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Khon Kaen Condos?


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#1 stranger_in_the_alps

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Posted 2005-09-07 03:34:36

Hi,

I am quite certain about eventual retirement in Thailand at age 50. I am currently 38, but dont feel like waiting to purchase my retirement home at the time it happens. I would prefer to have it bought and paid for well in advance prior to any future appreciation. I have ruled out BKK in any form due to the relative high cost and my lack of need to be there for employment. By the time I give up full time office work, I could work from home (Issan) via internet etc. I also do not need to be next to the ocean/resorts. I have also ruled out any complicating factors like placing a thai national on the title in any way.

Due to this, a condo in the Issan area seems to be sufficient to my needs (at least on paper). However, I have never been to Issan, only BKK, Krabi, and Phuket. I will be coming there next month to check things out on my way to Laos and Hanoi. I have a budget of up to BHT 4,000,000.

My questions are:

1. Are there any "Newer", or current construction condo complexes in Khon Kaen, Udon Thani, or others that are a must see while I am there?

2. What is the BHT/sq.M rate for a decent building in the main metro areas vs. the outskirts?

3. What is the rental environment like as I would like to get some income from it when I am not living there?

4. Any recommended agents to contact while there? Full service only. I would like to complete the whole deal while in the region (3 weeks). I already have cash in a US account ready to transfer if the right deal comes along.

Thanks in advance for any advice.

#2 toffo9

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Posted 2005-09-07 04:33:17

hi, im also looking like yourself, take alook at this website www.khonkaenrealestate.com . a guy called richard who is a brit works for them and he has helped me out alot. if u want to contact him is email is rich@khonkaenrealestate.com

#3 johnnyk

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Posted 2005-09-07 08:12:09

some knowledgeable people at www.khonkaen.com
ross dunstan is an ozzie who knows quite a bit and maybe could link you with some other people.

#4 ray23

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Posted 2005-09-07 09:52:00

some knowledgeable people at www.khonkaen.com
ross dunstan is an ozzie who knows quite a bit and maybe could link you with some other people.

<{POST_SNAPBACK}>


Rents are very low in Issan, don't count on rental income.

For the money you are talking about you can get a heck of a lot more then a Condo.

Are you sure thi is the part of Thailand you want to live in?

Skipping Bangkok you have enough to have a nice home just about anywhere.

The people seem to stay the same good and bad just like anywhere else. But the views can change dramatically and to some extent even the climate.

For example Loie and Udon can have very different tempatures.

To check out realty in Udon try FBI reality, they have a web site.

If you are thinking about a Condo for the supprt staff, domestic help is udually very good and not expensive.

I hope everyhting goes well for you.

#5 stranger_in_the_alps

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Posted 2005-09-07 20:41:41

Thanks for the feedback. I now have a few contacts while there to take a look at what is available. I dont know if Issan is right for me yet. I will have to see. I am open to just about anything in country as long as there is some regional airport and competent medical facilities within 50-60km or so. Reliable Internet connectivity is a must as well. Condo is about my only choice unless I want to do the company bit or get married and that can get a bit tricky to say the least. Rental income is not important, I would be just as happy leaving it vacant while away.

#6 Thaipwriter

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Posted 2005-09-12 00:10:55

Hi,

I am quite certain about eventual retirement in Thailand at age 50.  I am currently 38, but dont feel like waiting to purchase my retirement home at the time it happens.  I would prefer to have it bought and paid for well in advance prior to any future appreciation.  I have ruled out BKK in any form due to the relative high cost and my lack of need to be there for employment.  By the time I give up full time office work, I could work from home (Issan) via internet etc.  I also do not need to be next to the ocean/resorts.  I have also ruled out any complicating factors like placing a thai national on the title in any way.

Due to this, a condo in the Issan area seems to be sufficient to my needs (at least on paper).  However, I have never been to Issan, only BKK, Krabi, and Phuket.  I will be coming there next month to check things out on my way to Laos and Hanoi.  I have a budget of up to BHT 4,000,000.

My questions are:

1.  Are there any "Newer", or current construction condo complexes in Khon Kaen, Udon Thani, or others that are a must see while I am there?

2.  What is the BHT/sq.M rate for a decent building in the main metro areas vs. the outskirts?

3.  What is the rental environment like as I would like to get some income from it when I am not living there?

4.  Any recommended agents to contact while there?  Full service only. I would like to complete the whole deal while in the region (3 weeks).  I already have cash in a US account ready to transfer if the right deal comes along.

Thanks in advance for any advice.

<{POST_SNAPBACK}>



Hi

Answers to your questions:

1, Lakeside Condominium, Khon Kaen. Brand new luxury condos.My company are the sole agent's appointed by the developer, be happy to assist in any way. Showhomes viewing now, pre-sales offer very soon.

see more at www.khonkaenrealestate.com.

This building is unique in the whole Isaan region, Udon has nothing similar prices start at 1.8 million baht fully furnished.

2, Lakeside sells at 40k sqm approx, sorry I cannot offer comparisons because there are no other quality condo's in Khon Kaen!

3, Rental or Service Apartment option can be handled by Khon Kaen Real Estate on your behalf, the developer anticipates 15,000 baht per month is minimum expected for single bedrrom unit @ 1.9 million baht....around 9% ROI.

4, I am happy to show this building, please contact me at rich@khonkaenrealestate.com.

We have a launch party soon, you are welcome to join us!

Regards

Richard
Khon Kaen Real Estate

#7 lopburi3

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Posted 2005-09-12 10:15:00

You should be aware that condo living is not considered fit for anything but mesquites and foreigners by most Thai so anything above low income housing is very uncommon outside of Bangkok or the beach resorts. I surly would not expect any appreciation after the first few years or so in any case so you had better be sure before you leap as resale is not likely to be a viable option.

#8 Thaipwriter

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Posted 2005-09-12 11:22:24

You should be aware that condo living is not considered fit for anything but mesquites and foreigners by most Thai so anything above low income housing is very uncommon outside of Bangkok or the beach resorts.  I surly would not expect any appreciation after the first few years or so in any case so you had better be sure before you leap as resale is not likely to be a viable option.

<{POST_SNAPBACK}>


Feedback so far suggests that there is good demand for the benefits of freehold Condo ownership for foreigners in the Isaan region.
You claims about resale are nonsense, this building has just 55 units, so 22 or so can be freehold, given that this is the only luxury condo building in a 300 km radius, demand will outstrip supply......and you cant say that about BKK condo's can you?

#9 lopburi3

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Posted 2005-09-12 12:12:54

You should be aware that condo living is not considered fit for anything but mesquites and foreigners by most Thai so anything above low income housing is very uncommon outside of Bangkok or the beach resorts.  I surly would not expect any appreciation after the first few years or so in any case so you had better be sure before you leap as resale is not likely to be a viable option.

<{POST_SNAPBACK}>


Feedback so far suggests that there is good demand for the benefits of freehold Condo ownership for foreigners in the Isaan region.
You claims about resale are nonsense, this building has just 55 units, so 22 or so can be freehold, given that this is the only luxury condo building in a 300 km radius, demand will outstrip supply......and you cant say that about BKK condo's can you?

<{POST_SNAPBACK}>

I don't say it about any condo as I do not have a reason to provide anything other than the truth as I see it.

And I doubt very much the long term viability of a condo in Isaan where the majority of upkeep money is going to have to be from Thai; who have much better options and very little interest in living in a condo that costs more than a good house.

#10 Dragonman

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Posted 2005-09-12 12:32:19

You should be aware that condo living is not considered fit for anything but mesquites and foreigners by most Thai so anything above low income housing is very uncommon outside of Bangkok or the beach resorts.  I surly would not expect any appreciation after the first few years or so in any case so you had better be sure before you leap as resale is not likely to be a viable option.

<{POST_SNAPBACK}>


Feedback so far suggests that there is good demand for the benefits of freehold Condo ownership for foreigners in the Isaan region.
You claims about resale are nonsense, this building has just 55 units, so 22 or so can be freehold, given that this is the only luxury condo building in a 300 km radius, demand will outstrip supply......and you cant say that about BKK condo's can you?

<{POST_SNAPBACK}>

I don't say it about any condo as I do not have a reason to provide anything other than the truth as I see it.

And I doubt very much the long term viability of a condo in Isaan where the majority of upkeep money is going to have to be from Thai; who have much better options and very little interest in living in a condo that costs more than a good house.

<{POST_SNAPBACK}>


Hi Richard.I, like lopburi3, am a bit dubious about freehold condo ownership in Isaan. What do you see as the benefits over house and land purchase, other than the obvious "you can't own it in your own name". 15k seems high for a rental, although of course there is little to make a comparable with. Best of luck anyway as it's nice to see something different being tried in the area :o

#11 Thaipwriter

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Posted 2005-09-12 15:30:15

And I doubt very much the long term viability of a condo in Isaan where the majority of upkeep money is going to have to be from Thai

<{POST_SNAPBACK}>


Half the building will be foreigner occupied, 2 floors are reserved for serviced apartments, the rest of the units will be offered leasehold, not many Thai's will be residents, and those that are will be liable for the usual service charges. Your claim that the majority of upkeep money is coming from Thai's is innacurate. In any case the building sits on a private estate with excellent facilities that is the developers flagship. The possibility of this building falling into disrepair are absolutely minimal.

#12 Thaipwriter

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Posted 2005-09-12 15:37:45

Best of luck anyway as it's nice to see something different being tried in the area :o

<{POST_SNAPBACK}>


Khorp khun Cap!

#13 lopburi3

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Posted 2005-09-12 18:41:59


And I doubt very much the long term viability of a condo in Isaan where the majority of upkeep money is going to have to be from Thai

<{POST_SNAPBACK}>


Half the building will be foreigner occupied, 2 floors are reserved for serviced apartments, the rest of the units will be offered leasehold, not many Thai's will be residents, and those that are will be liable for the usual service charges. Your claim that the majority of upkeep money is coming from Thai's is innacurate. In any case the building sits on a private estate with excellent facilities that is the developers flagship. The possibility of this building falling into disrepair are absolutely minimal.

<{POST_SNAPBACK}>

I do not believe it is viable and I do not believe it can get more than half the rent you posted. But I am often wrong - as I said - this is my opinion.

#14 Thaipwriter

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Posted 2005-09-12 19:00:02

I do not believe it is viable and I do not believe it can get more than half the rent you posted.  But I am often wrong - as I said - this is my opinion.

<{POST_SNAPBACK}>


And you are more than welcome to express your opinion here, nothing like healthy debate.

As always time will tell! :o

#15 stranger_in_the_alps

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Posted 2005-09-13 03:50:24

Good to see some lively debate. My time horizon is very long and, to be honest, I am very aware to only invest as much as I am willing to lose. But compared to western real estate that has already seen the boom, I believe Asia in general is just starting the cycle. I am not doing this to make any return, like I said, it could sit empty for all I care. I dont need the rental income. This first condo purchase is just a "toe in the water" to get a feel for the process and market prior to more significant positions in the ASEAN region. In the future, a proper stand alone home may be in order, but not until I know more than I know now. Thanks again for the differing perspectives on the issue.





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