Why doesn't this sell? Herberton

robbie_998

well peeps... my friend is currently renting and fed up with it and is looking at buying now instead

these sprung up in the search http://www.daft.ie/searchsale.daft?id=516747

and they were entered 388 days ago and we wanna know why.

is there something seriously wrong with them or the area ?

they are that price and have beiing there donkeys and are stumped.

please help ! :pac:

Little Miss Cutie

There are a huge number of unoccupied units in that development. The area doesn't look completely finished either.

I have a friend living there and in her block there are only 2 other apartments occupied ( I think there are about 20 in the building). Because of this the management company say they have no money to fix the lift in the building or the intercom or dozens of other things.

This is why it is unsold I imagine!

not even wrong

They haven't been at 105k for the past 388 days, propertybee shows a price cut from 154k to 105k on March 5th.

Added to the post above, the area is pretty rough and these are 45 sq m shoeboxes.

Snakeblood

robbie_998 wrote: »

well peeps... my friend is currently renting and fed up with it and is looking at buying now instead

these sprung up in the search http://www.daft.ie/searchsale.daft?id=516747

and they were entered 388 days ago and we wanna know why.

is there something seriously wrong with them or the area ?

they are that price and have beiing there donkeys and are stumped.

please help ! :pac:

At 45 sq m. you have to go outside if you want to turn around.

tara73

Snakeblood wrote: »

At 45 sq m. you have to go outside if you want to turn around.

?? 45 sqm for one person is fine. you wouldn't live there with a family though..

looks actually quite good from the pictures and is close to the city centre. but the other posters mentioned already the issues with it..but might be worth checking out in reality, how about phoning the agent and go for a viewing?

Victor

Historically the area wasn't great, with a lot of dereliction for the Coombe Bypass, although a lot of that has improved.

There are some trouble spots nearby.

robbie_998

Little Miss Cutie wrote: »

There are a huge number of unoccupied units in that development. The area doesn't look completely finished either.

I have a friend living there and in her block there are only 2 other apartments occupied ( I think there are about 20 in the building). Because of this the management company say they have no money to fix the lift in the building or the intercom or dozens of other things.

This is why it is unsold I imagine!

so pretty much the developer has no money type thing ?

would there be serious issues like electrical or plumbing problems ?

how does your friend find it altogether ?

tara73 wrote: »

?? 45 sqm for one person is fine. you wouldn't live there with a family though..

looks actually quite good from the pictures and is close to the city centre. but the other posters mentioned already the issues with it..but might be worth checking out in reality, how about phoning the agent and go for a viewing?

yes, my friend gave the company a call there the other day... they will get back to him !

Victor wrote: »

Historically the area wasn't great, with a lot of dereliction for the Coombe Bypass, although a lot of that has improved.

There are some trouble spots nearby.

Ya i thought that myself... rialto and drimnagh and so on but the plus was the luas line right outside and its about 30 seconds from St. James Hospital (maybe not such a plus but close to town)

The apartment from what i seen in the pics looks quite alright but again wont get a proper opinion until they are seen... i'll try go with my friend but will be hard when i work all week

Victor

robbie_998 wrote: »

would there be serious issues like electrical or plumbing problems ?

I imagine it is no worse than anywhere else, but if the developer / management company is under financial pressure, then maintenance will eventually suffer.

Little Miss Cutie

No major problems just things like bins not being collected - no money to pay for collection.

Lift broken, intercom broken ........

They all seem like minor things but when you are on the third floor the lift becomes an issue.

Area itself is ok, alot of teenagers hanging around at night but no causing any harm.

mdebets

The pictures look a little bit dodgy. The first two pictures are from two different apartments (look at the kitchen). then they add two generic pictures of a gym and a pool at the end, without mentioning it in the text (are they in the building, can you use them for free or are that just two generic pictures?)

That should give you to think. What are they hiding and don't want to show in their advert?

Snakeblood

tara73 wrote: »

?? 45 sqm for one person is fine. you wouldn't live there with a family though..

looks actually quite good from the pictures and is close to the city centre. but the other posters mentioned already the issues with it..but might be worth checking out in reality, how about phoning the agent and go for a viewing?

I had a 50 sq m. apartment, thought it was way too small. Opinions differ, I guess.


Actually, googled this, and the minimum allowed size for new apartments since 2007 is 55 sqm for a 1 bed, in Dublin. So this is beneath recommended size for habitation.

Dublin City Council Guidelines

The target average floor area across any new apartment development shall be 85m2. The recommended minimum floor areas for different apartment types shall be:

one bed - 55 m²minimum (currently 45m²)
two bed - a range of 80m² to 90m² (currently 65m²)
three bed or equivalent - 100m² minimum (currently 80m²).
The ratio of different apartment types in a development shall be:
one bed: maximum 20% (currently 45%)
three bed or equivalent: minimum 15%.

Mav11

Unless you have the cash, the banks probably wouldn't touch it with a mortgage!! That's my guess!!

robbie_998

Victor wrote: »

I imagine it is no worse than anywhere else, but if the developer / management company is under financial pressure, then maintenance will eventually suffer.

what would be the worst case scenario here if the company who owns the building just collapse and disown the building altogether ?

Little Miss Cutie wrote: »

No major problems just things like bins not being collected - no money to pay for collection.

Lift broken, intercom broken ........

They all seem like minor things but when you are on the third floor the lift becomes an issue.

Area itself is ok, alot of teenagers hanging around at night but no causing any harm.

The bins not being collected seem like the biggest problem there to be honest ? are they all just lying around or whats going on there ?

mdebets wrote: »

The pictures look a little bit dodgy. The first two pictures are from two different apartments (look at the kitchen). then they add two generic pictures of a gym and a pool at the end, without mentioning it in the text (are they in the building, can you use them for free or are that just two generic pictures?)

That should give you to think. What are they hiding and don't want to show in their advert?

Yeah he noticed all the pictures were the same.. which is why he made the decision to go see the place for himself !

Mav11 wrote: »

Unless you have the cash, the banks probably wouldn't touch it with a mortgage!! That's my guess!!

He thought if he emphasized the fact he's paying with cash that they might drop the price a lil for him ?

Snakeblood

robbie_998 wrote: »

what would be the worst case scenario here if the company who owns the building just collapse and disown the building altogether ?



The bins not being collected seem like the biggest problem there to be honest ? are they all just lying around or whats going on there ?



Yeah he noticed all the pictures were the same.. which is why he made the decision to go see the place for himself !



He thought if he emphasized the fact he's paying with cash that they might drop the price a lil for him ?

The lifts being broken would make a big difference depending on taking in shopping, taking down bins, and where the apartment is.

If you are paying cash you can drop the price by 20% at least. You should never offer what they ask anyway. the market is in its death throes, and 1 bed apartments are incredibly unpopular at the moment.

Little Miss Cutie

Just to clarify- spoke to friend this morning bin issue has been now sorted

Victor

robbie_998 wrote: »

what would be the worst case scenario here if the company who owns the building just collapse and disown the building altogether ?

They can't disown it, but their creditors can take over the asset and you could be left with an apartment in limbo for years, whether you want to stay or sell.

magneticimpulse

Because you will be able to buy houses in Dublin for that price soon.

Also, have you ever rented in a flat before?

Some people dont realise the amount of noise etc that can travel from other appartments. What if a young couple next to you have lots of young babies screaming all night. Or students having parties? Theres not a whole lot you can do about neighbours.

Not to mention the hassle of drying clothes, laudry in a flat. The taking of rubbish down, the bringing of shopping up, the parking space for you or friends if they visit. The extra charges to maintain the building. The clearing of the hallway, building maintenance. Lack of garden/open space to relax in. Being "confined" to a shoebox, similar to being in a prison.

People who bought appartments might realise what a hassle they are to live in them.

Majority of Irish people prefer houses. Thats most likely reason why its not selling...along with what previous posters said about the area's reputation it. Finance etc etc.

Appartments imo are only suited for students who will be out partying most of the time, out eating or studying and just need a place to sleep. They are not suitable for working professionals. Only for people who wont be in them 90% of the time.

Victor

robbie_998 wrote: »

and they were entered 388 days ago and we wanna know why.

I'm wondering if they are selling more than one apartment and if the vendor is holding out for more money than the developer is currently selling for?

robbie_998

Got a call from my friend there today and he said he was happy enough to go ahead and buy one that he could see himself living there blah blah blah

for the 2 bed apt they are asking about 150K
what would be a reasonable offer for that if he wanted to pay up front in cash ? as in quite a bit less than the asking ?
too much to say 100K ?

for the 1 bed what would be a good asking price there also ?

they mentioned there is only one 1 bed left in the building !


cheers again all !

antoinolachtnai

What is this about cash? For a second-hand property, not being part of a chain might be an advantage, but if you are buying a new apartment, it really isn't going to make that much odds whether you are buying for cash or you are mortgage approved and ready to go.

I am not saying this is what anybody meant, and I don't think it was, but if anyone has it put to them that they pay money in 'cash' without it going through your solicitor do not do it. You are very likely to end up in a world of pain.

groovyg

robbie_998 wrote: »

for the 2 bed apt they are asking about 150K
what would be a reasonable offer for that if he wanted to pay up front in cash ? as in quite a bit less than the asking ?too much to say 100K ?
cheers again all !

Is this the same complex that was featured on this programme househunters a few years back http://www.rte.ie/tv/househunters/2007_ep01.html
2 beds were selling for €370 grand:eek:

robbie_998

groovyg wrote: »

Is this the same complex that was featured on this programme househunters a few years back http://www.rte.ie/tv/househunters/2007_ep01.html
2 beds were selling for €370 grand:eek:

Good find my friend !

its amazing the difference there !

i was being told there the other day that a house in ballyfermot that was worth over €350K with an extension and what not is going today for about €140K

madness i say !

Anyway ... the negotiations fell through on the 1 bed apt. they say they wont take anything less that €110K

they were saying a 2 bed went there the other day for €148K