Popular Post Banana7 Posted October 8, 2020 Popular Post Share Posted October 8, 2020 Numerous banks and asset manager BAM have a large display of properties, condos, houses, buildings, and vacant land, for sale in Central Festival Mall in central Pattaya. Attached are a few photos of several of the advertisements. Lots of bargains! Buyers beware! 8 1 5 1 Link to comment Share on other sites More sharing options...
Popular Post Airalee Posted October 8, 2020 Popular Post Share Posted October 8, 2020 Interesting. Per Hipflat, Emerald Palace has 79 units and there are 22 bank owned listings in your photo above...and that’s just one bank. I wonder if any other banks have any from that building in their REO inventory. They are also priced lower than all the seller(?) resales listed on hipflat. So...either the resellers have to lower their prices to compete with the bank prices or they will be sitting on their units for a long time. Thanks for the post. 10 Link to comment Share on other sites More sharing options...
Popular Post kingofthemountain Posted October 8, 2020 Popular Post Share Posted October 8, 2020 Interesting the fact that the bank gives this public shows of bad the things are at the moment usually the real bargain are shared only between the ''happy few'' they have probably already done their shopping, so it's now the left over. For someone intersted to buy on this market, the real bargain will be here in 4-5 months after the ''high season'' with 0 tourists. 12 1 1 Link to comment Share on other sites More sharing options...
Popular Post onebir Posted October 8, 2020 Popular Post Share Posted October 8, 2020 2 hours ago, Airalee said: They are also priced lower than all the seller(?) resales listed on hipflat. It would be good to have a general 'prices on the ground' thread(s)/subforum to keep track of locally available asking prices (& the discrepancy between them & online prices) during the coming property price slump. 4 Link to comment Share on other sites More sharing options...
scubascuba3 Posted October 8, 2020 Share Posted October 8, 2020 The prices are not bad but not great, Emerald for example isn't a good location, stuck out of the way with the Soi dogs. If they don't sell they go to auction 2 Link to comment Share on other sites More sharing options...
Popular Post ukrules Posted October 8, 2020 Popular Post Share Posted October 8, 2020 4 hours ago, kingofthemountain said: For someone intersted to buy on this market, the real bargain will be here in 4-5 months after the ''high season'' with 0 tourists. I'd give it a year.... 5 Link to comment Share on other sites More sharing options...
Popular Post carlyai Posted October 8, 2020 Popular Post Share Posted October 8, 2020 A few years ago I enquired about buying the house next to us in Pattaya city, which was taken over by the banks. Dragged on for ever and I couldn't get a look in. I thought a price of around B2000000 but it sold to a small property developer for B3500000. I though way over priced. The new owner gutted the place, new windows, power, re-modeled, pool, etc., looked nice but probably cost B1000000 or more. Think the buyer/developer went bust as now someone else ownes it and they said cost B3.5 mill. Can't really believe anything people say and I'm not really sure of the information, but bank real estate sales may not be that good an investment. 4 Link to comment Share on other sites More sharing options...
Popular Post steven100 Posted October 8, 2020 Popular Post Share Posted October 8, 2020 I've looked into these bank prices of properties from recovered mortgages. I can tell you they are not bargains, they are not cheap, and the buyer holds all the risk on these purchases, most have been vacant for ages and as such in need of repair, some but not all. The banks will advertise the price for 6-12 months and they will knock off a few hundred thousand bath every 5 or so months until they get a bite. If you do your DD of other houses in the same area you will see the prices are definitely not bargains. 6 3 Link to comment Share on other sites More sharing options...
Popular Post Pravda Posted October 8, 2020 Popular Post Share Posted October 8, 2020 This is nothing new and prices are terrible. All the banks have the properties listed online for years. 3 1 Link to comment Share on other sites More sharing options...
jacko45k Posted October 9, 2020 Share Posted October 9, 2020 24 minutes ago, Pravda said: This is nothing new and prices are terrible. All the banks have the properties listed online for years. One would expect the banks to be keen to get them off their books, they aren't realtors, Are they limited to what is owed on the property or fixated on an inflated value? Did they originally lend too much on the property? 1 Link to comment Share on other sites More sharing options...
Popular Post newnative Posted October 9, 2020 Popular Post Share Posted October 9, 2020 1 hour ago, jacko45k said: One would expect the banks to be keen to get them off their books, they aren't realtors, Are they limited to what is owed on the property or fixated on an inflated value? Did they originally lend too much on the property? Good questions, for which I have no answers. I've told the story of looking at a bank-owned condo. It was on the lowest floor of a seaview condo project so had the worst seaview. And, unfurnished, vacant for years, and in need of some repairs. Price? About the same as identical higher floor furnished units with much better views. Fast forward several years and I am now living in the condo project in a different unit and I can see the still unsold unit sitting empty and unsold every time I go swimming. Why not price it at a true bargain and get it sold and off the books? 6 Link to comment Share on other sites More sharing options...
Popular Post Grumpy one Posted October 9, 2020 Popular Post Share Posted October 9, 2020 A friend was interested in a bank repo down in Panburi, we went look at it and were chased off by the sitting residents Turns out they refused to move out when the bank reclaimed it So any future buyer has to buy sight unseen and then try and dislodge the tenants 2 2 Link to comment Share on other sites More sharing options...
Popular Post ChipButty Posted October 9, 2020 Popular Post Share Posted October 9, 2020 I have looked at few of these Bank repro's over the years and they are not worth the money normally <deleted>y old bad construction most of them want flattening anything decent doesn't make them list 4 Link to comment Share on other sites More sharing options...
LennyW Posted October 9, 2020 Share Posted October 9, 2020 All the banks have had this options at least the last 20 years since i came here, some of their websites this section does not get translated to English, Thai only. The prices have never been great in general, however, there was one time i was looking about 7 years ago the Bank of Ayudhyah had some condos at 2,3,4 hundred thousand which at the time for these condos was fantastic pricing, but not my thing :-(, cant see much in the way of bargains now. 2 Link to comment Share on other sites More sharing options...
kingofthemountain Posted October 9, 2020 Share Posted October 9, 2020 3 hours ago, jacko45k said: One would expect the banks to be keen to get them off their books, they aren't realtors, Are they limited to what is owed on the property or fixated on an inflated value? Did they originally lend too much on the property? It seems the banks in Thailand own a lot of lands and real estate with no any limit, the value is overpriced and included in the counts then the banks can show good numbers and offer a lot of loans ''guaranted'' by the valor of these ''assets''. All is fine untill the s h i t hit the fan if the bubble explode (And the corona crisis could be the bomb) a lot of banks could be showed as they are, empty shells involved in a sort of legal Ponzi scheme 1 Link to comment Share on other sites More sharing options...
fdsa Posted October 9, 2020 Share Posted October 9, 2020 (edited) 11 hours ago, kingofthemountain said: the real bargain will be here in 4-5 months after the ''high season'' with 0 tourists. "we don't need the dirty pestilential covid-breathing farangs here! tourism is mere 10% GDP, nothing special!" "... wait, why southern Thais do not buy northern products?" "... wait, why economy fell down for more than 10%?" "... shiiiiiiiiiiiiiiiiiiiiiiiiiiiieeeeeeeet" Edited October 9, 2020 by fdsa 1 Link to comment Share on other sites More sharing options...
Popular Post KarenBravo Posted October 9, 2020 Popular Post Share Posted October 9, 2020 Wasn't the Emerald built by some dodgy Englishman who wouldn't give the buyers the ownership documents? 1 1 1 Link to comment Share on other sites More sharing options...
Airalee Posted October 9, 2020 Share Posted October 9, 2020 2 hours ago, newnative said: Why not price it at a true bargain and get it sold and off the books? Forcing them to “mark to market” vs “mark to myth” could cause a lot of solvency problems with the banks. An unrealized loss can be fudged but a realized loss exposes the bad loans made. The law for banks holding REOs vs selling them was changed in the US (they used to be required to get them “off their books” in a set amount of time) in order to prevent even more bank failures than we saw. 1 1 Link to comment Share on other sites More sharing options...
steven100 Posted October 9, 2020 Share Posted October 9, 2020 OP .... your assumptions couldn't be further from the truth. Link to comment Share on other sites More sharing options...
Leaver Posted October 9, 2020 Share Posted October 9, 2020 (edited) 8 hours ago, jacko45k said: One would expect the banks to be keen to get them off their books, they aren't realtors, They would want to get these non performing loans off their books as soon as possible. 8 hours ago, jacko45k said: Are they limited to what is owed on the property or fixated on an inflated value? They will sell for what is owed, but would hope to make some more to cover the interest lost on the loan. 8 hours ago, jacko45k said: Did they originally lend too much on the property? Most probably. The lent money during the bubble, and not it has burst, they are left with heavy losses. Edited October 9, 2020 by Leaver 1 Link to comment Share on other sites More sharing options...
Leaver Posted October 9, 2020 Share Posted October 9, 2020 (edited) 5 hours ago, kingofthemountain said: All is fine untill the s h i t hit the fan if the bubble explode (And the corona crisis could be the bomb) a lot of banks could be showed as they are, empty shells involved in a sort of legal Ponzi scheme Correct, but I am sure your 800k baht for next year's visa is safe. ???? (think USA - subprime - GFC - 2008) Edited October 9, 2020 by Leaver 1 1 Link to comment Share on other sites More sharing options...
Popular Post Cake Monster Posted October 9, 2020 Popular Post Share Posted October 9, 2020 8 hours ago, jacko45k said: One would expect the banks to be keen to get them off their books, they aren't realtors, Are they limited to what is owed on the property or fixated on an inflated value? Did they originally lend too much on the property? There is a great deal of money loaned out by Banks on Property that is nowhere near the value of the loan. Banks in the past have Loaned out the cost of buying the Property, along with more Loans for " Furniture " and a new car. The retrievable asset, if there is default is therefore only on the Property, and the other stuff is all bad debt, and making the Property over valued, 5 1 Link to comment Share on other sites More sharing options...
Jack Hna Posted October 9, 2020 Share Posted October 9, 2020 I used to look at this market a fair bit but I too was a bit shocked at the asking prices and did not see the value. Had our eye on a shophouse for about 8 months in a very suitable location for us but not very appealing to any shop that requires foot traffic. Currently rented and it's too close to home to make an official enquiry without tongues wagging. Got a good feeling about it though so hiding our time but much more details to be satisfied first. Link to comment Share on other sites More sharing options...
Popular Post Leaver Posted October 9, 2020 Popular Post Share Posted October 9, 2020 18 minutes ago, Jack Hna said: Got a good feeling about it though so hiding our time but much more details to be satisfied first. Wait until next year, then you will be able to buy two shophouses. The market is nowhere near the bottom at the moment. 3 Link to comment Share on other sites More sharing options...
Irishrogue Posted October 9, 2020 Share Posted October 9, 2020 7 hours ago, newnative said: Good questions, for which I have no answers. I've told the story of looking at a bank-owned condo. It was on the lowest floor of a seaview condo project so had the worst seaview. And, unfurnished, vacant for years, and in need of some repairs. Price? About the same as identical higher floor furnished units with much better views. Fast forward several years and I am now living in the condo project in a different unit and I can see the still unsold unit sitting empty and unsold every time I go swimming. Why not price it at a true bargain and get it sold and off the books? I know of a few couples who borrowed way in excess of the property value and included the kick back to the lender if they default there is no way the property would be good value and I am sure that is common here. 2 Link to comment Share on other sites More sharing options...
Leaver Posted October 9, 2020 Share Posted October 9, 2020 19 minutes ago, Irishrogue said: I know of a few couples who borrowed way in excess of the property value and included the kick back to the lender if they default there is no way the property would be good value and I am sure that is common here. Do they still think a stupid farang will come along and buy it for double the price they paid? 2 Link to comment Share on other sites More sharing options...
Popular Post samsensam Posted October 9, 2020 Popular Post Share Posted October 9, 2020 6 minutes ago, Leaver said: Do they still think a stupid farang will come along and buy it for double the price they paid? from reading topics and posts on this site i'd say there are an awful lot of stupid foreigners in thailand. 5 1 3 Link to comment Share on other sites More sharing options...
Oldie Posted October 9, 2020 Share Posted October 9, 2020 1 hour ago, samsensam said: from reading topics and posts on this site i'd say there are an awful lot of stupid foreigners in thailand. I think most of these offers will be in Thai name anyway. Yes you can do it with a company (not for everyone...) or if you have luck at a condo complex the quota for foreigners is not full. Link to comment Share on other sites More sharing options...
kingofthemountain Posted October 9, 2020 Share Posted October 9, 2020 4 minutes ago, Oldie said: I think most of these offers will be in Thai name anyway that's why most of the foreigners put the lot in the Thai wife\gf name hence the ''stupid'' used by Samsensam, it's a lottery where you can not be the winner, in the best situation you save your a55 in your lifetime if you are unlucky you lose everything, in the 2 cases there is only one winner in the long run, and it's not the foreigner 1 1 Link to comment Share on other sites More sharing options...
Popular Post bert bloggs Posted October 9, 2020 Popular Post Share Posted October 9, 2020 (edited) We live on a nice small estate in a good location ,in our soi there are 5 detached houses from about 5 mill to 7 mill,also one built on a double plot quite large i would say it was worth 12 mill tops ,some time ago i just rang the bank out of interest 29 mill , i nearly dropped my phone ,now it is looking really a bit rough ,,shame i reckon now 10 mill tops . Edited October 9, 2020 by bert bloggs 3 Link to comment Share on other sites More sharing options...
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