Condo asking prices vs. actual sale price

[BruceMangosteen]

On 1/1/2017 at 0:51 PM, JB300 said:

 

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)

 

Don't tell any of our agent friends about this. For that matter, you are risking your very own life telling the members here...God Bless You. 

[balo]

VT1 studios are popular even if the building is old. They sell for 1.3 to 2 mill .  

 

But you can get a brand new condo 1 br 34 sqm for 1.3 million in Soi Watboon (Paradise Park , Amazon) . 

 

 

Edited January 3, 2017 by balo

[theguyfromanotherforum]

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

But what is the average price per sqm in Singapore?

[JB300]

But what is the average price per sqm in Singapore?

Varies massively from area to area but averages for Asia countries are here :-

http://www.globalpropertyguide.com/Asia/Singapore/square-meter-prices

Also rental yields http://www.globalpropertyguide.com/Asia/Singapore/rent-yields

[Henryford]

13 hours ago, balo said:

VT1 studios are popular even if the building is old. They sell for 1.3 to 2 mill .  

 

But you can get a brand new condo 1 br 34 sqm for 1.3 million in Soi Watboon (Paradise Park , Amazon) . 

 

 

 

That's because PP is in the middle of nowhere. VT1 is only popular because it has a great location and pool.

[i claudius]

1 hour ago, Henryford said:

 

That's because PP is in the middle of nowhere. VT1 is only popular because it has a great location and pool.

 

'location ,location location' . i have said it many times on here ,the market is quiet , but and its a very big but certain condo blocks sell and rent straight away ,why? see my first quote .

Edited January 4, 2017 by i claudius

[HauptmannUK]

Well, after having looked around for a few days now I have decided not to buy anything for the time being. I visited some new and old condo blocks and was struck by the huge number of rooms standing vacant. The oversupply is even greater than I first thought and there are new buildings going up all over the place. I just can't see buying a condo in Pattaya/Jomtien being a wise investment at this point and I will be keeping money in the bank for the time being..

[HauptmannUK]

2 hours ago, i claudius said:

 

'location ,location location' . i have said it many times on here ,the market is quiet , but and its a very big but certain condo blocks sell and rent straight away ,why? see my first quote .

Can you name the 'certain condo blocks' that sell/rent immediately? I didn't come across them in my research.

[bkk6060]

2 hours ago, HauptmannUK said:

Well, after having looked around for a few days now I have decided not to buy anything for the time being. I visited some new and old condo blocks and was struck by the huge number of rooms standing vacant. The oversupply is even greater than I first thought and there are new buildings going up all over the place. I just can't see buying a condo in Pattaya/Jomtien being a wise investment at this point and I will be keeping money in the bank for the time being..

Good move I believe.  Rent and keep looking I think more bargains can be had in the future.

[newnative]

4 hours ago, HauptmannUK said:

Well, after having looked around for a few days now I have decided not to buy anything for the time being. I visited some new and old condo blocks and was struck by the huge number of rooms standing vacant. The oversupply is even greater than I first thought and there are new buildings going up all over the place. I just can't see buying a condo in Pattaya/Jomtien being a wise investment at this point and I will be keeping money in the bank for the time being..

Just a couple of things if you decide to resume your search at some point.  Rooms 'standing vacant' is not necessarily a bad thing and normal for a lot of condo projects in Pattaya.  Vacant doesn't always mean unsold.  For example, I used to live at Lumpini Park Beach Jomtien, which has 3 buildings of 30 stories and around 1800 units.  I think all but around 200 of the condos have been sold.  You would think with that many units that the 2 swimming pools would be packed and you could barely find room to jump in. Not so.  I often had the pool to myself or just a few other people when I swam.  Why?  Most of the condos are owned by Bangkok people and other absentee owners.  Holiday weekends could get busy but the rest of the time it wasn't.  Rather than focusing on whether a complex looks vacant, focus on how it is being maintained.  I can show you some older condos in Naklua, Jomtien, and Pratamnak that look deserted most of the time but are being maintained well--they are  owned primarily by wealthy Thais.  The other thing is there may  be 'new buildings going up all over the place' but there are not a lot of new buildings going up in prime locations because there's not a lot of prime locations left.  I know several complexes that have recently been built or are now being built on former trash dumps or adjacent to them.  Obviously, if it was a trash dump it wasn't exactly a prime location.  Rather than focus on  all 'the new buildings going up', narrow your future search to those in good locations.

[wpcoe]

14 hours ago, Henryford said:

 

That's because PP is in the middle of nowhere. VT1 is only popular because it has a great location and pool.

 

In addition to location and pool, the buildings appear to be well-maintained.  Despite their age, they are clean and in good repair.

 

I looked at several units in both buildings 1A and 1B -- and even stayed in a friend's unit for a week.  Though the individual units may vary in cleanliness and state of repair, the common areas (lobby, hallways, elevators, pool, parking lot, etc) were in good shape.

 

The annual owners' association report was available by the front door when I was there, and reading through it, VT1 appears to have an active and vocal group of co-owners which to me is a Good Thing.

[HauptmannUK]

7 hours ago, newnative said:

Just a couple of things if you decide to resume your search at some point.  Rooms 'standing vacant' is not necessarily a bad thing and normal for a lot of condo projects in Pattaya.  Vacant doesn't always mean unsold.  For example, I used to live at Lumpini Park Beach Jomtien, which has 3 buildings of 30 stories and around 1800 units.  I think all but around 200 of the condos have been sold.  You would think with that many units that the 2 swimming pools would be packed and you could barely find room to jump in. Not so.  I often had the pool to myself or just a few other people when I swam.  Why?  Most of the condos are owned by Bangkok people and other absentee owners.

When I talk about vacant units I mean vacant as in empty - nothing inside other than what the developer supplied. I doubt these are being used at the weekend.

I came across more than a few condos that have been for sale since 2015 and one or two in buildings that were completed in 2014. Whichever way you spin there is clearly a very low level of sales activity - too low.

For the time being I feel safer renting - maybe keeping an eye open for a bargain 'distress sale'...

[i claudius]

22 hours ago, HauptmannUK said:

Can you name the 'certain condo blocks' that sell/rent immediately? I didn't come across them in my research.

 

The base is one on 2nd rd , rent straight away .

[Pattaya46]

On ‎04‎/‎01‎/‎2017 at 0:48 PM, HauptmannUK said:

Can you name the 'certain condo blocks' that sell/rent immediately? 

 

2 hours ago, i claudius said:

The base is one on 2nd rd , rent straight away .

 

Hum...

So why are there hundreds of ads For Rent or For Sell when you look The Base on Google ??

 

Also I see this condo from my room, and based on the lights that are ON on evenings

the occupency rate of The Base - right now in high season - doesn't seem very high...

 

[newnative]

4 minutes ago, Pattaya46 said:

 

 

Hum...

So why are there hundreds of ads For Rent or For Sell when you look The Base on Google ??

 

Also I see this condo from my room, and based on the lights that are ON on evenings

the occupency rate of The Base - right now in high season - doesn't seem very high...

 

There are hundreds of ads because the building has over 1000 units and there are lots of duplicates--there's no MLS here. If you go on Hipflat you can see the same condo listed sometimes 5 or 6 times by different agencies.  Lots of ads are never removed and some are left up even if a place is rented.  I can see The Base from my condo, too, and there seems to be a fair number of lights on at night, certainly more than a lot of other condos.

[HauptmannUK]

There are quite a few units available in The Base - although I couldn't give you a figure.  It was one of the places I looked at. The agent that I spoke to claimed I'd be able to make a good return via short rentals on Airbnb - apparently The Base is very popular with holidaymakers. That's not something I'm keen to take a risk on though.

[newnative]

9 minutes ago, HauptmannUK said:

There are quite a few units available in The Base - although I couldn't give you a figure.  It was one of the places I looked at. The agent that I spoke to claimed I'd be able to make a good return via short rentals on Airbnb - apparently The Base is very popular with holidaymakers. That's not something I'm keen to take a risk on though.

The agent should have told you that condo rentals of less than a month are illegal in Thailand and violate the Thai Hotel Act.  And, you could also get yourself into trouble for working illegally (you can't get a work permit for an illegal activity, in this case running a hotel in a condo), not doing the proper paperwork to report your renters to Immigration, and not paying taxes on your illegal rental income.  People are doing it but you never know who might report you.

[bkk6060]

I live at The Base.  Looking out at the ocean as I type this from my high floor apartment. I rent here.

Yes this place does have 1000 rooms.  There are still many unsold and many that fell out of escrow(or whatever they call it here).

Also, as others reported this is a big AIrbnb, broker site place.  Last week it was a zoo.  Many Chinese tourists even some Russians which I never saw before.  It has quieted down now. 

I have reported before this place is a good many maker if you rent several places long term, then sub let on AIrbnb or another site. 

The location is fantastic, everything is new, and the pool in building A maybe the best view in the city.

Anyway, I love it here just signed on for a year extension.

 

PS:  They do have some flyers around and in the elevators regarding short term rents as against the rules.  But they do not enforce it.  I think they will allow this for some time as it does bring in potential customers who may decide to buy here in the future. 

 

To add:  I never believe what sales office tell you.  But I just walked my floor and the floor below.  40 units total.  17 still had the plastic on the door which means noone is occupying the place.

Edited January 5, 2017 by bkk6060

[JB300]

I live at The Base.  Looking out at the ocean as I type this from my high floor apartment. I rent here.

Yes this place does have 1000 rooms.  There are still many unsold and many that fell out of escrow(or whatever they call it here).

Also, as others reported this is a big AIrbnb, broker site place.  Last week it was a zoo.  Many Chinese tourists even some Russians which I never saw before.  It has quieted down now. 

I have reported before this place is a good many maker if you rent several places long term, then sub let on AIrbnb or another site. 

The location is fantastic, everything is new, and the pool in building A maybe the best view in the city.

Anyway, I love it here just signed on for a year extension.

 

PS:  They do have some flyers around and in the elevators regarding short term rents as against the rules.  But they do not enforce it.  I think they will allow this for some time as it does bring in potential customers who may decide to buy here in the future. 

 

To add:  I never believe what sales office tell you.  But I just walked my floor and the floor below.  40 units total.  17 still had the plastic on the door which means noone is occupying the place.

Looks a really nice place but Hipflat has it as being > 60% more expensive per sqm for buy/rent than the surrounding area.

If you don't mind me asking, how big is your unit & how much rent is it per month for a 1 year contract? (Obviously feel free to tell me to mind my own bl##dy business if I'm being too intrusive :))

Cheers

JB

[bkk6060]

1 minute ago, JB300 said:

 

Looks a really nice place but Hipflat has it as being > 60% more expensive per sqm for buy/rent than the surrounding area.

If you don't mind me asking, how big is your unit & how much rent is it per month for a 1 year contract? (Obviously feel fed to tell me to mind my own bl##dy business if I'm being too intrusive :))


Cheers


JB

 

No its cool I will give you a general range as the owner gave me a great deal since I know her.

Sansiri started out renting even the low floor places for 25,000 per month.  Now, they have lowered those quite a bit to $18,000 for the least expensive low floor.  But I think you can negotiate with private owners better a guy told me he is paying $16,000 a month.

I have a one bedroom high floor.  There are no studios.  It is small 30 sq meters but it is only me.  The living area is large enough I have a 50 inch TV in there and it is really nice.  The kitchen is small but again, just me and I don't cook so...

The higher floors mostly go from 20,000 to 25,000 per month.  Maybe even lower.

[JB300]

No its cool I will give you a general range as the owner gave me a great deal since I know her.
Sansiri started out renting even the low floor places for 25,000 per month.  Now, they have lowered those quite a bit to $18,000 for the least expensive low floor.  But I think you can negotiate with private owners better a guy told me he is paying $16,000 a month.
I have a one bedroom high floor.  There are no studios.  It is small 30 sq meters but it is only me.  The living area is large enough I have a 50 inch TV in there and it is really nice.  The kitchen is small but again, just me and I don't cook so...
The higher floors mostly go from 20,000 to 25,000 per month.  Maybe even lower.

Thanks, that's really useful [emoji1303]

[HauptmannUK]

On 05/01/2017 at 8:32 AM, JB300 said:

Looks a really nice place but Hipflat has it as being > 60% more expensive per sqm for buy/rent than the surrounding area.

If you don't mind me asking, how big is your unit & how much rent is it per month for a 1 year contract? (Obviously feel free to tell me to mind my own bl##dy business if I'm being too intrusive :))

Cheers

JB

Last week we were offered rental in The Base at 17000THB/month for one year. Also offered 18000/Month in VT6 - which I thought was pretty good. However my wife is 'scared' of the big hi-rise condos, so we'll be looking for somewhere with fewer floors.

[newnative]

2 hours ago, HauptmannUK said:

Last week we were offered rental in The Base at 17000THB/month for one year. Also offered 18000/Month in VT6 - which I thought was pretty good. However my wife is 'scared' of the big hi-rise condos, so we'll be looking for somewhere with fewer floors.

You might try Centric Sea down the road on Pattaya Sai 2. It has 2 highrise buildings but there is also a 3rd low rise building.  Similar facilities as The Base but 3 pools and 3 gyms. Easy walk to Central Festival to the south or Central Marina to the north.

[SirPaul]

What I did,

I was like you, wanting to buy but not sure if I was going to like what I purchased. The solution for me was to find a place to rent, live there for a while, and if I liked it, make a sensible offer. You are not getting a bargain this way, but you are likely to get a place you are happy to own. The less of the risk you want to take the more you will pay, are you after saving money or finding the right place?

 

P.S. The best way to save money is to take the highest risk, buy off-plan - friends of mine have done this, but this is not for me even though they have been successful overall.

[baansgr]

On 05/01/2017 at 1:07 PM, Pattaya46 said:

 

 

Hum...

So why are there hundreds of ads For Rent or For Sell when you look The Base on Google ??

 

Also I see this condo from my room, and based on the lights that are ON on evenings

the occupency rate of The Base - right now in high season - doesn't seem very high...

 

The old chestnut of lights on at night means nothing. Look at Rimhad, very few lights but many staying there. People on holiday tend to go out at night, not sit in front of theT.V.

[bkk6060]

On 1/7/2017 at 3:18 PM, newnative said:

You might try Centric Sea down the road on Pattaya Sai 2. It has 2 highrise buildings but there is also a 3rd low rise building.  Similar facilities as The Base but 3 pools and 3 gyms. Easy walk to Central Festival to the south or Central Marina to the north.

I looked into Centric before I decided on The Base.  It is less expensive at Centric for rentals. But, I thought the quality of the construction was not as good and just a little away from things. If you need to walk with several bags of groceries there is no sizable market nearby Big C is probably it. The options to get to Beach road are not direct.  You can walk thru the Hard Rock or down Soi 6/1 and get accosted by Ladyboys.  It is not bad though new buildings and a slightly quieter area then The Base if you want that.

Edited January 8, 2017 by bkk6060

[gmac]

On 12/29/2016 at 8:11 PM, 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?

 

The building costs are minute in comparison to the sale prices, just look ate the cars the developers drive around in.  There is huge for discounts but sellers reluctant to reduce their massive profit margins.  

[bkk6060]

13 hours ago, gmac said:

 

The building costs are minute in comparison to the sale prices, just look ate the cars the developers drive around in.  There is huge for discounts but sellers reluctant to reduce their massive profit margins.  

Yes, especially when they are paying the Myanmar and Laos workers $10 a day for 10 to 12 hours work.

[BruceMangosteen]

2 hours ago, bkk6060 said:

Yes, especially when they are paying the Myanmar and Laos workers $10 a day for 10 to 12 hours work.

 

Not that much. There is another issue involving the concrete. Do you really want to rely on the testing done here? The use of or lack of re-bar? The pilings? 

[GaryB1263]

I would definantly look at VT first.