Are New Condos Well Worth the cash?

Inside a column in March 2006 I noted that property speculators are pushing in the prices of recent condominium units, which might consider happen to be high when compared with older ones in Bangkok.

Today let us check out a good example of this phenomenon. There is a brand new condominium launched lately on the stretch of land next to another older building. The second is a touch over ten years old, however when it was initially built it had been considered among the couple of genuine grade A condominiums in Bangkok. It features a lovely podium level, having a tranquil swimming pool area, tennis court, almost every other facility you realized, and every unit measures a minimum of 300 square metres. Why shall we be held suggesting this? It is because the sales prices within this condominium are little more than one-1 / 2 of the sales prices in the new neighbor-to- be.

For convenience, let us state that the older condominium is selling for 55,000 baht per square meter and also the brand new one is selling for 100,000 baht per sq. m. May be the improvement in cost really justified?

You can eliminate the land cost, because the two condominiums are right alongside one another. So what exactly is the main difference?

Construction methods? Doubtful. Actually, many older condominium units are perhaps stronger compared to newer counterparts. Many developers producing lower-grade new condominiums are utilizing materials, for example plastic imitation parquet flooring, that are unlikely to last at least a year or more. Also, lower-grade materials makes it possible for sounds from neighboring units to feed.

Facilities? Away from the situation above. The older condominium includes a full-range of facilities already.

Calibre from the co-proprietors? Within this situation the brand new condominium has numerous smaller sized units, tailored for possibly a far more middle- class market compared to older building which comprises large units only.

The look of your building? This should be it. The brand new condominium have a nice, shiny new lobby, a clear and recently colored exterior, freshly laid flooring within the common areas, and new furniture. That old condominium delays for any repaint, along with a new lobby could be nice too.

Then how about we the proprietors from the older condominium make these enhancements? Most likely because with regards to purchasing a condominium, individuals are ready using their chequebooks, however for ongoing maintenance, this isn’t the situation. Or condominium committee people aren’t nearly as good at selling-within this situation the thought of an essential cosmetic upgrade to include value – as individuals employed by the developer.

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