Pattaya New Skyrise Residential Tower

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Gaybutton
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Re: Pattaya New Skyrise Residential Tower

Post by Gaybutton »

fountainhall wrote:Wonder what happens when most discover that's easier said than done!
I don't know about Bangkok and Phuket, but in Pattaya a hell of a lot of condos have a hell of a lot of vacant apartments.

I'm wondering if these Chinese buying up condos are buying them for personal use or if they are falling for some sorts of scams, convincing them that if they buy these condos as an investment, they'll make a good profit and make it quickly.
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Re: Pattaya New Skyrise Residential Tower

Post by fountainhall »

Gaybutton wrote:I'm wondering if . . . they are falling for some sorts of scams, convincing them that if they buy these condos as an investment, they'll make a good profit and make it quickly.
I suppose some may be, but I suspect most are buying them for more genuine reasons. As the article points out, each Chinese can export around $50,000 per year. Housing in China's main cities is now horribly expensive. The stock markets have been performing miserably and there is a lack of other safe-ish investment opportunities.

Real estate prices in preferred destinations overseas like Australia and the USA have risen dramatically and apartment units tend to be quite large. Here in Thailand it is easy for a Chinese to buy a 30 or 40 sq m apartment. It can then be used for vacations, for friends taking vacations and - I guess they hope - rented.

As for that investment being guaranteed to go up, I also expect that some are looking at Hong Kong in the early 1990s when hot money from China started flowing into the local property market and prices soared for years, increasing at around 30%-40% per year. Even though that is not going to happen here, I suppose with so many in China's massive middle class looking for investment opportunities and as word continues to get out about Thailand real estate, there should at least be a market amongst themselves.
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Re: Pattaya New Skyrise Residential Tower

Post by firecat69 »

I have no doubt there are many empty Condos in Pattaya. However for those with some smarts , I think there is money to be made renting to visitors with Condos bought and furnished for the overseas visitor.

Although I have rented short time 2-8 weeks in many of the View Talay's , View Talay 6 next to Central Festival has been my favorite over the last 6-8 years ( maybe more). Dancewatchers .com has a selection of condos that caters to the visitor who wants something a little special and yes are Sex Tourists.

The well furnished Condo's are rented out completely during High Season Months ( you need to book months ahead) and heavily rented even in what some consider Low Season. These Condos are individually owned but the Rental Agency does a fabulous job in all respects . Honeycoffeehouse.com is another one that does a great job and has a Coffee Shop in the building and thus on site all the time.

If you are going to buy a Condo in Pattaya and rely on Airbnb , Good Luck. But if you furnish it the right way and give it to a broker who not only makes you money but makes sure the Condo is kept in good shape then just possibly it could be a good investment.
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Re: Pattaya New Skyrise Residential Tower

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firecat69 wrote:I think there is money to be made renting to visitors with Condos bought and furnished for the overseas visitor.
For Pattaya, at least, you're probably right about money to be made, but how many condo owners stand much of a chance of being among those who make that money, given the sheer number of vacant condo apartments?

Seems to me that no matter how it's done or what amenities are offered, it's still quite a risky venture.
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Re: Pattaya New Skyrise Residential Tower

Post by Undaunted »

Gaybutton wrote:
firecat69 wrote:I think there is money to be made renting to visitors with Condos bought and furnished for the overseas visitor.
For Pattaya, at least, you're probably right about money to be made, but how many condo owners stand much of a chance of being among those who make that money, given the sheer number of vacant condo apartments?

Seems to me that no matter how it's done or what amenities are offered, it's still quite a risky venture.
It is very risky when the authorities begin to enforce new rules limiting rentals not less than 30 days.....how many visitors want to rent for a month?
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Re: Pattaya New Skyrise Residential Tower

Post by Gaybutton »

Undaunted wrote:how many visitors want to rent for a month?
Or more?

Of course, authorities enforcing the new rules - to me the question is will they really enforce it or will it be just another set of regulations that eventually disappear or are simply ignored? I wouldn't want to bet the farm on trying to guess which way that will go.

We've seen that happen so often that I've lost count. For example, remember the new rule prohibiting baht buses on Soi Buakhao? Go down Soi Buakhao and you'll very quickly see how well that particular rule is being enforced.

Some rules do get enforced, but I think the number of rules that just disappear vastly outnumbers the rules that actually are enforced.
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Re: Pattaya New Skyrise Residential Tower

Post by firecat69 »

Try taking a look at the site I mentioned Dancewatchers and you'll quickly see how many people want to rent for a month . You'll also see the more luxurious the unit is the more fully booked it is even now through April..

The units that are not heavily booked are the Budget Units . I understand this is a small sample. But my point is and was that if you buy in the right building, furnish it the right way and have the right people getting you renters , you probably will do quite well.

If you buy in the wrong building, furnish and decorate cheaply and most importantly don't give it to an agent that specializes in this type of rental then you will probably not be Happy.

I am not suggesting that some new building with a thousand units will fit this model. It probably won't. But there are owners doing quite well in this type of upscale units.
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Re: Pattaya New Skyrise Residential Tower

Post by aussie »

My condo building at Pratunmak has signs informing residents the month stay rule will be strictly adhered to. What a joke. It is like a hotel, mostly Asian tourists coming and going on short stays and some very poor behavior in hallways and common areas. They are bending the rules somehow. Staff working at the building are also renting many short stay rooms so the law will be ignored. I am moving next month.
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Re: Pattaya New Skyrise Residential Tower

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aussie wrote:My condo building at Pratunmak has signs informing residents the month stay rule will be strictly adhered to. What a joke.
I had a similar experience in a condo which I had sold but it was with Arabs, thankfully I got my sales price and now I too rent in Pratunmak in a condo which does follow the rules, I can't tell you how much of a difference it makes in my quality of life.
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Re: Pattaya New Skyrise Residential Tower

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aussie wrote: They are bending the rules somehow.
Why am I not surprised?
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