Churchlands Delgany Development

Cerco

Two reports in Irish Times today relevant to prospective purchasers.

1. House prices could drop by up to 20%

2. Not all builders unions agree with construction projects continuing during virus.

I will try to copy links

Cerco

Stocks indicate new house prices could fall up to 20%


https://www.e-pages.dk/irishtimes/2063/article/1109069/14/4/render/?token=a7e68a5263bbefbb72cce3036a7f6493


Construction unions split over decision to allow sites to remain open


https://www.e-pages.dk/irishtimes/2063/article/1109069/3/2/render/?token=52f06b61f67f456dce25d474a62285bf

2011

Cluster wrote: »

The reason I wanted the plans was to see front and back (I didnt think this would be a big deal if, funnily enough, you were buying off the 'plans')

I’n an engineer as such I am used to requesting drawings and working off them. This doesn’t suit developers/ builders as these documents can be used to hold them to account. As it has been a sellers market I feel that the general public has been conditioned by developers in to believing that it is somehow acceptable not to get any plans. IMHO this is unacceptable.

Cluster

2011 wrote: »

I’n an engineer as such I am used to requesting drawings and working off them. This doesn’t suit developers/ builders as these documents can be used to hold them to account. As it has been a sellers market I feel that the general public has been conditioned by developers in to believing that it is somehow acceptable not to get any plans. IMHO this is unacceptable.

Totally agree.

awec

Cluster wrote: »

Well, We decided on a house already but we pulled out because of information we were given by the EA and builder were incorrect. We picked a new location. When we saw the original build it had a feature that wasnt in the brochure. The reason I wanted the plans was to see front and back (I didnt think this would be a big deal if, funnily enough, you were buying off the 'plans')

People are going to spend a sum of money like never before in their lives, If you think they are wasters because of it, happy to be called one. I have zero trust in the builder and EA as a result. I'm watching them like a hawk now.

I deal with architects everyday in another field other than housing, its very common for me to ask for drawings.

What was the feature, out of curiosity?

2011

Cerco wrote: »

Two reports in Irish Times today relevant to prospective purchasers.

1. House prices could drop by up to 20%

Yes, see link.

Any of us that have gone through the pain of saving for a deposit know how significant a 10% price reduction would be, never mind 20%

Cluster

awec wrote: »

What was the feature, out of curiosity?

The House wasnt level with the path outside the house, by a distance.

awec

Cluster wrote: »

The House wasnt level with the path outside the house, by a distance.

Steps?

I'm surprised they didn't tell you cause Seagreen has loads of houses like that and the steps are always on the brochure drawings / site layout plans.

Cluster

awec wrote: »

Steps?

I'm surprised they didn't tell you cause Seagreen has loads of houses like that and the steps are always on the brochure drawings / site layout plans.

I have a brochure, there is a marketing site plan in it and thats the old one, new ones dont have even that in it. I too was surprised because I asked how they were going to level the garden with front and back........nothing. Then I saw how when I went up and checked the build.

I think whats missing there is just a bit of honesty with people.

JustAThought

In a totally different location I was looking at an apartment in a complex overlooking the sea - beautiful area - I asked about the site plans and elevation and was fudged off - I withdrew - later when they were building them they had staggered and the ones I were looking at had had the hill they were leveled - instead of being elevated they were stacked behind on the flat and were now lower and directly behind the first block - no sea view and views into the appartment in front. Both ruined for light, views and privacy.

When I finally bought a house off the plans the dimensions were still aproximate - I had to go to the planning office to get them. Spend half a million euro and you have to fight to know what you are getting - unbelievable.

Government Quangos everywhere - all impotent and utterly useless.

Creamy Goodness

If it's in Wicklow you don't need to head to the planning office, it's all uploaded online even objection letters. I find it great for finding out who the NIMBY's are in neighbouring estates.

rodrigo_santos

2011 wrote: »

When were they meant to be ready?

Sept this year.

2011

rodrigo_santos wrote: »

Also got a call from them asking same things but they said 3 beds terrace/belmont would be postponed for Jan 21.

The longer this situation persists the more the revised date is likely to slip.

However from a financial perspective this may work to your advantage as prices may have fallen even further by then.

meallat

2011 wrote: »

The longer this situation persists the more the revised date is likely to slip.

However from a financial perspective this may work to your advantage as prices may have fallen even further by then.

Wonder if that applies also to the 4 bed semis ... so frustrating!

2011

meallat wrote: »

Wonder if that applies also to the 4 bed semis ... so frustrating!

Everything is up in the air. Many building contractors and trade contractors will go bust. Expect delays on all building works of indefinite duration. I would also suspect that some developers may hold off on building phases that were previously planned as they are not as lucrative as previously thought.

Fastnet2020

Contractually the developers have a very long time to complete the works, does that mean they can hang onto deposits until then as well?

2011

Fastnet2020 wrote: »

Contractually the developers have a very long time to complete the works, does that mean they can hang onto deposits until then as well?

Not my area at all but my guess would be that this would depend on the terms of the contract.

2011

An interesting article in the indo: Banks are tightening the criteria for mortgages over fears of sharp house price falls.....

I wonder how this will impact the prices and schedule of the Churchlands development?

Rockford1

In response to the above...

This was explained to me by our Financial Planner... lenders have temporarily frozen exceptions due to non-exception cases now falling into the exception category as a result of income losses/reductions. In turn, this could affect many applicants who are looking to drawdown in the coming weeks/months. An applicant who has signed contracts/has a loan offer that is not planning on drawing down until late 2020, is in a stronger position as the likelihood is that exceptions will be back by then. Applicants who cannot obtain the required mortgage at the time of drawdown may be in trouble if the bank cannot facilitate them. Loan approval clause in the signed contract is very important in this instance. In the event of the purchaser possibly having to walk away from the sale, should the agent not have a backup purchaser, I would envisage a negotiation may be on the table. However, if there is demand this is highly unlikely. The builders margins are surprisingly low and any reduction in price will be significant.

2011

Rockford1 wrote: »

lenders have temporarily frozen exceptions due to non-exception cases now falling into the exception category as a result of income losses/reductions

....in addition to “fears over sharp house price falls” (according to the article linked to in the above post).

cunnifferous

Rockford1 wrote: »

In response to the above...

This was explained to me by our Financial Planner... lenders have temporarily frozen exceptions due to non-exception cases now falling into the exception category as a result of income losses/reductions. In turn, this could affect many applicants who are looking to drawdown in the coming weeks/months. An applicant who has signed contracts/has a loan offer that is not planning on drawing down until late 2020, is in a stronger position as the likelihood is that exceptions will be back by then. Applicants who cannot obtain the required mortgage at the time of drawdown may be in trouble if the bank cannot facilitate them. Loan approval clause in the signed contract is very important in this instance. In the event of the purchaser possibly having to walk away from the sale, should the agent not have a backup purchaser, I would envisage a negotiation may be on the table. However, if there is demand this is highly unlikely. The builders margins are surprisingly low and any reduction in price will be significant.

How does your financial planner know what builders margins are? Presumably these would vary from development to development also.

I was interested in the first phase but didn't pull the trigger. Have spoken to the new agent dealing with the development recently and while he didn't have any news on the development he did seem much more engaged and eager than I have experienced previously. Make of that what you will!

Cerco

Shows how important it is to have the “subject to contract/contract denied” clause in house purchase contracts.
If I recall correctly some of the contracts offered by EA’s on new properties in recent years had this clause omitted. I remember some thread here asking for advice on this matter.

Cheeseplant

Cerco wrote: »

Shows how important it is to have the “subject to contract/contract denied” clause in house purchase contracts.
If I recall correctly some of the contracts offered by EA’s on new properties in recent years had this clause omitted. I remember some thread here asking for advice on this matter.

That's very true. At one stage we were interested in Waverly and they didn't have a subject to finance clause. Our solictor at the time said she could put it in as an amendment but it might not be accepted.

Cluster

Cheeseplant wrote: »

That's very true. At one stage we were interested in Waverly and they didn't have a subject to finance clause. Our solictor at the time said she could put it in as an amendment but it might not be accepted.

I did this for Seagreen, got it added.

Digdogs66

Anyone know if there are further delays to this build? Had been pushed out till January 2021

Rockford1

Has it officially been pushed out to January 2021?

rodrigo_santos

I got a call from Fitzgerald before pandemic around 12th of March and they said was postponed to January 2021 but after this lockdown I'd say it would take longer, unless if builders are still working that's unlikely.

sineadmur

Are Seagreen building any more phases ?

Fastnet2020

rodrigo_santos wrote: »

I got a call from Fitzgerald before pandemic around 12th of March and they said was postponed to January 2021 but after this lockdown I'd say it would take longer, unless if builders are still working that's unlikely.

Are you talking January 2021 for Phase 1 of Churchlands?

Cluster

sineadmur wrote: »

Are Seagreen building any more phases ?

Still waiting to hear on where mine is at but there are sites up there that have to be finished so I would say yes but with the delays obviously.