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Pattaya 9 Karat Condo 138 Rooms For Auction


Banana7

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anyone gone to the auction and can post if they sold some units and the prices?


I asked a few weeks ago if there were any buyers at the first auction but there was no response from anyone. I would think that the condo management office and the committee members would know if there were any buyers so I am assuming the silence means no buyers as of yet.

On page 4 of this thread somebody posted the auction dates. Seems next one is tomorrow.


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On 26/03/2017 at 3:04 AM, pegman said:

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

Maybe he /she did not walk, maybe the banks other investors wanted their money back...

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On 31/03/2017 at 3:47 PM, Banana7 said:

There has always been a fee for issuing the debt free letter, it's never free.

 

I seem to recall being charged 200B when I sold my condo, depends on how well the condominium is run.

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3 hours ago, Basil B said:

Maybe he /she did not walk, maybe the banks other investors wanted their money back...

 

3 hours ago, Basil B said:

Maybe he /she did not walk, maybe the banks other investors wanted their money back...

The OP stated that the auction of 138 units was court ordered  and there were 5 years of maintenance fees owing. I concluded from that that it was the condo corporation that took possession.

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Nice pool indeed. Anyone interested should take a look at the open unfinished rooms around the pool. Most of which are filled with building waste.

As for the 40K for a letter from so called management....

 

 

 

 

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11 hours ago, pegman said:

 

The OP stated that the auction of 138 units was court ordered  and there were 5 years of maintenance fees owing. I concluded from that that it was the condo corporation that took possession.

Agree. The back dues can be added to the sales price or included in the debt letter which some people confuse as the cost of the debt letter. 

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44 minutes ago, ThaiBob said:

Agree. The back dues can be added to the sales price or included in the debt letter which some people confuse as the cost of the debt letter. 

What my comment concerned was whether the condo corporation or a lender was auctioning off these units. My guess was the former.

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On 28/3/2560 at 1:34 PM, pegman said:

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

It is typical for liquidation auction where the bank might hold auction to sell of their 'non-performing' assets, but in case of houses you can peer over the fence or windows and ask the neighbor the stories behind the house and such. I know many guys in Pattaya who managed a decent living out of buying these bank owned houses, do them up and sell it off for profits.

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On 18/04/2017 at 6:14 PM, pegman said:

 

The OP stated that the auction of 138 units was court ordered  and there were 5 years of maintenance fees owing. I concluded from that that it was the condo corporation that took possession.

So why are they charging 40K for the "Free of Debt Letter"? I was paying 5,200THB/year maintanence for a condo virtually on the beach, (it was upped with a surcharge to about 8K/year) but the 40K looks like 8K x 5 and it look a real dump compared to my old condominium. 

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On March 23, 2017 at 7:44 PM, bkk6060 said:

It looks like it could have potential.  Airbnb has Ads for 350 b a night.  What type of people will be your neighbors at that rate?

It looks to me like a potential LB haven.  

short time hotel

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  • 1 month later...
28 minutes ago, Boca said:

There must have been 3 or 4 rounds of auctions by now so can we assume there hasn't been any buyers of these units?


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The minimum bid was way to high.  What they need to do is start the bidding at zero.  I am serious with the condition of some of these places it will take some money to get them livable.  It seems their big goal is to get the maintenance fees up to speed so maybe make the buyers pay that 3 to 5 years in advance.

But nothing will probably happen and the place will remain a S hole.  Except the pool.

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1 hour ago, bkk6060 said:

 It seems their big goal is to get the maintenance fees up to speed so maybe make the buyers pay that 3 to 5 years in advance.

 

I dont think that would be legal. Besides which advance payment doesnt really solve anything: payment of arrears is more to the point.

 

If they want extra money then they should either increase the basic common fee (would require a large majority vote at a GM) or impose a secondary fee (would require a much smaller vote at a second GM).

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2 hours ago, KittenKong said:

 

I dont think that would be legal. Besides which advance payment doesnt really solve anything: payment of arrears is more to the point.

 

If they want extra money then they should either increase the basic common fee (would require a large majority vote at a GM) or impose a secondary fee (would require a much smaller vote at a second GM).

No, because the problem is not enough residents. It is perfectly legal if they agreed to it in a contract.  

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1 hour ago, bkk6060 said:

No, because the problem is not enough residents. It is perfectly legal if they agreed to it in a contract.  

 

It matters not how many residents there are. All units are owned by someone and it is the owner who has to pay the common fees. If the fees are unpaid then they are compounded and interest is charged until such time as they are paid in full. By law you cannot sell a condo if it has outstanding debts attached to it.

 

Contracts cannot alter the condo act and in order to change the building rules about the amount of the maintenance fee a large majority vote of co-owners would be needed. Besides which when buying a condo, new or old, you sign no contract with the building. You are a co-owner not a client.

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25 minutes ago, KittenKong said:

 

It matters not how many residents there are. All units are owned by someone and it is the owner who has to pay the common fees. If the fees are unpaid then they are compounded and interest is charged until such time as they are paid in full. By law you cannot sell a condo if it has outstanding debts attached to it.

 

Contracts cannot alter the condo act and in order to change the building rules about the amount of the maintenance fee a large majority vote of co-owners would be needed. Besides which when buying a condo, new or old, you sign no contract with the building. You are a co-owner not a client.

Smart enough to never buy here but thank you so much for the real estate lesson.

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41 minutes ago, KittenKong said:

// and in order to change the building rules about the amount of the maintenance fee a large majority vote of co-owners would be needed. //

Not really big: 50%. You need to have the majority of owners who agree, but if you have not enough represented owners at your AGM and must make a second AGM, then it's only 50% of represented owners that is required. A lot easier too reach.

 

Nota: It's what happened in April at Center Condo. Less than 25% of owners represented at the AGM, not enough to validate an AGM,. So a second meeting 2 weeks later with no quorum. And +50% of represented owners agreed to increase the yearly fee to 19 baht/sqm/month. Several years that we were trying to increase it ;). Done :)

 

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^^^^

 

As always in Thailand, it's very vague and depends on which way the wind is blowing. In my building the rules have never been updated to comply with the condo act so to permanently increase the common fee would require 75% approval of ALL co-owners, not just those attending. As a result we just impose a one-off supplementary fee every year which only requires approval of the majority of those present at the second meeting as you point out. And we repeat that every year. It's no big deal, it works well and the end result is the same.

Many older buildings do the same.

 

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