fire sale at rimping condo???

[evenstevens]

noticed a few days back,that a 125 sq metre  corner unit, from a calculated guess  around the tenth floor .was sold for 5.6 mil (approx 45.000 baht  sq metre),  the condo was in prestine condition,a few yrs ago the same would sell for at least 7 mil ( approx 56.000  baht sq metre)

 

appears to E/S on  the above sale, has  the bottom  dropped out of C/Mai.s   condo.s market ??? or was this  particular condo ,  a firesale???

 

its  a  Adele  early evening to all

[mamborobert]

Is this the place you are talking about?

 

http://perfecthomes.co.th/property/condo-sale-rimping-condominium/

 

Has been on the market at that price for a while.  There is a large variety in the units at Rimping.  Some have been extensively renovated. some not so much worn as not updated, still the original built in furniture, bathroom tiling, air con units.  I do like that Rimping is one of the few condos that has really large sized and funtional  blaconies.  There is another larger "renovated" unit on sale for close to 79.5k baht per sqaure metre.

 

Not sure as a fire sale as I thought was always on offer at that price.  Having said that I do not know what it was actually sold for.,  Even at the asking price it was a bargain to me, and would certainly increase in value with a good renovation/modernizing.  Cannot beat the location and views.

 

Always diffilcult here confirming what price was advertised is what price was offered is what price was sold at.

Edited March 11, 2017 by mamborobert

[Hutch68]

What idiot would pay 56,000 for a sq meter of a thai built condo? Talk about getting ripped off. Just bought 4 rai at 55,000 a rai and will build a small one bed bungalow for around 150,000 to 200,000 and that will include a toilet. I will sell for 10 million if anyone is interested.

[CNXBKKMAN]

36 minutes ago, Hutch68 said:

What idiot would pay 56,000 for a sq meter of a thai built condo? Talk about getting ripped off. Just bought 4 rai at 55,000 a rai and will build a small one bed bungalow for around 150,000 to 200,000 and that will include a toilet. I will sell for 10 million if anyone is interested.

What area has one rai at 55k ? I am assuming it's it's a huge distance from Chiang Mai city. 

[Hutch68]

8 minutes ago, CNXBKKMAN said:

What area has one rai at 55k ? I am assuming it's it's a huge distance from Chiang Mai city. 

Yes it is and that's because there is not many fools around here.

[Hutch68]

9 minutes ago, CNXBKKMAN said:

What area has one rai at 55k ? I am assuming it's it's a huge distance from Chiang Mai city. 

3 year ago I bought 9 at 45.000 per rai.

[elektrified]

5.6 mil for that?????? It looks like a hospital room, especially with that weird balcony. I never will understand why anyone would live in a condominium! I wouldn't pay 2 mil for something like that.

[Hutch68]

Just now, elektrified said:

5.6 mil for that?????? It looks like a hospital room, especially with that weird balcony. I never will understand why anyone would live in a condominium! I wouldn't pay 2 mil for something like that.

Same here mate spent around 2 million and have a nice 2 bed bungalow on one rai a 9 rai plot and a new 4 rai..... <deleted> nutters.

[ilostmypassword]

1 hour ago, Hutch68 said:

Same here mate spent around 2 million and have a nice 2 bed bungalow on one rai a 9 rai plot and a new 4 rai..... <deleted> nutters.

location, location, location

[Hutch68]

50 minutes ago, ilostmypassword said:

location, location, location

Hell.... and if you lot come the price will go up!

[evenstevens]

11 hours ago, mamborobert said:

Is this the place you are talking about?

 

http://perfecthomes.co.th/property/condo-sale-rimping-condominium/

 

Has been on the market at that price for a while. 

yes thats the one cobber

actually it was on the market, on this website  around 6 weeks,  before being sold, a very short timeframe in C/mai,s  stale market( J.M.O.)

the price tag caught my eye, at  45.000 baht a sq metre,as 3/4 yrs back  Rimpimgs Condos  from memory ,  were asking 60.000 baht plus,  a sq metre,

 this particular condo.s price tag, is far  less then other condo,s in the  immediate area, and lining up other condo.s  price tags in the city hall,as well

so has the owner got the price  tag right ,by dropping  25%???,   me thinks he did , due to the wretched Real Estate market conditions,which certainly prevail in C/Mai (j.m.o)

the nuts and bolts of the C/Mai market , is that if you do not sell your peice of Real Estate within 3 months of putting it on the market, it becomes a Lemon on a tree ,unless

you drop your pants around your ankles,to secure a  sale,  therefore this owner  I.M.O. discounted to meet todays real prices in C/mai,,hence sold it, and the loot is in his pocket

a Win, Win situation , for both  seller and buyer, good morning to all

 

[LannaGuy]

1 hour ago, evenstevens said:

yes thats the one cobber

actually it was on the market, on this website  around 6 weeks,  before being sold, a very short timeframe in C/mai,s  stale market( J.M.O.)

the price tag caught my eye, at  45.000 baht a sq metre,as 3/4 yrs back  Rimpimgs Condos  from memory ,  were asking 60.000 baht plus,  a sq metre,

 this particular condo.s price tag, is far  less then other condo,s in the  immediate area, and lining up other condo.s  price tags in the city hall,as well

so has the owner got the price  tag right ,by dropping  25%???,   me thinks he did , due to the wretched Real Estate market conditions,which certainly prevail in C/Mai (j.m.o)

the nuts and bolts of the C/Mai market , is that if you do not sell your peice of Real Estate within 3 months of putting it on the market, it becomes a Lemon on a tree ,unless

you drop your pants around your ankles,to secure a  sale,  therefore this owner  I.M.O. discounted to meet todays real prices in C/mai,,hence sold it, and the loot is in his pocket

a Win, Win situation , for both  seller and buyer, good morning to all

 

Chiang Mai condo market is fine 'cobber' apart from the new condos that are way overpriced (J.M.O.) Last year I sold 3 rooms with no problems at all and 'me-thinks' you have no idea about the Chiang Mai real estate market.  Chiang mai market is all about location, renovation, farang quota etc.  The new condos are expensive per M2 and that enhances older condos which give you tons more room for the same price. No idea about this particular room but 6 weeks is a very fast sale at a good price but to turn that into 'wretched conditions' is absurd.

 

PS it doesn't say if it's foreign quota if it's Thai quota prices are at least 30% less as no one wants to buy them so don't get overexcited 

 

Edited March 12, 2017 by LannaGuy

[evenstevens]

1 hour ago, LannaGuy said:

Chiang Mai condo market is fine 'cobber' apart from the new condos that are way overpriced (J.M.O.) Last year I sold 3 rooms with no problems at all and 'me-thinks' you have no idea about the Chiang Mai real estate market.  Chiang mai market is all about location, renovation, farang quota etc.  The new condos are expensive per M2 and that enhances older condos which give you tons more room for the same price. No idea about this particular room but 6 weeks is a very fast sale at a good price but to turn that into 'wretched conditions' is absurd.

 

PS it doesn't say if it's foreign quota if it's Thai quota prices are at least 30% less as no one wants to buy them so don't get overexcited

 

got the bull by the horns, read my post again

 i have said, that the owner of this Rimping Condo , I.M.O  . got his numbers right for a quick sale, by substantially reducing the price tag to meet  the present market demands, which is in  wretched condition due to massive over supply, and Mount Everest price tags being asked for , how can one delclared that C/mai,s R/E  is in fine fettle BY selling a few rooms, just look at the Real Estate Agent Books, which clearly confirms my observation, i will put it in another way ,which may pacify you

The  Water  Is,nt  bubbling in, all areas of   C/Mai,s   real estate  market, unless you reduce your price to meet  the present market ,(,even in prime locations  such as this Rimping Condo thus their reduction),,, its been a boot hill  job   ,for a few years now, for many reasons ,and even prior to that, in better times , it was a hit, or miss job,

a  nice late morning to all

 

Edited March 12, 2017 by evenstevens

[elektrified]

Fire sale my arse. 5.6 mil for 125 m2 concrete box? My wife recently bought 85 talang wah (340 m2) of beautiful property for 130,000 Baht. It's beyond silly what foreigners pay for property here. The Thais have to be loving it!

 

I recently was with a friend and we were talking outside and overheard a lady talking to a neighbor saying that she may have someone interested in a townhouse that the lady had for sale and what was her best price. Sure enough we heard her say "khon Thai khon farang???"

[LannaGuy]

5 hours ago, evenstevens said:

got the bull by the horns, read my post again

 i have said, that the owner of this Rimping Condo , I.M.O  . got his numbers right for a quick sale, by substantially reducing the price tag to meet  the present market demands, which is in  wretched condition due to massive over supply, and Mount Everest price tags being asked for , how can one delclared that C/mai,s R/E  is in fine fettle BY selling a few rooms, just look at the Real Estate Agent Books, which clearly confirms my observation, i will put it in another way ,which may pacify you

The  Water  Is,nt  bubbling in, all areas of   C/Mai,s   real estate  market, unless you reduce your price to meet  the present market ,(,even in prime locations  such as this Rimping Condo thus their reduction),,, its been a boot hill  job   ,for a few years now, for many reasons ,and even prior to that, in better times , it was a hit, or miss job,

a  nice late morning to all

 

you have no idea 'cobber' if it was thai quota or foreigner and that makes 30% difference in price yet you declare 'fire sale' and 'market in wretched condition'

 

methinks 'cobber' that you have little experience of buying and selling in Chiang Mai to make such a sweeping statement (I have bought and sold close to 30)

 

so a Waltzing Matilda good afternoon 

Edited March 12, 2017 by LannaGuy

[cmtg1]

you have no idea 'cobber' if it was thai quota or foreigner and that makes 30% difference in price yet you declare 'fire sale' and 'market in wretched condition'
 
methinks 'cobber' that you have little experience of buying and selling in Chiang Mai to make such a sweeping statement (I have bought and sold close to 30)
 
so a Waltzing Matilda good afternoon 

i agree with lanna guy. i too have bought and sold dozens of condominiums in chiang mai. all transactions resulting in positive outcomes

so put a sheila on the barby es


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[WinnieTheKhwai]

22 hours ago, Hutch68 said:

What idiot would pay 56,000 for a sq meter of a thai built condo? Talk about getting ripped off. Just bought 4 rai at 55,000 a rai and will build a small one bed bungalow for around 150,000 to 200,000 and that will include a toilet.

 

 :)  

 

There is always one, in these discussions.

 

Note that the topic was a fire sale at a downtown condominium, not a fire sale of barren land in Mae Win or Chiang Dao. 

[balo]

Discussion about living in a condo vs a townhouse is not fair , some people prefer condos , including me.   But I would never buy one here, I just rent,  

I did buy a 1 br condo in Pattaya/Jomtien a few years ago for 1.3 million baht . New building and with an amazing swimming pool .  Now that's value for money . And I sold it with a small profit.  Buying in CM for 5 million I agree is a waste of money . 

 

 

 

 

 

 

 

Edited March 12, 2017 by balo

[Bassosa]

For what it's worth, I got offered a condo at Punna Condo, Nimmanhaemin, at a price that was only slightly outrageous, but not astronomical.

 

It was also at the 'right' side of the building.

 

I took note...

 

 

[MadMac]

I love these emergency sales :).

 

BTW, you can still grab a rai of land for 1 million nowadays, not all is lost.

Edited March 12, 2017 by MadMac

[evenstevens]

15 hours ago, LannaGuy said:

 

 

methinks 'cobber' that you have little experience of buying and selling in Chiang Mai to make such a sweeping statement (I have bought and sold close to 30)

 

 

 

15 hours ago, cmtg1 said:

i agree with lanna guy. i too have bought and sold dozens of condominiums in chiang mai. all transactions resulting in positive outcomes




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so here we have ,The Dynamic  Duo who by flipping dog boxs at such a extroadinary rate  are  the experts (LOL)

 

 

E/S takes on board  , their experience of flipping dog boxes,   to have a feel of the R/E market here in C/Mai,  but honestly its just a tiny crumb, of the R/E cake here

my assumptions are based   across the entire board, ,and this Rimping Condo sale vindicates that the market presently is in dire straights(,or dormant ,using a more subtle meaning),for a truckfull of  very good reasons, and more black clouds ,  are  banking  up on the horizon

its Get  Your  Storm Stick Out , good morning to all

 

[worgeordie]

"my assumptions",in reality do not beat experience,

Condos in good areas will be selling,those in out of

the way areas ,will be more difficult to sell,but that

is the case for all property,Condos,Houses,Commercials.

 

Condos are popping up like mushrooms all over Chiang Mai,

many in places that make no sense at all,the bubble is growing,

but that seems a normal  cycle in Thailand,boom and bust.

maybe an opportunity to buy more property at a sensible price, 

but for me ,would never be Condos.

 

regards worgeordie

[LannaGuy]

49 minutes ago, evenstevens said:

 

so here we have ,The Dynamic  Duo who by flipping dog boxs at such a extroadinary rate  are  the experts (LOL)

 

 

E/S takes on board  , their experience of flipping dog boxes,   to have a feel of the R/E market here in C/Mai,  but honestly its just a tiny crumb, of the R/E cake here

my assumptions are based   across the entire board, ,and this Rimping Condo sale vindicates that the market presently is in dire straights(,or dormant ,using a more subtle meaning),for a truckfull of  very good reasons, and more black clouds ,  are  banking  up on the horizon

its Get  Your  Storm Stick Out , good morning to all

 

you have not addressed the thai or foreign quota issue i raised and it makes a difference of up to 30% 'cobber'  so this Rimping condo may well have sold for up to 30% LESS because it's in the Thai quota

 

as for 'dog boxes' my condos have been in the better buildings and a variety of sizes and, methinks, I know the market well

 

If you read my posts carefully you would have observed i felt the newer condos were way over-priced and that reflected well on decent older buildings where you get much more for less 

Edited March 13, 2017 by LannaGuy

[LannaGuy]

14 hours ago, Bassosa said:

For what it's worth, I got offered a condo at Punna Condo, Nimmanhaemin, at a price that was only slightly outrageous, but not astronomical.

 

It was also at the 'right' side of the building.

 

I took note...

 

 

On the swimming pool side (the only side to buy) you might expect to pay around 6.5m for a great renovation and 5.5m for something that might require some work. A very good choice did you buy?

[HooHaa]

On 3/11/2017 at 9:17 PM, elektrified said:

5.6 mil for that?????? It looks like a hospital room, especially with that weird balcony. I never will understand why anyone would live in a condominium! I wouldn't pay 2 mil for something like that.

Weird balcony? 

 

The balcony is brilliant. 

 

Only issue is its likely included in the 125 sq meters. 

 

Personally id damn near kill for a place with a balcony like that.

[evenstevens]

1 hour ago, LannaGuy said:

you have not addressed the thai or foreign quota issue i raised and it makes a difference of up to 30% 'cobber'  so this Rimping condo may well have sold for up to 30% LESS because it's in the Thai quota

 

 

have no idea on the foreign/,thai quota  ,besides your 30% discount  figure seems very high (J.M.O)

 

it certainly appears to E/S   , it is  in  your best interests,   to talk up ,  a depressed  R/E  market  etc etc  here in C/mai

 

a nice late morning to all

 

 

[LannaGuy]

2 hours ago, evenstevens said:

have no idea on the foreign/,thai quota  ,besides your 30% discount  figure seems very high (J.M.O)

 

it certainly appears to E/S   , it is  in  your best interests,   to talk up ,  a depressed  R/E  market  etc etc  here in C/mai

 

a nice late morning to all

 

 

as no farang can buy in the Thai quota they are VERY difficult to sell on (LG knows this) and the 30% ish difference in price is standard but it seems to LG you know little about the real estate market (J.M.O.)

 

 a DidgeriDoo super afternoon to all who know something about chiang mai's RE market

[evenstevens]

1 hour ago, LannaGuy said:

as no farang can buy in the Thai quota they are VERY difficult to sell on (LG knows this) and the 30% ish difference in price is standard but it seems to LG you know little about the real estate market (J.M.O.)

 

 

news to me

perhaps a member can confirm , your above statement , has been  processed at a  #Standard #  30% discount

always willing to learn

many thks in advance E/S

Edited March 13, 2017 by evenstevens

[elektrified]

9 hours ago, HooHaa said:

Weird balcony? 

 

The balcony is brilliant. 

 

Only issue is its likely included in the 125 sq meters. 

 

Personally id damn near kill for a place with a balcony like that.

LOL to each their own.

[mamborobert]

4 hours ago, evenstevens said:

news to me

perhaps a member can confirm , your above statement , has been  processed at a  #Standard #  30% discount

always willing to learn

many thks in advance E/S

 

As Winnie alluded to earlier we have to compare apples with apples (when comparing price of land in Nakhon Bumphuk to  a condo in Rimping).  Not all condos will have a farang premium, and where there is one it will not be a uniform 30 percent. 

 

There are some condos in Chiang Mai that are bought out, highly desirable farang wise, and do not come on the market often, and when they do are sold quickly at a premium.  These I would include Twin Peaks, Peaks Garden, Flora, Embassy House, Skybreeze, and even Rimping etc.  Places with good location, good management, fully sold out, and at the top of the Faranq quota.

 

There are other places where you can see quite easily from DDproperty and other Thai sites that the prices are uniform for Thai and Farang (where the Farang quota is not borderline and there is more supply than demand).  The cassic example for me here would be Riverside, and perhaps Galare Tong, Suphanich amongst the established places

 

I do know of one Farang/Thai couple that bought into Skybreeze in the Thai spouse name just to get in that building when it was teh only option available, and they both feel that they got a bargain as it was priced in the Thai quota, where the attraction for older buildings amongst affluent Thais for condos, in Chiang Mai is perhaps not the highest.  The you have some of the spruiked Farang orientated refurbs like PP and SR where there is a premium for the refit to Farang tastes rater than as a function of Farang quota..

 

Newer places are generally Thai/Farang equitable to start off with, and then it becomes a function of Farang demand or Thai oversubscription before you see significant variations in pricing.

 

Personally I like all of the condos named above to varying degrees close to the order mentioned (with the exeption of Riverside which does nothing for me size. amenities, location, management wise and SR/PP).