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Northshore Condo - Priced Well Below Market - 7,250,000


Jaidee Mike

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Because the owner heard of the new project to be build on Soi 4? bye bye see view...

 

Where is this new project that will impede views from the Northshore buildings? First I heard of it.

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Seems to me lots of people who can't afford something belittle it as being too expensive. News flash. The price won't come down just cause you can't afford it. If that worked I'd be complaining how expensive Bentleys are :GoldenSmile1:

 

the thai tech trader knows more about property in patts than most of the forum. he can defiantly afford it also. if he says its too expensive people will do well to listen to his advice.

 

my opinion is this is a very expensive apartment, however i havent a clue what im talking about.

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the thai tech trader knows more about property in patts than most of the forum. he can defiantly afford it also. if he says its too expensive people will do well to listen to his advice.

 

my opinion is this is a very expensive apartment, however i havent a clue what im talking about.

 

If he is tuned in to current pricing then he knows it better than I. I am not in the market and pricing is always a current event thing. I am commenting more on the people using flawed valuation models to result in a price. The cost of construction or land purchase or even what condos cost in Jomtien are irrelevant. It is always a matter of what the market will bear. In this case I can't see the price as being over the top off or I am really out of the loop.

 

I'd be curious to see other condos in this building and their asking price. If someone can link to one much lower then there is an argument the price is off.

 

As to if this is expensive - well it depends on what you want. You can live in Nirun condos for less than a million baht. Having never been there I don't know what that's like but I doubt the security is as good or the odors controlled. So to some people dropping 7 million on a condo is worth it to have Serenity and location.

Edited by fatjack1
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The reality is that Condos that are a `very good deal` - would never even get to make it onto this forum

 

I'm curious now. How would condos that are a good deal be marketed in Pattaya? I own a condo and have never understood the real estate system in Thailand. No central MS system or method of looking up stuff. You have to work with multiple agents as they might have one in a building and the condo next door is being sold by another agent. Weird system IMO.

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What I find funny about this thread is the people who say the properties aren't worth the prices. And then quote something totally irrelevant to how prices are set.

 

Real estate has a very simple formula for value. If it is selling it is priced right. The cost to build or previous owners cost is not relevant as they may have bought in a real estate dip or hot market. And the buider might have been smart and made a big profit - or lost money. Who cares?

 

Yes, but you are no exception. The prices are calculated so that the developer makes a profit if it can sell 30% of the space of a bulding newly constructed in Pattaya, and 30% has been the average for many years. Therefore, the price is more than three times higher than the land and building costs, that's what's their value.

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I've seen one for 4.7m - is this a Northshore Condo for sale here?

 

I don't know what is "the market price" for NorthShore, but fact is that they are several NorthShore apartments for sale in the 4.8-5.8 Mbaht range on Pattaya boards.

 

You can even find some in this range on the Internet, like http://www.northshor...1007-64sqm-1br/

 

And don't forget that "the market price" for condos in Thai name usually is about 20% under the price for the same condo in Falang name.

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I have been to Northshore on at least 10 occasions - it is as close as you are going to get to a Bangkok style residence - in downtown Pattaya - it has quality residents coming in and out - security and staff are very professional and the real proof of the pudding is that one resident has bought 12 or so units - IF you have the money and IF you want to live between 2nd Road and Beach Road - there is NO better residence.

 

Unless anyone knows better?

 

Also developers are in the business of making money - they are not running a charity - if we went on the basis that a 30% profit is made by any developer of any property then we should never buy?

 

I am interested to know the height of the building being erected on Soi 4 - there is no doubt the view from that side of the building on the lower floors is nowhere near as good as the other side - on the higher floors it is spectacular (on the opposite side to Soi 4)

 

Interestingly the bigger units in the adjoining building IMO are not as good as the 2 bedroom units on the front of the building - either in terms of view or layout

 

The P'house however is spectacular

 

I will also be looking at Northpoint on my visit next week - it is also well regarded

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You boys are dreaming,trying to sell a condo at this price on PA.The average punter on this site will spend no more than 1-2 million baht.Spruke on a Russian or Chinese website.Have a look at the market buyers for F##ks sake and wake up.You are not in Bali or Phuket.I can buy a condo in Cairns for half this price.

Edited by aussiekiwi
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Yes, but you are no exception. The prices are calculated so that the developer makes a profit if it can sell 30% of the space of a bulding newly constructed in Pattaya, and 30% has been the average for many years. Therefore, the price is more than three times higher than the land and building costs, that's what's their value.

 

OK so that's the formula. And if they find they are selling fast they raise the price and if not at all they lower them. In the end the market will always dictate pricing.

 

I still miss the MLS system in the US. Easy to see comparables and find alternatives in the same area.

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I don't know what is "the market price" for NorthShore, but fact is that they are several NorthShore apartments for sale in the 4.8-5.8 Mbaht range on Pattaya boards.

 

You can even find some in this range on the Internet, like http://www.northshor...1007-64sqm-1br/

 

And don't forget that "the market price" for condos in Thai name usually is about 20% under the price for the same condo in Falang name.

 

OK, lets compare these two units.

 

The one you list is 5.4 mil and 64 sqm = 84,375 baht per sqm

 

This one is 7.25 mil and 79 sqm = 91,772 sqm

 

Cheaper unit is on floor 10. This one between 21-28 if the map in this thread means something. Cheaper one thai name. This one in company name. All things considered seems about equal value though I'd prefer the larger unit.

 

Here is a page listing all the units in Northshore. Seems to me the one in this thread is priced aggressively based on this.

 

http://www.northshorecondopattaya.com/all-listings/

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I'm curious now. How would condos that are a good deal be marketed in Pattaya? I own a condo and have never understood the real estate system in Thailand. No central MS system or method of looking up stuff. You have to work with multiple agents as they might have one in a building and the condo next door is being sold by another agent. Weird system IMO.

 

If something is a good deal, it doesn't need to be marketed. It will get snapped up in seconds. There are real investors out there, with very deep pockets, who can pay cash for pretty much anything if it's a good deal.

 

In the US, agents know investors. If something is a candidate for 'good deal', they will just tell the investor. A lot of agents will also just buy it for themselves. As as last resort, they will pass it on to their best customer -- all of these before it hits official MLS listing. Thailand is most likely the same.

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OK, lets compare these two units.

 

The one you list is 5.4 mil and 64 sqm = 84,375 baht per sqm

 

This one is 7.25 mil and 79 sqm = 91,772 sqm

 

Cheaper unit is on floor 10. This one between 21-28 if the map in this thread means something. Cheaper one thai name. This one in company name. All things considered seems about equal value though I'd prefer the larger unit.

 

Here is a page listing all the units in Northshore. Seems to me the one in this thread is priced aggressively based on this.

 

http://www.northshor...m/all-listings/

 

The list is out of date - the apartment my friend bought is still on there for sale for a million more than he got it

 

The prices are way over the actual asking prices on the ground

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The list is out of date - the apartment my friend bought is still on there for sale for a million more than he got it

 

The prices are way over the actual asking prices on the ground

 

OK. I am not interested in a condo now (as I doubt living in Northshore I'd get away with having band practice in my condo there :GoldenSmile1::Think1: ). But if I were where would one find places for sale at asking prices "on the ground"?

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I have rented 2 BR on 10th floor of Northshore for 6 months for 38,000 per month. The place was nice and the view was good, but having rented condo's in Pratamak and Jomtien, I do not consider Northshore to be the best value for the money. I enjoyed the pool and exercise room, and the Soi 5 location is very quiet, but you can rent a comparable condo elsewhere for half the price. Just my opinion. I've personnally never made any money buying real estate, so I will let other who may be much smarter than me, comment on the market value to buy.

 

AP

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OK. I am not interested in a condo now (as I doubt living in Northshore I'd get away with having band practice in my condo there :GoldenSmile1::Think1: ). But if I were where would one find places for sale at asking prices "on the ground"?

 

Generally if you are buying an existing condo (already built) walk into reception - there will either be a board which displays for sale/for rent or just ask to speak to The Juristic rep - they will generally know which condos are for sale.

 

Agents will take on a property - the owner may want 5 million - they will try and price it at 6-8 - and the deal is done from there - not all agents work this way but its a dog eat dog world

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I have rented 2 BR on 10th floor of Northshore for 6 months for 38,000 per month. The place was nice and the view was good, but having rented condo's in Pratamak and Jomtien, I do not consider Northshore to be the best value for the money. I enjoyed the pool and exercise room, and the Soi 5 location is very quiet, but you can rent a comparable condo elsewhere for half the price. Just my opinion. I've personnally never made any money buying real estate, so I will let other who may be much smarter than me, comment on the market value to buy.

 

AP

 

Would love to know where there are 2 bedroom condos to this standard and location for 19,000?

 

Please do not tell me about the Talay Buildings - they are like hospitals with those lifeless corridors and very nosiy ones at that - with people moving in and moving out on holiday lets all the time

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I rented a place at Jomtien Plaza Condo for 18,000 per month...the lobby was in need of renovation, but the room was very spacious on 19th floor with great view. I rented at Moonlight Hill Condo on Soi 6 Pratamak Hill for 21,000 for only 3 months. It was a 2 story condo with over 100 sqm of space. The pool is small and a couple of hundred yards from the beach, but overall I had a very good stay there. I just recently rented a place at the Jomtien Beach SPAM WORD Condo...only for 2 weeks, so unsure what the price would be on a longer lease, but also a great sea view, very nice and spacious room. I rented a 3 story townhouse on Soi Town in Town with my then Thai GF. The place was hugh...actually much too big, but still a nice place for 16,000 per month. Not on the beach, but at the time that was ok because I was trying unsuccessfully to be a good boy. There are condos everywhere, with owners motivated to sell or rent. Just need to spend some time on the ground looking for good deals.

 

To me, spending 30 - 40K per month to rent is not worth the money as I spend little time in the room while I am there. However, I do need a good bed and bath with hot water. I also require at least a 1 BR as I enjoy a separate place for sleeping.

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None of these are in the same league as Northshore - either in terms of standard or location or facilities - obviously they are going to be half the price - for people who can afford 38,000 for a 2 bedroom apartment Northshore is a much better bet - and its more for long term renters - 6 months and up

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None of these are in the same league as Northshore - either in terms of standard or location or facilities - obviously they are going to be half the price - for people who can afford 38,000 for a 2 bedroom apartment Northshore is a much better bet - and its more for long term renters - 6 months and up

 

Back when I bought my condo I almost got one in Northshore. This was back when the builder was still selling them. And it has lived up to its' rep for quality and lifestyle.

 

But in the end I wanted something slightly different. Like high ceilings and no one above me which I couldn't get in Northshore. What some guys reading this are missing is this is a lifestyle choice. You have a gym and large swimming pool. Security and no low life's living next door. Plus the location. All of that counts for something.

 

I'm not joking about the band practice thing. Yesterday - 2 guitars and amps and mic thru amp. Not many condos have enough insulation or so few neighbors you can pull that off in the afternoon :Think1:

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Spruke on a Russian or Chinese website.

:YeahThat1: what, er, does that equate to, ozzy slang? sounds great!

Edited by Connection
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Hi All,

 

By way of an update, this unit sold for the full price of 7.25 million, and the guy who bought it got an excellent value. And I'm happy to say that I'm the one who closed the deal, because I really believe in it. If you look at the title in the orignal thread, I indicated this unit is "Priced Well Below Market", and it is and the buyer got an excellent deal. I never said this condo is "Cheap". $235,000 USD is still real money to many people.

 

I am amused by the discussion threads and some of the weblinks that were pasted into the messages. One pointed to a 4.4 million, 44 sqm studio in a building where they have not even broken ground. Should be a nice building, but even studios in that building are now selling off plan for over 6 million (136K plus per sqm).

 

The one link that does paint a fairly accurate picture is the one pasted below. You will see there are only a handful of units on the list priced under 7.25 million baht. And those are all on very low floors and in Thai name. You will also see there is only one unit above the 20th floor priced under 100,000 per sq.m. And that one is sill 4% higher than the one just sold and several floors lower.

 

http://www.northshorecondopattaya.com/all-listings/

 

Wonder what that price will be 3 years from now for this same unit my client just bought for 91,772 per sqm? I am guessing that replacement value 3 to 4 years from now for a similar quality property in a prime location like Northshore will be double what he paid. You're already seeing prices in oceanfront buildings like Northpoint selling for over 150,000 per sqm. A very nice but lower grade building several hundred meters from the beach in Pratumnak is selling for over 110,000 per sqm for high floors with views.

 

I welcome anyone to contact me if you would like to discuss the realities of the Pattaya property market. And if you want to find excellent value (again, not necessarily cheap), we work hard at finding the best possible deals for our clients.

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Hi All,

 

By way of an update, this unit sold for the full price of 7.25 million, and the guy who bought it got an excellent value. And I'm happy to say that I'm the one who closed the deal, because I really believe in it. If you look at the title in the orignal thread, I indicated this unit is "Priced Well Below Market", and it is and the buyer got an excellent deal. I never said this condo is "Cheap". $235,000 USD is still real money to many people.

 

I am amused by the discussion threads and some of the weblinks that were pasted into the messages. One pointed to a 4.4 million, 44 sqm studio in a building where they have not even broken ground. Should be a nice building, but even studios in that building are now selling off plan for over 6 million (136K plus per sqm).

 

The one link that does paint a fairly accurate picture is the one pasted below. You will see there are only a handful of units on the list priced under 7.25 million baht. And those are all on very low floors and in Thai name. You will also see there is only one unit above the 20th floor priced under 100,000 per sq.m. And that one is sill 4% higher than the one just sold and several floors lower.

 

http://www.northshor...m/all-listings/

 

Wonder what that price will be 3 years from now for this same unit my client just bought for 91,772 per sqm? I am guessing that replacement value 3 to 4 years from now for a similar quality property in a prime location like Northshore will be double what he paid. You're already seeing prices in oceanfront buildings like Northpoint selling for over 150,000 per sqm. A very nice but lower grade building several hundred meters from the beach in Pratumnak is selling for over 110,000 per sqm for high floors with views.

 

I welcome anyone to contact me if you would like to discuss the realities of the Pattaya property market. And if you want to find excellent value (again, not necessarily cheap), we work hard at finding the best possible deals for our clients.

 

Congrats on your sale. As I've said I am not in touch to know property values. But I did like what I saw in Northshore when I looked.

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Connection, that's the 2nd time you have added a link to a property which is NOT Northshore. The link you show is for Waterfront Suites & Residences, and that particular unit is a 44 sqm studio. Your list price translates to 107,000 THB per sqm. And I suggest if that's your listing that you update the price. Unless it's a resale unit that someone bought very early in the relaunch, then the price is outdated, and more specifically under prices currently available from the developer.

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