what to do with my condo in pattaya

[pumpjack]

 ive invested a lot of hard cash on a condo in pattaya  (  http://www.matrixpattaya.com/Property/city-center-residence-central-pattaya-6 )

 

major mistake as i am now in financial difficulties back home,  i need to sell .   condo is in thai company name ,   bought for 2.5  cash payment and includes a full furniture package worth 300.000 baht ,       im selling for 2.3 M,        there are only 2 condos left in that development the same as mine 35 sqm 1 bedroom  but both of them are on upper floors and back end and are selling for 2.8  and i think 3.1 .        my unit is on ground floor with pool view and i think more appealing . also both in thai company names   so my asking price has been significantly reduced for anyone seeking a bargain in this development .

 

what is best agent in pattaya to try sell this place for me ?     also i need an agent for short term lettings so any advice there ?   also the development is behind but will definately be finished soon.   is it better to wait untill completion and try sell or just sell the contract now ?   whats the difference.

thanks in advance

[Peterw42]

The link you posted isnt doing you any favors, it goes to matrix and says starting from 1.6 million. 35sqm

I have looked at some condos, buying the contract and unless you have the chanote there is more to pay for both the buyer and the seller.

Matrix will charge 2% to change the contract name, sinking fund , elec meter etc

[KittenKong]

As the unit is in Thai quota whoever buys it will either have to be Thai or will have to set up their own company (or buy yours).

 

Have you actually set up the company yet? If not I think you would be better off dropping the price and getting rid of the unit fast before you start running up more costs in relation to the forming/closing of the company.

 

You could try advertising it on the classifieds here (if they are working!) and for a possible sale to Thais you could try prakard.com though it might be helpful to get someone to do some translation to Thai for you.

 

Agents here are ten-a-penny, often short-lived and pretty useless yet charge a fortune.

[trogers]

My guess is that you are selling your deposit on a condo unit, as I cannot imagine you having paid the full sum before construction completion and title transfer.

[pumpjack]

i paid full sum,  total 2.5 million ,  one off payment.     

[pumpjack]

1 hour ago, Peterw42 said:

The link you posted isnt doing you any favors, it goes to matrix and says starting from 1.6 million. 35sqm

I have looked at some condos, buying the contract and unless you have the chanote there is more to pay for both the buyer and the seller.

Matrix will charge 2% to change the contract name, sinking fund , elec meter etc

 

the srting price 1.6 million is for a 24 sqm studio   i imagine,       you will never get a 1 bedroom unit in this place for less than 2.3 M  ( my unit )     if you see one anywhere close to my price please let me know as i think i am the only one prepared to take a hit on my place.   

[Peterw42]

5 minutes ago, pumpjack said:

 

the srting price 1.6 million is for a 24 sqm studio   i imagine,       you will never get a 1 bedroom unit in this place for less than 2.3 M  ( my unit )     if you see one anywhere close to my price please let me know as i think i am the only one prepared to take a hit on my place.   

 

Have a look at https://www.hipflat.co.th/en/pattaya/condo/city-center-residence

Some asking prices and data.

[thaitero]

Neothai

http://neothai.com/thailand_pattaya_condo/3531.html

2.590.000 THB, foreign quota

 

[MyFrenU]

Great,let's buy a condo we can't own on the ground floor under Thai law!

[blackcab]

2 hours ago, MyFrenU said:

Great,let's buy a condo we can't own on the ground floor under Thai law!

 

What makes you say that?

[swissie]

Have conveyed above data to Farang R/E Agent (in Business for 17 years) and known for quick sales under fair conditions. He showed no interest even to list it and take it into his portfolio. 

= Easy to buy and hard to sell. Good luck.

Cheers.

[lkn]

5 hours ago, thaitero said:

Neothai

http://neothai.com/thailand_pattaya_condo/3531.html

2.590.000 THB, foreign quota

 

 

Hipflat has a 40 sqm. unit for 2,190,000 baht: https://www.hipflat.co.th/en/for-sale-1-bed-condo-in-bang-lamung-chonburi-thailand/ls/th-vqdlkxib

 

Though no details whatsoever, not even if it’s in Thai/foreign quota.

 

I’m curious though, when do people expect CCR to be completed? I think it should have been done Q1 2015 but is still just raw concrete, and Matrix has a really really bad reputation when it comes to finishing on time, transferring title deeds, and at least the buildings I have seen (from Matrix) have been built on an extreme budget.

 

[trogers]

12 hours ago, pumpjack said:

i paid full sum,  total 2.5 million ,  one off payment.     

 

And you are looking for someone to take over your foolish act?

[KittenKong]

12 hours ago, pumpjack said:

 

the srting price 1.6 million is for a 24 sqm studio   i imagine,       you will never get a 1 bedroom unit in this place for less than 2.3 M  ( my unit )     if you see one anywhere close to my price please let me know as i think i am the only one prepared to take a hit on my place.   

 

You may find that as the completion date gets closer more and more people may be hoping to sell their unit on before it is time to pay the final instalments and transfer/purchase fees. A lot of people have bought "investment" units off-plan with the intention of selling them on before completion.

 

Remember those advertised prices are just asking prices. Any actual deals struck will probably be at lower prices. Maybe much lower.

[Just Curious]

17 hours ago, pumpjack said:

i paid full sum,  total 2.5 million ,  one off payment.     

 

Have you factored in the 2% of purchase price contract assignment fee charged by the developer? Or was that negotiated out at contract stage?

 

Have you also prepaid the sinking fund? One or two years in advance maintenance fee? Meters? Transfer costs from the developer to the Thai company?

 

Matrix usually include Thai company setup costs in their price so that's a small cost you won't have to wear.

[theguyfromanotherforum]

I was checking Lumpini Park beach in Pattaya 2 years ago. They were asking 2.1 million for 32sqm.

 

Today my wife sends me a price list from a developer. They dropped price on most units by at least 500,000 baht and Lumpini is actually a good developer who stands behind their product at least when it comes to repairs. Nice building too.

 

Prices in Pattaya are collapsing. Not sure why.

[trogers]

1 hour ago, theguyfromanotherforum said:

I was checking Lumpini Park beach in Pattaya 2 years ago. They were asking 2.1 million for 32sqm.

 

Today my wife sends me a price list from a developer. They dropped price on most units by at least 500,000 baht and Lumpini is actually a good developer who stands behind their product at least when it comes to repairs. Nice building too.

 

Prices in Pattaya are collapsing. Not sure why.

 

Supply and demand. Flippers are badly burnt. Gone are the days when flippers can jack prices up 20-30% from pre-launch to construction completion when developers face 30-40% unsold and resales units.

[KittenKong]

7 hours ago, theguyfromanotherforum said:

Prices in Pattaya are collapsing. Not sure why.

 

It's no mystery. Prices here were ridiculously high for several years, with many idiots investors buying multiple units with a view to selling them on before completion. Add to that the collapse of the Rouble and the disappearance of most Russians from the market and you are left with a black hole into which one could throw a lot of money.

 

The game of "Pattaya property musical chairs" takes no prisoners, as many are now discovering.

[swissie]

Supply & Demand.

 

But there is a "Thai-Aspect" to that. As known, if volume drops, Thai Businesses tend to increase prices to compensate for declining volume. But the condo market in Patty has a large enough segment of foreign owners, that are willing to adjust their asking prices reflecting market conditions.

 

To quote a Farang friend in the R/E market for many years: " These days,  Farang sellers approach me with * How much can I get for my condo* as opposed to * I want this and that amount for my condo*".

 

Perhaps, with a certain (Thai)-delay, market forces have come into play. Time will tell.

 

[jadee]

I'm sorry to read about the difficulties faced by the OP 'pumpjack'. 

My suggestion would be to list it on here, Thaivisa, in the property section. And/or go to Prakard.com - click on 'Other Area', there are many Pattaya condos listed there. 

[Seizetheday]

On Sunday, August 21, 2016 at 9:45 PM, MyFrenU said:

Great,let's buy a condo we can't own on the ground floor under Thai law!

 

On Monday, August 22, 2016 at 0:41 AM, blackcab said:

 

What makes you say that?

Because he doesn't have a clue what he is writing.

[PattayaBoy]

U won't sell it. I trying sell mines and no go for a long time.

Sent from my SM-G935F using Tapatalk

[blackcab]

1 hour ago, PattayaBoy said:

U won't sell it. I trying sell mines and no go for a long time.

Sent from my SM-G935F using Tapatalk
 

 

All property will sell. The only discussion in whether the seller can afford the discount.

[PattayaBoy]

 

All property will sell. The only discussion in whether the seller can afford the discount.

Mines are far below market price as we bought them before project started then its few years to build it and price went up so mine is cheaper then what developers sells now still cant sell it

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[Jimdbim]

If you living in Pattaya, forget the agents and sell yourself.

 

Marketing, Marketing Marketing.

 

Post all over classifieds across all sites, join and post in Facebook groups, update it weekly.

 

If you not living in Pattaya, then agents is your only option, in which case good luck and prey for the best, this includes short term rentals as at least half the money received would be un accounted for because condo was not "leased"

 

The smartest move in my opinion and experience would be to sell it with owner finance spread over 5, 7 or 10 years. with 30% deposit.

 

[blackcab]

Market price is what people ask. The real price is what it sells for. Often there is a big difference.

 

Chop another ten or twenty per cent off your price and see if you get any offers. You don't have to sell at that price. If you don't get any offers, repeat the process to see what the property will actually sell for.

 

You might be surprised.

[pumpjack]

6 hours ago, PattayaBoy said:

 

Mines are far below market price as we bought them before project started then its few years to build it and price went up so mine is cheaper then what developers sells now still cant sell it

Sent from my SM-G935F using Tapatalk
 

 

 

well be so kind as to tell us how much you paid pre sale and what you are selling for now,  plus location, size of unit and what development

 

????????????????

[trogers]

9 hours ago, PattayaBoy said:

 

Mines are far below market price as we bought them before project started then its few years to build it and price went up so mine is cheaper then what developers sells now still cant sell it

Sent from my SM-G935F using Tapatalk
 

 

 

There is simply too much supply chasing after too few buyers due to the type of property and in a holiday spot, coupled with the fact that banks are tightening credit to Thai buyers while foreigners are facing falling economy back home.

[Gary A]

I have friends asking my opinion about buying a condo. I always advise against buying for an investment, too many headaches and unknowns. If you can get it in your name and intend on living in it full time, go for it. Always check how the utilities are billed. Some condo associations are dodgy and bill the utilities themselves for unreasonable add on prices. Maintenance is often unreasonable. The main thing is to NOT buy a studio unless it is large enough to have a separate bedroom. If you have a Thai partner, she will want to watch Thai TV. You will want to watch English TV. With a separate bedroom, you can have your own TV. High grade shoebox units are VERY difficult to sell. I would consider anything less than 50 square meters as too small. My condo is suitable at 60 square meters with a separate bedroom and separate air conditioners. I live upcountry but keep the condo. It's nice to have a place to go for a change of scenery once in awhile.

 

Good luck trying to sell an expensive shoebox.

[Michael8511]

I agree with you. I rent a studio condo with great view and washing machine for a low price at VT 5 and it's good enough for my partner and I. Either of us are heavy tv watchers so it works out great. I see all these empty condos in the 2 VT5 buildings. Was approached by the owner to rent the 1 bedroom next to mine today for a low price, they can't rent it long time and the short time Russians have trashed the place so they had to replace the furniture yesterday. Think they bought it as investment and now can rent it out except short time Russians. The last tenant a few months back they stayed 10 people incl kids in the place and I guess they was the people trashing it. So only buy if you live there your self and it can be a good future place for your partner.