Developers O’Flynn Construction to annihilate Cork?

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Dr. Evil’s Elysian apartments?

Not too many other 17-storey buildings around Cork.
I’ve said it before and I’ll say it again. Cork along with Dublin could do with high density accomodation close to the city centre or else everybody has to live in Glanmire, Frankfield or even Carrigaline. It’s such a shame then that this is being slapped up as fast and as cheap as possible.

It will come down to the price ultimately.
It’s not the worst eye sore on the Cork horizon and if units start of sub 300k for 2 beds… then it wouldn’t be too bad at all. Higher density should result in lower prices after all, and I wonder how many SH and AH will be taken up :slight_smile:

Personally, I cant see any buyers paying 300k for a 2 bed apartment in Cork. The banks wont finance them. Havent you noticed theres a credit crunch on.

I’d say of all the apartment developments in Cork, these will attract some interest. Location wise is pretty good.
That said… I’d be anticipating these to enter onto the market at around 380 for 2 beds (just a guesstimate)… which is silly money… I’d even revise down my original amount from 300 to 280 as being reasonable.

Whether they are bought or not is another matter.
The tower should attract some owner occupiers… maybe folks who live in London and want to have a pad at home or some such. The rest of it won’t attract too much interest I reckon…

The real sale price will never be made public. Behind closed doors theyll sell for much less than the asking.

That is one slight disadvantage of buying the only tower in the city center… it’s easy to see how many units end up being occupied :slight_smile:

Anyway, I can’t see too many of these units selling as I expect the prices to be a little over what they were charging in Eden and I can’t see any buyers being interested in that.

The higher levels of the Tower will prob be purchased alright… but I’d expect low enough sales on the other units unless it’s priced attractively. The fact that they have been hiding the prices, rushing to finish it, mentioning London interior designers must suggest that they are expecting the well to do of Cork to rush out and buy them. Not very likely :slight_smile:

Before you can select a price, you need to look at who will live in them. The apartments would be ideal for folks just out of college and working in the city centre or maybe couples who haven’t got kids yet. The apartments would be completely unsuitable for children with busy main roads on all sides.

In other words, the people living there would be short-medium termers at best and short-medium termers will prefer to rent and not be looking to buy. Elysium will have to be predominantly BTL as owner-occupiers will probably opt for something more long term. For a BTL apartment to be economically viable, the price would have to come down to offer an attractive yield and also so that the banks will actually lend the money.

Cork city also never went as insane as Dublin or Galway so you can’t remotely compare them in terms of prices. 2 beds on the town end of Douglas road are already going for asking prices of less than 300k (renting for €900 a month) so I wouldn’t be surprised to see them asking 400k & accepting 300k initially. €1,000 a month rental means only a 4% yield on a 300k purchase. Could they really get 1k a month rental income? I have my doubts. It could be a downward spiral from there.

This should probably be considered before they even build the things :slight_smile:

I’m expecting them to be priced at a premium in relation to the development at Jurys on the Western Road. Maybe 10-15% over and above that.

I completely agree that they would initially have been targeted primarily at the BTL market with some of the top floor “penthouse” units having a status symbol type pull for owner occupiers.
It’s an interesting development … it should be a good barometer on which to judge where Corks prices are heading in the very short term.
If this was priced at low prices… I’d expect it to sell and force others to reduce their prices and could bringing things tumbling down.

I’d like to have one myself… 15 floor facing west wouldn’t be too bad at all… but I wouldn’t be paying anything north of 300k for that.

I was thinking the same myself but it would only be good for a few years and you’d need something bigger. It’s no place to bring up a kid and why jump in when the risk of negative equity is hanging over you?

I’ve posted about this development in the past. As others have said it will be an interesting barometer of the demand for property in Cork City centre. For those working in town the convenience factor will be a bg plus. However all the marketing to date has been squarely aimed at the well heeled who like to consider themselves better than the rest. Im not sure this demographic will be foolish enough to spend over the odds for apartments in the current market. I for one will going for a look to see the view if nothing else (me and the rest of Cork I reckon)

We’ll wait and see the asking prices - I suspect they will be high - initially at least.

Exactly… I’d really only see this as worthwhile if it was very cheap. But that’s my call I suppose. There is a good chance I won’t get back to live in Cork permanently so it would be nice to have a base there… and a 15th floor base at that :slight_smile: Hence why it would need to represent a very good deal indeed.

E300k would barely get you a bog standard apartment in Douglas, let alone a top floor apartment in the tallest building in Cork. I’d expect these yokes to go for a million a pop.

Personally, I like the tower (I refuse to call it a skyscraper though, it’s far too small). It’s about time that Ireland got some high rise to give young people a chance of living in the city centre. If I was still working in Cork and I’d be willing to go E300k on a 2 bedroomer on any floor.

Surely O’Callaghan will reserve that for himself so he can keep an eye on his minions in Isengard…I mean the planning department of the county hall while he annhilates us.

As someone who spends his time fighting off pirates I’ve heard some pretty loose use of the English language but come on.

I had lios na greine at the town end of Douglas road in mind (15 mins walk from city centre). There are no 2 beds for sale there on daft but one a while ago was asking for 295k.
City centre asking for under 300k

Elsewhere asking prices vary with differing levels of sense. For two people to live in a two bed, they really need to be a couple. The second bedroom is often tiny. Even a couple on 30k each would need to splash out 5 times their combined salary on such a place and they would almost certainly need to move within a few years if they want kids.
Who on earth would tie themselves to a 30 year+ mortgage for such a place in the current climate?

Knowing quite a few landlords in Cork, you would struggle to get over €1000 a month in rent for a two bed unless it’s very flash and you find somebody who wants the flash apartment.

At a million a pop, you are looking at a gross yield of 1.2%. Congratulations on your purchase and thank you for subsidising my living expenses.

If by any chance the Elysium developer wants to price at 400k, you can buy a 3 bed in Frankfield for less than that.

Hey, I’m only looking after myself. That’s around what I’d be happy based on the fact I wouldn’t be living in it very often :slight_smile:

It’s definitely an interesting one though… but mostly out of curiosity… in terms of will this represent value? Not IMO as there is supposed to be a dockland regeneration over the coming years so not like they will be the only apartments in the area in the long term… so it comes down to the height then… the lower half is just another city center apartment block.

I don’t reckon that they are after the moneyed at all. Look around - mass market is in the doldrums - premium sells. So pitching premium gets you the wannabes who want the address and the feelings brings out in them and will stretch for it rather than slumming it in more mundane surroundings.

I did a stint doing door to door a good few years ago and was surprised when I visited “premium” developments that the inhabitants were distinctly non premium.

Did anyone hear the developer on drivetime this evening? Got himself a nice spot to plug his tower as Ireland’s tallest building and then got asked some very pointed questions like:
With a cost of 150 million and the current housing market are those prices open to offer?
How can you justify those prices in the current market?
How many have you sold?
That sort of stuff.

His answers were the stuff of legend - no discounts, everyone’s entitled to a profit (I believe I heard), and “we have a few sold already, but we’ve only opened to the public for sale today”. He sounded a little stressed and just a bit rattled.

He was on Drivetime either side of 6pm

Prices range from the lowest which is €375k for a 1 bed to €2m tops for a more than 1 bed I assume .

Interest is simply huge of course. Some have already been sold …naturally .

The prices are ‘very realistic’ and will not be dropped as in *not dropped at all, ever, no way * , according to the developer .

I’m going for a look at these at the weekend. Will report back on my findings. I saw Michael O’Flynn on RTE news last night saying there will be no discounts and they will wait as long as it takes to sell the units. He acknowledged that it would take a lot longer than originally planned to shift the apartments.