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deej

IsChiang Mai Real Estate Propertys Condos or Houses Selling or Renting

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Posted (edited)

From a very reliable friend who has had his very nice housing property on the market in Maerim  District over 2 yrs and has dropped his opening price from 6 mil to 4.5 mil and presently cannot find a viewer let alone a buyer

It appears from my observations. he is not alone.

Edited by deej
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Well if he didn't before he definitely won't now. In the UK they just closed down the property market because of Covid.  A sensibile move I suggest.

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Sounds like another happy owner.

Who knows, maybe it is only worth 3 million. Any info. on comps in his area? Sq mtr. prices, age, condition.

Geez, 20 questions to ask.

But being a non transparent real estate market who, truly knows what is happening or appropriate pricing.

 

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Posted (edited)

Things are booming and have been for a while.  People running around snapping up all types of properties.  Many rolling over within a few months got big profits.
 

very hard to understand why this guy in Mae Rim can not sell

 

unless it is Evenstevens trying to sell his barnyard yet again

Edited by Bill97

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20 minutes ago, bkk6060 said:

 

Sounds like another happy owner.

Who knows, maybe it is only worth 3 million. Any info. on comps in his area? Sq mtr. prices, age, condition.

Geez, 20 questions to ask.

But being a non transparent real estate market who, truly knows what is happening or appropriate pricing.

 

When placed on the market [email protected] 6 mil he declined 2 offers of 5.5 mil split taxs 

and last year did the same @ 5 mil 

Since his last  price drop to 4.5 mil  early 2020  2 viewers no offers

and the last couple months 

no viewers at all

Yes first offer .best offer .can be easily said in his case( with hindesight) but  who can accurately  price in  a Falling Off A Cliff  C/mai Real Estate Market in any Tambon or District for that matter.

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18 minutes ago, deej said:

When placed on the market [email protected] 6 mil he declined 2 offers of 5.5 mil split taxs 

and last year did the same @ 5 mil 

Since his last  price drop to 4.5 mil  early 2020  2 viewers no offers

and the last couple months 

no viewers at all

Yes first offer .best offer .can be easily said in his case( with hindesight) but  who can accurately  price in  a Falling Off A Cliff  C/mai Real Estate Market in any Tambon or District for that matter.

Air quality hasn’t improved much there right? Corona , stricter visa hassles, strong baht , difficulties about house and Land owner ships structures here , Ongoing exodus  of expats.. The list is long my friend.

 

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So it is a buyer's market.  Not news, it has been that way for some years now, particularly in Mae Rim.

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5 hours ago, Thailand said:

"When placed on the market [email protected] 6 mil he declined 2 offers of 5.5 mil split taxs 

and last year did the same @ 5 mil "

 

Having already let 2 birds in the hand fly away seller will be lucky to get another opportunity.

Absoulately Nailed It.

In addition with the  Covid 19  fear and repercussions  Etc Etc

a very hard sell at 4.5 mil .

 

 

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On 3/27/2020 at 1:32 PM, deej said:

It appears from my observations. he is not alone.

I had been looking at property for a while... most homes did not take into account that physical buildings depreciate in value here, though land increases.. so many houses seemed to be priced at 2x replacement cost... however, the properties that I have seen that were reasonably priced sold relatively quickly. 

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Posted (edited)
15 hours ago, kenk24 said:

I had been looking at property for a while... most homes did not take into account that physical buildings depreciate in value here, though land increases.. so many houses seemed to be priced at 2x replacement cost... however, the properties that I have seen that were reasonably priced sold relatively quickly. 

Yes a couple good points

Only property.s now selling  are at least 30 % under 2018 market  prices  or 10 % 2019  market  price (from my observations) and further falls likely due to the Covid 19 crisis etc etc

which may   lead  to 

Who Knows😀

Edited by deej

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Posted (edited)
53 minutes ago, deej said:

Yes a couple good points

Only property.s now selling  are at least 30 % under 2018 market  prices  or 10 % 2019  market  price (from my observations) and further falls likely due to the Covid 19 crisis etc etc

which may   lead  to 

Who Knows😀

also... because there are so few buyers and so many homes for sale, there do not seem to be any real market factors at work.. agents would tell me it was a buyers market but there was no apparent advantage in that as near nobody was willing to compromise price by too much... though I think that is finally changing... if you want to sell, gotta reduce high... 

Edited by kenk24
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4 minutes ago, kenk24 said:

also... because there are so few buyers and so many homes for sale, there do not seem to be any real market factors at work.. 

Condo.s are in the same boat  as houses.  And pulling on the oars are renting  the above markets.

Shipping in water at alarming rate  and sadly. Covid 19 will sink them all 

just a matter of time

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Thais want new, and the farang buyer market is shrinking because some people are fed up with Immigration BS.

Thais can buy new for 3 - 3.5 million baht in a gated community. Even if the houses are built out of toad s##t and cardboard, they are NEW. Why would they look at a secondhand property for 5 - 6 million baht when there are better options ( in their eyes ) available?

I have a friend in the same boat in Chiang Mai. Really well built house, quality right through. 4.5 million baht. Has not had a nibble trying to sell for three years.

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