I looked at another property today

[Property]

Around 10am this morning I received a phone call from a friend, she said that someone was selling a 51 square meter apartment within 10 mins. walk of a tesco Lotus & BTS station, for a mere 650,000. Apparantly the place was brand new & unlived in, the owner was having money problems. Well I'm always interested in Thais with money problems (which is prolly most of em')

So at lunchtime I drove round there in my truck with the wife in tow, and her sister & her sisters mate. I parked in the Tesco Lotus car lot & walked the 5 mins. to the building. The place was indeed new.

100 apartments & 50 parking spaces. That sounds very Thai.



The reception area was small but quite nice. There were elevators, a water machine, mail boxes & laundry room, as well as an admin office.



Whilst we waited for the keys we were served with iced cold water.

Off we went upstairs to floor 7. It turned out to be a one bedrooom place with pleasant views.

Bedroom



Living Room



Bathroom



Balcony (very small)



Kitchen (poorly fitted out, no built-in cooker but good enough to rent out to a teacher I thought )



So after a look round I started on the questions.

How much is the management fee? 35 baht a metre, works out to about 1750 per month. That's bloody steep I muttered.

Is it really 650,000 baht? Yes, you give me 650,000 baht and give the bank another 1.4 million & it's yours.

So it's actually more than 2 million then? Yes he said rather sheepishly, but they originally cost about 3 million.

Where is the chanott? I'd get it about 1 month after I paid for the place.

I stopped asking questions at that point & said I'd call them if I was interested. I'm not so that's the last they will see of me.

[Mid]

congrats to your missus on her new acquisition .

[ChiangMai noon]

2 million for a 50 sq metre apartment.

jeezus.

[Property]

congrats to your missus on her new acquisition .

You may not have seen the last sentence in the OP.

2 million for a 50 sq metre apartment.

jeezus.

Yeah but unless you get the chanott(sp), it isn't even yours. Even with a chanott, the govt. can fuck you over.

[Norton]

2 million for a 50 sq metre apartment.

Welcome to Bangkok.

[ChiangMai noon]

^
are any of them actually occupied?

[Mid]

You may not have seen the last sentence in the OP.

correct , my post preceded your edit , saner heads prevailed .

[Marmite the Dog]

I take it you've given up on the hairdressing empire?

[Property]

^
are any of them actually occupied?

Oddly enough on floor 7, most of the doors were open. So the answer to your question is maybe. The place appears brand new & they are still putting finishing touches to it in places.

You may not have seen the last sentence in the OP.

correct , my post preceded your edit , saner heads prevailed .

Ah yes, I have a habit of posting then editing.

[Porridge]

When are you going to paint my fence like you promised you would?

[Butterfly]

I stopped asking questions at that point & said I'd call them if I was interested. I'm not so that's the last they will see of me.

I am assuming this is the project on Soi 52, this is right behind my house.

yeah, selling prices for those start from 2m on lower floor, there is also another one called Next, and for 3m with 40sqm you have a nice jacuzzi pool on your balcony,

40,000 per sqm. that's not bad though for that location,

I am sure more with money problem will come soon, and that will lower the price to 25,000 per sqm eventually,

[ChiangMai noon]

40,000 per sqm. that's not bad though for that location,

fokk me..


my land was about 360 baht a square metre if that is 1,500 a dalang wah.

[Butterfly]

^ 100,000 per sqm in downtown Asok these days,

[ChiangMai noon]

^ 100,000 per sqm in downtown Asok these days,

false economy.

guaranteed to be a major slump soon.

is the demand really there to push prices that high?

[Butterfly]

^ yes, Sathorn is only 200,000 per sq.w though, a bargain, but traffic and the continuing noise from nearby property projects makes it really hard to enjoy Bangkok for that price

Ploen Shit is only 1m per sq.w, a bit expensive I reckon

is the demand really there to push prices that high?

Developers control the supply, they pretty much do what they want

[The Ghost Of The Moog]

The apartment looks okay for Gentleman Scampy.

[Property]

^ 100,000 per sqm in downtown Asok these days,

false economy.

guaranteed to be a major slump soon.

is the demand really there to push prices that high?

They can't get buildings up quick enough round there at the moment. I also looked at one place (apparantly gonna be the tallest building in Suk. when finished) near Phra-Khanong(sp) BTS, they won't be ready for 5 years , yes 5 years & they want 3 million for a smallish studio. I told em' to fok off, I wasn't gonna shell out now, who the fok knows what's gonna happen in 6 months, never mind 5 years. Still, an Italian bloke & his wife were in there sorting out a contract at the time.

[Norton]

I told em' to fok off, I wasn't gonna shell out now, who the fok knows what's gonna happen in 6 months, never mind 5 years.

Smart move. When the 97 crash came people who had paid up front lost it all. If a developer wants an unreasonable percentage up front it indicates he can't get the project financed through conventional lending organizations because he either doesn't have a convincing business plan or the plan has too high a risk.

[reinvented]

^

truly missus was having a place built on aree when we got together, 2 months behind schedule they said

2 years later still not completed
lucky we got the deposit back at the original stall