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Patong - The Wake


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17 minutes ago, Peterw42 said:

I wasnt saying I could sell for 2mb, just that some idiots do advertise that price, for the same condos that sell for 1mb, I would be confident I could get back my purchase price of 1mb. People wanting 2mb makes it easier.

 

Duly noted. 

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4 hours ago, LivinginKata said:

 

Still off topic about Kata. Much of this independent rental business is through the internet like Air B&B  or similar. These Chinese are for sure not the coach hoards, much more sophisticated. A big management company are slowly taking 3 year leases on many privately owned apartments in our area. They have been angling for a 3 year lease on our 12 apartments with 18  bedrooms. My wife is hot to deal, I say wait until I'm dead as this is my home for now. Oh dear - might be that's a death wish ... :shock1:  

 

Thanks for sharing this.

 

Owners are always pleased to hear further evidence that, if they have the right rental/sale product to offer, there is significant long-term demand for it.

 

 

 

 

Edited by Mysterion
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5 hours ago, NamKangMan said:

 

I have heard, but only seen for myself once, whilst visiting a friend, the leasees of such apartments were then sub-leasing the apartment to larger groups of Chinese. 

More evidence of healthy demand. Thanks for sharing this.

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4 hours ago, NamKangMan said:

 

I can assure you, I am well aware of global real estate.  I own property on three different continents. 

 

Perhaps you may care to comment on a typical scenario where the Thai developer "sells" the legal 51% to family members.  Where does that leave the the 49% of foreigner owners, in relation to having a voice about the property they are living in?  That is 49% of individuals, basically voting against a 51%  majority share holder. 

 

I will not even mention when the developer exceeds the 49%.  Of course, you will deny this is possible, but then again, so is building bars on the beach here.  :biggrin:

 

I'll give you a quick maths lesson.  49% is LESS than 51%.

 

Are you seriously suggesting that property ownership for foreigners in Thailand is similar to that in the west?????????

 

 

You are being extremist bro,  and spreading what most would call false “doom porn”.

 

Do you live in Thailand? Are you a tenant? If yes, thats cool. Please do continue renting and suporting your landlord and you will both be sleeping well at night. 

 

 

 

 

 

 

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4 hours ago, NamKangMan said:

 

 

If you are a global investor, you would know that the capital that would be used to buy a property here is making more money "being put to work" than the cost of renting the EXACT same property. 

 

Thus, buying is not only making a LOSS, but also has significantly more risk attached.

 

So, why bother buying???? 

Fair question NKM.

 

I am a big proponent of global diversification. Don’t put too much or your eggs in one basket, as they say.

 

A little exposure to owning some high-yielding foreign freehold condo(s) in Thailand could be part of well balanced portfolio of global properties/equities/bonds/fx etc for many international investors.

 

 

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3 hours ago, Peterw42 said:

Let me explain how I  think I am not making a loss here. 

 

I had 1,000,000 baht ($40,000) sitting in a bank in Australia giving me a return of 2-3% , 30,000 baht a year ($1200). I think we would both agree that wont pay my rent here, not even a 4th floor walk-up, cold water fan only room. I would need to draw down the 1mb to pay my rent, in 5 years it would be gone. Even if I found (almost impossible) a fantastic return in Australia of 10%, that would barely pay 8,000 a month rent.

 

Two and a half years ago, I used the 1mb to buy a condo, I dont pay rent any more. Identical Condo next door rents for 15,000 a month. In fact, in 2.5 years I have not paid rent close to half the value of the condo, 500,000 baht. In another 2.5 years I will have saved around 1mb in rent. (the purchase price). And I dont pay rent ever again.

 

Thing is, I still have my 1,000,000 baht, or at least an asset worth the same, Its win win.

 

I am confident I could sell for that as 4-5 sales, in the block, last year at that price, and others have the same condo, in the block, advertised for 2mb (the stupid prices that dont sell , that you see on multiple websites).

Well done sir! Thanks for sharing this.

 

You obviosly bought in a good location and at the right price to begin with. 

 

You did you homework, took a calculated risk, and can sleep well at night in your own property, all the while  knowing that you will likely get all your money back + a nice capital gain if you eventually sell it.

 

 

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4 hours ago, LivinginKata said:

 

You are falling into NKM's typically trap. He is famous for engaging members into a useless argument that is never ending and circular.  I might make one response to him and then just ignore his circular responses.

 

I recommend other forum member do the same. 

Wise advice.

 

I do admit it is hard to ignore those spreading the “doom porn”. It amazes me how they chose to live in thailand, yet at the same time they denigrate It repeatedly and viciously.

 

Hopefully, now the matter is put to rest, and a more balanced perpective is availabe for all to consider. 

 

Lets now talk about the Patong Wake....Patong is dead! Long live Patong!! Haha

Edited by Mysterion
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14 hours ago, Mysterion said:

With that being said Xylo, we all look forward to your next entertaining “night on the town” review.

Good...........and you can get on with your "psychoanalysis" of people who don't share your views, the touting for business on this thread and your support of those who advocate Thai nominee companies in order to get around the 49%/51% ownership laws, which is against the law here.

 

12 hours ago, NamKangMan said:

 

Ahhhh, yes, those Thai companies with Thai "nominees."

 

Care to elaborate on that, for the benefit of readers?  :biggrin:

Our resident real estate/psychoanalyst gave this the tick of approval........!

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13 hours ago, NamKangMan said:

 

I have heard, but only seen for myself once, whilst visiting a friend, the leasees of such apartments were then sub-leasing the apartment to larger groups of Chinese. 

A friend rents in a large apt building here and the owners of other apts are renting them out to Chinese on a short stay basis and it's not a good scenario for him or other renters and owners who live in them,  having people moving in and out all hours of the day and night, noise and parties etc.

 

That has been mentioned here and on other threads and nothing that the residents can do about it! (not saying that this is the situation in your case LiK, however it can and does happen). 

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3 hours ago, xylophone said:

Good...........and you can get on with your "psychoanalysis" of people who don't share your views, the touting for business on this thread and your support of those who advocate Thai nominee companies in order to get around the 49%/51% ownership laws, which is against the law here.

 

Your perception is sadly not reality(again).

 

Lets clear this up....

 

I never/dont advocate nominee companies. In fact, i have been a strong voice on this thread advocating that foreigners only invest in completed foreign freehold condos. Anyhing else increases their risk greatly.

 

The post i “liked” was focused on the fact that the 49% voting rights was not a significant risk in a foreign freehold condo structure.

 

In addition,  you(and a couple of others) here claim to have “friends” that are/were desperately trying to sell their properties without hope. Please dont raise their problem, and then try to disparage people who are genuinely willing to help solve their problem. 

 

Now that this is cleared up.....on with the wake!!

 

Cheers.

 

Edited by Mysterion
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13 hours ago, Mysterion said:

Wise advice.

 

I do admit it is hard to ignore those spreading the “doom porn”. It amazes me how they chose to live in thailand, yet at the same time they denigrate It repeatedly and viciously.

 

Hopefully, now the matter is put to rest, and a more balanced perpective is availabe for all to consider. 

 

Lets now talk about the Patong Wake....Patong is dead! Long live Patong!! Haha

 

The thread has moved onto the "the death" hence "the wake" of the property sector here.  It's not off topic. 

 

Property is just a saleable commodity.  It ha its peaks and troughs.  The famous saying is "buy in the gloom and sell in the boom."  It can never always be in a boom - you know this.  

 

What about the subprime in the USA and the GFC?  How can you "spin" that part of history in a positive light?  What makes you think Phuket's property market can not / will not either subside significantly, or collapse? 

 

I chose to live in Thailand, but see the Governance of Phuket, not to mention the level of corruption here, out of line with other provinces in Thailand.  I don't see a problem in discussing what other provinces are doing better than the Phuket province, despite the Phuket province being a very wealthy province.   

 

Anyone who has traveled around Thailand would know that the inhabitants of Phuket province are not getting value for money when it comes to infrastructure and public service. 

 

In saying that, does that mean I don't like living here, of course not.  Just posting my observations and experiences. 

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5 hours ago, Mysterion said:

 

Your perception is sadly not reality(again).

 

Lets clear this up....

 

I never/dont advocate nominee companies. In fact, i have been a strong voice on this thread advocating that foreigners only invest in completed foreign freehold condos. Anyhing else increases their risk greatly.

 

The post i “liked” was focused on the fact that the 49% voting rights was not a significant risk in a foreign freehold condo structure.

 

In addition,  you(and a couple of others) here claim to have “friends” that are/were desperately trying to sell their properties without hope. Please dont raise their problem, and then try to disparage people who are genuinely willing to help solve their problem. 

 

Now that this is cleared up.....on with the wake!!

 

Cheers.

 

Yes I am all for that as it has gotten out of hand.

 

So lets get this right...........I did post (#501) about friends who had bad experiences and lost money here, not who were desperate to sell at this point (as I recall). 

 

I do have grave concerns about property here because the market is not regulated, there is little to no recourse, and there are many corrupt lawyers and land officials etc. Also of course I feel so sorry for friends who have lost on property (as noted above) and also the poor folks who lost on ACE and Phanason developments, a couple I know.

 

IMO I don't think one can dismiss the above lightly, so I don't (as you will have noticed).

 

However I do concede that this/these are not your problems and if you can help a person who needs to sell, then in the final analysis, it is their call and they may well be grateful for your help.

 

PS. Worthwhile remembering that ticking a post can be seen as agreeing with that which is in it! 

 

Cheers.

Edited by xylophone
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3 hours ago, sebastion said:

What is sad is thats its a stunning day outside and you guys are bickering on the internet.
Kata beach is beautiful today and many tourists out and about at the beach rd markets. The road is closed and some amazing street food is everywhere. Just had some bbq baby octopus on a skewer. Delicious.

Get out and enjoy your island. It had warts yes but its better than the home you left. Otherwise why are you here?

Sent from my SM-G955F using Tapatalk
 

Well Seb, I wasn't in this afternoon and was out and about........HOWEVER I offered to help an old guy with his computer problems and it was a marathon, because he had two computers with problems, and one was in a foreign language!!

 

Didn't emerge from his apt until after 5pm, but at least he is happy even if I did miss a nice afternoon! 

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18 hours ago, Mysterion said:

You are being extremist bro,  and spreading what most would call false “doom porn”.

 

Do you live in Thailand? Are you a tenant? If yes, thats cool. Please do continue renting and suporting your landlord and you will both be sleeping well at night. 

 

 

 

 

 

 

 

Yes, I live here, and yes, I am a tenant.

 

As for "supporting your landlord" I wouldn't mind knowing how many tenants are currently in properties that are for sale by their landlord.  I am sure there are many. 

 

Whilst my property is not for sale, well, not that I know of, the foreign owner has long since left Phuket.  I believe he did put it on the market sometime ago, and then gave up trying to sell it.  This was before I moved in, so it had nothing to do with finding a long term tenant.

 

 

I suppose me renting from him helps diminish his losses on the place.  :smile:

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42 minutes ago, xylophone said:

Yes I am all for that as it has gotten out of hand.

 

So lets get this right...........I did post (#501) about friends who had bad experiences and lost money here, not who were desperate to sell at this point (as I recall). 

 

I do have grave concerns about property here because the market is not regulated, there is little to no recourse, and there are many corrupt lawyers and land officials etc. Also of course I feel so sorry for friends who have lost on property (as noted above) and also the poor folks who lost on ACE and Phanason developments, a couple I know.

 

IMO I don't think one can dismiss the above lightly, so I don't (as you will have noticed).

 

However I do concede that this/these are not your problems and if you can help a person who needs to sell, then in the final analysis, it is their call and they may well be grateful for your help.

 

PS. Worthwhile remembering that ticking a post can be seen as agreeing with that which is in it! 

 

Cheers.

Fair enough.

 

have a good a evening Xylo.

Edited by Mysterion
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1 hour ago, xylophone said:

Yes I am all for that as it has gotten out of hand.

 

So lets get this right...........I did post (#501) about friends who had bad experiences and lost money here, not who were desperate to sell at this point (as I recall). 

 

I do have grave concerns about property here because the market is not regulated, there is little to no recourse, and there are many corrupt lawyers and land officials etc. Also of course I feel so sorry for friends who have lost on property (as noted above) and also the poor folks who lost on ACE and Phanason developments, a couple I know.

 

IMO I don't think one can dismiss the above lightly, so I don't (as you will have noticed).

 

However I do concede that this/these are not your problems and if you can help a person who needs to sell, then in the final analysis, it is their call and they may well be grateful for your help.

 

PS. Worthwhile remembering that ticking a post can be seen as agreeing with that which is in it! 

 

Cheers.

 

"I do have grave concerns about property here because the market is not regulated, there is little to no recourse, and there are many corrupt lawyers and land officials etc." - there are not many countries where you can steal land, without using a gun.

 

In Thailand, you can, and as we all know, it's not like you can put the property in you car, drive off with it, and hide it away from police, and sell it on the black market, yet, here, you can steal land.  

 

The confidence many expats have in the Thai company with Thai nominees structure amazes me.  I have heard, "They would never do anything about it because Thailand would lose too much money" argument.  A statement that does not instill great confidence.

 

That theory may make some here feel secure, but not me.  Each to their own.

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On 2/1/2018 at 10:10 PM, xylophone said:

I did mention on another post that the type of Chinese one sees in the likes of the Diamond Cliff Resort Hotel is far different from the lo-so types I see on the tours here.

 

Having said that, I consider the Andaman Suites Hotel/apartments to be pretty upmarket (and a well constructed and clean place at that, although it is quite old now) and I have seen quite a few Chinese in that place and I assumed that it would be fairly expensive, thereby attracting the better class of Chinese but...........

 

Just three days ago there was a bit of a fracas, whereby a group of four or five Chinese were frolicking in the swimming pool making a lot of noise and throwing a ball around, and folks on the side of the pool were getting annoyed and splashed (as were the books they were reading) then the ball came out of the pool and hit a lady on the head. Her rather well-built Russian husband picked the ball up and threw it as far away as he could, actually into the tennis courts.

 

That didn't deter them because they got it back and started the fracas up again, not only that, some of their friends standing on the side of the pool would occasionally hoick/gob/snot into the swimming pool. This was duly noted by the hotel staff and they reprimanded these people and got them out of the pool and also tried to stop them from using it as a "liquid handkerchief".

 

The lo-so ones I could expect this from, but those who should be a class above, well not so, but perhaps manners are not well taught/practised in China?

 

I had to congratulate one of the staff in Starbucks a couple of days ago when she spoke to a group of Chinese who were very noisy, and one woman in particular who was damn near shouting her head off, and told them to be quiet. It was a job well done and they left a few minutes later, taking their drinks with them.

 

Meanwhile on Nanai, the small pharmacy next to the Tesco shop opposite Makro is being converted into something, as the pharmacy has been closed for some while now. And what used to be a minimart of some description just a few metres south of the Chang Residence Hotel (and almost opposite a double roller blind bar which was short lived) and which has been closed for about a year or two, is also being worked on, and it will be interesting to see exactly what it's going to be?

 

So the next wave of would-be business owners comes along to take the place of the others which failed in the past, but then again that's probably what keeps landlords and a small part of the economy going here!

 

 

 

 

 

"but then again that's probably what keeps landlords and a small part of the economy going here" - and a big part of the village economies in Issan, as newbies are sold "the dream" that in a matter of months becomes "the nightmare."  Then, many go broke, try to sell but can not, and in many cases, they have to return home with no job, no assets, and no cash. 

 

In many of these cases, the only one with the business plan is the new girlfriend, and her business plan doesn't include any income or profits going to the foreigner. 

 

It's a well worn path, yet, guys from all around the world are still being "stung." 

 

Maybe I am lucky because I actually know I am not "young and handsome.'  :biggrin:

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10 hours ago, xylophone said:

Later in the day I was heading north along Nanai and a motorcycle in front of me swerved quite violently to avoid a couple of Chinese who decided to step out from the party of about 15 who were meandering along Nanai and I don't think they know how lucky they were.

The Chinese who walk 3-4 abreast on curving, narrow roads such as Nanai have no clue as to how dangerous this is - until they've met up with me on my motorbike. If it comes down to a choice between dumping MrsDave off the back of the motorbike because I have to swerve violently to clear them with a margin of safety, or "brushing them back"* a bit with the motorbike, MrsDave's safety on the back of the bike will always be first priority. Usually they take the hint, and move to the side of the road as seen from my rearview mirror.

Then, there was the time a couple of Chinese guys decided to cross Sai Kor in front of me without looking to see if any traffic was coming in either direction. One of them ended up wearing the coffee he was carrying.

 

*"brush back" - for those who may be unfamiliar - a US baseball term describing a pitch intentionally thrown very close to a batter that is standing too close to the plate, thus forcing him to back up to the correct position.

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6 hours ago, xylophone said:

Those along with the black/brown frogs............and was on the middle road yesterday when some came hooning past weaving in and out of traffic at great speed and just missed a poor petrified Thai girl who was waiting in the middle of the road signalling to turn right.

 

That was one time (there have been others) that I wanted to see a huge truck come along and wipe them out. No matter what the outcome I would not stop to help them.......som nam naa!

Usually, they're on T-Max bikes. There are several foreign-owned "Hoons-R-Us" businesses in the Nanai area that rent these bikes exclusively to their countrymen.

I don't know if she's still around, but there was one overweight female as you described who was notorious for T-Maxing around town, without regard for anyone else on the road. If I recall, she was sort of a party girl for this crowd, and saw her nearly run over an attendant at the Caltex station one time while holding court with her friends du jour.

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