what to do with my condo in pattaya

[kingstonkid]

I am just wondering do you need the full amount or could you possibly use it as a rental property and take the income.  If you have paid it in full then there is no mortgage payment but then again your company might be able to get a mortgage for the amount that  would help you and then you can receive the income of the rental price to offset the mortgage>

 

Just a thought.

 

Selling in a down market in a hurry is a sure way to lose everything.

 

 

[trogers]

12 minutes ago, kingstonkid said:

I am just wondering do you need the full amount or could you possibly use it as a rental property and take the income.  If you have paid it in full then there is no mortgage payment but then again your company might be able to get a mortgage for the amount that  would help you and then you can receive the income of the rental price to offset the mortgage>

 

Just a thought.

 

Selling in a down market in a hurry is a sure way to lose everything.

 

 

 

Problem in a surplus situation is that the net rental income after cost and vacancy period is not sufficient to cover the interest on the mortgage, nor compensate for depreciation.

[dotpoom]

On 8/21/2016 at 5:37 PM, 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

 

Not sure what you mean "unless you have the chanote".  I have had a few properties in a company name (presently two) and have always had the chanote....who else would have it?  Not sure either what contract you are referring to?

   To the OP...I'm sorry for you're situation, having to sell such a beautiful condo because of difficulties back home. I'd just like to say that if it was yourself who designed it, many congratulations...what a fantastic job. Before I read the details, to me it looked like a lounge in Trump tower (not that I was ever in one) and looked like it was as big as a football pitch.

   Certainly hope it works out well for you. I'm having problems selling property of my own, but I have learned to let my life go with the flow and whatever will be...will be. It always works out to my benefit, the trick is "acceptance".

Edited August 26, 2016 by dotpoom
Gone in two times....sorry

[Pilotman]

 Maybe you should just suck it up and sit on it. Property is for living in, in which case value is largely irrelevant, or is a salable investment asset that at some point you intend to liquidate. If it's the later, then it has got to be a long term game. Ride out the downturn or, as others have said, sell for whatever you can get and don't try to speculate again, not anywhere, never mind Pattaya. 

[SOTIRIOS]

...sounds like someone will get a bargain....

 

...you did it to yourself.....

 

...if they are selling for 2.8-3.1 you should have started there...with a less desperate tone...

 

...sure that the company paperwork is in order....or....???

[1FinickyOne]

Well, as you know, the market there and many places in Thailand where there are foreigners is way over built... and as most owners of RE, it sounds like you have over estimated the value of your unit... I don't think you can base it too much on what the developer is asking for their units if you want a quick sale... The developer has time/employees/an advertising budget/and showroom appeal - 

 

Seems to me the difference between buying a new car from a dealer and a fancy showroom w/all the advantages, or buying a very very low mileage pre-owned car that is out on the street somewhere with a sign on the windshield and some dust... 

 

If I am going to buy an apartment or car that way, I would want to be tempted by fire sale prices... in the range of 30-50% off, where I feel I really got a deal - - otherwise, I might just as well buy from the dealer...

 

 

 

Truly sorry for your troubles - hope you get an acceptable offer soon, but I think reading these posts, it is not going to be with less than a 10% discount... 

[thaitero]

As i understood it there is no condo with chanote to sell. In theory he could only sell his contract minus name change fee.

To get some sort of decent money OP should at least wait condonium to be finished and get his chanote.

[trogers]

1 hour ago, thaitero said:

As i understood it there is no condo with chanote to sell. In theory he could only sell his contract minus name change fee.

To get some sort of decent money OP should at least wait condonium to be finished and get his chanote.

 

And after getting your chanote, you can sell it to a foreigner if the project's 49% is not filled...

[bazza40]

Another property buyer in Thailand getting burnt. So repetitive.

Would you pay full price for a car that isn't even assembled yet?

Renting just makes so much more sense. As for investing, I do it in Australia, where at least I know the risks.

[Anthony5]

Wow, Dirtycash, or would the OP preferred to be called by one of his other previous usernames shakes really every trick out of his sleeve to get that disaster off his back.

 

 

[Deepinthailand]

What I don't understand is why you paid all in one lump sum before completion!!!!. Personaly I would never 1. Buy off plans

2. Pay off in one lump sum before completion

3. Never buy a condo especially in Pattaya.

I hope you come out of this with just a few cuts and bruises but I doubt it.

[Thunderbirds20]

Marc Heylen is on Facebook. Good guy. Hard worker, will handle everything for you

[mrfaroukh]

There are thousands of unsold condo all over Pattaya and they are all ready to move in. Prices were around 80 000 Baht for sqm but now reduced to around 50 000 or less if someone need the money. Your condo of 35 sqm at 2.3 million is around 70000 Baht sqm. Very high. If it is ready to move in then you may get somewhere around 40 to 50 if in good location and if you are lucky.

[little mary sunshine]

35 sq m?  Noisy pool level? Company

name?

Dump the place for 1.5 and suck up the

loss..so many for sale in Pats!!

Edited August 26, 2016 by little mary sunshine

[newnative]

Generally, always try to buy foreign name, seaview, public company builder, and baht taxi line proximity--if you are thinking of re-selling at some point.  Never buy the furniture plan if you have a choice.  The degree of the OP's desperation for money should determine how low to price the condo.  It will sell at a low enough price if buyers are aware of it--and the project ever gets finished.  The OP needs to get going on the awareness, using everything available--agents, websites, postings, etc. 

[Peterw42]

8 hours ago, dotpoom said:

 

Not sure what you mean "unless you have the chanote".  I have had a few properties in a company name (presently two) and have always had the chanote....who else would have it?  Not sure either what contract you are referring to?

   To the OP...I'm sorry for you're situation, having to sell such a beautiful condo because of difficulties back home. I'd just like to say that if it was yourself who designed it, many congratulations...what a fantastic job. Before I read the details, to me it looked like a lounge in Trump tower (not that I was ever in one) and looked like it was as big as a football pitch.

   Certainly hope it works out well for you. I'm having problems selling property of my own, but I have learned to let my life go with the flow and whatever will be...will be. It always works out to my benefit, the trick is "acceptance".

 

Read the OP,  he talks about selling the contract or wait until finished. The building is not finished and often this means the chanote has not bean issued by the land office yet. Or people who are planning to onsell dont pay the transfer cost and get a chanote, as the new buyer can pay the transfer and get the chanote, it saves paying the transfer twice.

[BlindMagician]

On 8/21/2016 at 6:57 PM, pumpjack said:

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

 

You've been had.

They are advertised at 1.6m.

Project not completed, 1yr late.

Why should anyone pay you 2.3m?

Is your ownership even secure, given the Thai company situation?

All seems a bit fishy.

[jacko45k]

20 hours ago, Michael8511 said:

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.

Despite the fact you seem happy I doubt I would like to live next door to a condo that is accepting short term rentals with 10 people on holiday in a small studio. One reason condos are not selling perhaps, they were intended for long term residents.

[theguyfromanotherforum]

Property in Thailand is overpriced, but like in other countries it always goes up long term. Thais are usually very patient when it comes to selling their property, so play their game. Wait it out. Do not sell it for a loss. Rent it out.

[Asiantravel]

13 hours ago, mrfaroukh said:

There are thousands of unsold condo all over Pattaya and they are all ready to move in. Prices were around 80 000 Baht for sqm but now reduced to around 50 000 or less if someone need the money. Your condo of 35 sqm at 2.3 million is around 70000 Baht sqm. Very high. If it is ready to move in then you may get somewhere around 40 to 50 if in good location and if you are lucky.

" There are thousands of unsold condo all over Pattaya "

 

Colliers did a report and estimated it to be at least 30,000 unsold condos here

[Asiantravel]

1 hour ago, theguyfromanotherforum said:

Property in Thailand is overpriced, but like in other countries it always goes up long term. Thais are usually very patient when it comes to selling their property, so play their game. Wait it out. Do not sell it for a loss. Rent it out.

 

" it always goes up long term "

 

LOL   

did you  know that in Japan real estate has been in a bear market for 20 years?

[little mary sunshine]

I rent a beautiful remodeled  78 sqm apt in Pattaya, five

years ago the owner lowered the rent because He wants

to sell and I  would have to move with a 30 day notice....(that

was 5 years ago), He refuses to lower the price even tho other

units are for sale for less...he feels the prices will go up, 55555!!

 

I would never buy property in Pattaya after seeing what the owner

of my unit is going through, just to break even.  Thailand is not

like the US or Europe where you see, for the most part , an

appreciation in the property's value.  As the units get older, the

lack of good management, and poor construction really causes 

the value to decrease....A very happy and great full  RENTER !!

(Unlke Thailand, my property in Hawaii has appreciated 40% over

the last six years) 

 

 

 

Edited August 27, 2016 by little mary sunshine

[KittenKong]

16 hours ago, thaitero said:

As i understood it there is no condo with chanote to sell. In theory he could only sell his contract minus name change fee.

To get some sort of decent money OP should at least wait condonium to be finished and get his chanote.

 

I dont think that's certain at all.

 

When the condo is finished and the chanotes are issued the OP would have to pay the various final fees (meter, sinking fund, advance maintenance fee, tax) and form his company which also has a cost. Then if he sells he would either have to sell the company (not everyone would want to buy someone else's company and its liabilities) or close the company if the unit is sold on to another company or Thai person. Closing a company also has a cost. And if the unit is sold without the company then the usual transfer taxes and fees will be payable.

 

On the principle that a bird in the hand is worth two in the bush I would advertise it at a low price now and hope to be shot of it before the bills are due. If it doesnt sell before completion the OP can still try and sell it later (with or without the company).

 

As far as I can see buying in company name is a total nightmare, and the discount on the unit price is often minimal anyway.

[JJGreen]

 

" it always goes up long term "

 

LOL   

did you  know that in Japan real estate has been in a bear market for 20 years?

He did say long term...he didnt put a limit on the length of time

[tolsti]

14 hours ago, Anthony5 said:

Wow, Dirtycash, or would the OP preferred to be called by one of his other previous usernames shakes really every trick out of his sleeve to get that disaster off his back.

 

 

It's definitely him.... not quite as arrogant as he was then though. Seems to have got his comeuppance. 

[trogers]

51 minutes ago, Asiantravel said:

" There are thousands of unsold condo all over Pattaya "

 

Colliers did a report and estimated it to be at least 30,000 unsold condos here

 

I suspect half of that figure are in abandoned projects...launched but with no construction activities.

[trogers]

50 minutes ago, Asiantravel said:

 

" it always goes up long term "

 

LOL   

did you  know that in Japan real estate has been in a bear market for 20 years?

 

Properties in choice locations of cities are still appreciating while those in the suburbs are seeing stagnant or falling values, a consequence of falling birth rates.

 

 

[thaitero]

1 hour ago, KittenKong said:

 

I dont think that's certain at all.

 

When the condo is finished and the chanotes are issued the OP would have to pay the various final fees (meter, sinking fund, advance maintenance fee, tax) and form his company which also has a cost. Then if he sells he would either have to sell the company (not everyone would want to buy someone else's company and its liabilities) or close the company if the unit is sold on to another company or Thai person. Closing a company also has a cost. And if the unit is sold without the company then the usual transfer taxes and fees will be payable.

 

On the principle that a bird in the hand is worth two in the bush I would advertise it at a low price now and hope to be shot of it before the bills are due. If it doesnt sell before completion the OP can still try and sell it later (with or without the company).

 

As far as I can see buying in company name is a total nightmare, and the discount on the unit price is often minimal anyway.

Of course OP may find a twin alike. Pattaya is a wonderful city. Almost everything is possible here. 

[Gary A]

20 hours ago, dotpoom said:

 

Not sure what you mean "unless you have the chanote".  I have had a few properties in a company name (presently two) and have always had the chanote....who else would have it?  Not sure either what contract you are referring to?

   To the OP...I'm sorry for you're situation, having to sell such a beautiful condo because of difficulties back home. I'd just like to say that if it was yourself who designed it, many congratulations...what a fantastic job. Before I read the details, to me it looked like a lounge in Trump tower (not that I was ever in one) and looked like it was as big as a football pitch.

   Certainly hope it works out well for you. I'm having problems selling property of my own, but I have learned to let my life go with the flow and whatever will be...will be. It always works out to my benefit, the trick is "acceptance".

 

If you have the condos in a company name and hold the chanotes, can you sell to a farang in his name without him having to buy the company?

[lkn]

2 hours ago, little mary sunshine said:

I would never buy property in Pattaya after seeing what the owner

of my unit is going through, just to break even.

 

Would be interesting to know what your owner paid, what year he bought, what he is charging you for rent, and what his current asking price is. Would you happen to know these things?

 

Could be that he has been making an 8% ROI for the last 5-10 years so is only interested in selling if he can get 2-3 times what he spent on the condo + remodeling it.