Old Cable Station,Waterville

MunsterM

Hello,
been looking at property in Cork/Kerry, and I've seen a few places that look interesting.
There a load of apartments for sale in the old cable station in Waterville. I think they've been on the market for a fairly long time now so I was wondering is there something really bad wrong with them. I know property sales fell through the floor, but it strikes me as a bit odd that there's about 5 of them on the market for a few years now.
Does anyone know anything about them ?

Thanks,

M

skelligs

I looked at them too and I think that its more to do with the fact that its an old building (high ceiling - high heat costs, no open fire) and no real private land (seems to be open for public to walk about) that has curtailed the value.

Most people looking for a holiday home will want some private outdoor space.

I didn't take it any further after an initial look for this specific reason. If were were returning to the area to live and work, it would possibly have made sense, but as a holiday home, it just didn't appeal.

Aside from that, it is a beautiful building, and if it was in a city, it would be highly sought after "loft" style apartments and if you don't care about having private outdoor space and and find heating is not an issue (I didn't check that far), you could get a bargain, but it would not be great as an investment to provide monetary gain.

The other thing is that they are quite small at about 600-700sq ft. A quick check will show that for 120k (and probably open to offers) is a 1400 sq ft house at Waterville Links. - The other issue is banks will not lend for holiday homes at the moment, so the market si restricted to cash buyers. (and if you get a receiver sale, you can bag an absolute bargain!! )

MunsterM

Hi,
thanks for the reply. Like you I'm looking for a holiday home. I agree about the building - it does look good.

M

skelligs

I was down for the past few days and asked a couple of people about it. Seems the building is fine, good job done on restoration and reason prices are low is because its apartments and a couple of investors need to cash out. At least one is also being sold by a receiver.

The downside is its an apartment, but others would see that as an upside - especially if you don't need private outdoor space.

Obviously get a surveyor to check anything out.

Plenty of options though, but more at teh 100k - 140k mark
http://www.thepropertyshop.ie/properties.asp?catid=419

RiderOnTheStorm

If you go off the Old Cable Stn, then you would be very welcome to look at my house in Ballybunion. Its up for sale ..... *blatant plug*

check out http://www.daft.ie/sales/1-the-scallops-kit-aherne-road-ballybunion-kerry/718349/

9bred4

The thing is Waterville has so many houses for let/sale around the place that it's hard to sell all of them so many just sit on the market (in other words you can bargain) If you do decide to get one then do call in neighbour

Occasionaluser

These apartments look beautiful in the photos. It sounds like some posters are very knowledgeable about this building. For someone far away, who cannot get to Waterville before Christmas, is there a site that posts more info about them? Additional pics? An article about the restoration back when it was happening? Also, what range of offers might be seriously considered, for one of the two-bedroom apartments? (Current asking price is 59,500.) If any of them are currently used as holiday homes, is there an agency that could be hired to monitor one while it is unoccupied? Is it completely crazy to consider making an offer before seeing them? Thanks for any helpful information about these apartments.