Northpoint Condos

[som nam na 0]

When I was in pattaya last time, was told the Northpoint condós would go on the markt 3rd week in June 2006. Not seen or heard anything. Does anyone have any info?

[BigDUSA 71]

Guy I know had a firm move in date for late June.

[som nam na 0]

thanks BD but that would have been Northshore (the one near sois 5 / 6) Northpoint is the one on wongmat beach and is a new development, not built yet, I suspect Raiman land is holding back becasue of uncertainty in the property market

Edited July 10, 2006 by som nam na

[BigDUSA 71]

Your right I got my overpriced condos mixed up. Thanks for the correction.

[som nam na 0]

having seen the prices for rental it makes me doubt the wisdom of paying 12 million THB or so for a 2 bedroom in Northshore ....thats as much or more than some guys retire on

[winner 0]

having seen the prices for rental it makes me doubt the wisdom of paying 12 million THB or so for a 2 bedroom in Northshore ....thats as much or more than some guys retire on

You are right. It is a sucker price set up for people who still think--"Imagine what this would cost me back home". The 12 milion baht condos should be selling for about half of that price.

[som nam na 0]

THB12,000,000 for a 2 bed unit which are about 117 m2 is THB 133,000 per m2 and above expected for grade A condo prices ina good location which I think are in the range of THB 65,000 to 85,000 per m2 e.g THB 7.6 million to THB 9.9 million max.

 

But then value of property is the amopunt a willing buyer is willing to pay .....

 

That being said Northshore 2 bed units are nice condo's....if I wasn't going through a divorce at the moment I wuld have bought one myself at THB 8,000,000 million.

 

It will be interesting to see what others have to say on the subject.

Edited July 11, 2006 by som nam na

[Gabor 296]

I guess, this is a better value:

 

http://www.realesthai.com/1935/PAGE.HTM

 

However in the Northsore is available:

 

http://www.realesthai.com/1994/PAGE.HTM

[jacko 8,822]

....if I wasn't going through a divorce at the moment I wuld have bought one myself at THB 8,000,000 million.

 

It will be interesting to see what others have to say on the subject.

If I had your money I think I would burn mine!

 

Well, maybe the ex will see to that, good luck anyhow!

[som nam na 0]

she is .... i walk away with nothing ... but at least its a clean break no ongoing maintenance payments ....kids are all grown up

 

one of those corner northshore apartments would have been fperfect ...just see myself now .....TGF bent over the setee and me admiring the view over pattaya bay while doing the business

Edited July 11, 2006 by som nam na

[jacko 8,822]

she is .... i walk away with nothing ... but at least its a clean break no ongoing maintenance payments ....kids are all grown up

 

one of those corner northshore apartments would have been fperfect ...just see myself now .....TGF bent over the setee and me admiring the view over pattaya bay while doing the business

Oh dear, not one of those....'she got the oil well, I got the shaft'.

 

Need to lower your sights a little.....a month in Pattaya in rented accommodation will be less than 8,000,000 baht......hope you can stretch to that!

 

You can get the same view from many Beach road hotels.....

[som nam na 0]

dreams are nice ...but it is a different thing when it comes time to commit such a large amount

[bob2005 0]

Northshore (the one near sois 5 / 6)

 

I lived on soi 5 for a year in 2003-4 before they re-started the Northshore development and it was a delelict hulk that looked like it had been left to the elements unprotected for 6 years since the 1997 financial meltdown. No way would I trust that structure.

 

To ask 12 million for 114 sq meters, as linked above, on a soi far from Walking Street is lunacy.

 

The next year, 2004-5, I rented a fantastic 97 sq meter top floor apartment on Pattaya South Road overlooking the bay with panoramic windows for 25,000 baht per month which is a 5% income on 6 million.

Edited July 11, 2006 by bob2005

[som nam na 0]

97m2 at 6,000,000 is about 63,000THB per m2 and more in line with the market for luxury condos in fact towards the top end

 

Not sure if the 5% return is enough (condo managment fees etc) so the real value of the aparatment in investment terms is probably less than the THB 6,000,000

 

I had a look at the advertised asking price for good quality appartments (wongmat beach etc) and they are in the range of 53,000 to 66,000 THB per m2, so if we assume a 10% negotiating margin the true rate is somewhere between 48,000 and 60,000 THB

 

Northshore resales are on the market for between 92,000 and 105,000 THB per m2

 

View Talay asking prices are 35,000 to 45,000 THB per m2

Edited July 11, 2006 by som nam na

[bob2005 0]

Northshore resales are on the market for between 92,000 and 105,000 THB per m2.

View Talay asking prices are 35,000 to 45,000 THB per m2

 

VT is probably closer to Walking Street than Northshore. But both are albatrosses to me. Some of us just think buying a condo is full of unknowns and is foolish.

[winner 0]

VT is probably closer to Walking Street than Northshore. But both are albatrosses to me. Some of us just think buying a condo is full of unknowns and is foolish.

I agree. With the cheap rents, why buy? You are stuck in one place if you do. If things go bad you have to protect your investment while renters just move to another place. When you sell--you may make a profit but then again you may lose money. I don't trust the economy here enough to take that risk and have to worry about it.

[Gary 4,119]

I would NEVER buy pre-construction especially now that a man would have to have rocks in his head to buy through a bogus company. There are plenty of units still available that are finished and you can legally buy in your own name.

 

What happens if they sell the 49 percent farang share and the others sit empty? There will not be enough money in the maintenance fund to take care of the place and maybe not even enough to get the water and electric hooked up. There are still abandoned BIG buildings sitting unfinished.

[mb3house 0]

Northshore went on the market @ 55,000 baht/SqM. At the time I was told to buy as an investment, because it would only go up. The reason it has gone up is because of speculators, who ask silly money, and always seem to find a buyer for it (yes, those ones who think it is cheap compared to home). I didn't buy, because I wont put my hard earned money in their pocket, and still wont. I have 3 friends who have bought in N-Shore, one is being told he can rent a 64 m3 apartment for 45,000/month!!! anyone who pays that is crazy.

 

Northpoint, according to Raimon will go on the market anytime in the next week or so. You would be interested to know that they give preferencial treatment to investors before they let the general public in on them. That way they buy at the lowest price and sell once the building is complete.

[som nam na 0]

Hi MB3house,

 

For me the decison to buy an apartment like Northshore and thus pay a premium over the market rate is down to personal choice i.e. location, view, personal enjoyment etc, yes I would pay a premium for pleasure ....say up to 70,000 THB per m2 but not the crazy money that speculators have driven the price of Northshore to now which based on asking price is over 100,000 THB per m2

 

Your comment on release of Northpoint is very apt ....Raimon Land were promising to release the Nortpoint Apartments for sale in the 3rd week of June and to my knowledge haven't done so (I am registered with them).

 

It being Thailand someone will probably have a scam going and all the best units will probably be "sold" before the general release. I have no evidence to support that last statement just a "gut feeling" . Will send an email to Raimon Land to enquire what the status is.

Edited July 16, 2006 by som nam na

[som nam na 0]

Just got an email answer from Northpoint sales team

 

"Thank you so much for your email.I have no idea about when will Northpoint be released for sale. But what I know, we will send you email at least week before selling."

[bangkapiboy 5]

It is a fact that all project developers offer the best (choice) condos to a core circle of investors. To be in this core circle of property investors you need to be a big player, and have to be accepted as one. This is just the way it is. I know this personally from my contacts in Bangkok in the industry.

[bangkapiboy 5]

Just got an email answer from Northpoint sales team

 

"Thank you so much for your email.I have no idea about when will Northpoint be released for sale. But what I know, we will send you email at least week before selling."

one week!?!? damn, not notice for scheduling!

[mb3house 0]

The latest I heard from a friend who called them was an August release. I think the post about investors getting 1st choice etc,etc is spot on, they get in at bottom price and try and sell at 60-100% mark up purely as an investment. That's why I wont be buying off them.

[aqua4 2]

What happens if they sell the 49 percent farang share and the others sit empty?

 

The other half will exploit the loophole in the property law and register it in the name of a Thai company. But then again they are closing that loophole so it should be interesting.

[aqua4 2]

Your comment on release of Northpoint is very apt ....Raimon Land were promising to release the Nortpoint Apartments for sale in the 3rd week of June and to my knowledge haven't done so (I am registered with them).

 

I would think that Raimon Land would release their apartments in the latter part of the year. You normally get better prices closer to silly season. That being said, they have more projects in the pipe for Pattaya.