clongriffin - glut of apts to let

just spotted this earlier on daft as im looking for a 3 bed rental in d13 soon.

daft.ie/movehome_santry/

if you check that agents 3 bed-rentals, they have 17 apts to let in 2 blocks
i presume they are renting them for the one person (builder?) as, if they arent, there is basically a cartel going on in that block.
the kind of cartel that would you put you out of business as there is plenty of choice in d13.

other than that, i cant see anyone being happy with this.
if its one owner, why not release them gradually? - same for the bank - this glut makes it look overpriced (it is)
the EA cant be making any money as i presume they take a cut off the top?
if its indivual clients, surely one would undercut the other?

anyone got any thoughts, im actually quite confused as to what is going on here (other than complete denial)

I see they have a three-bed apartment in the IFSC which:

Keenly priced at only €4,600 monthly :unamused:

Subway, I wouldn’t be that concerned about a cartel, I’d sooner use the fact that they’ve got SEVENTEEN empty apartments as a bargaining tool.

I live in the sprawling metropolis of Monaghan and there are a scatter of apartment blocks with dozens empty… not to mention the new housing developments with shit loads empty too…

At least in your example it seems they’re being honest indicating there are that many available.

Our local EA’s would be more inclined to list just one, mention something like, “last chance to own this amazing, blah, blah, blah” and then have the cheek to put POA on it. So if you were ACTUALLY interested you’d soon find out when viewing it that their overpriced shoebox is in a concrete graveyard with builders railings keeping back subfloors of several yet to be developed apartment blocks from running away!

I’d love to survey the town and surrounding areas for empty units and put it on the web… it would make very interesting reading. I reckon for every one daft.ie listing, in developments their could be at least another 3-5-10+ empty units.

Hi,

I’ll tell you exactly what’s happening as I live there. The apartments in question are in the Marrsfield development in Clongriffin. They were built at the very end of the boom (finished only a few months) and a significant number are unsold. The developer (Pierse) was trying to sell 2-beds for €400k. No need to tell you on here how nuts that was. Apparently the price pitched reflected the cost of the land Pierse bought from landowner and part developer of Clongriffin, Gerry Gannon.

Obviously not a hope of selling for €400k especially now that the council are trying to offload a few affordable units they have in the same blocks for around half that (see DCC website). So just like Gannon who finished apartments in Clongriffin square, couldn’t sell them and put a load up for rent (it’s easy to tell they are from the same landlord, generic furnishings etc in photos) Pierse are now doing the same. They are hanging in there.

The reason they were all put up for rent recently? A new park (Fr. Collins Park, quite nice might I add) has just been opened at the entrance to the development making it a damn sight prettier than it was with ugly black hoarding. So I guess Pierse are taking a punt that they might rent a few units with the new park open.

Also note a DART station is due to open in January. It is quite advanced (canopy roof is sitting on the ground waiting to be hoisted into place… saw it yesterday). I can guarantee you when that opens the glut of apartments for rent will become a glut of apartments for sale as the developers in question try and offload.

Will the DART make a shred of difference… who knows? I’ll be able to use it anyway so that’s a plus :slight_smile: .

Anyway… that’s why there are so many apartments for rent in the area. Most owned by developer.

For the record the following are Gannon’s:

daft.ie/searchrental.daft?search=1&s[cc_id]=ct1&s[a_id]=3975&s[mnp]=&s[mxp]=&s[bd_no]=&s[search_type]=rental&s[furn]=&s[refreshmap]=1&offset=20&limit=10&search_type=rental&id=693488

And these are Pierse’s:

daft.ie/searchrental.daft?search=1&s[cc_id]=ct1&s[a_id]=3975&s[mnp]=&s[mxp]=&s[bd_no]=&s[search_type]=rental&s[furn]=&s[refreshmap]=1&limit=10&search_type=rental&id=738311

And yes, as DozyHound said you could do a great deal on rent. If you want some information on the area I have recently put a lot of information on the Clongriffin Wikipedia entry. It has been vetted by numerous other Wikipedians and any info is well referenced so most would agree it is objective enough. I even put in a section on the pyrite fiasco affecting some of the estate. No point covering sh*t up like.

en.wikipedia.org/wiki/Clongriffin

You forget that you are dealing with an Irish Landlord, and probably a reluctant, developer landlord at that. I was trying to rent a place a while back where only five of 20 identical units had been let over the space of a year, I asked for a 20% reduction in rent but was refused as, I was told, it would set a precedent for the place and obviously the developer landlord would not let for less than what it was worth! :unamused:

Typical… they don’t want to set a precedent of lowering the rent… they’d rather stick with having 15 empty units and not getting a cent for any of them. Clever, very clever.

Well I guess as always it depends how anxious the developer/landlord is to get some revenue in. Sometimes you wonder what they are thinking. Like Harcourt preferring to get nothing at all if they can’t have a 50% increase. But that’s on another thread I know.

viewtopic.php?f=4&t=26660

coincidence…?