Pattaya 9 Karat Condo 138 Rooms For Auction

[KittenKong]

44 minutes ago, ThaiBob said:

I would also add to the above that voting privileges should be rescinded if common fees are not paid. 

 

I think that's already part of the condo act. The problem is that if the JPM/committee is in the pocket of one or more co-owners then the terms of the condo act, or the building internal regs, may be ignored if they are detrimental to the interests of those co-owners. And in my experience the Land Office will not want to help, meaning that the only recourse is for concerned co-owners to employ a lawyer at their own expense and without the backing of the entire juristic person.

[KittenKong]

46 minutes ago, Don Mega said:

So these can be owned by a foreigner or do thay have to go in a company name ?

 

Earlier in the thread it was mentioned that the current ratio is thought to be around 65/35. So there should be scope for around 15% more of the total building to be put into farang name.

[pegman]

1 hour ago, KittenKong said:

 

As far as I know the 138 units were owned by one person who used the power those votes gave him to manipulate the committee and management into doing what he wanted. I seem to remember reading about it on here a year or so ago. The common fee was not paid on those units, hence the outstanding debts.

 

I think that the naughtiness there is drawing to a close and apart from needing to be aware that there are outstanding fees to be paid, and possibly renovation work to be done, I see no obvious legal drawbacks to the purchases. I'm sure that a lawyer would be happy to take money to confirm that.

 

As I mentioned, if I was a farang co-owner in that building I would be keen to see as many of those 138 units as possible bought by individual farangs. That would be to my benefit and to that of the building and other co-owners also. So in that respect the OP is doing exactly what I would do. He sounds like the sort of person I would like to share ownership of a building with.

As an aside, I think that there should be a law prohibiting any one person or group from owning more than a very small percentage of any condo building. The condo act already prohibits any one co-owner from using more than 50% of the total votes present at a GM, but that number should be reduced significantly.

Strange that previous owner would walk from >$2m in property value. Maybe they left a lender holding the bag.

[KittenKong]

39 minutes ago, pegman said:

Strange that previous owner would walk from >$2m in property value. Maybe they left a lender holding the bag.

 

Bank foreclosure, I expect. Or a court order liquidating assets for creditors.

[KittenKong]

56 minutes ago, KittenKong said:

 

Earlier in the thread it was mentioned that the current ratio is thought to be around 65/35. So there should be scope for around 15% more of the total building to be put into farang name.

 

It was also mentioned that there are a total of 576 units in the building. If one assumes that all have the same voting rights (probably not a valid assumption) then the 138 units to be sold represent about 23% of the total, and all are in Thai name. So by the same dodgy assumption we can suppose that a maximum of about 85 units could be put into farang name, leaving about 50 or so to be sold to Thais or companies.

[onemorechang]

2 hours ago, Don Mega said:

So these can be owned by a foreigner or do thay have to go in a company name ?

I don't know

But any foreigner buying a condo in a company name is just Dumb.

[Don Mega]

Just now, onemorechang said:

I don't know

But any foreigner buying a condo in a company name is just Dumb.

Nah, buying a condo in the name of some floozy that ya renting by the night is dumb.

[i claudius]

17 minutes ago, Don Mega said:

Nah, buying a condo in the name of some floozy that ya renting by the night is dumb.

Its even dumber to buy a condo there ,its a sh-t hole .

[Penefattore]

anyway if the minimum bid starts from half a million , it's not a great bargain....ain't half a million the ongoing price for a unit at nearby Nirun Condo ? and you wouldn't have to pay for overdue maintenance fees and renovation expenses.

[scubascuba3]

33 minutes ago, Penefattore said:

anyway if the minimum bid starts from half a million , it's not a great bargain....ain't half a million the ongoing price for a unit at nearby Nirun Condo ? and you wouldn't have to pay for overdue maintenance fees and renovation expenses.

Yes Nirun is nearby and I've seen them as low as 500k recently, 1m ones are over priced. Unless you can pick one of these up cheap around 300k+ you might as well not bother. Sounds like many other condos are not paying maintenance also so there will still be a problem there.

[angy]

there will be 8 session of auctions from march 29th till september, maybe they down the price of unsolds units, the auction will be done in 315/293 Thepprasit at 9.30 a.m. and need to put a guarantee to be able to offer. Condo fees to be paid before transfer are 150k baht per unit.

[petermik]

7 hours ago, angy said:

there will be 8 session of auctions from march 29th till september, maybe they down the price of unsolds units, the auction will be done in 315/293 Thepprasit at 9.30 a.m. and need to put a guarantee to be able to offer. Condo fees to be paid before transfer are 150k baht per unit.

After watching on the TV news last night the miserable attempts to sell off "contaminated rice" at 3.6 baht/kilo (bids ranged from 1 baht to 3 baht max) the goverment spokesperson stated "we do not have to sell at these low bids" I can see the majority of these units will be still for sale for a long time also given the starting bid prices

[bkk6060]

So, now with backup fees at 650,000 for minimum.  Plus, reno. costs with furniture, etc., could reach 1 million.  Yes I think the place is overpriced I think 250,000 b would be a good starting point. May in the short time lower the comps. but do the owners want the maintenance fees up to speed or not?

Just something else from my observation.  One side of the building faces toward the beach/pool.  No view, but the other side faces a school and they had some dude on a loud speaker talking when I walked through.  So, I think the pool side would be a quieter/better location.

Edited March 26, 2017 by bkk6060

[KittenKong]

2 hours ago, angy said:

Condo fees to be paid before transfer are 150k baht per unit.

 

That seems very high, even for 5 years of fees. I would have expected a maximum of 40kB for 5 years.

[Banana7]

10 hours ago, angy said:

there will be 8 session of auctions from march 29th till september, maybe they down the price of unsolds units, the auction will be done in 315/293 Thepprasit at 9.30 a.m. and need to put a guarantee to be able to offer. Condo fees to be paid before transfer are 150k baht per unit.

Are you sure the 150K  baht per unit are just for unpaid condo fees? Maybe it is the deposit to bid at the auction?

 

My understanding is that 1 room unit incurs 550b per month maintenance. So for 5 years (60 months) the fee would be  33,000 baht. Some units may have more than 1 room. A 3 room unit would have 99,000 baht maintenance for 5 years. I am not aware of any units bigger than 3 rooms. But maybe there is one or two  4 or 5 room units, and that would explain why they want 150K deposit for the maintenance fee.

 

 

[balo]

9 carat is a shxt hole, same as Nirun. I woild pay 10 baht and pay the 5 year maintenance fee , that would mean 150k. Then you need to renovate the room for another 500k. Good luck and look out for shady neighbors.

 

 

 

 

[Banana7]

57 minutes ago, balo said:

9 carat is a shxt hole, same as Nirun. I woild pay 10 baht and pay the 5 year maintenance fee , that would mean 150k. Then you need to renovate the room for another 500k. Good luck and look out for shady neighbors.

 

 

 

 

I understand your viewpoint. However, if you want a room anywhere in the same area, other than 9 karat and nirun, you'll be paying 1.5m and up. The location is very good, and the conditions at 9 karat will improve.

 

I've seen people do a complete gut job and renovate one room for less 250K which included new wiring, floors, washroom, ceiling, and kitchen, AC, painted everything.

 

Edited March 27, 2017 by Banana7

[londoedan]

6 minutes ago, Banana7 said:

I understand your viewpoint. However, if you want a room anywhere in the same area, other than 9 karat and nirun, you'll be paying 1.5m and up. The location is very good, and the conditions at 9 karat will improve.

 

Exactly, its a great location. I lived there for a couple of years and for the most part I was happy. Only moved out due to the water supply issues and crap condo management. If those problems were sorted then I'd move back tomorrow. I rented on a high floor looking towards 3rd Rd and there was never a noise problem. Few characters knocking about for sure but nothing heavy and they gave the area "colour".

[petermik]

7 hours ago, balo said:

9 carat is a shxt hole, same as Nirun. I woild pay 10 baht and pay the 5 year maintenance fee , that would mean 150k. Then you need to renovate the room for another 500k. Good luck and look out for shady neighbors.

 

 

 

 

 

7 hours ago, Banana7 said:

I understand your viewpoint. However, if you want a room anywhere in the same area, other than 9 karat and nirun, you'll be paying 1.5m and up. The location is very good, and the conditions at 9 karat will improve.

 

I've seen people do a complete gut job and renovate one room for less 250K which included new wiring, floors, washroom, ceiling, and kitchen, AC, painted everything.

 

Banana7

I admire your tenacity in trying to drag up customers at this complex,however have you heard the term "flogging a dead horse" I,m afraid that,s what you seem to be doing.....good luck though

 

[Banana7]

1 minute ago, petermik said:

 

Banana7

I admire your tenacity in trying to drag up customers at this complex,however have you heard the term "flogging a dead horse" I,m afraid that,s what you seem to be doing.....good luck though

 

I'm trying to show you a gift horse not a dead horse.

 

There is good money to be made if you get in now and know how to sub contract to the tradesmen.

 

[scubascuba3]

Who receives the money for the condos? I assume the owner would receive the proceeds less costs.

 

I'm guessing small property developers may be at the auction to buy some/loads and sell on

 

 

 

 

[Boca]

I heard that previous units that went to auction were auctioned off in the format that the bid price starts high and is reduced by 10% over 3 or 4 auctions a couple of weeks apart. Is this what's going to happen in this case?


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[bkk6060]

20 hours ago, Banana7 said:

I understand your viewpoint. However, if you want a room anywhere in the same area, other than 9 karat and nirun, you'll be paying 1.5m and up. The location is very good, and the conditions at 9 karat will improve.

 

I've seen people do a complete gut job and renovate one room for less 250K which included new wiring, floors, washroom, ceiling, and kitchen, AC, painted everything.

 

Hmmm. ok that seems really low.

I was told by the dude there that one cannot preview the room prior to auction.  So, you may be in fact getting a real S... box. with holes in walls, etc.  I am sure every unit needs at least a major clean up and paint and all the home amenities. New sinks, bath, shower, flooring, paint, plumbing, wiring. AC (outside and inside), furniture, bed,frig, micro, etc.  Seems to add up to me but I don't know prices here for labor/home goods.  

[petermik]

On 27/03/2017 at 6:38 AM, Banana7 said:

I'm trying to show you a gift horse not a dead horse.

 

There is good money to be made if you get in now and know how to sub contract to the tradesmen.

 

Dive in now and repent at your leisure

[pegman]

4 hours ago, bkk6060 said:

Hmmm. ok that seems really low.

I was told by the dude there that one cannot preview the room prior to auction.  So, you may be in fact getting a real S... box. with holes in walls, etc.  I am sure every unit needs at least a major clean up and paint and all the home amenities. New sinks, bath, shower, flooring, paint, plumbing, wiring. AC (outside and inside), furniture, bed,frig, micro, etc.  Seems to add up to me but I don't know prices here for labor/home goods.  

Well if the unit cannot be inspected something nefarious is happening.

[Banana7]

4 hours ago, bkk6060 said:

Hmmm. ok that seems really low.

I was told by the dude there that one cannot preview the room prior to auction.  So, you may be in fact getting a real S... box. with holes in walls, etc.  I am sure every unit needs at least a major clean up and paint and all the home amenities. New sinks, bath, shower, flooring, paint, plumbing, wiring. AC (outside and inside), furniture, bed,frig, micro, etc.  Seems to add up to me but I don't know prices here for labor/home goods.  

Here are my estimates for a renovation. Furniture and movable appliances are not included in a renovation. These estimates are for decent quality, not top-of-the-line finishes. For example, tiles are not marble, cabinets are plastic, not exotic wood or solid teak wood. Verify prices at Thai Wastadu or other home supply store. Also, there are contractors that will charge twice the prices listed here. But for example, the AC at 20k includes installation.

 

26-32 sq.mt. condo    
    
ceiling w/lights     40,000
wiring (6cb box,8plugs,3sw.)     20,000
tile flooring      40,000
toilet     1,500
WR sink w/tap     1,500
water heater     4,500
shower head,base&encl.     20,000
WR wall tiles/cabinet     15,000
kitchen cabinets     15,000
kitchen counter     7,000
kitchen sink w/tap     6,000
kitchen built-in stove     10,000
wall repair/painting     10,000
AC (13,000 BTU)     20,000
2 wood doors, 1 plastic     30,000
condo constr. Fee     10,000
    
total     250,500

 

In regards to viewing the rooms for sale, some are open, some are rented and occupied, some are vacant and unknown condition and some are unsuitable for habitation in the current state.

 

Buyer beware!

 

Edited March 28, 2017 by Banana7

[petermik]

On 28/03/2017 at 6:47 AM, Banana7 said:

Here are my estimates for a renovation. Furniture and movable appliances are not included in a renovation. These estimates are for decent quality, not top-of-the-line finishes. For example, tiles are not marble, cabinets are plastic, not exotic wood or solid teak wood. Verify prices at Thai Wastadu or other home supply store. Also, there are contractors that will charge twice the prices listed here. But for example, the AC at 20k includes installation.

 

26-32 sq.mt. condo    
 

 

In regards to viewing the rooms for sale, some are open, some are rented and occupied, some are vacant and unknown condition and some are unsuitable for habitation in the current state.

 

Buyer beware!

 

We are

[KittenKong]

On 27/03/2017 at 7:18 PM, scubascuba3 said:

Who receives the money for the condos? I assume the owner would receive the proceeds less costs.

 

If the sale is a result of some court case then the creditors will take what they are owed and the owner will get what's left.

[Boca]

Does anyone know If there were any buyers at the first couple of days of auctions?


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[saluandnai]

5 hours ago, Boca said:

Does anyone know If there were any buyers at the first couple of days of auctions?


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at the last auction there was only one bid on any of the lots, it was succesfull n 9k charged him 40k for clearance letter