Condo Market Over Built...Sales Slump
- Gaybutton
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Re: Condo Market Over Built...Sales Slump
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 . . .
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 . . .
- Undaunted
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Re: Condo Market Over Built...Sales Slump
This is an example of a new condo in Pattaya that can be bought off plan: https://grandsolaire-pattaya.com/
"In the land of the blind the one eyed man is king"
- Gaybutton
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Re: Condo Market Over Built...Sales Slump
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.Undaunted wrote:This is an example of a new condo in Pattaya that can be bought off plan
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 . . .
Re: Condo Market Over Built...Sales Slump
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.
Re: Condo Market Over Built...Sales Slump
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.
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.
Re: Condo Market Over Built...Sales Slump
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.
Sorry I don’t know the name but whenever I pass it looks as if the builders just walked out half way through.
- Undaunted
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Re: Condo Market Over Built...Sales Slump
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.gerefan wrote:whenever I pass it looks as if the builders just walked out half way through.
"In the land of the blind the one eyed man is king"
Re: Condo Market Over Built...Sales Slump
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.
- Gaybutton
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Re: Condo Market Over Built...Sales Slump
Maybe he was right - nobody defined just how long "temporary" will last . . .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!
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.