Condo Market Over Built...Sales Slump

Anything and everything about Thailand
User avatar
Undaunted
Posts: 1453
Joined: Fri Aug 12, 2016 8:47 am
Liked: 13 times
Been liked: 221 times

#1 Condo Market Over Built...Sales Slump

Postby Undaunted » Mon Jan 28, 2019 8:10 am

"In the land of the blind the one eyed man is king"

User avatar
Gaybutton
Site Admin
Posts: 15231
Joined: Sat Jul 31, 2010 11:21 am
Location: Thailand
Liked: 1 time
Been liked: 589 times

#2 Re: Condo Market Over Built...Sales Slump

Postby Gaybutton » Mon Jan 28, 2019 12:13 pm

I, for one, don't need an article to convince me of that. Far too many condos in Pattaya already and more being built all the time wherever a vacant spot of ground can be found. And when I look at just about any of them at night, it's rare to see more than just a few lights on, even during high season.

Just behind my house a 3-floor condo was built close to 4 years ago. I have yet to ever see a single light on in any of the units.

I have no idea whether it's a buyer's market these days for condos. Thais are not known for reducing prices. The bars are a perfect example of that. Not enough customers, therefore raise the prices. Thai logic . . .

User avatar
Undaunted
Posts: 1453
Joined: Fri Aug 12, 2016 8:47 am
Liked: 13 times
Been liked: 221 times

#3 Re: Condo Market Over Built...Sales Slump

Postby Undaunted » Mon Jan 28, 2019 1:02 pm

This is an example of a new condo in Pattaya that can be bought off plan: https://grandsolaire-pattaya.com/
"In the land of the blind the one eyed man is king"

User avatar
Gaybutton
Site Admin
Posts: 15231
Joined: Sat Jul 31, 2010 11:21 am
Location: Thailand
Liked: 1 time
Been liked: 589 times

#4 Re: Condo Market Over Built...Sales Slump

Postby Gaybutton » Mon Jan 28, 2019 2:06 pm

Undaunted wrote:This is an example of a new condo in Pattaya that can be bought off plan

Speaking only for myself, one thing I've learned living in Pattaya is I would never, under any circumstances, buy a condo that isn't already completely built, open for inspection, and ready to be occupied. And the builder and company also better have an existing impeccable reputation before I would be willing to part with one baht. There have been too many incidents when buyers ended up ripped off.

For me, beautiful pictures, a high-end sounding name, promises of fabulous amenities and facilities, and nice web sites mean absolutely nothing. If I were interested in a condo, build the place first. Then maybe we'll talk . . .

aussie
Posts: 258
Joined: Mon Aug 02, 2010 1:31 pm
Liked: 157 times
Been liked: 61 times

#5 Re: Condo Market Over Built...Sales Slump

Postby aussie » Mon Jan 28, 2019 2:20 pm

They still advertise 10% yearly returns. In their dreams maybe. Some of the older condos with good reputations like Chateau Dale, Hyde Park and VT5 might give a good return on investment but rents have levelled out and reduced in most newer buildings like Unixx at Pratunmak.

User avatar
Jun
Posts: 1925
Joined: Sun Aug 01, 2010 10:20 pm
Liked: 151 times
Been liked: 98 times

#6 Re: Condo Market Over Built...Sales Slump

Postby Jun » Mon Jan 28, 2019 9:06 pm

Well most of us have been around long enough to know property markets are cyclical and at the top of the cycle, too much gets built.
The Bangkok post had a recent article on the matter and the data showed plenty of supply in Pattaya.
As for buying off plan, well the number of visible unfinished projects should act as a suitable deterrent.

gerefan
Posts: 389
Joined: Wed Aug 18, 2010 6:33 am
Liked: 6 times
Been liked: 32 times

#7 Re: Condo Market Over Built...Sales Slump

Postby gerefan » Tue Jan 29, 2019 6:45 am

Talking of which, what has happened to that big place next to Bali High Pier? The thing that is about 60 floors high with a connecting level to a smaller building.
Sorry I don’t know the name but whenever I pass it looks as if the builders just walked out half way through.

User avatar
Undaunted
Posts: 1453
Joined: Fri Aug 12, 2016 8:47 am
Liked: 13 times
Been liked: 221 times

#8 Re: Condo Market Over Built...Sales Slump

Postby Undaunted » Tue Jan 29, 2019 8:07 am

gerefan wrote:whenever I pass it looks as if the builders just walked out half way through.

I gather the developer had some issues with the law over the height regulations so quit and left. I know 3 people that lost large down payments.
"In the land of the blind the one eyed man is king"

fountainhall
Posts: 1811
Joined: Fri Jan 27, 2017 11:45 am
Location: Bangkok
Liked: 149 times
Been liked: 435 times

#9 Re: Condo Market Over Built...Sales Slump

Postby fountainhall » Tue Jan 29, 2019 9:14 am

Anyone remember Ocean 1? The 91 storey building in Jomtien was supposed to be open by 2009. Then - surprise, surprise! - it stalled. Even so, I recall one poster on another forum advising readers he had confidential information from a trusted source that it was all 100% genuine and that its difficulties were only temporary! I hope no-one believed that and placed a deposit.

User avatar
Gaybutton
Site Admin
Posts: 15231
Joined: Sat Jul 31, 2010 11:21 am
Location: Thailand
Liked: 1 time
Been liked: 589 times

#10 Re: Condo Market Over Built...Sales Slump

Postby Gaybutton » Tue Jan 29, 2019 9:54 am

fountainhall wrote:one poster on another forum advising readers he had confidential information from a trusted source that it was all 100% genuine and that its difficulties were only temporary!

Maybe he was right - nobody defined just how long "temporary" will last . . .

Unfortunately the way things seem to work around here, promises, contracts, commencement of construction, excuses, and apparently even assurances from friends 'in the know' - all worthless. They've got your money. And the chances of you getting a single baht of it back are most likely in the range that falls between zero and none.

All too often there are news stories about people who invested a lot of money in a condo construction project only to see it never happen and the company owner disappears with all the money - and now you're fucked!

Like I said, build it first. Then we'll talk.


Return to “Thailand”

Who is online

Users browsing this forum: @DM, Gaybutton, Geezer, Jun, Trongpai and 55 guests