Belarmine Plaza

Hi Ryancol,

Personally, I think a lot of people are scared and a lot of people got burned and then a lot of people just like being negative. So negativity is something you'll hear a lot of.

It sounds generally like you are getting a good deal. However please remember that you are basing your calculations on a interest rate that is as low as it gets. You have to stress test everything on a more reasonable interest rate. What would you be paying if your interest rate was 4.5%? Would the transaction still make sense for you?

You are getting roughly 10 % off the asking price. I really think you could do a lot better in today's climate. Developers are desperate to sell as hardly anything is selling now.

I know we are not supposed to talk about falling or rising house prices but there is only one way prices are going.

My advice is keep renting for a year or so and then decide.

Ruam

A few points I can add.

I'd agree with Kate in that your first couple of years will be a very low fixed rate that you will have. Check with the mortgage provider and ask them what rate your mortgage will roll on that after the yr is up, proably the SVR and base your repayment on that rather than the fixed rate.(Whos knows where the rates will be 2 years time though)

Obviously if you are buying the place as a home any depreciation shouldn't affect you as you will not be selling. If you can afford to buy are happy and think its a good deal, why not, just weigh up everything is my advice.

Also check the management fees with the agent for the last few years, is it steadily increasing year on year, as € 1,900 as it stands is quite steep, that in itself is more than a months mortgage repayment.

Best of luck with whatever you decide.

thanks lads

Doesn't sound like a good deal to me.

There's a 3-bed duplex in Belarmine asking 360k at the moment so you'd probably get that for the same price.

Personally I don't like apartments. Really don't like the idea of my kithcen being one end of a small living/dining room.

Agree with posts above on the interest rate issue as well.

Hi Ryancol,

I am also a first time buyer and am wondering about the implications of buying at this time. I am due to put a deposit on a one bed in Belarmine Plaza. The apartments are lovely. The three bed is fabulous and honestly I think they are better than the other three bed duplexes around Belarmine that someone else mentioned. One of my friends has put her deposit on one of the two beds also, and I was talking to two other people up there at the weekend who have put a deposit on ones aswell.
I wonder how much more prices will go down by, sometimes you just have to take the chance. It doesn't matter how much it goes down by as long as it is back up by the time you go to sell!
The thing that worries me about these apartments is both the Halting site and the social housing out on the Enniskerry road, how do you feel about that? this could be a reason the prices are so good.
There is the Bus service within the development that would bring you directly to Sandyford Luas and out as far as Donnybrook Bus Depot (46a route) which is always a plus, both for selling on and for renting.
The decision is tough!!

Hey Susan
I lived in the area for the last 4 years and there has been no movement on the Halting site. I for one will object to this even if I was renting. Belarmine Plaza will be at least 900 meters from the "Purpose Halting Site" . Parkview on the other hand will be right next door. Don t get me wrong I don t hate travellers, but they do destroy everywhere they are put . I might be racist but it's what everybody thinks. I don t see our local TD living beside them. Anyways in the current environment any new purchase is a risk. The 47 bus is really handy in the morning drops me down to Sandyford in 10 minutes. Plus the Luas will be pretty close also(whenever its done). I am going to go ahead with the purchase as I love this area. Theres too many part time George Lee's and Eddie Hobbbs out there.

Hey Ryan,

Yes the poor people in Parkview. I agree that Belarmine Plaza is a whole development away but I worry that because those apartments are over shops it is a place for people of Belarmine including the travellers to congregate. Wouldn't be good for me or the resale value. Also when bringing up visitors they would be driving right by it. And for that reason I have decided not too go ahead with it, makes me too nervous!
Those apartments are fabulous, there is no doubt about that. And the three bed does have the wow factor. Good luck with it.
P.S. I was onto AIB this morning and their interest rate when down last night! Good news

SusanD said:

Hi Ryancol,

I am also a first time buyer and am wondering about the implications of buying at this time. I am due to put a deposit on a one bed in Belarmine Plaza. The apartments are lovely. The three bed is fabulous and honestly I think they are better than the other three bed duplexes around Belarmine that someone else mentioned. One of my friends has put her deposit on one of the two beds also, and I was talking to two other people up there at the weekend who have put a deposit on ones aswell.
I wonder how much more prices will go down by, sometimes you just have to take the chance. It doesn't matter how much it goes down by as long as it is back up by the time you go to sell!
The thing that worries me about these apartments is both the Halting site and the social housing out on the Enniskerry road, how do you feel about that? this could be a reason the prices are so good.
There is the Bus service within the development that would bring you directly to Sandyford Luas and out as far as Donnybrook Bus Depot (46a route) which is always a plus, both for selling on and for renting.
The decision is tough!!

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Duplex with Garden or Apartment with no garden
Duplex with En-suite or Apartment with one bathroom
Duplex with large kitchen/dining room or Apartment with small kitchen/dining/living room

Why, exactly, do you honestly think the apartments are better than the duplexes?

I can't understand people who say it doesn't matter how much it goes down by. Do you really not mind borrowing say 50K more than you have to and paying interest on this extra 50K over 25 or 30 years?

The expression 'more money than sense' comes to mind.

ryancol said:

Are you George Lee in disguise Buggy. Have you been in any of the apartments in Belarmine Plaza. I think you should have a look before commenting.

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You ask for advise on one of the biggest purchases of your life and the minute somebody says something which if you listened could save you thousands and you dismiss them? strange reaction. I would be very careful for paying over 300k for an appartment at the moment. very careful if I were you.

Thanks jammmacjam for your wise words. I m not even going to argue with you as you know everything. Do you have tomorrow nights lotto numbers while your at it.

jammacjam,

i would agree with you on the price, people jst are not buying apartments anymore, esp as you can get fab 2 bed town houses with gardens at the moment in stepaside for very good prices.

i dont think it is appropriate to be insulted or mocked for offering advise or an opinion either.

i recently commented on belarmine- we sold there recently and moved to another estate. one thing i would encourage prospective purchasers to be wary of is the parking in belarmine, it is a nightmare. we could never get parking on our road, neighbours on both sides rented and had 4 cars each. only 1.5 car space per dwelling in that development. no assigned spaces.

it is just something to be wary of.

Hi ryancool - I lived in the stepaside area for 4 years before selling my house last year. I know belermine very well had have friends living there. I'm renting a large 2 bed apartment in the foxrock area now (1100sq/ft) and while I'm really enjoying it I would be wary of ever actually owning an apartment. With the house of cards crumbling i think apartments will be hit hard but that said, if you're happy to live in an apartment for the longer term it's all relative.

It sounds like you're getting an "ok" deal - I would argue you could do better and Castlethorn might be convinced to give more discount. Remember, no-one is really buying apartments and the halting site you mentioned would put off a lot of potential purchasers. I would have said during the boom time it was unlikely to happen but now we're in recession I'd argue you're far more likely to see the halting site become a reality as DLRCOCO will be under social pressure and will look for easy ways to relieve this burden.

There is a whole block of apartments at the bottom of the entrance road which is social housing and I would be more wary of that - I have experience living beside some social tenants and it was a 4 month nighmare.

In terms of mortgage - it might be worth considering a longer term fixed rate - interest rates are on the floor and can only go one way and that is up. Who knows but it certainly would not surprise me if we were paying 5% - 6% in five years time.

Personally though, I'd advise sitting tight and waiting as we are still on the downward slope...

Buggy said:

Duplex with Garden or Apartment with no garden
Duplex with En-suite or Apartment with one bathroom
Duplex with large kitchen/dining room or Apartment with small kitchen/dining/living room

Why, exactly, do you honestly think the apartments are better than the duplexes?

I can't understand people who say it doesn't matter how much it goes down by. Do you really not mind borrowing say 50K more than you have to and paying interest on this extra 50K over 25 or 30 years?

The expression 'more money than sense' comes to mind.

Click to expand...

I agree that on a whole most duplexes are better, however I have seen both the Duplexes in Belarmine and the apartment in which Ryan is buying. And If I had a choice I would definitely pick Belarmine Plaza.

I mean that it doesn't matter how much it goes down by as long as it is up again by the time you are selling. If you are living in it and it is your home then it only matters as long as you are not loosing out when going to sell it.

I don't think Ryan will be in this apartment for the next 25 or 30 years, maybe 10 though and I think he could make a profit on it...it is a good price for what he is getting.

ryancol said:

Thanks jammmacjam for your wise words. I m not even going to argue with you as you know everything. Do you have tomorrow nights lotto numbers while your at it.

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I'm not sure why ask for advice if you only want to hear positive feedback.


You say in the OP "I suppose in a worse case scenario I can rent a rent a room and get at least €450 a month for it." Did you do a search on daft.ie? I just did, and rooms in Castleknock start at €275. That's your worst case scenario.

Thanks Susan. Foghorn I not going to be living in Castleknock. Check rents on Daft for Stepaside your talking 400-450 on average. I got a further 6k reduction from Castlehorn yesterday ( a combination of me moaning about property management fee and other bits and pieces) and we have now agreed on a price of 331k. As I stated already it has everything in it ( worth about 10k and I get a 5k voucher for interior) . So in theory I m paying 316k for a three bedroom apartment in Stepaside I m happy with that and I m about to draw down my mortagage. Thanks for your feedback

ryancol

Have a look at this.

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I reckon this might have an effect on prices in Stepaside given the amount of affordable units in Parkview and Belarmine.

Anyway, good luck whatever you decide to do.

This might be of interest as well.

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