Apts 211,206 and 309 the Cubes, Beacon South Quarter (-25k)

The Irish Property Bubble (2006) Dublin South - Property Price Drops
1

Apt 211 (1 bed) was 375k

link
link

Now 350k

www5.daft.ie/searchsale.daft?id=280581

Apt 206 (2 beds) was 475k

link

Now 450k

www5.daft.ie/searchsale.daft?id=280585

Apt 309 (2 beds) was 525k

link

Now 500k

www5.daft.ie/searchsale.daft?id=280587

All 3 apartments dropped by the same amount on the same day, with the same agent. None of them have been lived in. It doesn’t take a genius…

https://www.timvp.com/flipper3.jpg

2

From here:
ireland.com/newspaper/proper … 27842.html

The dimensions on these three are:

1 bed 56m^2 (€350K)
2 bed 69m^2 (€450K)
2 bed 91m^2 (€500K though when I add the room dimensions I get 75m^2)

Probably not silly to assume they paid €325K, €400K, €450K given that they appear mid sized 1bed, mid sized two bed, larg sized 2 bed. Total spend €1,175,000. They are asking a total of €1,300,000.

Caught between a rock and a hard place. A modest reduction from here will leave an absolute loss (don’t even bother about carry, or interest charges, or management fees). Don’t accept offers and they probably won’t sell (esp. the 1 bed).

3

Now 390k

4

Now 350k

5

How much were these new?

6

These are high-quality apartments, but I can’t help but wonder who would want to live in this industrial estate in 10 years’ time, when they are no longer the pinnacle of design.