2 bed investment apartment, in/around Dublin city center. Any areas better / worse?
- Thread starter evman99
- Start date
They are apparently very slow to deal with and I certainly wouldn't want to run my application back through underwriting again if at all possible,given that you could be talking about months then this is a reality.
The other big downside for me would be NAMAs intention.Are they going to off load the estate or complex to the State or to a housing Charity who will in turn use it exclusively for social housing?
Too many known unknowns for me to consider dealing with them.
The four developments I viewed were all advertised in the national media and were posted on myhome.ie. According to the agents, all the apartments for sale in these 4 locations I viewed have now gone sale agreed.
The EA's adverts didn't state that these were receiver sales, but you can usually tell if it's a number of apartments in a development completed in or around 2008. Also if you call them, they're happy to tell you if it's a receiver sale and who the receiver is.
Allsop Space also have a number of properties in receivership for sale not only by auction, but also by private treaty. They appear to be the favoured Estate Agent of the former Bank of Scotland (Ireland).
In my limited experience, the Receivers appear to be most interested in cash buyers and will accept an offer of the asking price very quickly if you have the deposit ready and can provide proof of funds.
You really have to do your homework if buying from a receiver as you won't be able to get the same information or guarantees you would get from a private seller/developer.
For example, Homebond will not cover these properties and, in the case of the development I am buying, Homebond cancelled their guarantee as soon as the Receivers took over. I'm not terribly worried about this as I think the Homebond guarantee was grossly overrated and not worth much in the first place, as can be seen from the Pyrite scandal. We've had the property surveyed and are happy with the report.
The contract from the Receiver's solicitor also includes lots of 'special conditions' that you wouldn't normally find in a standard contract, so you need a very good solicitor to advise you.
As for the speed of the purchase, perhaps it depends on who you are dealing with. In my case, the contract for sale was with my solicitor 2 days after my booking deposit was accepted and our closing date is estimated to be in approximately 3 weeks time.
Dublin 18, I'm not sufficiently brave to tackle the city centre market like Oldnick
, and the gross yield is 8%.I lived in this development for a few months, between when I sold my old place and bought my current house. http://www.daft.ie/1728622
It was, by far, the best run development that I have ever seen. The management company employs their own manager/caretaker. It is slap/bang in the middle of the city, between O'Connell St and Temple Bar. I was living in a very small 1 bed, but the 2 beds look larger. My landlady at the time told me that she never had any bother finding tenants and the rent was pretty high. If I had the cash and was looking for an investment property I would be looking at something around there....
It was, by far, the best run development that I have ever seen. The management company employs their own manager/caretaker. It is slap/bang in the middle of the city, between O'Connell St and Temple Bar. I was living in a very small 1 bed, but the 2 beds look larger. My landlady at the time told me that she never had any bother finding tenants and the rent was pretty high. If I had the cash and was looking for an investment property I would be looking at something around there....
What is the net yield?Thats the bottom line.
If I wasn't getting 9.5-10%+ net yield then it just would not be worth the punt for me anyway.
Evman, this is some really good advice form oldnick, have a read of some of his replies on other threads. This is the property investment forum if you simply want to find out what an area is like to live in then post in location, location, location.
Have you considered RainyDays advice?
Some gread advice from Knuttell.
Have you considered the excellent advice given by LDFerguson in reply to your post last year?
Finally, have a look at www.thepropertypin.com for some good ongoing commentary.