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BANGKOK 21 November 2018 16:35
Patong2

Patong - The Wake

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16 hours ago, LivinginKata said:

 

"I was more questioning whether the "spoils" as your call it, will actually "spoil" anyone, or be a liability to them. "

 

What liability ? Free property. Can rent or sell at fire sale price. up to them. 

 

"To use your words, you will be leaving some "dead assets" and as you do not predict an upswing here, other assets you have may also end up "dead" as well. (once again, no pun intended) "

 

I will be dead. I don't give a rat's ass. Up to them.

 

"As you have said, other family members already have property, so it would appear not to be an issue in your case, and that of your wife's, and her family."

 

Correct. I again got lucky with a wife, no kids, family all working, land, car, house. No sick buffaloes   ð

 

"I thinking more along the lines of the guys with Thai girls from Issan, whom will most probably wish to sell up and move back to Issan.  I think these widows may not be left with the windfall that many expats think they are leaving, that's if the property can be sold, even at a fire sale.  Speaking to some of the older guys here, many seem to have belief that leaving a property on Phuket to their spouse will provide for them after their demise, and I'm not so sure it will. "

 

No idea. And I don't give a rat's ass. Up to them. They need to make a better life/death plan.

 

Sorry mods. Loosely within the OT. But we have drifted far and wide. Still a good topic. 

 

Edit - I want to correct that 'got lucky as wife no previous kids' comment. As I could not provide a baby, would have be better for us as a couple for my wife to have had a child or two, would have been a better option from my point of view.

 

"What liability ? Free property. Can rent or sell at fire sale price. up to them." - renting out requires "managing" the property, or dealing with an agent.  In short, some effort, hence, some "liability."  Selling requires a willing buyer, and even at fire sale prices, it may be hard to liquidate the properties.  This is the "liability" I allude to, not just property fees and taxes.

 

You have said yourself you are selective with your tenants and neither yourself, or your wife, could be bothered selling, and don't really care if the property sits vacant.  As you do not foresee an upswing here, I will go back to my question, what do you envisage will become of your properties upon your demise?  (I suppose I should also include the demise of your wife also, as it appears she will continue to reside here) 

 

In other words, do you think those who inherit the properties will be able to find tenants in the future, and should they want to sell, do you think they will be able to find a willing buyer, no matter what low price they list the property at?

 

******** Please speak generally LIK.  I do not wish to pry into your personal affairs, although I thank you for your candour.  ********

 

"Correct. I again got lucky with a wife, no kids, family all working, land, car, house. No sick buffaloes." - which I am sure has made life a lot easier than many others here. I am sure you know what I mean. 🙂

 

"No idea. And I don't give a rat's ass. Up to them. They need to make a better life/death plan." - sure, but in my opinion, with your circumstances, you are in the minority here, not the majority, and whilst we can not post on behalf of others, perhaps we can discuss in more general terms.

 

Once again, this is not a troll post.  I show an interest in the property market here, despite my lack of will to purchase here for reasons I have posted in other threads.

 

I see all the new buildings going up and properties that have been on the market for years, yes, years, and despite several price reductions, still remain on the market to this day. 

 

I have seen the huge change in the tourist demographic here, and I can't see the current tourists aspiring to retire here, thus buying a property.  For these reasons, I ask, in general terms, what legacy are those expats with property here leaving to their surviving partners or descendants, or both? 

 

Yes, many may say, "I'm dead. I don't care. I don't give a rat's ass.  Up to them." However, I do ask as a serious question, aimed more at those expats that truly believe they will be leaving behind a windfall for their spouse, many of whom are not from the Phuket Province.  

 

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NKM - not even going to quote your post. Read my words - I don't give a rat's ass. End of discussion. Have a nice day. Go fish some where else.

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28 minutes ago, NamKangMan said:

I will go back to my question, what do you envisage will become of your properties upon your demise?  (I suppose I should also include the demise of your wife also, as it appears she will continue to reside here) 

 

In other words, do you think those who inherit the properties will be able to find tenants in the future, and should they want to sell, do you think they will be able to find a willing buyer, no matter what low price they list the property at?

It seems to me as though you are probing to see if you can prove your own agenda.

 

LiKs answers were how he manages and lives with his properties and were very forthright, and he is not really bothered in assisting you to come to the conclusion which you seek, which seems to be that even as an inheritance the properties will be worthless. 

 

It is his business what he does and doesn't do with his properties, but if you are trying to make the statement, "see I told you so that all property bought by farangs can become worthless here", then he, nor I (and probably others) will not have a bar of it.

 

What I will say is that, IMO, property here is overpriced and oversold and the resale values have dropped markedly, making many unsaleable, but I will add a caveat to that...…….everything has a price at one level or another, and many properties that I know of have far too high an asking price because the owners believe, mistakenly, that the property market here acts like it did in their home country, and it just is not the case.

 

I really did not like your post one bit if I am honest.

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1 hour ago, xylophone said:

It seems to me as though you are probing to see if you can prove your own agenda.

 

LiKs answers were how he manages and lives with his properties and were very forthright, and he is not really bothered in assisting you to come to the conclusion which you seek, which seems to be that even as an inheritance the properties will be worthless. 

 

It is his business what he does and doesn't do with his properties, but if you are trying to make the statement, "see I told you so that all property bought by farangs can become worthless here", then he, nor I (and probably others) will not have a bar of it.

 

What I will say is that, IMO, property here is overpriced and oversold and the resale values have dropped markedly, making many unsaleable, but I will add a caveat to that...…….everything has a price at one level or another, and many properties that I know of have far too high an asking price because the owners believe, mistakenly, that the property market here acts like it did in their home country, and it just is not the case.

 

I really did not like your post one bit if I am honest.

 

No problem XP.  You are entitled to your opinion, as we all are.  I rarely resort to personal attacks or abuse, thus, I will address your post.

 

Firstly, I have no agenda.  I have not stated Phuket property is worthless, only that if it can not be liquidated, or rented out, does one leave behind an asset, or liability? I have repeatedly said it is not a troll or bait question, and that remains the same.

 

Indeed, LIK used the term "dead assets" to describe some of his properties.  Is a "dead asset" a liability or still an "asset?"  LIK has said it's "free property" and can be rented out or sold, but yet he states those properties are "dead."  How will those who inherit them bring them back to life? I am not asking for an answer to this question, just pointing out that some people here may be inheriting a problem.  Note the use of the words "some people" not LIK's wife or family. 

 

Like yourself, I also appreciate LIK's honesty, and you will see I have posted such.  However, you will also see I have even asked him to comment in more general terms, as I do not wish to pry, and I am not requesting personal information from him, or about his personal circumstances.  It is he who volunteered such information. 

 

The issue I raised in this long thread focuses more on the expats that have a belief that they will be leaving behind an inheritance windfall for their Thai wife, in the form of a property on Phuket.  LIK is not a good example of the typical expat I am referring to. He bought in early, and has several properties as a business. The properties owe him nothing, and he has made money from them.  The typical expat I refer to has one property, in which he, and a Thai wife reside, with the Thai wife typically not being from the Phuket Province.

 

Now, as LIK has said, "up to them" what they do with the property upon his demise, however, if said properties can not be rented out and can not be sold, where is said "windfall?"  Once again, not specifically in LIK's case, but in general terms.  Let me say that again, IN GENERAL TERMS. 

 

Does this explain the question am putting to the forum? 

 

Is it not possible that many Thai widows return to their home town with nothing but bragging rights that they own a property on Phuket?  They can't rent it out, and they can't sell it, but they can say they own a property on Phuket. 

 

Would such a property be a liability or an asset?  Some argue a free property is still an asset, even if it is a "dead asset."  Fees and taxes aside, yes, I would agree with that.  Once again, LIK is not a good example of the typical expat I am referring to, thus, I asked him to comment in more general terms. 

 

Another member praised LIK on the condition of his properties, and how well maintained they are, yet, they are "dead assets." 

 

Another member posted on how they are not "dead assets" but just need a little "resuscitation" to use that analogy. 

 

In my opinion, whether it's a "dead asset" or an "alive asset" if it can not be rented out, or liquidated, then I call it a "depreciating asset" and for an individual, a depreciating asset is as good as a liability, but this is just my opinion. 

 

Others have the opinion it's a free property so even if it was sold for 1 baht, that's 1 baht more than they had before, and I can see that point of view.   As you say, "everything has a price at one level or another."

 

Your post touched on the property market here.  I agree with your assessment of the market, and for the many reasons you mention, plus some others, property is simply not "moving' here, and with Phuket falling out of favor with westerners, for one reason or another, property is also becoming more difficult to rent out here.  Indeed, LIK has confirmed this with his own properties.

 

This is why when I chat to some of these expats that are "taking care of the missus" when they die by leaving her the house / condo / apartment etc, I really wonder if they have any idea of what is happening with the Phuket property market.  Perhaps they simply typify LIK's comment of, "I don't give a rat's ass."  

 

The thread is titled "Patong - The Wake" and I am quite sure the Phuket property market has been discussed somewhere within the previous 53 pages of this thread.  I do not see it as off topic to discuss the Phuket property market on this thread, especially as the term "wake" is used, which indicates someone, or something, has died.  

 

Many expats are happy in their property, whilst many expats are trying to sell their property here.  WE, that's ALL members of the Phuket TV Forum, will depart this world one day, and I merely pose the question to those expats who own property here, IN GENERAL TERMS, what do they envisage will become of their property upon their demise? 

 

I was hoping to discuss whether they think their wife will be able to sell or rent out the property, and digress from there. 

 

As a younger expat, I see the aging expat community here, and have already been requested to assist a friend's Thai wife on such matters, upon his demise.  A task that I have no magic wand to wave over the property, and either find a good long term tenant, or dispose of the property quickly, when that time comes.  That said, I suppose many expats here simply "Don't give a rat's ass" so, each to their own. 

 

Edited by NamKangMan

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43 minutes ago, NamKangMan said:

 

Indeed, LIK used the term "dead assets" to describe some of his properties.  Is a "dead asset" a liability or still an "asset?"  LIK has said it's "free property" and can be rented out or sold, but yet he states those properties are "dead."  How will those who inherit them bring them back to life? I am not asking for an answer to this question, just pointing out that some people here may be inheriting a problem.  Note the use of the words "some people" not LIK's wife or family. 

 

 

 

Oh dear -  best I expand that term. Dead to me. Not worthless, and still making income. They are worth what the market dictates and we don't need to sell at that low price. The Income is better than selling.  No further discussion NKM.   

 

Edit - I am talking about our 2 Patong buildings. These days due to age and health issues I rarely travel out to Patong. Just not interested about Patong. But here in Kata we are expanding our businesses. But this is not a Kata topic.

Edited by LivinginKata
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1 hour ago, LivinginKata said:

 

Oh dear -  best I expand that term. Dead to me. Not worthless, and still making income. They are worth what the market dictates and we don't need to sell at that low price. The Income is better than selling.  No further discussion NKM.   

 

Edit - I am talking about our 2 Patong buildings. These days due to age and health issues I rarely travel out to Patong. Just not interested about Patong. But here in Kata we are expanding our businesses. But this is not a Kata topic.

Nor it is a phuket real estate is dead topic.  NKM, start a new thread if you wish to keep banging on about real estate and not Patong  and it's nightlife.

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1 hour ago, steelepulse said:

Nor it is a phuket real estate is dead topic.  NKM, start a new thread if you wish to keep banging on about real estate and not Patong  and it's nightlife.

 

This thread follows on from the "Patong is dead" thread. 

 

As mentioned, with 53 pages, I am sure Patong / Phuket property was raised previously on this thread.

 

It stands to reason that if "Patong is dead" and this thread is "Patong - The Wake" and Patong, and it's nightlife is dead, then also the property industry, whether that be commercial or residential, is also dead.  Thus, I don't see property as being off topic or this thread.

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