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BANGKOK 22 October 2018 02:53
Banana7

Pattaya 9 Karat Condo 138 Rooms For Auction

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I heard that the Court has ordered 138 rooms at 9 Karat Condo Arunotai Soi 2 Pattaya, to be sold at auction about March 28, 2017. My understanding is that the rooms will be sold individually, not in one lot, and each room has 5 years of maintenance fees outstanding which must be paid before the condo will issue the debt free letter, that is required by the land office to transfer the title. It's best to contact the condo office to get the exact date, time and location of the auction.

 

The court order is posted in the condo office all in Thai, and I can't read Thai, so best to bring someone who understands Thai.

 

Edited by Banana7

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How much is 5 years maintenance fee ?
Can you take a photo of the court order notice and post it here ?

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1 minute ago, johng said:

How much is 5 years maintenance fee ?
Can you take a photo of the court order notice and post it here ?

I estimate the 5yr. maintenance fee for a single room unit is 33,000 baht, basically 550b a month. Single room is about 32 sq.mt.. There maybe multiple room units too.

 

In the next day or 2, I'll look into taking a photo of the Court Order - it is multiple pages.

 

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It looks like it could have potential.  Airbnb has Ads for 350 b a night.  What type of people will be your neighbors at that rate?

It looks to me like a potential LB haven.  

Edited by bkk6060
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18 hours ago, johng said:

How much is 5 years maintenance fee ?
Can you take a photo of the court order notice and post it here ?

The Court Order is about 20 pages, so I've attached only a photo of the first page, last pages, and some in between for your reading pleasure.

 

I believe the first auction date is March 29 somewhere on Thepprasit Road.

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Edited by Banana7

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I just checked this place out.  It is very unkempt except for the pool which was very large and clean.  The minimum bid will be approx. 500,000 b for a studio 28 Sq meters.

I walked around and many areas are dirty with things in disrepair.  A bunch of out of business shops on the first floor. It made me depressed really had kind of a prison feel.

Mostly people seeking German at the pool.

The location is actually good took me about 3 minutes on motorcycle to 3rd road.

I took some photos of some open/empty rooms which obviously are in need of work/money.

It would not be my choice but if someone found a decent room and had cash to fix it up, it may suit their needs.

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2 hours ago, bkk6060 said:

HAHA.  Great thanks now can you translate it for us. :sleepy:

As I indicated in the initial post, I can't read Thai, so I cannot translate it for you.

 

Best to find a Thai friend who can translate into  English. The auction will be in Thai so you'll need their help at the auction too, and afterwards, to ensure you get free and clear legal title.

 

Another important fact is that the rooms are in Thai name now. So if you want it transferred into foreigner name, you'll have to prove the funds, in the amount of the purchase price, originated outside of Thailand. Also check with the land office what percent is in foreigner name. The last I heard, the condo was about 35% in foreigner name,

 

Buyer beware, some of the rooms will be complete gut jobs and are not currently habitable. 

 

 

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11 minutes ago, bkk6060 said:

The minimum bid will be approx. 500,000 b for a studio 28 Sq meters.

I'd be surprised if anybody paid 500k for one room that was a complete gut job. I know one person who bought a complete gut job room from one bank, within the last year, for 280,000 baht, and she fixed it real nice, and made a handsome profit.

 

I'd say 500K is ok if the room is habitable and is currently rented, or was previously rented.

 

Edited by Banana7
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9 minutes ago, onemorechang said:

500,000 b for a studio 28 Sq meters

At the government housing estate in Na Jomtien ( which is simular-ish to the 9 Karat condo)

the price for 33 square meter unfurnished rooms on the ground floor started at 350,000 baht about 5 years ago  now they are asking 470,000 baht  that's straight from the government Ooh-Arton  organisation...no swimming pool and 100% Thai owned...fully done up there are people asking 800,000 baht for their 33 sq meter rooms.

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26 minutes ago, onemorechang said:

Looks like a dump to me.

500,000 b for a studio 28 Sq meters. quality  :giggle:

I can understand your opinion especially based on the pics. The major reason for the poor common area conditions is lack of funds. My latest research indicates there are 576 units in the buildings but only 146 units are paying maintenance fees on a regular basis. The rooms up for auction have not been paying. So after the auction there should be 284 units paying maintenance. The condo will get about 4,000,000 baht in back maintenance from the auctioned units, which will be a decent sum to pursue the other delinquent room owners.

 

Another plus is that just last week the condo was connected to municipal water. Now water costs will be less than water revenue. Previously, water expenses were more than double water revenue, and the balance was funded by maintenance fees.

 

This is probably a major turning point financially for this condo.

 

Also there is a new condo committee, voted in last week, and all are very good people.

 

 

 

 

Edited by Banana7
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13 minutes ago, johng said:

At the government housing estate in Na Jomtien ( which is simular-ish to the 9 Karat condo)

the price for 33 square meter unfurnished rooms on the ground floor started at 350,000 baht about 5 years ago  now they are asking 470,000 baht  that's straight from the government Ooh-Arton  organisation...no swimming pool and 100% Thai owned...fully done up there are people asking 800,000 baht for their 33 sq meter rooms.

Maybe be.

But i would  pay a bit more and get better neighbours.

Also if a load of rooms are about to be sold off in one building,

its welcome to 5 years of construction work from all the new owners.

Also the maintenance of the building is a big factor and Sink fund

 

Edited by onemorechang

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Just now, onemorechang said:

Maybe be.

But i would  pay a bit more and get better neighbours.

Also if a load of rooms are about to be sold off in one building,

its welcome to 5 years of construction work from all the new owners.

Yes, you are right about construction.

 

Bear in mind, the condo charges a 10k baht construction deposit up front and reduces it 300b a day for construction. There is a strong incentive to get the renovation done quickly without unnecessary delays.

 

Also construction is only permitted 10am to 4 or 5pm.

 

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