Rent out huge condo at this time or sell it.

[Bird 1]

Is it possible in this situation if I would like to rent out my condo at La Royale Beach Jomtien.

The First unit  is 2 bed rooms148 Sqm. at 35-40K and the second unit is much bigger 3 bed rooms 268 Sqm. at 55-60K.

 

[rhodie 29]

15 hours ago, Bird said:

Is it possible in this situation if I would like to rent out my condo at La Royale Beach Jomtien.

The First unit  is 2 bed rooms148 Sqm. at 35-40K and the second unit is much bigger 3 bed rooms 268 Sqm. at 55-60K.

 

Rents have dropped up to 50% if you are lucky enough to get a tenant. The only takers are those looking to move to get more for less. 

[yogi100 1,925]

22 minutes ago, rhodie said:

Rents have dropped up to 50% if you are lucky enough to get a tenant. The only takers are those looking to move to get more for less. 

A chum of mine is there now but in Central Pattaya rather than in far away Jomtien. He has rented a condo for a third of the usual high  season asking price of 30,000 baht a month. So he's paying 10K plus the utilities. Another is paying 15,000 for an apartment that also usually goes for 30K. 

You have to accept that the few punters that are there now realise that the supply by far outstrips the demand and many don't want the hassle of going back and forth to Jomtien each time they want to see a bit of the limited action that is occasionally available in town. They've been locked down in Falangland for months followed by two weeks in a BKK quarantine hotel and the last thing want now is to be paying over odds to stay in a huge condo in desolate Jomtien.

Hotel rooms in Soi Bhukaow within walking distance of what little action there is can be had for as little as 400 - 500 baht a night or 10K a month or even less if you haggle according to a couple of my pals who are there right now.

[Broughton 479]

Location Location the condos there are really nice but 5 years ago they was asking the kind of rent you are thinking about now. For me money wasn’t a factor it was just that the location is too far away from Pattaya even I would say things have developed down there over the last years but it’s more for the vacationers.

Good luck in these times.

[Bird 1]

Thank you Broughton and yogi100.

Yes it quit far from the city. I have no idea who is our target to rent a big room. It should be top executive or big family with budget but how big of this group in Pattaya right now?

They prefer house with land or Condo with beach front sea view.

[tallguy 1,411]

10 hours ago, Bird said:

Thank you Broughton and yogi100.

Yes it quit far from the city. I have no idea who is our target to rent a big room. It should be top executive or big family with budget but how big of this group in Pattaya right now?

They prefer house with land or Condo with beach front sea view.

Sounds like the sort of places that would suit a corporate tenant, but not sure how big that market is at the moment. Your best bet might be to talk to an agent who will likely have more contacts. I know of guys who have bought and sold condos recently, using agents to facilitate the deal, but they have had to drop the price they would have wanted pre-covid.

[Broughton 479]

11 hours ago, Bird said:

They prefer house with land or Condo with beach front sea view

Not quite so sure the group these days is so big let’s say from a westerner point of view.

More these days or at least pre-Covid it was more and more Chinese and Japanese. I think specifically if you want to do something it would be sell and target the Chinese market with a good price. There are still a few around buying places not as many as was but I’d say that’s your best bet the problem with them is they are happy to pay big money for these shoebox condos in the high rise places as long as they are new.

The other thing with selling the agents are obviously in it for a cut and that dilutes your return but definitely some genuinely good agents in town and some bad ones so do your homework. But if you’re serious no harm in registering with an agent on a for sale or rent deal costs you nothing.

I sold one place I wasn’t bothered or in any rush I thought I’d just put it on the market never heard anything for 3 or 4 months then suddenly someone viewed it and 1 month later done and dusted sold, just about broke even.

For expat families I think they are more up for the Houses more out towards Huay Yai and the dark side for easy access to the highway for the Eastern Seaboard.

[jacko 8,578]

2 hours ago, Broughton said:

For expat families I think they are more up for the Houses more out towards Huay Yai and the dark side for easy access to the highway for the Eastern Seaboard.

North of town is attractive too around Nong Plalai... close to Hwy 36, the motorway and The Regents School. 

[Gary 4,066]

It took me quite a while to find a condo that I was happy with and I bought it for the long term and not for investment or re-sale. My friends told me that I paid too much and would never get my money back. I patiently explained that I didn't want to live in a shoebox and I insisted on a separate bedroom. Mine is a corner unit of 60 square meters with a lot of built in storage. I intentionally avoided beach front units mainly because of the salt air corrosion problems. I also hate high rise buildings. My complex is five story buildings and open in the center. Mine is on the third floor.

I should add that I got 41 baht to the dollar when I bought it and I had several offers to sell it for a decent profit. I still have it and it remains empty except when I want a change of scenery from upcountry. It is in my name and a big part of my plan "B" in case my wife ever decides to throw me out. I will always have a roof over my head. It is fully furnished with a washing machine and a desktop computer in the bedroom. Also, I am fortunate not to have to live on a budget so I simply don't need the money.

My advice for anyone buying a condo is to choose carefully knowing that you may live there for a long time and selling it may present a huge problem. Years ago I was a landlord and have no intention of ever being one again.