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2 brand new condos for sale in Central Pattaya, only 49,000 per sq.m. fully furnished


Jaidee Mike
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Two condos for sale at The Urban are available for only 49,000 per sq.m., fully furnished. The first unit is 2 BR and 81.2 sq.m., but only available in Thai quota. View is out to the garden area separating the Urban and Urban Suites. Set back from the road, this is a fairly quiet position in the building.

 

http://www.bigmangoproperties.com/thailand/pattaya/condominium/urban-pattaya/25527

 

This second unit is also 2 bed rooms, and 77 sq.m. for 3,771,040 baht. This is the last Foreign quota remaining in the building. But you better be a sound sleeper or out all night, as the unit is on the side of the building with a vacant lot and a beer bar complex.

 

http://www.bigmangoproperties.com/thailand/pattaya/condominium/urban-pattaya/25524

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Only 49 000 per sq.m?

 

You do realize low end is 15 000 per sq.m.

 

I guess I am poor.

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Yes, there are actually several markets here. Buyers here can get cheap prices in places like Nirun condo and others. And prices range to as high as 200,000-plus per sq.m. for the highest floors of the most exclusive new projects in the area. And of course there are many different price points in between.

 

But a price of less than 50,000 per sq.m. for a fully furnished condo in this location and at this standard is extremely competetive and excellent value.

 

By way of an update, the price has since been increased to 49,900 per sq.m.

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Two condos for sale at The Urban are available for only 49,000 per sq.m., fully furnished. The first unit is 2 BR and 81.2 sq.m., but only available in Thai quota. View is out to the garden area separating the Urban and Urban Suites. Set back from the road, this is a fairly quiet position in the building.

 

http://www.bigmangop...n-pattaya/25527

 

This second unit is also 2 bed rooms, and 77 sq.m. for3,771,040 baht. This is the last Foreign quota remaining in the building. But you better be a sound sleeper or out all night, as the unit is on the side of the building with a vacant lot and a beer bar complex.

 

http://www.bigmangop...n-pattaya/25524

 

Why need that 1040 bt, ? lol

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There is no justification for a 50% premium for condos if compared to houses.

 

4 BR 120 sqm houses are available for 4 million, for 5 million you get 150 sqm and a private pool.

 

Condos should be cheaper, but they aren't.

It's all because they want to sell in foreign name, and the other 50% of the property stay empty.

 

The smart move here would be to buy the 50% of the condos in Thai name for cheap and then to rent them out or make a hotel business.

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In general I agree that a house can provide better value than a condo. I don't necessarily agree that the premium is 50% (more like 25% to 30% for properties of similar standard), but yes there is a premium. In theory for that premium you get more amenities like better security, larger pools, fitness center and others, but there are trade-offs as well.

 

Although there are some low cost options for houses near the center, there aren't many. Because land prices near the beach and the city center are significantly higher than East Pattaya, Huay Yai and other areas further from the center, there are not as many options for affodable houses, with many of the options being a bit out of town.

 

And of course the biggest factor is lifestyle. Many residents here do not want to rely on a car or motorbike and want to be within walking distance or a short baht bus ride away from their favorite bars. And many don't want the maintenance associated with a house (although the cost for gardening, pool maintenance etc. is not high), and still others worry about security of a house.

 

The issue of Thai v. Foreign quota in condos is an interesting one. I do agree that if the price differential is significant enough; prices often can be 10% to 20% lower for Thai quota than the same condo in Foreign name; then buying in Thai name can be a viable option. This all depends on one's risk tolerance for buying in a structure that is technically a loophole. It's not for everyone.

 

I also see Thais being much more active in the property market here in Pattaya, especially since the floods in Bangkok a couple months ago. I see that continuing over the next few years at least, as Thais (particularly from Bangkok) are having a fresh look of Pattaya and they like or at least can tolerate the changes that they have seen. If this trend continues, the variation between Thai and Foreign quota condo pricing will narrow.

 

So IMHO it's not necessarily such a no-brainer to buy a house.

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I wasn't advocating buying a house, because of the Land Law it is quite tricky to safely buy a house and the corresponding land.

 

What I wanted to point out is the huge premium between houses and condos., and sorry, it is 50% minimum, even when you completely leave the land out of the comparison.

The fitness amenities are just a detail that isn't even interesting for most people, and let's not compare center city condos with east Pattaya houses.

And a condo's "management fee" covers the maintenance of a comparable house, so that's not a big deal either.

 

Let's compare houses and condos that are outside the city, for example in Jomtien, Na-Jomtien, Bang Saray, Huay Yai or the darkside.

 

If you do that, you will find that a house of 150 sqm will be roughly the same price as a 70 to 100 sqm condo. That's a 50% premium right there, not even considering the land value or the fact that the house's pool is private.

 

Considering a condo building piles many condos up on each other, one has to wonder where the premium is coming from.

 

Similarly, the rent asked for many condos is out of this world, while many 2 room houses can be had for 10k.

 

 

The issue of Thai v. Foreign quota in condos is an interesting one. I do agree that if the price differential is significant enough; prices often can be 10% to 20% lower for Thai quota than the same condo in Foreign name; then buying in Thai name can be a viable option. This all depends on one's risk tolerance for buying in a structure that is technically a loophole. It's not for everyone.

 

I wasn't suggesting buying in foreign name.

I was suggesting making a company for acquiring the condos and making a business of renting them out.

Of course the company owner can buy his own service too...

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There is no justification for a 50% premium for condos if compared to houses.

 

4 BR 120 sqm houses are available for 4 million, for 5 million you get 150 sqm and a private pool.

 

Condos should be cheaper, but they aren't.

It's all because they want to sell in foreign name, and the other 50% of the property stay empty.

 

The smart move here would be to buy the 50% of the condos in Thai name for cheap and then to rent them out or make a hotel business.

 

The justification is you can buy a condo but you can not buy (and own) a house. Simple.

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The justification is you can buy a condo but you can not buy (and own) a house. Simple.

I'm talking about the obviously higher gross margins applied to condos than on houses.

There is no simple justification for the existence of that premium, as long as condos are readily available and offers to sell are all over the place, it's not like there is a shortage of condos, so it's not due to a market mechanism.

 

I guess it's rather due to too many people being in the loop when a condo gets built.

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  • 1 month later...

cant help but think you have a High mark up for yourself here..

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