Many constructions are left half finished since Russians left . very sad.

[janclaes47]

17 minutes ago, tropo said:

8 hours ago, impulse said:

  

I'm sitting in my Chinese (rental) condo right now, with about 40% owned but unoccupied and pricing between $500,000 and $3,000,000.  The maintenance is atrocious since there are so many not paying maintenance fees.  That's driving many of the residents to withhold paying their's because they're not satisfied with the condition of the place.  It's a vicious cycle, with a legal system that makes it virtually impossible to collect the fees from the well connected (sound familiar?)

 

OTOH, I'm renting a place that would cost about $1,000,000 for $600 a month.  Do the ROI on that one.  That's the kind of distortion when people buy property as a passive investment (to hide ill gotten gains), with no intention to actually live in it.  Most of the owners of the 40% unoccupied don't even bother trying to rent them out for the 0.7% ROI it yields.

 

 

 

You're renting a condo that is valued at about 33,000,000 baht for 20,000 per month? How big is it? Where can I get one?

 

I spent a month looking around for a good value place and have never seen anything like that - not even close. 

You can get it in the same location as Impulse, which means you have to move to China.

[tropo]

Just now, janclaes47 said:

You can get it in the same location as Impulse, which means you have to move to China.

LOL> I thought he was discussing a rental condo in Pattaya owned by Chinese. I'm relieved actually as I thought I was being ripped off. I rent a condo worth under 10 million market value for 30,000 per month. I thought I had a good deal.

[impulse]

Just now, janclaes47 said:

You can get it in the same location as Impulse, which means you have to move to China.

 

Correct.  Just to be clear, my apartment in BKK is not nearly as valuable, though the rent is about the same.  I was just pointing out the distortions in market and rental prices when hot money jumps into real estate as a passive investment instead of actually building the square meters for anything useful.  Like living there.

 

[JSixpack]

15 hours ago, Asiantravel said:

" So the "time bomb" might not explode anytime soon. "

 

typical type of crap you get from CNBC. How do they know? "

1

 

The statement isn't "from CNBC" but from a respected economist. Economists differ in opinion, you see. Even Yellen sounded this sanguine note recently. As evidenced by another failed prediction, it seems we're getting most of the crap from TVF Economists. How do they know? Well, they glance over articles they don't really understand and quote others who don't really know either. Sadly, we find this tendency for cocksure pronouncements based on superficial, congenial evidence in other topics as well: 

 

On 5/23/2013 at 10:02 PM, Asiantravel said:

As I cycled down Beach Road this morning, just as you go around the bend after Dusit hotel there were already cars parked in the newly formed lane nearest to the beach. So now you have cars and buses parked on the left and you have cars parked on the right. This is what is going to happen. All this work just to create an extra lane that will just be used for more parking ! These people are unreal

Quote

And because there's a political directive to maintain social stability  "when the sh** hits the fan in China the only way they will be able to keep social stability is using Tiananmen Square type tactics with tanks and guns.

 

 

Works. But we (well, except for a few clairvoyants among us) don't know that any sh** will hit the fan or when that might be. Is this another broken clock open-ended 20-40 year prediction? I keep asking for dates and, for some reason, never get 'em. We're all on tenterhooks, man!

 

Quote

I mean when should the alarm bells ring when the debt is already over 250%- when its 400%, 500% , 1000%?

 

TVF posters are always ringing alarm bells about everything, a tradition passed down from letter writers in the Pattaya Mail. No need to fret over any possible dearth. Meanwhile, looks like Chinese are in fact buying Thai condos.

[tropo]

1 hour ago, JSixpack said:

 TVF posters are always ringing alarm bells about everything, a tradition passed down from letter writers in the Pattaya Mail. No need to fret over any possible dearth. Meanwhile, looks like Chinese are in fact buying Thai condos.

 

Let's hope they buy many and start renting them out at prices similar to what Impulse is paying in China.

[whitethai]

Are those unfinished tall buildings I saw in 2007 opposite what was Diana hotel still there? I believe Diana Hotel is now called Boss suites?

Edited August 8, 2017 by whitethai

[KittenKong]

8 hours ago, whitethai said:

Are those unfinished tall buildings I saw in 2007 opposite what was Diana hotel still there? I believe Diana Hotel is now called Boss suites?

 

Do you mean Mike department store? That looks a bit unfinished as it was originally intended to be longer.

 

Or perhaps you mean View Talay 6 which is a few hundred yards further down the road? Or even the Hilton next door to VT6?

 

Those are the only tall ones more or less opposite that I can think of that might have looked unfinished in 2007.

 

Have a look on Google street view for up to date views (one year old).

[joeyg]

1 minute ago, KittenKong said:

 

Do you mean Mike department store? That looks a bit unfinished as it was originally intended to be longer.

 

Or perhaps you mean View Talay 6 which is a few hundred yards further down the road? Or even the Hilton next door to VT6?

 

Those are the only tall ones more or less opposite that I can think of that might have looked unfinished in 2007.

 

Have a look on Google street view for up to date views (one year old).

I live in a 3 year old condo in Naklua.  The word is it is 70% vacant.  It is very well maintained.  Very clean and quiet.  I rarely here another door open on my floor, the 21st floor.  it's like having a private floor with a million dollar view.  Hard to beat.

[Nook225]

On 26.02.2017 at 2:28 PM, sanemax said:

Im not sure whether its due to the Russians 

There are many half built buildings all over Thailand

80% of those buildings were financed by largerly russian nationals at the very begining of construction; this is probably the reason all the marked plummeted. Look at any building and you will find 30-70% of russian owners, who purchased at presales. Now developers swapped the signes  for the chinese , but it did not work.

 

Can't sell my apartments even in new finished condos without dripping 50% of the price. Sold one  at sukhumvit- to russian...

 

Edited August 9, 2017 by Nook225

[joeyg]

1 minute ago, Nook225 said:

80% of those buildings were financed by largerly russian nationals at the very begining of construction; this is probably the reason all the marked plummeted. Can't sell my apartments even in new finished condos without dripping 50% of the price. Sold one  at sukhumvit- to russian...

In Naklua properties appear to be selling at full price or nearly full price from the investigations I've been doing. It really is a nice area, location, location, location.

[joeyg]

6 minutes ago, Nook225 said:

80% of those buildings were financed by largerly russian nationals at the very begining of construction; this is probably the reason all the marked plummeted. Look at any building and you will find 30-70% of russian owners, who purchased at presales. Now developers swapped the signes  for the chinese , but it did not work.

 

Can't sell my apartments even in new finished condos without dripping 50% of the price. Sold one  at sukhumvit- to russian...

 

I trust your real estate and personal experience I believe you're relating it honestly. Here in the Naklua I don't want to mention which project I'm in but I've had several friends sell their properties within the last year at a breakeven or full price with a small profit.  What you say is consistent with what I've been hearing about most other properties.

Edited August 9, 2017 by joeyg

[Nook225]

8 minutes ago, joeyg said:

In Naklua properties appear to be selling at full price or nearly full price from the investigations I've been doing. It really is a nice area, location, location, location.

If by 3-year condo you mean such developments as Zire/ North Point or so - the average class of buyers in those buidling is not very sensetive to crisis; they just would not dump the prices. 

Since rouble is plummeted 50%, this now allows all russians  to sell their condos at 40% discount so they still make 10% profit (since they paid roubles). 

Edited August 9, 2017 by Nook225

[joeyg]

Just now, Nook225 said:

If by 3-year condo you mean such developments as Zire/ North Point or so - the average class of buyers in those buidling is not very sensetive to crisis; they just would not dump the prices. 

Yes, exactly.

[bkk6060]

https://www.hipflat.co.th/en/projects/the-base-central-pattaya-zuiltg

 

Don't know how accurate this is.  The Base is the new China town of central.

I keep hearing prices have gone up and the stats if true show they have. 

I spoke to a guy at the gym who told me his has gone up over one million in just over a year.

Who knows....

 

[joeyg]

4 minutes ago, bkk6060 said:

https://www.hipflat.co.th/en/projects/the-base-central-pattaya-zuiltg

 

Don't know how accurate this is.  The Base is the new China town of central.

I keep hearing prices have gone up and the stats if true show they have. 

I spoke to a guy at the gym who told me his has gone up over one million in just over a year.

Who knows....

 

The Base?!!!

[teddog]

1 hour ago, joeyg said:

In Naklua properties appear to be selling at full price or nearly full price from the investigations I've been doing. It really is a nice area, location, location, location.

new one on me, Im in heart of Naklua,up market estate and cannot sell for love or money, everything(virtually for rent/sale)  nothing doing.

  That monster Pattaya Posh in Naklua is wiped out as far as I can see,hardly anybody there,  possibly 10% sold,anyway your own post a couple of hours ago gives the game away '70% empty'  that sounds really good.  You are not looking at future purchases but blight,the developers are not going to be picking up the tab for maintenance indefinitely

 

Edited August 9, 2017 by teddog

[joeyg]

56 minutes ago, teddog said:

new one on me, Im in heart of Naklua,up market estate and cannot sell for love or money, everything(virtually for rent/sale)  nothing doing.

  That monster Pattaya Posh in Naklua is wiped out as far as I can see,hardly anybody there,  possibly 10% sold,anyway your own post a couple of hours ago gives the game away '70% empty'  that sounds really good.  You are not looking at future purchases but blight,the developers are not going to be picking up the tab for maintenance indefinitely

 

Interesting.  I believe what your saying.  2 friends did have trouble selling but did sell last year.  One lost a little one made a little.  My take away is glad to be renting in this area.

 

AlsoI find Naklua very unique.  Micro climate always a little cooler.  I have huge "green" area around me with toads and crickets going off in the evenings and lots of birds in the morning.  This part of nature is important to me.  

 

Really haven't seen anything close to this 15 minutes out of downtown...

Edited August 9, 2017 by joeyg

[scubascuba3]

I live in a 3 year old condo in Naklua.  The word is it is 70% vacant.  It is very well maintained.  Very clean and quiet.  I rarely here another door open on my floor, the 21st floor.  it's like having a private floor with a million dollar view.  Hard to beat.

Lumpini Ville?

 

It's interesting how many condos are mainly vacant but you don't see large numbers for sale

[bkk6060]

5 minutes ago, scubascuba3 said:

Lumpini Ville?

 

It's interesting how many condos are mainly vacant but you don't see large numbers for sale

How does one know if a place is for sale or not, with no true MLS?

  

[scubascuba3]

How does one know if a place is for sale or not, with no true MLS?
  

I guess the answer to my question is people are sitting on the property in the hope the price will rise

[scubascuba3]

If by 3-year condo you mean such developments as Zire/ North Point or so - the average class of buyers in those buidling is not very sensetive to crisis; they just would not dump the prices. 
Since rouble is plummeted 50%, this now allows all russians  to sell their condos at 40% discount so they still make 10% profit (since they paid roubles). 

If the Russians bought prior to the big drop in exchange rate yes they have made an FX gain but if they were paying by instalments like many do then maybe not

[balo]

I think he is talking about Lumpini Ville, very big condo project in Naklua.  The good thing is the quite location , but its a very simple building construction. Still with swimming pool and gym it's nice. 

 

It works for Thai middle class and westerners looking for cheaper rent.  I would not buy there myself, but for short term rent it's a great location. 

 

 

  

 

 

[scubascuba3]

I think he is talking about Lumpini Ville, very big condo project in Naklua.  The good thing is the quite location , but its a very simple building construction. Still with swimming pool and gym it's nice. 
 
It works for Thai middle class and westerners looking for cheaper rent.  I would not buy there myself, but for short term rent it's a great location. 
 
 
  
 
 

One problem with Lumpini is the high price per metre, around 60k+ compared to others ball park 50k. I don't think 60k+ is justified. Naklua isn't exactly central

[pattayadude]

8 hours ago, Nook225 said:

Since rouble is plummeted 50%, this now allows all russians  to sell their condos at 40% discount so they still make 10% profit (since they paid roubles)

(-50)+(-40)= minus 90

After losing 90%, the only way they end up with 10% profit is if they bought the condo with STOLEN roubles!

 

[morrobay]

35 minutes ago, pattayadude said:

 

 

 

35 minutes ago, pattayadude said:

(-50)+(-40)= minus 90

After losing 90%, the only way they end up with 10% profit is if they bought the condo with STOLEN roubles!

 

No your forgeting he now can convert sale in baht to twice rubles paid. Actually .40 discount gets 20 percent profit.

Edited August 9, 2017 by morrobay

[Henryford]

On 8/9/2017 at 9:47 AM, joeyg said:

I live in a 3 year old condo in Naklua.  The word is it is 70% vacant.  It is very well maintained.  Very clean and quiet.  I rarely here another door open on my floor, the 21st floor.  it's like having a private floor with a million dollar view.  Hard to beat.

You won't be saying that when only 20% are paying their maintenance fees and there is no money for cleaning or security.

[Rimmer]

A troll post has been removed

[Bangyo1948]

When the Russians started buying the market took off like a North Korean rocket (explosion included) who knows what will happen,maybe the Chinese will start buying? One thing is sure,there is plenty of empty units.


Sent from my iPad using Thaivisa Connect

[Nook225]

20 hours ago, pattayadude said:

(-50)+(-40)= minus 90

After losing 90%, the only way they end up with 10% profit is if they bought the condo with STOLEN roubles!

 

What are you talking about? ... 

 

1 hour ago, Bangyo1948 said:

When the Russians started buying the market took off like a North Korean rocket (explosion included) who knows what will happen,maybe the Chinese will start buying? One thing is sure,there is plenty of empty units.


Sent from my iPad using Thaivisa Connect

That's what i'm saying; it was abnormal volumes so every single one who lives in Pattaya more than 3 months and has a car become an "Real estate agent" and a lot of foreigners started to build. Now the market is  oversaturated, in my view.  

That's actually why it's such a mess now with all these co-called "agents". Hope the industry will become somehow regulated soon.

[Rancid]

On 2/27/2017 at 10:25 AM, JSixpack said:

 

Now remember years ago I myself formulated the sage, street smart TVF Poster Three Primal Laws Of Survival In Thailand:

 

1. Never invest in anything you aren't ready to lose;

2. Never own more than you can carry with you;

3. Keep your suitcase packed at all times.

 

And I warned everyone to RUN! We don't know what nasty surprises are in store!

 

Hmm, I actually heard and read similar 30 years ago, and it still is yet to be proven right, how much longer do I have to wait? What works for one doesn't necessarily work for another, I've invested in Thailand and both lost and won, more winning though as I got more experienced. Thailand can be challenging, the main issue I see is people not understanding how the place works, and a packed bag of paranoia won't help with that.