public transport?

That condo has their own shuttle boat that regularly goes to Saphan Taksin.

Thai designers have maids and laborers...and the local institutions do not teach Cleaning 101.

[Peterw42]

Try hipflat they have a decent comparsion system, shows you graphs with history of the prices sale/rent of each property and you also able to see all the rooms available in the same condo so easy to spot if someone overprice it.

I like hipflat also..

Graphs of theirs i do not trust..

For example..

https://www.hipflat.co.th/en/pattaya/condo/view-talay-1

The Graphs are "asking price".

Some people think the boom never ended, lol

[KittenKong]

That condo has their own shuttle boat that regularly goes to Saphan Taksin.

OK, that sounds like a definite advantage. Not being experienced with boats I'm not sure how practical it is in bad weather though.

[trogers]

Try hipflat they have a decent comparsion system, shows you graphs with history of the prices sale/rent of each property and you also able to see all the rooms available in the same condo so easy to spot if someone overprice it.

I like hipflat also..

Graphs of theirs i do not trust..

For example..

https://www.hipflat.co.th/en/pattaya/condo/view-talay-1

The Graphs are "asking price".

Some people think the boom never ended, lol

Look at the gross rental yield and factor in the vacant periods, agent fees and maintenance. Net rental yield could well be less than 3%, indicating a 35-40% overvaluation.

[Berty100]

Try hipflat they have a decent comparsion system, shows you graphs with history of the prices sale/rent of each property and you also able to see all the rooms available in the same condo so easy to spot if someone overprice it.

I like hipflat also..

Graphs of theirs i do not trust..

For example..

https://www.hipflat.co.th/en/pattaya/condo/view-talay-1

That graph is 100% accurate, it has the 117% increase from last year because there are only few condo's for sale and just one idiot had a wet dream that his condo is worth almost 4 times the price from all the others.

[KittenKong]

The problem with Hipflat (and indeed with every other property price comparison site in Thailand) is that all prices quoted are asking prices. You never see a real sale price listed here. Real rental prices are also not reported.

This is the exact opposite of places like, say, the UK where the prices listed are the real selling prices. You can trace the price history of individual properties very easily in the UK, but here there is no transparency at all.

[KittenKong]

Can anyone suggest a building with a nice (unblockable) river/park view that's nearer to public transport?

No suggestions? So presumably either they simply dont exist or everyone wants to keep the info to themselves.

I saw a couple of buildings near Asoke that had nice park views from high floors, but the prices were also in the stratosphere. Apart from those most of the so-called "nice views" I saw were in fact of other nearby buildings. This is quite common in places like Naklua too.

[mcfish]

Interesting the comments about real estate being through the stratosphere have been the same, exactly the same on TV since its inception and TV has been around a long time. I can guarantee in 2050 the comments will be Exactly the same.

[13morris]

Asoke the prices for new condo are now around 200k thb per square. Also in thonglor. You can see the adv. prices starts from 6 mln for 35 sqm. (richest, noble etch.)

100.000 per sqm is now rama 4 or onnut. But all prices are go up every year. Many People buy= prices go up. Simple.

[wprime]

Asoke the prices for new condo are now around 200k thb per square. Also in thonglor. You can see the adv. prices starts from 6 mln for 35 sqm. (richest, noble etch.)

100.000 per sqm is now rama 4 or onnut. But all prices are go up every year. Many People buy= prices go up. Simple.

The increasing prices over the past decade aren't due to increased demand because supply has also gone up with demand, it's due to an overall downtrend in the equity ratio in real estate since the Yingluck administration similar to what the US experienced from 2000 to 2008 as a consequence of Fed intervention in the dot com bust.

[13morris]

I think the usa crisis was different. if we want to compare the scenario, consider NY to BKK. The crisis in ny was limited, and the prices starts to increase just a few months ago 2009. different is a house 200 km outside the metropolis. The prices in the city of bkk, that has the same inhabitants of ny, are still down. All big metropolis in the world will have costs and prices similar in the future (moscow, bkk, rio, ny, jakarta, etc.)

Edited July 26, 2016 by 13morris

[wprime]

I think the usa crisis was different. if we want to compare the scenario, consider NY to BKK. The crisis in ny was limited, and the prices starts to increase just a few months ago 2009. different is a house 200 km outside the metropolis. The prices in the city of bkk, that has the same inhabitants of ny, are still down. All big metropolis in the world will have costs and prices similar in the future (moscow, bkk, rio, ny, jakarta, etc.)

The difference between NY and BKK is that there's quite a lot of vacancy in BKK.

In other words the price is being held up by people holding property for the purpose of renting it out but have been unable to secure a tenant for a while. The statistics are probably even worse when you consider the people who hold property that isn't on the rental market (there are plenty of cases of this but aren't reflected in the statistics of property vacancy).

This is affordable for anyone due to the capital growth of the property exceeding the interest payments. This can only be sustained if capital growth is perpetually greater than interest rates which as we saw in the US is not feasible in the long term.

They can of course keep lowering the equity requirements and interest rates to facilitate this for the foreseeable future but Prayut is a conservative whose dominion isn't reliant on popular support. I think he'll be more inclined to allow Thailand into a recession and let it recover naturally than to try to push the problem into the next administration as is inherent to democratic governments.

[wpcoe]

Look what Hipflat has for View Talay 2 in Jomtien:

Wonder how much that typo skewed the charts?