I spoke to estate agent regarding cherry lane, they said that prices are not finalized yet but expect it to be around 600k for 3 bed houses and around 700k for 4 beds. Anyone else who might have been told the same thing. Also mentioned launch might be early November. Looking for my first property here, so looking for some sound advice from experienced people, what do you all think of these prices for this area?
I see the prices for Cherry Lane have just been released, got a mail from them this morning and I am now horrified by the prices, what do other people think? It is like deja vu to 2007 and anyone that buys them will likely end up with a house worth less than they paid for it as they are completely outrageous. I feel sorry for people that are trying to buy them I certainly wouldn't pay those prices.
We will have a selection of beautifully designed houses launching in November 2021.
2 Bedroom Houses
from €555,000 (87 sqm/934 sqft)
3 Bedroom Houses
from €635,000 (113 sqm/1214 sqft)
4 Bedroom Houses
from €740,000 (145 sqm/1558 sqft)
555k for a 2-bed is insane, 1hour from the city! They’re way above Clay farm and on par with Malahide prices.
The Brickie originally said 60% of cherrywood would be within HTB. Now looks like 0%.
Even the council would balk at those asking prices.
Yeah i remember them saying most of them would be affordable, I guess they got greedy! If people buy them then this madness continues. I have so many friends that went into negative equity in the last crash, do people not think of these things? people need to wake up
Its totally and utterly insane, I will be looking for my own kids to emigrate as I see no future for them here when an area that we were told will be affordable comes out at these prices. I was even thinking of buying one a while back absolutely no way.....
Prices seem very high - how much were the 3 beds in latest Clay Farm phase?
The four beds where ment to be around 640-650k. the 3 beds 550-560. (been told by SF in May/June)
This turned into pure greed. They can't tell us, it's due to the increase of product prices due to shortage blablabla. The same houses (generally for all new builds) are being build outside of Dublin and sold for half the price, while it doesn't go up in price either.
It's turning really nasty, they are covering their covid loses over our backs.
completely agree with you its turning nasty
Clay farm prices, they sent a mail one afternoon at 2.37pm, I registered close to about 3pm for viewing. Received mail next morning that viewing was full by the time I registered, so I won't be offered a viewing. If any of the houses remain after viewing, they will be in touch.
Prices were as below, first 2 are 3 beds and next 2 are 4 beds
I registered for Clay Farm at 2:40pm and got the same message. I have to question how they could have filled up the spots that quickly considering there was no advanced warning of when it would be unveiled, but regardless, they were substantially cheaper than these despite being closer to the city.
I was a bit taken aback at the prices too. Starting prices of over €555k for what is a small house seem very high. I could see something like that if it was a highly desired and established area, close to the city, but this is a 45m Luas into town in a place that is still pretty industrial and speculative (I know they have big plans for the area but those are likely still a few years from realisation, and there's always a risk they might not happen at all).
I'm sure the places will be done very nicely and all that, but I still question how many people there will really be who will be able and willing to pay this kind of money for these kinds of houses in this kind of area, and wouldn't be surprised to see them be slow to sell, at least to individual buyers.
Genuine question, how is a 2 bed of 87sqm going for 555k? That seems genuinely outlandish and I've gotten quite used to seeing some crazy prices. If it was Dalkey, Foxrock, Blackrock or somewhere established and desireable - I could attempt to justify it (but likely fail). But I'm at an absolute loss as to how it can be that price in Cherrywood?
People will buy regardless for those in their early 30s never be in the last crash .........
I can only assume they are pricing them this high because they are banking on the council buying them and seeing the stupid amount of money councils have been spending buying houses off the private market it wouldnt surprise me if they snapped this up. Seriously though who in the name of god has nearly 3/4 of a million and decides to buy in Cherrywood of all places its insane!
Avn't Dun Laoire/Rathdown Council already agree a deal on 50% of this developement?
This is an absolute joke. A 2 bed for €555k?! In Cherrywood?! How are normal people supposed to buy their own homes with prices like this. It's like 2006 all over again.
This travesty seems setup for the REITs to buy and lease them back to Dun Laoghaire/Rathdown CC for €3k-€4k a month for 30 years.
At prices like those I can see the vast majority of this development being a social housing ghetto.
As a single person looking to buy in Dublin in the next few years, I weep for my future.
The cynic in me would say they are trying to sell to investors and not private buyers. There was a big controversy a few months back where a fund bought an entire housing estate in Maynooth and the government brought in a higher tax on them buying (I believe) 6 or more properties in a development, so probably not that, but that still leaves the door open for many different investors to still snap up 6 houses each.
The slightly less-cynical belief would be that they see how quick the recent Clay Farm launch was gone, and figure they could probably get away with charging a fair bit more than that and still sell them anyway.
I hear the claim a lot of councils renting out large swaths of new housing to put people on the housing list into at crazy prices. Is there a reliable source on this happening in a widespread way or is it just hearsay and speculation?
Is the specs good for the price?
I'm a single FTB on a well above average salary and I can't afford anything decent.
I work remotely so I'm looking at options outside of Dublin now.
House prices will go for whatever price the market demand determines. Developers don’t just pluck a number out of thin air and hope it sells at that price.
if there are 100 houses available and 100 people are willing to pay 555k for a 2 bed then why would the developer sell them for less?
Historically fools and their money have always been parted:
people buying Bitcoin at 60k
people buying Tesla at 1k
people buying 2-bed in Cherrywood at 555k
It will just continue, the smart preying on the foolish.
They really aren't the same as you can't live in stock or crypto currency. I do think the prices are crazy but I saw people pay way more for property on South Side Dublin all the time. A person I know bought a house in Stillorgan and I can't get over how much smaller it is than my house and how much more it cost and is valued at. They can't fit standard single beds in 2 of the bedrooms and you can't walk around the bed, the front "garden" is about the size of a door mat, back garden is a patio about 10sqm, a living room double doors into kitchen dinner. When their kids become teenagers the house is going to feel so cramped and there is no privacy as the walls are like paper. Old corporation houses were better built and bigger. He is quite snobby about the location but the traffic is horrendous near him and he works in town so has a long commute time. Kids have to be driven to school as it is too dangerous for them to walk.
People choose this and are actually happy to be in a "better" neighborhood but I personally don't see the value but I don't think they are fools as prices have proven them right over time. His house is worth way more than mine and increased by a higher percentage. Personally I prefer owning another property and will retire before him and have a much more comfortable living space.
It's more a question of how are there so many people who will pay that much for a small house in Cherrywood, not a question of why the developers would try to charge the highest price they could get. As I said in my own post above, I'm also having a hard time picturing who these are for. A 2-bed house would usually be a starter home for a couple, but that price puts it well out of range of most couples under 30. On top of that, it's a reasonably long commute into the city from Cherrywood, and Cherrywood is a very new development and not somewhere that is already very settled (compared to typical expensive areas like Dalkey or Foxrock, where its reputation contributes to its desirability) so it's not even really a case of the price being pushed up a lot by the location.
Ya I wouldn’t buy one myself but it seems like there are a large cohort of people who just want to get ‘on the ladder’ and will buy any new-build that they can get a mortgage for. It’s a herd mentality right now so I don’t think a lot of people are diligently weighting up the pros and cons of a unit.
I reckon you are right.
Council already bought a heap of them. So supply is down, so prices go up.
Using peoples own tax money to increase the price of houses on them.
And tbh, while i never would have advised this a couple of years ago, i am advising anyone i know now who is a ftb to just buy anything to get on the ladder. Because the councils and reits are pulling the ladder up.
Maybe you are asking the wrong question and can't think outside your own social group. There are a lot of assumptions from you without considering the world outside of what you are familiar with. Two bedroom places are not just starter homes and many people downsize after selling very expensive properties. Some will be a bolt holes for occasional visits to Dublin/Ireland etc... Options you aren't considering over a small amount of properties in one of the most expensive parts of the country.
Look at the council houses built all around the country and compare prices compare one house in Donegal with one in Howth. What kind of price difference do you think their should be? Does it matter what you think as you aren't buying them either because you can't or not willing to pay the price? They aren't trying to sell to you and I doubt it matters you can't see the value. A Rolex is expensive but I don't want to wear one because I think they are tacky and overpriced others think differently.
I'm perfectly able to think outside my own situation, but neither of the cases you bring up (downsizing elders and holiday homes) are really that easy to see for this area either, and doesn't really match the marketing material they've been putting out.
I know it ultimately doesn't matter what I think, I wasn't labouring under the delusion that they were hoping for my personal approval on the price, but it's really not entirely true to say they aren't trying to sell to me. I have had this marketed to me quite a bit, and emailed the agency about it months ago, and an agent even went and called me back to discuss it. To some extent, I am the kind of person they expected to be interested. I just don't think it's great value for what you get, even compared to the hot market out there right now, and was sincerely wondering what their aim was.
I know who Rolex watches are for, and I know who €800k+ houses in Dundrum are for, even if it's not me, but I don't really know who these ones are for.
they aren't for you if you can neither afford them nor willing to pay the price. Marketing follows a traditional model but why you emailed them is a mystery to me and of course they will engage you then. Marketing is not a laser guided thing and you will rarely find a direct marketing campaign on new housing for investors yet they still buy based on the material.
A bolt hole is not the same as a holiday home which kind of points out you don't really understand. Simply they are for people with more money and different priorities to you. There really doesn't need to be a massive amount of people to sell these to so just because you don't see it doesn't mean they aren't there whether you are confused or not. As I mentioned I know people who have expensive property but low quality of life with it
I never said I couldn't afford them, and unwillingness to pay is largely down to their pricing just not being very competitive with the rest of the market.
This led me to wonder who they are for, and you still haven't really said who they are for, except to say it's not me, despite them speaking to me on the phone just a few months ago and making it pretty clear based on my budget and requirements that they would like to sell to someone like me. It's marketed as a community and commuter estate not a getaway location (which is what is usually meant by a bolt-hole, unless you have some other definition which you seem to not want to share).
Also, they do need a lot of people to sell these to. The Cherrywood development is planned to huge. This isn't a small development of just a few houses and apartments like you'd see in somewhere more built-up like the recent ones in Sandymount. It's a massive undertaking. Quintain alone (the developers selling these houses) are planning over 3000 homes in this development with 1300 built by 2025: https://www.irishtimes.com/business/commercial-property/quintain-gets-green-light-for-further-168-new-homes-at-cherrywood-1.4519122