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Is it a bad sign if a lot of apartments in a development are for sale?

  • 29-11-2021 1:35pm
    #1
    Registered Users Posts: 42 Woah


    Currently searching for an apartment in Dublin and I'm just wondering is it a bad sign if lots of apartments in a development are for sale? Could it be a sign of potential fire problems or noisy neighbors? Or is it just a case of people selling now that they are out of negative equity?

    Particularly interested in the Northwood development in Santry

    https://www.daft.ie/property-for-sale/santry-dublin/apartments

    Similar case in belmayne near clongriffin


    Any insight would be really appreciated thank you



Comments

  • Registered Users Posts: 5,368 ✭✭✭ JimmyVik


    Also a lot of landlords have had enough and are selling up as their tenants leave. The vast majority of these would be apartments.



  • Registered Users Posts: 213 ✭✭ Kurooi


    I can only offer anecdotal evidence, but family once tried to buy an apartment as an investment and asked around about there being multiple ones listed in a single building. Found out there were issued with fire escape compliance and they were about to go through months of re-works and admin fees slapped on top too.

    But it could be chance, or demographics behind the trend. When it was my money I was shameless about those things would just drive up and chat people up directly asking if I should be worried about any trouble or extra bills. You will get a feel of the area too I could not overstate how important it is to spend a bit of time in the area before you buy in it a walk or two could help you dodge a bullet.



  • Moderators, Society & Culture Moderators Posts: 32,260 Mod ✭✭✭✭ The_Conductor


    Just an observation- but if there are issues with fire escapes etc- any remedial works are wholly tax deductible for a landlord- but not for an owner-occupier in an apartment complex- so it could very well be the case that issues such as this might not necessarily be too much of a negative for a prospective landlord- but could be an automatic disqualifier for a prospective owner occupier.



  • Registered Users Posts: 12,662 ✭✭✭✭ Mad_maxx


    Some people view anything as a sign to keep clear , I would not be put off but obviously do you're research



  • Registered Users Posts: 9,090 ✭✭✭ PlentyOhToole


    if you can persuade someone living there for a copy of the management company end of year report ( a long shot I know), it might uncover some things such as proposed maintenance work or a pressing and costly issue such as roofing repairs. It may also document things like resident gripes over noise etc

    Failing that talk to as many people as you can that are living there- I know of a good apartment block and there’s currently half a dozen for sale signs outside so I’d say that’s simply due to people wanting to cash in on the high prices as there’s no real issues in the block itself .



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  • Registered Users Posts: 272 ✭✭ Jmc25


    It may or may not signal something like that, impossible to know at this point. Ultimately that should be discovered as part of the conveyancing process in any event so it would be in the vendors interest to he up front about it through the estate agent.



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