Affordable housing Dunlaoghaire Rathdown-Parkview, Belarmine & Thornwood

Hi Ruby,

Congrats it must be a very impressive apartment to be worth €415k. I hope it works out for you. Park view is a lovely location. It is a relief to see that DL RD Co. Co. can make the occasional decision regarding market valuations..

They seem incapable of doing so in BSQ at least market prices are falling all the time so the delay should ultimately cost them provided the on-going depreciation is reflected in the amended open market valuation.
 
Ruby, are you going to question the valuation at all? I still think that's too high. It might be the market price of the private park view, but those apts are to a higher standard - better kitchens, have ensuite, fitted wardrobes etc. a lot of the second hand 2beds in stepaside eg belarmine, cruagh are in the €355k - €400k bracket. The management fee is mental! Hope you'll be making use of the lift!!!
 
Congratulations Ruby!

I totally agree though that they are over-valued and that we shouldn't accept the 415k price tag. As Lucie said they don't have ensuites, fitted wardrobes etc..

Also when I was talking to the guy in Hooke&MacDonald about buying one privately he said that 415k was the price but if I was interested he would 'see what he could do'. So they're not even selling at the price that they're advertised at. I also suspect that the private ones are larger. That would be worth checking out.

It will be interesting to see what valuation the bank puts on them. I will certainly be writing a letter demanding a re-evaluation of the 415k. Sounds like Lucie will too when it comes to it? I would seriously question the valuation or you'll pay down the line if you ever want to tradeup or move on.
 
Hey ya
well i was in a rush when i read the letter had a better look last night and the market price the Council have down is actually 425K, I have 2 weeks to send the signed letter back. I think my bank have to do an valuation on it anyway. But that will be after I have signed the letter.

I have a very bad feeling if i ring the council and say it to them i will get the answer if you dont want it dont buy it. I cant sell it for 5 years anyway so who knows what the propety market will be like then. can i ask if I cant sell it for 425K what happens if i sell below that price???
 
Hi,

I would not put any weight on what valuation the bank put on the property. The bank's valuer consistently overvalue property so as to enable the bank to lend more money. Most times the valuer doesn't even attend on site and if he does he rarely gets out of his car.
 
that does not sound good at all, so i am stuck not knowing what i should do. either way i am buying the apt, as i would never be able to afford to live in the area.
 
Ruby, dont get too caught up on the MV. If you want the apartment then just go ahead with it. You're getting it at a fantastic price and the MV is only there as a deterrent against selling it in the future. If you are going to need to sell it in 5 years the chances are you'll be earning enough money to make up for the clawback you'll have to pay.
 
Hi,

I am in the next 'batch' to view the BSQ and have read through this great thread and looking to see if anyone can answer my question(s)....

I originally put myself down as looking for a 2 bed and then when the BSQ offer came through couldn't afford their 2 bed prices so have opted to go forward for a 1 bed as I thought/think it's better to have something than nothing. From what I can gather there will be offers coming up in the Stepaside area if I turn the BSQ down and, no offence, I do not want to live in Stepadside as it does not suit for transport to work. If I turn BSQ down and then get Stepaside I would have to turn it down and hence go to the bottom of the list, for this reason I am now trying to find out as much as possible about the BSQ in advance as hate the way this is all handled by DLRCOCO and Landmark in that you don't get plans and info in advance.... so now on to my question....

did anyone here view the 1 beds in Cubes 8 and what was the storage like, do you have to have a scale plan on file and/or the measurements????


I have seen ones for sale and rent on myhome and daft but I suspect that the Cubes 8 may be slightly smaller than the other blocks.

Thanks for any advice as just so confused. I certainly would not pay full price for an apartment in an industrial estate and now even wonder whether I would want to live there for years at a reduced price.
 
mac198 thankyou for your advice, you are so right, i know how lucky i am so i can't really complain. I dont think i will be selling it in 5 years time anyway. I am getting it at a fantastic price, and really cant believe its actually happening. so from now on a possitive attuide from me attitude.
 
Ruby Penny said:
Hey ya
I cant sell it for 5 years anyway so who knows what the propety market will be like then. can i ask if I cant sell it for 425K what happens if i sell below that price???
Click to expand...

My understanding is that we can sell anytime, what does the 5 years apply to? I thought that was applicable to stamp duty properties which wouldn't apply to us?

The question around what happens if you can't sell for 425k is a good one. Dun Laoghaire Rathdown say we're covered and that we can never fall into negative equity, it's not explicitly provided for in the contracts though. Has anyone else out there queried this?

As for not worrying about the MV I think that isn't wise at all. Sounds like your property is overvalued by a huge amount. That means that when you sell you'll get what you put in and not a cent more. In fact you'd lose by the time you calculate all the fees involved. We should at least be on an even footing with all other purchasers.

Mac198 is right that banks will often go along with valuation. I've heard on here thta EBS have done this, when I went to buy an affordable property before BOI definitely didn't - and I'm glad because that property has dropped nearly 100k since the value that was put on it last year!

Yes, it's great to get a property in the area we want. But a few letters to the council to get a fair price won't hurt. Mac198 might work for the council, or might want everyone to accept so that he'll be offered something else... probably not, just pointing out that everyone has their motives!

Ultimately it's your decision and good luck with it
 
Hey Cheeus

Just to tell you I definitely dont work for the council. I'd say if the council knew that this thread even existed I'd be surprised. I've no motives other than giving people my opinion. I've put a deposit on an affordable property in BSQ and am waiting on the council to sort out those MV's. I've had quite a lot of discussion with posters here away from this message board so was just offering my 2 cents from everything I've seen.
 
I know Mac, I didn't really think you were. I was just making the point that advice shouldn't be taken as gospel.

I've been through this whole process before lots of times. I turned down other places. Very glad I did because they were overvalued and can't be shifted at all now. Then I turned down Erris Square because the MV was ridiculous and even when it was lowered it was still crazy. Less than a year later you could buy privately for what the affordable price was.

Ultimately I do want to live in Dun Laoghaire Rathdown so won't be as quick to turn down something here. I do feel really strongly though that we are being done, because we are. It has serious financial implications for the future. You can choose to ignore that but I don't think it's good advice to tell someone not to worry about it too much when they're still in a position to challenge them. All the evidence is there to support a re-evaluation. If we don't get it I might still go ahead - it won't be without a letter to the Minister for the Environment and the Ombudsman though. It's not like we are getting something for free, we have rights.
 
hey ya, i for one am not buying the apt to make money on it, i am buying it to live in. So if i do sell it I am very aware i will not make any money from it, after all i am getting a two bed apt for 235K in stepaside. No matter what happens in the furture i will never get an apt at that price. not in the area anyway.

I don't think i will lose any money either. I was thinking has anyone put it to the test yet? as in has anyone challanged the Council re: selling the apt & not getting the valuation price. some apts that are on the affordable housing scheme are now selling at the same price as the martket value. So in reality how do the council justify the valuation on that apt. Not sure if i am making myself clear.
 
Hi StillatHome, just be wary - being offered a chance to see BSQ and turning that down counts as a refusal.
Regards clawback and negative equity see the first few pages of this thread (and the post I made) its in the constitution that you won't loose money on AH if the prices drop (so long as not into your contribution)
 

I realise that is the case, think it is done unfairly considering your not given an option to view in advance.

I have already been accepted for the viewing etc so know that if I say no now it will be the 1st refusal already but at the same time I don't want that to be a thing that 'forces' me into opting with the BSQ. Not sure if I could live in a 1 bed for years to come hence wanting to know about the measurements, of the actual cube rooms, as the one beds left have no balconies, just cubes.
 
I don't think anyone in the AH process is trying to make money out of it. I agree with you Ruby, we're getting apts in a great location at an excellent price. My only problem is that IF I do sell it down the line, if they have the market value over inflated now, it's more money going into their pockets from the eventual sale of it. The higher the discount you get when you buy, the more you've to pay the council back.
 
ya its a big risk, I dont know what will happen down the line. and will cross that bridge when I come to it. What I do know is in 5, 10 or 15 years time I wouldnt be able to buy in the area. unless of course i win the lotto
 

How much are they asking from you for the apt? please be aware though, while the valuation might not seem all that important at the start, that its the claw back at the end that will be what will affect you. If you cant afford to buy them out you wont be able to ever sell it.
 
Clongriffin said:
If you cant afford to buy them out you wont be able to ever sell it.
Click to expand...

If you're selling you don't have to 'buy out' the council at all. Noone needs extra cash to pay clawback. Clawback is just a percentage of the sale price. If, due to a price crash, the percentage of clawback to be paid would result in you losing money, the clawback will be reduced.
 
fyi BSQ, the council have received their second valuation report back (not individual on the apts) and it is now going for consideration.
 
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