Condo asking prices vs. actual sale price

[SaintLouisBlues]

1 hour ago, LongTimeLurker said:

It depends on where you're shopping.

 

Harrods or Aldi?

It also depends on whether you think they're fungible

[newnative]

1 hour ago, LongTimeLurker said:

 

 

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

Thank you. No 'vast difference' wording in what I wrote. The VTs after 1 and 2 offer larger and more expensive units that can run over 10MB.  Bigger square footage and land closer to the sea equals higher prices.  Except for VT7, all the VTs are long rectangular buildings.  The balconies and rooms got bigger but the overall concept didn't change that much. 

[yaagjon]

3 hours ago, sharecropper said:

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?

I will be there on Tuesday and let you know.

 

I'm paying virtually the same as I was paying three years ago. Great location and great views if your condo is on the Jomtien side.

[LongTimeLurker]

3 hours ago, newnative said:

Thank you. No 'vast difference' wording in what I wrote. The VTs after 1 and 2 offer larger and more expensive units that can run over 10MB.  Bigger square footage and land closer to the sea equals higher prices.  Except for VT7, all the VTs are long rectangular buildings.  The balconies and rooms got bigger but the overall concept didn't change that much. 

 

Actually they don't.

 

They are the same small cookie cutter places you described which have been converted into bigger units by knocking them together.

 

Nothing like the vastly different units in other VTs you described

[BruceMangosteen]

18 hours ago, bkk6060 said:

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.

A very odd post....First of all...the assumption or even creation of a "scenario" where you can rent a unit out 20 days a monthly at 1500.Baht a day is pure fantasy and would not pass the laugh test for even the most hungry of the "real estate agents" around Pattaya. "Fish on" is the expression....

[BruceMangosteen]

18 hours ago, bkk6060 said:

 

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.

 

It is enforced if a Thai person complains about a farang doing it.With that said, saying laws aren't enforced is yet another selling point you will run into here Pattaya. Buyer beware.

[BruceMangosteen]

Which reminds me of another odd sales pitch...It was advertised that the unit was in a farang's name but could not be sold in same, had to be to a Thai or "company" name. I'd never heard of this going backwards, even in cases where some sort of fraud had led to the building being over the 51-49 percent rule. The cautious among us would wonder how their unit, in their(farang) name, could all the sudden become less marketable due to the farang ownership law changing ?

[Peterw42]

16 minutes ago, BruceMangosteen said:

 

It is enforced if a Thai person complains about a farang doing it.With that said, saying laws aren't enforced is yet another selling point you will run into here Pattaya. Buyer beware.

 

illegal short term rental is enforced in many condos. People forget the realities of doing short term rentals, you or someone you pay needs to be avaiilable 24 hrs a day for check in/out, the condo needs to be cleaned with fresh linen and towels soap tea coffee etc, everytime someone stays for a night. People staying a couple of nights expect cable TV, internet etc, and they will call you at 2am if its not working.

[bkk6060]

8 minutes ago, BruceMangosteen said:

A very odd post....First of all...the assumption or even creation of a "scenario" where you can rent a unit out 20 days a monthly at 1500.Baht a day is pure fantasy and would not pass the laugh test for even the most hungry of the "real estate agents" around Pattaya. "Fish on" is the expression....

Wow really?  Maybe odd if you are poor at math. You obviously know nothing about the rental market here or what is going on. Getting a one bedroom in a newer building for 1500 a day is pretty standard.  Check some of the listings for The Base , Centric, etc. I know people that rent on one year leases everal units in these complexes and they sub rent them just about everday. So do some research maybe a future business opportunity for you.

Edited January 1, 2017 by bkk6060

[theguyfromanotherforum]

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

Question. I am surprised this area would be popular with Airbnb. Are your clients Thai or foreigners?

Does the building give you problems with short term rentals?

[Peterw42]

21 minutes ago, bkk6060 said:

Wow really?  Maybe odd if you are poor at math. You obviously know nothing about the rental market here or what is going on. Getting a one bedroom in a newer building for 1500 is pretty standard.  Check some of the listings for The Base , Centric, etc. I know people that purchased several units in these complexes and they rent them just about everday. So do some research maybe a future business opportunity for you.

 

Do you end up making any money ? 1500 a night, less cleaning, laundry, paying someone to do check in/out, internet and cable TV subscription, Big elec bills from people running the airconn 24/7. Once a month a customer spills coffee on the sofa/quilt cover, looses the TV remote etc.

 

1500 baht

Take away

cleaning 100 baht a day

laundry 100 baht a day

TV, internet, elec 100 baht a day

AirBnB fees/ advertising 100 baht a day

Paying someone to meet and greet, hand over keys and inspect for damages 100 baht a day.

 

As a customer, I can stay in a nice hotel for 1500 a night.

 

 

Edited January 1, 2017 by Peterw42

[newnative]

11 minutes ago, bkk6060 said:

Wow really?  Maybe odd if you are poor at math. You obviously know nothing about the rental market here or what is going on. Getting a one bedroom in a newer building for 1500 is pretty standard.  Check some of the listings for The Base , Centric, etc. I know people that rent on one year leases everal units in these complexes and they sub rent them just about everday. So do some research maybe a future business opportunity for you.

Yes, a future business opportunity if you don't mind putting your status in Thailand at risk for violating the Thai Hotel Act, tax laws, immigration reporting laws, work laws, etc.  If you are a foreigner you will likely be the first one reported.

[Cook my sock]

Question. I am surprised this area would be popular with Airbnb. Are your clients Thai or foreigners?

Does the building give you problems with short term rentals?

To be honest I wasn't sure how popular it would be. But it's one of the best condominiums in the area, close to airport link, modern and with a 7-11 and all facilities.

Our studio is small and bookings are all foreigners on a budget, but so far all very nice. No problem with the building at all, as there are so many foreigners renting there.

[JB300]

Which reminds me of another odd sales pitch...It was advertised that the unit was in a farang's name but could not be sold in same, had to be to a Thai or "company" name. I'd never heard of this going backwards, even in cases where some sort of fraud had led to the building being over the 51-49 percent rule. The cautious among us would wonder how their unit, in their(farang) name, could all the sudden become less marketable due to the farang ownership law changing ?

Not often but rarely, a "Thai/Company" name condo gets sold as Farang & so you cannot sell yours as Farang as the Condo allocation is above the 51%

Apparently there's nothing that guarantees your rights (it's based on square footage btw not number of units) & a shady lawyer can help somebody sell a Condo on the Low side as high side (price wise)

[elgenon]

On ‎12‎/‎30‎/‎2016 at 8:13 AM, ExpatOilWorker said:

Here is what you need to do.

You narrow your search down to a couple of building that you like, then write a short but price letter, along the lines, "Dear owner, Please contact me if your are interested in selling your condo. Fair price offered for the right unit, cash payment."

Your include your E-mail, LINE id, phone number.

Print 100+ letters and drop them in ever single mailbox.

 

All you have do do now is sit back and wait.....and wait....and wait, but sooner or later somebody will contact you.

 

This way you will not only bypass often useless agents, but you might also reach out to somebody who have long moved away and simply given up on his unit and only use it for a couple of month ever winter.

 

NB: I did this myself in Bangkok and still got replies 6 months after they letters was sent.

 

Happy hunting.

 

Just wanted to add, you can still use agents in parallel to visit and get a feel for asking prices. That will give you the upper hand when you give different owners your cash offer.

How to get them into mailbox?

[JB300]

How to get them into mailbox?

Lift flap & insert... (sorry [emoji14])


You pay a guy a couple of hundred baht to either post them in the letterboxes in the lobby or better still, pop them under the door for you [emoji1303]

[Cook my sock]

I'm doing this now on a smaller scale, looking for empty houses in a catchment area. We've already had an elderly Chinese lady contact my wife about her brothers old house.. fingers crossed.

[anotheruser]

The easiest and safest way to get a good deal on a condo is go look at some places with really great pictures. After you are satisfied with the design offer a large down payment off plan.

Sometimes you have to put instant gratification aside and play the long game to get ahead.


Sent from my iPad using Thaivisa Connect

[ExpatOilWorker]

2 hours ago, elgenon said:

How to get them into mailbox?

 

I guess we start the year with some tough questions at Thaivisa. 

[tazly]

On 2016-12-30 at 9:52 PM, 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.

oh yeah, well I paid $100 trillion (think Austin Powers) for my VT unit...and it was an even emptier shell...unfinished, no walls, no ceilings, no floors, no building...but it must have been the greatest deal because peoples told me so, and I paid more and got less.....now I can brag about how rich I am to everyone....forget doing a CMA or a proper appraisal...

[LongTimeLurker]

7 hours ago, anotheruser said:

The easiest and safest way to get a good deal on a condo is go look at some places with really great pictures. After you are satisfied with the design offer a large down payment off plan.

Sometimes you have to put instant gratification aside and play the long game to get ahead.


Sent from my iPad using Thaivisa Connect

 

IF the place ever gets built.

[anotheruser]

 
IF the place ever gets built.

Come on, do you really think that any "reputable" condo developer would take the money and do a runner? :)


Sent from my iPhone using Thaivisa Connect

[ThaiBob]

On 12/31/2016 at 3:07 PM, sharecropper said:

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?

They have dropped a little bit but a studio around 75k per sqm with corner units on high floor over 100k.  50% sold, unsold units on the back side may never sell because of their size (115 - 250 sqm) and costs. Homeowners fees still cheap, 5760 baht/year for a studio(48 sqm), compare that to the shoeboxes (24 sqm) they are trying sell, 50 baht /sqm x 12 x 24 sqm = 14,400.

[sharecropper]

10 hours ago, ThaiBob said:

They have dropped a little bit but a studio around 75k per sqm with corner units on high floor over 100k.  50% sold, unsold units on the back side may never sell because of their size (115 - 250 sqm) and costs. Homeowners fees still cheap, 5760 baht/year for a studio(48 sqm), compare that to the shoeboxes (24 sqm) they are trying sell, 50 baht /sqm x 12 x 24 sqm = 14,400.

 

 

Thanks. I have noticed very little life in the side units of VT7, although the main block seems well-occupied. 

[newnative]

11 minutes ago, sharecropper said:

 

 

Thanks. I have noticed very little life in the side units of VT7, although the main block seems well-occupied. 

The back side interior units at VT7 are very large, long boxes with few windows, considering the large square footage, and balconies that lack privacy.  They have been a hard sell, I think, because of the design limitations and cost.

[yaagjon]

On ‎2‎/‎01‎/‎2017 at 0:08 AM, tazly said:

oh yeah, well I paid $100 trillion (think Austin Powers) for my VT unit...and it was an even emptier shell...unfinished, no walls, no ceilings, no floors, no building...but it must have been the greatest deal because peoples told me so, and I paid more and got less.....now I can brag about how rich I am to everyone....forget doing a CMA or a proper appraisal...

Well I didn't think he was bragging, just giving some information to posters on the forum.

 

Some people are wealthy, obviously you aren't, get over it.

[newnative]

1 hour ago, yaagjon said:

Well I didn't think he was bragging, just giving some information to posters on the forum.

 

Some people are wealthy, obviously you aren't, get over it.

Thanks.  You're right, I wasn't bragging and I am certainly not wealthy. I had to borrow money to buy the first VT condo and then had to sell it before I could afford to buy another one.  The VT empty shells offer an alternative to most new condos--which often come completely finished with furniture, kitchens, floors, etc. , which you may not care for.

[Asiantravel]

An interesting comparison with the Pattaya property market is Singapore. Pattaya is mainly a tourist city with a few retirees settling here occasionally from the West but very limited opportunities for owners to get long-term tenants. Whereas Singapore is an international business hub ( in a very transparent and uncorrupted market) so a condominium owner there would have a lot more choices to get long-term prospective tenants.

They admit their property market is in the doldrums and prices have fallen the most in seven years.

How come we don’t see any of this market analysis in Pattaya even with 17,000 new condominiums on the market?

 

 

https://www.bloomberg.com/news/articles/2016-10-03/singapore-home-prices-have-biggest-drop-in-more-than-seven-years

[bkk6060]

24 minutes ago, Asiantravel said:

An interesting comparison with the Pattaya property market is Singapore. Pattaya is mainly a tourist city with a few retirees settling here occasionally from the West but very limited opportunities for owners to get long-term tenants. Whereas Singapore is an international business hub ( in a very transparent and uncorrupted market) so a condominium owner there would have a lot more choices to get long-term prospective tenants.

They admit their property market is in the doldrums and prices have fallen the most in seven years.

How come we don’t see any of this market analysis in Pattaya even with 17,000 new condominiums on the market?

 

 

https://www.bloomberg.com/news/articles/2016-10-03/singapore-home-prices-have-biggest-drop-in-more-than-seven-years

http://www.colliers.com/-/media/files/apac/thailand/market-reports/1h pattaya 2016-en.pdf

 

There are a bunch of analysis out there.  But how accurate or believable are any of them?

[Halfaboy]

Re:  There are a bunch of analysis out there.  But how accurate or believable are any of them?

 

How many reliable (uncorrupt) analysts do we have here in Pattaya ?