Elysian rumours?

Flipper

Has anyone heard the rumours that the Elysian is about to be taken over by a new selling agent who will be selling the units much more aggressively and actually negotiating on price?

I'm in the market for something like these at the moment but any indication I give that I'd be interested in making an offer (within 20%) is pretty much ignored.

Anyone have any idea about this?

mik_da_man

I heard a rumour that someone was looking at one apt around the 600k mark.
Offered 450 and got it..

So there may be some truth to it.

They do need to cop on if they want to sell them.

Illkillya

Flipper wrote: »

Has anyone heard the rumours that the Elysian is about to be taken over by a new selling agent who will be selling the units much more aggressively and actually negotiating on price?

I'm in the market for something like these at the moment but any indication I give that I'd be interested in making an offer (within 20%) is pretty much ignored.

Anyone have any idea about this?

There was an article today about more commercial units going on the market for sale or rent.
http://www.independent.ie/business/commercial-property/elysian-opens-to-high-flyers-1342115.html

Regardless as to whether or not there is a new selling agent involved, I would definitely expect them to become much more open to negotiation in the coming months. 20% off asking price is still too high an offer to make in my opinion, so I am surprised that they didn't pay more attention to you. Maybe it is just down to incompetence at this stage.

Flipper

mik_da_man wrote: »

I heard a rumour that someone was looking at one apt around the 600k mark.
Offered 450 and got it..

So there may be some truth to it.

They do need to cop on if they want to sell them.

I'm not sure how much truth is in that because I had shown strong interest in a 710k unit with a 640k offer and they paid no attention whatsoever...

discostu1

The story I am hearing is the opposite, about 5 or 6 are allegedly occupied. OFlynn has allegedly made an ofer to some or all of these people of properties in Mount Oval if they LEAVE the Elysian. THe theory being you cant run a 200 odd complex with 5 or 6 occupied the cost of servicing that size of building must be huge. Remember you have to light all the common areas etc

Illkillya

discostu1 wrote: »

Remember you have to light all the common areas etc

light, clean, elevator maintenance, watering the plants, power-washing the flagstones, polishing the shiny glass windows... it adds up to a lot of maintenance / service costs. I would be amazed if they aren't panicking at this stage and desperately trying to flog a few more units to help cover their upkeep.

Faith

discostu1 wrote: »

OFlynn has allegedly made an ofer to some or all of these people of properties in Mount Oval if they LEAVE the Elysian.

People will have chosen the Elysian largely based on it's central location. I supremely doubt they'd decide to move miles out of town because O' Flynn want them to. I'd tell them to shove it if they asked me to do that!

discostu1

I understand that was one of the responses, but maybe with over 250 apartments, houses for sale on Daft for the City centre plus the Elysian the maths dont work out

MunsterCycling

I for one will be happy to see O'Flynn go down the swanny for building this eyesore in the city, it has ruined the landscape and feel of the city for however long it stands. Good Riddance.

Thankfully our house is higher than the so called penthouse and our views much much much nicer.

MC

Oafley Jones

Faith wrote: »

People will have chosen the Elysian largely based on it's central location. I supremely doubt they'd decide to move miles out of town because O' Flynn want them to. I'd tell them to shove it if they asked me to do that!

It's not like they're going to force people to move. Can't imagine the location doing the Elysian any favours, it may be central enough, but it's in a dire part of town on what amounts to a roundabout. Prices have a long way to go, 60-70percent reductions wouldn't be unrealistic.

jank

MunsterCycling wrote: »

I for one will be happy to see O'Flynn go down the swanny for building this eyesore in the city, it has ruined the landscape and feel of the city for however long it stands. Good Riddance.

Thankfully our house is higher than the so called penthouse and our views much much much nicer.

MC

Sounds like you have a very high horse too!;)
Maybe you should come down for air now and again.


Prices will have to drop for the Elysian end of! They could sell them all tomorrow if they take 40% off the price.

Owen

I quite like the Elysian, and if I was single, I'd live there in a heartbeat - but their pricing structure is off the wall. There are a staggering number of apartments lying vacant in Cork, and if the Elysian is to fend of competition from more sensibly priced dwellings, it will have to compete on one thing only. Price.

Having said that, I don't know why apartments are so popular anyway, I've a 3 bed house leased a stones throw from the city, with gardens and driveway for 825 a month.

Flipper

jank wrote: »

Prices will have to drop for the Elysian end of! They could sell them all tomorrow if they take 40% off the price.

While this is true, I don't think it makes any business sense for them to even think about doing this. They paid a fortune for the site at the time and I don't know how much the development itself cost but apparently, the digging of the foundations went 2x over budget so that's never a good start.

I would love to see it do well because I think as anyone else who has seen the development from the inside will agree, it is in a league of its own. I think they are far too pre-occupied with keeping the standard of clientele high and seem to think that the only way they can do this is by keeping the prices exorbantly high.

Personally, I think that a 20% reduction would see these units move but I'm not sure if O'Flynns have this kind of margin anymore. They have offically lost me as a customer as I'm making an offer on one of O' Callaghan's properties tomorrow and expect it to be accepted.

Mentalmiss

The story I heard is that they have one buyer interested in buying the entire project and that they have to get everyone else out to sell.

I also like the building and do not agree with the previous post.

Oafley Jones

Mentalmiss wrote: »

The story I heard is that they have one buyer interested in buying the entire project and that they have to get everyone else out to sell.

I also like the building and do not agree with the previous post.

The only potential owners for the Elysian are NAMA.

Padraig Mor

Flipper wrote: »

I'm not sure how much truth is in that because I had shown strong interest in a 710k unit with a 640k offer and they paid no attention whatsoever...

If they turned down that offer, they are officially idiots.

Flipper wrote: »

They have offically lost me as a customer as I'm making an offer on one of O' Callaghan's properties tomorrow and expect it to be accepted.

QED.

DEEP THROAT

Flipper wrote: »

I'm in the market for something like these at the moment but any indication I give that I'd be interested in making an offer (within 20%) is pretty much ignored.

Flipper wrote: »

I'm not sure how much truth is in that because I had shown strong interest in a 710k unit with a 640k offer and they paid no attention whatsoever...

Flipper wrote: »

I think they are far too pre-occupied with keeping the standard of clientele high and seem to think that the only way they can do this is by keeping the prices exorbantly high.

They have offically lost me as a customer

The penny finally dropped;)

bladebrew

anyone read the article in todays property supplement with the examiner?

apparently there are 15 sales contracted out of 25 deposits already secured, one of the sales was for €1.8million,and the first few poeple have moved in,although they say that a lot of these sales were investors,so most of their properties are now on daft,

sherry fitzgerald say the sales are on par with the market,

"the continuing word on the elysian is the prices are fixed,no negotiation"

o flynn construction via sherry fitzgerald,is offering a price guarantee similar to ulster bank`s against any reductions in value/price over a specified time period, i dont get that bit, if they sell a few now then drop the price it will cost them money?? so they have no reason whatsoever to drop prices in the future:eek:

630sq ft 1 bed €375,000
1117sq ft 2 bed €575,000
???sq ft 3 beds (2 en suite) €750,000

<drum roll> 2,450sq ft penthouse up to €2,000,000

personally if i won the lotto id buy there,but nearly every apartment is out of reach of people on average salaries,but now the rental prices have dropped to €950 per month,another bad point about it €2million wont seem that special when half the block is rented out,

sorry about the huge post:)

opus

bladebrew wrote: »

apparently there are 15 sales contracted out of 25 deposits already secured, one of the sales was for €1.8million,and the first few poeple have moved in,although they say that a lot of these sales were investors,so most of their properties are now on daft,

I would wonder about those "investors", going by the rent on daft for a 1-bed flat in the Elysian, €1000 per month then it should be on sale for ~€180K according to the rule of 15 (annual rent x 15 years).

You could pick up a 3-bed house around the city for way less than €375K and not have to pay €2K/year in management fees either.

Mentalmiss

It does not always have to make sense.
It could be people who want to retire there eventually but will rent it out in the meantime to help with the expenses.

overmantle

Couldn't imagine somebody wanting to retire there. Doesn't have the peace and tranquility of suburbia.