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Originally Posted by Expat
Sounds like you are buying for all the wrong reasons...
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Expat -What is the wrong reason for buying? If he wants to have a part-time residence in Phuket with apprecation potential(as he stated), then that seems like the right reason to buy. Isn't that why most people buy?
Phukethomebuyer - As far as the tsunami affecting prices on Phuket, it seems to me that few, if any at all, maybe none, of the private residences were damaged by the tsunami. The economy may be hurting a bit, but that has little effect on the real estate market. All the people I know who own bars, restaurants, or other businesses are renters. I suspect that the market for real estate is comprised largely of people with money to spend who want a vacation home just like you, Phukethomebuyer. Those people are not affected by the economy in Phuket any more than you are! You are a typical buyer! Such buyers, once they become owners, do not typically get scared easily and sell at a discount. Like you, they bought for appreciation potential as well as enjoyment, and are probably fairly sophisticated about real estate investing! But, in fact, it may just be that if prices are stable and not rising, then the tsunami has had some effect, because, otherwise, they might be rising. Following that line of thought, right now may be a very good buying opportunity, a time to buy before prices take off in the upward direction again!
JayBee
