Dockland deals?

canecutter

Hi there,

Just wondering what you think about these prices...

http://www.irishtimes.com/newspaper/property/2010/0422/1224268862532.html

Is this a real deal?

Thanks

Treehouse72

Happily, we will soon be at the stage where the answer to your question is as follows: yes, it's a real deal if you want to live in one of these properties and you can afford it by spending no more than 1/3 of your income on mortgage repayments. Simples. All the bubblespeak is evaporating and it'll soon be back to the simple matter of this simple equation.

Not there yet though.

stepbar

canecutter wrote: »

Hi there,

Just wondering what you think about these prices...

http://www.irishtimes.com/newspaper/property/2010/0422/1224268862532.html

Is this a real deal?

Thanks

No (but getting there).

I don't think any of those properties come with parking, I'd say the mgt fees are a robbery and that Treasury Holding still have their nose stuck in the running of the mgt company (probably holding a few apts as strategic purchases).

Considering that there's a glut of apt's down the docklands, the price is not right.

Idbatterim

I dont think thats too bad, does that come with a parking space? I like the lack of the clawback element. One of the t&c's with the affordable housing is you can rent out a room if a 2 bed or more, but not the apartment, that would be another one worth checking into. How much is a similar 1 bed to rent?

canecutter

Well, if we are not there yet, I'd say we are getting real close... Don't think they can drop much more in this location

Treehouse72

canecutter wrote: »

Well, if we are not there yet, I'd say we are getting real close... Don't think they can drop much more in this location

Well, the question in this regard is whether this sell-off will set a new benchmark for prices across the market. If €165,000+/- becomes an average 1-bed clearing price in Docklands, then I might agree with you. At the moment, most are still 20%-40% above this:

www.daft.ie/1493002
www.daft.ie/1516874
www.daft.ie/1450938
www.daft.ie/1450923
www.daft.ie/1450933

ntlbell

canecutter wrote: »

Don't think they can drop much more in this location

What leads you to this conclusion?

Oliver1985

Not a good deal go 15mins outside the city centre you will get a nice 2 bed for that price with parking!!!

quozl

It's a big improvement imo, but for the last two years there have been big improvements every 6 months or so.

And I see no reason to think there'll be change in that trend. So I'd be inclined to wait.

gurramok

They are small, they are not for couples or a family. And the 1beds don't come with parking so you better work in the city centre and not cross city in one of the business parks

That said, its a nice area. A damn pity why DCC allowed them to be built so small.

tHE vAGGABOND

they are not small, they are tiny...

Go and look at them, and wonder if you want to live somewhere where you cant extend your arms and turn 360 degrees without hitting all 4 walls, and where your bedroom feels like Harry Potters place under the stairs

TommyT

gurramok wrote: »

They are small, they are not for couples or a family.

I`ve had bigger girlfriends.

markpb

Oliver1985 wrote: »

Not a good deal go 15mins outside the city centre you will get a nice 2 bed for that price with parking!!!

Not everyone wants parking. If you go 15 minutes outside the city, you'll (probably) have to pay for cars, buses, taxis, etc.

canecutter

First-time buyers seem to like the prices:

http://www.irishtimes.com/newspaper/property/2010/0429/1224269270073.html

who_ru

canecutter why don't you just say it out, either you have already bought one and don't want to see others get better vlaue than you or you are an EA.

gurramok

canecutter wrote: »

First-time buyers seem to like the prices:

http://www.irishtimes.com/newspaper/property/2010/0429/1224269270073.html

According to that article, 50% have been sale agreed.

1bed Spencer apts are 46sqm in size http://www.daft.ie/1450941
2bed Spencer apts are 62sqm in size http://www.daft.ie/1450940

I just hope those buyers have cash in the bank per annum for the sky high management fees in the Docklands.

ricman

I FIND large blocks with lifts tend to have much larger service charges than
small blocks with just stairs ,ie i think you can find cheaper 1bed apartments in dublin .Check security is there a keypad on doors and entrances, can anyone gain acess to the carpark .
Some places have low service charges ,eg 900 per annum.

Idbatterim

I suppose there is no way in hell that the owner occupier clause will be dropped after a few years? the same way they dropped the clawback restriction?

"Next week Lisney will be launching Dún Laoghaire Rathdown County Council’s affordable housing stock on the open market.

The units on sale will be in Wyckham Point, Dundrum; Belarmine Plaza, Stepaside; The Belfry, Stepaside; Mimosa, The Gallops, Leopardstown; and Levmoss, The Gallops, Leopardstown."

If Lisney can sell them quickly, and lets be honest alot of that is due to the publicity in the Irish times, then I wish that the above apt's if they dont sell could be let by a letting agent on behalf of the local authorities, to people that dont own property! It would drop the cost of rent in the D14 / 18 areas considerably I would hope!

canecutter

who_ru wrote: »

canecutter why don't you just say it out, either you have already bought one and don't want to see others get better vlaue than you or you are an EA.

I'm just an ordinary guy hoping to buy a house one day and looking for signs that prices are finally becoming more reasonable. I was just interested in knowing what you guys think of these prices, as in my opinion they are not too far from where they should be.
Yes, they are small, management fees are high, there are no parking spaces and for these reasons (and many more) I would never buy such an apartment. But this doesn't mean that other people won't. The market will determine the prices and if people clear them out in 2 weeks, well... Maybe this means that that's the clearing price (for that specific area / type of apartment)

ntlbell

canecutter wrote: »

I'm just an ordinary guy hoping to buy a house one day and looking for signs that prices are finally becoming more reasonable. I was just interested in knowing what you guys think of these prices, as in my opinion they are not too far from where they should be.
Yes, they are small, management fees are high, there are no parking spaces and for these reasons (and many more) I would never buy such an apartment. But this doesn't mean that other people won't. The market will determine the prices and if people clear them out in 2 weeks, well... Maybe this means that that's the clearing price (for that specific area / type of apartment)

Markets will determine the price correct.

Interest rate hikes are in the post.

It looks like unemployment is going to continue to for the forseeable future.

We're looking at more tax hikes and more taxes in the next budget.

Wages look like they're going to have to keep decreasing.

But do you really think someone who earns 40k on a mortgage of 4X and all they can afford is a one bed pokey flat? is that where you think things should be ?

So I'll ask again, what are you basing your opinion on? what facts or evidence have you seeing to make an opinion we're near the bottom?

canecutter

ntlbell wrote: »

Markets will determine the price correct.

Interest rate hikes are in the post.

It looks like unemployment is going to continue to for the forseeable future.

We're looking at more tax hikes and more taxes in the next budget.

Wages look like they're going to have to keep decreasing.

But do you really think someone who earns 40k on a mortgage of 4X and all they can afford is a one bed pokey flat? is that where you think things should be ?

So I'll ask again, what are you basing your opinion on? what facts or evidence have you seeing to make an opinion we're near the bottom?

At least we agree on market determining the price... :-)

First of all, I'm not saying that we are near the bottom in general, but that we are near the bottom in some areas. And secondly I'm not saying that all the average buyer can afford is a one bed pokey flat, but that if 11 out of 21 of those pokey flats are gone in a week, this might mean that:
1 - there is demand for those flats
2 - 165k is a price that buyers are willing to pay for those flats

This is what I base my opinion on. This does not mean that 165k is the bottom price, but I do not think that it will drop much further. Afterall it's a nice location and buyers are always willing to overpay for a pokey flat in the city centre...

ntlbell

canecutter wrote: »

At least we agree on market determining the price... :-)

First of all, I'm not saying that we are near the bottom in general, but that we are near the bottom in some areas. And secondly I'm not saying that all the average buyer can afford is a one bed pokey flat, but that if 11 out of 21 of those pokey flats are gone in a week, this might mean that:
1 - there is demand for those flats
2 - 165k is a price that buyers are willing to pay for those flats

This is what I base my opinion on. This does not mean that 165k is the bottom price, but I do not think that it will drop much further. Afterall it's a nice location and buyers are always willing to overpay for a pokey flat in the city centre...

But 11 haven't gone, they have gone sale agreed as we have seen so often doesn't mean sold.

As has been said before, there is a lot of people on the sidelines with cash ready to buy who are waiting, so when things like this come out you will see the odd spurt of purchases, these will drop and the canny sideliner will pat himself on the back and wait for the next set of drops etc..

The fact only 11 went sale agreed in such a good area speaks volumes.

If these were such a good deal you wouldn't have had time to think about it and papers wouldn't have to get a few quid to write a story to attact interest on them

ricman

Even for city centre the price is too high taking into account high service charges.SO the people on the housing list judged them too expensive.So now they are being sold to anyone.

dan_d

I think they still have further down to go.
Here's the thing about the Spencer Dock apartments. You're beside Sheriff street. There are next to no local amenities - you barely have a shop.The IFSC is a ghost town at weekends except for the kids from sheriff street playing.No bars, restaurants, nothing. True you may be in the city, but it's not great at weekends, especially if you've got kids. And I'm very well aquainted with the area.
As for the apartments themselves, they are absolutely tiny.It is a gated enclosure, with a tightly run management company, but the apartments are teeny.They were designed at the height of the "fit as many as you can on one floor to make the most money" phase, before thoughts about quality of life were even mentioned.
So individually as "an apartment" the prices are good compared to what they were. As "apartments in a development in the city centre" - an overall picture - they're still quite high. But they probably won't drop much more, given that we don't normally look at the big picture.
Wouldn't you be sick if you were someone who had paid for one of those 5 years ago though?