Bakers Yard

caff

www.bakersyard.com

Anyone know much about these apartments? Looking at a three bed and it doesn't sound too bad but am a first time buyer so would like second opinions.

Supercell

Honestly, looks like "The Cubes" in Sandyford Industrial Estate, just with a bit more tatty finish.
Those images in the brochure make the place look old before its even built.
Just my $0.02. The area its in is a bit rough too.

johnnyskeleton

The two most important questions:

1) how much is it?

2) how much is it?

empirix

I got offered a 1 bed in here today for 210k(affordable housing draw) first time buyer, i am originally from Phibsboro and whilst the area could be slightly better it is by no means dodgey and personally i would feel very safe there, match days in Croker will be a bit of a pain(although the road its on doesn lead to croker so it cant be used as a shortcut etc,so i dont expect many folk to go down that way, it also comes with parking spaces, if i am offered anything but a ground floor apprt and it has a decent layout and finished well, baby i am in there already!

johnnyskeleton

empirix wrote: »

I got offered a 1 bed in here today for 210k(affordable housing draw) first time buyer, i am originally from Phibsboro and whilst the area could be slightly better it is by no means dodgey and personally i would feel very safe there, match days in Croker will be a bit of a pain(although the road its on doesn lead to croker so it cant be used as a shortcut etc,so i dont expect many folk to go down that way, it also comes with parking spaces, if i am offered anything but a ground floor apprt and it has a decent layout and finished well, baby i am in there already!

I saw a 1 bed on sale for €250k and there were no takers, so €210k is a good price if that is the total (ie. you only pay €105k) otherwise I would move very carefully on this one.

How Strange

johnnyskeleton wrote: »

I saw a 1 bed on sale for €250k and there were no takers, so €210k is a good price if that is the total (ie. you only pay €105k) otherwise I would move very carefully on this one.

I don't understand how you came up with the figure of €105k. Within two years the poster would have to buy out the local authority and get his/her own mortgage for €210k.

IMO, the poster should ask for the property to be revalued or at least ask what market value was that valuation based on.

Ste.phen

How Strange wrote: »

I don't understand how you came up with the figure of €105k. Within two years the poster would have to buy out the local authority and get his/her own mortgage for €210k.

The affordably housing price is 50% of the valuation (as agreed by the local authority) isn't it?
Not sure why they'd need a mortgage for the 210, then?

IMO, the poster should ask for the property to be revalued or at least ask what market value was that valuation based on.

Someone else suggested the normal market price to be about 250 (well, lower than 250 since it didn't sell at 250)

How Strange

Igy wrote: »

The affordably housing price is 50% of the valuation (as agreed by the local authority) isn't it?
Not sure why they'd need a mortgage for the 210, then?

The usual breakdown of a monthly payment is 60% mortgage/40% rent but the norm is to buy out the 40% from the local authority within two years and get the full mortgage in your name so you get full mortgage relief etc and are paying off more against your mortgage. I stand to be corrected on that but that's my understanding of the process.

Someone else suggested the normal market price to be about 250 (well, lower than 250 since it didn't sell at 250)

I'd guess that €250k is the current market value but the valuation for affordable housing may have been based on the original market value. This is south county Dublin so I'd imagine the original market value was somewhere around €320k, that was the average cost of a 1 bed in south county Dublin back in time of yore when people paid those prices.

johnnyskeleton

How Strange wrote: »

The usual breakdown of a monthly payment is 60% mortgage/40% rent but the norm is to buy out the 40% from the local authority within two years and get the full mortgage in your name so you get full mortgage relief etc and are paying off more against your mortgage. I stand to be corrected on that but that's my understanding of the process.

I think that's the shared ownership scheme. For affordable housing, you get a mortgage for 50% and the council pays the other 50%. If you sell within 10 years the council will claw back 50% of the sale price, and after 10 years the claw back reduces until after 20 years the purchasor owns the house absolutely.

How Strange wrote: »

I'd guess that €250k is the current market value but the valuation for affordable housing may have been based on the original market value. This is south county Dublin so I'd imagine the original market value was somewhere around €320k, that was the average cost of a 1 bed in south county Dublin back in time of yore when people paid those prices.

It's a one bed in the north inner city.

How Strange

johnnyskeleton wrote: »

It's a one bed in the north inner city.

I saw the Sandyford reference and assumed it was that side of Dublin.

I'd still say the original market value was nearer €300k so the affordable housing price might need to be adjusted. €210k for a 1 bed seems quite a lot to me on affordable housing especially considering the market conditions at present.

empirix

eh while i must admit i no fcuk all about mortgages and by and large the affordable housing scheme(basically i just applied for it to see what would happen last november!), basically what i do know is the 1 beds are now being offered for 270k, they were originally offered at 320K but they have now been reduced by 40k. I have been offered one to buy fully - or have i? at 210K and Dublin city council have asked me to get a mortgage in full for this price, not sure where people are coming up with 50% ownership and 105k and stuff, there are about 80 aprts in this development 32 of which were on the affordable housing scheme! Are the council trying to rip me off here - obviously a 60k discount does not constitute 50% ownership in my eyes? I am expecting a letter out next week with full details etc - will post em up when i get it, cheers

Supercell

One beds pre 2008 legislation are likely to be slaughtered in value in coming years, there is a reason banks dont want to lend for them you know!!
Any one bed unless its in Ballsbridge, Dalkey, Killiney or Howth is unlikely to fetch above 200k for a long long time imho.

Psyches

Hey potential neighbour/s?
Last week I was offered a 2 bed in bakersyard under DCC's affordable scheme. I'm on the list 2 years and this is my first offer and fingers crossed I like it. "Affordable" price is from 262-275K... from what I can gather the affordable price is based on a valuation of 325k and dropped from initial asking of from 350k for the 2 bed (advert Irish Times 11 may '08). Havn't seen the apartment yet and am told they are sized from 64-71 sq m, viewing on the 20th. No other info at the moment

How Strange

empirix wrote: »

basically what i do know is the 1 beds are now being offered for 270k, they were originally offered at 320K but they have now been reduced by 40k. I have been offered one to buy fully - or have i? at 210K and Dublin city council have asked me to get a mortgage in full for this price

IMO, 1 beds will bear the brunt of the property crisis so the important thing to ask yourself is will you be happy to live there for the next 5-10 years?
If the answer is no then seriously consider your position as you may not even get €210k if you try to sell it in the short to medium term. Also, a 30 year mortgage is about €900 a month at the moment. That's not exact but it's roughly what a friend is paying for a 2 bed bought at that price. Can you afford that now and afford any increase in the future along with bills of €100 a month?

Psyches..Last week I was offered a 2 bed in bakersyard under DCC's affordable scheme. I'm on the list 2 years and this is my first offer and fingers crossed I like it. "Affordable" price is from 262-275K... from what I can gather the affordable price is based on a valuation of 325k and dropped from initial asking of from 350k for the 2 bed (advert Irish Times 11 may '08). Havn't seen the apartment yet and am told they are sized from 64-71 sq m

I'd say your affordable price will be market value quite soon. I'd say the same as above - ask yourself would you be happy there for up to 10 years. If so then consider it but be aware that in the short to medium term the actual market value may drop below what you paid for it so you may have to sit tight for a few years. However, it's a decent sized apartment at 71sqm.

empirix

I have now also been offered a 1 bed In Marrsfield, Clongriffin(near pertmanock, sutton and then Darnadale, baldoyle up the other end but far enough away or so i hear), these apartments seem to be slightly bigger and finished better, the 1 bed offer is 200k, 15k less than Bakers yard but with a higher value of 300k. Supposedly an up and coming area with a new dart station and town centre being built. I do like out that direction and its quite close to the sea with a 15 min drive into the city etc on the other hand i know fcuk all people out that way and so envisage going into the city at the weekends to meet mates etc, have to put the thinking cap on now, although its nice to have a choice!

empirix

How Strange wrote: »

IMO, 1 beds will bear the brunt of the property crisis so the important thing to ask yourself is will you be happy to live there for the next 5-10 years?
If the answer is no then seriously consider your position as you may not even get €210k if you try to sell it in the short to medium term. Also, a 30 year mortgage is about €900 a month at the moment. That's not exact but it's roughly what a friend is paying for a 2 bed bought at that price. Can you afford that now and afford any increase in the future along with bills of €100 a month?


.

I can afford that no problem and to be honest i would be shocked if a 1 bed in that area fell below 200k !

johnnyskeleton

empirix wrote: »

I can afford that no problem and to be honest i would be shocked if a 1 bed in that area fell below 200k !

A lot of people are in for a similar shock in the years to come. To be honest, I am more shocked that anyone thought that a shoebox in the north inner city could be worth anything like €200k, but here we are.

empirix

yeah would be a big shock! i phoned the estate agent today, the affordable housing apparts are in the Barley house - the main building with the entrance and retail units, most of the 1 beds here are to the right hand side of the building, which means its gonna be a very noisy year when yhey start phase 2 of this project, if they start it! the balconnies fo rthese seem to be off the walkway on each floor which is a bit **** i.e. no privacy at all! Might be Clongriffin now or nought at all and just hold off and hope prices drop further!

seahorse

empirix wrote: »

I have now also been offered a 1 bed In Marrsfield, Clongriffin(near pertmanock, sutton and then Darnadale, baldoyle up the other end but far enough away or so i hear),

No offence OP, but I think you should study a map because it seems you haven’t got your sense of direction correct here. Portmarnock is a few kms away from Clongriffen and is out on a peninsula, Baldoyle is a shorter distance and in a different direction, Sutton is nowhere near you and Darndale is on the far side of the Malahide road. The four areas mentioned above are all in totally different directions from Clongriffen and from eachother and are totally separate communities, so you really cant judge what sort of place Clongriffen will be based on looking at those.

Have you thought about going on that local neighbourhoods website and checking out what the locals have to say about Clongriffen?

empirix

I am aware of that i was just outlining the surrounding areas but i thought Portmanock was the closest to it!

Psyches

I used to live/rent in Clongriffin from oct 06- feb 08, if you work in town and need a car (for work as I do)the commute is a nightmare, somedays it took me nearly 2 hours to get to Christchurch from Clongriffin in the car other days 40 mins. The 128 bus service started in december 07 I hear it's decent enough, dart always jammers at peak times.
I'm still considering the 2 bed (affordable housing)at bakersyard although i was also just offered a 2 bed at royal canal park d15, awaiting to view both.

empirix

Turns out these appartments in Bakers yard are in the Oat and Wheat house blocks- which are a lot better than the Barley house block, things are looking up. Also found out that the council are getting all properties in the affordable housing scheme revalued, you will still have to pay the price they offered you but will have a smaller claw back.

Yeah i aint going near Clongiffin now, appartments are still being built and the commute is very questionable, according to many people.! Shame

Psyches

Viewing bakers 2moro will let you know how i get on, also thanks for the info re affordable re-valuation.

empirix

The 1 beds are crappy here - very disappointed, very small and in my opinion poorly finished although i gues you can do what you want when you buy. Thought the complex was quite dark. I wouldnt even pay the 210k without the affordable conditions, big disapointment!