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Landlord selling

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  • 17-03-2019 3:08pm
    #1
    Thomasons
    Registered Users Posts: 3 ✭


    I'm living in an apartment near the canal in Dublin 4. Apartment is 2 bedrooms, 1 bathroom, quite small in the 50-60 square metre range or around 560 square feet I think.

    Landlord is thinking of selling and I'm having cold flashes at the thought of going into the Dublin rental market. Trying to get my head around how likely it's going to happen.

    Landlord originally thought he'd get 350k up to 400k and wasn't sure if he wanted to sell at that price. Estate agent has now told him he'd get 400k plus which had made him eager to sell.

    He did suspect that estate agent was exaggerating but I looked up the property price register and an apartment in the block same size went for 450k this year. I can't imagine someone paid that to live in what is quite a small apartment so I assume this is an investor with an eye on the crazy rents it would bring in.

    So my questions are:

    1. Does 400k plus sound right for the market in that area right now?

    2. Assuming an estate agent comes in April to view the place, when would the place likely sell? Obviously every sale is different, but I'm looking for an estimation over averages. Taking into account I've a good relationship with landlord and he would let me stay up until a reasonable last minute. I know notjing about property so looking for.info on things like how long between estate agent viewing and getting people in to view, how long between views and offers, and how long between offers and actually selling.


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    #2
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    If it's an investor then it could close very quickly indeed. 60Sqm for a 2 bed isn't too bad in Dublin terms and would certainly have the location going for it. I'd be guided by the PPR.


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    #3
    dudara
    Registered Users Posts: 33,519 ✭✭✭✭dudara


    How long have you been living in the apartment? The landlord will have to serve you with the correct notice of termination and termination period, should he decide to sell.


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    #4
    piplip87
    Registered Users Posts: 2,107 ✭✭✭piplip87


    Went through the same thing a twice in the last couple of years. The first we got our notice fairly soon after the house went up for sale but where told there was absolutely no hurry in getting out. We would have until the day before the sale went through. Saying that I knew the landlord all my life and the auctioneer went to school with me. We found a place just after it went sale agreed about 2 months after the sign went up. I reckon we could have stayed another month - 6 weeks.

    We found a place and unfortunately 12 months into the lease we where given notice again. the landlord was caught with his trousers down with a neighbour by his wife. She made him sell up the rental properties. We had about 3 months until it went sale agreed. Luckily it was an investor and we could stay on with a modest rise in rent.

    I find if you are amicable towards the auctioneer regarding viewings etc if an investor buys they will be open to keeping you on


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    #5
    Thomasons
    Registered Users Posts: 3 ✭Thomasons


    dudara wrote: »
    How long have you been living in the apartment? The landlord will have to serve you with the correct notice of termination and termination period, should he decide to sell.

    It's actually a family member who has been very good to me on rent so would not go down any formal route of notice periods with them.


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    #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    Considering that its D4- the price, while not cheap- should be fairly easily achievable, even in the current market.
    It could potentially sell fairly quickly.


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    #7
    sunnysoutheast
    Registered Users Posts: 2,072 ✭✭✭sunnysoutheast


    Would "mates rates" rent and (I assume) being in an RPZ impact the likely sale price to an investor?


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    #8
    GGTrek
    Registered Users Posts: 834 ✭✭✭GGTrek


    sunnysoutheast wrote: »
    Would "mates rates" rent and (I assume) being in an RPZ impact the likely sale price to an investor?


    The OP should be told the most likely scenario:


    a) if the OP has been there for more than 4 years, then an investor would request the apartment vacant anyway since the huge notice periods introduced in 2015 would make the apartment unsellable and devalue it.


    b) Even worse if the apartment was rented out at "mates rates", no investor would touch it and it will be sold to an owner occupier who will want it vacant.


    Renters have to understand that long term the so called "renters protections" that the politicians have increasingly put in place since 2009 work to their detriment, because these rules are very effective at killing supply and had the exact opposite effect of what the lefty Irish press and the politicians sold them for.


    The hypocrite lefties in Ireland say it is fine, but they hide the fact that the only people who can afford apartments in D4 are the ones with money and these people will not rent out rooms (because it is an hassle to have a lodger if you can afford to pay the mortgage on your own), so you have a transfer of occupation from lower-middle class to upper-middle class (so called gentrification) and a net reduction of rental properties and accommodation. Renters in Dublin are screwed long term, the current rules made sure of that (same as NY, San Francisco, Paris, ...). The combination of stupid planning laws, rent control, long period notices and slow evictions make rental supply scarce and rental levels high to compensate all the risks.


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    #9
    ShaneC93
    Registered Users Posts: 268 ✭✭ShaneC93


    Thomasons wrote: »
    So my questions are:

    1. Does 400k plus sound right for the market in that area right now?

    400K in this market means a likely target rent of €2,100 - €2,600 for an investor. Look online, are nearby / similar apartments going for that much? In much of D4 they would be.


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