Pattaya Condos
 

Hi

There seems to be a race to the bottom - Who can make the cheapest smallest condo.

Some time back I was quite surprised at seeing 1 bedroom condos of 36 square meters being promoted, now built.

Since then they appear to be getting even smaller.


Out of curiosity I visited the showrooms of a Bangkok developer starting out in Pattaya.
Condo sizes 26 sq. mtr. and 34 sq. mtr.

Quite how you make a 1 bedroom condo out of 26 sq. mtr staggers me but true enough, they had.
Separate bedroom, a living room including kitchen area plus a small balcony.

It actually looked very nice.
The 34 sq.mtr equivalent was better of course and they had a studio of 34 sq.mtr that looked the best of the showroom condos.

Another developer is advertising 1 bedroom condos of 22 sq mtr.

I`m left wondering when a developer will introduce a sub 20 sq. mtr 1 bedroom condo.


Fine for BKK Thais visiting for the weekend and indeed holiday makers but to actually live somewhere so small ?


Just casual observations


:cheers:

Bet the prices weren't as small though!

For a similar price to a one bed apartment in Pattaya I've been looking at a new development in Chanthaburi. Detached 3 bed villas on a new estate with a communal pool and gym complex and 24 hour security are going for £40k fully furnished.

^

The condos I looked at were being advertised at/from 1.1 mill. baht.

I asked the price of the 34 sq.mtr 1 bedroom unit I was in,
"1.55 mill."
It was fully furnished & fitted out so asked if that included furniture.

" No " extra 300K.

so 1.85 mill, near enough the same as the house you`ve mentioned.


Another developer has Wong Amat studios starting at 5 mill( baht) or just over £ 100 K which to me seems expensive( for what you are getting) as that could buy a similar if not better place in some parts of Europe.

I can't remember where I read it but I saw a post somewhere with an American complaining. That property in Pattaya was more expensive than Las Vegas for what you get for your money.

Very true. Especially in the UK provincial cities where the credit boom saw thousands of apartment blocks built for the investor Buy to Let market. Plenty of buyers were around so developers made a killing.

Thing was nobody actually knew who was going to live in these apartments and pay around £2,000 per month rent that was needed to service the investors mortgage, service charges etc. and maybe turn a small profit.

Turns out virtually nobody was that daft. Plenty of apartments built 2007 sold for £170,000 now re-possesed and sell for £70,000. No wonder the banks are skint, but at least they were ripping off punters in other "investments" to off set the risk. Although it looks like thats about to go tits up.

I saw lots of Thai villas on the dark side for less than 1M. 2 bedrooms, maybe 2 bathrooms,, car space....If you were living there I think its a better option than a small condo somewhere like Pratumnak. Too tempting to hit the bars every night. Just have to overcome the transport problem.

The pits would be one of those developments south of Threppasit, middle of fucking nowhere and only piss-poor cunts for neighbours.

^

Yes, some of those dark side houses seem much better value compared to condos.
I saw one, had been sold at about 1.1 mill, 2 bedroom, reasonable size living room and separate kitchen, yard area for parking or BBQs:solobbq::feast:

A friend rents a similar one, 10 K baht a month, gets a motorcyi taxi when he wants to come in to town, commented that it was cheaper travelling in to town than return.


If all the off plan condos planned for/advertised for at Pratumnak get finished that is going to become somewhat crowded.

Some being advertised in Thai and Russian language on the local TV station currently.




More planned development on 3rd road being advertised also.

The what I guess are computer graphics make the places look wonderful.
" complete with roof top swimming pool, fitness centre" etc.etc., when they haven`t even broken ground.

Lovely clean scenic beaches shown, almost always with some fit looking birds walking along or sunbathing.

Some slick marketing for sure.

I see there's been a similar thread running on Talk.
The point is well made there, that you can't really own a house. And therefore can't bequeath it, should you wish to. It will pass to whoever helped form the company that you owned 49% of, ie your Thai lawyer or his nominee.

Sweet deal that.

On a slight tangent, it seems Fair Properties, who handled most of the dog boxes in the VT Jomtien projects, have gone under/done a runner. What a pisser to turn up for your 6 month stay and find the agent had ceased to exist.

Good thing there's plenty of rooms vacant :)

I go through regular mood swings regarding property (especially in Pattaya).

Always liked Naklua and sort of decided to keep my eyes open for something nice condo wise.

Walked along Wongamat beach one early morning with Nit.

It was disgusting. Rubbish everywhere. The sea was full of floating crap, plastic bags and the beach was littered horrific.

Walked up by Santuary of Truth and looked in TW Condo's which are selling for 2M baht or renting for 10k a month.

OK, you get a sea view but knowing LOS like I do, the cleaning service side will go downhill once everything is sold.
Gone right off the idea and will stick with my UK house.

If they are renting for 10,000B it's a no brainier to me. Why pay 2 million and maybe get stuck with a condo that might go tits up one way or another? In those circumstances better to rent and keep your dosh in your UK house.
Simie.

Couldn't agree more.
Yet another report this week of a crackdown on foreigners owning property via dodgy methods. All been said before, but one day they just might do it.
They still ask stupid money for shoeboxes close to town.

Of course, if the King dies and the corrupt ploiticians get their way, it will be Casino City and prices will soar.

You will get a hellof alot of pussy and rooms for 2 mil

I happened to be looking through some property listings the other day and was left wondering if some of the sellers/landlords were smoking something stronger than L & M s.

1 bedroom apartment, 67 sq mtr( reasonable size but hardly large) for sale Central Pattaya 9 million baht.

That`s about UK £ 205,000 or US $ 310, 000.

A nice Wong Amat condo for rent, 45 sq mtr,, 50 K baht a month, which is UK £ 1130/ US $ 1700 ++.


The real bargain :rolleyes: was a 4 bedroom house for sale in Na Jomtien at a mere 150 million baht( yes that is the correct price) which is about UK £ 3.4 million/ US$ 5.17 million.


Thai name( ownership) yet being marketed for foreigners.

Looks stunning, well the photos do but US $5+ million for a place you don`t own ?

Roamer yes there are some crazy prices being quoted to farangs in Pattaya but I've also see some quite passable houses (obviously a bit further back and not beach front locations) aimed at Thais for less than 2 million baht.
Makes me laugh when I see some of the outrageous prices being quoted for homes on Samui or Phuket in the sunday supplements that as you say the "buyers" don't really own.
Its really quite outrageous that the supposed respectable high end estate agents in those cases get involved in the shakey "ownership" schemes that may convince buyers not too familiar with Thailand that they will actually own their new luxury holiday home.
Simie.

"Walked along Wongamat beach one early morning with Nit.

It was disgusting. Rubbish everywhere. The sea was full of floating crap, plastic bags and the beach was littered horrific.

Walked up by Sanctuary of Truth and looked in TW Condo's which are selling for 2M baht or renting for 10k a month."






I was walking along probably the same stretch of beach the other week although not in the morning :whistling:

18 months on and still about the same as you described.

I`d have thought some of the developers/hotel & apartment building owners would get together and pay for the beach to be cleaned up but nope.

To be honest.

I'd like my own condo here.
Trouble is:

1. I don't trust Thai's and Pattaya.

Even with documents, ownership papers etc. I'd still write the money paid for it off. Could never see anything as an investment. Just a loss.


2. Will we even want to be here in 10 years time?

Already. Guys I know bought in Paradise condo's Naklua are pissed off. Russian takeover.
If the P4P scene gets more expensive/worse.

Would you be happy living in a shitty seaside resort when your older surrounded by people that want to rip you off and hate you?

Condo's in Pattaya... I wouldn't touch anything new with a barge pole. These 40sqm boxes 'behind the Avenue' for 75 grand sterling, not in a million years.

Condo's over ten years old that have no bullshit going on with them like View Talay 2 and 5... I don't think you'd go far wrong with one of them.

Always said I would never buy here as easy to write off two months security deposit as your total loss should you have to leave.
Renting is so cheap here compared with buying that to me it is not worthwhile risking the capital.
Standard in the US is paying approx 1% of value of a house in rent per month. Another rule of thumb is buying a house for about 10 years rent so the 10000 month condo is worth about 1 to 1.2million baht maximum not the two million that they are advertising.
I can invest the 1.2 million in The USA and make 5 % a year easily so the effective cost of renting is really only 5000/month.
Another good reason for renting is no maintenance worries or having to deal with thai work men. Not paying common fees can save you another 1000 baht a month for a 35sq.m. Thailand will eventually enter the 20th century and start charging people property taxes which will increase the cost of owning as well.
No.1 Reason is what can you do if Russians or even worse Mirky moves in next door to you, Move.

yep, agree

I sometimes use the Avenues to cut through to soi bukhao.

Noticed a completed condo building, prices from 4 million baht, or £ 80 K.
That for 34 sq. mtr, complete with view of the Avenues car park.:ohno:

Marvellous, not.


Further along some being constructed, prices from 6.9 and 7.5 million baht ( no idea of size though)

Yet the building or planning for it carries on, some businesses on soi Excite being given notice to vacate as there are plans for new condo blocks to be put up.

£80k... where I live you could get a very nice quarter villa, ex council house, two/ three bedrooms, garden, off road parking. Near good schools, on bus route, green space for kids to play in nearby. Rest of the block privately owned... in fact you'd have 5/6 grand change from 80k. New build Pattaya condo's are mental !!

I still think some older ones represent value though... surely this property bubble in Fun Town will burst one day and there will be bargains to be had for those who waited. dancing

I was talking to a bloke who has bought a condo in View Talay 7 (North end of Jomtien) which was completed a couple of years back. He bought it when the development had just been completed. Since then sales have been abysmal, only 3 condos sold on the same floor as his.

The developer has now decided to convert the unsold condos into hotel rooms and create a condotel. He is dreading this as generally owners/long term tenants are quieter than holidaymakers. Plus the holidaymakers are likely to be predominantly Russian who are usually a right pain in the arse.

He doesn't expect to ever get his money back and can't see someone even wanting to buy the condo once the hotel side is up and running.