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[travelerjim]

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[catawampuscat]

This thread brings to mind the new tallest condo tower in the world in Jomtien.. I haven't noticed anyone promoting
it or warning about missing the deal of your lifetime recently.. Are they still going ahead? If so, what about the prices??

As far as the new Talay developments, the smart money got out long ago and flipped their contracts.. Those speculators
who held on for a higher price will have to settle for far less than they hoped for only a few months ago..
It looks like a soft bursting of the bubble and I wonder if new money will continue with speculative developement in the current
real estate environment..

[allieb]

Hang on don't buy now

A wealthy retired friend of mine who is living in Pattaya has recently been offered a condo for investment purposes. Its a large studio and is on sale at 1,000,000 it has dropped from 1,400,000. reason I'm told is that there are a lot of farang in Pattaya who have had enough and are trying to get out before the bottom really drops out of the market.

Rising prices, exchange rates, visa difficulties, lack of cash and the unwelcome attitude of the Thai Government towards farang are the points quoted.

During the past week, I have seen condo asking prices for "unfinished" 48 square meter studio condos DROP by about 200,000 to 400,000 baht! YES..DROP!Every time the question comes up about buying real estate in Thailand, the usual suspects drone endlessly on about what a good investment real estate is the world over, blah blah blah. I always take the contrary view, largely because of the generally poor Thai building "standards", but also because of over-building - and am attacked for holding such negative views. All I can say is "I told you so"

[Dboy]

I'm one of those "never buy in thailand" people but admit tht I'm still tempted. Don't really like the Talay-style places...something about those long hallways and few elevators that has never appealed. Guess if I did it, it would be a smaller property, higher quality like Chateau Dale. Am sure there are other similar places as well. Continue to worry about the haphazard/absent city planning and central government....and of course the visa issues.

Dboy

[Bob]

Purchasing real estate or a condo in Thailand is, in large part, betting on the intelligence, proficiency and stability of the Thai government. Given the current situation (including the currency debacle, recent business legislation, and general instability and naivete of the interim government and junta), that might not be a very wise bet at the moment. Even the recent visa rule changes might end up sparking a significant exodus of foreigners (and, if that occurs, the next few months should tell us that).
Not a wise time in my view.

[travelerjim]

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[Marsilius]

"To help restore foreigners' confidence... Mr Paisan plans a seminar entitled ''Is the Boom Over?'' in the resort city on Feb 9."

I guess that's an emphatic "no" to that one, then. Hardly seems worth adding the question mark!

[Lunchtime O'Booze]

If prices drop then that is the time to get if you are considering investing in a Pattaya propery. I don't anyone yet who has lost money on a property there.

There is no doubt that the coup has stalled sales-I know one property developer who is having problems shifting cheaper properties but the top end of the market is still strong. There's a wait and see game but you can miss out on a bargain that way.

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[travelerjim]

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[Impulse]

This is an outrage!! View Taley promised me that I could enjoy future rising prices on my condo.They told me it was a geat time to buy!!

[Impulse]

I was testing to see if my post would go thru,it did,so I wrote a long one which sent me to hell.Jim,which side are you on?,glad you like vt5,cant beat the location.Im sure most peeps from vt 1 and 2 would prefer vt5 or vt3.I havnt furnished my place yet,just have the run of the mill bathroom tiles put in by vt,big mistake.

It looks like a soft bursting of the bubble

[catawampuscat]

Funny how the screamers and promoters of the deals of your lifetime and the greatest opportunity in the world
have gone silent.. No more headlines, no more unadulterated praise of favorite real estate developers, not a peep.

I guess they have short and selective memories. Wouldn't it be sporting to see a posting where one of the promoters
said sorry and I hope my enthusiasm didn't cost anyone their life savings but that would be expecting too much... :cat:

[catawampuscat]

Funny how the screamers and promoters of the deals of your lifetime and the greatest opportunity in the world
have gone silent.. No more headlines, no more unadulterated praise of favorite real estate developers, not a peep.

I guess they have short and selective memories. Wouldn't it be sporting to see a posting where one of the promoters
said sorry and I hope my enthusiasm didn't cost anyone their life savings but that would be expecting too much... :cat:

[Lunchtime O'Booze]

over time..is there anyone on here who has lost money investing in Thai real estate ?..I bet not.

However even reputable property agents (...stop laughing Homitern !)..will always tell you to only invest in Pattaya if you can afford to lose the money.

I know several people who have lost investing in Thai real estate.

I think that travelerjim is misled regarding the original price of View Talay 5 condos. The ones I bought on the 8th floor cost about 30,000 a sq mt, lower ones were cheaper and higher ones pricier. A 48 sq mt would have cost 1.44 million so to sell for 2 million is making a nice profit in three years even after the oncosts.

I think that some people got very greedy and saw the prime properties going for high sums and priced themselves similarly. Now with so many on the market in View Talay 5 and the View Talay by Pattaya Park plus View Talay Pattaya nearing completion, I think there is a fallback as people see what prices these places are actually selling for. Also the onset of View Talay 7 being built nearby may have effected the prices on the Jomtien View side.

Quite what will happen to the market with the strong baht remains to be seen. I would have thought that with the foreign ownership problems of houses that the condo market would remain reasonably buoyant.

Thailand is so attractive to many foreigners that is has proven virtually "bomb proof!"

[catawampuscat]

If one bought their condo when the baht was at or around 40 baht to the US dollar and sold it even at the same price
as when purchased, the difference is the amount of US dollars would be significant and well over 15% (too lazy to calculate)..

But of course for the buyer who draws funds from the USA, even the reduced price in baht could still not be a bargain..

Thailand is so attractive to many foreigners that is has proven virtually "bomb proof!"Just wait until the King dies!!

[travelerjim]

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[colmx]

Hi TJ

Care to post any pics of the views from your Balcony?

Despite the fact that the VTs look like someting from a Russian Gulag i have become fed up of dragging that suitcase around after me and would be interested in finding a place to call home if the prices keep dropping like this!

Thanks!