fire sale at rimping condo???

[KhonKaenKowboy]

I think the buyers may be more delusional than the sellers.  Starting with the group that has been calling for a crash for the last 10 years.  I was contacted by a guy in Bangkok about my condo..he had some standard questions then told me he might buy mine along with another one in the same building that was priced much less.  He then wanted my best price as their were seven others from r sale in my building with a lower price. Could you show me a li k to one?  It is in Thai..that is OK, I would still like to see it...you have the whole internet in front of you shouldn't be difficult.  He says, I just called my staff and told them to look it up and I will send them to you tomorrow.  Complete BS...I said it was possible, but I know the JP very well and there is not one for sale sign.  Gone with the wind.  Another guy was playing this low ball game with me and I said, could you at least show me a bank balance with enough for the down payment?  I sent him a copy of mine with 55,555.55 USD in it.  He too vanished.  And several from people thinking I am returning to America and will sell cheap.....must be some good barstool legends out there of good deals from people leaving.  I am getting nibbles, but there just isn't the urgency to buy......rent will outpace inflation here, I would say.

[Nowisee]

I do enjoy reading these threads about who bought what for how much and did it come with the foreigner up-charge and how much they made on the resale.  

 

There are too many reasons to rent in this country and almost no reasons to buy.  Moving on at the end of lease in a nightmare location or various/numerous other reasons just make so much more sense.

 

 

 

 

[lannarebirth]

19 minutes ago, Nowisee said:

I do enjoy reading these threads about who bought what for how much and did it come with the foreigner up-charge and how much they made on the resale.  

 

There are too many reasons to rent in this country and almost no reasons to buy.  Moving on at the end of lease in a nightmare location or various/numerous other reasons just make so much more sense.

 

 

 

 

 

I think renting does make sense for a person that isn't married and doesn't have kids. I can't imagine anyone married or with children however that wouldn't want to ensure there wife and kids would have a roof over their heads should anything happen to them.

[WinnieTheKhwai]

^ Yes, that.   Also, buying can potentially supply retirement income down the line.   If you have two nice places downtown then you're pretty much covered.

[mikey88]

Chiang Mai seems to attract the bitter doesn’t it....

[evenstevens]

On ‎12‎/‎3‎/‎2560 at 7:29 AM, 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

 

thks for the bump Mikey

a  very simalar unit ,and exactly same size (125 sq metre) has been up for grabs at 6.5 mil (52.000 baht a sq metre) and so far (appprox 2 months) has not been sold ,perhaps  my  O/P  seller got his numbers right  at 5.6 mil ( 45.000 sq metre) and  sold at the market price which was well below the prices say four years or so back, anyway it confirms a ball park figure of what the present market is asking for and getting  at Rimping Condo  which  in my view is  a very good yard stick to compare selling prices  of  condos  in  C/mai

[cheeryble]

On March 13, 2017 at 2:43 PM, 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

 

There will always be some guys happy to buy in their missus (or boyfriend's!) name who will buy Thai quota freely, but I'd agree with Lannaguy the difference must average out somewhere up near 30%.

In fact I own in an older building where the farang quota has been full a long time. So it's officially 49% farang but we were chatting and reckon about another 20% were funded by farang and under their influence.

 

For what it's worth I see no fire sale of the market in general.

 

I see these many many small new units (which seem to be the cause of the "overbuilding" panic) some of which are in seemingly in extraordinary locations. (I think there's a reason for that........the best locations have been taken by the oldest buildings (your Rimping, Skybreeze, Hillside and Riverside are examples) and to a lesser extent by those built some years ago, and BTW central land prices have boomed. 

It amazes me but some of these new small units.....only recently finished..... are not only selling but sold out. As for the ones in strange locations maybe the builders are cash rich and in an era of super low inflation but with higher, maybe very high, inflation round the corner maybe they are not so stupid and with commodity competition are locking their cost to build before it starts possibly soaring. They are for a new Thai demographic and I think have but a small effect on farang condo price competition.

(I personally have one friend out of a pretty big circle renting one of these units out on the second ring road.)

I own in an older building which has improved considerably and is in an enviable location.

Rentals and sales seem very healthy indeed.

 

Edited February 4, 2018 by cheeryble

[evenstevens]

many thks for your views ^^^^ The entire C/Mai real estate market in general is in the doldrums,particular outside the City Limits, when and if ,you put your Condo up for sale ,the figures you may hear  or think for a sale ,  say within three months,  are in Disney Land for many many reasons, It is a Buyers Market(with very few buyer around) since marshall law was introduced, throw in the massive over supply in all spectrums of the real estate market , and the strong baht is no help either, know of a few good buys presently in the Maerim District, where with their present price tags would have been sold say 5 yrs ago, but have become a lemon on a tree, and at a calculated guess  ,a 20% discount will not bring a sale,, the above is from experience, not just my views, in summimg up, in todays present market Renting would be my choice,( not owning etc etc,) for a raft of very good valid reasons, a nice late arvo to all

 

 

 

 

 

 

Edited February 4, 2018 by evenstevens

[WinnieTheKhwai]

Does anyone know if Rimping and Riverside management are okay with shorter-term rentals, like holiday rentals?  (not sure there is a whole lot they can even do about it, but okay.)

[cheeryble]

19 hours ago, evenstevens said:

many thks for your views ^^^^ The entire C/Mai real estate market in general is in the doldrums,particular outside the City Limits, when and if ,you put your Condo up for sale ,the figures you may hear  or think for a sale ,  say within three months,  are in Disney Land for many many reasons, It is a Buyers Market(with very few buyer around) since marshall law was introduced, throw in the massive over supply in all spectrums of the real estate market , and the strong baht is no help either, know of a few good buys presently in the Maerim District, where with their present price tags would have been sold say 5 yrs ago, but have become a lemon on a tree, and at a calculated guess  ,a 20% discount will not bring a sale,, the above is from experience, not just my views, in summimg up, in todays present market Renting would be my choice,( not owning etc etc,) for a raft of very good valid reasons, a nice late arvo to all

 

 

 

 

 

 

I know of someone who's plans changed and in the last two years he has sold his entire holdings of five top quality renovations in 20+ yo building, units 80-120sqm, all to individual buyers and one by one (never advertised them more than two for sale, and all for higher square metre prices than had ever previously been seen in that building.

His reason for sale was nothing to do with the market, pensions kicked in etc. and he wanted a change.

There is of course an awful lot of dross around and also dross locations. Hardly surprising these don't leap out of the gate.

[TallGuyJohninBKK]

On 3/11/2017 at 8:17 PM, Hutch68 said:

3 year ago I bought 9 at 45.000 per rai.

Somehow, I don't think "you" bought, despite paying the money. Just whose name is your land actually owned in?

 

That's one difference in buying condos vs land.

 

[cheeryble]

21 minutes ago, TallGuyJohninBKK said:

Somehow, I don't think "you" bought, despite paying the money. Just whose name is your land actually owned in?

 

That's one difference in buying condos vs land.

 

I "bought" a very desirable rai in CR, but I never say or think that.

I look upon it as a present for the missus.

IT doesn't have any deeds, but is noted by pooyaybahn.

At 45,000 per rai maybe Hutch's is the same.

 

I've actually suggested we sell it to put towards a house we're building in CM and concentrate our efforts and resources.

It would make life much easier for me and save some money.

She's more or less refused.

THat's how it is.

Edited February 5, 2018 by cheeryble

[sfokevin]

If anyone is interested in selling a few rai in CR for ~50k per rai PM me with location and pricing 

[TallGuyJohninBKK]

25 minutes ago, cheeryble said:

I "bought" a very desirable rai in CR, but I never say or think that.

...

IT doesn't have any deeds, but is noted by pooyaybahn.

 

 

The way land and land transactions are handled here never ceases to amaze me. I don't particularly mean your purchase.

 

I mean, buying land without deeds, the various versions of land deeds here that either almost mean nothing all the way up to conveying full rights,

 

Effectively no zoning, meaning pretty much anything and everything can go in/up right next to one's property. Purchases where the exact land being sold isn't really even formally marked out in terms of boundaries.

 

And then the Land Department offices and all their often-publicized cons, scams, about-faces, etc. etc. The national government coming in years after houses and resorts have been built and declaring them on protected land, illegal and forcing demolition.

 

It's a pool I have no desire to swim in.

 

Edited February 5, 2018 by TallGuyJohninBKK

[cheeryble]

44 minutes ago, sfokevin said:

If anyone is interested in selling a few rai in CR for ~50k per rai PM me with location and pricing 

44 minutes ago, sfokevin said:

 

I could try to get the wife to consider 500-600k (near very cheap cost) for the one rai including elec supply via pylons for 400m and a well and pump system with two large Aladdin tanks.

Levelling and access road work done to make a lot on top.

It's a truly prime rai it's own little hillock in Ban Du with spectacular views and no-one building nearby.

The chanoot people have done some surveying and Ban Du is becoming highly desirable with chanoot prices well higher especially for this lot. Airport 15 min.

House removed. Neighbouring owners are family lovely and totally honest people all Christians and influential as is pooyay in this area so land is safe.

Edited February 5, 2018 by cheeryble

[evenstevens]

3 hours ago, cheeryble said:

I "bought" a very desirable rai in CR, but I never say or think that.

I look upon it as a present for the missus.

IT doesn't have any deeds, but is noted by pooyaybahn.

At 45,000 per rai

you have bought toilet paper land  title deeds  ,best of luck in that

[worgeordie]

30 minutes ago, evenstevens said:

you have bought toilet paper land  title deeds  ,best of luck in that

At toilet paper money, what can he lose, I know a few people that

have land without necessary papers,they buy and sell and make a 

profit,one man built a 2 million house on his plot ,uses it as a holiday

home,he's had it for 10-12 years now,maybe one day the government

will reclaim the land or grant them land papers,who knows.who cares,

take a chance,next to nothing to lose,but a lot to gain.they are all Thais.

 

regards worgeordie

[evenstevens]

28 minutes ago, worgeordie said:

,maybe one day the government

will reclaim the land or grant them land papers,who knows.who cares,

take a chance,next to nothing to lose,but a lot to gain.they are all Thais.

 

regards worgeordie

of course they are all Thai,s  , please  tell me something new

[worgeordie]

6 minutes ago, evenstevens said:

of course they are all Thai,s  , please  tell me something new

That could be  very difficult ,as you seem to know everything all ready.

regards worgeordie

[evenstevens]

19 minutes ago, worgeordie said:

That could be  very difficult ,as you seem to know everything all ready.

regards worgeordie

yes very true , but  with 17 yrs experience ,have a nice evening

[cheeryble]

1 hour ago, evenstevens said:

you have bought toilet paper land  title deeds  ,best of luck in that

I dare say there are some islands where one should avoid pooyaybahn sales and a few other situations where people whose braincells are functioning will avoid, but by and large they are safe as houses after all practically the whole of the country was owned this way and a large proportion still is.

Where I'd be more careful EvenSteven is with the person named as owner.

But half of marriages and the like seem to last, and if a woman knows that if there's any nonsense they will be cut out of life security and/or a far larger will why should there be any nonsense.

In the case of our rai in Ban Du she's trying to put her foot down as it's a great lot, a genuine investment, and more important she can live next to sister and extended family when I pop off. I don't blame her but hope i can persuade her.

[evenstevens]

18 minutes ago, cheeryble said:

 

In the case of our rai in Ban Du she's trying to put her foot down as it's a great lot, a genuine investment, and more important she can live next to sister and extended family when I pop off. I don't blame her but hope i can persuade her.

now privy to the above info, nice work ,let her keep it

[worgeordie]

54 minutes ago, evenstevens said:

yes very true , but  with 17 yrs experience ,have a nice evening

So your only 17 ?, no really 17 years experience in what ?

regards worgeordie

[Lizard2010]

39 minutes ago, worgeordie said:

So your only 17 ?, no really 17 years experience in what ?

regards worgeordie

Now now  Dont upset the long time oldies

After all they know it all

Things have changed in 17 yeears

Im only a newbie but have more sense than some

 

[TallGuyJohninBKK]

1 hour ago, cheeryble said:

I dare say there are some islands where one should avoid pooyaybahn sales and a few other situations where people whose braincells are functioning will avoid, but by and large they are safe as houses after all practically the whole of the country was owned this way and a large proportion still is.

 

 

Cheery, for the uninitiated such as myself, can you explain in layman's terms just what exactly a "pooyaybahn sale" is?

 

I know what a pyb is, of course. But I'm clueless on how that individual would fit into a private seller-buyer property transaction.

 

[cheeryble]

2 hours ago, TallGuyJohninBKK said:

 

Cheery, for the uninitiated such as myself, can you explain in layman's terms just what exactly a "pooyaybahn sale" is?

 

I know what a pyb is, of course. But I'm clueless on how that individual would fit into a private seller-buyer property transaction.

 

I'll go further.

 

There are three titles where there are various degrees of quality of definition of land lots

 

Full chanoot has a properly surveyed small map of the "luk" (cement markers)

 

Nor Sor 3 Gor has an older poorer quality map

 

Nor Sor 3 (tamada) may have a very small map and a description of whats been on the north south east and west of the land in the past. Sometimes difficult to find those features and define exactly.

 

(I should point out that even full chanoots can be wrongly drawn and bring boundary problems......they should be double checked if possible against the luk positions.)

 

All the above titles are registered with duplicate copies at the land office.

Importantly, "real" rights, usually against the owner, such as easements, leases, usufructs, rights of way, and also bank loans, are registered on the back of the two deed copies. Only registered land can be leased for more than three years.

 

Next, what you are asking about is land which is transferred by sitting round a table with both sides and the PYB, who is the arbiter and neutral authority, rather like a notaire.

It's the traditional rural way (actually all land was theoretically owned by the King), but it is unregistered and none of the real rights are recorded and the land cannot be used to raise a mortgage or a loan at a bank.

 

That's about it I think....

Edited February 5, 2018 by cheeryble

[TallGuyJohninBKK]

So am I getting this right???

 

You the buyer and the seller sit down with a PYB, verbally agree on a transaction, you pay the money to the seller, and the PYB says the land is yours.

 

But none of it is recorded in any kind of written legal agreements or with the Land Office.  And if your PYB kicks the bucket someday or otherwise is replaced, then what?

[Bill97]

Then? Previous owner reclaims the land.


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