Jomtien View Talay Studio 400 k baht in 2004 ?

[morrobay]

I remember seeing ads in Pattaya Mail around 2004 for studios in View Taly Jomtien for 400, 000 baht. Did anyone buy one of those ? And if so what View Talay was it ?. Im going into the market now and curious what the present situation is on those types of condos. 

[KittenKong]

Bear in mind that the purchase price of new VT units is for empty shells. Buyers had to add the cost of fitting everything: plumbing, electrics, floor tiles, ceilings, decoration, kitchen, bathroom, furniture .......

[williamgeorgeallen]

400k for a shell so 700k fitted out. about half what they are now. they would be about the same price when adjusted for inflation. condos have typically been a very poor performers. maybe if you lived in it for 20 years it might be ok.

[newnative]

On ‎4‎/‎5‎/‎2560 at 1:51 PM, KittenKong said:

Bear in mind that the purchase price of new VT units is for empty shells. Buyers had to add the cost of fitting everything: plumbing, electrics, floor tiles, ceilings, decoration, kitchen, bathroom, furniture .......

Actually, the ones I bought came with the bathrooms done, electric outlets in the walls, and ceilings done with some ceiling lights in place. I had to install the finished floor, kitchen, hot water in the shower, and air-conditioning.  This was VT 3, 5, and 7.  Perhaps earlier VTs didn't come with these things.

[newnative]

1 hour ago, williamgeorgeallen said:

400k for a shell so 700k fitted out. about half what they are now. they would be about the same price when adjusted for inflation. condos have typically been a very poor performers. maybe if you lived in it for 20 years it might be ok.

So, bought for 400,000B in 2004 and 300,000B spent to renovate it.  In for 700,000B.  Now it's worth around 1,400,000B.  12+ years of rent payments not thrown out the window.  At 10,000B a month that's around 1,440,000B saved--and the buyer's been able to live in his own space those years and do what he wants with it.  At this point he still has an asset he can continue to live in, rent it out to someone else, or sell it.  Can't see how that ends up being a 'very poor performer'.  Renting is often the best choice for short-terms but buying isn't always a bad decision if you are going to be some place for a number of years and like to own your space.

[williamgeorgeallen]

41 minutes ago, newnative said:

So, bought for 400,000B in 2004 and 300,000B spent to renovate it.  In for 700,000B.  Now it's worth around 1,400,000B.  12+ years of rent payments not thrown out the window.  At 10,000B a month that's around 1,440,000B saved--and the buyer's been able to live in his own space those years and do what he wants with it.  At this point he still has an asset he can continue to live in, rent it out to someone else, or sell it.  Can't see how that ends up being a 'very poor performer'.  Renting is often the best choice for short-terms but buying isn't always a bad decision if you are going to be some place for a number of years and like to own your space.

just like i said if you live in it yourself for a long period of time with no problems then it may be a good investment. at one stage i owned 10 condos in pattaya. renting them out was a head ache and the returns were very small. owning a condo to live in has its problems as many owners simply dont pay their fees and the communal facilities fall into dis repair. also troublesome neighbors can make life hell. selling is very difficult. it was a great day when i managed to offload my properties.

[dotpoom]

57 minutes ago, newnative said:

So, bought for 400,000B in 2004 and 300,000B spent to renovate it.  In for 700,000B.  Now it's worth around 1,400,000B.  12+ years of rent payments not thrown out the window.  At 10,000B a month that's around 1,440,000B saved--and the buyer's been able to live in his own space those years and do what he wants with it.  At this point he still has an asset he can continue to live in, rent it out to someone else, or sell it.  Can't see how that ends up being a 'very poor performer'.  Renting is often the best choice for short-terms but buying isn't always a bad decision if you are going to be some place for a number of years and like to own your space.

Right on.

[jippytum]

50 minutes ago, dotpoom said:

Right on.

 

1 hour ago, newnative said:

So, bought for 400,000B in 2004 and 300,000B spent to renovate it.  In for 700,000B.  Now it's worth around 1,400,000B.  12+ years of rent payments not thrown out the window.  At 10,000B a month that's around 1,440,000B saved--and the buyer's been able to live in his own space those years and do what he wants with it.  At this point he still has an asset he can continue to live in, rent it out to someone else, or sell it.  Can't see how that ends up being a 'very poor performer'.  Renting is often the best choice for short-terms but buying isn't always a bad decision if you are going to be some place for a number of years and like to own your space.

Hi  didn't you forget the legal fees, taxes , sinking fund  and 12 years maintenance fees

[newnative]

1 hour ago, williamgeorgeallen said:

just like i said if you live in it yourself for a long period of time with no problems then it may be a good investment. at one stage i owned 10 condos in pattaya. renting them out was a head ache and the returns were very small. owning a condo to live in has its problems as many owners simply dont pay their fees and the communal facilities fall into dis repair. also troublesome neighbors can make life hell. selling is very difficult. it was a great day when i managed to offload my properties.

Nice to hear other experiences.   I haven't found selling to be difficult and have always been able to sell at a profit without much trouble.  Sometimes it takes awhile and a little patience is needed.   I think the most time-consuming part is getting the condo listed with all the agencies.  I can say with some confidence that the Chinese are definitely buying in Pattaya--my last 2 condo sales have been to Chinese buyers. 

[newnative]

2 minutes ago, jippytum said:

 

Hi  didn't you forget the legal fees, taxes , sinking fund  and 12 years maintenance fees

I didn't forget; just didn't think they were significant expenses.  The taxes and sinking fund are one time expenses when you buy a condo--although special assessments can happen if the sinking fund runs out.  If you buy a used condo the sinking fund has already been paid.  Yes, there are maintenance fees but they are wonderfully cheap in Thailand.  I think I used to pay 6000 Baht a year on the studio I owned at VT3.  Even if it has doubled it would still not be a big expense.  It does cost some money to keep a roof over your head whether you rent or buy.   

[KittenKong]

3 hours ago, newnative said:

Actually, the ones I bought came with the bathrooms done, electric outlets in the walls, and ceilings done with some ceiling lights in place. I had to install the finished floor, kitchen, hot water in the shower, and air-conditioning.  This was VT 3, 5, and 7.  Perhaps earlier VTs didn't come with these things.

 

Did you buy those directly from the VT developer? I have only ever seen shells in 3, 5 and 7, except for re-sales.

[abab]

Cheaper at VT1 that now cost around 1.3MB and which is still a very good building with very good maintenance.

 

 

 

 

[geisha]

I'll be looking for long term rent in the View Talay by the beach in Jomtien, or the one on 2nd rd next to the market , It seems like a nice low rise, if it has sun on the pool that is . Are these condos well managed , looked after etc clean pool ? Seems to be a success. I wanted to buy but doesn't seem,worth it at 65 yard age. 

[KittenKong]

52 minutes ago, geisha said:

I'll be looking for long term rent in the View Talay by the beach in Jomtien, or the one on 2nd rd next to the market , It seems like a nice low rise,

 

View Talay buildings are exclusively high-rise. Do you mean 5c/d or 7 or 8? All are by the beach in Jomtien.

 

View Talay Residences (different company and design) are the low-rises situated on 2nd Road near Soi 5 (Rompho) market.

[newnative]

4 hours ago, KittenKong said:

 

Did you buy those directly from the VT developer? I have only ever seen shells in 3, 5 and 7, except for re-sales.

Yes, from the developer.  They were shells in that they didn't have a finished floor and lacked a kitchen, A/C,  and, of course, no furniture.  But they did have a finished bathroom with tiled walls, a sink in a granite counter, toilet, and shower. The walls had electrical outlets/light switches and there was a fuse box. The ceilings were finished and I think there were 3 ceiling lights installed and the sprinklers/smoke detectors but we always had to add more ceiling lights because I think the 3 ran right down the middle of the ceiling in the studios.

[KittenKong]

8 hours ago, newnative said:

Yes, from the developer.  They were shells in that they didn't have a finished floor and lacked a kitchen, A/C,  and, of course, no furniture.  But they did have a finished bathroom with tiled walls, a sink in a granite counter, toilet, and shower. The walls had electrical outlets/light switches and there was a fuse box. The ceilings were finished and I think there were 3 ceiling lights installed and the sprinklers/smoke detectors but we always had to add more ceiling lights because I think the 3 ran right down the middle of the ceiling in the studios.

 

Yes, in the later buildings they did fit a sort of rudimentary bathroom though I'm not sure why. Nothing I would care to keep though! In most of the decent VT units I have seen the original bathroom was ripped out and replaced.

And yes, there was the most basic electrical connection but not really usable apart for construction services.

I think that basically the little that was supplied really needed to come out and be replaced.

[wpcoe]

2004 was when I bought my first Jomtien condo, and I had looked at the VT1 and VT2 buildings.  ISTR that B400k would have been the low end for a VT1 studio in a Thai name/Company.  A friend of mine just sold his VT1B studio (Thai name) a year ago for B1.1m.  I suspect you can get them even today for that price, and maybe less.  Definitely NOT through glossy real estate ads, but from individual owners who may, or more likely may not, advertise on the bulletin board in the lobby.  You pretty much have to know someone who knows someone who wants to sell.

 

I just went digging through my archived files, and the oldest prices that I have were from Fair Properties (remember them?) in 2006.  The lowest price I show from then was B900k for VT1A 32 sq.m studio on the 6F on Pattaya-facing side.  Ownership type not specified.  Lowest price in VT2 I show was B1.35m, 37sq.m studio in VT2B on 7F, Jomtien-facing.  Again, ownership type not specified. Cynic that I am, when ownership type is not specified, I assume it is Thai/Company ownership.

[geisha]

KittenKong,Thanks didn't realise the ones near the market were a different company! The View Talay i was interested in is the one near the beach, Jomtien. 

[losworld]

when will people ever figure out inflation in regards to housing.... now couple that with return on investement then figure out if you are ahead... 

[gmac]

21 hours ago, newnative said:

So, bought for 400,000B in 2004 and 300,000B spent to renovate it.  In for 700,000B.  Now it's worth around 1,400,000B.  12+ years of rent payments not thrown out the window.  At 10,000B a month that's around 1,440,000B saved--and the buyer's been able to live in his own space those years and do what he wants with it.  At this point he still has an asset he can continue to live in, rent it out to someone else, or sell it.  Can't see how that ends up being a 'very poor performer'.  Renting is often the best choice for short-terms but buying isn't always a bad decision if you are going to be some place for a number of years and like to own your space.

Buying is perhaps best if you intend to send your whole life in the one place with no intention of selling.  Selling in Thailand can be less than easy.  Thais prefer new-builds and the condo market is overloaded so to sell a 2nd hand 20 year old condo/house might present a challenge.

[Bulldozer Dawn]

22 hours ago, newnative said:

So, bought for 400,000B in 2004 and 300,000B spent to renovate it.  In for 700,000B.  Now it's worth around 1,400,000B.  12+ years of rent payments not thrown out the window.  At 10,000B a month that's around 1,440,000B saved--and the buyer's been able to live in his own space those years and do what he wants with it.  At this point he still has an asset he can continue to live in, rent it out to someone else, or sell it.  Can't see how that ends up being a 'very poor performer'.  Renting is often the best choice for short-terms but buying isn't always a bad decision if you are going to be some place for a number of years and like to own your space.

Bulls**t

 

Units were not renting for 10K per month back in 2004.  If they were your condo would of been realizing a return of over 17%.  

 

10K x 12months = 120K /700K = 17.142%

[newnative]

6 minutes ago, Bulldozer Dawn said:

Bulls**t

 

Units were not renting for 10K per month back in 2004.  If they were your condo would of been realizing a return of over 17%.  

 

10K x 12months = 120K /700K = 17.142%

I just used 10,000 Baht a month as an example.  2004 is just one year of 12.   I don't think 10,000 Baht a month is an inflated figure to use but, regardless, the point of my post was not return on investment of a condo bought to rent out; it was about buying not always being a bad choice.

[newnative]

1 hour ago, gmac said:

Buying is perhaps best if you intend to send your whole life in the one place with no intention of selling.  Selling in Thailand can be less than easy.  Thais prefer new-builds and the condo market is overloaded so to sell a 2nd hand 20 year old condo/house might present a challenge.

Thais may prefer new-builds--so do I usually for that matter--but that doesn't mean that they won't buy used condos.  I've sold 3 used condos to Thais.  Perhaps this aversion applies more to houses than condos.   The Pattaya condo market may or may not be overloaded but, fortunately, it's definitely not overloaded with quality high-rise sea view condos in excellent locations---especially central Pattaya itself. 

[funandsuninbangkok]

13 hours ago, wpcoe said:

2004 was when I bought my first Jomtien condo, and I had looked at the VT1 and VT2 buildings.  ISTR that B400k would have been the low end for a VT1 studio in a Thai name/Company.  A friend of mine just sold his VT1B studio (Thai name) a year ago for B1.1m.  I suspect you can get them even today for that price, and maybe less.  Definitely NOT through glossy real estate ads, but from individual owners who may, or more likely may not, advertise on the bulletin board in the lobby.  You pretty much have to know someone who knows someone who wants to sell.

 

I just went digging through my archived files, and the oldest prices that I have were from Fair Properties (remember them?) in 2006.  The lowest price I show from then was B900k for VT1A 32 sq.m studio on the 6F on Pattaya-facing side.  Ownership type not specified.  Lowest price in VT2 I show was B1.35m, 37sq.m studio in VT2B on 7F, Jomtien-facing.  Again, ownership type not specified. Cynic that I am, when ownership type is not specified, I assume it is Thai/Company ownership.

So they were 1.3 mill in 06 and now they are 1.1 mill. Great investment

[newnative]

13 minutes ago, funandsuninbangkok said:

So they were 1.3 mill in 06 and now they are 1.1 mill. Great investment

Cheapest listed on Hipflat for VT2 is 1.5MB, 5th floor. 

[janclaes47]

7 hours ago, newnative said:

Thais may prefer new-builds--so do I usually for that matter--but that doesn't mean that they won't buy used condos.  I've sold 3 used condos to Thais.  Perhaps this aversion applies more to houses than condos.   The Pattaya condo market may or may not be overloaded but, fortunately, it's definitely not overloaded with quality high-rise sea view condos in excellent locations---especially central Pattaya itself. 

I always understood from your earlier posts that you now and then sod a condo, as you liked to change location, but it seems that your are actually an unofficial real estate agent condo milker who sold at least tens of condo's already and are now promoting your current sales.

[Destiny1990]

23 minutes ago, janclaes47 said:

I always understood from your earlier posts that you now and then sod a condo, as you liked to change location, but it seems that your are actually an unofficial real estate agent condo milker who sold at least tens of condo's already and are now promoting your current sales.

Hey dont get on his case otherwise he will start over again about widening the pavements especially in Pattaya second road area?

[newnative]

1 hour ago, janclaes47 said:

I always understood from your earlier posts that you now and then sod a condo, as you liked to change location, but it seems that your are actually an unofficial real estate agent condo milker who sold at least tens of condo's already and are now promoting your current sales.

You're welcome to think what you like--and skip right over my postings, for that matter.  I'm not promoting anything--well, sometimes maybe the flip side of things.  Sometimes when I post I am trying to correct misinformation--which there is a lot of on TV.  A lot of the postings are also negative--especially when it comes to condos.  And, that's understandable--people are more likely to take the time to complain than to say something positive.  I try to give a different point of view or maybe a little different perspective.   For example, there are lots of postings saying there are thousands and thousands of unsold condos in Pattaya, which may or may not be true.  But, I pointed out in the posting that you referenced that there is not an overabundance of highrise sea view condos in good locations--especially in central Pattaya.  You can probably count them on one hand--Unixx, The Base, Northshore, Centric Sea,  Markland.  Maybe one or two others.  That's not really a glut for a city Pattaya's size. We have lots of TVers reporting their woes with buying a condo; it seems one could be allowed to report some positive experiences as well for some balance.  And, if you say you have read my earlier posts, you should know that I've said that renting is a good option if you are here short-term or don't feel comfortable buying in Thailand.

[newnative]

43 minutes ago, Destiny1990 said:

Hey dont get on his case otherwise he will start over again about widening the pavements especially in Pattaya second road area?

Now, hang on. I think it's been at least a week since I've made my last plea!

[janclaes47]

7 minutes ago, newnative said:

I pointed out in the posting that you referenced that there is not an overabundance of highrise sea view condos in good locations--especially in central Pattaya.  You can probably count them on one hand--Unixx, The Base, Northshore, Centric Sea,  Markland.  Maybe one or two others.  That's not really a glut for a city Pattaya's size. 

 

No you always try to point out that there is no glut of condo's in Pattaya, that is something different from sea view condo's, and that is what most threads are about.

 

So now you point out that the sea view condo's can be counted on 1 hand. What about the several hundreds ( maybe thousands) of other condo buildings?