Exciting week on the land front. There was one piece of land that was right in the area I was looking for. Location = good, price = right, systems = not ready for prime time. Why? The land was right next to a boat storage facility. You can see it off on the right. Probably OK since it was quiet, and the land had a lot of positives. Then the real estate agent, lung uuan, came to show me something right in the same vicinity.
I like the location of the boat storage land for a few reasons. It is just on the crest of the wave of development in East Pattaya. This is in that East Pattaya strip of land which is a wide open avenue of development — basically extending from Sukhumvit through to Pattaya Land and House, along the basic path of the tungglom dan man road (also known as satitudomsuksa). This is where Paradise Villa is located and there are about 20 or so building developments going on simultaneously. One of the attractions of this strip, is it is basically the closest pristine and pretty chunk of land that hasn’t been hit with ugly Thai shop house development (in years past).
This boat factory is near the flying club off the main road. It is about on the crest of the development wave, with properties around there going from 700,000 to 1.3 m per rai. Around Paradise Villa (back from the crest of the wave) — the land is already about 3 + million per rai. To give a comparison, undeveloped farm land with a good water source in the cheaper areas of north east Thailand would have a value of about 10,000 to 20,000 per rai. The farang development here in other words has brought the prices up many times.
So Lung Uuan did take us and show us a new plot of land (a 9 rai parcel) on the airport road. Beautiful. The sellers friend/agent came over also. They said the price was 700,000 per rai which was the same price they were selling the parcel the previous year — so they wouldn’t discount the price.
After discussing it, I decided to go for it. So called the agent. He went to the sellers. Here was the response. The price isn’t really 700,000 per rai. It is now (that you’re interested) 900,000 per rai.
How frustrating. I’ve heard of this happening a lot. The land is for sale at price x, the offer is put in a price x — and all of a sudden the land isn’t for sale or the price has changed. What is this, negotiation Thai style?
Anyway, with this I was down the road looking at other properties. As far as the boat storage, now reason to buy a parcel with something that I would consider a potential negative. Negatives here typically don’t result in that much of a price reduction, unseen positives, likewise, don’t result in that much of a price increase.