Multiple properties for sale in same location. Cause for concern?

VonLuck

I am looking to buy a property but I often come across one that interests me but there are a few other similar properties for sale in the same location. I am not talking about a general area, but like in a single apartment block or the same row of houses.

For instance, I am looking at an apartment block with about 16 units. Two of these are for sale, and two are up for rent. That seems like a high proportion of people wanting to leave the building.

Is there any real way to root out the reason without approaching the sellers directly? Although even if there is a problem, I doubt they would tell me. Is it any cause for concern, or am I being overly cautious?

athtrasna

Did you check to see if there's an up to date conversation/forum on neighbours.ie? Also try googling the address using quote marks to limit the search, it's amazing what you can turn up.

the_syco

VonLuck wrote: »

Is it any cause for concern, or am I being overly cautious?

It's a cause for concern.

If there's a problem owner that owns the house or apartment, they can't be moved so easily. And if part of a certain group or people, calls of bigots and racists can often mean leaving the place is the easiest option.

NicoleW85

There are many factors for moving that aren't causes for concern, like outgrowing the property or emigration. But certainly do your homework in case there is a more 'sinister' issue - don't find out the hard way!

The_Conductor

Personally- I wouldn't see it as a cause for concern.
I am personally aware of several small complexes where 7 out of 32, 9 out of 110, 16 out of 189 (not sure how there is an odd number) etc of properties are for sale.

Lots of landlords are frantically dumping properties onto the market- and for larger properties- many people are trying to divest asap.

The perception is prices are falling- the falls aren't a rout (yet anyway) but anyone who wants to sell property over the next few years- is getting out now.

Its been discussed on irishlandlord.ie, this website and several other venues. It is happening.

Rew

There are a lot of landlords selling up and they can have multiple units. We looked at a small estate where the landlord was selling 3 houses and someone estate was selling theirs. People who have been waiting for prices to recover have all suddenly woken up together so supply is shooting up.