Some questions on buying condo

[usexpat46]

8 hours ago, KittenKong said:

Technically this is indeed a correct way of dealing with the situation of a building's income exceeding expenditure significantly. And it shows your management and committee in very a good light as, in all buildings I know of, any such excess cash would probably just get squandered on some nonsense or other.

That said, at 50B/sqm you are starting from a high level.

Problem is that the complex is in need of repairs.  Management works for the committee and the committee consists of 3 brothers of the developer who own over 50% of the complex which consists of only 55 units.  Prior to them being on the committee they were late in making payments and never paid the late fee interest.  so do you still think this is a correct way or a cash flow problem as the many of their units are not rented?

[Xfreak0000]

16 hours ago, Edge said:

Maybe they sold out.   
Seriously, the package they offer appeals to a certain type of investor and they probably aren't reading PA.

@Xfreak0000
Sorry if I missed it but have you stated your budget?

 

I am thinking of investing between 2.5M ~ 3.5M baht in Pattaya.

For the base, I am expecting 2.5~2.8M Baht for 30 SM2 1bed room unit. doesn't necessarily on high floor with seaview, but I know it is better.

However, a lot of 1bed room units are between 2.8~3.2M Baht range, but some stories that I heard were spontaneously the closed deals were between 2.5~2.8M so this is what I am expecting.

[Edge]

5 minutes ago, Xfreak0000 said:

 

I am thinking of investing between 2.5M ~ 3.5M baht in Pattaya.

For The Base, I am expecting 2.5~2.8M Baht for 30 SM2 1bed room unit. doesn't necessarily on high floor with seaview, but I know it is better.

However, a lot of 1bed room units are between 2.8~3.2M Baht range, but some stories that I heard were spontaneously the closed deals were between 2.5~2.8M so this is what I am expecting.

OK so then you probably need to compare options on the basis of price/sqm to judge.

You have asked about what a condominium might look like after 20 years, well if/when you're on the ground take a look.
Center Condotel is 20+ years old and although it went through a dip a few years ago I think it compares well today and prices/costs are lower than newer while IMO build quality was better back then.

You're looking at only 30 sqm for up to 2.8 at The Base without high floor or sea view.
I got those and 51 sqm at Center Condo' for 2.7.
Of course in an old block the standard of fit out will vary a lot, but some of those new ones are done so cheaply they have a pretty short life anyway.
Location is always # 1, but if you want to rent out then Central Pattaya, sea view and high floor make that much more likely.....same if you need to sell later, as soon as you start searching there are masses come up in Jomtien, Pratumnak and Naklua all claiming to be Central Pattaya....go figure.

Just to get an idea have you seen this?
It's offered as a 100 sqm but it's actually 2 x 51 and he would divide back.    

 

[Scuba+]

OK so then you probably need to compare options on the basis of price/sqm to judge.
You have asked about what a condominium might look like after 20 years, well if/when you're on the ground take a look.
Center Condotel is 20+ years old and although it went through a dip a few years ago I think it compares well today and prices/costs are lower than newer while IMO build quality was better back then.
You're looking at only 30 sqm for up to 2.8 at The Base without high floor or sea view.
I got those and 51 sqm at Center Condo' for 2.7.
Of course in an old block the standard of fit out will vary a lot, but some of those new ones are done so cheaply they have a pretty short life anyway.
Location is always # 1, but if you want to rent out then Central Pattaya, sea view and high floor make that much more likely.....same if you need to sell later, as soon as you start searching there are masses come up in Jomtien, Pratumnak and Naklua all claiming to be Central Pattaya....go figure.
Just to get an idea have you seen this?
It's offered as a 100 sqm but it's actually 2 x 51 and he would divide back.    
 

Is Center Condo the one where everyone has done their own thing with balconies? Makes the place look scruffy

[KittenKong]

4 hours ago, usexpat46 said:

Problem is that the complex is in need of repairs.  Management works for the committee and the committee consists of 3 brothers of the developer who own over 50% of the complex which consists of only 55 units.  Prior to them being on the committee they were late in making payments and never paid the late fee interest.  so do you still think this is a correct way or a cash flow problem as the many of their units are not rented?

Ah, in that case it's a very different situation.

It sounds as though they are reducing expenditure on maintenance in order to improve the cash-flow account, and that they are doing that in order to award co-owners (ie themselves) a 6-month common fee holiday. I would wager that they will have made inroads into the sinking fund also.

Unfortunately I cant see any way out of your situation. If it was just one majority co-owner the condo act would give you a little (quite easily bypassed) leverage if you could rally all other co-owners to your side, but if a group of dodgy persons controls the JPM and the committee and the AGM then you are basically screwed. My commiserations. At least in my building it's more a question of laziness, incompetence, inflated quotations and skimming off the cream which I suppose is something to be thankful for, though it doesnt often seem like it.

So yet another reason to never trust anyone in Thailand. Scams, scams and more scams.

[Xfreak0000]

24 minutes ago, Edge said:

OK so then you probably need to compare options on the basis of price/sqm to judge.

You have asked about what a condominium might look like after 20 years, well if/when you're on the ground take a look.
Center Condotel is 20+ years old and although it went through a dip a few years ago I think it compares well today and prices/costs are lower than newer while IMO build quality was better back then.

You're looking at only 30 sqm for up to 2.8 at The Base without high floor or sea view.
I got those and 51 sqm at Center Condo' for 2.7.
Of course in an old block the standard of fit out will vary a lot, but some of those new ones are done so cheaply they have a pretty short life anyway.
Location is always # 1, but if you want to rent out then Central Pattaya, sea view and high floor make that much more likely.....same if you need to sell later, as soon as you start searching there are masses come up in Jomtien, Pratumnak and Naklua all claiming to be Central Pattaya....go figure.

Just to get an idea have you seen this?
It's offered as a 100 sqm but it's actually 2 x 51 and he would divide back.    

 

Hello? Edge.

I've stayed at The base last year in order to check their facilities, management, seaview from condo, etc. and I know they are managed by Sansiri, which I like a lot.

The condo was finished with cheap materials, which is a kind of trend nowadays to save costs, but bad for buyers.

Seaview was not really good from the condo unit i stayed and asked the LL(he was rental a few condo units) and he told me more or less the same view so what I meany by not necessarily high floor means I know high floor is better, but don't think it worth 0.5M baht only for high floor and partial sea views.

I know your point that there are many existing and under construction condos with full seaviews, but they are in Jomtien, which is a different story than being in central pattaya.

I also checked The Centric, but it is located in north pattaya(this is also in my list as well, but I prefer The base over this due to the location) so if I consider seaview is more important than the location this is a very good option to me as well.

Center condo is not what I am looking for. too old, location, etc..

All in all, thanks for your opinion.

[KittenKong]

19 minutes ago, Xfreak0000 said:

I also checked The Centric, but it is located in north pattaya(this is also in my list as well, but I prefer The Base over this due to the location)

The Base and Centric Sea are less than 10 minutes walk from each other. Is your desired location really that precise? If so you have very little choice of buildings.

[usexpat46]

57 minutes ago, KittenKong said:

 I would wager that they will have made inroads into the sinking fund also.

 

You would have won that wager.  Our first 4 years the management firm was CBRE. They were excellent in writing up policies and our bylaws, just never enforced them.  The brothers were on the committee the first 5+ years and were only off after that period of time because the Thai Condo Act prohibited them for serving a 3rd consecutive term unless no one else applied.  My self and 4 others ran so they were off for 2 years but are now back for another 4 years.

[GlobalTraveler]

centric sea the condos have to many walls so very small . The base looking at same square footage or a bit bigger because of design.Centric would be a pain in the but as its past central festival not the best for baht bus ride. But when terminal 21 mall is ready  good location. I live at the base for one year now and I like it. good managment and helpfull. If you want seaview the best are the front 51 sqm units. 2nd the 70sqm units on south side high floor of course. Problem now is Mike shopping mall is expanding adding an 8 Floor hotel to it and the blog from soi diana (kiss Food) to the border of the Base is being demolished for another hotel project. Not sure of hight. But 2 years of construction noise and loss of some  seaviews for the lower units

[KittenKong]

3 hours ago, usexpat46 said:

You would have won that wager.  Our first 4 years the management firm was CBRE. They were excellent in writing up policies and our bylaws, just never enforced them.  The brothers were on the committee the first 5+ years and were only off after that period of time because the Thai Condo Act prohibited them for serving a 3rd consecutive term unless no one else applied.  My self and 4 others ran so they were off for 2 years but are now back for another 4 years.

Dear me.

If the sinking fund is not 100% complete then technically you, along with as many other concerned co-owners as possible, could go to the Land Office and complain about the common fee holiday, arguing that the extra money should be used first to top-up the sinking fund. However in practice the Land Office is unlikely to care very much and may even be actively against you if the brothers talk to them first.

A strong JPM could force management and the committee to behave but you are unlikely to find a Thai who is up to that. And it has to be a Thai or a farang with a work permit as JPM is a proper job, unlike being a committee member. And of course the JPM has to be voted in by co-owners anyway, and your opponents would be more inclined to propose and vote for their own puppet.

Having a Thai co-owner with a military or legal or government background would also help. But you probably dont have one of those on your side either, given the small number of units.

Such a shame.

[usexpat46]

3 minutes ago, KittenKong said:

Dear me.

If the sinking fund is not 100% complete then technically you, along with as many other concerned co-owners as possible, could go to the Land Office and complain about the common fee holiday, arguing that the extra money should be used first to top-up the sinking fund. However in practice the Land Office is unlikely to care very much and may even be actively against you if the brothers talk to them first.

A strong JPM could force management and the committee to behave but you are unlikely to find a Thai who is up to that. And it has to be a Thai or a farang with a Work Permit as JPM is a proper job, unlike being a committee member. And of course the JPM has to be voted in by co-owners anyway, and your opponents would be more inclined to propose and vote for their own puppet.

Having a Thai co-owner with a military or legal or government background would also help. But you probably dont have one of those on your side either, given the small number of units.

Such a shame.

The JPM is a young Thai man who has worked for the brothers since the condo opened 10 years ago and is now also the person in charge of management.

[sauvignon]

On 12/29/2017 at 14:48, Xfreak0000 said:

Hello? 

I have some discrete questions, but could you please share your knowledge and insights on the below questions?

- How do you think about new condo projects in Jomtien? I don't see any good things about Jomtien condos, but there are a lot of new projects and a lot of existing condos on sale, but Jomtien is far from central Pattaya and I don't also see any good point to live in Jomtien. is my understanding correct? or is there any other good point? so is it why there are many condos and new projects?

Good points for Jomtien location - quieter than Pattaya central but still easy to access the centre when required. IMO Wongamat offers a similar option.

New projects - in general I would avoid buying off plan. In Jomtien there are several that are either currently stalled or cancelled and sitting derelict. They keep the cranes in place to make it look as though construction continues, but in fact the site is dead.

Existing is a better option. But you need to check on the possibility of a new building being constructed in front of your building and the sea. Best option an existing building very close to the sea so that can't happen.

- How do you think about The Base condo? On my opinion, it is the best condo(well-located, some defects, but generally well-built, big project, etc). I know 1 bed room unit is 27~30 SM2 so they are quite small, but if I buy a condo I will buy this. How do you think?

No knowledge, sorry.

- Does buyer need to pay real-estate agent fee? as far as I know, normally seller covers it, but is there any case?

All can be negotiated, buyer pays, seller pays or split between them. Just make sure you have this agreed in writing and in the contract.

- Does your real-estate agent accompany to land office, juristic office, elecrticity company to do all the documentations work for you?

The agent will take a large fee from the seller ( between 3 to 5% of the property value) so the agent should do all the legwork.

- Does lawyer really need for buying a condo? I heard about many deals without lawyer and it is quite simple work and if there is any problem the land office officier would not validate the documentations so it is safe as well. How do you think?

Always good to engage your own local lawyer - not expensive and will check everything the agent is telling you. Worth the money IMO. And they will help or have specialist contacts in the future for other legal issues.

- What would happen after 20 years to big project condos such as The Base, VT, Centric. full-renovation? or partial on-going renovation to keep up the quality?

Can't advise on this other than typically low rent = low budget and low finance.  If you are financially stretched and buying into a low budget building, you can expect that many others in your building are in the same position. Maintenance fees might not be paid, services drop, the building deteriorates.

Thank you.

 

Hello Xfreak, since its NYE and I have absolutely no intention of going outside into the Pattaya traffic, I'm stuck at home with time on my hands.

I'll try and give you some answers, based purely on my experience as an owner of one condo and a few other properties. My responses in red.

My condo is outside your budget and I am not an agent - so I have no motive other than giving some free advice  :-)

Take it as you find it.

[Xfreak0000]

2 hours ago, sauvignon said:

Hello Xfreak, since its NYE and I have absolutely no intention of going outside into the Pattaya traffic, I'm stuck at home with time on my hands.

I'll try and give you some answers, based purely on my experience as an owner of one condo and a few other properties. My responses in red.

My condo is outside your budget and I am not an agent - so I have no motive other than giving some free advice  :-)

Take it as you find it.

Hello? Sauvignon.

Thanks a lot for the info and answers.

[rosen80]

Since english is not My First language Im gonna keep this one short.

 

I think most people is agreeing upon that buying a condo ha been a buyers market for along time now, if not all the time.

 

However with exchangerates going tits down, shouldnt real estate market be in a really shitty position for sale of condos and be expecting even worse than it has been several years now ?

 

 

Skickat från min iPhone med Tapatalk Pro

 

 

[Geordie59]

I'll repeat again the best advice I can give on buying a condo.

Rent in the chosen building before buying to see if there are any issues such as building management / maintenance, security, neighbours, noise etc etc.

[Scuba+]

Since english is not My First language Im gonna keep this one short.
 
I think most people is agreeing upon that buying a condo ha been a buyers market for along time now, if not all the time.
 
However with exchangerates going tits down, shouldnt real estate market be in a really shitty position for sale of condos and be expecting even worse than it has been several years now ?
 
 
Skickat från min iPhone med Tapatalk Pro
 
 

Depends on the country of buyer/seller but buying a condo when your currency is weak just locks in a crap exchange rate

[rosen80]

Depends on the country of buyer/seller but buying a condo when your currency is weak just locks in a crap exchange rate

I was in Belive that almost every western country got shitty rates.. cant think of a single country that has the opposite


Skickat från min iPhone med Tapatalk Pro

[Scuba+]

I was in Belive that almost every western country got shitty rates.. cant think of a single country that has the opposite


Skickat från min iPhone med Tapatalk Pro

Iceland is doing ok, think i met one guy in Pattaya

[Xfreak0000]

Thai baht has been strong for recent years, which is opposite of people's forecast due to military coup and political unstability.

Personally, Thai baht will go stronger than now if politics gets stabilized so now is the best time to invest.

Another example is that I was thinking of buying a condo about 10 years ago, but all the people I know persuaded me not to buy.

Now that condo price is about 2.5 more expensive and thai baht has been about 30~40% more expensive so if I bought that condo I would've made about 3~3.5 times profit in that investment even considering money value the profit would've been more than 2.5 times.

[chris2004]

Yes i was lucky to buy 11 years ago with the Pound at 71. Now i would not be so sure at 43.