Valuation check: 80 m² coastal home in Bangkok asking THB 15,660,000

R

RightRoom

Real estate agent
Established
I have to decide soon whether to take this any further. The attraction is the location and light; the trade-off is accepting a valuation built on very little completed evidence.

This is an average-condition, two-bedroom coastal home in Bangkok, measuring about 80 m² and listed at THB 15,660,000. The finishes are dated, and insurance may add to the ongoing cost. Of four comparables, only one is a completed sale. I would give that sale most weight if its tenure, parking and micro-location match, then use the three listings to test current seller expectations.

For the size adjustment, I am wary of treating every square metre equally. Layout efficiency, parking and usable space may justify different rates for larger or smaller homes. Would you model condition separately using refurbishment costs, or first set a range around the completed sale? I will obtain a local appraisal before making an offer.
 
For context, the asking price works out at about THB 195,750 per m². I’m reluctant to treat that as meaningful until the comparables are aligned properly. I’m especially unsure whether differences in size should be adjusted linearly or whether the 80 m² unit deserves a different per-m² rate.
 
I would give the completed sale much more weight than the three listings, provided it is genuinely comparable and not too remote in micro-location or condition. Don’t make a straight 1:1 floor-area adjustment: compare price per m², then consider whether the smaller and larger homes differ in layout efficiency, outdoor space or parking.

For condition, test scenarios rather than claiming a precise discount—perhaps no adjustment, 5%, and 10%—then replace those with actual refurbishment estimates when available. Lease length or other tenure details could move the result more than dated finishes.
 
Before discussing percentages, how close is the completed sale in the same building or immediate area? In Bangkok, two properties that look close on a map can have quite different access, outlook and surroundings. Also missing: remaining lease length, service charges, parking rights and whether the outdoor space is private or shared.
 
Condition only helps if every property is graded on the same basis. I agree with running a range, but actual renovation cost should not automatically become the valuation adjustment. Functional but dated finishes may bother buyers less than the replacement bill suggests, while disruptive work can produce a larger discount.

I would label the subject and the completed sale consistently—usable, needing cosmetic work or requiring major work—and test the result under each reasonable difference. Then keep parking, tenure, service charges and exact micro-location as separate adjustments rather than burying them in one condition percentage.
 
The next step is a simple comparison table: completed or asking price, date, exact micro-location, floor area, condition grade, tenure or lease length, service charges, parking, outdoor space and outlook. Mark unknowns rather than guessing.

Then calculate an adjusted range anchored by the completed sale and use the three listings mainly as an upper-market indication. At THB 15,660,000, the decision should depend less on one headline per-m² figure and more on whether the tenure, recurring costs and location advantages justify the gap from that sale.
 
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