How long does it take to find a buyer and sell a condominium (in normal times, not now)

[condobrit001]

I have a great bridge to sell this OP in New York. 

 

[richard_smith237]

11 minutes ago, condobrit001 said:

I have a great bridge to sell this OP in New York. 

 

 

The originality of the d!<k responses on this thread is remarkably underwhelming...  come on internet trolls and tools, you surely must try much much harder to be more original and at least slightly amusing ! 

[baansgr]

6 hours ago, Lacessit said:

Put me in a straitjacket and take me away if I ever think of buying a condo in Bangkok. A city that's 1 metre above sea level?

Not a direct answer to the OP's question, but this may be a guide.

My former landlord in Chiang Mai has three condo units. He bought them about 12 years ago, farang quota, 1 million baht each.

He's had them on the market for three years now, 1.6 million baht each. No takers, even pre-COVID.

So they are worth maybe 600,000 tops

[baansgr]

Get real...condos are a foreign purchase and ther ain't no foreigners her....rents in Pattaya are down 60%....prices on some similar...maintenance fees are a chain around owners necks...

[murraynz]

7 hours ago, OneMoreFarang said:

I am thinking about buying a condominium in the middle of Bangkok. And probably I will live there for the next 10 years or even longer.

But let's say in 10 years I want to sell it and use the money to buy another condominium somewhere on the beach.

How long does it normally (maybe in average) take to find a buyer and sell a condominium? Let's assume for this thread we talk about a good location and a condominium in good condition.

 

Does it take maybe 3 to 6 months to sell it? Or possibly a lot longer?

I guess it's always possible to sell something fast if the price is very low. That is not what I am asking for. I think about a reasonable sell price according to the market condition at that time.

It always depends on the price and the area..but in general condos take months or years to sell,in thailand.

It will get worse,as the excess building increases..

[richard_smith237]

13 minutes ago, baansgr said:

Get real...condos are a foreign purchase and ther ain't no foreigners her....rents in Pattaya are down 60%....prices on some similar...maintenance fees are a chain around owners necks...

 

The millions of Thai’s living and working in central bangkok don’t own Condo’s ??? - not sure who needs to get real... 

 

 

Thai’s are a very significant proportion of the Condo Purchases in Bangkok. 

 

Comparing a resort town (pattaya) with a capital city (Bangkok) with a huge middle class working population doesn’t really offer much - The Op is interested in Bangkok. 

 

Area’s near the Sky train stations will sell on more quickly but are also a lot more expensive to buy. 

Area’s near Universities etc will sell on more quickly, as will area’s near large numbers of office buildings. 

 

 

[Airalee]

1 hour ago, iJustWanttoKnow said:

I have a great condo in Rimpning Condo (Chiang Mai) 5M baht completely remodeled and all western.  Pool, gym, parking.

 

Another in Baan Krut on the beach 5M baht - 5 years old completely western. Pool, gym, parking.

 

If interested take a look.

If you’re gonna advertise your condos in a thread, you gotta post pictures so we can critique it.  ????

[cmarshall]

2 hours ago, iJustWanttoKnow said:

I have a great condo in Rimpning Condo (Chiang Mai) 5M baht completely remodeled and all western.  Pool, gym, parking.

 

Another in Baan Krut on the beach 5M baht - 5 years old completely western. Pool, gym, parking.

 

If interested take a look.

 

Anytime someone asks a general informational question about real estate someone like this poster always pops up with a white elephant he is desperate to unload.  That's not a real estate market I would ever want to buy into.

[newnative]

      As others have said, no set answer--in normal or abnormal times.  My partner and I have bought and sold 20 condos in Thailand in the past 10 years.  2 in Rayong, 1 in Bangkok, and the rest in Pattaya.  We've had condos sell to the first person who looked at them and we've had several condos that took about a year to sell.  (We don't sell until we make a profit.)

     The first 5 years we were doing a lot of View Talay shell renovations and they sold in about a month or two because there wasn't much else to buy at that time.  Now, it mostly takes longer but if you are priced correctly you should be able to find a buyer; if you have something special in a good location, all the better.

      There are buyers out there--even with covid.  We live in what I think is one of the best projects in Pattaya, in one of the best locations.  Recently a unit came on the market that truly was a bargain--it had me tempted.  By the weekend it was sold.  

       For the OP, I would say go for it.  Pick a good project in the area of Bangkok  you want to be in--and hopefully close to a subway station.  You'll have 10 years to not be throwing away rent and you'll be living in a space that is yours to put your stamp on and make your own.  Life is short.  My partner and I love owning our Pattaya condo and the one in Bangkok.  Good luck.

[scubascuba3]

6 hours ago, OneMoreFarang said:

I live and work in Bangkok. And there is a reasonable chance that I will apply for an get residency in the forseable future.

If I would have had the money and bought a condominium 20 years ago then I wouldn't have to pay any rent anymore. And because there is a reasonable chance that I will live another 20 years or even longer that is why I think about it. And the important word here is "think". I haven't made up my mind until now.

It is a good time to buy, but most people are more comfortable buying when prices are at a high rather than the negative vibe we have now

[1FinickyOne]

from what I have seen... 90% of the units/properties are overpriced... but when something comes on the market at a realistic price, it sells pretty quickly... if it is priced like everything else, it will sit.

 

This is something to keep in mind when purchasing... 

[Stevemercer]

6 hours ago, Ventenio said:

Maybe a zillion years ago I heard someone say rhetorically, "How long is a piece of string?"  It's quite funny....

 

I need to be smart and come up with something like that.....

 

1.  How heavy is a rock?   

2.  How light is air?

3.  How dark is the moon?

4.  How sharp is the knife?

 

OK OK I'm not very smart!!!!  

 

I would add

'As fast as the speed of water'.

[BKKBike09]

Seems to me OP needs to be more specific as to budget and preferred areas to live in BKK. 5MB? 10MB? 30MB? Makes a huge difference. I have a small (40+ sq m) one-bed condo in Ekamai that cost 4.3 M five years ago. The 'market value' now is officially around 5M but I think it would be hard to sell for that right now. It's been moderately easy to rent out at 20K+ a month.

 

I'd say the rule of thumb here is "easy to buy, hard to sell; don't expect strong capital growth; caveat emptor". I'd never put money into a condo if I thought I'd need to get it back quickly one day. Also, foreign buyers shouldn't overlook the need to get Bank Of Thailand docs to record the cash coming in to buy the property otherwise it's a big problem to repatriate funds later. A benefit of having PR is that PR holders can use funds already in Thailand.

 

My sense is that the Bangkok market for small 1/2 bed condos in the 40-70 sq m size is saturated. If I was going to buy a condo to live in, I'd look at old buildings in the Soi 39-49 back streets. Sq m prices around 70K as opposed to the insane 150-200K+ some new builds are asking for in Ekamai and the like. Old buildings may have a lot of dark wood but they usually have decent balconies and can be refurbished. Basic structural quality is usually good. If a 20-year old building hasn't subsided by now, it's less likely to do so than something knocked up in the last 2-3 years. Also, many of those old developments are now less likely to have another condo sprout up right next to it. 

 

I have two friends with wives who do real estate in Bangkok. Both say larger and more expensive properties are easier to sell. People with money want a nice view and a couple of million USD for someone living in Hong Kong isn't much when considering what that gets in HK. Plus people with money generally have money come what may, unlike the rest of us!

 

[Stevemercer]

In summary, pick your location in Bangkok. Organise your finances so you can act quickly if a bargain comes up. Allow at least 6 months to find a suitable bargain.

 

The key tick offs for resale potential are a good location and a solid building that will last. I agree that corner locations, facing away from noisy pools and the like, are likely to sell better every thing else being equal.

 

If you have brought at a good price, then you should be able to sell relatively quickly at a competitive price when the time comes.

 

 

Edited November 21, 2020 by Stevemercer

[Yellowtail]

If you find something you like that you can buy for what you're spending for rent go for it  If you're going to spend twice as much to buy something as nice as your renting, it makes little sense. While real estate is often a great investment,  saving money is good investment also. 

 

You can always sell it if you price it right, but in any event, you're not buying something to sell, you're buying something to live in. Buy something you love and don't worry about it. 

 

The best reason to buy anything is because you want to. If you want to own a condo ,that's a good reason to buy one. Buying a condo because you think it's going to be a great investment might not be such a great idea. Nothing wrong with renting and saving and investing your money. Nice thing about money, it's easy to move, people pay you to store it and you don't have to sell it...

[OneMoreFarang]

51 minutes ago, newnative said:

      As others have said, no set answer--in normal or abnormal times.  My partner and I have bought and sold 20 condos in Thailand in the past 10 years.  2 in Rayong, 1 in Bangkok, and the rest in Pattaya.  We've had condos sell to the first person who looked at them and we've had several condos that took about a year to sell.  (We don't sell until we make a profit.)

     The first 5 years we were doing a lot of View Talay shell renovations and they sold in about a month or two because there wasn't much else to buy at that time.  Now, it mostly takes longer but if you are priced correctly you should be able to find a buyer; if you have something special in a good location, all the better.

      There are buyers out there--even with covid.  We live in what I think is one of the best projects in Pattaya, in one of the best locations.  Recently a unit came on the market that truly was a bargain--it had me tempted.  By the weekend it was sold.  

       For the OP, I would say go for it.  Pick a good project in the area of Bangkok  you want to be in--and hopefully close to a subway station.  You'll have 10 years to not be throwing away rent and you'll be living in a space that is yours to put your stamp on and make your own.  Life is short.  My partner and I love owning our Pattaya condo and the one in Bangkok.  Good luck.

Thank you very much.

That is the beauty of TV. There are some gems between the rubble.

And yes, I know there is no guarantee that this advice will be true in 10 years.

[OneMoreFarang]

47 minutes ago, Stevemercer said:

In summary, pick your location in Bangkok. Organise your finances so you can act quickly if a bargain comes up. Allow at least 6 months to find a suitable bargain.

That sounds good. And I am sure all of us would be happy to find a bargain.

I am a little concerned about acting quickly. Because I am sure some bargains are bargains for a reason. Maybe the free space 50m away was just sold for a new big project which ruins the view. Or maybe the neighbors are partying all the time. Or someone was dead in bargain apartment for 2 weeks. So it's definitely a good idea to look into the details and not jump at one of those bargains only to find out it wasn't really a bargain. 

[Susco]

1 hour ago, newnative said:

We live in what I think is one of the best projects in Pattaya, in one of the best locations. 

 

Have you considered spilling the beans and tell us which project that is? ????

[Yellowtail]

17 minutes ago, OneMoreFarang said:

That sounds good. And I am sure all of us would be happy to find a bargain.

I am a little concerned about acting quickly. Because I am sure some bargains are bargains for a reason. Maybe the free space 50m away was just sold for a new big project which ruins the view. Or maybe the neighbors are partying all the time. Or someone was dead in bargain apartment for 2 weeks. So it's definitely a good idea to look into the details and not jump at one of those bargains only to find out it wasn't really a bargain. 

 

Or it might just be someone that does not want to wait three years to sell it. 

 

As long as you finance it, you really can't go far wrong. You're still working, yes? All you really have to lose is your down payment. It'll be great.

[khunjeff]

8 hours ago, Airalee said:

I can’t tell you how many remodels I’ve seen that look like they were done by the kind of person who would buy a Vegas mansion decked out in leopard print motif, gold lamé and galaxy black granite.

 

I've seen plenty of those as well. And the perpetrators of those crimes against taste usually say "oh, I'm charging a higher price for this unit because I just remodeled". Uh huh.

 

10 hours ago, Lacessit said:

You may be right. However, as the going price at that condo is between 1.6 million and 2 million, to me it indicates there are a dearth of buyers in Chiang Mai. There are whole gated communities around CM sitting empty of tenants and homeowners.

 

By definition, any price that doesn't attract buyers is not the "going price", but most sellers in Thailand don't wish to acknowledge that.

[Yellowtail]

40 minutes ago, khunjeff said:

 

By definition, any price that doesn't attract buyers is not the "going price", but most sellers in Thailand don't wish to acknowledge that.

 

Exactly, things "go" at the "going price" 

[CH1961]

5 hours ago, baansgr said:

Get real...condos are a foreign purchase and ther ain't no foreigners her....rents in Pattaya are down 60%....prices on some similar...maintenance fees are a chain around owners necks...

If you can't even afford the usual common fees how you can pay your rent? 

[Stevemercer]

Sometimes people will sell at a good price because they need the cash. If you have the cash ready to go, you can pick up a bargain. A real bargain will go quickly. But, yes, be prepared to take your time and your opportunity will come along if you have the cash ready.

 

As you know, most Thai sales (and nearly all bargains) are by word of mouth. The more Thai contacts you have out there the better your chances. Of course, they will expect their commission if you end up buying on their referral.

[CH1961]

2 hours ago, Susco said:

 

Have you considered spilling the beans and tell us which project that is? ????

He just told us what the sales girl told him when he signed the contract ????

[Ron jeremy]

14 hours ago, richard_smith237 said:

Wife & I bought a 7MB, 2 Bedroom condo in central Bangkok 10 years ago (not on a sky train route. About 1km from BTS)

After 3 yrs decided to sell or rent out & move to a larger place. 
 

It took 2.5 yrs to secure a tenant. Then within a few months someone purchased for 7MB as an investment. 

 

(thus we effectively lived rent free for 5.5 years). But waiting to sell a place for so long was a pain in the backside. 

 

No you didn’t live rent free for 5 1/2 years

If you invested the 7 mb principal, lived off the interest, kept the 7mb then you would have lived rent free and still have the initial principle of 7 mb

but u are down 7 mb now. 

[JeffersLos]

Priced to sell: one month.

 

Thai pricing: 30 years of letting it sit empty while refusing to go lower than some dreamed up amount. 

[AlexRich]

11 hours ago, OneMoreFarang said:

It seems there is a reason why you call yourself wombat... 

 

Some of the replies you are getting are woeful. My own take is that I would rent and invest the capital sum saved in a fund that tracks the general market. It will go up and down but should appreciate over 10-20 years. That may well compensate you for the additional rental costs. The added advantage is that you don’t need to stress about bad neighbours, deteriorating buildings, or the hassle of finding a buyer. You will be free to move ... and if there are internal political issues anytime in the future you won’t be stuck with a stranded asset. 

[scubascuba3]

3 hours ago, JeffersLos said:

Priced to sell: one month.

 

Thai pricing: 30 years of letting it sit empty while refusing to go lower than some dreamed up amount. 

I don't understand why Thais do that, in my place there must be 50 condos empty unused for many years, I looked at 10 and they looked unused for 10+ years, might as well sell them at half price than keep paying common fees

[Pravda]

10 hours ago, OneMoreFarang said:

Thank you very much.

That is the beauty of TV. There are some gems between the rubble.

And yes, I know there is no guarantee that this advice will be true in 10 years.

 

 

It's funny how these professional flippers don't tell you one thing. 

 

I recently bought a condo with wife using her job to apply for the loan. Did you know that when buying a new project and not a resale the interest rates on the loan are lower? Well I had no clue because no one ever told me this until I asked my wife, so no wonder you always hear the stories how Thais only like to buy new and not resale because of "ghost" (BS). Add this that many new projects will have promotions like free transfer, free loan payments for 2 years, free condo fees and you literally never stand a chance selling it to a Thai with thousands of new projects around. 

 

And.... Surprise.... There is dual pricing for foreigners. The condo I bought with wife was offered to me at 1 million more until I said my wife will be taking a loan. Apparently the foreign quota was full unless I paid more. Can a professional flipper tell me how that works out? 

 

There were resale units I looked at that were on market for 20 years. Simply put, to sell you will have to offer your unit at 20-30% discount from the lowest priced unit in the building. 

 

 

[ezzra]

19 hours ago, OneMoreFarang said:

Thanks for all your posts.

I know there is not a fixed answer, that's why I added some conditions.

I am sure we have lots of people on TV who sold their condominium (or have a friend who did that or tried that). So we should have some statistical information here.

Obviously nobody knows what will happen in 10 years. But I am pretty sure Covid won't be a problem anymore at that time.

I live and own couple of mid size units in a fairly well managed and well run big condo in mid Sukhumvit, last month i have decided to sell one of the units that was rented so far, i have enlisted the help of a thai chappy who knows how to refurbish a condo to appeal to local and foreign taste, took a month to complete and gave it to an agent to handle and within couple of weeks i had a young Thai couple of loved it and it was sold,

what i meant to say by that is that the right product, location and timing (and luck) is paramount when it buying and selling real estate in Thailand...

Edited November 21, 2020 by ezzra