TO DISCUSS YOUR PROJECT OR LEARN MORE ABOUT OUR SERVICES:

  • This field is for validation purposes and should be left unchanged.

Buyer Defaults Hitting Residential Sales Pace

Category: Real estate, Posted:06 Jul 2009 | 11:33 am

In talks with developers on the island there is an emerging trend of buyer defaults in the property sector back of the current economic downturn. A number of resale units have been placed back on the market recently including high profile projects in Bangtao/Laguna, Kamala and Nai Thon. Tracking sales pace in various projects the numbers are bearing out the "for sale inventory' is on the rise.
Developments which had either been fully sold out or showing a good number of confirmed sales; now have inventory placed for sale. A combination of buyers who have some progress payments down, or those still in the due diligence phase and are walking away from reservation payments. Recently some projects which had a good percentage of progress payments in and buyers walked away have simply remarketed the units well below existing retail pricing; with the logic that the end revenue combining the default amount retained and low resale equals the current retail level.
What the trend does demonstrate is twofold in that retail pricing is under the gun with new buyers expected deep discounting and that the resale market is becoming a larger segment of the total real estate market. As not only business cash flow but personal finances get crunched, the expectation is this situation will be carried over into the coming high season.

Other News

Read more

Go Ahead. Get Your Ya-Ya’s Out

Category: Tourism, Posted:17 Jan 2021 | 06:00 am Close your eyes. Go ahead. Remember a time when you were young. The magic as a kid, taking blankets, sheets, or even boxes and creating a fantastical tent or unique crazed getaway in the house. Letting your imagination go wild and take you on a journey to incredible places. Or pitching a tent in the […]
Read more

Is Thailand Ready For Legalized Gambling?

Category: Tourism, Posted:16 Jan 2021 | 13:38 pm Topping Thailand’s economic news are comments by the Prime Minister that he is willing to consider opening up gambling, according to the Bangkok Post. With the Thai economy struggling at funding an economic recovery process that has been under extreme duress by Covid-19, the question now will the pandemic be an accelerator of a long-lasting […]
Read more

Phuket’s World Class Creative Mad Metal Men

Category: Tourism, Posted:15 Jan 2021 | 09:15 am The Underwood Art Factory with its crazy, cool, innovative metal sculptures and fabrication is one of the island’s best global exports to some of the leading design hotels around the globe. Founder John Underwood’s long-term work with renowned design guru Bill Bensley has seen his work showcased in countless iconic locations and properties. The Underwood […]