Thailand visa and purchasing a condo

The short answer to your question is yes.  Permission will be granted
for a period of not more than 1 year at a time provided you meet the following

(1) The alien has obtained a temporary visa (NON-IM); 
(2) The applicant is 50 years of age or over; 
(3) Proof of income of not less than Baht 65,000 per month; or
(4) Account deposit with a bank in Thailand of not less than 
800,000 Baht as shown in the bank account for the past 3 months
at the filing date of the application. For the first year, the applicant
should have that amount in his bank account for not less than 60
days or
(5) Annual income plus bank account deposit totaling not less
than Baht 800,000 as of the filing date of application