Buying a condo

[Eneukman 1]

During the early part of 2008, I plan to buy a condo - probably in View Talay 2A where I currently rent.

 

I've just had a look at Fair Properties' web-site and would you believe I found the condo I am renting listed at 3,600,000 baht? Now, why the bloody hell it should be on Fair Properties' web-site is beyond me as the condo owner is a director of Northern Thai Realty and if he was going to sell it, he would do so through his own company. I also rented the property after seeing it on Northern Thai's web-site!

 

The photographs in the picture are also at least 2 1/2 years old. I know that for a fact as the place is a bit too tidy in the photographs and there is also a badminton racket in one of the pictures. It is more than 35 years since I last played that.

 

I think I'll go to Fair Properties tomorrow and act daft and enquire about "my" condo.

 

It does, however, raise the question of how many properties on their web-site are not actually up for sale. Then, later in the week, I'll go along and see my landlord if he's in the office and ask him about the sale. Incidentally, he didn't own it when I started renting it but bought it when the owner needed to raise funds urgently.

 

Alan

[js007 795]

What I'd like to know is if there's anywhere that tracks actual sales prices? I've looked at all the real estate websites too, but sometimes I wonder how whether some of the asking prices are just someone's wishful thinking.

 

J

[private eye 0]

interesting to hear your story as i have heard from many people that fair properties are up to all sorts of scams to get punters in . i was told that most of the property on their site is not on their books however until now i thought that this was bullshit but now i know that this is not the case you always need to watch your back in thailand as all is never what it seems . WHY WOULD A REAL ESTATE COMPANY FILL ITS SITE WITH PHOTOS OF PROPERTY THAT IS NOT FOR SALE???????????????????? it would make you think.

[Owen` 2]

Eneukman, I recall seeing you mention your intent to buy after having rented a few years now.

 

What is your thinking on this? What led you to decide this is a better plan after spending time learning the "ropes"? Has something changed to make renting less wise?

[pattaya_mad 208]

three and half million for a condo?...hell thats a bit steep

[Eneukman 1]

Eneukman, I recall seeing you mention your intent to buy after having rented a few years now.

 

What is your thinking on this? What led you to decide this is a better plan after spending time learning the "ropes"? Has something changed to make renting less wise?

 

My initial reason for renting was that I wasn't certain that I would want to live in Pattaya permanently.

 

I have now decided that I will remai here for some time to come and even if I were to move away, I would still have a place I could retreat to if necessary.

 

From a financial point of view, the income I will lose from selling one shareholding is going to be less than my rent (which is on the low side as it is for a double room here) even after allowing for the annual maintenance charges and having to pay for on-going repairs from time to time.

 

Alan

[torrenova 644]

Sorry but you should know by now that Fair Properties are not exactly the most "transparent" of agents. Their prices are ludicrous and so much of their "stock" is not available.

 

Many people here less time than you wouldn't touch them with a barge pole.

[Eneukman 1]

Sorry but you should know by now that Fair Properties are not exactly the most "transparent" of agents. Their prices are ludicrous and so much of their "stock" is not available.

 

Many people here less time than you wouldn't touch them with a barge pole.

 

I am well aware of their reputation and I'm really planning on wasting their time by asking a lot of questions as well as maybe looking at any condos here that are genuinely up for sale. I need to give 60 days notice to transfer funds so it will be the end of March before I am going to be able to pay for any condo I will buy. I will conveniently forget to tell them that up front.

 

They have on their books a studio unit in View Talay 2A priced at 2.1 million baht. Now, that IS taking the fucking piss.

 

Alan

[Emil 0]

They have on their books a studio unit in View Talay 2A priced at 2.1 million baht. Now, that IS taking the fucking piss.

 

Alan

 

Alan,

 

Quoting some prices doesn't really give most of us any idea of how good the deal is/isn't unless you provide the size of the unit or give us the cost per square meter.

 

I'm also looking to buy a condo, my biggest concern is how is the condo fees managed and by whom. Here in California the board is elected by the owners and any increase in fees has to approved by the members.

Edited January 1, 2008 by Emil

[Eneukman 1]

Alan,

 

Quoting some prices doesn't really give most of us any idea of how good the deal is/isn't unless you provide the size of the unit or give us the cost per square meter.

 

I'm also looking to buy a condo, my biggest concern is how is the condo fees managed and by whom. Here in California the board is elected by the owners and any increase in fees has to approved by the members.

 

I went to Fair Properties this afternoon and gave them a list of 7 properties(all in View Talay 2A) that I was interested in. One was no longer on their books - 74 square metres, 4th floor, Pattaya side priced at 3.6 million baht. This didn't surprise me as this is the condo I currently rent and which I know is owned by a director of Northern Thai Realty. It just hadn't been removed from their web-site.

 

Two other properties were removed from the list as they are in a company name and I don't want to get involved with the hassles involved there.

 

That leaves 4 condos some of which I hope to view tomorrow afternoon.

 

86 square metres - 17th floor - Jomtien side - 3.8 million

75 square metres - 9th floor - 3.7 million

74 square metres - 14th floor - Jomtien side - 4 million baht and

68 square metres (I think this should be 86 square metres) - 12th floor - Jomtien side

 

The first condo is also on the books of Jomtien Property at the same price

 

Jomtien property also have an end unit overlooking the pool on the 4th floor

 

86 square metres - 4th floor - Pattaya side - 3.9 million. I have arranged to view this property on Friday morning though I am really more interested in a condo on a higher floor.

 

The prices quoted are, to me, on the high side and I would hope to be able to get a lower offer (10% or more) accepted.

 

The owners have just taken control of View Talay 2A and 2B. A management company have been installed to manage the condo on a day to day basis but answerable to the committee. Because of mismanagement by the previous Thai manager, it has been necessary to increase the management fees substantially to 6,000 baht from 3,600 baht per annum. A number of people failed to pay their dues each year and the previous manager failed to take any action to collect the arrears. This is about to change and any owner who fails to pay within 3 months or so will have their water and electricity cut off!

 

Alan

Edited January 2, 2008 by Eneukman

[torrenova 644]

I think you're wise to buy in VT2 whatever other people say. You live there, I lived there for years and whilst it is not the Ritz it is a good plot (you'll never see that much land given over to a condo block again) and the two pools along with more than adequate services and on the doorstep facilities makes it a nice place to live. Without the baby I'd still be living there.

 

Why go pay Bt100k per sqm in some "trendy" block with an unproven history ? Sure there are sinking fund and management issues but even an increase in fees is hardly going to break the bank.

 

If I were in the market for a condo, I'd be back there like a shot.