Condo Market Over Built...Sales Slump

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Undaunted
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Condo Market Over Built...Sales Slump

Post by Undaunted »

"In the land of the blind the one eyed man is king"
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Re: Condo Market Over Built...Sales Slump

Post by Gaybutton »

I, for one, don't need an article to convince me of that. Far too many condos in Pattaya already and more being built all the time wherever a vacant spot of ground can be found. And when I look at just about any of them at night, it's rare to see more than just a few lights on, even during high season.

Just behind my house a 3-floor condo was built close to 4 years ago. I have yet to ever see a single light on in any of the units.

I have no idea whether it's a buyer's market these days for condos. Thais are not known for reducing prices. The bars are a perfect example of that. Not enough customers, therefore raise the prices. Thai logic . . .
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Re: Condo Market Over Built...Sales Slump

Post by Undaunted »

This is an example of a new condo in Pattaya that can be bought off plan: https://grandsolaire-pattaya.com/
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Re: Condo Market Over Built...Sales Slump

Post by Gaybutton »

Undaunted wrote:This is an example of a new condo in Pattaya that can be bought off plan
Speaking only for myself, one thing I've learned living in Pattaya is I would never, under any circumstances, buy a condo that isn't already completely built, open for inspection, and ready to be occupied. And the builder and company also better have an existing impeccable reputation before I would be willing to part with one baht. There have been too many incidents when buyers ended up ripped off.

For me, beautiful pictures, a high-end sounding name, promises of fabulous amenities and facilities, and nice web sites mean absolutely nothing. If I were interested in a condo, build the place first. Then maybe we'll talk . . .
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Re: Condo Market Over Built...Sales Slump

Post by aussie »

They still advertise 10% yearly returns. In their dreams maybe. Some of the older condos with good reputations like Chateau Dale, Hyde Park and VT5 might give a good return on investment but rents have levelled out and reduced in most newer buildings like Unixx at Pratunmak.
Jun

Re: Condo Market Over Built...Sales Slump

Post by Jun »

Well most of us have been around long enough to know property markets are cyclical and at the top of the cycle, too much gets built.
The Bangkok post had a recent article on the matter and the data showed plenty of supply in Pattaya.
As for buying off plan, well the number of visible unfinished projects should act as a suitable deterrent.
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Re: Condo Market Over Built...Sales Slump

Post by gerefan »

Talking of which, what has happened to that big place next to Bali High Pier? The thing that is about 60 floors high with a connecting level to a smaller building.
Sorry I don’t know the name but whenever I pass it looks as if the builders just walked out half way through.
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Re: Condo Market Over Built...Sales Slump

Post by Undaunted »

gerefan wrote:whenever I pass it looks as if the builders just walked out half way through.
I gather the developer had some issues with the law over the height regulations so quit and left. I know 3 people that lost large down payments.
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Re: Condo Market Over Built...Sales Slump

Post by fountainhall »

Anyone remember Ocean 1? The 91 storey building in Jomtien was supposed to be open by 2009. Then - surprise, surprise! - it stalled. Even so, I recall one poster on another forum advising readers he had confidential information from a trusted source that it was all 100% genuine and that its difficulties were only temporary! I hope no-one believed that and placed a deposit.
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Re: Condo Market Over Built...Sales Slump

Post by Gaybutton »

fountainhall wrote:one poster on another forum advising readers he had confidential information from a trusted source that it was all 100% genuine and that its difficulties were only temporary!
Maybe he was right - nobody defined just how long "temporary" will last . . .

Unfortunately the way things seem to work around here, promises, contracts, commencement of construction, excuses, and apparently even assurances from friends 'in the know' - all worthless. They've got your money. And the chances of you getting a single baht of it back are most likely in the range that falls between zero and none.

All too often there are news stories about people who invested a lot of money in a condo construction project only to see it never happen and the company owner disappears with all the money - and now you're fucked!

Like I said, build it first. Then we'll talk.
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