Healthy competition in the rental sector

Bloomfield - new 2 bed apts and there are still many to sell.

€ 2,000 p.m.
snipurl.com/1kkpq

€ 2,200 p.m.
snipurl.com/1kkpz

€ 2,500 p.m.
snipurl.com/1kkq5

I notice on the first one that it has been available since the 10th of May, I know that it has only just gone past that date but the way the VI’s have been hyping the rental market recently (well it is the last piece of good news that they can cling to) I would have expected these babies to have been snapped up like hot cakes. I will keep a close eye on this development to see if there are any ‘worrying’ trends emanating

Expensive and with no internet access. Amazing none of these complexes have the wit to put in the infrastructure to support this.
I wired up my landlords place last year, its a major selling point for him and does slow down the turnover of tenants.

But isn’t it crazy to have such wide variations for renting the same kind of properties - they are exactly the same in size.

on sale for 810k

a miserly 11months income at 2.5k minus 1.5k maintenance fee…
26k

3.2% yield…all going well, terrible

I’m starting to see a lot of this in developments a new and a few years old, i.e. highly indebted speculators

There is alot of apartmentage coming on line from the Phoenix Park Race Course (js tlook at daft), Farmleigh, 3 mega builds in Clancy qua,One Kilmainham and the SOHQ or hatever its called past heuston station. SOme nto finished for a while yet.

things are only going to start getting interesting…

there is an enormous supply of apartments coming onto the market,alot of the last launchs in the last 2 years are only approaching completition. the most recent ones are about 18months to 2 years away from opening…its going to take this long and then some before the fear sets in, when buyers realasie that everyone around them rents and thus prices drop, and investors realise that everyone else had the same bright idea to buy to let…

the renter will gain massively, as investors will walk on egg shells, especailly the landlords of the older apartment. These will drop in rental price to compete with the newer fancier aprtments, who in turn will have to match the old stock one way or another, reducing the rental income cover even more…

expect it to get very interesting, and quite laughable, (as in what the l.lords will try and do to get, keep and get more money out of tennants.)…esp as tenants will have less free cash themselves as economy contracts…

It’s already very interesting and quite laughable.
If 3.2% is the rental yield one can expect in one of the prime locations in the country then that is some joke.
From what I see from travelling around the country there is still a massive amount of construction going on and if this isn’t called time on pronto we’re looking at a massive over supply situation.
Had to travel to Cork last weekend and the amount of inventory for sale is just mind boggling.
The sheer nos. of for sale signs is quite overwhelming especially in east Waterford and southeast Cork.It’s very noticeable as you travel through the smaller towns where you have multiple telegraph poles festooned with
anything up to half a dozen for sale signs pointing every which way.
To be honest I didn’t know whether to laugh or to cry.
It’s one thing looking at the nos. of properties for sale on Daft and seeing the ever rising graphs but it is only when you go on a major journey through the Irish countryside that the full extent of it hits you.
Make no mistake about it we are in one hell of a mess.

So a 3.2% return in a country with an inflation running at what 5% ? That that’s what I call haemorraghing money. :laughing:

Want to throw your money straight down the toilet ? Buy an investment property :laughing:

That’s what I’d call a gusher and the prognosis for the patient would be very guarded at the very least and down right hopeless in reality.
Euthenasia may well be the only option :open_mouth:

There are ten properties for sale within 5 minutes walk from me ( Phibsboro, Dublin 7) that do not appear on Daft.ie. I have also noted the same thing from my last visit to Limerick. The current DAFT figure of 39,733 units very probably underestimates the number of properties for sale.

The sheer nos. of for sale signs is quite overwhelming especially in east Waterford and southeast Cork.It’s very noticeable as you travel through the smaller towns where you have multiple telegraph poles festooned with
anything up to half a dozen for sale signs pointing every which way.
quote]

Well with the election madness it’s boom time for sign makers. See we do have a native industry after all!!

The current Myhome ads say that they have 50,000 Irish properties for sale.

The N11 will be choc-a-block with appartments

The Grange
thegrange.ie/

Merrion Hall
merrionapartments.com/home.html

Booterstown wood
booterstownwood.com/

Thornwood
thornwoodbooterstown.com/

and cars…

it should stand forth as a reflection of how we as a country are.

backed up with shiny new cars, on a road thats way too small and has far too many bottlenecks, with nothing of interest except some large “wannabe” apartment complexess…

its a justaposition of ireland, thats for certain.

I know this should be in price drops but…
you are talking about these areas, specifically Thornwood.

98 days ago this apartment was €700K
Now yours for €600K
A 2 bed in the new phase is €650K . Is this investor losing €50K?

I got this quote from TCM archives in 2005.

So if the apartment was bought off plans they would still be losing money, after solicitors fees, etc.

Also, two of those developments are made by Durkan, who specialise in bargain basement houses in Tallaght and Clondalkin. I would be interested in seeing the build quality of these apartments. I viewed Durkan in Clondalkin, Ellensborough and Marfield in Tallaght, and another place in Rathcoole and the finish was terrible.(At least you werent paying close to 3/4 of a million though)

ahh, but few addresses generate this kind of dream…

wretch

If that’s what their copy reads like I’d dread to be faced with their smallprint.

The third link here is now for €2,300; the second one is still available; first one has been let so it would seem that reality has set in for some landlords.