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room for rent in district 7 (4 million per month)

 
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Charvo



Joined: 02 Feb 2010
Posts: 32

PostPosted: Sat Jun 15, 2013 6:26 am    Post subject: room for rent in district 7 (4 million per month) Reply with quote

I am posting for a friend of mine. She has a room for rent in district 7. The room has A/C and is nice and clean with a bathroom. The electricity and water is handled separately with an installed meter.

It is 5 minutes from Lottemart near Nguyen Thi Thap.

Please email me to arrange a time to see the room.

My email is cvo7651@yahoo.com
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ExpatLuke



Joined: 11 Feb 2012
Posts: 323

PostPosted: Sat Jun 15, 2013 6:33 am    Post subject: Reply with quote

Just out of curiosity... is 4 million just to live in a room with a bathroom pretty normal in Saigon? Because if it is... ouch.
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mark_in_saigon



Joined: 20 Sep 2009
Posts: 746

PostPosted: Sat Jun 15, 2013 8:24 am    Post subject: Reply with quote

You can get more or less the same price at a hotel (sometimes a bit less), after you factor in not having to pay for utilities in the hotel. Plus, likely you have more privacy in the hotel, but the shared house thing may have some kitchen benefits, and of course some of the guys like having fellow expats to hang with.

Housing is still tough here, the real problem is the VN overbuilt the hell out of high end units, the low end stuff is really for the natives, and despite the falling in prices of the high end, the middle is very poorly served. Just look at all these big projects in suspense, the ultimate resolution may be they convert them to high density, meaning even those places will be crowded, cluttered, noisy and dreary. It is really a symptom of the get rich quick mentality, all these operators thought the path to riches was by creating housing for the wealthy, but they overshot the mark by a very wide margin and made a big mess of things. Possibly one of the key sicknesses of the entire system is the misallocation of assets into housing (much of which sits uncompleted) which is inappropriate for the citizenry.
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toiyeuthitmeo



Joined: 21 May 2010
Posts: 202

PostPosted: Sun Jun 16, 2013 1:35 am    Post subject: Reply with quote

Quote:
Just out of curiosity... is 4 million just to live in a room with a bathroom pretty normal in Saigon? Because if it is... ouch.


Actually, that's a pretty good deal for Saigon, especially in "fashionable" District 7. In fact, not a bad deal in general. Just curious, what are prices like where you're at? I'm only familiar with SG and Vung Tau, really, and even in Vung Tau, a 1BR "studio" runs 6 mil or higher.

The majority of teachers I know who share apartments in D1, 3, 4, or 5 (same deal, en suite bathroom, shared common areas) are paying at least 6 million / month. If you want a nicer-end shared apartment in a high-rise, it's more like 9 million / month.
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ExpatLuke



Joined: 11 Feb 2012
Posts: 323

PostPosted: Sun Jun 16, 2013 4:47 am    Post subject: Reply with quote

Im in Danang and like all places the prices vary on location, but you can get single apartments with no shared living space and small kitchens for $200. You can get 2 bedroom houses fully furnished from $250... Of course these aren't the nicest places. But they are readily available.
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bobpen



Joined: 04 Mar 2011
Posts: 89

PostPosted: Mon Jun 17, 2013 1:29 am    Post subject: Reply with quote

Quote:
You can get more or less the same price at a hotel (sometimes a bit less)


Where are all these supposed places that are on offer at 4 mill or less? Every place I've been in (usually family mini hotels and guesthouses) seems more than happy on insisting as high as 9,000,000 a month, while others act like they are offering super deals at 6 to 6.5 mill.
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mark_in_saigon



Joined: 20 Sep 2009
Posts: 746

PostPosted: Mon Jun 17, 2013 10:25 am    Post subject: Reply with quote

We see fairly nice hotel rooms for 8 to 10 bucks a day outside of the center of the city. As this includes electricity and internet, the price is more or less comparable.

I would mention, as we should all know, that it is always best to have a native check on the price without your western face in sight. Quite common for them to increase the price if they see you first, sometimes they will even try to boost you after they quote the price to your VN helper, but often they will then stick with the original stated price.

I am not up to speed on housing prices in 1, though seems that the PNL area has lots of rather low priced accommodation if you do not mind the atmosphere and noise down there.

I recently listed on CL an entire house (2 bed, 3 bath, kitchen, main room and very nice balcony) of about 100 sq mtrs at $300 per month for a VN friend, it was about 10 minutes west of Dam Sen park, and in one week had not a single response. I was helping a VN owner, and was shocked that the market was that difficult for owners, I expected lots of response.

The housing market is crazy here, very opaque, not an open market. So much of the housing stock is just a store of wealth for the elite, then even more is this overbuilt high end stuff that has never been completed or taken down to a true market valuation. More or less the same story in HN, though more convoluted there. Prices have dropped significantly up there, though that does not mean you can always find a place when you need it, or that the ownership is still not out to find a way to hammer you on deposit return or improvements or something.
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skarper



Joined: 12 Oct 2006
Posts: 251

PostPosted: Mon Jun 17, 2013 12:07 pm    Post subject: Reply with quote

Yes - a very odd situation all over Vietnam.

Far cheaper to rent a house than borrow the money to buy it - ergo houses are overpriced and MUST fall in value at some point by logical reasoning. However, logical and Vietnam do not often sit well in the same sentence!

I secong MiS above. If looking for room/appartment alone or through an agency your impression of the market wil be very distorted. They will see a white face and just jack the price right up. We have had this happen when my wife has asked the price of a rented house and then when I show up to see it the price goes up to some round number in dollars. Sometimes twice waht she was quoted before.

We just walk away. If you have patience and the help of a savvy local who is on your side it really is a renters market. We have seen the same houses empty for 2+ years.[/i]
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mark_in_saigon



Joined: 20 Sep 2009
Posts: 746

PostPosted: Tue Jun 18, 2013 6:21 am    Post subject: Reply with quote

Quote:
However, logical and Vietnam do not often sit well in the same sentence!


Absolutely. Much/most of S E Asia is this way. Some businesses will actually increase prices as demand ebbs during slow times of the year in an attempt to maintain the same revenue as during busy times. We have to always understand that the markets for goods and services are not based on the same fundamentals we are familiar with, and so the logic that we expect is often just not there.

Single family dwellings are especially crazy. So many of these nice places are built to as a way to stash wealth, you have to consider the limited options that the elite has for investing their excess money. You have to also factor in the mentality of the newly rich, the delight they have in ostentation. So we see all these quite nice houses that are mostly unused and unavailable. When you can find one for rent, it can be a tremendous bargain, as the market will not support what the house is theoretically worth.

Values are also so crazy, as this is not a market where most citizens have the ability to participate. So as long as the wealthy can sit on a house and wait, it is not on the market driving the prices down. We do not see prices falling to the levels they would based on a more open and transparent marketplace with all people able to take part.

Hotels tend to show the more honest valuations (though not the high end hotels, which are more similar to the houses for the wealthy in terms of keeping their prices artificially high). Decent enough hotel rooms rent for half, a third or less what the price would be in a big city in the west. Living in a hotel is a pretty good stopgap here, until you finally stumble on to a reasonable apartment or house. I strongly suggest hotels for newcomers, as you have a lot of advantages. You do not have to worry about the legal status that the homeowners have trouble with. Folks have been known to be ejected from houses because the owners failed to report their residency. You do not have to worry about being cheated out of your deposit, which is pretty common, it is an epidemic in China I understand, not sure how bad it is here. And it is nice to be able to move around to be close to your work, and you never know how long a job will last when you first come over (or ever). Finally, I think it is interesting to move around the city, you figure out an area, but then that is it. I think it is fun to to learn more about the city, see more areas. This is a pretty dreary place in many regards, you might as well move around and see more of it, you eventually may find somewhere that works out well for you.
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TRH



Joined: 27 Oct 2011
Posts: 163
Location: HCMC

PostPosted: Tue Jun 18, 2013 9:54 am    Post subject: Reply with quote

mark_in_saigon wrote:
Single family dwellings are especially crazy. So many of these nice places are built to as a way to stash wealth, you have to consider the limited options that the elite has for investing their excess money. You have to also factor in the mentality of the newly rich, the delight they have in ostentation. So we see all these quite nice houses that are mostly unused and unavailable.
I have suspected for a while that not only are a lot of wealthy people here escaping full payment of income taxes but also that property taxes are low too.

This paper seems to confirm my suspicions: http://www.viet-studies.info/kinhte/VN_PropertyTax.pdf

Not only are rates very low by international standards, they are uniform over large areas, not individual parcels, and only applied to land and not homes. So this could explain Mark's observation about homes as a storehouse of wealth. Anecdotally, I once commented to my wife about a huge ostentatious house that I saw between a used shipping container lot and some other industrial use. She observed that for Vietnamese, it is all about the house and not the location. Of course this is contrary to the old realtor joke about the three most important things. In an example shown in the article, the highest priced urban land in Hanoi, a 100m2 parcel would be taxed at only 792,000VND per year. Also the tax is regressive as it is far lower than farmland on a percent of fair value basis. The authors also mention that there is "absence of a rigorous method for determining the real estate capital gain" and taxing it as income. So the tax structure seems to validate the investment choices of the wealthy here even if on the face of things they may seem irrational.

Is important to remember too that property taxes and capital gains taxes in most places are also social tools to encourage full property utilization and to discourage inter-generational wealth, both things that one would think would be considered desirable in a Socialist Republic.
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Dekadan



Joined: 09 Dec 2011
Posts: 93

PostPosted: Wed Dec 11, 2013 2:13 am    Post subject: Reply with quote

I like MIS' suggestion to move around while you're there. For the first year when I was there, I moved 8 times. Very easy to do when furniture is not involved! Just put your clothes back in your suitcase and move on. I was able to get a feel for many different places before settling in an area and a housing situation which suited me the best. I knew other people that jumped into a house or apartment which at first seemed great but when the newness wore off they felt stuck with their contract. When I got tired of a place, I gave my notice and got out to new adventures!

Also, you may not learn about some of the negative aspects of an area until you've lived there for a while. Is the area prone to people renting karaoke machines that they blare into the wee hours of the morning? Will you be stuck in nasty traffic for an unnecessarily long time? Will there be roosters that crow at all hours (no, they don't just do it when the sun comes up)? Just some things to consider....
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dmjkvn



Joined: 29 Nov 2013
Posts: 8
Location: Ho Chi Minh City

PostPosted: Mon Dec 16, 2013 3:03 am    Post subject: Reply with quote

Can you tell me if there's a bus station nearby? thanks
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