fire sale at rimping condo???

[cmtg1]

53 minutes ago, mamborobert said:

 

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).

how many times have you'd the word farang mambo??  10? 12? 9?

[Hutch68]

On 12/03/2017 at 10:47 AM, WinnieTheKhwai said:

 

 :)  

 

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. 

Yes about a fire sale in the fire and smog city Chiang Mai where most of the time you can't breathe, good fertile land round here everything grows an endless supply of water and good clean fresh air.... You can stick your 5mil condo up your <deleted> you fools.

[neilrob]

The problem with this topic is that the basis of the title and of the original post is wrong. The OP says, in effect, that a few years ago such a condo would have sold for 56,000B per sqm. Now it is down to 45,000B, so the sky must have fallen in on prices. However, a friend of mine bought a similar unit in this condo (although a bit bigger), in similar condition, a few years ago for about 45,000B per sqm. So, in fact, prices, far from falling over the last few years, have remained stable. So the title should have been "sale prices stable at Rimping condo". This would have the merit of accuracy, but I suppose that was not the object of the OP.

[elektrified]

Not to criticize anyone in particular, but TV is a great forum for sellers to talk up the value of condominiums in C.M.; knowing there are a fair share of farangs who read the forum, who don't speak or read Thai, or in some cases - even know any Thai people to get some guidance as to reality. So they use the forum as a method to inflate values and convince other farangs that these condos that they can't sell are worth gold. If you study the threads, you will see that some users only come out of the woodwork when these threads are opened and chime in on the 'smoking hot' real estate market here, and how much condos are worth or how much they could be rented for.

 

As far as some of these stories of people selling numerous units, I would take that with a grain of salt too. The truth is that it could take an entire lifetime to sell perhaps 4 or 5 of them. There are many, many Thais and farangs who purchased condominiums years ago and can't even sell them for what they paid for them - or even less. I've met a few such people.

 

[Scott]

An off-topic post removed.   Please stay on topic.  

[LannaGuy]

11 hours ago, mamborobert said:

 

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).

" both feel that they got a bargain as it was priced in the Thai quota, "

 

exactly 

[LannaGuy]

17 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

" sold for up to 30% LESS because it's in the Thai quota"

 

" 30% ish difference in price"

 

are you purposely misquoting me?  "UP TO"  and "ISH" are clearly present in my posts

 

it is not an exact science but it's ABOUT 30% more expensive and new condos normally have a two tier pricing  which will show the spread BUT it might not be as much as 30% as they are NEW. We are not discussing those we are discussing established, older buildings. I have bought and sold in many of those condos mentioned over the last 10 years mostly in farang quota and, occasionally, in Thai quota and I know the difference. 

[evenstevens]

10 hours ago, neilrob said:

The problem with this topic is that the basis of the title and of the original post is wrong. The OP says, in effect, that a few years ago such a condo would have sold for 56,000B per sqm. Now it is down to 45,000B, so the sky must have fallen in on prices. However, a friend of mine bought a similar unit in this condo (although a bit bigger), in similar condition, a few years ago for about 45,000B per sqm. So, in fact, prices, far from falling over the last few years, have remained stable. So the title should have been "sale prices stable at Rimping condo". This would have the merit of accuracy, but I suppose that was not the object of the OP.

how can you post that my O/P  title was wrong,  E/S was merely asking the board for their opinions , if this Rimping Condo was a fire sale

and gave true facts,  to help them,   if this.  was the case or not,  that was my object, as you put it,  please read my opening post again

your above post saying that in your view prices are stable,thats fair enuff, but to say that my  O/P post did not merit accuracy, you have tripped up cobber, big time

its  a Albert Hammond  good morning to all

Edited March 14, 2017 by evenstevens

[evenstevens]

12 hours ago, mamborobert said:

 

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).

many thanks for your heads up,  ( in particular the second last paragraph,which E/S has experienced), sure there, maybe exceptions to your post,

but across the board , you are on the money

its a  Chelsea F.C . Gidday  to all

[NancyL]

doesn't the "farang" quota in condos also apply to owners from Japan, China, Malaysia, India, etc?  I see quite a few Japanese owners in my building.  Certainly they aren't counted as part of the Thai quota, are they?

[LannaGuy]

1 minute ago, NancyL said:

doesn't the "farang" quota in condos also apply to owners from Japan, China, Malaysia, India, etc?  I see quite a few Japanese owners in my building.  Certainly they aren't counted as part of the Thai quota, are they?

Yes they are lumped in with us in the 49% which is the more expensive 'half'.  Most new condos are two tier priced and many foreigners might not even know that and not think to ask. No point buying Thai quota if you can only sell to Thais!  khun es still doesn't 'get it' 

[NancyL]

4 minutes ago, LannaGuy said:

Yes they are lumped in with us in the 49% which is the more expensive 'half'.  Most new condos are two tier priced and many foreigners might not even know that and not think to ask. No point buying Thai quota if you can only sell to Thais!  khun es still doesn't 'get it' 

Well then, shouldn't everyone stop calling it the "farang" price and use the correct term of "foreigner" price and quota?  Here in Chiang Mai, the second largest nationality to receive retirement extensions are the Japanese.  We white people aren't necessarily the center of the universe, you know.

[lannarebirth]

9 hours ago, elektrified said:

Not to criticize anyone in particular, but TV is a great forum for sellers to talk up the value of condominiums in C.M.; knowing there are a fair share of farangs who read the forum, who don't speak or read Thai, or in some cases - even know any Thai people to get some guidance as to reality. So they use the forum as a method to inflate values and convince other farangs that these condos that they can't sell are worth gold. If you study the threads, you will see that some users only come out of the woodwork when these threads are opened and chime in on the 'smoking hot' real estate market here, and how much condos are worth or how much they could be rented for.

 

As far as some of these stories of people selling numerous units, I would take that with a grain of salt too. The truth is that it could take an entire lifetime to sell perhaps 4 or 5 of them. There are many, many Thais and farangs who purchased condominiums years ago and can't even sell them for what they paid for them - or even less. I've met a few such people.

 

 

I don't normally join in these threads but I have some perspective here. My wife owned the same unit on the 9th floor at Rim Ping Condos, NW corner. Bought in 1999 for 1.2 M Baht, sold in 2004 for 4 Million Baht to a foreigner.

 

If anyone's interested, sold 14 rai in 4 adjoining plots At 1.5M/rai last week in Mae Rim's Baan Huay Sai to a Thai family. I don't know if that's a good price or not.

Edited March 14, 2017 by lannarebirth

[LannaGuy]

14 minutes ago, NancyL said:

Well then, shouldn't everyone stop calling it the "farang" price and use the correct term of "foreigner" price and quota?  Here in Chiang Mai, the second largest nationality to receive retirement extensions are the Japanese.  We white people aren't necessarily the center of the universe, you know.

it's the vernacular everyone uses but you are quite correct 'the foreign quota'

 

'a rose by any other name...' 

[geriatrickid]

On 3/11/2017 at 8:17 AM, 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.

Why? Well, not everyone stays in one place. Some of us travel for work or for leisure. It is difficult to leave a home unattended. At least with a condo, people can't pull up a truck up and clear your home out. A quality building provides proper security, building maintenance and services. The neighbors are relatively decent too if one is in a  good building, and not a ghetto building as one finds in Phuket , or Pattaya.   I would much prefer a large estate, but I just don't have the patience to oversee the gardener, the  night watchman, the maid, the driver, the handyman etc. Every time someone  quits, he/she has to be replaced requiring screening and interviews and background checks. It is time consuming. At least in a quality condo or rental unit, there are always domestic staff available. Best of all there is a backup generator and supplemental water when needed. So much easier when they bring a tank truck in every day during  water shortages. It is such a relief to have a front desk who can accept deliveries  when one is not there.

 

 

[cmtg1]

Well then, shouldn't everyone stop calling it the "farang" price and use the correct term of "foreigner" price and quota?  Here in Chiang Mai, the second largest nationality to receive retirement extensions are the Japanese.  We white people aren't necessarily the center of the universe, you know.

Amen Nancy mambojumbo used the word Farang 12 times in one paragraph in this topic


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[neilrob]

1 hour ago, lannarebirth said:

 

I don't normally join in these threads but I have some perspective here. My wife owned the same unit on the 9th floor at Rim Ping Condos, NW corner. Bought in 1999 for 1.2 M Baht, sold in 2004 for 4 Million Baht to a foreigner

It is good to hear from someone who has some basis for what he posts, unlike the OP. Sounds like your wife made an excellent purchase and that prices have made a slow increase since 2004, from 4 million to 5.6 million. This is also consistent with my knowledge that a few years ago prices were similar to today's.

[NancyL]

5 minutes ago, neilrob said:

It is good to hear from someone who has some basis for what he posts, unlike the OP. Sounds like your wife made an excellent purchase and that prices have made a slow increase since 2004, from 4 million to 5.6 million. This is also consistent with my knowledge that a few years ago prices were similar to today's.

And judging by the photos, while the unit looks like it's been well-maintained, it doesn't seem to have had any real upgrades since 2004, except for the purchase of a flatscreen TV.  So a modest increase from 4 million to 5.6 million in 13 years isn't surprising.  Someone didn't lose money and they saved on rent during this time.

[lannarebirth]

14 minutes ago, NancyL said:

And judging by the photos, while the unit looks like it's been well-maintained, it doesn't seem to have had any real upgrades since 2004, except for the purchase of a flatscreen TV.  So a modest increase from 4 million to 5.6 million in 13 years isn't surprising.  Someone didn't lose money and they saved on rent during this time.

What more could one ask for? It's a great unit.

[evenstevens]

15 minutes ago, neilrob said:

It is good to hear from someone who has some basis for what he posts, unlike the OP.

and exactly  what my O/P was asking for,  are you for real???
 

7 minutes ago, NancyL said:

.  So a modest increase from 4 million to 5.6 million in 13 years isn't surprising.  Someone didn't lose money and they saved on rent during this time.

and perhaps  the  Farung  is  a lucky Brit  who bought , when the pound was around 72 baht , now around 42 baht, now that is a windfall

its a Berlin late morning to all

[canthai55]

According to the Wife ... Farang is foreigner, but not Asian.

[Lizard2010]

On 11/03/2017 at 7:00 PM, 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.  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.

I agree i have seen this advertised quite a while ago

Probably reduced as may have left the country

[Lizard2010]

On 12/03/2017 at 5:47 PM, WinnieTheKhwai said:

 

 :)  

 

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. 

Or Mae Rim

[elektrified]

5 hours ago, geriatrickid said:

Why? Well, not everyone stays in one place. Some of us travel for work or for leisure. It is difficult to leave a home unattended. At least with a condo, people can't pull up a truck up and clear your home out. A quality building provides proper security, building maintenance and services. The neighbors are relatively decent too if one is in a  good building, and not a ghetto building as one finds in Phuket , or Pattaya.   I would much prefer a large estate, but I just don't have the patience to oversee the gardener, the  night watchman, the maid, the driver, the handyman etc. Every time someone  quits, he/she has to be replaced requiring screening and interviews and background checks. It is time consuming. At least in a quality condo or rental unit, there are always domestic staff available. Best of all there is a backup generator and supplemental water when needed. So much easier when they bring a tank truck in every day during  water shortages. It is such a relief to have a front desk who can accept deliveries  when one is not there.

 

 

They have back-up generators in condominium buildings? All of them?

[NancyL]

2 hours ago, elektrified said:

They have back-up generators in condominium buildings? All of them?

Many of them have generators or at least battery packs for lighting in the hallways and perhaps even the elevators in case of power outage.  This is something to check when considering where you're going to live.  And many Chiang Mai condo buildings have their own water wells and storage tanks on the roofs, helping to keep the water rates low.

 

After years of owning a greenhouse/nursery operation on a farm where we lived, I'm in with Geriatickid on the issue of enjoying my retirement years without having to manage staff, equipment or worry about the upcoming weather forecast and its impact on our property.

[WinnieTheKhwai]

5 hours ago, Lizard2010 said:

Or Mae Rim

He said 55,000 Baht per rai, so I doubt it's Mae Rim.  

 

Could be really far far away with not much in the way of papers or road access.

[Hutch68]

1 minute ago, WinnieTheKhwai said:

He said 55,000 Baht per rai, so I doubt it's Mae Rim.  

 

Could be really far far away with not much in the way of papers or road access.

Full papers but a little away from the main road, easy to get to in the dry and cool months but almost impossible during the rains unless you have knobly's on.

[Anthony Loh]

 
I don't normally join in these threads but I have some perspective here. My wife owned the same unit on the 9th floor at Rim Ping Condos, NW corner. Bought in 1999 for 1.2 M Baht, sold in 2004 for 4 Million Baht to a foreigner.
 
If anyone's interested, sold 14 rai in 4 adjoining plots At 1.5M/rai last week in Mae Rim's Baan Huay Sai to a Thai family. I don't know if that's a good price or not.

Haha! That's how the local make money for us, four million and when the foreigners sell back to the local, how much can we sell ? One million also can't find a buyer.........




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[Anthony Loh]

Full papers but a little away from the main road, easy to get to in the dry and cool months but almost impossible during the rains unless you have knobly's on.

The land come with land paper? Can a 4 wheel drive in when raining season? I'm interested to buy, u can PM me

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[lannarebirth]

2 hours ago, Anthony Loh said:

Haha! That's how the local make money for us, four million and when the foreigners sell back to the local, how much can we sell ? One million also can't find a buyer.........




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Neither I nor my wife has ever sold a piece of real estate to anyone, anywhere, that they couldn't sell for more, sometimes a lot more, within a few years time.

Edited March 14, 2017 by lannarebirth