IFSC affordable housing -265k good deal?

Hi All,
The docklands are offering houses at 265000E for 2 bedroom apts in IFSC but I hear that public interest in them is lower than expected? is this not a good discount? I see them on the open market at a good deal higher. The normal affordable housing restrictions do not apply.
any comment v welcome
Buck

It’s a big discount on the bubble price allright.

I think it’s likely these apartments will be for sale on the open market for less than these prices soon enough which is why the council is keen to shift them. The maximum single income threshold for these is something like €57k so if you’re on that it’s a 3.5x multiple but you should really be thinking of a three bed semi for that kind of money.

Which particular restrictions don’t apply? Is this published anywhere?

Great value and super location too. What could be nicer than a saturday stroll in the sun on Sheriff St.

57k x 3.5 = 199.5k
265k / 57k = 4.65

or am i missing how these things work?
4.65 seems high for an “affordable” house (that’s actually an apartment)

Good god that’s why I don’t do maths in the morning.

Yes the income multiple is really pushing the limit of “affordability” at the very max single income, even the joint income of €70k is pushing it and odds are a couple won’t want to raise kids there.

I think you haven’t considered the 10%-20% deposit that will be required by the bank providing the mortgage?

I believe the rules around “affordable” housing mortgages are different. The guy would still need to be earning €57k and have 26-52k of cash on hand for this and it still would be stretching the limits of affordability.

Realsitically 2 bed city centre apartments are only good for buy2let or people who are very very sure they’ll never be having kids. This joke where couples buy shitty apartments to “get on the ladder” is coming to an end.

realistically you may be right but thats a horrible thing to say, why shouldn’t someone be able to bring up a kid in the inner city with parks, schools, shops and other amenities surrounding them.

affordable housing deposit is more like 3% i thought?

Why can’t they bring up kids in a two bed apartment? Because they’re small, have zero room for expansion, no storage room and poor quality of life in general. Irish apartment complexes are build as investments not to be lived in.

Where’s the nearest park to the IFSC? Mountjoy square?

There’s no reason why it can’t be done, other countries manage it. It’s just we don’t build houses anyone would want to live in or in areas people would like to live in.

Appalling sound-proofing would be another factor that makes Irish apartments unsuitable for children. Children like to run and play, your neighbours don’t like it when they do it on their ceiling.

We built them cheap and we built them nasty.

well it could be a good deal but I won’t risk it. I will pop down to see are there queues when they go on release!
Buckets

they are now reduced to -225K for a 2bed, do people think this is good value?

That nuts, where did you see it advertised at 225K?

Well if the two bedroomed apartments in question were better built with more storage and space, then obviously it’s a nobrainer that it shuold be possible. The reality is that said apartments in Dublin are not built with children in mind.