€150,000 apartment/flat in Dublin city centre.

NewFrockTuesday · 29-06-2009 2:57pm #1

Ive been looking for a place to buy recently. Im now thinking about renting as Im just not sure I want to trust the market just yet and it’s not a family residence I’m after so its not a time pressed issue or even that vital….more a wander round the property market to see whats available and if I find what Im after good, if I don’t, not a disaster. I’m not a “motivated buyer” I suppose is a way of putting it. (Read “bit of a waster”)

Now, Im thinking €150,000 for a one bed apt in the city (Dublin) centre is not an unreasonable expectation. Or am I being to recessionistic here? Bearing in mind I gave up on the minor rant thread halfway through as it was all beginning to get a bit paper sissors rock for me, do you think 150g is an unrealistic sum? I don’t want to live on the junkie plains – somewhere off behind Camden Street would do me nicely – but I don’t want the neighbourhood to be safely sterile either – I like the chancers in the area

I work here and have done in and around here for 3 years now and love it. Parnell Street area either – smack bang in the city centre and Im happy – but not along a noisy main vein.

So what do you think? Will I get my flat for that price anytime soon or should I just dedicate to renting for the next ten years and save the difference? What would you do?

TwoShedsJackson · 29-06-2009 3:59pm

What are the prices in that area like now?

jdivision · 29-06-2009 3:59pm

You'd get a one-bed on Gardiner St for that no problem I'd say

NewFrockTuesday · 29-06-2009 4:07pm

Yes - wait it out another while.

jdivision wrote: »

You'd get a one-bed on Gardiner St for that no problem I'd say

Nothing is coming up on search.

http://www.daft.ie/searchsale.daft?s%5Bcc_id%5D=ct1&s%5Ba_id%5D=ga1&s%5Bmnp%5D=&s%5Bmxp%5D=150000&s%5Bbd_no%5D=1&refine=Refine&search=1&s%5Bsearch_type%5D=sale&s%5Bfurn%5D=&s%5Brefreshmap%5D=1&search_type=sale

Sorry about the vulgar url. Prices are all up around the €185 and over mark. Im just not prepared to hand that out tbh. I only want a small place. Preferably a flat. I find them more homey. Im just wondering how long it would take to fall to where I need it to be. THen again, Im tempted to rent due to the hassle of living somewhere all being taken away from you.

kmick · 29-06-2009 4:08pm

Probably get that for 150ish

http://www.daft.ie/1454899

gurramok · 29-06-2009 4:10pm

Forget it and save the difference and forgo the hassle - renting is best.

Agree with jdivision, sworn i spotted a couple of them while trawling through on daft a while back.

Its only a matter of time before Camden st falls back to that level, so rent and wait for the right price to come along, it does not have to be 10years as it will not be that long.

kmick, can you shorten that url? Use http://www.daft.ie/1454899 instead

oceanclub · 29-06-2009 4:38pm

Forget it and save the difference and forgo the hassle - renting is best.

Well, put it this way; we just moved out of a fairly good 1-bed apartment in Christchurch (when I say "fairly good", it was literally the best of 30+ apartments we saw at the time, around 4 years ago, most of them Liam Carroll shacks).

The market rent on those apartments is now 850 pm - probably less, I'm going by the fact there are 2 notices in the lobby offering apartments for that price, and you have to advertise in the lobby of the building itself - something I've never seen before - I'm guessing the owners aren't having much luck on the normal ad sites.

Using the 10% yield equation of 850 * 12 * 14, a decent 1-bed city centre apartment is indeed now worth around €142K. But that based on the fact that it's a good apartment of its type, and the dubious proposition that rents won't go any lower.

P.

markpb · 29-06-2009 4:47pm

My brother just bought a one bed apartment behind Dublin Castle for 169k - the price was agreed about three months ago so I'd be surprised if they weren't even lower by now.

NewFrockTuesday · 29-06-2009 4:53pm

Yes - wait it out another while.

Are they the ones beside the Raddisson? I was looking at those last week and theyre pretty ideal location wise but the building is a bit too big for my liking. There are about 50 pats I think and thats just a bit too much. Also wary of unoccupied apts and the fallout on management fees. THank you for the suggestion though

markpb · 29-06-2009 4:56pm

They're on the Ship St / Bride St junction. All units are sold (he bought his second hand), the owners run the management company and he has been told the developer should be vesting ownership this year so there should be no problems with the management company. Here's a fool still trying to see theirs for €260k.

oceanclub · 29-06-2009 4:58pm

Forget it and save the difference and forgo the hassle - renting is best.

markpb wrote: »

They're on the Ship St / Clanbrassil St junction.

Ship St/Bride St, you mean?

P.

NewFrockTuesday · 29-06-2009 4:59pm

Yes - wait it out another while.

Thanks. Ill have a root about

oceanclub · 29-06-2009 5:02pm

Forget it and save the difference and forgo the hassle - renting is best.

markpb wrote: »

They're on the Ship St / Bride St junction. All units are sold (he bought his second hand), the owners run the management company and he has been told the developer should be vesting ownership this year so there should be no problems with the management company. Here's a fool still trying to see theirs for €260k.

I remember those apartments were initially going for crazy money - €390K for 1 beds maybe? - so they've dropped by more than 50%, it sounds like. No idea what they're like inside, but that area is a bit like a ghost town... been to the Argentinian steakhouse restaurant nearby, one of the few businesses around. Not great.

P.

Tony Almeida · 29-06-2009 5:05pm

Dont buy a 1 bed! Why would you? You'll find it hard to sell, plus house prices will not rise for another 2 years so why not wait until next year to buy... Chances are they may have fallen further

NewFrockTuesday · 29-06-2009 5:08pm

Yes - wait it out another while.

I want somewhere that has life around it! That’s the whole point of moving into town. I work there already but am moving work out to Blackrock with work so want somewhere where I don’t have to make a huge plan to go out…just wander out my front door and be within a few mins of a nice restaurant…wine bar…cinema…etc..

390 for a 1 bed? No way. That’s just outrageous. The poor b******d whoever paid that for a one bed. I was talking to a guy a while ago. He paid a huge sum for a one bed in Bettystown and drives into the city everyday. Hes lumped with it now forever and cant move so is trapped finically. His gf is extremely ticked with this and its causing a huge amount of tension. I feel bad for him.

oceanclub · 29-06-2009 5:11pm

Forget it and save the difference and forgo the hassle - renting is best.

Deepsense wrote: »

I want somewhere that has life around it! That’s the whole point of moving into town. I work there already but am moving work out to Blackrock with work so want somewhere where I don’t have to make a huge plan to go out…just wander out my front door and be within a few mins of a nice restaurant…wine bar…cinema…etc..

It's worthwhile considering - in how many years do you think you may be settling down to start a family? I was happy enough with a 1-bed for years, but the worst thing would be to buy one now, prices drop even more, and you find that life changes mean you want to sell. In Ireland, unfortunately, most apartments are just way too cramped with hardly any storage space.

P.

NewFrockTuesday · 29-06-2009 5:16pm

Yes - wait it out another while.

The family home is sorted. Im living in it at the moment and have done so for a good while now. But its no place for a single person. It was bought with the intention of raising a famaily there but it didnt turn out that way. I bought him out and have lived ther all this time but now I want to move now that Im able again. Ill rent it out and just forget about it.

Also, bf has no mortgage on house.

spockety · 29-06-2009 5:25pm

I think the only people who should buy 1 bed apartments are investors/landlords. They are good for renting out to singles/couples.

In the future they will be toxic as saleable assets to other home seekers, if we aren't already at that point?

sneakerfreak · 29-06-2009 7:06pm

theres a 1 bed house in rathmines for 150,000

a gaff in finglas for 120,000

clondalkin for 135,000

check daft

Firetrap · 29-06-2009 8:06pm

Forget it and save the difference and forgo the hassle - renting is best.

+1 on the one bedroomed apartment. They're grand if you've got no friends, no hobbies and no stuff.

johnnyskeleton · 29-06-2009 8:37pm

How about asking if either of these two will take €150k:

www.daft.ie/1456146

www.daft.ie/1452151

You won't want for colourful characters around there, and the extra bedroom has a number of advantages:

1) other people can live there be they renters, family or friends
2) you could set up an office / studio / gym / whatever-you're-into-room
3) when you go to sell, a 2 bed is much more marketable than a 1 bed.

I'm sure they're pretty manky on the inside, but if you can't wait any longer, they might be worth a punt.

jdivision · 30-06-2009 12:45am

Deepsense wrote: »

Nothing is coming up on search.

Forget about asking price and think about final purchase price.Some good suggestions from elsewhere on this thread.

whizzbang · 30-06-2009 9:28am

I think Dublin city centre 1 beds will go below 100k before this is all over. I'd hold off, renting is saving you money right now, so why stop?

bobbiw · 10-07-2009 4:39pm

Deepsense wrote: »

Ive been looking for a place to buy recently. Im now thinking about renting as Im just not sure I want to trust the market just yet and it’s not a family residence I’m after so its not a time pressed issue or even that vital….more a wander round the property market to see whats available and if I find what Im after good, if I don’t, not a disaster. I’m not a “motivated buyer” I suppose is a way of putting it. (Read “bit of a waster”)

Now, Im thinking €150,000 for a one bed apt in the city (Dublin) centre is not an unreasonable expectation. Or am I being to recessionistic here? Bearing in mind I gave up on the minor rant thread halfway through as it was all beginning to get a bit paper sissors rock for me, do you think 150g is an unrealistic sum? I don’t want to live on the junkie plains – somewhere off behind Camden Street would do me nicely – but I don’t want the neighbourhood to be safely sterile either – I like the chancers in the area I work here and have done in and around here for 3 years now and love it. Parnell Street area either – smack bang in the city centre and Im happy – but not along a noisy main vein.

So what do you think? Will I get my flat for that price anytime soon or should I just dedicate to renting for the next ten years and save the difference? What would you do?

Places in Charlotte Quay were around that 5-6 years ago, you will see them at that level within the next 24 months or sooner.

gurramok · 10-07-2009 6:09pm

Forget it and save the difference and forgo the hassle - renting is best.

Yeh, cheapest is about 230k asking now for a 1bed but some of the apts in that development are tiny and others are quite sizeable

NewFrockTuesday · 15-07-2009 2:19pm

Yes - wait it out another while.

Well, I went to view a few laces to rent for the time being. I have to report back that rents are falling as much as I thought they would have by now and theres still a bruteish optimism prevailing. I saw an absolute kip – and I mean kip – in a pretty grotty area last week and it was asking €750 1 bed. The agent said he he had 2 others looking at it that week and when I checked on daft today, it is indeed gone so he must have been nearing an agreement when he was showing it to me. I thought he was just pushing. I wouldn’t mind sharing with someone Im now thinking so Im expanding the search criteria a bit to include sane, non smoking, employed flat dwellers.

Ste.phen · 15-07-2009 4:48pm

Deepsense wrote: »

so Im expanding the search criteria a bit to include sane, non smoking, employed flat dwellers.

Pick two I think

AARRRGH · 15-07-2009 9:42pm

Personally I would hold off as long as possible (within reason, of course) before buying as property is still overpriced.

Also, I would buy a two-bed instead of a one-bed (assuming the two-beds are actually bigger, a lot of two-beds have the same floor space as a one-bed). I've lived in a one-bed before and it gets a bit claustrophobic. The extra bedroom will be nice for having a little office, or a games room, or library, or whatever you want.

PS I got someone for the room in my apartment. Had to drop the rent to €495! Mad. Two minutes from Grafton Street for €495.

stereo_steve · 16-07-2009 8:17am

12 x 14 * €495 = €83,160

Granted thats one rent from a two bed but still :eek: :eek: :eek:

€150,000 apartment/flat in Dublin city centre.

Should I buy now or wait? 46 votes

Comments