......Just as in English, the term ‘second hand’ in the Thai language is the same – ‘mur song’ (hand second) and in the real estate industry it applies to any property that was previously owned by another and is being sold ... again.
As well, here in Pattaya and throughout the Eastern Seaboard, most real estate agencies deal in the brokering and re-sale of existing, or second hand, houses and condos as is true in the West’s real estate industry.
As we have all seen, the past five years or so have brought a tremendous amount of new construction and a great deal of new housing and condominium developments and these new ‘first hand’ properties captured a lot of the market share.

Interesting development
Well, obviously, we all would like to see that trend continue as long as possible, but what is very interesting is the interest developing in the purchase of existing, or second hand, homes and condos.
There seems to be a growing number of foreigners showing interest in the purchasing of our Pattaya and Eastern Seaboard second hand homes and condos.
I have often said that one of the most dynamic reasons for our area’s real estate success is: ‘The World keeps getting worse and worse ... and Pattaya and the Eastern Seaboard keep getting better and better!’
Interestingly enough, we seem to be seeing signs of just that – foreigners looking to purchase existing houses and condos to move into, purchase houses and condos to rent until they retire and some even looking to purchase because they feel the time to buy is upon us. There are signs that foreigners that have been living here for years are starting to look around at the housing and condo market because they feel ‘this is the time’ to buy.
So, what does all of this mean? Perhaps we are starting to see property owners ‘getting serious’ about selling their properties while, at the same time, we are also starting to see buyers getting serious about ‘good deals’ out in the market place.
One thing for darn sure is the great abundance of great second hand houses and condos on the market for sale – and at great prices as well!

Financing options
Another trend that is starting to create some momentum in the re-sale of existing or second hand homes and condos is financing options. We are seeing a number of local real estate agencies offering special financing opportunities to foreign purchasers.
‘Owner financing’ is nothing new at all, but it is here in the Pattaya and Eastern Seaboard area and it seems to be catching on very quickly.
As is known to everyone at this point ... getting a loan from the bank is not that easy. It just isn’t what it used to be and people need help when it comes to buying a home.
When you consider the opportunity to purchase a house or condo with as little as 10 or 20 per cent down with little or no interest added on to payments stretched out over as much as 2-10 years then buying a house or condo starts looking a lot easier.
Yes, business is way down – the economy is crippled – but this just might be the shot in the arm our real estate sector needs right now.
There has been so much focus on the new construction situation that many just haven’t been noticing the great second hand homes and condos that are out there.

Great variety
We actually are in a great situation for buyers with lots of great new construction and a great variety of second hand houses and condos – what a market place!
This could be the ‘eye of the storm’ we are looking at.
Let’s face it, we may not all agree on the direction of the current real estate market, but it doesn’t take a rocket scientist to figure out that Pattaya and the Eastern Seaboard are going to be very popular and growing in development for many years to come.
Folks just love the weather, food and people here. So, will a property sell is not a question – the only question is when!
That ‘when’ just might be very soon ... as in now! We are definitely starting to see property owners and property purchasers getting very close on property values.
If you are a serious and willing purchaser, you have great opportunities before you within our Pattaya and Eastern Seaboard house and condo market.
The deals are starting to appear and property owners are looking to negotiate a fair deal. Don’t get me wrong, property values are not plummeting by any means. In fact, land prices are continuing to go up! There are simply some very good deals available out there in the property market place and we are witnessing some very realistic pricing and selling options.
I am also seeing developers of new construction starting to look at the possibilities available with owner financing, as they, too, look to cash in on the interest being generated through the success seen in the sales of second hand homes and condos on the market.
What a great real estate situation! Tons (and I mean tons!) of great condominium units and new detached houses on the market and a huge selection of second hand homes and condos on the market as well.

In harmony
That’s the real estate ‘eye of the storm’ that I mentioned earlier. That is that time when a real estate market has a supply and demand that brings property owners and purchasers together in harmony ... both wanting to ‘cut the bull’ and make a deal!
To make things even better, the Pattaya Eastern Seaboard area has a real estate broker association with more than 20 member agencies, which include five Certified International Property Specialists (CIPS). Buyers, sellers and very capable and trustworthy real estate agencies are available.
Yes, even though things are getting pretty serious all over the world and more than ever, people are wanting to ‘get away from it all’ ... I am very sure we will be seeing more and more people looking towards Pattaya and the Eastern Seaboard as just the place to get away from it all in the ‘Land of Smiles’!
l The views of our columnists are not necessarily those of REm.

A little more about our columnist

Our thanks to Clayton Wade, managing director of Premier Homes Real Estate for preparing this ‘Eye On Pattaya’ report.
Clayton Wade has been running Premier Homes with his wife, Khun Supap for more than 12 years.
He has been in the industry for 22 years, having started his real estate career in the United States, where he was licensed to practise both real estate sales and property management in Seattle.
He was responsible for bringing in the first 53 General Motors executives for the ‘start up phase’ of Thailand’s General Motors manufacturing facility and had a three year exclusive deal with the company. Following that he placed most of the ‘start up’ executives for the Eastern Seaboard’s BMW manufacturing facility.
Clayton is known throughout the Asia-Pacific region for his writing, public speaking and television presentations.
His accomplishments in promoting Thailand’s Eastern Seaboard real estate industry include having been a guest speaker with several of Thailand’s top political and business figures on CNBC’s Managing Asia programme.
You can visit Premier Homes’ website at: www.premierinternational.com
Clayton Wade may be contacted by telephone at +66 (0)81-634-2915 or by

email at: clayton@premierinternational.com