Apartment issue discovered by management agent

m_hunter

Hi, Guys

I'm looking to buy a 2nd hand apartment, the apartment was built in 2006, surveryor didn't find any thing, but the mail from the management company state below

there are a number of defects throughout the development and they vary from water ingress within apartments, defective timber panels on balconies and drainage issues

This impacted around 300 units with the whole development, any suggestion? Should I walk away or it is ok?

keng66

Don't walk away, run- you could end up in another Priory Hall

m_hunter

Yeah, feel bad for Priory Hall owners...

The apartment I'm looking at is on Ocean Bar in Grand Canal... Think it would be better than Priory Hall... But still big worry for the report...

Marcusm

It would be unusual fr any apartment developments not to have suffered from water ingress between apartments; the issue would be whether it's endemic and due to design or build fault or through misuse (occasional blocked drain, overflowing washing machine). Defective timber panels on balconies doesn't sound like a major item. Have they specified the drainage issues or the plan to deal with or the sinking fund? An individual survey could not be expected on an apartment block but getting a surveyor or engineer to establsh what investigative work mgt company has done, what plans are in place to remediate and what funds are available.

I would prefer to purchase an apartment in a 14 year old block like that one where some of the issues have become apparent and you might be able to establsh whether remediation is being undertaken than in a 7 year old or newer block where nothing has yet appeared or where the management company has not done any work to be able to disclose problems to you.

skimpydoo

m_hunter wrote: »

Yeah, feel bad for Priory Hall owners...

The apartment I'm looking at is on Ocean Bar in Grand Canal... Think it would be better than Priory Hall... But still big worry for the report...

Just be wary of the scumbags causing problems in the area over the past few weeks. Also The Ocean Bar has closed down.

m_hunter

Thanks Marcusm

Management company said at least it will cost EURO 350,000. Developer should cover this, but I think it will only happen in dream...

They told me the costs could escalate to each apartment in the development in the worst case... and they are slow for any question we bring up...

Skimpydoo, what sumbags? drunk tourists?

Marcusm

m_hunter wrote: »

Thanks Marcusm

Management company said at least it will cost EURO 350,000. Developer should cover this, but I think it will only happen in dream...

They told me the costs could escalate to each apartment in the development in the worst case... and they are slow for any question we bring up...

Skimpydoo, what sumbags? drunk tourists?

The developer was surely one of Liam Carroll's companies and I'd be surprised if any of them had any unencumbrred assets the management company could grab - although the multi level court case surrounding hs examinership did demonstrate a lot of cross holdings. In a functioning market/deelopment with management charges up to date, this sum would not put me off a purchase. Less than 2k per unit. Who knows whether the management charges are seriously in arrears, though.

skimpydoo

m_hunter wrote: »

Thanks Marcusm

Management company said at least it will cost EURO 350,000. Developer should cover this, but I think it will only happen in dream...

They told me the costs could escalate to each apartment in the development in the worst case... and they are slow for any question we bring up...

Skimpydoo, what sumbags? drunk tourists?

These scumbags http://www.boards.ie/vbulletin/showpost.php?p=85440047&postcount=6

jd

Marcusm wrote: »

Who knows whether the management charges are seriously in arrears, though.

Yeah, check out the accounts of the OMC. Also make sure the apartment you are thinking of buying is up to date with service charges.

m_hunter

Thanks... Grand Canal Dk, seems to be less impressive now

Had some bad memory about kids in city, remember they throw stone to passing bus, stealing food from SPAR not due to hungry but throw at each other...