Condo asking prices vs. actual sale price

[Sooo Upto Me]

20 hours ago, kharmabum said:

a million baht is less than $30,000.  and people say you should offer half?  what kind of condo can you get for 15 grand?  are these the same places that rent for like 4500 baht per month?

 

Yes Nirun in Central Pattaya & Majestic in top end of Jomtien. Both are old complexes but both have amenities and Swimming Pool.

Prices range from 400,000b - 1mb

[Sooo Upto Me]

53 minutes ago, KittenKong said:

 

No, vendors and buyers dont always go to the LO. Agents often replace the vendor with power of attorney. And the price used for calculations is often the LO estimated price which can be less than the price paid.

 

So the agent certainly can pocket the difference.

 

It's unwise to trust anyone here, regardless of nationality.

 

Correct especially ur own. I nearly got scammed by a British developer on a new off plan condo yrs ago in Pattaya. But managed to get all of my money back.

Other owners were not so lucky.

[bontang]

My Wife has 2 x Condos close to Jomtien Beach next door  to each other ideal for Family Condo for sale

asking Price reasonable she is in no hurry to give them away,

 

Only Reason for selling I prefer the Town Shop houses as I have a few around Pattaya & get good returns from them

 

Thank you

Bontang

Edited December 30, 2016 by Rimmer

[bitcoinforever]

dont listen to these guys here they are all long and wrong so their opinion is based on being in the market the wrong way, they are now is the hope business.. always offer an insulting bid if you are not insulting the sellers with your bid you are not doing your pocketbook any good. because prices are going lower and lower in the short term in pattaya read for the next 5 years or more. the people who were going to pattaya are all busted Indians currency crises,Russians are waiting for 100 oil to come back , Europeans praying euro zone does not dissolve in chaos. which it will so all the usual suspects are trying to sell to a very very small buyers market good luck

[whitemouse]

12 hours ago, dotpoom said:

I was offered 1MB for a condo I am selling for 1.5....I told him to bugger off (phrased it more nicely than that) I would rather burn it down (or at least wait for the market to pick up again). I myself have a little bit of decency and diginity and will always offer a fair price for a fair property. I have been buying and selling most of my life and have always closed a deal where both the buyer and seller are contented with the result. This principle has always stood me well. Any old fool can try to take advantage of people but honor to me is more importand than money and "sticking" it to a person.

 

 

Nothing to do with decency, an offer of 1mil is very reasonable for 1.5Mil asking price, I 'd make an offer for less than 1Mil if I was buyer.

If you really wish to sell take the 1 Mil, it may take a while before someone else is willing to make better offer, you may have to accept less than 1Mil. It depends how pressed for time you are. 

[Steiner]

19 hours ago, JB300 said:

These guys occasionally offer "Firewall" condos http://www.rightmovepattaya.com/

Though I think hipflat.co.th is better for seeing what's available

Hipflat  is the worst property website to look at. 

I recently saw their page for a small boutique condo in Sukhumvit with a total of 68 rooms,  hipflat said they had 145 rooms available for rent. 

When I asked the guy in the office of the same condo how many condos were currently available or didn't have a tenant,  it was 6.

I also saw an agent on hip flat advertising 38 rooms in one condo,  I asked to see all 38,  she had one single room available. 

Hipflat doesn't have an expiration time for any postings,  so prices and availability are waaaaaay off. 

[Steiner]

5 hours ago, kannot said:

Do you work in the  business?.

Wife often gets power of attorney form some buyers to deal with "everything"

This  happens quite  a  lot, with  less desirable agents, the owners  know this (Thai)  but dont care as  long as they get what they asked for ie 2  million often they even say "put  on what you  like"

One customer of my Wife's buys for his  Brother in Taiwan and he even screws his own Brother saying its 2.5  million when really its  2  million then tells  my Wife not to say anything to him if she sees  him.Brotherly love eh, some pretty bizzarre  things go on usually thru greed

But the price is on the channote,  how can anyone 'hide'  the price of the condo?  Once the owner looks at the paperwork either on buying or selling,  it will be obvious what happened. 

And who brings cash! Every single transaction we've ever handled has been with cashiers cheques,  only cash around is for the transfer fees. 

[Steiner]

7 minutes ago, whitemouse said:

 

 

Nothing to do with decency, an offer of 1mil is very reasonable for 1.5Mil asking price, I 'd make an offer for less than 1Mil if I was buyer.

If you really wish to sell take the 1 Mil, it may take a while before someone else is willing to make better offer, you may have to accept less than 1Mil. It depends how pressed for time you are. 

I've been running a company here for almost 7 yrs, never seen that sort of discount on any deal,  most there has been was 250k, and that wasn't on a 1.5M baht condo,  usual leeway in those is 50k if they've been priced correctly,  which 99% are. 

[whitemouse]

6 minutes ago, Steiner said:

I've been running a company here for almost 7 yrs, never seen that sort of discount on any deal,  most there has been was 250k, and that wasn't on a 1.5M baht condo,  usual leeway in those is 50k if they've been priced correctly,  which 99% are. 

 

Reducing asking price 50k THB gets buyer motivated? You are a exceptionally lucky or the unit was priced correctly to begin with. Seems most are not, but you say 99% are priced correctly. What is the mystery behind all the unsold condos on the market? 

 

[LongTimeLurker]

1 hour ago, Steiner said:

But the price is on the channote,  how can anyone 'hide'  the price of the condo?  Once the owner looks at the paperwork either on buying or selling,  it will be obvious what happened. 

And who brings cash! Every single transaction we've ever handled has been with cashiers cheques,  only cash around is for the transfer fees. 

 

Price is never on the channote

[LongTimeLurker]

11 hours ago, HauptmannUK said:

I have no 'problem', I am here to garner advice. Can you offer a couple examples of 'good' condos that I should consider, if you feel the VT's are not particularly desirable?

 

If you're looking for discounts on the 1 million Baht condos then you can't afford the good ones.

[champers]

You ought to bear in mind that anyone on here berating you for trying to get a big discount probably has property for sale themselves. You have nothing to lose by asking for a big discount. Dignity doesn't pay the rent.

[JB300]

Hipflat  is the worst property website to look at. 

I recently saw their page for a small boutique condo in Sukhumvit with a total of 68 rooms,  hipflat said they had 145 rooms available for rent. 

When I asked the guy in the office of the same condo how many condos were currently available or didn't have a tenant,  it was 6.

I also saw an agent on hip flat advertising 38 rooms in one condo,  I asked to see all 38,  she had one single room available. 

Hipflat doesn't have an expiration time for any postings,  so prices and availability are waaaaaay off. 

I find it a good research tool for Condos in an area I might be interested in & the sorts of units available (or not).

Cuts down on the amount of time you need to spend "Boots on the ground"

But it's mute point for me now as with the ridiculous regulations around having to register at immigration that you're staying at your longterm accommodation (arrival card won't do) every time you arrive back in the country, I've completely given up on the idea of having any longterm accommodation in Thailand so hotels & Airbnb are all I need (TM forms can be somebody else's problem)

Edit: just one of a few recent threads impacting condo owners / longterm renters...

I have a condo on Phuket, live there and extend visa periodically and report 90 days regularly.

I made a re-entry to visit home country in July (1 month). When I came to immigration to extend visa they said I should have reported arrival (to my own condo) to immigration within 24 hours and fined me 5,000 baht.

In October I reported 90 days, but immigration said that 90-days and notification of residence are different things.

 

Is it only me ? Or everyone else reports their arrivals to immigration ?

http://www.thaivisa.com/forum/topic/960761-notification-of-residence-fine-popular-thing/

[newnative]

28 minutes ago, champers said:

You ought to bear in mind that anyone on here berating you for trying to get a big discount probably has property for sale themselves. You have nothing to lose by asking for a big discount. Dignity doesn't pay the rent.

Certainly you can bargain and now and then there are good buys out there--if your timing is right and you happen to hear about them before someone else has snapped them up.  Now and then something of quality may be had for a bargain but bear in mind that, largely, you get what you pay for.  There may or may not be a glut of undesirable condos but there's not a glut of desirable ones in desirable locations with desirable views.  The OP is talking about using the condo for a number of years and, if that's the case, I think it's more important that he focus on the area he wants to be in and then on a condo that he likes and will enjoy visiting.  Better to maybe look for a condo that's fairly priced, offers good value, and  that you really like rather than one that's a total steal--but you end up not liking in the long run. 

[SaintLouisBlues]

 
If you're looking for discounts on the 1 million Baht condos then you can't afford the good ones.

Jumping to conclusions? What the buyer can afford need have nothing to do with the price they're willing to pay. Condos, hookers - same, same

[bkk6060]

I think it is foolish to buy here.  In most cases Falang cannot leverage the purchase.  You need all cash. The appreciation here is minimal and many guys I know complain about it.  I even know a guy who bought in Northshore.  A beautiful place but he hates the noise of all the boats and traffic from Beach road.  Its a shame.

I have done several scenarios on this.  I am paying $20,000 b a month in a building where the condos go for 3 to 4 million.

I can make much more(an I have) investing the money.  Yes there are some down years but the average is 7 to 8%.  Do the math over the long term and you can come out ahead, or minimally it is a wash.  Also, you have much more flexibility and none of the headaches of owning.  Just all fits my goals and lifestyle better to rent.

Edited December 31, 2016 by bkk6060

[Peterw42]

3 minutes ago, bkk6060 said:

I think it is foolish to buy here.  In most cases Falang cannot leverage the purchase.  You need all cash. The appreciation here is minimal and many guys I know complain about it.  I even know a guy who bought in Northshore.  A beautiful place but he hates the noise of all the boats and traffic from Beach road.  Its a shame.

I have done several scenarios on this.  I am paying $20,000 b a month in a building where the condos go for 3 to 4 million.

I can make much more(an I have) investing the money.  Yes there are some down years but the average is 7 to 8%.  Do the math over the long term and you can come out ahead, or minimally it is a wash.  Also, you have much more flexibility and none of the headaches of owning.  Just all fits my goals and lifestyle better to rent.

 

Each to his own. I can earn 5% on some money and pay my rent with it, or I can own outright and pay no rent. And a chance my capital investment may grow over time.

[Rimmer]

Some flames and bickering posts have been removed, also a post and reply discussing moderation

[newnative]

7 hours ago, tazly said:

gotta laugh at these VT defenders who show up on every thread trying to make these crass low end units for down on their luck pensioners sound like the epitome of luxury....quelle horreur......let them eat cake!

Hmm.  Not a realtor or current VT owner but having owned condos in View Talay 3, 5C, 5D, and 7, I feel I must write a few words in their defense.  VT1 and 2 are mostly small studio condos but the newer VTs have much larger units available and the corner units can run to over 150sqm and cost over 10MB, finished.  Not exactly 'low end'.  Some years ago a poster compared VT condos to Forrest Gump's box of chocolates--you never know what you will find inside.  VT condos are sold from the developer as empty, unfinished spaces--you don't even get a finished floor, never mind a kitchen.  I remember vividly the first time I opened a VT door with my partner and saw that totally empty space with a rough, uneven, dirty floor--at first I thought it was packed dirt!  We looked at each other and said, can we do this?  Can we turn this raw space into something beautiful? The answer was, yes we can.  And, yes we did.  As did many others.  The fun of an empty VT condo is you can do whatever you want with it--and you don't have to first tear out a previous owner's bad taste.  Some owners do the minimum.  Some create wonderful, gorgeous spaces that are, indeed, 'the epitome of luxury'.  I know--I've been in some of them.  Which leads me to wonder if you even live in Pattaya now and, if so, do you ever go anywhere and actually see anything first hand?   There may be some 'down on their luck pensioners' in VT condos, and in other condos as well, but they are a minority, especially in the newer, more pricey VTs with larger units available.  View Talays lack some of the amenities of the newer condos but they are maintaining their value fairly well because...here it is again...location, location, location.

[kharmabum]

questions...

 

how much are property taxes on a condo?

 

generally, how many months of rent should equal the cost of buying a condo.  for example,  if you pay 5,000 baht a month rent(60,000 a year) multiply by 15 years equal 900,000 baht.  multiply by 10 years equal 600,000 baht. 

 

how often does a condo in pattaya need to be renovated/gutted and redone?(new wallpaper/floor etc...) to keep it looking decent?  every 5 years? 10 years?  and how much does that cost on the cheap?

[Peterw42]

15 minutes ago, kharmabum said:

questions...

 

how much are property taxes on a condo?

 

generally, how many months of rent should equal the cost of buying a condo.  for example,  if you pay 5,000 baht a month rent(60,000 a year) multiply by 15 years equal 900,000 baht.  multiply by 10 years equal 600,000 baht. 

 

how often does a condo in pattaya need to be renovated/gutted and redone?(new wallpaper/floor etc...) to keep it looking decent?  every 5 years? 10 years?  and how much does that cost on the cheap?

 

Condo fees are usually based on per sqm per month, condo I am in is 30baht per sqm, 35 sqm, around 1,000 baht a month. Pays for security, cleaners, swimming pool , gym etc. No other taxes, other than when you buy and sell, 3-5% transfer tax.

 

Around 10 years rent to buy condo, 1.2m purchase price would rent for 10,000 a month, 120,000 a year.

 

Renovation would be depend on quality of original fit out.  Fortunately that stuff (tileing, painting kitchens etc) is very cheap in Thailand, especially the labor.

 

 

[HauptmannUK]

14 hours ago, LongTimeLurker said:

 

If you're looking for discounts on the 1 million Baht condos then you can't afford the good ones.

Very odd comment. I already have a very nice property in Thailand (and another in UK). I could afford to pay a lot more than 1M THB for a condo, however I'm just looking for something small and cheap for occasional use and to be used by family visiting Thailand. I look for discounts on everything I buy - even 200THB shirts from the market. Call me a cheap Charlie if you like!

[Cook my sock]

Airbnb brings a good return if you want to part time rent. On a 1.2m studio in srinakarin I can make 15,000 plus a month

[zorro1]

Airbnb brings a good return if you want to part time rent. On a 1.2m studio in srinakarin I can make 15,000 plus a month

Absolutely its such a fantastic option for those that don't need permanent tenants. Rented mine in September with plan's to return in Jan but just took another 5 month booking and not getting robbed by the insane commission charged by local real estate guys


Sent from my Redmi Note 3 using Thaivisa Connect mobile app

[LongTimeLurker]

4 hours ago, SaintLouisBlues said:

Jumping to conclusions? What the buyer can afford need have nothing to do with the price they're willing to pay. Condos, hookers - same, same

 

It depends on where you're shopping.

 

Harrods or Aldi?

[LongTimeLurker]

3 hours ago, newnative said:

Hmm.  Not a realtor or current VT owner but having owned condos in View Talay 3, 5C, 5D, and 7, I feel I must write a few words in their defense.  VT1 and 2 are mostly small studio condos but the newer VTs have much larger units available and the corner units can run to over 150sqm and cost over 10MB, finished.  Not exactly 'low end'.  Some years ago a poster compared VT condos to Forrest Gump's box of chocolates--you never know what you will find inside.  VT condos are sold from the developer as empty, unfinished spaces--you don't even get a finished floor, never mind a kitchen.  I remember vividly the first time I opened a VT door with my partner and saw that totally empty space with a rough, uneven, dirty floor--at first I thought it was packed dirt!  We looked at each other and said, can we do this?  Can we turn this raw space into something beautiful? The answer was, yes we can.  And, yes we did.  As did many others.  The fun of an empty VT condo is you can do whatever you want with it--and you don't have to first tear out a previous owner's bad taste.  Some owners do the minimum.  Some create wonderful, gorgeous spaces that are, indeed, 'the epitome of luxury'.  I know--I've been in some of them.  Which leads me to wonder if you even live in Pattaya now and, if so, do you ever go anywhere and actually see anything first hand?   There may be some 'down on their luck pensioners' in VT condos, and in other condos as well, but they are a minority, especially in the newer, more pricey VTs with larger units available.  View Talays lack some of the amenities of the newer condos but they are maintaining their value fairly well because...here it is again...location, location, location.

 

You're comparing apples and oranges, VT1 & 2 are, as you say, vastly different from other VTs.

[bkk6060]

If you want to make some decent money here and you have the time to manage them yourselves, the property rental business can do well.  I am older and do not want the hassles, but I know several people doing this.

 

The scenario is you rent several properties in a building.  Maybe in one of the larger condo buildings.  You can get one bedrooms in several for about 15,000 b a month.  The ST rents I have been told and see advertised are mostly close to 1500 b a night.  So do the math.  If you rent it out 20 days a month and have the time to advertise it, clean it, meet the clients, etc., you can make a decent profit, especially if you have lets say half a dozen properties or more.

 

The one caveat is the one month rule if the place is not a hotel.  But I do not know of a condo complex that is enforcing this.

[newnative]

20 minutes ago, LongTimeLurker said:

 

You're comparing apples and oranges, VT1 & 2 are, as you say, vastly different from other VTs.

I never said in my post that VT1 and 2 are 'vastly different from other VTs'.  Please quote correctly if you are going to quote. 

[sharecropper]

Does anyone know what the asking prices in View Talay 7 are nowadays? I see what seem to be mostly holidaying Russians entering and exiting the place and wonder what proportion of units have been sold in there?

[LongTimeLurker]

4 hours ago, newnative said:

VT1 and 2 are mostly small studio condos but the newer VTs have much larger units available and the corner units can run to over 150sqm and cost over 10MB, finished.  Not exactly 'low end'.

 

15 minutes ago, newnative said:

I never said in my post that VT1 and 2 are 'vastly different from other VTs'.  Please quote correctly if you are going to quote. 

 

This a good enough quote that describes the vast difference??