Recommendations for condo purchase?

[4niceight 32]

Hi everyone,

Having been coming on holiday to Pattaya many times in the past 20 years, I'm now ready to make the move there permanently. I wonder if anyone can give me any recommendations on a nice condo block. I'm happy to live in Naklua, Pattaya or Jomtien, and don't plan on buying a car so somewhere on or near the baht bus routes is a pre-requisite. I'm hoping to buy a studio at a price limit of 2 million. Places to avoid would also be a help.Suggestions???

[Guest anto1]

Hi everyone,

Having been coming on holiday to Pattaya many times in the past 20 years, I'm now ready to make the move there permanently. I wonder if anyone can give me any recommendations on a nice condo block. I'm happy to live in Naklua, Pattaya or Jomtien, and don't plan on buying a car so somewhere on or near the baht bus routes is a pre-requisite. I'm hoping to buy a studio at a price limit of 2 million. Places to avoid would also be a help.Suggestions???

Just now its a buyers market .Suggest you rent first for a month or two and have a look around yourself .You will find plenty of studios at that price .Make sure its a Condo you can put in your own name .I myself have a small studio in Jomtien beach Condominium.Its good value and well managed .The studios are only 28 sq mts though .For 2 m you should be able to get a double unit ,but maybe not with a sea view.East coast propertyies have many lower priced condos on their books .

Edited January 6, 2007 by anto1

[Regyai 415]

I would say take a long hard look at the ratio of Buying Prices to Rental Prices, then factor in the what is a great place to live NOW, can very fast become a raving headache in the LOS.

 

And you might find being a residence butterfly is a better option.

 

 

 

.

[4niceight 32]

Thanks for the replies so far, guys. I was in Pattaya and Jomtien for three months until October last year, so I am reasonably aware of prices. What I don't know is which are the GOOD blocks, and which should I avoid. I'm not sure of the whereabouts of Jomtien Beach Condos. I stayed for some time at Silver Sand Villa, near soi 7 Jomtien, and I think that it may be some 200 metres further along the beach road. Am I right? My situation is that I will have enough pension to retire on (in 5 years time) as long as I don't have to pay rent, so I'm definitely looking to purchase.Further opinions will be appreciated. Cheers.

[Guest anto1]

Thanks for the replies so far, guys. I was in Pattaya and Jomtien for three months until October last year, so I am reasonably aware of prices. What I don't know is which are the GOOD blocks, and which should I avoid. I'm not sure of the whereabouts of Jomtien Beach Condos. I stayed for some time at Silver Sand Villa, near soi 7 Jomtien, and I think that it may be some 200 metres further along the beach road. Am I right? My situation is that I will have enough pension to retire on (in 5 years time) as long as I don't have to pay rent, so I'm definitely looking to purchase.Further opinions will be appreciated. Cheers.

Yes,Jomtien Beach Condominium is just past Soi 10 Jomtien Beach Road.The yearly maintenance charge is only 3,600 baht ( and its well maintained ) .Useful for me as i stay 4 months each year ,and don't rent out when away .You can let the management office rent out your place though if you want .Has two large swimming pools , a few restaurants and shops and is very quiet in my block anyway .

Edited January 6, 2007 by anto1

[torrenova 644]

I live in View Talay 2 which has two blocks (A+ and have done for over 2 years. Much improved security, good on site laundry, mini mart etc. 2 pools, quiet (especially block . On the baht bus route to Jomtien and Pattaya with motornbike taxis outside.

 

You can get a well presented large high floor studio for less than Bt2m.

[Gary 4,118]

I bought several years ago and it was a temptation to buy a cheap shoe box sized unit. I took my time and asked a lot of the expats and their biggest complaint about their condos was the small size of the bargain units. I would advise you to look around at complexes that are well established. Take a first hand look at how the complex and grounds are maintained and even meet the potential neighbors. Ask how much the maintenance fees are and how much is in the general fund. Those figures are given to all the owners every year. Check out the security. The complex should be gated and security should be checking everyone going in or out.

 

I have a very livable 60 square meter one bedroom corner unit. The bedroom is big and has its own air con unit. The security is great and the maintenance fee is 10 baht per square meter. The general fund is VERY fat and healthy. The swimming pool should be spotless and the grounds well tended.

 

Above all, don't get suckered into a unit that is owned by a bogus company. Make sure it can be bought in your name with your name on the chanote. (deed).

[chas 16]

Have a look on thaivisa.com. I got a newsletter from them today about a report by the Kasikorn Bank predicting that prices might drop by up to 20% in the coming year.

[Shilo 371]

Have a look on thaivisa.com. I got a newsletter from them today about a report by the Kasikorn Bank predicting that prices might drop by up to 20% in the coming year.

 

Here is the link to the story...

 

http://www.bangkokpost.com/breaking_news/b...s.php?id=115809

[bangkapiboy 5]

I thought that was an interesting article.

 

But the article didn't say if this applies to all of Thailand or what, and if this applies to houses or to condos. Anyway, I don't see that Pattaya condos will fall 20% this year. There are many skeptics who would love to see themselves proved right, and see condo prices fall -- but I doubt it will happen. Will it affect increases in the coming year? yes maybe.

 

Now I could see prices fall a bit in Bangkok, since condo prices in Sukhumvit and anywhere in CBD are so high now. The bomb scares could be the news to bring those prices down just a little bit.

[Gary 4,118]

I have always told my friends to stay away from buying anything pre-construction. At best they are almost NEVER finished according to schedule and at worst they are never completed. That opinion is especially pertinent right now. Some of the existing nearly finished complexes are not guaranteeing that you can have a unit in your own name. You put your money down only to be told that they have used the 49 percent quota BUT they are willing to pay for a company so you can have the unit. Getting your money back could be VERY difficult.

 

That said, I really can't see the farang free hold units losing value. The new developments are WAY over priced and I'm sure many will never be completed. There are still some decently priced farang owned units available but no where near as many as there were. I bought mine to live in and NOT to sell so I really don't care if the price would drop. A place to call my own is worth something to me. Since I am on a fixed income I wanted to eliminate what I considered to be the biggest variable, RENT.

[4niceight 32]

Thanks for the replies so far. I'm still looking for any more info on the good and the bad condo blocks. Anyone???

[Shit_Happens 31]

My opinion only for middle market units I think the Viewtalay Condos at Jomtien are good. VT1 is getting a bit old but VT2 is now good value with foreign owned studios starting around 1.5M.

I owned in VT2 for a couple of years but sold last year and now have a one bedroom in VT5. Across the road on the beach. VT5 are more expensive but you can get a fully furnished studio, 48 sq metres on a high floor for 3M or less.

[Bullfrog 2,224]

Excellent idea

Bloody stupid idea

Excellent idea

Bloody stupid idea

 

 

I don't mean the comments in this thread but my own thoughts that I go through every bloody week.

 

I have purchased two units off plan at Nova Mirage in Naklua in farang name. Last week I saw similar units in the completed block on sale for far more than I am paying ( I signed up just under a year ago) but then you read about the visa changes and other embuggerances and curse the day you ever signed!!!

 

 

[phw10 0]

I looked at a number of condos when I was going to buy my own. I liked the VT condos, but didn't find anything in my price range or if it was in my range, it didn't ring my bell. I can't comment on the "bad' condos. I purchased a 57SM+/- condo at the Metro and am trying to renovate it, but have not regrets. It is Jomtiem so it is away from the constant parties, but is a baht bus trip to Walking street. It has good security, an unblockable sea view and the grounds are being upgraded. I understand the prices are creeping up as it nears its farlang limit so I can't give you a quote, but take a look.

[4niceight 32]

Thanks again to those who have responded. I think I now know where to look. Any further comments re the good or the bad will be appreciated. One more thing that is on my mind.....When I was in Pattaya last (June to October 06), I opened a bank account with Siam Commercial Bank. I will be sending maybe 40,000 pounds sterling to that account by SWIFT transfer from my bank in The Gambia (Standard Chartered). Once the money has arrived in LOS I shall be looking to purchase a condo. However, if I don't find the right place, and I want to send the money back to Standard Chartered in The Gambia(or my UK bank maybe), will I have any difficulty repatriating that money. I am aware of what used to be called Tor Tor Sam for property purchase, and will almost certainly ask Siam Commercial Bank to issue one for the money I am sending. Does this give me clearance to send money back?

[torrenova 644]

Don't send the money until you find what you want, just make the arrangement so that you can SWIFT it remotely when you are in LOS. Also, send it in local currency, say USD, EUR, GBP or whatever it is in, do not send THB.

 

As for somewhere, prices are way OTT in many places and people selling are being unrealistic. You will need to hear "no, bugger off, I'm not accepting that offer" loads of times as you make well below asking price offers on places. No need to pay headline figures.

[4niceight 32]

Thanks Torrenova, I know that you are offering good advice when you say don't send the money until I've found something to purchase, but it's a different world here in The Gambia. To request something remotely like a SWIFT transfer will be frought with headaches. It's difficult enough getting a cup of tea here! I prefer to sit in front of someone and watch them do it. Consequently I definitely want to send the money while I am still in Gambia. I can check it's arrival by internet banking.

[Gary 4,118]

Thanks Torrenova, I know that you are offering good advice when you say don't send the money until I've found something to purchase, but it's a different world here in The Gambia. To request something remotely like a SWIFT transfer will be frought with headaches. It's difficult enough getting a cup of tea here! I prefer to sit in front of someone and watch them do it. Consequently I definitely want to send the money while I am still in Gambia. I can check it's arrival by internet banking.

 

Notify Siam Commercial Bank that you want to make a wire transfer and the money is for the purchase of a condo unit but that if the deal doesn't go through you want to send it back out. In any case you want to specifically earmark the funds to eliminate the bank being forced to hold 30 percent because of the new currency speculation rules. Since your transfer will be in Sterling and converted to baht you must be quite careful. If they withhold the 30 percent you won't see it for a year. Make sure they understand and confirm before you make the transfer. Mention that you are concerned about the new 30 percent rule.

[4niceight 32]

OK. I'm now a bit clearer where I want to buy and how much I want to spend. Thanks for the info, guys. The last piece of the puzzle is the cost of extras i.e. lawyers fees, stamp duty?? and anything else I would have to shell out. Anyone got any figures on say, buying a farang owned condo at 2mil.

[Guest anto1]

OK. I'm now a bit clearer where I want to buy and how much I want to spend. Thanks for the info, guys. The last piece of the puzzle is the cost of extras i.e. lawyers fees, stamp duty?? and anything else I would have to shell out. Anyone got any figures on say, buying a farang owned condo at 2mil.

Yes,i would like to know this to.Some of the fees can be split between buyer and sell i think?

[redwood13 56]

OK. I'm now a bit clearer where I want to buy and how much I want to spend. Thanks for the info, guys. The last piece of the puzzle is the cost of extras i.e. lawyers fees, stamp duty?? and anything else I would have to shell out. Anyone got any figures on say, buying a farang owned condo at 2mil.

 

"Apart from the purchase price of your property, the following fees will also have to be paid. In most cases, the seller will pay, but sometimes the seller will ask the buyer to share the costs or pay them all, depending on the final cost negotiated."

 

Property business tax = 3.3%.

Transfer fees = 2%

Stamp duty of 0.5%

 

The above is from http://www.mlsasiapacific.com/thailand-property-fees.php

 

Also see http://www.siam-legal.com/land/taxes_Buying.html

 

-redwood

[Tengotodo 52]

I have pondered the prospect of buying a bar on WS. I am very new to all this and wonder what is meant by "key money"? what other implications and ramifications come with buying a business in LOS? thanks.

-Pat

[poskat 0]

http://www.pattayatalk.com/forums/index.ph...mp;hl=key+money

 

after a year and a half on the board you might learn the "search" function.

 

good luck in the business You're sure to make a small fortune.

[Mirkwood 342]

Little horror story for you.

 

Last year I saw the View Talay 6 (I think) condo's going up at Wongamat beach.

Now this has always been my favourite place to stay in Pattaya.

 

 

I enquired about a studio and wasn't shocked at the 3 million price tag as it's a really nice block.

 

 

I've been pondering about buying one until this trip.

Now the lovely beach view that they were selling is going to be blocked by 2 x Northshore 60 story blocks.

 

 

I'm glad I didn't part with any money.