Bushy Park House Madness and the Daft Report

The Irish Property Bubble (2006) Sell, Buy or Rent?
1

This is quite a nice apartment complex in Terenure/Templeogue, Dublin. Rental prices of the 2-beds therein have always varied strangely, but today (thanks no doubt to the new Daft report on falling rents), lunacy has just set in.

Note that there is a rear block or two in the development that would command a bit of a premium, overlooking the leafy bit of the park itself. Some apartments mention this to justify a higher price.

A selection of asking prices. First, the more, er, ‘sane’-looking ones:

But then!

  • Upped by 100 today to 1350. Was 1600 Sep. last year. Went from 1450 to 1250 at end of March this year! : daft.ie/2548617
  • Upped the price by 100 today to 1350: daft.ie/2707575
  • 1600, entered today. No mention of rear block exclusivity: daft.ie/2715111
  • 1600, no mention of rear block. daft.ie/2700532
  • 1600, upped by 200 in late March from 1400! This is after a drop in early March from 1500 to 1400. No mention of rear block or particular exclusivity. daft.ie/2587189
  • Lowered by 50 today to 1250. Now says NO OFFERS PLEASE. But was at 1200 early last month! Lots of messing with the price in last 2 months. daft.ie/2691371

And others:

  • 1450, lowered from 1600 late last month: daft.ie/2695103
  • 1600, entered today: daft.ie/2715111
  • Three 1600/1700/1600s claiming rear block bordering park (haven’t supplied links here, easily searched). I like one of them in particular: it advertises “FROM €1600” as if expecting an upward bidding war.

(Thanks to the Property Bee plugin!)

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You are looking way too deep into things.

The best value apartments will go, the others will not.
Everything else is irrelevant.

3

OP - how many places do you count for rent? Your list shows 16, but I think there are a few repeats.

My impression has always been that there have been a lot of rentals available here from day 1 of the complex opening. I made a post in December last year that noted 29 rentals at BPH at that time:
viewtopic.php?f=4&t=16853&p=178957&hilit=bushy+park#p178957

In that post I also noted the huge number of unlit apartments in the complex. My guesstimation at the time was a ratio of 3-1 unlit-lit, but to be honest I think I was being conservative. I also noted that several were for sale. As of today, the number for sale on Daft/MH is 6. So certainly if we add all the sales and rentals, that is a significant portion of the complex.

I also believe that not all of the apartments have ever been offered for sale and thus have never been occupied. (Mods, I don’t have a source to corroborate this, but I have heard it from several sources and don’t think repeating it here slanders anyone or is otherwise unfair comment that would materially damage any parties involved).

4

Hiya Larry. I found 18 rentals yesterday - it’s difficult to tell if a place is listed twice as you generally won’t get an apartment number on the ad, and the photos are always the bland exterior shot of the block plus a useful view of the jacks. I just went by unique daft shortcode. I agree that there always seems to be a large number available for rental given the size of the place - was wondering if they’re built on an ancient Indian burial ground or something that sends tenants away screaming in fear within days of moving in.

I was just really struck by the sheer variance in price offered by the ads. Normally in a development they tend to find a rough unspoken level, but in this joint, it’s monkeys with dartboards. Best of all is the mentality of “rents are falling! I’d better put my price up to factor in the drop!!”