Ask here about the pleasures and pitfalls of buying, selling or renting property and real estate in Hua Hin. Building, design and construction topics welcome. Commercial or promotional posts for real estate companies or private properties are forbidden.
Yes, on the surface and going by what is written above, it certainly seems to be yet another Thai based real estate scam.
I must admit that I've seen several of these sort of guaranteed income property deals offered and couldn't for the life of me see how they were going to generate the revenue required to keep them sustainable.
Seeing as how it's a major development, perhaps the people behind it could make some comment on the matter.
Seeing as how it's a major development, perhaps the people behind it could make some comment on the matter.
Don't hold your breath until that one comes about!
My brain is like an Internet browser; 12 tabs are open and 5 of them are not responding, there's a GIF playing in an endless loop,... and where is that annoying music coming from?
In addition to the road, now I wonder if they ever will build the planned condos either. When I was there in October, I reserved a unit in "Phase II" and they were supposed to send me/my attorney the condo documents for review but I have not received anything from them in six months. (Two of my friends also reserved two units.) They were trying very hard to get me make a deposit on the unit in the first two months, even saying the prices will go up on February 1st, but I refused to make the deposit without having my attorney in Bangkok reviewing all the documents. I have not received anything yet and all I heard about the project ever since that the condo plans are being revised. Needless to say we all are very sceptical now!
TT Citizen of The World "I want to die in my sleep like my grandfather....
Not screaming and yelling like the passengers in his car..."
STEVE G wrote:Yes, on the surface and going by what is written above, it certainly seems to be yet another Thai based real estate scam. I must admit that I've seen several of these sort of guaranteed income property deals offered and couldn't for the life of me see how they were going to generate the revenue required to keep them sustainable.
Seeing as how it's a major development, perhaps the people behind it could make some comment on the matter.
This (my bolding) very sensible approach has kept me out of all such ventures. There are no Aladdins lamps, and the ones offered are Brooklyn bridges.
Further, I would never buy off plan (Dusit Land and House excepted) nor from an environment most of which still is not constructed or is under construction. I have several friends who for next twenty years shall live amid intense construction with roads constantly being mauled under heavy trucks, amid dust and clamor of of nearby building sites. Least of problems is not itinerant workforce who is inclined to climb the walls and help themselves to anything of value in the house.
However, to each according to his needs.
"There's no plausible or convincing reason, certainly no evidential one, to believe that there is such an entity (= deity) and that all observable phenomena, including the cosmological ones... are explicable without the hypothesis; you don't need the assumption."
Yes, it seems the phrase "guaranteed income" means something different in the real estate world. If guaranteed isn't guaranteed it's a pointless exercise, you may as well just buy any house and rent it out yourself.
Guaranteed income for 5 years usually means one thing, they have added the money they guarantee you on to the price you are buying for, how else can they guarantee it?
Such a shame for so many people who had relied upon such guarantees which turned out to be empty promises, but it appears to be the norm nowadays.
As many have advised find a good lawyer and get after it...
I think there is a meeting coming up on the CD houses on the 4th June. I didn't invest but very nearly did...and also dodged a bullet on the Joe Cole deal......
Surely anyone who opted for these 'guarantees' (promises at best!?), would have known they were dependant upon the financial wellbeing of the Banyan business, weren't they? Or was there more to it?
I asked at the time, only out of curiosity, how they were being 'guaranteed', and there was no underwriting or whatever in place. I would have thought buyers would have been aware from day one that should something like a recession such as this occur, then the likelihood of seeing returns would be unlikely.
They were sales gimmicks, misleadingly called 'guarantees' rather than 'promises', or whatever the correct terminology, but there was always an element of risk attached to them.
Well there was a CD owners meeting along with some directors of the Banyan first saturday in june .
They were offering us in compensation to getting no rental return that we dont have to pay any land lease costs,not right away but in another year once this rental agreement ends , so they only pay us one years rent from our three year guaranteed rental contract but they still want us to pay the lease costs every year even when we get no return and they have our houses rented out all year,so our rents we re not getting 366,000 Baht a year for three years ,but they insist we pay 60,000 baht each year lease cost.
Also they state at the meeting it costs 31,000 Baht a month to provide maintenance for one of our houses , this statement was met by spontaneous laughter.
They really do think the CD owners are a charity here to provide free accommodation for the anyone ,man, woman , dog and commonly busloads of young kids that come down from Bangkok where its common practise for 12/14 of them to share a two bedroom Villa ,so it seems that the people at the Banyan want to rent our houses out and how could we, the owners of these houses be so greedy to expect some of the money back THAT the Banyan get from renting out our property.
