Southpoint

[madhat]

Just saw an advertisement of this condominium located on Pratumnak. They offer a 20-year visa when buying a condo as well as 7% rental return for 10 years... Nice bonus, although I couldn't find any useful info on their website. It says construction still underway... and it seems that it's been going awhile...

Anybody knows when they plan to finish and maybe average prices for buy/rent? The location seems pretty good as well as units, but I am not sure if the developer is reliable...

[davidge]

It must be April 1st.

 

[Scuba+]

Without condo name can't do anything

[madhat]

Southpoint Pattaya Condominium at Pratumnak Hill by Kingdom Property -- this one

[davidge]

47 minutes ago, madhat said:

Southpoint Pattaya Condominium at Pratumnak Hill by Kingdom Property -- this one

If you’re serious...

AFAIK construction on hold for a while now.

You can buy a 20-year visa for 1 million baht.

‘Guaranteed rental returns’ just means they charge you much more for the condo then give you some of your money back over a period of time, with you unable to actually live in the condo you’ve paid for.

Companies like this can operate in Pattaya as there is, basically, no legal oversight and a seemingly endless supply of stupid people.

 

IF you really want to buy a condo in Pattaya then don’t buy off plan and look for one of the many, many established condos on the market now with owners finding it increasingly difficult to sell.

[Oukiva]

2 hours ago, madhat said:

Just saw an advertisement of this condominium located on Pratumnak.

They offer a 20-year visa when buying a condo as well as 7% rental return for 10 years...   //

I remember discussions on this offer maybe 3-4 years back already. If I remember well, what they offered was "the right to get" an Elite Visa, so all the paperwork and support to get it, but you still had to pay 500'000 baht for the visa ! 

And about the 7% return for 10 years... I would like to see the 2 pages of small scripting that follow that offer on the contract 

The construction (nearly?) stopped 2 years ago but restarted strongly last year and looks like it may be finished soon : 

https://www.southpointpattaya.com/new/construction.php

[madhat]

any idea on prices for 1 bedroom there?

[Larssonn]

14 hours ago, davidge said:

If you’re serious...

AFAIK construction on hold for a while now.

You can buy a 20-year visa for 1 million baht.

‘Guaranteed rental returns’ just means they charge you much more for the condo then give you some of your money back over a period of time, with you unable to actually live in the condo you’ve paid for.

Companies like this can operate in Pattaya as there is, basically, no legal oversight and a seemingly endless supply of stupid people.

 

IF you really want to buy a condo in Pattaya then don’t buy off plan and look for one of the many, many established condos on the market now with owners finding it increasingly difficult to sell.

where is the 20 year 1 mthb `?

i only find it at 2 mthb

regarding the condo itself its INSANELY overpriced so your return will be 0% and you will also be paying for the visa the time you wish to sell .i belive 30 sqm low floors are over 4,3 mthb cant recall .

[Scuba+]

where is the 20 year 1 mthb `?
i only find it at 2 mthb
regarding the condo itself its INSANELY overpriced so your return will be 0% and you will also be paying for the visa the time you wish to sell .i belive 30 sqm low floors are over 4,3 mthb cant recall .

The Thai Elite has a 20 year 1m baht option

[davidge]

4 hours ago, Larssonn said:

where is the 20 year 1 mthb `?

i only find it at 2 mthb

regarding the condo itself its INSANELY overpriced so your return will be 0% and you will also be paying for the visa the time you wish to sell .i belive 30 sqm low floors are over 4,3 mthb cant recall .

[madhat]

I thought the 20-year visa is free (included in price) when you buy a condo... at least that's what the ad says...

[Larssonn]

thanks alot .

madhat yes its included but as the condo price itself is insanely high and never sellable for even near the purchase price you pay for the visa aswell as the 7% return yourself ...... and upfront........ 

[Tripp]

The condo market is over inflated and way overpriced.  Supply massively exceeds demand and if it were anywhere other than Pattaya and Thailand the prices would be rock bottom and the developers largely bankrupt. How and why they are still building is one of those little puzzles that you get here, probably something to do with corruption of some kind.  If you must buy a condo here, seek out the many expats who are trying to get rid and leave (that should tell you something!) and drive down the price even more.  Even so, you will never make any money, either renting or selling.  The best you can do is get some money back, but it would be better off earning interest in an investment outside LOS,  In other words, it's a mugs game.  Personally, I would rent.

Now houses at the moment are a whole different market and ball game, but not for this thread. 

[Larssonn]

37 minutes ago, Tripp said:

The condo market is over inflated and way overpriced.  Supply massively exceeds demand and if it were anywhere other than Pattaya and Thailand the prices would be rock bottom and the developers largely bankrupt. How and why they are still building is one of those little puzzles that you get here, probably something to do with corruption of some kind.  If you must buy a condo here, seek out the many expats who are trying to get rid and leave (that should tell you something!) and drive down the price even more.  Even so, you will never make any money, either renting or selling.  The best you can do is get some money back, but it would be better off earning interest in an investment outside LOS,  In other words, it's a mugs game.  Personally, I would rent.

Now houses at the moment are a whole different market and ball game, but not for this thread. 

not all correct , good priced purchased units in great locations generate way more intrest than any atleast eu bank would .

[Tripp]

29 minutes ago, Larssonn said:

not all correct , good priced purchased units in great locations generate way more intrest than any atleast eu bank would .

Okay, if you think that is a more secure investment good luck.

[madhat]

thanks for the info, that makes sense... I would also rent, but I thought it would be nice to get a condo and a 20-year visa as a benefit... of course for the fair price... didn't think they still sell overprice condos even when the market is stall and they can't finish the construction for so long...

[KittenKong]

16 hours ago, Larssonn said:

not all correct , good priced purchased units in great locations generate way more intrest than any atleast eu bank would .

Until the day comes when you want to sell, and the hidden losses become painfully apparent. Take the difference between the purchase and sale prices, add in the transfer taxes and agent's fees (both very high here), add the common fees and maintenance/redecoration costs, add the agent's commission for rentals, add the income tax you should be paying here, add the dead periods during which you have no tenants, and the return on investment on Thai property can become much less interesting than the returns on bank deposits elsewhere. I currently get 2.4% on new GBP deposits (up till last year I was still getting 5% on historical deposits), and 3-4% in stock dividends, all without any fees or taxes payable at all, and no costs of any type. And I also benefit from 100% instant liquidity on all my investments.

A Thai condo is about the most illiquid investment I can imagine, and one that offers very little potential for capital increase. I believe that your own one has been on sale for a year, during which time you offered various reductions, financing, and combinations of rent/sale/trade, and that even after all that it still hasn't sold.

http://www.pattaya-addicts.com/forum/topic/313711-view-talay-6-2-beds-corner-for-rent-sale-trade/

That said, there are some very popular buildings in Jomtien that can easily produce an 8% return after all costs, with minimal apparent downside in capital value. But who would want the hassle of owning 10 of them to get a decent total monthly income? Not me, thanks.

 

[KittenKong]

17 hours ago, Tripp said:

The condo market is over inflated and way overpriced.  Supply massively exceeds demand and if it were anywhere other than Pattaya and Thailand the prices would be rock bottom and the developers largely bankrupt. How and why they are still building is one of those little puzzles that you get here, probably something to do with corruption of some kind.

The Thai property market is 100% smoke and mirrors.

Asking prices bear little relation to real sale prices, and there are no property ownership taxes to discourage people from hanging on to property that produces little or no return. Add to that the fact that a lot of property in Thailand is bought with "black" money, from various sources both internal and external to the country. And bear in mind that with very few exceptions (like central Bangkok) there are usually hectares of completely undeveloped land in or near even the most popular areas. Just look at 2nd Road in Pattaya and Beach Road in Jomtien. No shortage of building plots there.

Prices could drop 40% here and still be way over the top when compared to other countries.

[Larssonn]

3 hours ago, KittenKong said:

The Thai property market is 100% smoke and mirrors.

Asking prices bear little relation to real sale prices, and there are no property ownership taxes to discourage people from hanging on to property that produces little or no return. Add to that the fact that a lot of property in Thailand is bought with "black" money, from various sources both internal and external to the country. And bear in mind that with very few exceptions (like central Bangkok) there are usually hectares of completely undeveloped land in or near even the most popular areas. Just look at 2nd Road in Pattaya and Beach Road in Jomtien. No shortage of building plots there.

Prices could drop 40% here and still be way over the top when compared to other countries.

what country are you comparing to ? afghanistan or  hong kong ? and prices are down by 40% already in pattaya .

what condos in jomtien have 8% + and 100% uptime would be very intresting to know ? 

personally i would never consider 2,4% minus tax but its personal choice , 2,4% and pay rental to anyone getting 10% return ...do the math who win and loose

[Oukiva]

10 minutes ago, Larssonn said:

and prices are down by 40% already in pattaya .

Which condos ? And compared to when ?? 

Just sold my condo, and certainly not lower than I bought it !

[Larssonn]

11 minutes ago, Oukiva said:

Which condos ? And compared to when ?? 

Just sold my condo, and certainly not lower than I bought it !

think you can check most buildings who prepurchased from developers on a high market would need to drop alot to be able to sell today , tons of askings but actual sales ? 

great you made some money , and im extremely sure not to loose any money either but as the topic is about southpoint its a awfull deal and would end up in the doomsday phrophecy kitten paints up ..

[KittenKong]

1 hour ago, Larssonn said:

what country are you comparing to ? afghanistan or  hong kong ? and prices are down by 40% already in pattaya .

what condos in Jomtien have 8% + and 100% uptime would be very intresting to know ? 

personally i would never consider 2,4% minus tax but its personal choice , 2,4% and pay rental to anyone getting 10% return ...do the math who win and loose

 

Which countries? Well, how about Spain or Portugal or France or even some parts of the UK. Even the USA for that matter, though they dont seem to offer any simple way for me to stay there all year round.

Condos providing a better return here? Perhaps look at small units in the older VT buildings, and others.

My 2.4% is net, as I mentioned, and is rising from an all-time low. No tax payable anywhere. And why would having money on deposit with a bank mean that I would have to pay rental to anyone? I own my own condo here, and I have money in the bank, and I have various other passive investments that offer reliable income and possible capital gains. And if I survive a few more years I may even start collecting a pension.

In the thread in which you advertise your own condo for sale you mention a return of 5+%, which does not sound very attractive to me given the numerous costs applicable and the relatively large number of potential downsides. I might consider buying it to live in (though probably not as I find that area too noisy, too overbuilt and too riddled with Chinese tourists) but not as an investment.

[Larssonn]

1 minute ago, KittenKong said:

 

Which countries? Well, how about Spain or Portugal or France or even some parts of the UK. Even the USA for that matter, though they dont seem to offer any simple way for me to stay there all year round.

Condos providing a better return here? Perhaps look at small units in the older VT buildings, and others.

My 2.4% is net, as I mentioned, and is rising from an all-time low. No tax payable anywhere. And why would having money on deposit with a bank mean that I would have to pay rental to anyone? I own my own condo here, and I have money in the bank, and I have various other passive investments that offer reliable income and possible capital gains. And if I survive a few more years I may even start collecting a pension.

In the thread in which you advertise your own condo for sale you mention a return of 5+%, which does not sound very attractive to me given the numerous costs applicable and the relatively large number of potential downsides. I might consider buying it to live in (though probably not as I find that area too noisy, too overbuilt and too riddled with Chinese tourists) but not as an investment.

you clearly dont remember the insane spain real estate crash so if thats a secure market for you then go ahead  , anyway leaving this thread and let the man decide about southpoint , hopefully he changed hes mind to avoid loosing alot of money and maybe invest in spain real estate market instead  

[KittenKong]

7 hours ago, Larssonn said:

you clearly dont remember the insane spain real estate crash so if thats a secure market for you then go ahead

Well, that's the whole point: prices have already dropped there from their ridiculous extremes and are now stable or even heading up again. Here they are still much too high.

And I still would much prefer to invest in places in which I have right of abode and which have something approaching a reliable legal system. Thailand is not in either category.

[striderman]

i took these pics today. the site appeared to be quiet