It's official - Thai real estate bubble pops.

[cheeryble]

Devil's Advocate:

In CM I notice that as well as Supalai, and all the one Plus condos being full, and also one at the top of the 108 i cant remember the name sold out, StarHill (upper end units) was 60% sold so far, and Myhipcondo 2 is sold out and at least one of 3 and 4 has only ten rooms left. Presume 1 already sold out. Total of 328 units in 2,3,4. The ones which have already been up a couple of years in Chang Kian are all sold I believe as are the central Nimmanhemin area ones like Punna. The ones aimed at students around the CMU area like D Condo and one near the Phucome are as far as i know all sold.......not sure about the new one at the top of Suthep Rd and turn left but they've knocked the sales office down very quickly so guessing all gone.

[lannarebirth]

On 12/15/2017 at 7:07 AM, hugh mckee said:

maybe my reading is not so good but the report says that there COULD be a problem in 2019, this is still 2017,

this topic says it's official and already happening but now any report that it COULD happen in over a years time

is enough to get trogers and the like to get over excited and claim that after all they are correct in their desires/dreams

that there is a crash in the Thai propery market.

 

if they wait long enough then of course they'll be proved right, this topic is already very old and as of now

there's been no crash, eventually of course this can and will happen but will they fall back to the way below the prices

of when this topic was actually started??? it will have to for these jealous, green with envy guys who don't

have the balls, the money or both to buy a property in Thailand to be proved right.

 

and even if it does happen the guys who did have the balls or the money will still own a condo, the envious posters

on here will maybe be able to haggle with their landlord and get a few baht off their rent, good luck with that, I'd still

prefer to live in my own place and pay rent to no one and have a place I can call home, for me that is something

I am willing to pay for, each to their own of course.

 

my condo will be empty for probably 7 months of the year, it's mostly for the UK winters, it's my second home,

of course I don't rent out my first home and I won't rent out my second home either, you money obsessed guys

who post on here have to realise that not everyone is as money obsessed as some of you obviously are, there is

more to life than money and life is short, to own a holiday home in a sunny country is something most Northern

Europeans would have if they could, I can and I have, the jealous on here should accept there is many like me as literally

millions of foreigners have bought (not rented) property in Thailand!

 

It intrigues me no end that the people that say to never buy a home in Thailand are the same people following every THB valuation thread. They never seem to make the connection that owning a home in Thailand reduces the amount of currency that needs to be converted each year and provides an effective currency hedge against the vagaries of future economies. Who cares if one also "makes money on it". You have to live somewhere, right? 

[hugh mckee]

4 hours ago, Destiny1990 said:

So what did u buy? Studio one bed? What City ? Sqm?price? Why u care so much what others write here? If u like the place and the unit u bought then why not simply enjoy it?

I bought a 72sqm studio condo beside the ocean in Pattaya for 8 million baht including taxes and it's very very nice and ticks all the boxes i was looking for, I could have bought an older similar condo 1km from the beach and saved about 4 million baht but I'm not an investor and money is not my god, I choose a new condo right next to the beach and of course  you've got to pay lots more for this, I want to be happy and comfortable and enjoy the cooler sea breeze in my own home, this comes at a premium but "you get what you pay for" and I'm sure I'd have no problem selling this condo if Thailand does turn out to be such a bad place as is made out so much on this extremely negative forum, sure thailand has it's problems and maybe I have to remove my rose tinted spectacles, but if you have the not very nice, windy, raining, cold, dark before 4pm conditions i will be enduring for the next couple of months then maybe you'd not be so quick to be so critical of thailand like so many are on here.

 

I come on here hoping to read about people on the same journey as me as it's about buying real estate, I'm not wanting to read about know it all's saying no one should be buying, why would I when I've just bought? there's so many on here with a different agenda and their opinions are flawed and biased to suit their selfish desires and their large egos.

 

reading Thai Visa has me worried that I have made a mistake but it's one I can fix easily but hopefully not as Thailand has given me many happy times as a holiday maker and wish for more every UK winter I have left...........but def' won't be buying a car, never had a clue the roads were so bad!

 

and yes have to stop reading this forum as you don't get a balanced view, there's way too many whingers on here, it's a totally disproportionate viewpoint,  the happy people are far less likely to post, they're out having fun I suppose.

Edited December 16, 2017 by hugh mckee

[MaeJoMTB]

2 hours ago, hugh mckee said:

and yes have to stop reading this forum as you don't get a balanced view, there's way too many whingers on here, it's a totally disproportionate viewpoint,  the happy people are far less likely to post, they're out having fun I suppose.

I'm a happy person, but I'm not a stupid person. Thailand eats stupid foreigners for breakfast.

I'm just about to go out hiking, Tv is something I can do in the gaps between other activities.

 

8M for a 72m condo .......... you have loads to throw around.

 

PS. Buying the misses a house, 2M over 27 years, not my house, don't care about it. But not imagining it can be resold, they sold all the houses fairly quickly while still building, in the last 3 years NONE have been successfully resold. Usually when a couple split, or move elsewhere or it gets repossessed, the house sits vacant until it falls down. The house next to me, purchased before built, has never been lived in, bought by a flipper that can't flip it. It's a funny housing market out here, the builders build as fast as they can, new costs no more than second hand (nobody will sell at a loss), so the Thais  always buy new. Could you sell your new condo? Probably at 4M.

 

Edited December 17, 2017 by MaeJoMTB

[Naam]

7 hours ago, lannarebirth said:

 

It intrigues me no end that the people that say to never buy a home in Thailand are the same people following every THB valuation thread. They never seem to make the connection that owning a home in Thailand reduces the amount of currency that needs to be converted each year and provides an effective currency hedge against the vagaries of future economies. Who cares if one also "makes money on it". You have to live somewhere, right? 

 

anybody who considers the roof above his head an investment is poor.

[smutcakes]

5 hours ago, hugh mckee said:

I bought a 72sqm studio condo beside the ocean in Pattaya for 8 million baht including taxes and it's very very nice and ticks all the boxes i was looking for, I could have bought an older similar condo 1km from the beach and saved about 4 million baht but I'm not an investor and money is not my god, I choose a new condo right next to the beach and of course  you've got to pay lots more for this, I want to be happy and comfortable and enjoy the cooler sea breeze in my own home, this comes at a premium but "you get what you pay for" and I'm sure I'd have no problem selling this condo if Thailand does turn out to be such a bad place as is made out so much on this extremely negative forum, sure thailand has it's problems and maybe I have to remove my rose tinted spectacles, but if you have the not very nice, windy, raining, cold, dark before 4pm conditions i will be enduring for the next couple of months then maybe you'd not be so quick to be so critical of thailand like so many are on here.

 

I come on here hoping to read about people on the same journey as me as it's about buying real estate, I'm not wanting to read about know it all's saying no one should be buying, why would I when I've just bought? there's so many on here with a different agenda and their opinions are flawed and biased to suit their selfish desires and their large egos.

 

reading Thai Visa has me worried that I have made a mistake but it's one I can fix easily but hopefully not as Thailand has given me many happy times as a holiday maker and wish for more every UK winter I have left...........but def' won't be buying a car, never had a clue the roads were so bad!

 

and yes have to stop reading this forum as you don't get a balanced view, there's way too many whingers on here, it's a totally disproportionate viewpoint,  the happy people are far less likely to post, they're out having fun I suppose.

Good on you, hope you enjoy your condo. I to have just purchased, but in BKK not Pattaya. I plan to live in it, whether it holds its value or not when i am living there is not something i will be thinking about. Maybe i will think about it in 30 years, but probably not it will just be passed along to my next of kin. 

[Destiny1990]

5 hours ago, hugh mckee said:

I bought a 72sqm studio condo beside the ocean in Pattaya for 8 million baht including taxes and it's very very nice and ticks all the boxes i was looking for, I could have bought an older similar condo 1km from the beach and saved about 4 million baht but I'm not an investor and money is not my god, I choose a new condo right next to the beach and of course  you've got to pay lots more for this, I want to be happy and comfortable and enjoy the cooler sea breeze in my own home, this comes at a premium but "you get what you pay for" and I'm sure I'd have no problem selling this condo if Thailand does turn out to be such a bad place as is made out so much on this extremely negative forum, sure thailand has it's problems and maybe I have to remove my rose tinted spectacles, but if you have the not very nice, windy, raining, cold, dark before 4pm conditions i will be enduring for the next couple of months then maybe you'd not be so quick to be so critical of thailand like so many are on here.

 

I come on here hoping to read about people on the same journey as me as it's about buying real estate, I'm not wanting to read about know it all's saying no one should be buying, why would I when I've just bought? there's so many on here with a different agenda and their opinions are flawed and biased to suit their selfish desires and their large egos.

 

reading Thai Visa has me worried that I have made a mistake but it's one I can fix easily but hopefully not as Thailand has given me many happy times as a holiday maker and wish for more every UK winter I have left...........but def' won't be buying a car, never had a clue the roads were so bad!

 

and yes have to stop reading this forum as you don't get a balanced view, there's way too many whingers on here, it's a totally disproportionate viewpoint,  the happy people are far less likely to post, they're out having fun I suppose.

Well i do think its expensive for what u have bought.So therefore it will make a low rental returns percentage but u dont care about that. Also  it might take a while to resell it but why would u sell it since u just bought it? So since its for long term and for ur self only what ever way the market goes short term doesnt matter. But try resell it now ot rent it out then it will show u its not been a good investment.

[robertthebruce]

5 hours ago, hugh mckee said:

I bought a 72sqm studio condo beside the ocean in Pattaya for 8 million baht including taxes and it's very very nice and ticks all the boxes i was looking for, I could have bought an older similar condo 1km from the beach and saved about 4 million baht but I'm not an investor and money is not my god, I choose a new condo right next to the beach and of course  you've got to pay lots more for this, I want to be happy and comfortable and enjoy the cooler sea breeze in my own home, this comes at a premium but "you get what you pay for" and I'm sure I'd have no problem selling this condo if Thailand does turn out to be such a bad place as is made out so much on this extremely negative forum, sure thailand has it's problems and maybe I have to remove my rose tinted spectacles, but if you have the not very nice, windy, raining, cold, dark before 4pm conditions i will be enduring for the next couple of months then maybe you'd not be so quick to be so critical of thailand like so many are on here.

 

I come on here hoping to read about people on the same journey as me as it's about buying real estate, I'm not wanting to read about know it all's saying no one should be buying, why would I when I've just bought? there's so many on here with a different agenda and their opinions are flawed and biased to suit their selfish desires and their large egos.

 

reading Thai Visa has me worried that I have made a mistake but it's one I can fix easily but hopefully not as Thailand has given me many happy times as a holiday maker and wish for more every UK winter I have left...........but def' won't be buying a car, never had a clue the roads were so bad!

 

and yes have to stop reading this forum as you don't get a balanced view, there's way too many whingers on here, it's a totally disproportionate viewpoint,  the happy people are far less likely to post, they're out having fun I suppose.

Hi Hugh

 

You sound happy with your Purchase, and that’s what it’s all about, ticks all your boxes and that’s fine....

 

I wish you the best...

 

Enjoy......

 

cheers

Robert

 

[robertthebruce]

On 16/12/2017 at 10:23 AM, Destiny1990 said:

Arr u trying to provoke Hugh Mckee here?

 

I am way too old for that childish pranks...

 

different strokes for different folks.....

 

 

 

 

 

[robertthebruce]

1 hour ago, Naam said:

 

anybody who considers the roof above his head an investment is poor.

 

 

Could be be some truth in that..., I came from a Poor Background, but with good Property Investments over the years, I have came out on tops...

 

now time to enjoy the fruits......, 

[chrisandsu]

29 minutes ago, robertthebruce said:

 

 

Could be be some truth in that..., I came from a Poor Background, but with good Property Investments over the years, I have came out on tops...

 

now time to enjoy the fruits......, 

He’s talking out of his blower again ! Most of the guys that now live in Thailand got here because of a sound investment in their primary home which then gives you equity to move onto other things , like buying a few rentals . Like you and I not everyone is born with a silver spoon shoved up their nether regions . So every investment including your primary home is essential . 

[Naam]

2 hours ago, Naam said:

anybody who considers the roof above his head an investment is poor...

...even if he has money galore.

 

 

[MaeJoMTB]

19 minutes ago, Naam said:

...even if he has money galore.

 

 

I could live for 12 years along with my wife and kids, on 8MBht. Not that I expect to be alive in 12 years.

When you  buy a property and expect to break even Vs rent, you would need a further life expectancy of at least 20 years.

Old guys buying property in Thailand = futile.

 

 

[hugh mckee]

1 minute ago, MaeJoMTB said:

How much have you paid out for this 'imaginary' condo so far? (just wondering)

Have you checked how many condos this company has already built? and if they built on time?

 

I paid 20kbht up front for my wife's 'imaginary' house.

They got the other 200k when it was finished at the Land Office (bank official et al) and they were ready to hand  over the keys.  

They actually finished the house 1 month early, but not the road outside, so I made them wait.

another stupid comment, "imaginary condo" you're another one of these keyboard smart asses

 

I'm not interested in your 2m house or your 20k deposit, that's your life and your circumstances, don't equate everyone to your mindset and your finances and your life, we're all different and houses are different and condos are different, what people can afford is different, what people's wshes and desires are different and what they are prepared to pay for this are different.

 

if you are happy in your 2m baht house then good for you but nasty comments because someone chooses to pay 8m for a condo is the comments of a stupid, bitter and jealous guy who of course would rather live in an 8m baht house than a 2m baht house despite all he types on here, many mnay people have paid 8m for a condo, many have paid more, you get what you pay for, you got a 2m house.

[Destiny1990]

10 minutes ago, MaeJoMTB said:

I guess that means you already paid the entire price up front.

Hope you get what you paid for.

PS, my wife's (and the banks) 2Mbht house, I'm a foreigner and own nothing in Thailand.

Seems he wants to resell it ??.

 

[Naam]

28 minutes ago, MaeJoMTB said:

Not a 'know it all', but lived here nearly 10 years full time, so know better than to trust a Thai construction firm.

I suspect even Naam would be a bit careful with 250,000 Euros.

we spent a "wee bit" more than  €250k but paid according to construction progress (monitored by me being the first one on the site and the last one to leave).

[scubascuba3]

Old guys buying property in Thailand = futile.
 
 

I do kinda agree with that, it depends how long you have left, if circ 20 years probably better to rent and have the freedom. I'm under 50 so will probably buy when £ gets stronger in a few years

[hugh mckee]

4 hours ago, MaeJoMTB said:

How much have you paid out for this 'imaginary' condo so far? (just wondering)

Have you checked how many condos this company has already built? and if they built on time?

You do understand quite a few 'off plan' condos never get finished (especially in Pattaya), and nobody gives foreigners refunds.

Then there is all the prime location with sea view condos, that promptly have another condo built right in front of their sea view.

 

I paid 20kbht up front for my wife's 'imaginary' house.

They got the other 200k when it was finished, at the Land Office (bank official et al), and they were ready to hand  over the keys.  

They actually finished the house 1 month early, but not the road outside, so I made them wait.

 

Not a 'know it all', but lived here nearly 10 years full time, so know better than to trust a Thai construction firm.

I suspect even Naam would be a bit careful with 250,000 Euros.

here we have a thai property expert, a self proclaimed "not stupid guy" yet he basis all his knowledge on what happens in his street of 2m baht houses and that because one of them is lying empty then this is an indicator for the whole of Thailand, he has obviously no clue of what people are having to pay per sq m to be beside the beach or to live in the city and only knows about his his own little street but claims he's not stupid and can tell me how much my condo is worth and what i could sell it for without any knowledge , typical of the keyboard experts.....but oh he tells us he's not stupid???

 

what do you know about foreigner refunds, about off plan condos not being built about prime location condos have another built in front of them, you only know what you read on here and you write nonsense so don't be too surprised if others right similar nonsense.

 

fyi, there will never be another building in front of my condo, it's too near the beach already, I won't need a refund as a foreigner as it's very near completion and will be finished soon but thanks for your concern.

 

I could afford to buy a nice condo, some on here just don't like anyone who can do this,

this is a fact, sad but true despite their undoubted denials, it's all in their words

Edited December 17, 2017 by hugh mckee

[hugh mckee]

you got  too excited there destiny with your adulation of trogers, you posted same idiotic comment twice as if once was not enough......seems you have had too much sun after all

 

trogers pinky finger must indeed be quite a talent, have you met this pinky finger who has so much knowledge about real estate?, a rare talent to have such a thing, I only use mine to pick my nose, it know's nothing at all about real estate, as for my entire body, you let me worry about that but i think but correct me if I'm wrong that knowledge is stored in the brain except of course this famous pinky which you apparently admire so much.

34 minutes ago, Destiny1990 said:

Trogers has more knowledge about real estate in his pinky finger then you in your entire body.

 

 

Edited December 17, 2017 by hugh mckee

[lannarebirth]

15 hours ago, MaeJoMTB said:

I could live for 12 years along with my wife and kids, on 8MBht. Not that I expect to be alive in 12 years.

When you  buy a property and expect to break even Vs rent, you would need a further life expectancy of at least 20 years.

Old guys buying property in Thailand = futile.

 

 

 

Except maybe for an old guy with a wife and kids. Or is that not an important consideration for you?

[Destiny1990]

9 hours ago, hugh mckee said:

you got  too excited there destiny with your adulation of trogers, you posted same idiotic comment twice as if once was not enough......seems you have had too much sun after all

 

trogers pinky finger must indeed be quite a talent, have you met this pinky finger who has so much knowledge about real estate?, a rare talent to have such a thing, I only use mine to pick my nose, it know's nothing at all about real estate, as for my entire body, you let me worry about that but i think but correct me if I'm wrong that knowledge is stored in the brain except of course this famous pinky which you apparently admire so much.

 

Yes your lack of knowledge about Thai real estate explains why u paid 8 M Bht for a 72 sqm condo in Pattaya.

[smutcakes]

2 hours ago, Destiny1990 said:

Yes your lack of knowledge about Thai real estate explains why u paid 8 M Bht for a 72 sqm condo in Pattaya.

Decent properties in Pattaya are still exchanging at considerably higher than that. Maybe he has bought in Northshore where even at well over 100K per sqm, you are getting some of the best returns around if you choose to rent it out.

 

Zire, Cove, Northpoint, Reflection (Chinese issues aside) all well above that level on front beach row with no chance of anything blocking their view. 250K Euros does not seem like to much to me for front line Seaview, nice amenities in a well constructed, well located building. Especially if you are coming out of countries like the UK where you dont get much in the south of the country for that amount.

 

Much more successful persons than I have bought in many of those projects, so some obviously feel they are worth the money.

[Naam]

1 hour ago, smutcakes said:

4 hours ago, Destiny1990 said:

Yes your lack of knowledge about Thai real estate explains why u paid 8 M Bht for a 72 sqm condo in Pattaya.

Decent properties in Pattaya are still exchanging at considerably higher than that. Maybe he has bought in Northshore where even at well over 100K per sqm, you are getting some of the best returns around if you choose to rent it out.

prices have dropped but in 2015 Northshore prices were THB 150,000/m². nowadays ~THB 120,000.

[Naam]

Quote

MaeJoMTB said:

Old guys buying property in Thailand = futile.

they do it because they can.

[Naam]

1 minute ago, Naam said:

Quote

MaeJoMTB said:

Old guys buying property in Thailand = futile.

they do it because they can.

there are old guys who spend 8m on cars

[Destiny1990]

3 hours ago, smutcakes said:

Decent properties in Pattaya are still exchanging at considerably higher than that. Maybe he has bought in Northshore where even at well over 100K per sqm, you are getting some of the best returns around if you choose to rent it out.

 

Zire, Cove, Northpoint, Reflection (Chinese issues aside) all well above that level on front beach row with no chance of anything blocking their view. 250K Euros does not seem like to much to me for front line Seaview, nice amenities in a well constructed, well located building. Especially if you are coming out of countries like the UK where you dont get much in the south of the country for that amount.

 

Much more successful persons than I have bought in many of those projects, so some obviously feel they are worth the money.

Yes but in other nearby developments u can buy for that same price  atleast two 2 bedroom  units with simular views and quality finishing. But indeed lately most NEW developments in Pattaya have become pricey.

[smutcakes]

What can you buy next to Northpoint, Zire, Northshore, Cove for bigger, similar quality?

I can only think of one next to Zire and its a decrepit old Condo which looks horrific with paint peeling off, old balconies enclosed, some open and the common areas are a complete mess.

And thats before venturing into upstairs corridors.

 

 

[chrisandsu]

41 minutes ago, smutcakes said:

What can you buy next to Northpoint, Zire, Northshore, Cove for bigger, similar quality?

I can only think of one next to Zire and its a decrepit old Condo which looks horrific with paint peeling off, old balconies enclosed, some open and the common areas are a complete mess.

And thats before venturing into upstairs corridors.

 

 

Give it ten years and they will

all be looking like the one you described . You could always have a nice unit amongst a load of ugly I guess ?

[Destiny1990]

46 minutes ago, smutcakes said:

What can you buy next to Northpoint, Zire, Northshore, Cove for bigger, similar quality?

I can only think of one next to Zire and its a decrepit old Condo which looks horrific with paint peeling off, old balconies enclosed, some open and the common areas are a complete mess.

And thats before venturing into upstairs corridors.

 

 

I would look for seaview unit in Jomtien or Pratumnak  for a 2 bedroom unit 75 sqm 4M bht is possible maybe a resale gives more room for bargaining 

[hugh mckee]

7 hours ago, Destiny1990 said:

Yes your lack of knowledge about Thai real estate explains why u paid 8 M Bht for a 72 sqm condo in Pattaya.

ok my lack of knowledge which implies you have this knowledge??? you go on to say you'd be finding one for 4m baht

 

ok I'm intrigued, show me a 4m baht 70+ sq m new build condo right next to the beach for 4m baht about 56k sq m

 

I viewed many many new builds before making my choice even in sri racha they are far more than 4m, bang saen even more and not even at the beach but even with all my tireless viewings, I still have no knowledge and some keyboard expert on here know's far better than I do, yes I saw many condos cheaper than mine but didn't tick all my boxes and in fact I choose one of the more expensive one's I viewed but never saw any by the beach for 4m or even 5m for the size i wanted which was a large living area and one largish sleeping area, and def' not 2 bedrooms, I'm not a renter.

 

you get what you pay for, I paid 104k sq m because that is the going rate despite the downturn, if there wasn't a downturn i'd never got it at that price, I could have bought 100's of condos for 4m baht but not with the location I wanted for my holiday home purchase, as I said quite simply you get what you pay for and you have to pay for location and the privilege of owning a new home, people like destiny are either too jealous or too stupid to realise this.

 

so destiny show me this 4m baht 70+ sqm new build condo right next to the beach in Pattaya you speak of, as you say you have the knowledge and I don't, I await with interest.....maybe for a very long time?

 

quite simply you pay what you have to pay, the market dictates the price, not you and definitely not the clueless "know it all" keyboard experts on here, who think they have all the answers mostly from their small rented rooms far from any beach.

Edited December 18, 2017 by hugh mckee