Cuirt Seoige-Bohermore-Galway

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roytheboyo

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Hi All,
Thinking of buying an apartment in the above development to live in for a few years and possibly rent out later. Starting at 330k for 2 bed. Anyone any views on this development or indeed the whole idea?
 
Its not a bad area. Its close to Eyre Sq (I used to live in an estate beside the development about 4 years ago). It shouldnt be a problem to rent out.

I think I saw 2 beds for sale around galway for the same price. Other locations e.g. Dun Na Coirbe, Headford Road (1 for sale there for 315) might be a better location for rental as it is very close to the college and close enough to the hospital.
Personally I would rather live on the other side of Eyre SQ, even out towards Salthill. Its just I prefer that side of the city. But there is nothing wrong with the area the appartments are in that you are looking at.
 
Its just that i figure that if i rented it out now it wouldnt cover the mortgage. Also, if the market goes belly up, are people more likely to not want to rent upmarket apartments?
 
Personally I would rather rent\buy a house over an appartment. From a buyers point of view you can get a 3 bed house in Salthill for the price of a 2 bed appartment. And there are no management fees with houses.

To rent, again I would prefer to rent a house over an appartment as the rent on many 2\3 bed appartments are the same if not more than 2\3 bed houses. And you have more room in a house, garden, more parking etc.

But these appartments you are looking at are not considered "upmarket" (not sure what defines upmarket anyways!), or at least I wouldnt. They are located in an ok area, not a great area. There are better appartments down near the end of shop street, Spanish arch, the Prom that I would maybe consider as being "upmarket".

There will always be a rental demand for well located appartments. The ones on Bohermore are in an ok area but there are other areas in galway that would rent a lot quicker. i.e. near NUI Galway and the hospital are the high demand areas as well as down around the end of shop street (Merchants Yard complex, back of Jurys etc)
 
Thanks a million steelblue.
What i cant figure is:
These things are selling like hot buns, 40 sold in 1-2 days for phase 1 and phase 2 will sell out in a similar time starting from tomorrow. I am a FTB and Owner occupier therefore no SD. How the hell can investors pay 330 + 20k SD + 2k/year and still make profit. Am i missing something?
 
I'd say its very likley the investors are financing the purchase with interest only mortgages. So the repayments for them might be say 600 pm, the can rent the place for probably 1000pm. Thats why they do it. Of course they are banking on the property market never decreasing.

I read a bit more about those appartments, 20meter pool and GYM eh? Are they just for the residents or is it public facilities I wonder?

Sounds nice either way.

I dunno, if I was going to spend 330k I would buy a 3 bed house (saw a few 3 beds on Cappagh Rd in Salthill for 300k). Thats about 1.5 - 2 miles from the Prom on the Bearna road, althought traffic is bad at peak times. And you wouldnt have to pay probably about 900-1000 per year on management fees for the appartment. But then your rental market is very poor out there.
 
Yeah the pool/gym etc is for the public, people in the apts can join for a few squid less than public. I was looking at houses out that direction alright, the thing is if i want to move/emigrate/turn into a hippy in a few years they are not rentable. I want something i can walk away from and it will pay for itself if need be.
 
Well Cappagh rd is no good to you so. Cuirt Seoige look a good bet.

Are there any other areas you are looking in? You've probably checked but http://www.odonnjoyce.com etc and the property sections on [broken link removed] have pretty much the whole galway city property offerings listed.
 
roytheboyo said:
Thanks a million steelblue.
What i cant figure is:
These things are selling like hot buns, 40 sold in 1-2 days for phase 1 and phase 2 will sell out in a similar time starting from tomorrow. I am a FTB and Owner occupier therefore no SD. How the hell can investors pay 330 + 20k SD + 2k/year and still make profit. Am i missing something?
Click to expand...

Investors will more than likely have a mortgage of less than 100%/92%/80%, so will be able to cover the mortgage easily enough with the rent, and of course they can set the interest payments against the rental income for tax purposes.

Must say that property has moved on seriously since I left Galway, the prices mentioned here for Bohermore and Dun na Coirbe aren't too far off what I see in Dublin.
 
There is very little difference in price now between Galway city and dublin. Although if you go out from the city, say 15-20 miles there is a huge difference, but then again your'e out in the middle of the country side then.
 
Wouldn't fancy commuting 15-20 miles into Galway city I have to admit, the volume of traffic coming in from Bearna and Oranmore has been horrific any time I've been on business down there the last few years.

What's driving demand in Galway, there isn't that much in the way of financial services, pharmaceuticals etc. down there?
 
CCOVICH said:
Wouldn't fancy commuting 15-20 miles into Galway city I have to admit, the volume of traffic coming in from Bearna and Oranmore has been horrific any time I've been on business down there the last few years.

What's driving demand in Galway, there isn't that much in the way of financial services, pharmaceuticals etc. down there?
Click to expand...

I'm based in Dublin, was in galway for 5 years during college. I hear the commute is auful from most routes into the city. Having said that it isnt exactly smooth up here either.

The city has seen a lot of new developments in recent years so there is plenty of supply, there are a lot of manufacturing (medical devices etc) companies, and a lot of students. I dont think there is much driving demand, its just the prices are increasing in the city just because people expect them to.
 
Roy, I know someone who has bought one of these apartments and is very pleased with the purchase. I've been in them several times and the spec is extremely high. All fixtures and fittings are included, and these are very high-quality (double shower in the en-suite, italian marble, underfloor heating etc.) Literally all you will need to buy is beds, table & chairs and a sofa...

As regards the future potential, it is likely that this whole area will be a prime residential area in a few years time - with the entire redevelopment of the shopping centre just behind it, there's oodles of potential. There's a handy back exit for residents only which brings you straight to the shopping centre. From the front exit it's 10 mins walk into town, or a 2 min drive to the Tuam road if you work around that area.
Also, the gym/leisure facilities etc are a fantastic bonus for residents.. All in all a more worthwhile investment than some of the more "cardboard" developments that have gone up in Galway recently....
 
Dunners said:
it is likely that this whole area will be a prime residential area in a few years time - with the entire redevelopment of the shopping centre just behind it, there's oodles of potential. QUOTE]

Why do you think it will become a prime residential area? What are they doing to the shopping centre behind it, it looks in good condition as it is.
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Having slept on it i dont think i am going to buy one. I appreciate what you are saying dunne, the apts are great, but i am uncomfortable with the rent not covering the mortgage if it had to, even if i pay a deposit of 65-70k.
Thanks everyone for your help.
 
SteelBlue, that old shopping centre is just awful! It's tired and dirty with just a few decent shops and badly needs a revamp. It's definitely happening, not sure when, but the planning has already been submitted. City council are trying to open up that whole side of town and fix the terrible traffic problems at the same time :)
 
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