Overpriced real estate

[returnofthailand]

rent is better. I think price will go lower. I see many unsold condo in Pattaya. make me laugh when people say my condo worth more... yeah but you still don't have a buyer and I can get a new condo so why pay more for a second hand condo when I can have a new one for cheaper.... duh?

I just need to wave my new baht form atm
, to get a discount, they are desperate for cash.... . but guess what? they are so desperate to rent their unsold Condo. the real winner is the guy who rent.

from my high rise building I can see many projects still unfinished. Russians stopped to pay and believe me, you will swim with crocodiles if you buy these ghettoes.

[wordchild]

The building referenced  by the OP will almost certainly get torn down at the end of the lease period, its old ,out of keeping with the area, and sitting on a very valuable piece of land. As others have mentioned the leaseholders will have zero rights at the end of the lease and all the cards are held by the landowner. Buying a lease now should really be seen purely as a long rental contract. The price paid should be calculated as  a net present value of  the  future rental payments, that the purchaser will  have avoided by paying for the whole 10 years upfront, and then discounted (significantly, in my opinion) because of the lack of flexibility.

 While i would agree with the OP that the market looks pretty stretched now esp for new builds, it is still possible to find reasonable deals if you are prepared to do the legwork and focus on older freehold  buildings. I have one friend who lives in an oldish but quite well located building, where there has been a recent run of condos being sold to (mainly Thai ) buyers who seem to have spent reasonable sums getting them refurbed. Maybe Thais have started to get the bug for doing up older property at last!

 

Edited August 24, 2016 by wordchild

[ExpatOilWorker]

18 minutes ago, wordchild said:

The building referenced  by the OP will almost certainly get torn down at the end of the lease period, its old ,out of keeping with the area, and sitting on a very valuable piece of land. As others have mentioned the leaseholders will have zero rights at the end of the lease and all the cards are held by the landowner. Buying a lease now should really be seen purely as a long rental contract. The price paid should be calculated as  a net present value of  the  future rental payments, that the purchaser will  have avoided by paying for the whole 10 years upfront, and then discounted (significantly, in my opinion) because of the lack of flexibility.

 While i would agree with the OP that the market looks pretty stretched now esp for new builds, it is still possible to find reasonable deals if you are prepared to do the legwork and focus on older freehold  buildings. I have one friend who lives in an oldish but quite well located building, where there has been a recent run of condos being sold to (mainly Thai ) buyers who seem to have spent reasonable sums getting them refurbed. Maybe Thais have started to get the bug for doing up older property at last!

 

 

Nothing is certain when it comes to leasehold and it is a bit odd that all three buildings, Royal Place 1 & 2 and The Grand have just been painted and renovated. Why would they do that if wrecking balls are moving in 11 years from now?

Most likely there will be a number of extensions, but if we wait long enough, you could be right it will be torn down at the end of the NEW lease period.

[smutcakes]

10 hours ago, gemguy said:

That is the point in part...they are advertising them as great condos and luxury condos and quality apartments and great value and all.....but very few are for the full prices they charge.

I can not remember the names of the all the apartments and condos I visited ( 5 years ago ) while looking for a decent place to rent ..but I remember well I visited around 40 apartment buildings and or condos up and down the Sukumvite line over a 3 month period starting at Bearing Station and working my way back to each sky train station and walked around for 2 to 3  hours ..even 4 hours on some days ......going into every obvious condo or apartment building and asking them if they had rooms to rent.

Lets just say I was not impressed while I would not have bought any of them if I was looking to buy.

I surmised a 20 to 40 to 50 million baht luxury condo would also be way over priced and over hyped also...this being Thailand and all while you would really have to scrutinize everything and every detail all the more so if you actually pay 1 million US dollars for a condo unit here in Bangkok.

I prefer to rent anyhow...

Cheers

 

5 years ago i doubt there were any condos at least between Bearing and Ekkamai or Thonglor that people would consider luxury even built.

[trogers]

35 minutes ago, smutcakes said:

 

5 years ago i doubt there were any condos at least between Bearing and Ekkamai or Thonglor that people would consider luxury even built.

 

You mean luxurious racks for shoeboxes?

[Pdaz]

You have to remember that there are people who think a Honda Accord is a "Luxury Car" and those 1.5 Mil baht shoeboxes for sale in Jomptien are "Luxury Studios"  

[wordchild]

3 hours ago, ExpatOilWorker said:

 

Nothing is certain when it comes to leasehold and it is a bit odd that all three buildings, Royal Place 1 & 2 and The Grand have just been painted and renovated. Why would they do that if wrecking balls are moving in 11 years from now?

Most likely there will be a number of extensions, but if we wait long enough, you could be right it will be torn down at the end of the NEW lease period.

I have heard (from people who have leased from them) that the Crown Property Bureau is an excellent landlord and they do keep up the maintenance where it is their responsibility ( which it usually isn't ), so its good that this has been done on these buildings but I am not sure it says anything regarding the potential for lease extensions. Its possible that this is  being funded by the leaseholders themselves taking a collective view. And its likely no final decision will be made anyway (by the CPB) till much nearer the end of the lease period. 

 In any event, my understanding is that the CPB is not a completely homogeneous organisation and that while the bulk of it is run along fairly commercial lines there are certain assets which are operated slightly differently and have a different mandate. For example I believe certain assets are linked to and fund particular charities or religious organisations. The policy on lease extensions etc maybe slightly different (maybe more favourable to the tenant) for these assets. I believe, for example, that the Ritz Carlton and also (I think) the old Four Seasons serve such a function and maybe a reason why some purchasers in the Ritz Carlton felt confident enough  about the lease security to pay the very high asking prices. 

Edited August 24, 2016 by wordchild

[JaseTheBass]

On 22/08/2016 at 7:26 PM, smutcakes said:

 

By definition a condo cannot be built on leasehold land.

Trogers was saying that the price is low compared to Condo's as they are freehold, so not on leased land, and the example the OP gave was a leasehold apartment with limited time length left on the head lease, which is reflected by the asking price. So you are comparing apples with oranges.

 

And yet condos are being built on leased land all the time.

[smutcakes]

6 minutes ago, JaseTheBass said:

 

And yet condos are being built on leased land all the time.

 

Go on, name one?

How can it be a condominium if you do not own the freehold title to your unit? You cannot own the freehold title as the land is not owned collectively by the owners.

I know of a couple of projects who might market themselves as a Leasehold Condominium, but you can be sure it will not say Condoninium in the Sales Contract.

Its a complete contradiction, but its easier to sell a Condominium in the sales particulars than it is an apartment.

[theguyfromanotherforum]

Here is it. Over 300k per square meter. Starts at 33.6m baht for I think is a 113 square meter room. I just checked and for that money I can buy a unit at Shangri La in Toronto.

 

 

 

 

 

[JaseTheBass]

1 hour ago, smutcakes said:

 

Go on, name one?

How can it be a condominium if you do not own the freehold title to your unit? You cannot own the freehold title as the land is not owned collectively by the owners.

I know of a couple of projects who might market themselves as a Leasehold Condominium, but you can be sure it will not say Condoninium in the Sales Contract.

Its a complete contradiction, but its easier to sell a Condominium in the sales particulars than it is an apartment.

 

Palm Springs Nimman

 

The land is owned by the Nimmanheminda family and is on a 'long lease'. And no, I can't link to a conversation I had with a family member.

[smutcakes]

3 minutes ago, theguyfromanotherforum said:

Here is it. Over 300k per square meter. Starts at 33.6m baht for I think is a 113 square meter room. I just checked and for that money I can buy a unit at Shangri La in Toronto.

 

 

 

 

 

 

But you could not give me a unit in Toronto, i dont want to live there.......What building is that anyway? and what is your point this time?

[smutcakes]

3 minutes ago, JaseTheBass said:

 

Palm Springs Nimman

 

The land is owned by the Nimmanheminda family and is on a 'long lease'. And no, I can't link to a conversation I had with a family member.

 

Okay, i have never heard of that development and i dont know the CM market. From a cursory glance it is a small family run company building small developments. My point remains, and it would be confirmed by any lawyer that it is not a condominium if its on leasehold land whatever the devloper tries to call it. In this case either the land is freehold if it is a condominium, but more likely they just say Condominium on the markerting material and they are unaware or dont care the difference between the two, and realize that Condominium will sell better.

Ask them straight out if its leasehold, how can it be a Condominium?

[JaseTheBass]

15 minutes ago, smutcakes said:

 

Okay, i have never heard of that development and i dont know the CM market. From a cursory glance it is a small family run company building small developments. My point remains, and it would be confirmed by any lawyer that it is not a condominium if its on leasehold land whatever the devloper tries to call it. In this case either the land is freehold if it is a condominium, but more likely they just say Condominium on the markerting material and they are unaware or dont care the difference between the two, and realize that Condominium will sell better.

Ask them straight out if its leasehold, how can it be a Condominium?

 

I never said it was 'legal' I was just pointing out that what you said was never done, is done.

[KittenKong]

Coming as I do from a country where leases are usually 99 years or even 999 years, Thai 30-year leases seem very unattractive to me.

[KittenKong]

2 minutes ago, JaseTheBass said:

I never said it was 'legal' I was just pointing out that what you said was never done, is done.

 

As far as I know there are condos in Phuket and Hua Hin that are on 30 year leases, and some come with a worthless promise of an extension of a second or third 30-year term. So it certainly happens but is not something that I would ever consider buying.

[theguyfromanotherforum]

23 minutes ago, smutcakes said:

 

But you could not give me a unit in Toronto, i dont want to live there.......What building is that anyway? and what is your point this time?

 

Why do I need to make a point? Someone stated there are 300k units being sold and I just gave an example. 

 

But if you really need a point, then I would say that 300k grossly overpriced in a city that is dirty and has a 3rd world infrastructure.

 

Also, it is irrelevant if you don't want to live in Toronto. Neither do I, however, many third and first world citizens do. I could also make a point  that in Toronto there are real market forces at work unlike in Bangkok where prices are inflated by developers and other mysterious entities.  Point. My wife is looking to upgrade her house. There is a really cheap one in her soi (in Bangkok) going for a mere 3.5 million baht. Probably under-priced by at least a million due to the size of the house and land. House on the market for 6 months because even if there is a little bit of interest people are unable to get a loan.

 

Prices in Bangkok all over the place and that is the scary part.

 

 

[ExpatOilWorker]

2 hours ago, wordchild said:

I have heard (from people who have leased from them) that the Crown Property Bureau is an excellent landlord and they do keep up the maintenance where it is their responsibility ( which it usually isn't ), so its good that this has been done on these buildings but I am not sure it says anything regarding the potential for lease extensions. Its possible that this is  being funded by the leaseholders themselves taking a collective view. And its likely no final decision will be made anyway (by the CPB) till much nearer the end of the lease period. 

 In any event, my understanding is that the CPB is not a completely homogeneous organisation and that while the bulk of it is run along fairly commercial lines there are certain assets which are operated slightly differently and have a different mandate. For example I believe certain assets are linked to and fund particular charities or religious organisations. The policy on lease extensions etc maybe slightly different (maybe more favourable to the tenant) for these assets. I believe, for example, that the Ritz Carlton and also (I think) the old Four Seasons serve such a function and maybe a reason why some purchasers in the Ritz Carlton felt confident enough  about the lease security to pay the very high asking prices. 

 

I am not sure if CPB ever gets involved in the day to day operations of buildings on their land, but the building mentioned in the OP is administrated by the BTS group. Yep, the same company that runs the sky-train.

BTS took over from Thanayun about 10 years ago and have done an excellent job maintaining the building.

[smutcakes]

17 minutes ago, JaseTheBass said:

 

I never said it was 'legal' I was just pointing out that what you said was never done, is done.

 

What did i say was never done? Condos are not being built on leasehold land all the time, ever. Apartment buildings are and perhaps in very few cases the developers are misrepresenting it as Condominium, either on purpose or not.

 

I said condos are never built on leasehold land, which they are not and cannot be built. whatever the developer says.

[smutcakes]

9 minutes ago, theguyfromanotherforum said:

 

Why do I need to make a point? Someone stated there are 300k units being sold and I just gave an example. 

 

But if you really need a point, then I would say that 300k grossly overpriced in a city that is dirty and has a 3rd world infrastructure.

 

Also, it is irrelevant if you don't want to live in Toronto. Neither do I, however, many third and first world citizens do. I could also make a point  that in Toronto there are real market forces at work unlike in Bangkok where prices are inflated by developers and other mysterious entities.  Point. My wife is looking to upgrade her house. There is a really cheap one in her soi (in Bangkok) going for a mere 3.5 million baht. Probably under-priced by at least a million due to the size of the house and land. House on the market for 6 months because even if there is a little bit of interest people are unable to get a loan.

 

Prices in Bangkok all over the place and that is the scary part.

 

 

 

If 300K is overpriced they will not sell and will have to lower their price. If they do sell then they quite clearly are worth it as people are buying them at that price. You say its overpriced, other people disagree and think there is value there. Each to their own.

[trogers]

51 minutes ago, KittenKong said:

 

As far as I know there are condos in Phuket and Hua Hin that are on 30 year leases, and some come with a worthless promise of an extension of a second or third 30-year term. So it certainly happens but is not something that I would ever consider buying.

 

I doubt that they are legally registered as condos with the Land Department nor carry title deeds.

 

Ownership of condos does not need lease extensions...

[ExpatOilWorker]

32 minutes ago, trogers said:

 

I doubt that they are legally registered as condos with the Land Department nor carry title deeds.

 

Ownership of condos does not need lease extensions...

 

You are both wrong and right at the same time:  http://www.doingbusinessthailand.com/blog-thailand/doing-business-in-thailand/thailand-real-estate-doing-business-in-thailand/difference-between-condos-and-apartments.html

 

Thailand Property: Difference between condos and apartments

I was not satisfied with the content of Friday’s post and I redrafted it

To help you to better understand the difference between a condominium and an apartment building I need first to clarify the definition of the term of “condominium”. For example, most people in Thailand commonly associate the term “condominium” with the concept of an “individual unit” into a “multiple unit building” generally a high rise that may only be sold freehold but condominium ownership is actually far more than this.

 

Legal Definition of a Condominium

The first thing to understand is that the term “condominium” does not describes what a property “look like” but actually serve to defines the “physical rights” attached to said property.

The second thing to understand is that while Thailand only knows for the time being the concept of vertical condominium (a building divided in units) condominiums ownership is more diverse than this. It may for example also be horizontal (a housing project) and when horizontal it may then be detached or not (separate housing versus townhouse housing project). Finally while most condominium units happen to be residential any type immovable property may be sold as “condominium” including residential buildings, offices buildings, parking’s, housing projects.

Is the Leasehold vs Freehold Criteria Relevant?

Thirdly, there are also many people who believe that the main difference between condominium and apartment is that

(1) A condominium unit may solely be owned freehold while an apartment unit may only be leased, and/or

(2) Condominium projects are developed by developers that own the project land freehold while apartment buildings are developed by those that lease the project land.

Now as a matter of fact the two above information are also incorrect.

As to the first affirmation, it is actually the contrary; an apartment may only be leased while a condominium may be owned freehold or leased.

As to the second affirmation, a developer may build an apartment building either on land the developer owns freehold or leasehold. It is the same with condominium projects that may in many countries be built on freehold or leasehold land (not in Thailand however where the condominium developer must own the land and the building freehold to apply for the condominium license). But in many countries, for example for the US in California condominium rights are not always synonym of perpetual rights of ownership (freehold). Condominium Rights   “(…) may, with respect to the duration of its enjoyment, be either (1) an estate of inheritance or perpetual estate, (2) an estate for life, or (3) an estate for years, such as a leasehold or sublease hold. Calif.Civil Code 783”.(Black’s Law Dictionary Vol.1 page 267: Henry Campbell).In other words in the United States it is possible to develop leasehold condominium projects that is to say a condominium projects that are built on leased land. In a leasehold condominium the buyer’s rights on their unit and on the common area will be limited in time to the duration of the developer main lease agreement. In other words the condominium units owners in a leasehold condominium will not received freehold deeds but leasehold rights for a limited duration.

This is however as already explained above not applicable in Thailand where a developer may only apply for a condominium license if he owns the land and the building (Section 6 of the Condominium Act) but I needed to make the point to show that the leasehold/freehold criteria is not what distinguish a condominium from an apartment building.

Finally, it could also in theory possible for a single purchaser to own every individual units in a condominium development and to operate the condominium building in the same manner as an apartment development that is to say to lease the units out instead of selling them. Vice versa, it is also possible for a developer to purchase an apartment building and to convert the individual units to condominiums by bringing them up to the standards required by the condominium act and then to offer them for sale.

Therefore the leasehold/freehold distinction is not a helpful criterion to distinguish apartment and condominium buildings.

Difference between the physical rights attached to the purchase of a condo vs appartment

What really set condominiums apart are as explained above the physical rights associated with the purchase. What makes condominiums different from apartment’s projects is that legally a condominium is defined as “an estate in real property consisting of an undivided interest in common in a portion of a parcel or real property together with a separate interest  (in Thailand a Or Chor 2 Deed) in space (such as an apartment, a store, an office) in a residential, industrial or commercial building”. Therefore condominium ownership is a sort of mix between the separate interests attached to an individual unit together with an interest in a portion of the common property.

In other words a condominium is the sum of (1) all the separate interests (whether freehold or leasehold interests) representing each of the separate units individually owned and (2) of the deed (or leasehold interest) that encompasses the interest in the common property that is collectively owned. Being specified that the portion of the undivided interest in the common property is not an interest in a specific determined area of the common property but a percentage of the common property as a whole.

To the contrary an apartment building will carry a single deed (if built on freehold land)/or master lease (if built on leasehold land) that encompasses the entire property as a whole. In an appartment building, the rights on the   building and the common property (including facilities) will be into the hands of a single person (the landlord). And the individual buyers that purchase appartment units (in leasehold) will not be confered any rights at all on the building Common Property.

In our next post we will discuss what are the practical consequences on a buyer point of view of the legal differences between a condominium and an apartment building.

Note: This post is an excerpt of Rene Philippe Dubout second edition of his book “How to Safely Buy Real Estate in Thailand” that was first published under the title “How to Purchase Real Estate Offshore Safely: The Case of Thailand” published in february 2009.

[returnofthailand]

at 300k the sqm, I prefer stay in a hotel.
I don't understand why you guys still buy in Thailand. much easier to rent or stay in a hotel.
do you want really be stuck in the same place for 30 years.?
after 5 years, you will be bored, believe me. and the elite visa doesn't help. you become like a zombie.

[trogers]

20 minutes ago, ExpatOilWorker said:

 

You are both wrong and right at the same time:  http://www.doingbusinessthailand.com/blog-thailand/doing-business-in-thailand/thailand-real-estate-doing-business-in-thailand/difference-between-condos-and-apartments.html

 

Thailand Property: Difference between condos and apartments

I was not satisfied with the content of Friday’s post and I redrafted it

To help you to better understand the difference between a condominium and an apartment building I need first to clarify the definition of the term of “condominium”. For example, most people in Thailand commonly associate the term “condominium” with the concept of an “individual unit” into a “multiple unit building” generally a high rise that may only be sold freehold but condominium ownership is actually far more than this.

 

Legal Definition of a Condominium

The first thing to understand is that the term “condominium” does not describes what a property “look like” but actually serve to defines the “physical rights” attached to said property.

The second thing to understand is that while Thailand only knows for the time being the concept of vertical condominium (a building divided in units) condominiums ownership is more diverse than this. It may for example also be horizontal (a housing project) and when horizontal it may then be detached or not (separate housing versus townhouse housing project). Finally while most condominium units happen to be residential any type immovable property may be sold as “condominium” including residential buildings, offices buildings, parking’s, housing projects.

Is the Leasehold vs Freehold Criteria Relevant?

Thirdly, there are also many people who believe that the main difference between condominium and apartment is that

(1) A condominium unit may solely be owned freehold while an apartment unit may only be leased, and/or

(2) Condominium projects are developed by developers that own the project land freehold while apartment buildings are developed by those that lease the project land.

Now as a matter of fact the two above information are also incorrect.

As to the first affirmation, it is actually the contrary; an apartment may only be leased while a condominium may be owned freehold or leased.

As to the second affirmation, a developer may build an apartment building either on land the developer owns freehold or leasehold. It is the same with condominium projects that may in many countries be built on freehold or leasehold land (not in Thailand however where the condominium developer must own the land and the building freehold to apply for the condominium license). But in many countries, for example for the US in California condominium rights are not always synonym of perpetual rights of ownership (freehold). Condominium Rights   “(…) may, with respect to the duration of its enjoyment, be either (1) an estate of inheritance or perpetual estate, (2) an estate for life, or (3) an estate for years, such as a leasehold or sublease hold. Calif.Civil Code 783”.(Black’s Law Dictionary Vol.1 page 267: Henry Campbell).In other words in the United States it is possible to develop leasehold condominium projects that is to say a condominium projects that are built on leased land. In a leasehold condominium the buyer’s rights on their unit and on the common area will be limited in time to the duration of the developer main lease agreement. In other words the condominium units owners in a leasehold condominium will not received freehold deeds but leasehold rights for a limited duration.

This is however as already explained above not applicable in Thailand where a developer may only apply for a condominium license if he owns the land and the building (Section 6 of the Condominium Act) but I needed to make the point to show that the leasehold/freehold criteria is not what distinguish a condominium from an apartment building.

Finally, it could also in theory possible for a single purchaser to own every individual units in a condominium development and to operate the condominium building in the same manner as an apartment development that is to say to lease the units out instead of selling them. Vice versa, it is also possible for a developer to purchase an apartment building and to convert the individual units to condominiums by bringing them up to the standards required by the condominium act and then to offer them for sale.

Therefore the leasehold/freehold distinction is not a helpful criterion to distinguish apartment and condominium buildings.

Difference between the physical rights attached to the purchase of a condo vs appartment

What really set condominiums apart are as explained above the physical rights associated with the purchase. What makes condominiums different from apartment’s projects is that legally a condominium is defined as “an estate in real property consisting of an undivided interest in common in a portion of a parcel or real property together with a separate interest  (in Thailand a Or Chor 2 Deed) in space (such as an apartment, a store, an office) in a residential, industrial or commercial building”. Therefore condominium ownership is a sort of mix between the separate interests attached to an individual unit together with an interest in a portion of the common property.

In other words a condominium is the sum of (1) all the separate interests (whether freehold or leasehold interests) representing each of the separate units individually owned and (2) of the deed (or leasehold interest) that encompasses the interest in the common property that is collectively owned. Being specified that the portion of the undivided interest in the common property is not an interest in a specific determined area of the common property but a percentage of the common property as a whole.

To the contrary an apartment building will carry a single deed (if built on freehold land)/or master lease (if built on leasehold land) that encompasses the entire property as a whole. In an appartment building, the rights on the   building and the common property (including facilities) will be into the hands of a single person (the landlord). And the individual buyers that purchase appartment units (in leasehold) will not be confered any rights at all on the building Common Property.

In our next post we will discuss what are the practical consequences on a buyer point of view of the legal differences between a condominium and an apartment building.

Note: This post is an excerpt of Rene Philippe Dubout second edition of his book “How to Safely Buy Real Estate in Thailand” that was first published under the title “How to Purchase Real Estate Offshore Safely: The Case of Thailand” published in february 2009.

 

The test is very simple. Would my name be written on the title deed as owner of the condo unit with a stated share of the land when I buy the condo?

 

Anyone can rent or lease a condo, but that would only make them a tenant, and not the owner.

[wordchild]

an interesting way of considering the value of a freehold condo is to work out what the underlying land value is psm and what percentage that would be of the sale price. ie try to get a reasonable estimate of the  current market value of land in the area you are interested in, (CBRE will help if you ask nicely) work out the land area of the condo  and then you can estimate  the value of the land the condo sits on and which all the owners have a share in.  Then divide that by the total sqm of all the condo units in the condo. You can then derive what % of the condo asking price reflects the underlying value of the land. This is not by any means an exact science because of issues such as build restrictions but it is an interesting reality check.

I have done this in the past, when looking to buy, and it does also throw up some interesting results eg it clearly makes new highrise condos esp further out from central Bangkok past say Ekhami look expensive, ie the land value psm is a small percentage of the asking price.  And because older condos in central BKK, eg in the Ploenchit  area have not appreciated at anything like the price of land in that area, it makes some of these, in particular the low rise, low density projects look very good value.ie the value of the land on which the condo sits is a very high percentage of the condo value. In fact when I last  looked at this a couple of years ago I estimated that for a couple of centrally located condos the underlying land value was pretty close to 100% of the (then) asking prices for those condos.    

  

 

[smutcakes]

Expat, as far as I can see from that article, despite its wordy way it appears to confirm that for all the talk, a condominium is a freehold unit, where you hold the chanote, and the land is owned freehold by the collective. In my view terms such as 'leasehold condominium' are just plain contradictory. How can a leasehold be a Condominium, they are two completely different methods of holding an asset, you cannot be doing both on the same property.

[smutcakes]

1 hour ago, returnofthailand said:

at 300k the sqm, I prefer stay in a hotel.
I don't understand why you guys still buy in Thailand. much easier to rent or stay in a hotel.
do you want really be stuck in the same place for 30 years.?
after 5 years, you will be bored, believe me. and the elite visa doesn't help. you become like a zombie.

 

 

1/10 needs to be less obvious. even tried a bit of extra bait putting Elite Visa in there.

[theguyfromanotherforum]

I agree that I would get bored even in a hiso condo, although it is always nice to have one.... for investment purposes.

 

I own a condo on a prime location in Toronto and even though I did get bored and depressed inside at least it is near the lake and in the summer there are all kinds of activities and even a beach. So, you go out, buy some lunch, go people watching, etc, etc. Not to mention that it's all very clean and maintained to perfection. There is no place like this in Bangkok. This is why most people prefer to buy property in a first world country, not some overpriced smogy hole like Bangkok

 

 

 

 

Edited August 24, 2016 by theguyfromanotherforum

[ExpatOilWorker]

2 hours ago, theguyfromanotherforum said:

I agree that I would get bored even in a hiso condo, although it is always nice to have one.... for investment purposes.

 

I own a condo on a prime location in Toronto and even though I did get bored and depressed inside at least it is near the lake and in the summer there are all kinds of activities and even a beach. So, you go out, buy some lunch, go people watching, etc, etc. Not to mention that it's all very clean and maintained to perfection. There is no place like this in Bangkok. This is why most people prefer to buy property in a first world country, not some overpriced smogy hole like Bangkok

 

 

 

 

 

 

 

 

Honest question, if you distaste Bangkok so much, why did you start this thread and even remotely considered buy a condo in our lovely city?

[trogers]

2 hours ago, ExpatOilWorker said:

 

 

Honest question, if you distaste Bangkok so much, why did you start this thread and even remotely considered buy a condo in our lovely city?

 

The weather and the cuisine... ?