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Posted
16 hours ago, LivinginKata said:

 

"I was more questioning whether the "spoils" as your call it, will actually "spoil" anyone, or be a liability to them. "

 

What liability ? Free property. Can rent or sell at fire sale price. up to them. 

 

"To use your words, you will be leaving some "dead assets" and as you do not predict an upswing here, other assets you have may also end up "dead" as well. (once again, no pun intended) "

 

I will be dead. I don't give a rat's ass. Up to them.

 

"As you have said, other family members already have property, so it would appear not to be an issue in your case, and that of your wife's, and her family."

 

Correct. I again got lucky with a wife, no kids, family all working, land, car, house. No sick buffaloes   ð

 

"I thinking more along the lines of the guys with Thai girls from Issan, whom will most probably wish to sell up and move back to Issan.  I think these widows may not be left with the windfall that many expats think they are leaving, that's if the property can be sold, even at a fire sale.  Speaking to some of the older guys here, many seem to have belief that leaving a property on Phuket to their spouse will provide for them after their demise, and I'm not so sure it will. "

 

No idea. And I don't give a rat's ass. Up to them. They need to make a better life/death plan.

 

Sorry mods. Loosely within the OT. But we have drifted far and wide. Still a good topic. 

 

Edit - I want to correct that 'got lucky as wife no previous kids' comment. As I could not provide a baby, would have be better for us as a couple for my wife to have had a child or two, would have been a better option from my point of view.

 

"What liability ? Free property. Can rent or sell at fire sale price. up to them." - renting out requires "managing" the property, or dealing with an agent.  In short, some effort, hence, some "liability."  Selling requires a willing buyer, and even at fire sale prices, it may be hard to liquidate the properties.  This is the "liability" I allude to, not just property fees and taxes.

 

You have said yourself you are selective with your tenants and neither yourself, or your wife, could be bothered selling, and don't really care if the property sits vacant.  As you do not foresee an upswing here, I will go back to my question, what do you envisage will become of your properties upon your demise?  (I suppose I should also include the demise of your wife also, as it appears she will continue to reside here) 

 

In other words, do you think those who inherit the properties will be able to find tenants in the future, and should they want to sell, do you think they will be able to find a willing buyer, no matter what low price they list the property at?

 

******** Please speak generally LIK.  I do not wish to pry into your personal affairs, although I thank you for your candour.  ********

 

"Correct. I again got lucky with a wife, no kids, family all working, land, car, house. No sick buffaloes." - which I am sure has made life a lot easier than many others here. I am sure you know what I mean. ????

 

"No idea. And I don't give a rat's ass. Up to them. They need to make a better life/death plan." - sure, but in my opinion, with your circumstances, you are in the minority here, not the majority, and whilst we can not post on behalf of others, perhaps we can discuss in more general terms.

 

Once again, this is not a troll post.  I show an interest in the property market here, despite my lack of will to purchase here for reasons I have posted in other threads.

 

I see all the new buildings going up and properties that have been on the market for years, yes, years, and despite several price reductions, still remain on the market to this day. 

 

I have seen the huge change in the tourist demographic here, and I can't see the current tourists aspiring to retire here, thus buying a property.  For these reasons, I ask, in general terms, what legacy are those expats with property here leaving to their surviving partners or descendants, or both? 

 

Yes, many may say, "I'm dead. I don't care. I don't give a rat's ass.  Up to them." However, I do ask as a serious question, aimed more at those expats that truly believe they will be leaving behind a windfall for their spouse, many of whom are not from the Phuket Province.  

 

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Posted
1 hour ago, xylophone said:

It seems to me as though you are probing to see if you can prove your own agenda.

 

LiKs answers were how he manages and lives with his properties and were very forthright, and he is not really bothered in assisting you to come to the conclusion which you seek, which seems to be that even as an inheritance the properties will be worthless. 

 

It is his business what he does and doesn't do with his properties, but if you are trying to make the statement, "see I told you so that all property bought by farangs can become worthless here", then he, nor I (and probably others) will not have a bar of it.

 

What I will say is that, IMO, property here is overpriced and oversold and the resale values have dropped markedly, making many unsaleable, but I will add a caveat to that...…….everything has a price at one level or another, and many properties that I know of have far too high an asking price because the owners believe, mistakenly, that the property market here acts like it did in their home country, and it just is not the case.

 

I really did not like your post one bit if I am honest.

 

No problem XP.  You are entitled to your opinion, as we all are.  I rarely resort to personal attacks or abuse, thus, I will address your post.

 

Firstly, I have no agenda.  I have not stated Phuket property is worthless, only that if it can not be liquidated, or rented out, does one leave behind an asset, or liability? I have repeatedly said it is not a troll or bait question, and that remains the same.

 

Indeed, LIK used the term "dead assets" to describe some of his properties.  Is a "dead asset" a liability or still an "asset?"  LIK has said it's "free property" and can be rented out or sold, but yet he states those properties are "dead."  How will those who inherit them bring them back to life? I am not asking for an answer to this question, just pointing out that some people here may be inheriting a problem.  Note the use of the words "some people" not LIK's wife or family. 

 

Like yourself, I also appreciate LIK's honesty, and you will see I have posted such.  However, you will also see I have even asked him to comment in more general terms, as I do not wish to pry, and I am not requesting personal information from him, or about his personal circumstances.  It is he who volunteered such information. 

 

The issue I raised in this long thread focuses more on the expats that have a belief that they will be leaving behind an inheritance windfall for their Thai wife, in the form of a property on Phuket.  LIK is not a good example of the typical expat I am referring to. He bought in early, and has several properties as a business. The properties owe him nothing, and he has made money from them.  The typical expat I refer to has one property, in which he, and a Thai wife reside, with the Thai wife typically not being from the Phuket Province.

 

Now, as LIK has said, "up to them" what they do with the property upon his demise, however, if said properties can not be rented out and can not be sold, where is said "windfall?"  Once again, not specifically in LIK's case, but in general terms.  Let me say that again, IN GENERAL TERMS. 

 

Does this explain the question am putting to the forum? 

 

Is it not possible that many Thai widows return to their home town with nothing but bragging rights that they own a property on Phuket?  They can't rent it out, and they can't sell it, but they can say they own a property on Phuket. 

 

Would such a property be a liability or an asset?  Some argue a free property is still an asset, even if it is a "dead asset."  Fees and taxes aside, yes, I would agree with that.  Once again, LIK is not a good example of the typical expat I am referring to, thus, I asked him to comment in more general terms. 

 

Another member praised LIK on the condition of his properties, and how well maintained they are, yet, they are "dead assets." 

 

Another member posted on how they are not "dead assets" but just need a little "resuscitation" to use that analogy. 

 

In my opinion, whether it's a "dead asset" or an "alive asset" if it can not be rented out, or liquidated, then I call it a "depreciating asset" and for an individual, a depreciating asset is as good as a liability, but this is just my opinion. 

 

Others have the opinion it's a free property so even if it was sold for 1 baht, that's 1 baht more than they had before, and I can see that point of view.   As you say, "everything has a price at one level or another."

 

Your post touched on the property market here.  I agree with your assessment of the market, and for the many reasons you mention, plus some others, property is simply not "moving' here, and with Phuket falling out of favor with westerners, for one reason or another, property is also becoming more difficult to rent out here.  Indeed, LIK has confirmed this with his own properties.

 

This is why when I chat to some of these expats that are "taking care of the missus" when they die by leaving her the house / condo / apartment etc, I really wonder if they have any idea of what is happening with the Phuket property market.  Perhaps they simply typify LIK's comment of, "I don't give a rat's ass."  

 

The thread is titled "Patong - The Wake" and I am quite sure the Phuket property market has been discussed somewhere within the previous 53 pages of this thread.  I do not see it as off topic to discuss the Phuket property market on this thread, especially as the term "wake" is used, which indicates someone, or something, has died.  

 

Many expats are happy in their property, whilst many expats are trying to sell their property here.  WE, that's ALL members of the Phuket TV Forum, will depart this world one day, and I merely pose the question to those expats who own property here, IN GENERAL TERMS, what do they envisage will become of their property upon their demise? 

 

I was hoping to discuss whether they think their wife will be able to sell or rent out the property, and digress from there. 

 

As a younger expat, I see the aging expat community here, and have already been requested to assist a friend's Thai wife on such matters, upon his demise.  A task that I have no magic wand to wave over the property, and either find a good long term tenant, or dispose of the property quickly, when that time comes.  That said, I suppose many expats here simply "Don't give a rat's ass" so, each to their own. 

 

Posted
1 hour ago, LivinginKata said:

 

Oh dear -  best I expand that term. Dead to me. Not worthless, and still making income. They are worth what the market dictates and we don't need to sell at that low price. The Income is better than selling.  No further discussion NKM.   

 

Edit - I am talking about our 2 Patong buildings. These days due to age and health issues I rarely travel out to Patong. Just not interested about Patong. But here in Kata we are expanding our businesses. But this is not a Kata topic.

Nor it is a phuket real estate is dead topic.  NKM, start a new thread if you wish to keep banging on about real estate and not Patong  and it's nightlife.

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Posted
1 hour ago, steelepulse said:

Nor it is a phuket real estate is dead topic.  NKM, start a new thread if you wish to keep banging on about real estate and not Patong  and it's nightlife.

 

This thread follows on from the "Patong is dead" thread. 

 

As mentioned, with 53 pages, I am sure Patong / Phuket property was raised previously on this thread.

 

It stands to reason that if "Patong is dead" and this thread is "Patong - The Wake" and Patong, and it's nightlife is dead, then also the property industry, whether that be commercial or residential, is also dead.  Thus, I don't see property as being off topic or this thread.

Posted
2 hours ago, LivinginKata said:

Just want to report that in the past few weeks we have had a flood of long term rental enquirers in Patong leading to 5 tenants already installed. This is most unusual from our long years of experience. Only have 2 homes left for rent in Patong. Maybe Patong is not so dead. At least not for us .... ???? 

Would be interesting to know where these long term tenants are from and what are they doing in Phuket?

Posted
18 minutes ago, Kopitiam said:

Would be interesting to know where these long term tenants are from and what are they doing in Phuket?

 

All from different countries. Sorry, not giving any further details ... tenants deserve privacy.

Posted
2 hours ago, LivinginKata said:

Just want to report that in the past few weeks we have had a flood of long term rental enquirers in Patong leading to 5 tenants already installed. This is most unusual from our long years of experience. Only have 2 homes left for rent in Patong. Maybe Patong is not so dead. At least not for us .... ???? 

Great to hear that. Rumours of your so-called “dead assets” seem to have been greatly exaggerated.

 

Good to also know that west coast rental market is strong.

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Posted
2 hours ago, LivinginKata said:

 

All from different countries. Sorry, not giving any further details ... tenants deserve privacy.

I understand.  I don't mean to be nosey.  Just wondering whether there is a revival of western expats.

Posted
9 hours ago, xylophone said:

Some of the bars were reasonably busy, but as this is now officially the “high season” the patronage is not what the owners were hoping for at this particular time.

Hmmmm…I would comment here that most folk (Europeans) who have to work in December cannot actually come over until at least 1 week before crimbo and normally have to return to Outer Earth, say, in the first week in January. So possibly a small boost for local businesses for that period but still not long enough to cover crippling losses in slack periods. What is not often covered is the effect on the supply chain connected with running any business; a typical instance when A supplies B who supplies C etc. When the top card falls over the rest can/usually fail too with the consequent misery to the folk and businesses that support that chain, particularly the small hotel/guest house sector.

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Posted

While Nov 1 is officially start of high season, it has not been real start (especially for nightlife) for at least a half a decade.

 

Few days before xmas is real start of high, and 28th dec, peak season.

 

But have noticed over last two years high seems to extending a bit on the other end. Did not notice major drop last year until mid/late June where before it was alway straight after songkran.

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Posted
11 hours ago, Lashay said:

While Nov 1 is officially start of high season, it has not been real start (especially for nightlife) for at least a half a decade.

 

Few days before xmas is real start of high, and 28th dec, peak season.

 

But have noticed over last two years high seems to extending a bit on the other end. Did not notice major drop last year until mid/late June where before it was alway straight after songkran.

Agree in the main with that statement Lashay, but have noticed that the start "shortfall" is not compensated for fully at the other end, so high season, IMO, has been getting shorter and to put further pressure on those in the "entertainment" sector, not as much being spent (demographics etc) and low season really is "low".

 

It is tough out there for many.

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  • 2 weeks later...
Posted
On 12/3/2018 at 3:45 AM, Lashay said:

While Nov 1 is officially start of high season, it has not been real start (especially for nightlife) for at least a half a decade.

 

Few days before xmas is real start of high, and 28th dec, peak season.

 

But have noticed over last two years high seems to extending a bit on the other end. Did not notice major drop last year until mid/late June where before it was alway straight after songkran.

 

"Few days before xmas is real start of high, and 28th dec, peak season." - this period has always traditionally been known as the "peak season." 

 

The "season" from 1st Nov to the end of Songkran WAS known as the high season. 

 

As I have said in the past, there will be no high season on Phuket in the future, actually, in my opinion, it's gone already. It will be / has been replaced by a steady flow of package holiday makers from developing economies, all year round. 

 

These numbers will be constant, throughout the year, thus negating the traditional terms of "high season" and "low season" with the peak season having some western tourists, usually during the usual festive season European holiday period, but overall, baht revenue will be down, way down, when compared to previous years, when western tourists were frequenting Phuket.

 

The constant large numbers of Chinese, Indians, and Russians, "iron out" the traditional "seasons" but without them spending, Phuket is destined for low low seasons, by baht revenue, from this demographic. 

 

Perhaps there could be the "RIP High Season" thread.  ????

 

 

Posted

I'd submit that the only thing that defines "high season" versus "low season" is the change in room rates charged by the major hotels. Rates typically raise significantly effective November 1st, before dropping at the end of April.

As we all know, there's usually not much of an improvement in November and December's weather compared to earlier months, making the November 1st start date for high season nothing more than a reason to increase rates.

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Posted
On 12/2/2018 at 11:45 PM, Lashay said:

While Nov 1 is officially start of high season, it has not been real start (especially for nightlife) for at least a half a decade.

 

Few days before xmas is real start of high, and 28th dec, peak season.

 

But have noticed over last two years high seems to extending a bit on the other end. Did not notice major drop last year until mid/late June where before it was alway straight after songkran.

High season starts Nov 20th

Peak season; Dec 21st-Jan 4th and Feb 5th-12th ( Year of the pig--Chinese new years)

High season; Jan 5th- April 17th this year ( after Songkran)

I have noticed the past week traffic up, crowds on the beach as well,

Even Junk Ceylon for the fist time in 8 months or so seems to have more Farangs than Chinese

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Posted
21 hours ago, phuketrichard said:

I have noticed the past week traffic up, crowds on the beach as well,

Even Junk Ceylon for the fist time in 8 months or so seems to have more Farangs than Chinese

I would say that the traffic has been steadily increasing for a couple of months now, even though that is fairly hard to determine exactly, mainly because the new middle road can often be full of stationary traffic from the traffic lights in Phra Baramee back down to the "temporary" small roundabout at the south end of Patong at any time, with peak-time around the 6 PM mark!

 

Overall though, I would say your observations are correct, this especially with the amount of idiots on scooters around the place.

 

Yesterday in Jungceylon there was a large influx of Chinese, which outnumbered just about every other nationality, but again that has been sporadic of late – – more Russians certainly these days.

 

Having said all of that, the items that both of those races were purchasing would hardly make their mark on the bottom line with regards to profitability!! 

Posted

Just to report we are all full at our Patong rental homes. Crazy really. All old friends or friends of friends. Having to tell others no room at the inn, So much for Patong is Dead article.

 

Also Kata crazy busy for us. Our 2 shops going full blast and all rental vehicles out. 

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Posted
17 minutes ago, LivinginKata said:

Just to report we are all full at our Patong rental homes. Crazy really. All old friends or friends of friends. Having to tell others no room at the inn, So much for Patong is Dead article.

 

Also Kata crazy busy for us. Our 2 shops going full blast and all rental vehicles out. 

Happy for you LiK, however the "old friends or friends of friends" scenario may not be playing out Phuket-wide.

 

Three small businesses over the last few days have said to me that this is still "the low season" for them; so sporadic at best, it would seem?

 

And have seen small shops closing in Patong, Kathu and Phuket.

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Posted
On 12/15/2018 at 8:35 PM, NamKangMan said:

The constant large numbers of Chinese, Indians, and Russians, "iron out" the traditional "seasons" but without them spending, Phuket is destined for low low seasons, by baht revenue, from this demographic. 

I think my words have come back to haunt me and your post has prompted me to post this.

 

A month or so ago I suggested that the numbers of Chinese tourists was noticeably down and others have also posted likewise, and I alluded to the same in my previous post, however today was a day when Patong had a Chinese invasion.........they were everywhere, a bit like ants swarming.

 

It was almost as if a score of jumbo jets had landed and disgorged the contents, mainly towards the venue of Patong – – Big C today was crowded with Chinese buying their usual junk (sorry about the pun), clogging up the aisles and just about everywhere else that could be clogged up, with nary a thought for other shoppers.

 

Although the Siam basement in Jungceylon wasn't too bad, the food hall was a sight to behold; the place was almost packed with Chinese, with just a couple of farangs in sight and something which made me chuckle, a table around which sat six Indians, all asleep and either slumped in the chair or with head on the table! Obviously learnt from the Chinese how to sleep in busy and crowded places on uncomfortable chairs.

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