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Apartment in Clontarf

  • 09-01-2012 3:50pm
    #1
    grahamor
    Registered Users, Registered Users 2 Posts: 872 ✭✭✭


    Hi,

    I noticed a 2 bed apartment in Clontarf for 200k. Needs some updating inside but is quite spacious, good aspect and energy rating and most importantly it's in an area where i want to live

    http://www.daft.ie/searchsale.daft?id=562348&s[mnp]=1&s[mxp]=250000&s[pt_id]=2

    What would be a realistic offer in the current market ? I was thinking about 134k but i'm quite new to the Irish property market.

    Thank you for any advice.


Comments

  • #2
    Ray Palmer
    Registered Users, Registered Users 2 Posts: 8,513 ✭✭✭Ray Palmer


    grahamor wrote: »

    What would be a realistic offer in the current market ? I was thinking about 134k but i'm quite new to the Irish property market.

    .
    Not a chance they will reduce it by that amount. You'll get people on saying why it should be that cheap but it isn't going to happen. You might possibly get it for 150k but even at that I would doubt it. 170+ is more likely


  • #3
    robd
    Registered Users, Registered Users 2 Posts: 951 ✭✭✭robd


    From my own experience of trying to buy in Clontarf somewhere around 90% of asking so 180k. Estate agents would just wait 6 months and reduce asking if they don't get that rather than accept a low ball.

    You'd generally start at around 80+% of asking so 160-165k for a first offer with a slow increase.

    If you put an offer in of 134k Estate Agent will likely think your an idiot and never deal with you again. Most of them still think it's 2006 and OK to completely insult a buyer so don't be too surprised at what they say to you if you do this. I'm speaking from direct experience of trying to buy in Clontarf without low balling.

    If you really want to low ball I'd advice getting a relation or friend to go and see the place as a fake buyer and low ball, then you can increase on that offer and look OK.


  • #4
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    I think asking price is not very useful in deciding what a property is worth to you, or how much you need to offer to see off the competition. It tells us something about the hopes of the seller, but nothing about how realistic those hopes are.

    Further, I think it is not reasonable to estimate the value of an apartment solely on the basis of an auctioneer's description. I would want to know something about the method of construction, especially soundproofing. I would want to know about the management arrangements: I see there is a fairly large management charge, and would want to know what it covers, and what the financial situation of the management company is.

    That said, I suspect that €200k is way over the odds for such a property. I take robd's point that an offer that the EA thinks derisory could create difficulties in negotiating. In your position, I would make no offer at this point, but tell the EA that if the seller is willing to deal at a more realistic price, you are prepared to consider making an offer.


  • #5
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Have you seen the Management Fee? Over €1400 for a 2 bed. Crazy money! Unit is also in arrears for 2011.


  • #6
    robd
    Registered Users, Registered Users 2 Posts: 951 ✭✭✭robd


    athtrasna wrote: »
    Have you seen the Management Fee? Over €1400 for a 2 bed. Crazy money! Unit is also in arrears for 2011.

    Fee is pretty typical for a 2 bed apartment, if anything it's on the low side. Average Dublin is circa €1600, particularly if a newer gated development. Unfortunately, that's the cold hard reality of owning an apartment. I think 2011 arrears is more a reflection of how long place has been for sale for.

    You cannot sell and apartment without maintenance fees being up to date, it's part of the checks by both solicitors. Thus it's irrelevant to buying.


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  • #7
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    robd wrote: »
    Fee is pretty typical for a 2 bed apartment, if anything it's on the low side. Average Dublin is circa €1600, particularly if a newer gated development. Unfortunately, that's the cold hard reality of owning an apartment. I think 2011 arrears is more a reflection of how long place has been for sale for.

    You cannot sell and apartment without maintenance fees being up to date, it's part of the checks by both solicitors. Thus it's irrelevant to buying.

    I should put it in perspective, I'm paying 1k for a 7 year old 3 bed duplex in D15 including refuse.

    The very fact that the owner has been allowed build arrears for a year sets alarm bells ringing with me about the state of the MC. If fees were a year in arrears in our development (bearing in mind they are payable in advance) it would have gone legal months ago.


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