Condo price on DDproperty

[livingmakmak]

Good evening,

I was curious to know if condo prices listed on DDproperty were legit (meaning it's the final sale price and not just a deposit sum) I will fly out to Thailand to look at properties and building qualities for future purchase.

I am looking to purchase a condo under a million baht and found too good to be true condos listed at 200-500K baht with mortgage payments ranging from 1000-10000 baht/months. Not just one or two properties but a few dozens. 

Purpose of the purchase is for retirement and not investments. I have a lump sum invested in a retirement account and a house in Seattle that my son and his family is currently living in. 

As for lifestyle, I am quite frugal and like to live "minimalist" ; own a prius but can afford tesla cash for example.

Thank you in advance.

[trogers]

I should think those amounts listed with mortgage payments are referring to down payments, and not total selling prices, as no banks are advertising on this website.

 

And the quantum of mortgage payments need the total period of loan payback to calculate the total selling price...

[theguyfromanotherforum]

Probably a down payment to a condo flipper. Plenty of those around on other sites. If you want to have a look at realistic prices, I'd recommend fazwaz or CBRE

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

[Mrjlh]

What I found was the "seller" wants out of his contract.  I see this a lot. So they offer what appears to be a ridiculous below market price but what they doing is asking for a price that recovers their investment plus profit but you still need to pay the balance on the property which could be anything over their asking price.  Buyer beware read the find print.  Example: they ask for 700K but the actual price is 4 million baht balance. Remember foreigners most of the time pay in full. Hard to get a bank loan here except in special circumstances.

Edited July 15, 2017 by Mrjlh

[Senechal]

A couple things to keep in mind about ddproperty:

 

1) There are thousands of condos listed with sale prices that are actually "down payment" prices. This is basically a realtor scam to rise to the top of the search results when searching by price. Ddproperty has attempted to rein in this practice, but it's still everywhere.

 

2) There are thousands of condos listed with the map pins in completely misleading places. This is not an innocent oversight. When the three rules of property valuation are 'location, location and location', a misplaced pin is misrepresentation of value. Google the condo name and check the pin location.  Start distrusting any realtor that pulls this stunt from the moment you see the listing. They are already lying to you.

 

3) There are thousands of condos listed that are not actually listings for "that specific condo" but for the multiple options available in the same (usually new) building.  The typical strategy is to show the price of the cheapest unit, but photos of the more expensive units. 

 

4) Most of the time, condos fail to mention whether the condo is available for foreign ownership. Keep in mind that this too is usually not a casual oversight. This is a tactical omission of data which is designed to get you to call.

 

If you see something that's too good to be true, it almost always is.

 

If you're "flying out to look at condos" it most likely means you don't know much about Thai real estate, and I would strongly suggest renting for a while. Rental values in Thailand are fantastic, and the market is characterized by a considerable (and growing) oversupply. Buying prices are increasingly disconnected from purchasing power and inventory growth. Lastly, quality control and legal protections (particularly for foreign buyers) in Thailand are iffy at best. If you don't know the market, the location, the developer and the specifics of the building -- you are the "greater fool" making the market move.  Remember, real estate is typically a good investment because your losses are predictable. In Thailand they may not be.

 

My 2 baht.

Edited July 20, 2017 by Senechal

[trogers]

11 hours ago, Senechal said:

A couple things to keep in mind about ddproperty:

 

1) There are thousands of condos listed with sale prices that are actually "down payment" prices. This is basically a realtor scam to rise to the top of the search results when searching by price. Ddproperty has attempted to rein in this practice, but it's still everywhere.

 

2) There are thousands of condos listed with the map pins in completely misleading places. This is not an innocent oversight. When the three rules of property valuation are 'location, location and location', a misplaced pin is misrepresentation of value. Google the condo name and check the pin location.  Start distrusting any realtor that pulls this stunt from the moment you see the listing. They are already lying to you.

 

3) There are thousands of condos listed that are not actually listings for "that specific condo" but for the multiple options available in the same (usually new) building.  The typical strategy is to show the price of the cheapest unit, but photos of the more expensive units. 

 

4) Most of the time, condos fail to mention whether the condo is available for foreign ownership. Keep in mind that this too is usually not a casual oversight. This is a tactical omission of data which is designed to get you to call.

 

If you see something that's too good to be true, it almost always is.

 

If you're "flying out to look at condos" it most likely means you don't know much about Thai real estate, and I would strongly suggest renting for a while. Rental values in Thailand are fantastic, and the market is characterized by a considerable (and growing) oversupply. Buying prices are increasingly disconnected from purchasing power and inventory growth. Lastly, quality control and legal protections (particularly for foreign buyers) in Thailand are iffy at best. If you don't know the market, the location, the developer and the specifics of the building -- you are the "greater fool" making the market move.  Remember, real estate is typically a good investment because your losses are predictable. In Thailand they may not be.

 

My 2 baht.

Similar strategies applied to premises for lease.

 

Advertised asking rents are up to double the market rates...

[THAILIBAN]

6 hours ago, trogers said:

Similar strategies applied to premises for lease.

 

Advertised asking rents are up to double the market rates...

 

 

I found the rental rices at DDroperty to be very reasonable and in-line with prices at other Thai language websites.

But a lot happens at facebook groups nowadays anyway, so it is always a good idea to search for such FB groups