Lisney estate agents start selling Affordable Homes in DLR.
1 bed €128,000 daft.ie/1469296
2 bed €152,000 daft.ie/1469295
3 bed €204,000 daft.ie/1469294
irishtimes.com/newspaper/property/2010/0429/1224269270073.html
I was in the motor Tax office yesterday and laughed to myself as I took a photo of laminated A4’s offering Affordable houses stuck on the wall. I’ll upload it when I get a chance.
myhome.ie/218091 Levmoss Avenue/Mimosa Hall, at Gallops, Dublin 18
€140,000 1 Bed Apartment For Sale
myhome.ie/218093
€200,000 2 Bed Apartment For Sale
These price levels are quite a significant development for apartment prices generally in South Dublin. Is the income level to qualify for affordable housing still high (it was 60k for a single person?).
How many punters earning around or just above the affordable housing threshold have been suckered into paying 400k plus for equivalent starter homes in previously ‘premium’ south Dublin areas such as Sandyford, Leopardstown, or Stepaside. I know a few who will be sick to the gills seeing prices like this.
You can argue nice family homes in South Dublin will hold some value, but these prices have the potential to erode prices in these areas across the board, and get the floor in sooner.
There are 117 units in the current batch of AH. Another 170 units will be released later this year at the old DL golf course.
Total cost to council:69.5m. I guess they’ll do well to recover 50m. I see the price of local shitboxes falling through the floor.
If there are hundreds of new apartments under 150k, what’s an ex-council house worth? 230?
Maybe the AH scheme is being more successful than we could ever have hoped.
Stepaside and all the rest over developed.Apartment city!Yuk!
Purchase in the normal way and be in €50,000 negative equity within 12 months. Simples!
I feel even more bloody lucky now - I sold a 2 bed townhouse in stepaside for 450k in early 2008… 
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Lisney just relisted a lot of this stuff again yesterday.
The funny thing is the affordable housing price is probably what the
actual market selling price is today, the further 30% fall from current
levels which many here believe is on the way is starting to look more
plausible as the months tick by.
**How much is a one bed, shoe box apartment in Stepaside going to be worth
in a few years 128k -30%=90k, f-me it’s still a lot.
I know some poor souls who paid 325k for a 1 bed up there during the Ponzi years,
they now have 2 kids, God Bless Them.**
myhome.ie/residential/results?agentid=7620
Whats the typcial rent for a 2 Bed in that area?
Has anyone else noticed location has almost no bearing on rent levels in
most of Dublin, it’s 700/€900 for a 1 bed and 900/€1100 for a 2 bed.
Interesting arbitrager. I presume city centre would be different
I assume social welfare rent supplement is a factor here?
Absolutely right. Location means almost nothing in the Dublin apartment rental sector (a 5% difference between, say, Finglas and Ballsbridge would be a common sight), and precious little across other property types (bog standard suburban semi-d’s in particular seem to be the same price irrespective of location). It is really weird and I take it as a sign of extreme sickness in the market.
Whether RA has a lot to do with this I don’t know. Certainly Ronan Lyons said recently that he was dubious about whether RA effected the market given 80% of properties are not available to those on RA.
Ronan might well be right on this with respect to the absolute level of prices. But one suspects that on the narrow point of the relative flatness of prices across locations - as opposed to the absolute level of those prices - RA must surely be a contributory factor. Since RA is the same across all locations in Dublin, my intuitive sense is that this should lead to precisely the flatness we see in all locations.
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daft.ie/2956856 … Killiney Hill Park, Killiney … €1,050, 2 bed, 2 bath
daft.ie/2946107 … 17 Killiney Towers … €1,025, 2 bed, 2 bath
daft.ie/2963909 . Ballinteer Ave, Ballinteer €1,075, 2 bed, 2bath
daft.ie/2956856 …Rockview, Sandyford … €1,000, 2 bed, 2 bath
Even If we don’t use extreme examples but your average Dublin
neighbourhood such as Ballinteer and compare like with like in what would
be considered a nice area such as Killiney.