Hot Resale At The Golden Tulip - Foreign Quota

[wido]

9 hours ago, Swinga said:

still stealing and living the dream...for himself

What he do with his money is up to him. in march it was his birthday when he was in Macau.

I paid 60% for the construction they have build, so i have to pay 40% to the new developer by completion.

 

[simon46]

On 10/8/2017 at 20:34, wido said:

What the developers price now is, i not know. Because the units in farang name are sold out. The price of mine condo (47.9 sqm) on the first contract (2014) was 3,050,000 B. Nova Groupe gave me a good compensation too for the delay. I'm happy to hear you think the price is now 96,000 per sqm, but i think i will be not... maybe if its finished end of 2019 ;)

5555555555555 oh 5555555555555, oh 555555555.

Somewhere on the board is an excellent post regarding condo sales, nothing new under the sun and the same story all over the world.

As prices will hopefully rise as completion becomes more likely and timing more accurate so the developer will hold back units balancing profit and cash flow to his plan.  Risk and reward are interlinked, he needs big balls.

[wido]

11 minutes ago, Evilfriar said:

Thanks for that info Wido, hope they get close to that date.

Cheers

The original contract below, mentioned, the completion date can be extended for 6 months, which means till the half of 2019

[wido]

8 minutes ago, simon46 said:

As prices will hopefully rise as completion becomes more likely and timing more accurate so the developer will hold back units balancing profit and cash flow to his plan.  Risk and reward are interlinked, he needs big balls.

You can only buy in resell a condo in foreign name, only under Thai company there are still a lot for sell.

[Scuba+]

Condo developments must struggle if they can't sell the Thai allocation

[Evilfriar]

4 hours ago, scubascuba3 said:

Condo developments must struggle if they can't sell the Thai allocation

Doesn't seem to bother some. There's hundreds of unsold shells in View Talay 6. Probably more than half of View Talay 5 is unsold. Just depends on the developer I think. Maybe they make enough  by selling the foreign quota.

Cheers

[usexpat46]

4 hours ago, scubascuba3 said:

Condo developments must struggle if they can't sell the Thai allocation

I heard in the past that the 49% allocation for falangs was raised for a short period of time to help the developer.  Then later it returned to 49%.

[Evilfriar]

32 minutes ago, usexpat46 said:

I heard in the past that the 49% allocation for falangs was raised for a short period of time to help the developer.  Then later it returned to 49%.

Kinda sucks for any foreigner trying to sell now if their development is over quota, have to try and sell it in Thai quota which would be almost impossible. Reportedly Thais want new, not second hand. 

Or would that not be the case?

Cheers

[paulyd2k]

anybody else received compensation from nova group, because wido

said he did, but has never replied to my pm or post I put up, am interested to find out, thx

[chris2004]

On 10/16/2017 at 04:24, scubascuba3 said:

Condo developments must struggle if they can't sell the Thai allocation

Can't imagine any condo sells the thai quota. The good ones might sell the 49% farang quota and maybe 10-15% thai. As they charge double the cost of construction they will still make a profit.  The real problem is who pays the common fee for the unsold units. The development company might initially but won't do for long. We had to take ours to court to make them pay.

[Evilfriar]

20 minutes ago, chris2004 said:

Can't imagine any condo sells the thai quota. The good ones might sell the 49% farang quota and maybe 10-15% thai. As they charge double the cost of construction they will still make a profit.  The real problem is who pays the common fee for the unsold units. The development company might initially but won't do for long. We had to take ours to court to make them pay.

Good point Chris, have heard that being a problem more than once.

Cheers

[Scuba+]

Can't imagine any condo sells the thai quota. The good ones might sell the 49% farang quota and maybe 10-15% thai. As they charge double the cost of construction they will still make a profit.  The real problem is who pays the common fee for the unsold units. The development company might initially but won't do for long. We had to take ours to court to make them pay.

Maybe another reason to buy off solvent developers with a good history so they have the money to pay maintenance fees

[usexpat46]

1 hour ago, chris2004 said:

Can't imagine any condo sells the thai quota. The good ones might sell the 49% farang quota and maybe 10-15% thai. As they charge double the cost of construction they will still make a profit.  The real problem is who pays the common fee for the unsold units. The development company might initially but won't do for long. We had to take ours to court to make them pay.

Some will do a very basic fit out of unsold units and rent them out until they sell.  Also there is a onetime fee paid by the initial owner called the sinking fund.

[davidge]

3 minutes ago, usexpat46 said:

there is a onetime fee paid by the initial owner called the sinking fund.

Which can ‘disappear’ with some of the developers or with unsuitable Juristic Person.

 

Chris is right about Thai quota. There are condo buildings that have been finished for several years or more still with many empty shell units that can only be sold in Thai name as the foreign quota was reached long ago.

[paulyd2k]

video-1508230912.mp4

hive of activity there now ,should start seeing major improvements now,

[Oukiva]

4 hours ago, chris2004 said:

Can't imagine any condo sells the thai quota. The good ones might sell the 49% farang quota and maybe 10-15% thai. //

You are fully wrong (I think). There are many condos that have sold 100%, Farang and Thai; probably most of the condos in fact. Thai quota may be a bit slower to sell, but they finish to be sold. Many Thai people buy in Thai name, for themselves or to rent; Many companies buy in Thai name to rent; Many Farang buy through Thai companies to rent.... So, except if lost in the middle of nowhere, they will finish to be sold 100%.

And about the said "problem of unsold units fees", the rules are very clear since the 2008 Condominium Act: "the developer is responsible for paying taxes, common services expenses, and common maintenance expenses for units to which ownership has not yet been transferred" and the justice seems to make apply strongly and quickly this rule in the (very few) cases I heard about.

 

[wido]

7 hours ago, Oukiva said:

the rules are very clear since the 2008 Condominium Act:

This act? http://nova-thailand.com/wp-content/uploads/2011/08/Condominium-Act-2008.pdf

[wido]

On 16/10/2017 at 04:18, usexpat46 said:

I heard in the past that the 49% allocation for falangs was raised for a short period of time to help the developer.  Then later it returned to 49%.

Ministerial Act No. 9 B.E. 2543 issued by the virtue of Condominium Act B.E. 2522

Government Gazette No. 117

Section 91 Kor

dated 4 October 2000

By the virtue of Section 5 under the Condominium Act B.E. 2522 and Section 19 bis paragraph three

under the Condominium Act B.E. 2522 amended by the Condominium Act No. 3 B.E. 2542, the

Minister of Interior hereby announces the following Ministerial Regulation:

1.

In this Regulation

“

Alien

”

means alien person or alien juristic person classified as alien by Section

19.

2.

The condominium unit that can be owned by alien at the percentage of 49%, and is now being

applied for registration, shall be subject to the following regulation and procedure:

(1)

The condominium

building must have at least 40 units or more.

(2)

The condominium must be registered over one year before application for registration by alien

is applied.

(3)

The condominium must not located in Military Safety Zone under Military Safety Zone Law.

[Oukiva]

16 hours ago, Oukiva said:

// the rules are very clear since the 2008 Condominium Act: "the developer is responsible for paying taxes, common services expenses, and common maintenance expenses for units to which ownership has not yet been transferred"  //

9 hours ago, wido said:

This act? http://nova-thailand.com/wp-content/uploads/2011/08/Condominium-Act-2008.pdf

It's the act base, yes, but interesting rules are in the amendments :

See http://www.thailawforum.com/Condominium-Act.html point #4

[bangna]

I know a development in Jomtiem where over 50% remain unsold after 8 years. The developer has not paid one baht in common fees relating to approx 150 units. Difficult to convince the co-owners  to pay fees. He is now trying to use his units as a hotel in contravention of the Condominium Act.

 

Edited October 19, 2017 by bangna
Spellcheck

[Scuba+]

How can you find out what % has been sold? Land office?

[usexpat46]

4 hours ago, scubascuba3 said:

How can you find out what % has been sold? Land office?

If you're talking about the Golden Tulip I doubt it.  When I bought my condo about 8  years ago the land office didn't get involved until my unit was completed and I made final payment.  Also I hired Magna Carta to handle the sale to make sure everything was done correctly.  I would believe that the sales office for the development keeps track of the falang quota and in case you're not aware or others the 49% is based on total square meters of all units and not individual units.

[Swinga]

wido loves the macau casino, and not to be racist he might like bamitsfas and greek islands

Edited October 19, 2017 by Swinga

[striderman]

today

 

anti photo guy screens on the rear

 

 

 

[paulyd2k]

any ideas what that addon is at end of middle block?