Condo Market

[Khun004]

I gotta believe, with all the 5 to 10,000,000+ baht units, comming online, thinking of SOI 24, as well as other places, in Suhkumvit Area. Some of those projects, are gonna go sideways, EVEN with the old rules for farangs, and more so with the unfriendly feeling, hard to buy, even with the retirement Visa in place.

I see it the same as Sporty.

I was in Sukumvit 24 last week.

Who is going to buy all those new condos opening up there?

And all up and down mid-Sukhumvit, more and more new condos going up.

Just look out and up from any skytrain station and count the construction cranes.

Must be building a thousand new condo units, at least.

Meanwhile, the restaurants and shops in those sois have only a few customers.

I don't see where the demand is coming from to buy all those condos.

Does anybody know?

.

[Mekong]

I gotta believe' date=' with all the 5 to 10,000,000+ baht units, comming online, thinking of SOI 24, as well as other places, in Suhkumvit Area. Some of those projects, are gonna go sideways, EVEN with the old rules for farangs, and more so with the unfriendly feeling, hard to buy, even with the retirement Visa in place. [/quote']

I see it the same as Sporty.

I was in Sukumvit 24 last week.

Who is going to buy all those new condos opening up there?

And all up and down mid-Sukhumvit, more and more new condos going up.

Just look out and up from any skytrain station and count the construction cranes.

Must be building a thousand new condo units, at least.

Meanwhile, the restaurants and shops in those sois have only a few customers.

I don't see where the demand is coming from to buy all those condos.

Does anybody know?

.

 

 

Try seeking Bangkok outside the Confines of Sukhumvit and Sathorn I know damn well I would never be in the property market of Mayfair or Pall Mall in London.

 

Within easy reach (less than 50 Baht taxi fare)of both areas and adjacent to expressways there are

many Condos available in the 20-25K / Sq M ie 4 Bed 2 Bath 170 Sq M Condos for less than 3.5 Mill.

 

Personaly I feel that the recentley enforced Visa laws will have very little effect on Condo prices for the majority of BKK, just isolated blips in the high density enclaves of Non-Thais.

[Crash999]

I am sure its not just my thinking.

 

Does anyone else feel the Condo Market, with the new Visa changes, and new units being completed, is in for trouble.

 

Maybe a collapse ?

 

I think the market in Bangkok might be in for a bit of a hit- a lot of high-grade condos coming online in the next year or so. Folks bought into them as an investment but I don't think the value is going to be there when the buildings are finished.

 

In contrast, Pattaya seems quite healthy. The airport moving will definitely help- this high season I think there will be a lot of action, especially in condos.

 

[BKKanalist]

I just posted an opinion in another thread.

 

Some fairly serious real estate investors assume that some sort of panic will come when, not if but when, there is some sort of problem in BKK spilling over from the south.

 

If you are thinking of buying might be best to wait.

[ThaiHome]

Try seeking Bangkok outside the Confines of Sukhumvit and Sathorn I know damn well I would never be in the property market of Mayfair or Pall Mall in London.

 

Within easy reach (less than 50 Baht taxi fare)of both areas and adjacent to expressways there are

many Condos available in the 20-25K / Sq M ie 4 Bed 2 Bath 170 Sq M Condos for less than 3.5 Mill.

 

Personaly I feel that the recentley enforced Visa laws will have very little effect on Condo prices for the majority of BKK, just isolated blips in the high density enclaves of Non-Thais.

 

For some reason, certain people just can't understand that Sukhumvit is just one street in a huge city and Thailand does not revolve around it.

TH

 

[ThaiHome]

My recently completed fully sold out building (not in Sukhumvit area) has over 300 units and there are only about 10 farangs. They did not need us.

10 Farang owners?

 

I was visiting a friend late this afternoon who lives in the President Park condos on Soi 24. It seemed to me that at least 70% of the occupants - judging by who was using the pool (no sun out)- were ex-pats of some kind.

 

I work with plenty of wealthy Thais. They are buying upscale condos, but most are buying them to rent to ex-pats. I know because they are constantly asking me if I know any prospective tenants.

 

When CB Richard Ellis does market research on demand for up market condos, do you know what they primarily look at? The number of new work permits granted. The numbers have increased dramatically over the past few years, and that has been fueling demand.

 

But it is also fueling a backlash, even though the absolute numbers of ex-pats here is very low. In a city of 11 million you would expect more than 70,000 foreign workers. But because the increase has been dramatic on a percentage basis off a low base, it has fueled the perception in some quarters that foreigners are "taking over" Thailand.

 

And all of this is happening in an election year where the biggest news is the sale of Shin corporation to a company controlled by the Singapore government. We've seen the reaction to that. We are seeing all sorts of new restrictions on foreign investment and ownership and now we are seeing tighter visa restrictions. Indeed, months ago I posted about the new restrictions that were in the pipeline (and was basically told by many that this was all bullshit - and yet we now see it all coming to pass.)

 

Property markets anywhere are fickle, but they have proven to particularly fickle here in Thailand. I was in here in the mid 90s when the property boomed and then quickly went bust. The underlying problems that caused the bust - connected lending - weren't fixed following the '97 crisis. Fixing the problem threatened too many vested interests. It was easier to blame outsiders - foreigners, the IMF, George Soros, etc. - for Thailand's financial crisis.

 

Now the government is complicating matters by making life more difficult for the primairy consumers of up market condos. This is not a smart policy. In fact, we are seeing a lot of bad policy decisions being made now for purely political reasons. Expect more.

 

Yep, 10 farang owners. Why do you find that hard to believe?

Also, do you honestly think that President Park and the new condos going up on Soi 24 are dependent on entry stamp runners for a customer base, even the rental market? How many of these non-sun bathers you were gazing at do you think are entry stamp runners living in President Park?

 

Please explain what you perceive as "tighter visa restrictions" which you proclaim you predicted months ago? I think what is being discussed is tighter non-visa restrictions.

 

As has been noted many times, your doomsday proclamations are very tiresome. I will admit, that if you keep these up for long enough, the normal up-down business cycle will allow you to be finally correct.

TH

 

[OCgringo]

any guess on what the percentage of falang sales are in the condo market ?

 

In Bangkok I would think the percentage is small ,

but in the beach resorts I bet its more than half ,

 

that where the visa regulations will slow sales

 

OC

[Pom_Pom]

a lot of people buy condos in thailand not for the purpose to live in it, but as a financial investment. you could also call it speculation as prices of many high end condos have more then doubled in the last couple of years.

 

Prices for the condos may have doubled, but can they actually be sold? There seems to be a huge bias for buying new, which pushes the purchase prices up well above the actual value.

 

What sort of time frame do people think you need to own for before you can sell at a profit?

[Sporty]

[quote name=ThaiHomeYep' date=' 10 farang owners. Why do you find that hard to believe?

Also, do you honestly think that President Park and the new condos going up on Soi 24 are dependent on entry stamp runners for a customer base, even the rental market? How many of these non-sun bathers you were gazing at do you think are entry stamp runners living in President Park?

 

Please explain what you perceive as "tighter visa restrictions" which you proclaim you predicted months ago? I think what is being discussed is tighter non-visa restrictions.

 

As has been noted many times, your doomsday proclamations are very tiresome. I will admit, that if you keep these up for long enough, the normal up-down business cycle will allow you to be finally correct.

TH

 

No trouble with what you say only about 10 Farang at your site, especially, outside the primary area of discussion here (farangland).

 

I do not have a Hard Count, but my eyes tell me, that there will be 5,000 or more, New, Moderate to Highend units(most 5 to 20 Million+) coming online, in a 12 month period.

 

Because of where they are being built (Suhkumvit to Silom), and the cost I think the project developers are targeting the farang buyer.

 

Govenrnment with what seems to be a generally unfriendly farang attitude, not just the Visa stuff, investment, ownership (Nominee), and other issues, along with CBE reporting 20%+ current vacancy, at the higher end (read that somewhere, not sure where). Along with what seems to be an instability in the Government, and the escalating southern troubles, that may end up, coming to BKK.

 

I am convinced, better to wait and see, than to jump in, at this time. Even if it means, paying a bit more, in the future. My bet, is a fire sale, is much more likely.

 

 

 

 

 

 

 

 

[Mekong]

No trouble with what you say only about 10 Farang at your site, especially, outside the primary area of discussion here (farangland).

 

Exactly the Myopic opinion I was refering to in my previous posting.

 

Since when had farangland been Sukhumvit and Silom?

 

Those district may be the be all and end all to naieve and uninitiated, but its not "Farangland" as I or the majority of my acquaintances know it, the Zoo Maybe but not Farangland.

 

Where is the primary area of discussion?