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Buy to Let Condos for Mongers


socrates
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I have seen a number of New Development Reps in Central recently – based on the success of View Talay 6 and its high occupancy levels – which of the new developments completing in next couple of years would be relevant to MONGERS specifically in terms of Condos specifically bought for use as Holiday Lets

Personally I would not stay in Jomtien or Wongamat or guest houses (no disrespect to the owners here or those that do)

 

I would prefer the alternative that a modern quality studio or one bedroom apartment with great views would give me – compared to a hotel at say around 1500 baht I would happily pay 1000-1300 per night.

So the simple question is which of the new developments currently being built would provide the best all round location for Mongers and holiday lets

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I would say look at the view at cosy beach, only two mins walk to the beach and five mins from walking st

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Cosy beach would be Jomtien.

I would say Markland if you need to be in Pattaya, some places I have seen 15K a month, for daily rates stick to hotel as most

condo owners at the price you are talking don't want the headache dealing with people every few days and have to clean up after

each frequent rentor. There is some low end shop house room rentals I have seen in your price range, good luck with no pool and climbing stairs. hotels have staff to put up with daily rentors but few condo owners do in your price range and most that do are double

what you are willing to pay and have weekly minimum.

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I agree with mpm. The View is an ideal location. That's why I bought a unit. Looking forward to that being finished in September. It's well named.

How do you write, create?" You don't, I told them. You don't try. That's very important: not to try, either for Cadillacs, creation or immortality. You wait, and if nothing happens, you wait some more. It's like a bug high on the wall. You wait for it to come to you. When it gets close enough you reach out, slap out and kill it. Or if you like its looks you make a pet out of it."

 

Charles Bukowski. Bukowski.jpg

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Hi Alexi7. What size unit did you buy and will it be available for rent? If so at what price.. I agree the location is great just by a nice beach yet so close to walking st, roof top pool, gum,sauna, restaurant, happy days..

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Hi Alexi7. What size unit did you buy and will it be available for rent? If so at what price.. I agree the location is great just by a nice beach yet so close to walking st, roof top pool, gum,sauna, restaurant, happy days..

 

mpm,

The unit will not be complete until September. I will be renting it out but have not decided the price yet. These condos are not cheap. Size is 46sq/mtrs. Not big, but much bigger than a hotel room. I have been to the construction site and had a look at the view from the apartment and it is stunning. I will make a post on here when the unit is available. Somehow I don't think I will have a problem renting it out. Thanks for the inquiry.

 

Best regards,

 

Alexi.

How do you write, create?" You don't, I told them. You don't try. That's very important: not to try, either for Cadillacs, creation or immortality. You wait, and if nothing happens, you wait some more. It's like a bug high on the wall. You wait for it to come to you. When it gets close enough you reach out, slap out and kill it. Or if you like its looks you make a pet out of it."

 

Charles Bukowski. Bukowski.jpg

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  • 2 weeks later...

Hi Alex, what sort of costs are involved? and management fees etc?

 

I am looking myself for future and want something I can spend a £30 - £50K on and not make a fortune but say pay for itself in 10 years and allow me usage but without hefty management fees etc...

 

 

mpm,

The unit will not be complete until September. I will be renting it out but have not decided the price yet. These condos are not cheap. Size is 46sq/mtrs. Not big, but much bigger than a hotel room. I have been to the construction site and had a look at the view from the apartment and it is stunning. I will make a post on here when the unit is available. Somehow I don't think I will have a problem renting it out. Thanks for the inquiry.

 

Best regards,

 

Alexi.

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If it was that profitable to rent out, these development agencies would be building hotels, not hard selling condos to 1 week millionaires. The numbers rarely work out in your favor. And it is a risky strategy.

 

The most amazing thing I saw in Pattaya when I was there 2 months ago was just the sheer number of new developments targeted at foreigners, all claiming to be great deals and how they all can sustain themselves and make small profit for their future absentee owners. I have never seen so much bubble activity, even in the peak of US bubble in peak bubble areas (LV, CA, FL).

 

That said, a lot of people bought before the boom for much lower prices and are in fact making some money on their condos. They are essentially pricing at current market rates, having bought at the cheap, pre-bubble prices so their numbers work. There will always be people who make money - assuming they buy low, rent high. This is easy to do when real estate prices are going up, and very hard to do if real estate prices stagnate or go down.

 

Take a look at the free magazine that advertises all the big condo developments coming online in the next year. How many units is that? Because that is your competition. Will this additional condo supply be absorbed by the increasing tourist numbers? Maybe... it very well could be and things will be rosy... That's for you to guess and that is part of the risk.

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If it was that profitable to rent out, these development agencies would be building hotels, not hard selling condos to 1 week millionaires. The numbers rarely work out in your favor. And it is a risky strategy.

 

The most amazing thing I saw in Pattaya when I was there 2 months ago was just the sheer number of new developments targeted at foreigners, all claiming to be great deals and how they all can sustain themselves and make small profit for their future absentee owners. I have never seen so much bubble activity, even in the peak of US bubble in peak bubble areas (LV, CA, FL).

 

That said, a lot of people bought before the boom for much lower prices and are in fact making some money on their condos. They are essentially pricing at current market rates, having bought at the cheap, pre-bubble prices so their numbers work. There will always be people who make money - assuming they buy low, rent high. This is easy to do when real estate prices are going up, and very hard to do if real estate prices stagnate or go down.

 

Take a look at the free magazine that advertises all the big condo developments coming online in the next year. How many units is that? Because that is your competition. Will this additional condo supply be absorbed by the increasing tourist numbers? Maybe... it very well could be and things will be rosy... That's for you to guess and that is part of the risk.

 

New venue for the nouveau riche, cash to spare sudden acceleration of previously lesser economy, lifestyle of sun, sand and this time sex no matter what you look like and at a price you can afford for both sexes. ( nowhere I looked at property abroad could offer that, mind you that does not work out for families so is it going to change). As fast as those with money to "buy the dream" put it in though, the clever "entrepreneurs" are buying up everything in the west they can, even if we think its broken they know its a faster and greater return.

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Who said Viewtalay 6 was a sucess. They have been selling units for over five years now and it is still not at 50%. I currently live there and it is the best location in Pattaya for chasing women but the units are not worth one baht more than they were five years ago.

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Who said Viewtalay 6 was a sucess. They have been selling units for over five years now and it is still not at 50%. I currently live there and it is the best location in Pattaya for chasing women but the units are not worth one baht more than they were five years ago.

 

Talay 6 is a success in terms of renting out to mongers - try and book with Dance Watchers and see how much availability there is - my original thread is about buying condos and renting out to mongers.

 

Also despite the great location and the units inside - the corridors look like you are in a hospital and the communal parts have a cold feel to them

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VT 6 great views, nice rooms. All the charisma of a hospital as socrates says. I am staying LEK hotel nowadays - brilliant.

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out of interest, what's the price of the cheapest studio's on the market at the moment with farang name?

what are view talay1 and the rest going for? furnished or shell?

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Out of interest--Google it.

 

haha nice one mr snide, the internet prices are inflated compared to actual prices insides thailand, that's why i posted :)

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  • 2 weeks later...

saw nirun condo was cheap around 450,000 baht i think i had replied to the post about foreign ownership. pattaya propery is damn cheap as compared to INDIA realty sector. fucking can own 4 condos in price of 1 2bhk in india .

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hi lex, thanks for your reply m8

 

450k that's pretty cheap, is it finished or an empty shell?

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but some say the neighbourhood is not good also there are cop raids due to some unwanted activities. pls check before buying .

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I don't think I've ever been to Nirun specifically, but I've seen plenty of these cheap condos. They all have that distinct "poverty" feel to them. It's like living in public housing. Tiny inside and many things make you reminiss about the 80s. Hallways are used for daily life. The secondary steel bar doors to your condo probably conveys at no extra charge.

 

If you want to live there, might as well rent for 4000/month and see if you can. You can live a very long time there at 4000/month. Why shell out 450K and risk having high assessment for when the roof caves in or AC brakes - which is certainly likely when you look at the upkeep of everything else.

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id rather buy 1 or 1.5 million studio and give it on rent .was thinking about nurun but cant say will have to go and have a look.

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I am also interresting in buying condos in Pattaya for leting it. I do that already in my country and here is possible to make good money. When I retire in Thailand in a few years I like to do that too because I need something to do. I would only accept a prime location. There are so many developments and green parcels of land outside the center so that I can not understand how they can sell them at good prices. Looks for me like a bubble. Check google earth and look how much space is left for new developments. There is no lack.

 

As said before I only would like a prime location. But the prices actually are too high to make an acceptable profit. This means that I will wait until the Euro will become more stronger (I do not know if this ever happens again) or a crises will crack down the prices.

The other thing is that the situation in Pattaya is changing. Indians, Russians are getting more, Western Tourists are hit by the crises and the prices in Thailand are getting up. I think there will be a change in the type of Tourists and I do not know how it will impack the type of accommodation that will be required in the next 10 years.

 

View Talay 6 is ok but on one side there is a parcel of land that is green. This means that sooner or later somebody will build something there. Construction noise and a loss of view on one side will be the result.

 

The result of my calculation is that I keep an eye at the market and when the time is right, I buy. I am not in a hurry.

 

Thats my opinion. Tell me what you think about!

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i just pray to god that indians dont start buying like shit or it will be one big hell of a problem .i escape to thailand to stay away from the pollution, popultation,corruption .hell no if they start buying gonna cause alot of prblem .indian tourist its ok since my business is related to that but i think the time is changing up this time i saw lots of indian tourist as compared to western guys.

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