What does the Council do with luxury apartments?

Discussion in 'Housing and mortgage arrears - policy issues' started by Brendan Burgess, 5 Dec 2018.

  1. Brendan Burgess

    Brendan Burgess Founder

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    I was sent this cutting from a newspaper
    upload_2018-12-5_10-45-37.png

    So, the Council has acquired properties at 20% of their market price.

    What do they do with them?

    Brendan
     
  2. RedOnion

    RedOnion Frequent Poster

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    Is that a rhetorical question?

    They're used for social housing.
     
  3. Blackrock1

    Blackrock1 Frequent Poster

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    that albany development hasnt gone well for them, its still half empty, i didnt realise they were stuck with social in it as well,

    so million quid houses in the heart of ballybrack with social housing as well

    who would buy there?
     
  4. CiaranT

    CiaranT .

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    Often the council are paid an in-lieu price but do not take ownership of apartments in 'plush developments'.
     
  5. RedOnion

    RedOnion Frequent Poster

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  6. Andy836

    Andy836 Frequent Poster

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    3 & 4 Albany House (the units DLRCoCo bought) are the two small units built by subdividing the old coach house of the main Albany House (which itself has been split into two "luxury" units).
    3 & 4 are both 2 beds. Per the planning application one is 100sqm while the other is 83sqm.

    The houses going for €1mm are all 200sqm+ 3-5 bed houses.
    DLR got 2 of 22 units in the development.
    The houses look like they've a great finish but the location is terrible IMHO.

    Per Blackcrock1's post above, it looks like Albany has been a total disaster for Cairn - only 3 out of 20 private market units are listed on the PPR when the scheme was launched in May 2016 (per the Irish Times). That is a fiasco.
     
  7. Blackrock1

    Blackrock1 Frequent Poster

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    Yes looks to be finished very nicely but no amount of marketing can get past the actual location
     
    Andy836 likes this.