New Ballsbridge apartments development €3,850 to €6,000 / month

Moonjet

http://www.98fm.com/Ballsbridge-Apartments-To-Set-New-Rental-High




I understand there are wealthy CEOs/etc of multinationals who may not live here permanently. But for others (e.g. people on high salaries who live here permanently), why wouldn't you just buy property instead of paying up to €72,000/year in rent? Will they be used by consulates? AirBNB? I just can't see the market for these.

tigger123

If you're working in Dublin on a short term contract (6 to 12 months) it would be an option.

Zenify

tigger123 wrote: »

If you're working in Dublin on a short term contract (6 to 12 months) it would be an option.

What sort or salary do you think these people would be on for this to be an option?

Assetbacked

This is pointless for our economy and society. What a tragic state of affairs.

incentsitive

If we build more, and higher, then the value of these will reduce.

zl1whqvjs75cdy

Zenify wrote: »

What sort or salary do you think these people would be on for this to be an option?

Company would normally pay for it.

ShaneC93

Corporate short-term lets. Google, Facebook, LinkedIn, most of the multi-nationals do a ton of them and considering FB are moving to Ballsbridge it seems like perfect timing..

The company covers the cost, usually the lets only last 1-6 weeks and the most usual circumstances are a) someone from abroad flying over for interviewing / orientation / training b) someone non-entry level relocating from abroad, they get put up somewhere while they find their own place c) execs / senior management flying in from abroad for more than a couple of days.

These short-term lets typically go for €1000 - €1500 a week.

runawaybishop

Those apartments are huge and have access onsite to a gym, spa and swimming pool. Not a surprise they have a premium price, just surprising they weren't sold straight off for a couple million each

ShaneC93

Just looking at their site there, the top-most penthouse (4-beds) is up on Daft for €4,750 a week. Wow! €250K odd if you to agree a yearly let at that price.

Moonjet

ShaneC93 wrote: »

Just looking at their site there, the top-most penthouse (4-beds) is up on Daft for €4,750 a week. Wow! €250K odd if you to agree a yearly let at that price.

Looking at those pictures, you would be forgiven for thinking it was a hotel marketing brochure.

NSAman

Think New York in Dublin... that is what they are aiming for.

The Irish don't don;t have the culture of corporate lets. Property is for buying. In many other countries property is let on short-term corporate lets for Executives flying in for a brief period of time, it is an apartment but with hotel amenities.

Think about it this way.... hotel price per night... 300 - 600 multiply it by 7....and these (while crazily priced) are "value".

Graham

Moonjet wrote: »

Looking at those pictures, you would be forgiven for thinking it was a hotel marketing brochure.

That's the market (and pricing) these apartments will generally be competing in.

The prices don't look quite as outrageous when compared to a hotel of a similar standard.

ted1

Moonjet wrote: »

http://www.98fm.com/Ballsbridge-Apartments-To-Set-New-Rental-High




I understand there are wealthy CEOs/etc of multinationals who may not live here permanently. But for others (e.g. people on high salaries who live here permanently), why wouldn't you just buy property instead of paying up to €48,000/year in rent? Will they be used by consulates? AirBNB? I just can't see the market for these.

Companies pay. Rent is an allowable expense , mortgages are not

Bluefoam

Why would they buy here? There are allot of benefits to renting beyond the financial. i'm recently back from almost a decade in Dubai & never even considered buying there despite the high cost of rent (also had to pay a full year in advance). The plan for most is to save for their eventual move back to their home country (or somewhere else). Thats just a comment highly paid foreign workers... theres also plenty of wealthy Irish who are happy to rent the right property.

jim-mcdee

there must be a market or they wouldnt have been built. will there be a market in 5-10 years.....thats the question

lawred2

Assetbacked wrote: »

This is pointless for our economy and society. What a tragic state of affairs.

Some people are rich and some other people sell stuff to rich people.

You'll have suck it up I'm afraid.

It's probably more likely destined for corporate lettings anyway

Heebie

More idiotic, moronic, wasteful rich-people hosting that we don't need, wasting space that could be used for affordable housing that we do need.

jim-mcdee

Heebie wrote: »

More idiotic, moronic, wasteful rich-people hosting that we don't need, wasting space that could be used for affordable housing that we do need.

And who will pay for all this affordable housing? Affordable housing in prime city center location? cop on.

lawred2

Heebie wrote: »

More idiotic, moronic, wasteful rich-people hosting that we don't need, wasting space that could be used for affordable housing that we do need.

In Ballsbridge?

Ffs

runawaybishop

Heebie wrote: »

More idiotic, moronic, wasteful rich-people hosting that we don't need, wasting space that could be used for affordable housing that we do need.

Social housing is the responsibility of the government, not private developers.

Graham

lawred2 wrote: »

In Ballsbridge?

Ffs

I can see the headlines now, Ballsbridge & D4 Housing Cooperative spends €12 million euro buying land for 18 'affordable' apartments.

Heebie

Graham wrote:

I can see the headlines now, Ballsbridge & D4 Housing Cooperative spends €12 million euro buying land for 18 'affordable' apartments.

runawaybishop wrote:

Social housing is the responsibility of the government, not private developers.

jim-mcdee wrote:

And who will pay for all this affordable housing? Affordable housing in prime city center location? cop on.

jim-mcdee wrote:

And who will pay for all this affordable housing? Affordable housing in prime city center location? cop on.

and all these attitudes are why scumbag developers are allowed to make tons of ridiculously expensive hissing for the rich, and not build anything real people can afford.

runawaybishop

Heebie wrote: »

and all these attitudes are why scumbag developers are allowed to make tons of ridiculously expensive hissing for the rich, and not build anything real people can afford.

Sure thing komrade.

ted1

Heebie wrote: »

and all these attitudes are why scumbag developers are allowed to make tons of ridiculously expensive hissing for the rich, and not build anything real people can afford.

It’s not their job. The state should build affordable housing

Bluefoam

Heebie wrote: »

Graham wrote:

I can see the headlines now, Ballsbridge & D4 Housing Cooperative spends €12 million euro buying land for 18 'affordable' apartments.

runawaybishop wrote:

Social housing is the responsibility of the government, not private developers.

jim-mcdee wrote:

And who will pay for all this affordable housing? Affordable housing in prime city center location? cop on.

jim-mcdee wrote:

And who will pay for all this affordable housing? Affordable housing in prime city center location? cop on.

and all these attitudes are why scumbag developers are allowed to make tons of ridiculously expensive hissing for the rich, and not build anything real people can afford.

Rich people are real people, just successful...

Heebie

Bluefoam wrote:

Rich people are real people, just successful...

"Successful" and "selfish douchebag" do not need to be synonyms... sadly they are.

There attitude of "that's the government's job" is also nonsense.
It's part of every Irish person's "job" as an Irish person to make sure that every Irish person has what we need at a minimum. We have a rapidly growing number of people who DO NOT have hissing available to them full stop.
That is a crime against the Irish people, compounded by the flagrant profiteering by scumbag developers who aren't honoring their responsibility under law to provide a certain percentage is affordable housing, by "buying" their way out of that responsibility to their fellow Irish people.
...and you are part of the problem.

Graham

Are you genuinely suggesting buying some of the most expensive land in the country would be a good use of very limited affordable housing resources?

Bluefoam

Heebie wrote: »

Bluefoam wrote:

Rich people are real people, just successful...

"Successful" and "selfish douchebag" do not need to be synonyms... sadly they are.

There attitude of "that's the government's job" is also nonsense.
It's part of every Irish person's "job" as an Irish person to make sure that every Irish person has what we need at a minimum. We have a rapidly growing number of people who DO NOT have hissing available to them full stop.
That is a crime against the Irish people, compounded by the flagrant profiteering by scumbag developers who aren't honoring their responsibility under law to provide a certain percentage is affordable housing, by "buying" their way out of that responsibility to their fellow Irish people.
...and you are part of the problem.

I'm open to being corrected, but I'm not sure you can buy your way out of affordable housing anymore. I'm not sure what you think developers owe you... They are just businesses building houses for profit. Why don't you build houses if you don't like the system... Don't get me wrong, I got stung worse than most during the recession. Still not back on my feet, but I'm far from the problem. I was left without assets and a massive debt, I never asked for anything from the state and never missed a mortgage payment. I have worked my hole off to get back to normality (which I am not back to yet), so I suggest you take that pathetic chip off your shoulder and do something for yourself.

nim1bdeh38l2cw

Zenify wrote: »

What sort or salary do you think these people would be on for this to be an option?

Contractors, not a salary. Grand a day or so...

jim-mcdee

Heebie wrote: »

"Successful" and "selfish douchebag" do not need to be synonyms... sadly they are.

There attitude of "that's the government's job" is also nonsense.
It's part of every Irish person's "job" as an Irish person to make sure that every Irish person has what we need at a minimum. We have a rapidly growing number of people who DO NOT have hissing available to them full stop.
That is a crime against the Irish people, compounded by the flagrant profiteering by scumbag developers who aren't honoring their responsibility under law to provide a certain percentage is affordable housing, by "buying" their way out of that responsibility to their fellow Irish people.
...and you are part of the problem.

Yeah sure we should all just go on the dole and get the rich people to build us penthouses in D4 in which to 'have few cans wit de lads'

Zenify

Brenna Black Tail wrote: »

Zenify wrote: »

What sort or salary do you think these people would be on for this to be an option?

Contractors, not a salary. Grand a day or so...

A grand a day is 500 after tax, 2,500 per week... roughly 10k per month. 6k in rent would be 60% of their pay which would be very steep particularly with that sort of a wage.

If there was 2 people on that wage sharing an apartment I could understand, then its 30%. But people here are saying it's short term people using them not young families.... obviously someone will be paying it or it wouldn't be up. I'm just curious to know as I cant figure out who would afford it.

Ronaldinho

Graham wrote: »

Are you genuinely suggesting buying some of the most expensive land in the country would be a good use of very limited affordable housing resources?

Agree in principal. But.. in the case of a similar development - Landsdowne Place, 50 odd luxury units there were substituted for 50 odd social housing units in Ringsend at much lower cost to the developer. What sort of negotiation was that by DCC? https://www.irishtimes.com/news/social-affairs/developer-not-providing-social-housing-at-ballsbridge-site-1.3335690

Zenify

Zenify wrote: »

A grand a day is 500 after tax, 2,500 per week... roughly 10k per month. 6k in rent would be 60% of their pay which would be very steep particularly with that sort of a wage.

If there was 2 people on that wage sharing an apartment I could understand, then its 30%. But people here are saying it's short term people using them not young families.... obviously someone will be paying it or it wouldn't be up. I'm just curious to know as I cant figure out who would afford it.

It’s a lot more than €500 after tax if your entity and its finances are properly structured and managed. There’s a good reason why some people can’t contract and it’s usually because they think like the average PAYE employee.

€4-6k a month is not outrageous for many.

smelly sock

Moonjet wrote: »

http://www.98fm.com/Ballsbridge-Apartments-To-Set-New-Rental-High




I understand there are wealthy CEOs/etc of multinationals who may not live here permanently. But for others (e.g. people on high salaries who live here permanently), why wouldn't you just buy property instead of paying up to €48,000/year in rent? Will they be used by consulates? AirBNB? I just can't see the market for these.

9000 homeless. This is a disgrace. The government would rather rich landlords than people housed.

Ronaldinho

smelly sock wrote: »

9000 homeless. This is a disgrace. The government would rather rich landlords than people housed.

Is there not going to be anyone living / housed in those gaffs?

Amirani

Heebie wrote: »

It's part of every Irish person's "job" as an Irish person to make sure that every Irish person has what we need at a minimum.

Sorry, but no it isn't. Individual people have zero direct obligation to you, regardless of whether you're Irish or not.

smelly sock

Ronaldinho wrote: »

Is there not going to be anyone living / housed in those gaffs?

Houses for rich people. Not for people who need them.

Ronaldinho

smelly sock wrote: »

Houses for rich people. Not for people who need them.

Rich people need a house too do they not?

smelly sock

Ronaldinho wrote: »

Rich people need a house too do they not?

Rich people will always have s house.

runawaybishop

smelly sock wrote: »

9000 homeless. This is a disgrace. The government would rather rich landlords than people housed.

The government built these did they?

Ronaldinho

smelly sock wrote: »

Rich people will always have s house.

Not if YOU want to kick them out and make them homeless. Shame on you.

Heebie

I make well over "the average wage" and there's no way in hell I'd ever consider paying € 48,000-72,000/year in rent. I wouldn't pay that much on a mortgage, either. That amount is absolutely outrageous for all but a very small few. "Not outrageous for many" is just nonsense.
The only drive for them to be so expensive is greed, and that is inexcusable when there are so many people homeless, and so many more in inadequate housing.

Heebie

Amirani wrote:

Sorry, but no it isn't. Individual people have zero direct obligation to you, regardless of whether you're Irish or not.

Have you ever read Bunreacht Eireann?

Heebie

Ronaldinho wrote:

Rich people need a house too do they not?

Not generally. They usually already have several.

4ensic15

Heebie wrote: »

Have you ever read Bunreacht Eireann?

You clearly haven't, you can't even get the title right.

Heebie

Heebie wrote: »

I make well over "the average wage" and there's no way in hell I'd ever consider paying € 48,000-72,000/year in rent. I wouldn't pay that much on a mortgage, either. That amount is absolutely outrageous for all but a very small few. "Not outrageous for many" is just nonsense.
The only drive for them to be so expensive is greed, and that is inexcusable when there are so many people homeless, and so many more in inadequate housing.

Nonsense? There are a great many people living and working in Dublin City Centre who can easily afford to spend €4000-6000 a month on housing. Many. Easily.

It’s ridiculous to believe otherwise to be honest. How much do you think it costs each year in interest alone to service a €1m+ home mortgage for property around Ballsbridge/D4?

NSAman

Heebie wrote: »

I make well over "the average wage" and there's no way in hell I'd ever consider paying € 48,000-72,000/year in rent. I wouldn't pay that much on a mortgage, either. That amount is absolutely outrageous for all but a very small few. "Not outrageous for many" is just nonsense.
The only drive for them to be so expensive is greed, and that is inexcusable when there are so many people homeless, and so many more in inadequate housing.

You DO realise that most apartments in the city center are renting for between 3 and 5 thousand a month for a 2 bed ????

Cyrus

This thread is hilarious, developer builds high end office space and apartments on one of if not the premier site in Dublin

Instead of selling the apartments for 2-8m a piece like the developers next door they are setting up a high end corporate let arrangement something Dublin is missing and will no doubt prove popular with google and Facebook who are very proximate

And the thread has descended into the usual socialist horse sh!t about housing for the poor , Jesus wept

Ray Palmer

NSAman wrote: »

The Irish don't don;t have the culture of corporate lets. Property is for buying. In many other countries property is let on short-term corporate lets for Executives flying in for a brief period of time, it is an apartment but with hotel amenities.

Must go back in time and tell my father he wasn't doing a corporate let for 20 years from the 80s. It has always existed just not a huge section of the market.

nim1bdeh38l2cw

Zenify wrote: »

A grand a day is 500 after tax, 2,500 per week... roughly 10k per month. 6k in rent would be 60% of their pay which would be very steep particularly with that sort of a wage.

If there was 2 people on that wage sharing an apartment I could understand, then its 30%. But people here are saying it's short term people using them not young families.... obviously someone will be paying it or it wouldn't be up. I'm just curious to know as I cant figure out who would afford it.

Retention is approx 60-65% as a contractor. First 3 months rent can be expensed if relocating, etc etc etc

mkdon

incentsitive wrote: »

If we build more, and higher, then the value of these will reduce.

why can't we build higher what's height restriction n where?