What to do with Pattaya condo?

[SiSePuede419]

My girlfriend currently pays 2800B a month including A/C, electric, wifi, water, covered parking.

 

A Condo is a great way to lose money due to the greed of making "easy money" on the sale ?

Edited January 31, 2017 by SiSePuede419

[Ulic]

4 hours ago, lkn said:

So you think OP can only get 35,000-40,000 baht per sq. m. for his upscale penthouse with sea view?

 

I haven’t seen the property or know the exact location, but at that price, I would certainly be interested!

Unfortunately yes, the condos in Jomtien all seem to have gone down in price 20% or more

after five years. Maybe I am wrong, and yes I know a few people have actually made money

on the real estate they have bought and sold here, but from the reading I have done here

on Thai Visa and looking at condos in Jomtien this is what I see.

[LALes]

I also own a condo in Jomtien that is hardly used.   Nice, high floor with a great seaview and only about 50 meters from the beach.

Unfortunately, we are surrounded by bars in inner Jomtien and the noise makes the neighborhood less than desirable.  I tried selling it a few years ago and put it on Craigslist.  I got some interest from agents so that is one way to go to attract agents.  I might go that route again since I spend less and less time there.   Wish I could make a profit but that seems unlikely the way Jomtien is.  I'll be lucky to break even.  Unless you want to wait and bet on gambling going in.

[newnative]

4 hours ago, Naam said:

please quantify "plenty" serious buyers who are prepared to shell out half a million Dollars for a condo (the OP expects a slightly higher price than the amount of 15m Baht paid in 2008).

Maybe not 'plenty' but there are higher end buyers out there--and they are buying.  Baan Plai Haad Condo had a lot of condos of around 75sqm for sale in the 10MB bracket and the last time I checked they only had about 20 condos left to sell out of around 400some units.  Some of the bigger ones were priced  in the 13 to 15MB range.  Zire and Palm have also sold a number of condos for 10MB and higher.  Same with Reflection and Cetus.  Centric Sea has sold several high floor condos of around 100sqm in the 12MB range.  Big corner seaview units at VT3, 5, 6, and 7 can run over 10MB.  The 150sqm front corner empty seaview units at Lumpini Park Beach run around 12MB and some have found buyers.  Just some examples.  You'll notice they all have something in common-- they're all highrise condos that offer seaviews.  The OP just needs to be patient. 

[mrfaroukh]

They may not be making cheaper condo but many good condos that a couple of years ago would be sold for 8 million are offered now for 4.2 to 5 million and still no buyer. If you really want to sell it you may have to go down as much as 30 000 to 35 000 sqm and then you may find a buyer. The market is bad, not many people are coming, those been here are leaving as they become 70 years old and have no medical insurance and other problems.

[wprime]

Thanks for the advice, I've contacted Five Star - I'll see what they have to recommend.

[Henryford]

What currency did you buy in? If it was GBP you could sell for 11M and still get your money back.

[12DrinkMore]

17 hours ago, amjamj said:

50 years ? Ridiculous.

 

Nope. The rebar starts to rot causing the concrete to crumble and the condo to tumble.

 

 

[Henryford]

18 hours ago, SiSePuede419 said:

My girlfriend currently pays 2800B a month including A/C, electric, wifi, water, covered parking.

 

A Condo is a great way to lose money due to the greed of making "easy money" on the sale ?

I hate to think what she gets for 2800 a month. I certainly wouldn't want to spend my retirement there.

[blackcab]

4 hours ago, 12DrinkMore said:

 

Nope. The rebar starts to rot causing the concrete to crumble and the condo to tumble.

 

 

 

It will be interesting to see how this situation is handled (if I'm still alive).

 

The building is dangerous, but one owner will not agree to demolish or sell. Or can't be located.

 

What now?

[JHolmesJr]

If you try to sell all you will get is the tyre kickers who will try to see how much they can offend you with lowball offers of the worst kind.

 

If you don't need the dosh, hang on to it.

 

Maybe rent it out like Sharky does with his 4 bedroom condo.

[wprime]

14 hours ago, blackcab said:

 

It will be interesting to see how this situation is handled (if I'm still alive).

 

The building is dangerous, but one owner will not agree to demolish or sell. Or can't be located.

 

What now?

They don't need all owner's permissions. If the building is damaged beyond repair it can be demolished without permission with each owner being entitled to a portion of the land.

[trogers]

17 hours ago, Henryford said:

I hate to think what she gets for 2800 a month. I certainly wouldn't want to spend my retirement there.

Similar to this?

 

http://thaibigplaza.com/img/d9b/e2d/d9be2d63494fbd28529522e3c8874466_0.jpg

Edited February 2, 2017 by trogers

[blackcab]

3 hours ago, wprime said:

They don't need all owner's permissions. If the building is damaged beyond repair it can be demolished without permission with each owner being entitled to a portion of the land.

 

Sure, but who pays to demolish the (tall) concrete structure? If there is insufficient money in the sinking fund then it would be logical that each owner pays a proportion of the costs.

 

This is assuming that their costs would be greater than the value of their share of the land. In many cases (with current land prices and density of building) that would not be true. How many would pay, and how many would walk away?

 

The next problem is what happens when you have 200+ people who own the empty land and who can't agree to sell. What happens if some of the owners cannot be contacted?

 

How would you sell the land in this difficult (but possible) situation?

 

As I said, it will be interesting to see how it develops.

[trogers]

17 minutes ago, blackcab said:

 

Sure, but who pays to demolish the (tall) concrete structure? If there is insufficient money in the sinking fund then it would be logical that each owner pays a proportion of the costs.

 

This is assuming that their costs would be greater than the value of their share of the land. In many cases (with current land prices and density of building) that would not be true. How many would pay, and how many would walk away?

 

The next problem is what happens when you have 200+ people who own the empty land and who can't agree to sell. What happens if some of the owners cannot be contacted?

 

How would you sell the land in this difficult (but possible) situation?

 

As I said, it will be interesting to see how it develops.

It would develop into this...

 

https://www.99.co/blog/singapore/en-bloc-sales-how-does-it-work/

 

 

[newnative]

23 hours ago, 12DrinkMore said:

 

Nope. The rebar starts to rot causing the concrete to crumble and the condo to tumble.

 

 

Much ado about nothing. An earlier poster mentioned two buildings built I think in the 1970s and early 80s that are still standing.  Most of the Pattaya highrises were built after 2000 with a handful in the 1990s so we'll all be long dead before this ever becomes an issue--if it ever does.  Which I doubt. 

[Lovethailandelite]

6 minutes ago, newnative said:

Much ado about nothing. An earlier poster mentioned two buildings built I think in the 1970s and early 80s that are still standing.  Most of the Pattaya highrises were built after 2000 with a handful in the 1990s so we'll all be long dead before this ever becomes an issue--if it ever does.  Which I doubt. 

The older buildings will be standing long after some of these new builds.

[blackcab]

46 minutes ago, trogers said:

It would develop into this...

 

https://www.99.co/blog/singapore/en-bloc-sales-how-does-it-work/

 

 

 

Hopefully.

[12DrinkMore]

21 hours ago, Henryford said:

I hate to think what she gets for 2800 a month. I certainly wouldn't want to spend my retirement there.

 

I think the " covered parking " is where the bed fits.