Dundrum apartments

Does anyone have any opinions on the apartment complexes in and around Dundrum? I’ve been looking for a while for a small house or 2 bed apartment within walking distance or very quick commute (preferably Luas) of the south city centre. I’m interested in the apartments in Milltown, but they may end up being just out of my price range, so Dundrum seems like the next obvious place to look.

Priorities besides being near the Luas would be safe area, no electric heat (I’ve had it in most of the places I’ve rented over the last decade; never again), decent balcony or other outside space. I’d be planning to stay a long time; I’ve no faith in the ‘starter home’ concept, given what has just happened to house prices over the last decade…

The Rockfield apartments by the Balally Luas stop seem convenient. I’ve heard not so great things about the build quality, though. The Wyckham Place/Point ones seem interesting, but my impression is that they’re mostly rentals. Are there any others I should be considering?

Would you consider (prefer) living closer to town? Harcourt Green apartments right next to Charlemont St Luas stop seem to cheaper on a price per sq ft basis than those in Rockfield. In terms of your priorities: It’s a safe location, good build quality (built before the poor build quality during the boom) and excellent management company. Most have balconies. Couldn’t be sure about the electric heating though!

myhome.ie/residential/brochu … 14/3328156

myhome.ie/residential/brochu … -2/3369965

Built by Cosgrave, very good build quality for their time. Friend of mine lived there for 7 years, no issue with smell. Noise from Luas if you live on that side of the development (close to Luas track). Given their proximity to the city centre, they are not that noisy. Why is parking an issue? There is a large underground car park, which again given the location, spaces can be rented out to professional working close be for up to €200 per month. If it were me, I would take a 3 bed in this development over a 2 bed in Rockfield for the same price (circa €300k) every day of the week (as an investment). But each to their own…

I did see these; ultimately the electric heating put me off and I didn’t investigate further. I know I’m maybe being a bit fussy on that, but given that I don’t really need to buy right now and may end up wherever I buy for a very long time, I don’t think being fussy is too unreasonable. :slight_smile:

Interesting to see Harcourt Green with its electric storage heating has BER G1, while Rockfield with GFCH has B3.

No parking space with Harcourt Green either.

Hazelbrook on kilmacud rd might be worth a look for your criteria. It’s a short walk to the Luas

Wyckham Point is nice, although there certainly are a lot of rentals (block 3 is all rentals, there’s a mix in the other two blocks, no idea what the split is). Built quality seems pretty good in terms of insulation (heat and sound) and so on (although there’s plenty of time for that to come out in the wash yet). There’s gas central heating, decent amounts of storage space (all relative, obviously, but certainly compared to some apartments I’ve seen). Some outdoor space (although you’re certainly not going to be having an outdoor dinner party unless you’re in one of the penthouse units).

Worth noting that there’s serious wind coming down the Wyckham Way (even on quiet days) which will impact your use of the balcony if you’re on that side of the building. Also some traffic noise on that side.

(I realise you’ve slightly dismissed it above, but if it makes it back on to your shortlist feel free to come back to me with further questions).

E1 at Harcourt Green, so not as big a gap as you thought.

Nah, I haven’t really dismissed it. I actually went to see an apartment there a while back (this one: myhome.ie/residential/brochu … in/3274075); was put off by the fact that it was north and east-facing (which the EA had carefully avoided mentioning in the ad, of course…) Otherwise seemed very nice, though. One thing I did notice was that it looked like there was some water damage on the ceiling in the corridor outside the apartment, though not sure if this is really a big concern.

There’s a slightly smaller one here with a better orientation: myhome.ie/residential/brochu … um/3401821 ; I might go and have a look at it.

Do you know is Wyckham Place similar in terms of build quality etc?

Can’t comment on Wyckham Place I’m afraid. A taxi driver did tell me that Wyckham Point is the posh one because of the concierge, but beyond that I don’t know anything about them!

I will say that €350,000 seems like crazy money for a two bed that size (not relative to what else is out there - just in absolute terms it’s insane that you’d need a deposit of €48,000 and an salary of €85k to afford a moderately nice but not exactly massive apartment).

But then I say that in every thread, so probably best ignore that contribution.

I used to live in Ballintyre, it’s a bit further out but very well kept grounds and good quality, only negative was the internal walls had little or no sound proofing but between apartments was OK

Yep; I wish I’d been organised to buy two years ago, but it is what it is. Prices may go down again, of course (I’m kind of expecting it at some point), but on the other hand I don’t want to be waiting forever…

It’s all relative. I bought a four bedroom house a stone’s throw from there for one tenth of that amount (in 1987)

Was there something wrong with the 4 bed house?

Antisocial behaviour: too many stone throwers in the area.

:-GC

My parents bought a nice four about a mile away for even less back in 1981-ish. That in itself isn’t so bad (inflation over 35 years will always make things look bad) - what kills me is that it was about 2.5 times their combined salary at the time. If I was buying with my girlfriend now the same house would be probably 6 or 7 times our combined salaries (and, inflation adjusted, our salaries are about 50% ahead of where my parents were when they bought).

The area obviously has better amenities now than in the 80s (albeit more traffic too), but that’s just ridiculous.

So the price is ~2.5x higher? But…

Irish interest rates in 1981 were up to 16.25%.
Source: moneyguideireland.com/histor … eland.html

KBC is currently offering between 3.45%-3.65% depending on LTV.

200k @ 16.25% over 20 years is €2,708.33
600k @ 3.55% over 30 years is €2,711.04

So the affordability is similar.

If you assume that interest rates won’t change, and if you don’t mind paying that amount for an extra ten years, and if you can actually borrow that much (I don’t, I do and I can’t).

(I do take your point though - it’s not *quite *as one-sided as I was making out, but certainly not as equal as you’re making out either!).

I don’t make any assumptions. If people had known the trajectory of interest rates in 1981 they might have paid more. Or not, because after reaching a local minimum of 9.25% in 1988 they then rebounded to 14% in 1992/93. Nobody knows the future.

On the issue of paying over a longer period, I’m not saying it’s right, but that’s another effect of low interest rates. I’m too thick to understand the time value of money so I’ve no way to compare the “real” cost of the 1981 and 2015 purchase (and we don’t have the forward-looking data anyway).

My point is basically that people do predictable things. Interest rates low, borrow more, prices go up.

If you want the same thing as everyone else (e.g. semi-D in south Dublin), refuse to take the same risks as they do, then it’s not right (or at least it’ll make you unhappy) to complain about it.

If you want to be financially risk averse, buy an apartment in Ongar or a house in Hartstown for 100k. Sure, Blanch centre is just down the road and stuff is cheaper there than Dundrum.

(With apologies to the OP for taking this more than a little off track)

It’s not about “refusing to take the same risks” though. It’s about a situation where even with a household income which puts us comfortably in the top 20% nationwide in terms of gross income (just looked that up and I’m a bit surprised - was expecting top third, if that) we’d need €200k+ saved in order to borrow enough to purchase a house which was extremely attainable as a first home for my parents 30 years ago. (And, as noted, we’re earning notably more, inflation adjusted, than they were at the time).

This isn’t really meant as a “woe is me” by the way (although I know that’s how it comes off). I’m still early in my career and confident that I’ll get where I want to be over the coming years. I just think that the unobtainable-to-many property price levels, combined with record high rents making saving a deposit more difficult, is a bad thing. It’s still a first world problem - I have a roof over my head, and I’m pretty sure that’ll continue to be the case regardless of what house prices do. It’s just that things would be better for the country overall if it wasn’t the case.

That’s all!

EDIT: Also, you do compare record high rates on one hand to record low rates on the other. Saying they’re comparably affordable is to set aside the near-certainty that we’ll see rises at some point in the next three decades.