400k for a 1bed in Dundrum
It ain’t exactly Manhattan!
A had a few people over for dinner the other evening. I asked all to look around the apartment and write the price they think it is worth on a piece of paper. I asked them not to consider the stupid prices of Ireland and pretend it was in Germany. I asked them to consider the infrastructure here and the salaries you could get etc.
The figures they wrote down ranged from 120,000 to 160,000. The 2 bed apartment has a price tag of 540,000 and is about 65m2.
This surprised me as I reckon the price will drop down around 150,000 in the next few years.
The Dundrum Point block is about 100 meters from where we ate. I would value the one bed at less than 100,000. And if the Luas was not a 4 minute walk away I would value them at less than 50,000.
400,000 is quite simply 4 times overpriced. Wait for the firesale folks.
All this is just my opinion.
Now from 310k
so anyone who bought in january has effectively lost 100k…
ouch… anyone looking at buying now should be aware you could lose another 90k by next september
Finally the developer has starting dropping prices here, there’s meant to be a launch on Oct 9th (even though all units have previously been available for sale), although many planned launches over last 6 months haven’t gone ahead. Wonder what they’ll knock off the 2 and 3-beds! I was offered a 3-bed with affordable housing for €350k, didn’t go with it, would love to see market prices come down to this, is a nice development, pity its lying half empty.
You can buy 1 beds in the Gasworks for 310k area. And they are not even managing to sell anymore at those prices. So, simply put, 310k for a 1 bed in Dundrum is way over the odds. It may be near the Luas, but you can buy 1 beds in town for the same price where you dont even need to get the Luas to work…You walk!
depends where you work
lot of jobs have moved from "town"to dundrum, cherrywood etc
luas handy if you work in ranelagh, city centre
gas works is hardly city centre although is close to certain new dockland offices
How come they haven’t changed the prices on the 2 and 3-beds?!
Over on AAM someone was quoted €420k for 2-bed, sorry not sure if word of mouth prices are ok?! See post no 6
Now from 300k
Prices from 400k for a 2 bed in Wyckham Point now. myhome.ie/residential/search … FWIX288848 I recall these were over 500k at one stage back in the good old days!!
2 beds start at 260k on the affordable housing scheme. I’ve been offered a larger sized one (2 bedrooms, one ensuite, 80sqm) for 275k. Works out as a 35% discount on the back of a recent valuation from the EBS of 425k. Now i know in all reality they’re still not even worth 275k but can they really fall below 275k in the private market?
If the market bottoms out with say a further 25% drop in property value, doesn’t that leave me sitting pretty still?
I know I’m probably mad to be considering this but an opinion or two would be great!
See this thread, i asked same question a while back:
I’d be very careful about analysis of an investment on the basis of what the price used to be (425,000). There is a new reality to the market and all of us have to get back to basics.
Look at the monthly rent you could get for this apartment (say 1000 per month), this gives an annual income of 12,000.
With a yield of 6% (which isnt exactly high), this gives a multiplier of 16.66
The rent (12,000) by the multiplier (16.66) gives a value of 200,000 on this property.
Not to rain on your parade but these are very scarey times and what may have been achieved 2 years ago bears no resemblence to our new reality (450,000 unemployed by 2010 !!!)
Its back to investment method basics for property. The bubble is over.
But make your own mind up based on your sisuation.
Just to put it in perspective, you can buy 2 beds in the docklands and other parts of town for less than 275k privately, and I still think they have a long way to go. So yes, see BB’s post above, the prices for Wyckham Point are very likely to drop further. If you plan to live there for the rest of your life, can comfortably pay (from your permanent secure income) the mortgage (which is approved) and can’t wait renting for a few more months to pay less, then you might want to go for it, but otherwise I’d consider my position very carefully if I were you.
mims, carlovian, johnny. Thanks for the replies. I had been reading on here for a while before posting so i was up to speed on the whole wyckham debate. Will be informing the county council in the morning that i’m declining the offer. The heart and brain have been having a right old tussle the last couple of weeks. There’s clearly a huge oversupply out there so I suppose prices are inevitably going to plummet. It’s not a nice feeling turning down an apartment that i felt had so much going for it, but i have to admit it makes sense to hold out for a while. Hopefully something even more attractive will turn up in the next couple of years.
Another big factor in declining is the whole management agency craziness. Can’t believe there is still no regulator in place (although last week in the dáil, the táinaiste said the legislation is complete and will be introduced “very quickly”… still 4 years too late!!). With 1800 being the annual fee in wyckham, it wasn’t too difficult to see it going anything upwards of 2500 in the next few years. I believe the trend has been the same everywhere with those things. It’s far too much money over 10, 15, 20 years.
It might sound a bit support-group ish but well done for holding off. You’ll be delighted you did in just a few months.
Just received this email re Wyckham:
Substantially Reduced Prices
Thank you for your enquiry regarding Wyckham Point, Dorville Homes’ and O’Malley Construction Ltd.’s groundbreaking development in a superb location in Dundrum.
The development is strategically located on the Wyckham Bypass and located with easy reach of the Luas station at Balally, the Dundrum Town Centre and the M50.
The development has 3 acres of private parkland and lake, 24 hour concierge service and the specification and quality of the development is of the highest of standards.
We are pleased to inform you that we have been instructed by the developer to release a small number of apartments from our showapartments on site at substantially reduced prices.
These units are for sale Thursday & Friday 1-2pm, Saturday & Sunday 2.30-4.30pm (7th – 10th May).
There is an excellent mix of 1, 2 & 3 bedroom apartments on sale.
**1 Bedroom Apartments (approx. 43-52sq.m. /460-570sq.ft.) were €410,000, now from only €249,000.
2 Bedroom Apartments (approx. 68-94sq.m. / 730-1,010sq.ft.) were €540,000, now from only €339,000.
3 Bedroom Apartments (approx. 93-96sq.m./ 1,000-1,030sq.ft.) were €620,000, now from only €430,000.**
Should you wish to book a property, an initial booking deposit (cheque or bank draft) of €5,000, made payable to either McCann Fitzgerald or Lewis Doyle Solicitors, is payable together with the name and address of your solicitor. A further 10% will be required within 21 days on signing of contracts and the balance is payable on completion.
As part of our Homebuyers service, experienced mortgage advisors will be available to discuss the cost saving mortgage package that has been exclusively designed for Wyckham Point. To make an appointment please contact Catherine Maher (Hooke & MacDonald) on 01 631 8402 or Ger Ruane (Sherry Fitzgerald) on 01 667 1888.
Hooke & MacDonald & Sherry Fitzgerald New Homes
Thanks for update homecomer, I turned down affordable housing offer from Wyckham and am currently renting there. Happy to see prices heading towards “affordable” prices, wonder will they manage to shift any now. I’ve enquired about the development lots of times over last few years, why is it they never send me those e-mails!