Was just browsing condos on FazWaz for fun... prices are insane!

[Starfighter99]

Just like the title says-- I was browsing condos in the Pattaya area (and other areas as well, but I'll focus on Pattaya for this post) and was honestly shocked to see just how expensive condos have gotten over there. Even used condos are selling for $100,000 USD or more, and sometimes, much more. It's true that I have only really looked at handful of times, including when I was staying in Thailand for a few months back at the end of 2021 through the beginning of February 2022, but unless I'm completely misremembering things, real estate prices across the board have skyrocketed. 

Apologies if this is the millionth time someone has said something like this, but these prices really aren't that much cheaper than buying a condo in many areas of the United States. Sure, you're getting property in a very popular area like Jomtien or Pattaya City as opposed to a smaller town setting in America, but are people really paying multiple 6 figures for a used smaller condo in Pattaya these days?

[rioman]

Not sure what parts of the US you are comparing to, but I think it is very avg for prices in the USA to be double what they were 4 years ago and your HOA fees are very large compared to Thailand.  I actually think Thailand may represent the best condo value in all the areas where I have travelled.  

[wolfgang68]

4 hours ago, Starfighter99 said:

Just like the title says-- I was browsing condos in the Pattaya area (and other areas as well, but I'll focus on Pattaya for this post) and was honestly shocked to see just how expensive condos have gotten over there. Even used condos are selling for $100,000 USD or more, and sometimes, much more. It's true that I have only really looked at handful of times, including when I was staying in Thailand for a few months back at the end of 2021 through the beginning of February 2022, but unless I'm completely misremembering things, real estate prices across the board have skyrocketed. 

Apologies if this is the millionth time someone has said something like this, but these prices really aren't that much cheaper than buying a condo in many areas of the United States. Sure, you're getting property in a very popular area like Jomtien or Pattaya City as opposed to a smaller town setting in America, but are people really paying multiple 6 figures for a used smaller condo in Pattaya these days?

No idea why, but this FazWaz company seems to have higher prices than others.

Do some research on FB marketplace or special groups on FB, you get a much better overview of offers, mostly from direct sellers.

I bought 2 condos recently through this channel, worked very well.

[Starfighter99]

5 hours ago, rioman said:

Not sure what parts of the US you are comparing to, but I think it is very avg for prices in the USA to be double what they were 4 years ago and your HOA fees are very large compared to Thailand.  I actually think Thailand may represent the best condo value in all the areas where I have travelled.  

It's entirely possible that you're right, and I am operating from what I'd consider to be a quite-outdated mindset in this matter. The truth is that although I've been thinking about a move for a long time, I never did lots of research on my own, mainly because I had been planning on moving to Patts (or elsewhere like Hua Hin etc) after I turn 50, which isn't for another 6.5 years.

[Luv2Phuket]

I'm FAR from an expert, but the end of 2021 to early 2022 was right after COVID, and probably represented some of the lowest prices in recent times.

Also, if you think prices are bad now, keep in mind that the USD has been very strong against the baht lately -- currently well over 36 baht to the dollar, so that 100k USD represents over 3.6 million baht.  If the exchange rate falls to around 30, that same 100k drops to 3 million.

[Starfighter99]

32 minutes ago, Luv2Phuket said:

I'm FAR from an expert, but the end of 2021 to early 2022 was right after COVID, and probably represented some of the lowest prices in recent times.

Also, if you think prices are bad now, keep in mind that the USD has been very strong against the baht lately -- currently well over 36 baht to the dollar, so that 100k USD represents over 3.6 million baht.  If the exchange rate falls to around 30, that same 100k drops to 3 million.

Very good points. I think I have to come to the conclusion that I had magical thinking when it came to the prices of condos in town and probably assumed you could get a decent one for the price of a lower-end BMW in the USA or something. Who knows.. I even amaze myself sometimes (at how clueless I can be!)!

[bonlondon]

I kept up online with condo purchases and rentals

Then I went boots on the ground and did a search

My conclusion is that there is a large difference between internet and boots on the ground

And clearly, the internet is much more seller/landlord optimistic than what is actually out there when you want to talk turkey

I made two rental deals in person that at prices I could not find on internet

Of course when you are back home in farang land then boots on the ground is not an option

But it is certainly the best way

 

[Starfighter99]

1 hour ago, bonlondon said:

>My conclusion is that there is a large difference between internet and boots on the ground

>And clearly, the internet is much more seller/landlord optimistic than what is actually out there when you want to talk turkey

This is also a good point. I imagine that coming into town for a few weeks on a visa waiver or whatever it's called that US citizens get, is probably not enough time to really get boots on the ground, especially when said boots will be knockin' as many BGs as possible.

Edited April 7 by Starfighter99

[Roadglide]

If you think prices are bad now...Just do a little research into what the Russian invasion into Phuket has done to that property market.  It's so bad that even the locals are complaining that they can't afford a place to rent.

In my opinion the Thai government really screwed up by allowing so many Russian and Chinese to be able to stay in Thailand for extended periods of time. 

[googlehead]

A lot of newer developments I see are unlivable for any extended period of time. Lots of flashy places with infinity pools, fancy entrances and gardens. Then the rooms are like shoe boxes. You'd want to be living a minimalist lifestyle to live in them. 

[allwet]

Few people can afford to buy a house in the US right now because of inflated values and high interest rates. Prices in Pattaya will be high because it's a resort city that caters to foreigners. I wouldn't recommend buying any property in Thailand. 

[LASportsNut]

23 hours ago, Starfighter99 said:

Just like the title says-- I was browsing condos in the Pattaya area (and other areas as well, but I'll focus on Pattaya for this post) and was honestly shocked to see just how expensive condos have gotten over there. Even used condos are selling for $100,000 USD or more, and sometimes, much more. It's true that I have only really looked at handful of times, including when I was staying in Thailand for a few months back at the end of 2021 through the beginning of February 2022, but unless I'm completely misremembering things, real estate prices across the board have skyrocketed. 

Apologies if this is the millionth time someone has said something like this, but these prices really aren't that much cheaper than buying a condo in many areas of the United States. Sure, you're getting property in a very popular area like Jomtien or Pattaya City as opposed to a smaller town setting in America, but are people really paying multiple 6 figures for a used smaller condo in Pattaya these days?

Your observation about condo prices in Pattaya increasing significantly is accurate. Here's what you might find:

Median price: The median price for condos in Pattaya is around ฿ 3,775,355 (roughly $110,000 USD), which has risen slightly in the past year.

Range: Prices can vary greatly depending on factors like location, size, amenities, and age. You can find studios for under $100,000 USD, but larger units or those in prime locations will cost more, reaching several hundred thousand dollars.

Comparison to US: It's true that some Pattaya condos approach the cost of condos in certain US areas. However, Pattaya offers a beachfront lifestyle and proximity to tourist attractions, which can be a major perk.

[bonlondon]

To Starfighter99's point .....

If you come here from the USA for a few weeks the last thing to worry about is condo pricing

While condos may have a slight increase, the hotels here in Pattaya are still bargains

The Hilton is no longer the deal it once was, but there are some very nice hotels at a very good price when compared to the outrageous hotel pricing going on now in places like Vegas or Miami or even London

Focus on all the unique fun to be had here - you won't spend much time in your room anyway

 

[Starfighter99]

9 hours ago, LASportsNut said:

Your observation about condo prices in Pattaya increasing significantly is accurate. Here's what you might find:

Median price: The median price for condos in Pattaya is around ฿ 3,775,355 (roughly $110,000 USD), which has risen slightly in the past year.

Range: Prices can vary greatly depending on factors like location, size, amenities, and age. You can find studios for under $100,000 USD, but larger units or those in prime locations will cost more, reaching several hundred thousand dollars.

Comparison to US: It's true that some Pattaya condos approach the cost of condos in certain US areas. However, Pattaya offers a beachfront lifestyle and proximity to tourist attractions, which can be a major perk.

Was this Gemini or ChatGPT, by any chance? It doesn’t read like your usual posts.  Especially since I’ve been “chatting” with Google Gemini about condos in Thailand over the last few days, I’m keenly aware of their styles. 😂

[Starfighter99]

1 hour ago, bonlondon said:

To Starfighter99's point .....

If you come here from the USA for a few weeks the last thing to worry about is condo pricing

While condos may have a slight increase, the hotels here in Pattaya are still bargains

The Hilton is no longer the deal it once was, but there are some very nice hotels at a very good price when compared to the outrageous hotel pricing going on now in places like Vegas or Miami or even London

Focus on all the unique fun to be had here - you won't spend much time in your room anyway

 

This is definitely true from a tourist standpoint, but I was and am considering becoming more than a tourist in the coming years. I happen to have a chunk of change that I’d rather not waste on rent in a crappy US town when I could get a place of my own, even if it’s a condo. 

[Kahoy]

23 minutes ago, Starfighter99 said:

This is definitely true from a tourist standpoint, but I was and am considering becoming more than a tourist in the coming years. I happen to have a chunk of change that I’d rather not waste on rent in a crappy US town when I could get a place of my own, even if it’s a condo. 

Interest rates and inflation in the US are on the rise. You might want to check the rental prices for condos which suit you and calculate how many years it would take you to recoup your investment for buying vs renting and investing your cash instead. Your age would likely also be a factor in this calculation. Over 60, rent don't buy. There is also a possibility of a property price crash in the coming years or maybe even the opposite (in USD) if the dollar devalues due to the US national debt, currently 34 trillion.

Edited April 8 by Kahoy

[badrodald]

37 minutes ago, Kahoy said:

Over 60, rent don't buy.