Auction at the Execution Office in Prachuap Khirikhan

[Don East Stand]

OK I understand that sometimes it takes money to make money, but I think I'm missing a trick somewhere!

As I mentioned in another thread viewtopic.php?f=20&t=18119 we have been forced to go through the legal process to try and get our money back on a house we bought 5 mins. west of Hua Hin on the Pala-u road.

The plans were for 19 luxury homes on large plots which were planned to be sold for 10 million THB each (quite a conservative figure)

Assuming the build costs to be 50%, which we have been told is very generous, would leave any developer with 95 million THB PROFIT!!! This works out at approximately 2 Million pounds sterling, over 2 million Euros or over 3 Million USD! PROFIT!!!

I do appreciate that perhaps the property market is quiet just now but even if you sold one house a year over the next 20 years, you'd still be earning 100K pounds per year!!!!

As I say, I may well be missing a trick and would appreciate any input, even from the "poor" people who cannot afford the initial investment!

For those that can afford it the second auction will now take place on the 14th June at the Execution Office in Prachuap Khirikhan. If you do have some money, surely this is potentially too good an opportunity to miss!

As the heading says, who wants to be a millionaire X 2?

Would love to see you there!!

[PeteC]

Didn't anyone show up at all, or was the bidding too low? Pete

[hhfarang]

Don, if it's such a good investment and you already have a house there, why don't you buy the remaining property yourself? I think my house and land was a good investment too, but trying to get the money back out when you need it is nearly impossible at the moment. In the future I will leave my cash where it is accessible in an emergency instead of tying it up in a non-liquid investment.

[Siani]

The property market is bad in my opinion. We came out with the intention of buying a property. Agents took us to see properties. We really liked one of them. They told us the owner paid 11 million Baht and now would take 6.5 million. To me this is scary. We also looked at a beach front condo, the owners has owned it for 15 years..another huge loss he would apparently take. There are so many sites that are unfinished, the work has stopped, for example behind Orchid Villa, Golf Villas just to namea couple. If you drive around you will see complete projects that have been started, then stopped Developers have just abandoned them.
My advice is to put the cash in the bank on a good interest rate and rent, for the time being anyway. No maintenance to pay, gardener, pool included. If it a house, you do not own the land anyway unless you are Thai
You can leave it when you like then

[Pagey]

Siani : Where is the beach front condo and what price is that for sale ? I find it hard to believe someone buying 15 years ago is having to sell at a loss, buying in the last 5 years maybe.

[Siani]

Siani : Where is the beach front condo and what price is that for sale ? I find it hard to believe someone buying 15 years ago is having to sell at a loss, buying in the last 5 years maybe.

I am not sure what he paid 15 years ago. A real quality building. But it struck me as cheap for where it is.
2 bedroom, seperate kitchen. it was too small for us. Beachfront wonderful gardens, pools, gym etc. I can't remember the name but it is on the main road by the 40 sign on the left before flyover going towards Khao Takiap. The building is circular from the road. If you contact Fern [Mod Edit - contact details for property agents are not permitted] she will tell you about it. She also has a large house which a man paid 11 million for and will take 6.5 or 7 million for.
Give her a ring if you are interested, it is reall good value.

[Don East Stand]

Didn't anyone show up at all, or was the bidding too low? Pete

Hi Pete, There were a lot of people there, but not all of them wanting to buy the 12.5 rai plus house. Unfortunately there wasn't a satisfactory bid. The "lot" we are interested in was one of the very first ones up, possibly even before the 9:30am scheduled start, so I'm not sure if that went against it.

Don, if it's such a good investment and you already have a house there, why don't you buy the remaining property yourself?

Hi hhfarang Part of the problem is we don't have a house there, as it was never signed over to us, which is why we had to go down the legal path to try and get our money back. There are other considerations, I'm NOT a property developer, can't even change a light bulb let alone build houses. Furthermore I don't have sufficient funds to develop the project further and I'm 20 years too old!

She also has a large house which a man paid 11 million for and will take 6.5 or 7 million for.
Give her a ring if you are interested, it is reall good value.

If ONE large house is good value at 6.5 or 7 million then ONE large house plus 12.5 rai of land must be excellent value especially if it is sold at auction, perhaps for 8.5 million

[sjpthsuk]

Looks nice, unfortunately i'm only looking for Land and not land with another house unless i can get the house i'm living in sold - fat chance of that at present.
Any idea when the auction will be happening again?

[Don East Stand]

Looks nice, unfortunately i'm only looking for Land and not land with another house unless i can get the house i'm living in sold - fat chance of that at present.
Any idea when the auction will be happening again?

Hi sjpthsuk The second auction is taking place on Tuesday 14th June at the Execution Office in Prachuap Khirikhan.

If you're just looking for land pretend the house isn't there

When you consider there is currently 9 rai of land adjacent to this project and the owner is asking 1.2 Million a rai. Based on this valuation, "our" land alone (12.5 rai) is worth 15 Million baht and that's not counting the house.

Actually if the first auction is any sort of guide, I think we'll be lucky if it reaches 8.5 Million baht!

[Takiap]

The property market is bad in my opinion. We came out with the intention of buying a property. Agents took us to see properties. We really liked one of them. They told us the owner paid 11 million Baht and now would take 6.5 million. To me this is scary. We also looked at a beach front condo, the owners has owned it for 15 years..another huge loss he would apparently take.

I think, if the truth be known, the agent was simply trying to convince you it's a great deal so he/she could make a sale and in turn get the commission.

There are so many sites that are unfinished, the work has stopped, for example behind Orchid Villa, Golf Villas just to namea couple. If you drive around you will see complete projects that have been started, then stopped

Yes, there are a few unfinished developments, but I think it has more to do with developers biting off more than they can chew, or else they have had no prior experience in the field. Next door to our place, an entire development sold out within a matter of weeks, and to give credit where it's due, the company has completed 95% of the homes, and the remaining homes are being completed. The same company is also starting an even bigger development further up the road (I think 75 homes), and when we went around to take a look, we were told there were only 18 still available.


I've also noticed this company has put up one or two town houses on Petchkasem road and also opened a bar/cocktail lounge. Obviously they must be doing something right, and they must also have had a good reason for showing up here in Hua Hin.

I think part of their success is due to the fact that they building homes that sell for under 3 million, and yet look pretty good. I've also noticed they focus mainly on attracting Bangkok weekenders, although a number of the properties have been bought by Farang as well.



BTW Don, if I had the money to spare, I'd certainly be at the auction.

[Siani]

The property market is bad in my opinion. We came out with the intention of buying a property. Agents took us to see properties. We really liked one of them. They told us the owner paid 11 million Baht and now would take 6.5 million. To me this is scary. We also looked at a beach front condo, the owners has owned it for 15 years..another huge loss he would apparently take.

I think, if the truth be known, the agent was simply trying to convince you it's a great deal so he/she could make a sale and in turn get the commission.

There are so many sites that are unfinished, the work has stopped, for example behind Orchid Villa, Golf Villas just to namea couple. If you drive around you will see complete projects that have been started, then stopped

Yes, there are a few unfinished developments, but I think it has more to do with developers biting off more than they can chew, or else they have had no prior experience in the field. Next door to our place, an entire development sold out within a matter of weeks, and to give credit where it's due, the company has completed 95% of the homes, and the remaining homes are being completed. The same company is also starting an even bigger development further up the road (I think 75 homes), and when we went around to take a look, we were told there were only 18 still available.


I've also noticed this company has put up one or two town houses on Petchkasem road and also opened a bar/cocktail lounge. Obviously they must be doing something right, and they must also have had a good reason for showing up here in Hua Hin.

I think part of their success is due to the fact that they building homes that sell for under 3 million, and yet look pretty good. I've also noticed they focus mainly on attracting Bangkok weekenders, although a number of the properties have been bought by Farang as well.



BTW Don, if I had the money to spare, I'd certainly be at the auction.

It looks a fabulous bargain. I am sure it must sell. In fact I am going to go and look at it.

Taikep...the only worry for me today as Don say himelf in the original post .....Quote
"Here is the abbreviated story behind this, my wife and I came to Thailand 3 years ago and bought a lovely big house on a new development 8 Km west of Hua Hin. Unfortunately when the house was 90% complete the developer went on holiday and has never returned.with some develpments is that they stand unfinished."

I am not saying all developers are this way inclined at all. Some project are very worrying though. I am going to look at it as I said, it does look really nice
What a terrible thing to have happened to you Don, I really hope you come out of it ..good luck!

[crazy88]

Just my 2 pennies worth.

I have met Don and Alison. I have viewed the property extensively. The area is slowly filling up with large private residences of high quality, some of them in the range of 50m Bt+ The house itself is very well built and way larger than it looks in the pictures. Land in the area goes for 2m per rai on small plots larger plots go for 1.2m-1.8m depending on infrastructure etc. You can get cheaper offers but there is usually some kind of issue involved.

In short if this deal is what it appears to be then it is an absolute steal IMHO even if it tops 15m at auction.

Crazy 88

[Don East Stand]

Firstly a big thanks to those of you who have posted messages wishing us good luck and agreeing that this is indeed a potentially excellent investment. Obviously with it being an auction we have no idea what might happen on the day, however our concern is that it will sell for 8.5 Million baht when the land alone has been valued at 15 Million baht

It looks a fabulous bargain. I am sure it must sell. In fact I am going to go and look at it.


I am going to look at it as I said, it does look really nice
What a terrible thing to have happened to you Don, I really hope you come out of it ..good luck!

Hi Siani, thanks for your kind words, however I'm a little bit confused when you talk about going to see it are you referring to "our" land and house that are up for auction? If so we'd be pleased to pick you up and take you for a look around. Please PM me and we can arrange something suitable.

If you are referring to the other house you have seen, can you tell us what is the sq. m of the house and also the size of plot? It would be interesting to compare.

In short if this deal is what it appears to be then it is an absolute steal IMHO even if it tops 15m at auction.

Crazy 88

Hi Crazy, This potential deal is exactly as it appears. There is a "clean" chanote, the land has not been cut, there is no bank involved. If this sells for 8.5 Million it must be up there with the great train robbery!

Don

[charleyboy]

Well, I'm rubbing my hands in anticipation.
Pre 1997... All these housing projects 99% sold etc.Bargains galore. Thai Hi-So's are buying.
Then the crash happened!
Don't believe me? I was here.
Hold on to your cash!

[Don East Stand]

Just a reminder to everyone (anyone ) that the auction takes place this Tuesday 14th June at the Execution Office in Prachuap Khirikhan It is scheduled to start at 09:30am although they started slightly early last time.

If you are intending to bid you will require to place a deposit of 1 Million Thai baht, which is obviously refunded if you are unsuccessful.

Over 12.5 rai of land, land filled with power and water, and a large 240sq m. 3 bed room house with 12 metre pool.

My understanding is, this will be sold on Tuesday, possibly for as little as 8.3 Million baht! Don't miss out on this one!