Phuket

hutchy07 · #1 05-10-2005, 12:36

What sort of condo do you think i could get for around 4-5 million baht in the patong area,do any of you guys think this would be a good investment and how much of the year do you think it may be rented out for and how much.
cheers..

LivinLOS · #2 05-10-2005, 13:31

Good investment.. Depends on what happens.. Very risky investment IMHO (over development, terror issues, biz issues, the changing face of Phuket, etc) Phuket is probably the most expensive real estate outside of Bangkok..

Lots of downside risk though the market has stormed the last few years..

As per rental.. I am thinking a 4 mil property in the Phuket tower recently auctioned.. With nice furniishings etc.. Command 25 - 35 for a good one.. No more than 40 tops for a superb one (5 mil) with big TV and great furnishings.. Probably better with a few of the cheaper smaller studios.. I think getting 10 - 15 out of a 1+ mil is possible.. $ of those pay better than one hih end..

Thats not much for the risk.. I rent for this exact reason my villa pays its owner 3.5% return (based on market price) BEFORE maintenance costs (and they have service people here all the time because of Thai construction and electrics need patching).. Probably around 3% per annum..

My assets have performed 30% or more easily this year (OK thats not normal and I am active with them).. Why tie up that money in real estate in high risk (getting money out of Thailand.. Property ownership laws here mean you dont actually own a villa.. Etc) when working the money is giving me many mutliples of the rent and the freedom to do as I wish (leave should the need arise)..

hutchy07 · #3 05-10-2005, 14:22

thanks mate,ive just come across a respective development in patong,it is the PATONG HARBOUR VIEW development,there is a 1 bed at under 4 million baht there that im interested in.the development of the plan looks great as it will be run the same as a hotel with all the ammenities of a 5 star hotel.
have you seen the web site for this development?
your thoughts are most appreciated.
cheers..

LivinLOS · #4 05-10-2005, 16:07

No have heard snippets (popular idea IIRC) theres also a new marina style development that was a hot topic recently..

Post a link and I will comment on what I think.. I follow the property market here fairly closely..

davidjason · #5 05-10-2005, 17:16

http://www.patongharborview.com/

I often think that a vacation home in a warmer climate would be nice, and I can afford something like this. So please, let us now what you think.

alibaba · #6 05-10-2005, 18:20

Quote:

Originally Posted by hutchy07

What sort of condo do you think i could get for around 4-5 million baht in the patong area,do any of you guys think this would be a good investment and how much of the year do you think it may be rented out for and how much.
cheers..

One of the problems with renting out when your not here to take care of things personally is that you will have to rely on other peoples honesty. You must be joking.
I own a condo in Patong which I don't rent out. I have had several offers to manage it for me with all sorts of estimations of the return I would get, from the sublime to the ridiculous. A friend of mine owned 2 condo's until recently, that were left in the hands of other people to let. In his words, "never again"
Like LIL stated, not a good investment if your looking for a reasonable return & if your not living in LOS. to keep an eye on things, forget it.

hutchy07 · #7 07-10-2005, 12:21

Quote:

Originally Posted by alibaba

One of the problems with renting out when your not here to take care of things personally is that you will have to rely on other peoples honesty. You must be joking.
I own a condo in Patong which I don't rent out. I have had several offers to manage it for me with all sorts of estimations of the return I would get, from the sublime to the ridiculous. A friend of mine owned 2 condo's until recently, that were left in the hands of other people to let. In his words, "never again"
Like LIL stated, not a good investment if your looking for a reasonable return & if your not living in LOS. to keep an eye on things, forget it.

thanks for the info,much appreciated.i can see how you could be taken for a ride as they tell you it is vacant when it isnot ,right?
this development is of 60-70 units and has inhouse rental management in place.if i went ahead with it i supose id pay a freind in thai to take a look once and a while to check up on it for me.at this point im getting a bit of advise from the forum on what people think then ill deside wheather to go ahead or not.
thanks again for time pal..
matt

forextrading · #8 07-10-2005, 14:17

Quote:

Originally Posted by LivinLOS

Good investment.. Depends on what happens.. Very risky investment IMHO (over development, terror issues, biz issues, the changing face of Phuket, etc) Phuket is probably the most expensive real estate outside of Bangkok..

Lots of downside risk though the market has stormed the last few years..

As per rental.. I am thinking a 4 mil property in the Phuket tower recently auctioned.. With nice furniishings etc.. Command 25 - 35 for a good one.. No more than 40 tops for a superb one (5 mil) with big TV and great furnishings.. Probably better with a few of the cheaper smaller studios.. I think getting 10 - 15 out of a 1+ mil is possible.. $ of those pay better than one hih end..

Thats not much for the risk.. I rent for this exact reason my villa pays its owner 3.5% return (based on market price) BEFORE maintenance costs (and they have service people here all the time because of Thai construction and electrics need patching).. Probably around 3% per annum..

My assets have performed 30% or more easily this year (OK thats not normal and I am active with them).. Why tie up that money in real estate in high risk (getting money out of Thailand.. Property ownership laws here mean you dont actually own a villa.. Etc) when working the money is giving me many mutliples of the rent and the freedom to do as I wish (leave should the need arise)..

Hello, I just wanted to ask you about condos in BKK. I would like to purchase a condo in BKK, to rent it out and possibly retire later there. How much is the median price for a decent condo in BKK ? Do you think it is a wise decision to buy such condo there ( I dont mind the smog ) ? Also with Thai laws, since I'm not a Thai citizen can I buy the condo in cash and would it be that I have 100% ownership right?

Thanks,
forextrading

Rex7777 · #9 07-10-2005, 16:34

Forextrading,

I've been looking at Bangkok condos over the web. I've also looked at some things in Pattaya, Hua Hin, Phuket. A decent but small Bangkok Condo seems to go for around 4 million baht, maybe a little less. Of course, it's hard to get a real feel for the places over the web, and I surely can't tell anything about the neighborhoods. In any event, I've almost come to the conslusion that it would be better not to buy at first.

Rex

alibaba · #10 07-10-2005, 18:17

Quote:

Originally Posted by forextrading

Hello, I just wanted to ask you about condos in BKK. I would like to purchase a condo in BKK, to rent it out and possibly retire later there. How much is the median price for a decent condo in BKK ? Do you think it is a wise decision to buy such condo there ( I dont mind the smog ) ? Also with Thai laws, since I'm not a Thai citizen can I buy the condo in cash and would it be that I have 100% ownership right?

Thanks,
forextrading

THE MONEY USED TO BUY A CONDO MUST BE TRANSFERRED INTO THAILAND FROM ABROAD, THROUGH A BANK. IT HAS TO BE TRANSFERRED IN A FOREIGN CURRENCY & THE TRANSFER NOTE HAS TO STATE THAT THE MONEY IS BEING TRANSFERRED FOR THE PURPOSE OF A CONDO PURCHASE.
THIS ALLOWS THE BANK IN THAILAND TO OBTAIN A THOR THOR 3 DOCUMENT, GIVING YOU THE RIGHT TO USE THE MONEY FOR THE PURCHASE AND TO ENABLE YOU TO SEND THAT MONEY BACK OUT OF THAILAND IF YOU SELL THE CONDO IN THE FUTURE.
DON'T MAKE THE SAME MISTAKE I DID. I CHANGED THE MONEY INTO THAI BAHT BEFORE TRANSFER. NOT ACCEPTABLE. I THEN HAD TO SEND THE MONEY BACK OUT ( BIG PROBLEM ) THEN TRANSFER AGAIN.
YES YOU WOULD OWN THE COND 100% PLUS YOUR SHARE OF THE COMMUNAL FACILITIES.

forextrading · #11 08-10-2005, 10:33

Quote:

Originally Posted by alibaba

THE MONEY USED TO BUY A CONDO MUST BE TRANSFERRED INTO THAILAND FROM ABROAD, THROUGH A BANK. IT HAS TO BE TRANSFERRED IN A FOREIGN CURRENCY & THE TRANSFER NOTE HAS TO STATE THAT THE MONEY IS BEING TRANSFERRED FOR THE PURPOSE OF A CONDO PURCHASE.
THIS ALLOWS THE BANK IN THAILAND TO OBTAIN A THOR THOR 3 DOCUMENT, GIVING YOU THE RIGHT TO USE THE MONEY FOR THE PURCHASE AND TO ENABLE YOU TO SEND THAT MONEY BACK OUT OF THAILAND IF YOU SELL THE CONDO IN THE FUTURE.
DON'T MAKE THE SAME MISTAKE I DID. I CHANGED THE MONEY INTO THAI BAHT BEFORE TRANSFER. NOT ACCEPTABLE. I THEN HAD TO SEND THE MONEY BACK OUT ( BIG PROBLEM ) THEN TRANSFER AGAIN.
YES YOU WOULD OWN THE COND 100% PLUS YOUR SHARE OF THE COMMUNAL FACILITIES.

Thank you so much for your wise advise, greatly appreciated...

Thanks,
Forextrading