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Unfinished housing developments

galwaybabe · 2007-10-13 11:34:44

Having read this posting http://www.boards.ie/vbulletin/showthread.php?t=2055103590about an unfinished housing development in Dublin and the associated frustrations of a buyer, I thought it would be interesting to start a thread to find out how many similar stories there are across the country. Do you know of one in your…

13-10-2007 11:34am

#1

galwaybabe

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Having read this posting http://www.boards.ie/vbulletin/showthread.php?t=2055103590about an unfinished housing development in Dublin and the associated frustrations of a buyer, I thought it would be interesting to start a thread to find out how many similar stories there are across the country. Do you know of one in your area? How long has it been idle? Are you a buyer?

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#2 14-10-2007 9:11pm

godtabh

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reading that thread you linked to it seems the reason why there was no building down was due to industrial relations issues and not say the housing down turn or what ever.

You'll find that alot of developments have have presold off plans and once this is down the developer can use this as security for any future bank loans if in financial difficulties or for what ever reason if he gets on with the banks.

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#3 16-10-2007 9:20am

galwaybabe

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I accept your point that the particular development in the link I gave may have been due to an industrial dispute but my gut feeling tells me that there are a lot of unfinished developments out there and that there are some developers in serious financial trouble. The solicitor in yesterday's news springs to mind....

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#4 16-10-2007 12:44pm

irishpartyboy

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The referred posting was posted by myself. I've found out over the weekend, albeit unofficially, that the building sub-contractor has gone bust. I hear that another sub-contractor has just taken over and there is 2 months work left. Watch this space though, I will believe it when I see it....

So I think the OP may have a point, in terms of the market in generla, some builders going or gone bust due to instability pre the general election. There's another development right beside the Kilmacud luas station that also appears in trouble.. i've not seen any work going on in there in quite some time.

Speaking to a cousin of mine also, he's contracted in to paint new developments and he's been told unofficially to slow down...

Also I hear that Adamstown phase 2 launch has pretty much flopped....

Brian

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#5 16-10-2007 12:48pm

dame

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I don't think they're all going bust. I think that a lot of them are just being sensible and being led by demand. For example, I know of a few estates where the next houses will not be built until the current uncompleted ones are all sold. Lst year they would simply have kept building steadily until they were done and moved on to a new estate.

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