The Cedars, Ridgewood, Swords were they 635k?

kdb14

Hi,

Was looking at a new 4 bed end of terrace in the cedars ridgewood this week- current asking price is 365k. I remember seeing them advertised at 460k about two years ago and thought that there would be more scope to lower the price- however the agent said that the original selling price was 635k and that they've dropped the price by 50% to reflect the current market.

I can't find anything anywhere that has these houses advertised for 635k so just wondering if I'm right in thinking I'm being told a few fibs!

Would anyone know or have info on this? I tried property pin but not much look!

Thanks!

The Hill Billy

Moved from Dublin County North.

tHB

swirlser

Your being told a few fibs alright!

50% of 635k doesn't equal 365k for starters!

Just had a look at them on daft, are they really 1 bath?? That's surely a mistake? A modern 4 bed home upward of 1600sq ft should have a downstairs wc, a family bathroom and at least 1 ensuite or gtfo.

My 2 cent, overpriced.

noxqs

365K? You can buy a 12 bed/12 bathroom massive house in Germany for that price. Perspective.

http://www.daft.ie/searchinternational_sale.daft?id=832471

And I wasn't joking. That is for real.

Its not even a good deal at 150K. Ireland has to wake up and smell reality.

Peak price means NOTHING. 50% off peak, means even less than that. Do NOT use it as a guide, at all. At all.

Idbatterim

yeah they may have dropped 50% to reflect "average" drops to date. If you end up buying, dont be surprised when they are selling for 60% from peak next year to reflect "the current market" I reckon the sh*t is going to hit the proverbial fan more over the next 2-3 years, than it has to date! Im sure they are nice houses, but we are talking about Swords here, its not like Clontarf or Dundrum etc...

RATM

OP forget about peak prices and the mentality of 'look how much I'm saving, its a bargain!'. Thats what the EA wants you to think. Just remember that according to international norms (with decades and decades of data from many countries) the average house should sell for the average persons salary multiplied by 3 or 3.5.

Of course houses in great locations will go for more than this and there are other variables to think of too. But at the end of the day a 4 bed in Ridgewood will be worth €180-€220k max- it might well take us 2-5 years to get there (the NAMA sell off is what will bring prices crashing again) but we will get there.

Hold on. Be tight. Be smart.Save thousands over your neighbours. Retire early.

Idbatterim

take a look at this OP!

http://dublinopinion.com/2010/06/08/irish-housing-and-wages-portrait-of-a-scam/

swirlser

Well theres not much point in comparing what you can get in another part of the world for the money, its no secret this country and especially this county doesnt offer value per sq ft no matter where you look.

But this crowd in Ridgewood are genuinely lagging the guts of a year behind in price adjustments and their so called 50% off isnt even close to 50%! (Im surprised no one else isnt making a big deal about this, we're talking about just shy of 50 grand off, not exactly chump change).

And it doesnt even hold much merit comparing it to this figure of 635k, its a new development and that does seem like a made up number. Regardless of whether they actual were that price at any point in time doesnt matter, you can get 1600 sq ft in an area thats a much and much with swords, the same distance from the cc and even better transport linked for below 300k. Hell theres even a 4bed/3bath across the rd from what your looking at with a list price of 295 (doesnt say sq ft on it, but it looks far from cramped and its a reasonably new build), plenty of wiggle room on that Im sure.

I just hope you have the good sense not to entertain that place while they are trying for that sort of money

djkraze

I am currently living in a Ridgewood and walk around. I have not bought in here as of current as I do not feel the prices reflect the true value. the price you are given is a starting price for the 4bedroom/2.5 bathroom terrace home. it would only be for the older part of the development and would have north facing back gardens. I would not say they are worth it even at that. I know of families still holding out to put an offer on one they have had their eye on for several years. upwards in the 600k mark is what they were starting at 3years ago.
consider this, the 2 bedroom townhouses in the same development on sale by the developers starting at 257,500 are sitting on the market in the range of 149,000 upwards towards 189,000. other's are sitting on the market for a semi-detached 4 bed north facing back garden all nicely landscaped for 275,000.

honestly the developer has his work cut out for him. any unit being occupied is either going to someone too eager to buy with little sense of the market or has been taken by affordable housing.
my partner and I are waiting a little while before we would invest in one of these here. but for the price of these homes, you can get a semi-detached in Swords with more garden or lower price but needs a little bit of work to make it a home.

When buying consider this:
1. How much is the home on the market for?
2. How much are the neighbours getting/selling at re-sale.
3. How many homes in the estate are currently on the market.
4. the condition of the property.
5. how much you will need to invest in making it your home with your personality and requirements.

once you have put in consideration then put in the offer you feel the home is actually worth.

majority of the homes on the market both new and re-sale could require between 15-80k invested.

Duckjob

IMO €100k overvalued in comparison to today asking prices.

Basically, sellers in complete denial while every day the floor is falling further away from under them.

The_Conductor

Whether or not they had a nominal value of 635k at any stage in time is wholly irrelevant. What are they worth now? Using a 50% depreciation rule- is total and utter bollox. Some places have fallen over 70% already- and nationally prices fell over 3% last month alone.

If you're serious about a property in this development- you need to get an independent valuation done (preferably by a valuer still on mortgage lenders panels).

Keith C

So did anyone buy one of these in the end? I see there's another batch being released in 2014

mikew1985

I'm in the process of buying one of the end terrace houses at present.
Best we've seen on the market at the moment and price relatively reasonable - though slightly more than we would have wanted to pay initially unfortunately there isn't much of a choice on the market at the minute.

Other developments in Swords are in worse locations and the timelines less suitable for us.
2nd hand market isn't great and with the prices there we figured it better to go for one of the 4 beds here as they are genuinely well finished and spacious.

Winnie21

http://myhome.ie/residential/brochure/house-type-a-the-cedars-ridgewood-forest-road-swords-north-county-dublin/2639849