Browsing: Real Estate

Real Estate
Q1 price index for housing supply poised to fall

The current outbreak will likely lead to a fall in the price index for housing supply in Greater Bangkok in the first quarter, with discounts and campaigns still necessary to clear inventory, according to the Real Estate Information Center (REIC). Vichai Viratkapan, REIC acting director-general, said property developers need to use promotions to boost sales in the first quarter as the new wave affected consumer confidence and purchasing power. “Pressure for discounts and campaigns will come from new residential supply that will be completed this year,” he said. “This will cause the amount of housing inventory carried over from last year to remain large.” According to a survey by REIC on housing supply in Greater Bangkok in mid-2020, the number of residential units that remain unsold or were under construction totalled 62,388 units, comprising 27,907 low-rise houses and 34,481 condos. Some of this number will be gradually added as new inventory this year amid unfavourable sentiment, said Mr Vichai. “Developers will continue offering discounts and campaigns as an extension of the land and building tax reduction, which will help them cut cost, while appraisal prices will remain unchanged or see no increase,” he said. Campaigns can also be launched

Real Estate
In the Bronx, a Face Lost in Time

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Real Estate
Sansiri aims to launch 24 new projects this year

Mr Srettha said smaller developers will struggle for funding even more this year. Despite uncertainties, SET-listed developer Sansiri Plc will launch 24 new residential projects worth a combined 26 billion baht in 2021, doubling the number of projects the company unveiled last year, with a shift to the low-priced segment. President Srettha Thavisin said the uncertainties that emerged as a result of the pandemic will continue to affect purchasing power as the impact from the crisis this time would be more severe, would last longer and would be more difficult to solve than the 1997 financial crash. “No one can say 2021 will be better than 2020,” he said. “Despite hope from the development of vaccines, home purchasing power will not resume within the next 12-18 months.” To boost home purchasing power, he suggested the government cut interest rates and revoke the loan-to-value (LTV) limits which barred many potential homebuyers from owning a unit. “These two measures can draw back purchasing power without consuming any government budget,” he said. As

Real Estate
Lizzie Borden’s Notoriety Is This Home’s Selling Point

AdvertisementContinue reading the main storySupported byContinue reading the main storyLizzie Borden’s Notoriety Is This Home’s Selling PointThe house where her father and stepmother were brutally killed with a hatchet draws thousands of visitors a year. Now it’s for sale.Lizzie Borden was tried in 1893 for the hacking deaths of her father and stepmother. The house in Fall River, Mass., where the couple were killed is listed for $2 million.Credit…Universal History Archive/Universal Images Group via Getty ImagesJan. 21, 2021, 5:30 a.m. ETThe morning after Andrew Borden and his wife, Abby, were hacked to death in their home on Second Street in Fall River, Mass., in August 1892, 1,500 people gathered in front of the house, drawn by news of a grisly crime in their quiet

Real Estate
Colonia, N.J.: A ‘Nice’ Alternative to the City

AdvertisementContinue reading the main storySupported byContinue reading the main storyLiving inColonia, N.J.: A ‘Nice’ Alternative to the CityGood schools and reasonably priced homes have made this Woodbridge Township community popular with New York City buyers during the pandemic.Living In … Colonia, N.J.11 PhotosView Slide Show ›Laura Moss for The New York TimesJan. 20, 2021, 5:00 a.m. ETWhen Alex Paz and his fiancée, Caitlin Sarnicki, set out to buy a house a couple of years ago, they thought their parameters were reasonable: an affordably priced, not-so-large home in a friendly community, close to their families and workplaces, that hadn’t passed through the hands of a house flipper.“We saw some really overpriced houses and lots of flipped houses where closing companies were cutting corners and putting them back on the market when

Real Estate
Phuket condos compete in fierce rental arena

Phuket condos compete in fierce rental arena In the absence of international visitors, Thai travellers are being wooed aggressively by hotels and condos alike. Developers of resort condominiums in Phuket are patiently waiting for a recovery. (Photo by Achadtaya Chuenniran) Developers of resort condominiums in Phuket are patiently waiting for a recovery despite limited sales performance given the weak market conditions created by the coronavirus pandemic. While their peers in Bangkok have been using price promotions to clear unsold inventory, Phuket developers have adopted a “wait-and-see” approach and shifted their attention to the daily-rate market while waiting for conditions to improve. Phuket resort condominiums rely heavily on foreign investors who are attracted to developments with rental programmes and guaranteed returns. With limited domestic demand, and as restrictions and quarantines globally obscure the outlook for international tourism, marketing gimmicks normally used to successfully stimulate buyer demand cannot be applied. That leaves the daily-rate market as an option for generating some revenue. Considering that

Real Estate
What $2 Million Buys You in California

AdvertisementContinue reading the main storySupported byContinue reading the main storyWhat you Get$2 Million Homes in CaliforniaA modern townhouse in Laguna Beach, a two-bedroom condominium in San Francisco and a 1932 stone cottage in Burbank.Jan. 18, 2021, 9:00 a.m. ETWhat You Get for $1.2 Million in California24 PhotosView Slide Show ›Andrew BramascoLaguna Beach | $1.199 MillionA townhouse in a new development, with two bedrooms and two bathroomsThis townhouse is in a new four-unit complex called The Sheds, designed by Horst Architects. Set between the campuses of Laguna College of Art and Design (about five minutes from each campus on foot), the units are meant to evoke the live-work style of artists’ lofts, with multiple balconies and open floor plans that allow for flexible use. The property is tucked into the base

Real Estate
Bangkok office market lags as demand whittled away

An office worker has her temperature checked at the Siri Campus office complex.  (Photo by Varuth Hirunyatheb) The Bangkok office market is slowing because of shrinking demand and future supply overwhelming the market, with flat growth in occupancy and rents expected this year. Teerawit Limthongsakul, managing director of property consultant Nexus Real Estate Advisory, said many office tenants decided to scale down or not to expand as they wanted to cut costs. “The pandemic has been prolonged,” he said. “Apart from cost savings, demand tends to drop in the long term as working from home becomes a trend. The country is an ageing society with a shrinking working population.” The Bangkok office market is also challenged by large supply coming in the next five years — a total of around 1.8 million square metres, mainly from big projects like One Bangkok near Lumpini Park, WHA Building in Bang Na area and One City Center on Ploenchit Road. “The large amount of supply

Real Estate
Hounded by Wildfires, Californians Rethink Their Willingness to Rebuild

AdvertisementContinue reading the main storySupported byContinue reading the main storyHounded by Wildfires, Californians Rethink Their Willingness to RebuildIn the aftermath, some people are deciding to just begin new lives elsewhere. The pandemic and longstanding housing problems haven’t made the choices any easier.California: After the Wildfires5 PhotosView Slide Show ›Max Whittaker for The New York TimesJan. 15, 2021, 5:00 a.m. ETThe day Paradise burned, Aaron Singer was a skeptic. Then he saw the flames in his rearview mirror.This was November 2018, and the Camp Fire, the most destructive wildfire in California history, was making swift and smoky headway through the Sierra Nevada foothills. It took fewer than four hours to rip through this town of 26,000 residents, reducing schools, businesses, and 11,000 homes into piles of smoldering ash. When Mr. Singer

Real Estate
Condo prices continue to fall

Average prices of new condos being launched in Greater Bangkok are expected to fall by 5% this year. (Photo by Thanarak Khunton) Average prices for new and resale condo supply are projected to continue falling this year as the glut of unsold condos is overwhelming, with new units added to the stockpile. Nalinrat Chareonsuphong, managing director of consultant Nexus Property Marketing Co, said average prices of new condo supply being launched in Greater Bangkok this year would decrease by 5%. “New condo supply will remain low this year, with around 33,000 unsold condo units being completed that will add to unsold stock,” she said. The average prices of resale condo units should also decline, feeling pressure from newly-completed condo units this year, with prices dipping to levels last seen a few years ago, according to Mrs Nalinrat. Nexus on Wednesday reported a year-on-year decrease of 11% in average condo prices in Bangkok to

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