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New build in Dublin or Commuter belts

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  • 26-04-2020 4:03pm
    #1
    Mon1239
    Registered Users Posts: 17 ✭


    Hi, creating this specific board for buyers of new builds in Dublin & the surrounding commuter belt towns.

    We have looked at most of the available new builds in Maynooth, Naas, Rathcoole, Celbridge & Carrickmines.

    As a couple we have a house in mind and that house and the second option are both due to be completed in Autumn/Winter 2020.

    How are other FTB of new builds progressing with the sale? What communication has there been from the EA or Builder about next steps?


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    #2
    gavvvvers
    Registered Users Posts: 21 ✭gavvvvers


    Hey - we are about to place reserve on place in commuter area but holding off until builder agrees to lower price. We don’t want to sign contracts at a price point that will immediately see us in negative equity later in year. Have many people managed to get discount or do we think new builds will hold firm on original prices?


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    #3
    Rock77
    Closed Accounts Posts: 1,123 ✭✭✭Rock77


    gavvvvers wrote: »
    Hey - we are about to place reserve on place in commuter area but holding off until builder agrees to lower price. We don’t want to sign contracts at a price point that will immediately see us in negative equity later in year. Have many people managed to get discount or do we think new builds will hold firm on original prices?

    Hi,

    If prices come down by 10 to 15% we will hopefully buy a new build by the end of the year, Clane, Celbridge, Kilcock and Nass are on our list. Do you mind me asking how much of a price reduction you asked for?


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    #4
    Mon1239
    Registered Users Posts: 17 ✭Mon1239


    gavvvvers wrote: »
    Hey - we are about to place reserve on place in commuter area but holding off until builder agrees to lower price. We don’t want to sign contracts at a price point that will immediately see us in negative equity later in year. Have many people managed to get discount or do we think new builds will hold firm on original prices?

    Hey, we’re in the same boat. Our front runner is in Maynooth, a 4 bed. Personally, I believe houses have already passed their peak in prices. To commit to a premium price would be unwise as already bank valuers are valuing less than than the agreed price between developer and client.

    There’s no hope of prices going up any time soon. Developers will soon be forced to adjust their margins to a realistic estimation based on the actual addressable market (buyers in a position to purchase from plans) which is a lot lower than only two weeks ago.


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    #5
    gavvvvers
    Registered Users Posts: 21 ✭gavvvvers


    Rock77 wrote: »
    Hi,

    If prices come down by 10 to 15% we will hopefully buy a new build by the end of the year, Clane, Celbridge, Kilcock and Nass are on our list. Do you mind me asking how much of a price reduction you asked for?

    Hey, we asked for an almost 10% reduction which in fairness was taken seriously but after the EA said to builder, builder pushed back and said it was too soon for going below asking!


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    #6
    Rock77
    Closed Accounts Posts: 1,123 ✭✭✭Rock77


    gavvvvers wrote: »
    Hey, we asked for an almost 10% reduction which in fairness was taken seriously but after the EA said to builder, builder pushed back and said it was too soon for going below asking!

    Thanks for the info, I’m surprised with the builder although maybe if he thinks your going to walk away he might change his mind..


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    #7
    awec
    Administrators Posts: 53,356 Admin ✭✭✭✭✭awec


    Rock77 wrote: »
    Thanks for the info, I’m surprised with the builder although maybe if he thinks your going to walk away he might change his mind..

    It's not surprising at this stage.

    Developers will be in no hurry to lower prices. Especially not when the market is essentially stopped entirely.


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    #8
    Mon1239
    Registered Users Posts: 17 ✭Mon1239


    awec wrote: »
    It's not surprising at this stage.

    Developers will be in no hurry to lower prices. Especially not when the market is essentially stopped entirely.

    Definitely, the builders are playing a long game when it comes to selling so they have some time to wait and hope the market doesn’t sink.

    We’ve reached out to both EAs and we’re angling our reasoning as logically as possible:

    1. The developer has sold the same property in an earlier phase for 90% of the asking, so we know his bottom line.
    2. The asking for this price is was a projected value, the particular property has jumped by about 5% YoY (2 years) and a unit has never sold for the asking.
    3. For the developer to get a price that’s more than any other ‘like-house” in the same estate has ever sold for is completely unlikely. A quick look on the PPR and low consumer confidence means there’s no buyer unless they drop to what they accepted 1 year ago.. not a big ask.


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    #9
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Mon1239 wrote: »
    Definitely, the builders are playing a long game when it comes to selling so they have some time to wait and hope the market doesn’t sink.

    We’ve reached out to both EAs and we’re angling our reasoning as logically as possible:

    1. The developer has sold the same property in an earlier phase for 90% of the asking, so we know his bottom line.
    2. The asking for this price is was a projected value, the particular property has jumped by about 5% YoY (2 years) and a unit has never sold for the asking.
    3. For the developer to get a price that’s more than any other ‘like-house” in the same estate has ever sold for is completely unlikely. A quick look on the PPR and low consumer confidence means there’s no buyer unless they drop to what they accepted 1 year ago.. not a big ask.

    A unit has never sold for asking? That sounds highly suspicious, how can you know that? Are you adding VAT to the PPR?


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    #10
    Electric Nitwit
    Registered Users Posts: 10,676 ✭✭✭✭Electric Nitwit


    GingerLily wrote: »
    Are you adding VAT to the PPR?

    Oh...

    we were looking at new builds too, just starting to anyway. Hadn't realised vat was due on new builds. I see now it's 13.5%, is that normally included in the list price or in addition?

    EDIT: had a better Google and the list price includes VAT, panic over :p
    Actually has the effect of reducing stamp duty slightly, bonus!


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    #11
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    awec wrote: »
    It's not surprising at this stage.

    Developers will be in no hurry to lower prices. Especially not when the market is essentially stopped entirely.

    Agree, it literally makes no sense for a developer to drop prices yet. Far too soon.

    1. The verious offices in county councils etc are not open to get a sale through anyway. Why committ to something that can't even be followed through on?

    2. The second the agree to a concession, they essentially create a self fulfilling prophecy.

    People expectation Developers to budge before Autumn at the earliest are being naive. Even then, its not guarenteed that they will, but theres very little sense in them doing it now.


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    #12
    chevra13i
    Registered Users Posts: 35 ✭chevra13i


    We paid the initial deposit to reserve a house in Citywest in February before all the lockdown etc

    The contracts are now back with us to sign but we're waiting until they start nagging us and threatening to pull the sale before we make a final decision. We haven't heard anything in a few weeks so they can't be too desperate for our money yet.

    I'm hoping we'll be able to negotiate a discount but I'm not expecting it to be honest.


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    #13
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    chevra13i wrote: »
    We paid the initial deposit to reserve a house in Citywest in February before all the lockdown etc

    The contracts are now back with us to sign but we're waiting until they start nagging us and threatening to pull the sale before we make a final decision. We haven't heard anything in a few weeks so they can't be too desperate for our money yet.

    I'm hoping we'll be able to negotiate a discount but I'm not expecting it to be honest.

    I doubt they'll be hounding you to complete, because they probably wouldnt be able to follow through on their end at the moment either. I've never bought a new build but a friend of mine had her sale delayed by a few weeks last year as the council refused to sign off on the internal doors for some safety reason. If that were to happen now I'd say the delay would be a lot longer as they probably won't do site visits.

    I'd say theres an element of both sides waiting to see how things pan out, but until the lockdown is lifted at least partially so that the offices responsible for the background paperwork that goes into a house transaction are open and operating as usual.


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    #14
    Mon1239
    Registered Users Posts: 17 ✭Mon1239


    GingerLily wrote: »
    A unit has never sold for asking? That sounds highly suspicious, how can you know that? Are you adding VAT to the PPR?

    Apologies, by ‘not receiving the asking’ I meant the current asking which is a lot more than the previously released same houses the last 2 years.

    The developers obviously thought (pre-covid) that things were on the up and a higher price could be asked in 6 months time.


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    #15
    tolow
    Registered Users Posts: 183 ✭✭tolow


    There was an estate I looked at in Maynooth before this kicked off and prices appear to have increased almost 10% since the first phase last year, crazy.


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    #16
    Mon1239
    Registered Users Posts: 17 ✭Mon1239


    tolow wrote: »
    There was an estate I looked at in Maynooth before this kicked off and prices appear to have increased almost 10% since the first phase last year, crazy.
    We visited most of the Maynooth developments and that seems to be the trend, the demand was there so there was no wiggle room on prices. We did query about prices for Lyreen Lodge. The answer was absolutely no reductions, despite the fact that none of the larger houses had gone sale agreed at that stage.

    Willouise in Sallins is another development we have our eye on. The prices were due to be released by Coonan in late Feb/March but they've obviously decided to hold off and re-evaluate what price to go in at. This is an indicator that the developers are thinking about prices and what the houses are worth on the market.

    At the end of the day, a house is only worth what people are willing to pay. If the addressable market of buyers has gone way down then that will inevitably stop developers demanding a premium.


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    #17
    Electric Nitwit
    Registered Users Posts: 10,676 ✭✭✭✭Electric Nitwit


    Mon1239 wrote: »
    We did query about prices for Lyreen Lodge. The answer was absolutely no reductions, despite the fact that none of the larger houses had gone sale agreed at that stage

    3/10 of the 3-beds and 12/23 of the 4-beds (plus, I presume, the show home) still available in case you're curious. I enquired a week or two back.


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    #18
    Mon1239
    Registered Users Posts: 17 ✭Mon1239


    Electric Nitwit wrote: »
    3/10 of the 3-beds and 12/23 of the 4-beds (plus, I presume, the show home) still available in case you're curious. I enquired a week or two back.

    Interesting! Thanks for sharing, we haven’t enquired about these ones in a while because others we’ve come across were in our opinion, better value for money.

    Attaching some interesting pics we have from Jan. At that stage 8 four-bed were sold, none of the Laragh.

    Any chance you know if the Laraghs have sold at all?


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    #19
    Electric Nitwit
    Registered Users Posts: 10,676 ✭✭✭✭Electric Nitwit


    Mon1239 wrote: »
    Interesting! Thanks for sharing, we haven’t enquired about these ones in a while because others we’ve come across were in our opinion, better value for money.

    Attaching some interesting pics we have from Jan. At that stage 8 four-bed were sold, none of the Laragh.

    Any chance you know if the Laraghs have sold at all?

    Yeah, they do seem overpriced, if they fall a bit later in the year though we'll probably look again. We have to sell too so we're only having a preliminary nose

    Just one of the Laraghs sold I think...

    511327.jpg


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    #20
    Mon1239
    Registered Users Posts: 17 ✭Mon1239


    Electric Nitwit wrote: »
    Yeah, they do seem overpriced, if they fall a bit later in the year though we'll probably look again. We have to sell too so we're only having a preliminary nose

    Just one of the Laraghs sold I think...

    511327.jpg

    That’s very interesting! Gorgeous houses but I’d imagine they’ll have a hard time selling those ones post-covid. The price is more in line with south Dublin!


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    #21
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    I have to say those prices are surprising for Maynooth. Not to say its not a nice place, but surely theres a ceiling in the commuter belt? Close on €600k seems ambitious to say the least.


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    #22
    merikahan
    Registered Users Posts: 46 ✭merikahan


    restarting the thread.

    anyone found a new build near the commuter belt ? How's Willouise in Sallins ?


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    #23
    CBear1993
    Banned (with Prison Access) Posts: 1,397 ✭✭✭CBear1993


    Just out of interest, when you mean this thread is for commuter belt, do you work in Dublin? The N4/M4 is some nightmare every evening. I only head out to the girlfriends at the weekends but Naas is a fair distance from even outer Dublin. Not to mention Naas traffic . Kildare seems to have become the new outer suburb of Dublin. Not the same demand / high prices in Meath. But then Meath isn’t as developed bar ashbourne


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    #24
    Rock77
    Closed Accounts Posts: 1,123 ✭✭✭Rock77


    There are two new estates in Kilcock.. viewed the 3 bed semi in both estates...
    paid our booking deposit on 1 and just waiting on contracts..

    Both priced the same 330k


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    #25
    merikahan
    Registered Users Posts: 46 ✭merikahan


    CBear1993 wrote: »
    Just out of interest, when you mean this thread is for commuter belt, do you work in Dublin? The N4/M4 is some nightmare every evening. I only head out to the girlfriends at the weekends but Naas is a fair distance from even outer Dublin. Not to mention Naas traffic . Kildare seems to have become the new outer suburb of Dublin. Not the same demand / high prices in Meath. But then Meath isn’t as developed bar ashbourne

    yeah, we work in Dublin City Center. House prices in Dublin are beyond imagination... we may end up moving to different country.


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    #26
    tolow
    Registered Users Posts: 183 ✭✭tolow


    Rock77 wrote: »
    There are two new estates in Kilcock.. viewed the 3 bed semi in both estates...
    paid our booking deposit on 1 and just waiting on contracts..

    Both priced the same 330k


    Prices on both of these dropped very slightly since covid kicked off? They had been increasing slightly with each phase until then.


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    #27
    Rock77
    Closed Accounts Posts: 1,123 ✭✭✭Rock77


    tolow wrote: »
    Prices on both of these dropped very slightly since covid kicked off? They had been increasing slightly with each phase until then.

    No there were a few of the 3 beds that were 5k cheaper because of orientation.. most were 335k


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    #28
    EJC4711
    Registered Users Posts: 14 ✭EJC4711


    We have been looking at Maynooth as an option and Lyreen Lodge on the Dunboyne road is the development we like most. Someone previously posted a list of the remaining houses. Does anyone have an updated list? Is there any room for negotiation on price?


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    #29
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    We are buying in south Dublin. In Cabinteely (Carraig Bui). Got contracts a few days ago. Anyone else buying in the same development?


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    #30
    Smouse156
    Registered Users Posts: 529 ✭✭✭Smouse156


    cubatahavana wrote: »
    We are buying in south Dublin. In Cabinteely (Carraig Bui). Got contracts a few days ago. Anyone else buying in the same development?

    I looked at that development. Only three houses on the PPR. Do you mind me asking if you got a discount?


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    #31
    Electric Nitwit
    Registered Users Posts: 10,676 ✭✭✭✭Electric Nitwit


    EJC4711 wrote: »
    We have been looking at Maynooth as an option and Lyreen Lodge on the Dunboyne road is the development we like most. Someone previously posted a list of the remaining houses. Does anyone have an updated list? Is there any room for negotiation on price?
    That was me. We went for it. A few weeks ago they'd sold all the 3-beds and the 510k 4-beds (Raheen). Some might fall through so maybe worth phoning. We had no luck shifting the price, but I don't know about the higher price ones (575k I think)

    I don't know much more than to be honest, but feel free to drop me a PM if you wanted to know any more


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