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Very Impressive Property Management

Moving a client of mine into Northpoint recently, I sat for the first time through their very impressive ‘new client initiation’ presentation. The developer, Raimon Land, has always impressed me with their professionalism, both with their sales & marketing as well as their actual product. They have appointed Savills as their property management company at Northpoint and they are very impressive to say the least.

They are offering a full concierge service that would rival any five-star hotel’s including medical services, taxis, insurance, maid services, utility management and much more. The only downside to this is it made me realize how shoddy many of the management teams are in town. Obviously this kind of management service comes with a price and I’m sure many owners of some of the lower to mid-range condos in town would be loathed to increase their management fees to the same level, however, there are many older high-end buildings in town with very high annual fees that still have low-end management style.

I’m looking forward to the new Centara Avenue and Park Plaza Waterfront projects as they’re cooperating with the hotel management aspect and I’m sure will have outstanding property management services as well.

Multiple People on One Chenoud?

This is a question asked of me quite often and the very simple answer is yes, it is very possible and also quite easy.

We’ve sold a few properties over the years to foreign couples who would like to purchase a property in both of their names. In order to do this, they must provide passport and visa copies for both people as well as a copy of their marriage certificate translated into Thai and notarized locally. The name of the transferee of the funds to buy the property can be in either person’s name and doesn’t have to be both.

We’ve also sold a few properties to friends buying together who would like their names on the same deed (this is also very applicable to gay partners who aren’t legally married). In this case, some money must be transferred by each person wishing to have their name on the deed. It doesn’t have to be transferred in equal amount, but each must show that they have sent some of the funds and have the proper bank documentation to prove it. I’m not sure what the limit is for the amount of people able to share a deed, but I’ve transferred into three foreigner’s names once, and I’ve seen some land deeds with six or more Thai owners.

Just make sure if you go this route to ensure all parties have a Thai will that spells out what happens to their part of the ownership should the worst happen. All property owners in Thailand should have a Thai will anyway for much the same reason. It’s quite inexpensive and will save your family a lot of unneeded headache.

Also, and I’m sure this goes without saying, take this decision of co-ownership very seriously. Anything money related can destroy any relationship, particularly when talking about substantial sums such as required to buy property. And also make sure everyone is under a clear understanding of how long the property investment will be for.

The Bangkokians Are Coming!

It’s no secret that many families in Bangkok are now buying second or holiday homes here along the eastern seaboard. The amount of Thai buyers the past few years has been astounding, with the majority coming from Bangkok. And now they seem to be rushing in for other reasons…

At the time of this writing, scores of Bangkokians are flooding into Pattaya and Jomtien seeking shelter from the rising waters in their fair city. We have been absolutely inundated with short-term rental enquiries mostly from families looking to escape the mess.

It’s reminded me, to a lesser degree, of the bump we saw in the market here following the Tsunami, with buying interest shifting dramatically from Phuket to Pattaya. At the time I wrote that it was a sort of horrible silver lining and I felt quite guilty that we were actually reaping some kind of market spike from such a horrible tragedy.

Let’s hope by the time this article is published that there is at least some semblance of recovery and the damage inflicted isn’t too hard to recover from.

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