About to Buy a Condo

[aussiexpat 1]

I’m currently searching for a condo in Pattaya and it would be appreciated if anyone has any advice on the following three that I’m considering so far:

 

Pride Condominiums: Soi 15 just behind 2nd road (near Mercure)

 

Size: 8 floors with studios (32-33 sqm), 1-BR (44-62 sqm) and 2-BR (65-88 sqm)

 

Price: Depending on which floor, prices are between 55-58,000bt per sqm. So this ranges from 2.4mil for 44sqm second floor to 5.1mil for 88 sqm on the top floor. This includes air-conditioning, bathroom and kitchen fit-out (some condo’s are just shells I’m told).

 

Completion: End of 2008 and ready to move in Q1 2009

 

The Urban: Soi 15 just behind 2nd road (near Mercure) http://www.theurbanpattaya.com/

 

Size: 2 towers of 8 floors (79 units in each tower) 1BR 45-52sqm, 2BR 78-87sqm, duplex 110-147sqm

 

Price: Prices are around 58-60,000bt per sqm. This includes air-conditioning, kitchen and wardrobe fit-out. I’m looking at an 110sqm, 2 story, 2-BR Duplex on the 3rd floor for 6.4mil, however I’ve emailed them to see what availability there is for a smaller apartment.

 

Completion: Mid 2009

 

View Talay 6: Beach Road, near Soi 8 http://www.viewtalay6.net/

 

Size: Website shows from 48 to 192 sqm apartments (I hope there’s a 60-70sqm so I emailed for some more info, however no response after 5 days)

 

Price: Website states price is about 95,000bt per sqm

 

Completion: Ready to move in now. It was interesting when sitting at the Pattaya Beer Garden at night; there were only about 10 apartments lit up, which means either the place is empty or all the people were partying next door at Soi 8

Edited March 14, 2009 by aussiexpat

[Eneukman 1]

View Talay units are sold as basic shells so unless someone has already fitted out a condo, you will have to do this yourself. There is also likely to be a lot of noise during the day until all the condos have been fitted out.

 

Alan

[Obsession 571]

Completion: Ready to move in now. It was interesting when sitting at the Pattaya Beer Garden at night; there were only about 10 apartments lit up, which means either the place is empty or all the people were partying next door at Soi 8

I think many are empty from VT3 up. I have a friend with a unit in Vt3 and VT6. It doesnt feel all that safe when your the only person staying on that floor. imho.

[aussiexpat 1]

View Talay units are sold as basic shells so unless someone has already fitted out a condo, you will have to do this yourself. There is also likely to be a lot of noise during the day until all the condos have been fitted out.

 

Alan

Thanks for this. Being 95,000bt per sqm and only a shell makes the Urbin and Pride condo's look much better and while not being on the beach like VT6, they're are still very close to all of the action

 

 

I think many are empty from VT3 up. I have a friend with a unit in Vt3 and VT6. It doesnt feel all that safe when your the only person staying on that floor. imho.

Any idea why the prices are not going down then....I guess they'd rather leave them unsold then make a smaller profit

Edited September 5, 2008 by aussiexpat

[aussiexpat 1]

Just for info, I see that there are many apartments available in VT5 for around the 57-60k per sqm and these are fully furnished.....sounds like a good deal or at least it could be used as a benchmark for the newbie buyer?

 

Does anyone know what the average maintenance fee per year should be?

[LordFlash 45]

Average maintance fees are around 35 to 50 Baht Per m2 for new projects.

 

Personally I would stay away from any VT project.

 

The Urban is nice and I believe it is a foreign company behind it whereas The Pride is Thai management.

 

I guess from what you have listed you want something in town, but if you are interested in something in Pratumnak Hill, then I have a project in Soi 2 that you might be interested in. It's cheaper than these as well.

 

Cheers

LF

[aussiexpat 1]

Thanks for the great info Lordflash. I'm afraid I don't really know anything outside of central Patts, so had not heard of Pratumnak Hill.....in fact, the recent darkside crawl was my first visit outside the beach rd - 2nd rd loop, so maybe I need to get out more

 

What I do want is something that is directly on an easy baht bus route to WS/Beach rd as I intend to drink and party lots when in Patts, so needing a bike to get places is not really appropriate.

 

After some more research, I've dismissed the following:

 

VT6 – This appears too expensive at 95k per sqm and it is a real concern that it is so empty. I know there is a massive shopping centre going up next door to it and being on the beach it’s a great location, however I think I'll monitor this one for now.

 

Pride – I think the apartments are too small for me, however for anyone looking for a place in the heart of Pattaya for 1.8-3.5mil, it seems pretty good.

 

So this leaves the Urban, which is the one I was most impressed with on my recent trip. I am looking at either the 78sqm 1BR or the 110sqm duplex but I guess I will make that final decision on my next trip (arriving 25th Sep). The maintenance fees are 35bt per sqm per month, which fits in with Lordflash's advice above. Terms are 50k reserve topped up to 10% on contract signing (within 10-days), 30% paid over 8 monthly installments and remaining 60% on transfer date. Sinking fund is a one-off 500bt per sqm on transfer.

 

All I hope now is that my posts do not create a new buyer that then takes my apartment before I get back to Patts

Edited September 6, 2008 by aussiexpat

[aussiexpat 1]

Oh, I almost forgot the most important question....money transfer.

 

Does anyone know a good method to ensure that I get the internal rate of exchange instead of the international rate. It seems that the rates are now closer than I remember as a quick check shows the international rate at 34.45bt to the US$, whereas the Siam bank gives 34.72bt, however it'll still amount to a lot of wasted cash.

 

(this is the $100 rate just to show the principle and of course large sums exchanged will get a better rate)

 

I assume I should just bring a US$ draft and exchange it when I get to Thailand, but does that pose customs problems?

 

EDIT: Well I'm just back from my bank which answered my question. They've advised that the best way is to open a Thai bank account and then wire the money in US$. The local bank should then exchange it at the internal rate, thus saving some money. Of course you could always bring a draft in as well, however a wire costs only a little more and I don't have to worry about carrying it with me.

Edited September 6, 2008 by aussiexpat

[mrsneaky 0]

just checking the SCB website shows the bank buying rate for USD is 34,49 for T/T, i am going to assume that would be the bank transfer rate?

 

this seems to be inline with XE.com, and this usually wasnt the case, when i saw it i thought that the BOT stopped the dual exchange rates, anybody know whats really going on?

[4niceight 32]

The best way is definitely to open a Thai bank account and to wire the money to it. If the amount you're wiring is over 50,000 USD get the telephone number of the bank's Treasury Department in Bangkok. When you are about to send the money, call them and you should be able to negotiate a better exchange rate than the displayed rate shown on their website. They will offer you a rate, but always ask them for a little more. You'll find that they will negotiate. Also important is to specify, when filling in the transaction form at your home bank, thet the money is to be used for condominium purchase, and when you arrive, go to your Thai bank and ask them for a Foreign Exchange Transaction form. You'll need this when you go to the Land Office to complete your purchase.

[Bazle 1,485]

I notice that the City Garden development (very close to the first two mentioned developments) is not listed as an option. Any particular reason for that?

[ozerob 0]

In the Stickman Weekly Column this week there was an interesting article about buying Condo's in Thailand (link beliow)

 

http://www.stickmanweekly.com/StickMarkII/...doInBangkok.htm

 

Worth a read for anybody contemplating the property market in Thailand.

My observations over the last 4 months indicate that after the next high season which is forecast to be by far the worst on record due to well publicised reasons there will be a condo glut and thereal prices will plummet. But who knows - TIT.

[aussiexpat 1]

I notice that the City Garden development (very close to the first two mentioned developments) is not listed as an option. Any particular reason for that?

 

Only reason is that I didn't know anything about it. They look okay online, so as I'm back in Patts this week-end I'll have a look....thanks for the tip

[Obsession 571]

Any idea why the prices are not going down then....I guess they'd rather leave them unsold then make a smaller profit

T.I.T , a mixture of thai thinking and farangs who leave their brains at the airport . Although the same happens in Spain etc, they at least rent them out while waiting for a ting tong buyer, but many in VT are unfinished units, so no rental. There was one in VT3 advertised on this forum and they dropped to 2.75million It was fully kitted out and furnished. The guy seems to have deleted the thread, maybe after I pointed out to BMs that it was pretty empty, hard to rent out and nowhere near a baht bus route. Oops. I have been offerd my friends unit at 9,000bht a month before the buiding work started next door, but its like the twilight zone its so empty.

[sailingbill 1,034]

Big topic for me, Rents are cheap, but Id like to secure a known quantity

or at least what passes for one in LOS. I could never understand what those

people in US were whining about this fixed income, now i see as retirement looms.

Im looking forward to talking with BM Lord Flash in Nov. if i can get my

ass out of bed before 4pm this trip.

Good thread,please keep your findings shared here.

[aussiexpat 1]

Okay, as far as the Urban goes, only tower B is open to falangs.....Here are the list of apartments available

 

1st Floor: D-101 114 Sqm 2BR city view; B-101 75 Sqm 1BR city view; B-103 80 Sqm 1BR city view; B-104 80 Sqm 1Br city view

2nd Floor: B-201 82 Sqm 2BR city view

3rd Floor: C-301 110 Sqm 2BR Pool view; C-302 110 Sqm 2BR Pool view

4th Floor: D-401 120 Sqm 2BR Pool view

5th Floor: D-501 120 Sqm 2 BR Pool view

6th Floor: wtf...all gone

7th Floor: C-701 110 Sqm Duplex City view; C-702 147 Sqm Duplex Pool view

Edited September 7, 2008 by aussiexpat

[blacknight 5]

Before you make your decision you should visit the area again because from what I can gather you are still relatively new to the Pattaya area.

 

Soi 15 that you have chosen is an excellent location as you can walk just about anywhere you need to go within 15 minute. I just about bought the unit on the 7th floor when the development first opened up until I saw what my money could get me on the opposite side of Sukhumvit.

 

If you have not been in Pattaya for a few months when you visit you will see tha Nova group are also going to build there and the Urban group or Seven Oaks as I think they are registered are building the Urban suite developement nearby.

 

According to some of the adverts I have seen recently with so many developments in the one area there will definately be good deals available.

 

Just my thoughts as ever UP 2 U

 

 

 

Good luck where ever you decide.

 

P.S. When you do finally decide ensure that you get a proper Thai lawyer to chack out the deal prior to signing up. I used Magna Carter on Pattaya Tai opposite the telephone exchange and about 500 yard up from Tuk com. Not saying they are the best but definately worth considering

[aussiexpat 1]

P.S. When you do finally decide ensure that you get a proper Thai lawyer to chack out the deal prior to signing up. I used Magna Carter on Pattaya Tai opposite the telephone exchange and about 500 yard up from Tuk com. Not saying they are the best but definately worth considering

Thanks for your post and you also gave an answer to my next question, which is does anyone know a good lawyer :)

[aussiexpat 1]

Well Guys, I bought my condo today

 

It's a 2-BR condo on the 5th and 6th floor (2-storey) of the Urban and at 110 sqm should be a nice size holiday apartment. I used Tony's legal services at Magnacarta which was excellent (was reccomended on this board) and so far so good. If anyone else is looking, Joong was the sales lady and was a great help.

 

Btw Bazle, I did have a look at City Garden after your heads up and it does look nice (and bigger than the Urban), however at a cost of 75,000bt per sqm, it was about 15000bt more than the urban...

 

Also, I did see what money can buy on the darkside in that I found a 2-storey 260sqm house out by Siam country club for 5.8Mil (fully furnished), however the only way to buy was through a Thai wife (with 30-year lease back or mortgage option) or buy in the name of a company. Since I'm not married, option one was not applicable and I really struggled with the concept of paying nearly 6Mil Bt into a thai owned company (min 3 Thai partners required) and then 49% is transferred to me within 48 hours and as Director I would then have full signing authority for decisions.

 

So, nothing wrong with the company approach if you can mentally handle the risk, however buying a Condo was the best option for me........for now anyway......

Edited October 3, 2008 by aussiexpat

[capdagde 1,954]

Congratulations aussiexpat

 

Hope your new acquisition brings you much happiness....

 

6.6M baht + 3,850 baht a month maintenance if I calculate correctly. Thanks for the info and the informative thread...

 

Chok Dee

 

Andy Cap

[short 215]

Why don't you just buy a house instead. For about 3M bt and just a few minutes from pattaya you can get a nice 1700 sq ft (3br 2 bath) in a secure community.

[aussiexpat 1]

Why don't you just buy a house instead. For about 3M bt and just a few minutes from pattaya you can get a nice 1700 sq ft (3br 2 bath) in a secure community.

 

Because you can't legally own a house in your own name. As I said earlier, I know you can buy a house in a company name however I wasn't comfortable with shelling out $6mil Bt and not actually owning the place.

 

btw, I do plan to buy a house when I finally settle in Los, as I'm told mama, papa and little Sis will need to move in, however that will be in my wife's name (with 30-year lease to me). Also, as any property owned by you before marriage stays yours, it is nice to know that the Condo will always be mine if she ever kicks me out, or if I need a short break from my new family

[aussiexpat 1]

Well aren't I a lucky boy.

 

Now the list price of my condo was 7.1mil, however I managed to get it for 6.5mil as long as I paid 10% down now and another 20% within 2-months (in lieu of 8 monthly payments which would just be a pain to me anyway). So at this stage I've only paid 650k bt deposit, which I exchanged at 33.6 to the $US and which is exactly the same rate that I first budgeted my condo in August.

 

Meanwhile, many currencies are in free fall, including the A$ which is now down from 29.3 bt in August to just 22.5 bt today, which is a massive drop of 23% in 2-months.

 

So as I said, I'm a lucky boy as I'm paid in a $US based currency and not in Aussie $, otherwise my 1.3mil bt payment due in November could have been costing me a 23% higher cost.... (about 300k bt), not to mention what my final 70% would cost.

 

Just meant as a warning when buying off the plan guys, currency fluctuations could have a big impact and therefore I think I'll pay the 20% due now to lock in a known US$ rate (currently 34.24), which I'm not sure I could have done had I kept to their original 8 monthly payment plan.

 

...of course it goes both ways and here's hoping the $US continues to climb (sorry euro, aussie & Kiwi guys)

Edited October 11, 2008 by aussiexpat

[hwells 6]

Mate congrats on the purchase sounds like you are well happy with it. I assume from reading all this you are buying off the plans as downpayments & monthly installements are involved. How far along is the condo? You are saying that you are considering paying the next 20% instead of monthly installments as that is a pian in the arse for you. Maybe it would be better to have the money direct debited from a thai bank account to the developer on a monthly basis. I dont want be be an alarmist but a lot of condo projects get near to completion & then shit themselves. so the less you expose ypurself to this the better.

I have brought twice off the plans & both times have done well on the purchase. Once with a Thai company the other time a farang company, but there are many horror stories out there. I dont mean to have a go here as you obviously know what you are doing but just thought another perspective may help.

Good luck with the move. Oh by the way fully agree with the decision on condo 1st house 2nd. thats the way I did it with my missus & we have been together over 20 years.

[Emil 0]

If one has some extra baht the new project called Waterfront looks promising. Its located down by the pier but not cheap.