5 The Maltings, Bonham Street, Dublin 8 (-15k,-6.38%)

Found using the property bee.

was ‘€235,000’:
Google Cache Link

now ‘Region €220,000’:
daft.ie/searchsale.daft?id=355231&search=1

Was this a one-bed?

This one-bed in the Maltings is down from 229k to 70k (69% drop)
daft.ie/searchsale.daft?id=484184
collapso.net/History/484184.html
The Maltings, Block A, Bonhan St, Dublin 8
50 Sq. Metres (538 Sq. Feet)

And parking included !
Back in the day, the parking alone would have been €20k.

The vendor claims €700pm rent.
I would not find fault with that.

@ €70k, this represents a 12% yield !

Assuming no hidden nasties, this is value.

Would he throw the merc in with it ?
sellall.ie/viewAdd.php?id=4196

Might the hidden nasty be problems with the management company? Friends of mine lived there a good few years ago but any time I have driven past recently, the place has looked on the unkempt side of shabby.

Rental income would also surely be entirely dependent on whatever floor rent supplement eventually falls to? I don’t think you could assume a rental of 700pm forever

The unhidden nasty is the location - it really is the badlands, and this is coming from someone who happily lived just off Thomas Street for 7 years.

Fake ad?
They owned it since 1996 and they can’t spell the address correctly?

You pay to put ads on daft (unless you are an EA than its an annual fee).

Rough, rough area.

Probably issues with the management company.
This is a rental block so probably many years of low mangament charges catching up with the owners.

Whoever buys it be careful of rapidly rising charges

The spelling in the ad in general is poor and the grammar not great - a non-native English speaker, I presume, rather than a fake ad?

I think some of the comments here are nonsense.

Yes, the prices have dropped dramatically, that’s true, like everywhere. But for those of us who are calling it home it’s not a bad area. Certainly not Beverly Hills ( thankfully in one sense), but the area has been cleaned up dramatically recently with derilict buildings knocked, loiterers removed from the green area, bins fitted and any fly tipping proscected. All local residents are working together with DCC to have the area cleaned up and I’m happy to live here for the last 7 years as an owner occupier. The only good thing about the recession is to see all the miserable, sneaky amateur landlords getting burnt. Loving it.

Management fees have dropped 9% in the last 2 years and the sinking fund will have 250K by May 2013. A lot healthier than most develoments.

Feel free to drop by if you’re in the area, I’ll show you around - Paul