Reduced for Quick Sale

I told a friend in Germany on a recent holiday, that two bed apartments were selling for half a million plus in Dublin at peak bubble time,and he looked at me sideways- quite incredulous!.
will these apartments finally settle at a realistic 150,000 Euros?

117 Bushy Park House is now down to €249,950 :angry:

daft.ie/1536977

That was quick!

daft.ie/1490627 - i’ve been here recently - the google street view is not correct as its 2009 but I think great value for what it is and what you get - less than €10 per sq foot.

Currently 28 properties - apartments and some houses - for rent in Bushy Park House on Daft alone. Only 1 for sale, which is #117 as above, still asking €249,000. Those rentals here:

tinyurl.com/6dyvzh2

This situation closely mirrors the situation in Herbert Park Apartments, where at one point in recent weeks there was something over 30 apartments for rent and none for sale, as set out in this thread:

viewtopic.php?f=10&t=35695&hilit=herbert+park+apartments&start=0

It seems likely with these developments that the developer or a large single investor retains a large number of the properties.

I suppose it’s perfectly possible that the rental income in both instances is enough to cover costs and/or desired profits. But nonetheless I can’t help feeling there is something odd about all this.

Found this:

tribune.ie/article/2001/apr/ … g-formula/

So it appears they were the same developer.

Hm, so I guess it could have been policy all along by the developers to rent rather sell? Given the Bushy Park article dates to 2001, that would suggest it was policy as opposed to a forced situation in reaction to the crash? That would be my reading anyway.

there must be an accounting strategy here,
during the good times your’re a developer making thousands, if not millions, of profits a year, your company retains ownership of apartments - why

  • less revenue (less taxable profits) coming in if you don’t sell apartments
  • higher (mortgage interest) expenditure (less taxable profits) if the company needs to repay a mortgage - although the developer didn’t purchase the apartments off anyone, surely they took out a mortgage on the back of the apartments for cash flow for the company
  • increasing property values during the boom increases assets, assuming they are revalued on a regular basis, thus giving a higher return on equity

But now when the market is falling - your business most likely is not making a profit, so you’re not concerned about reducing taxable profits, while their reduction in value is eating through your balance sheet, so no don’t see their strategy on this one!! But there must be an accounting trick here!!

If the developer holds onto a few apartments he can claim that the development isn’t completely sold off. Do he can retain ownership of the management company and continue 8- scandalous amounts of money out of the people who bought apartments from him for negligible services.

Also don’t forget that prices were only ever going to go up. So those apartments were only ever going to be worth more money. So there was never any rush to be rid of them.

Now sale agreed.

€273 per sq. ft. at €250,000.

€245 per sq. ft. at €225,000, i.e. 10% off asking.

That’d push it back to what, roughly '98 prices?

215k …

myhome.ie/residential/brochu … 6w/1835736

Woo-hooo, one of my fav classic Pin threads!

On page 3 of this thread I link to a SBP article - no longer working sadly - that says the launch price of 2 beds in 2001 was from £245,000, which in today’s money is €407,000 (anthonykelly.com/inflation.html). OP in this thread notes 2-beds in 2003 at €445,000 asking, and at €595,000 in 2007. As late as August 2010 (see page 3) there was one on at €500,000. But today we see one at €215,000, and here’s another at €220,000:

myhome.ie/residential/brochu … 6w/1774457

So that’s almost certainly €200,000 clearing, and perhaps even less for a cash offer.

So we’re at 50% below 2001 asking, never mind 50% from peak! From peak as per highest noted price in this thread, it’s almost 66% down.

And to say again that these are some of the best-built apartments in South Dublin - if you’ve been in them, really excellent build quality, thick walls, warm as toast inside, lots of storage space in the basements, excellent maintenance, underground parking etc. etc.

Amazing thread.

Sorry Larry, but I have to disagree with you on about the build quality as I lived in one of the 3 beds for 6 years. The internal walls were very thin, offering negligible sound insulation. Also, if the person living above you likes to wander around in high(ish) heels, you would definitely know about it as the apartments have laminate floors. That said, it was very warm, the underground parking is handy, the block I lived in was mostly owners so there was a bit of a community feel about the place and the grounds were well maintained. Parking was a real pain for visitors as there are few spaces outside & cars were frequently clamped outside.

Hello Hello!

I’ll certainly stand corrected on the internal walls point. I’ve had a couple of friends living there and always thought the build seemed very solid. But if you say otherwise clearly you’re in a better position to say. Perhaps it depends which block you’re in?

And yeah, visitor parking is annoying - I got clamped there once for €120. Pain the arse!

The thread title reminded me of another nearby houses’n’apartments development, Charleville Square on Butterfield Avenue. Also impressive build quality in the apartments (circa 2001) - though I’m told the houses are very pokey, have poor sound insulation and no gardens to speak of.

One of the 2-beds has been on sale since August 2010, and for most of that time at 325k and the tagline ‘FINAL REDUCTION FOR IMMEDIATE SALE’. Identical 2-beds are currently asking 200k & 195k…

#171 sold for 230K as per reg.

there are 80-100 apartments in this development in PPR listed as sold in June2014.

Prices?

111 to be exact - €26M in total. There are large houses in the front of this development. They rent for ~5k/month (asking). I don’t ever recall seeing one for sale.

25/06/2014 €201,661.00 Apartment 203 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €252,077.00 Apartment 204 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €336,102.00 Apartment 205 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 206 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €201,661.00 Apartment 207 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €201,661.00 Apartment 208 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 209 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 210 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 211 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 212 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 213 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €246,240.00 Apartment 214 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €328,340.00 Apartment 215 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 216 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 217 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 218 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 219 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 220 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 221 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 222 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €246,255.00 Apartment 223 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €328,340.00 Apartment 224 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 225 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 226 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 227 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €201,661.00 Apartment 228 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €201,661.00 Apartment 229 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 230 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 231 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €201,661.00 Apartment 232 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €252,077.00 Apartment 233 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €336,102.00 Apartment 234 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 235 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 236 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 237 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 238 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 239 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 240 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €226,869.00 Apartment 241 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €252,077.00 Apartment 242 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €336,102.00 Apartment 243 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 244 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €201,661.00 Apartment 245 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €201,661.00 Apartment 246 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 247 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 248 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 249 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 250 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €221,629.00 Apartment 251 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €246,255.00 Apartment 252 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €328,340.00 Apartment 253 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 254 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 255 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 256 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 257 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 258 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 259 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €221,629.00 Apartment 260 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €246,255.00 Apartment 261 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €328,340.00 Apartment 262 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 263 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 264 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 265 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €201,661.00 Apartment 266 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €201,661.00 Apartment 267 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 268 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 269 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €226,869.00 Apartment 270 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €252,077.00 Apartment 271 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €336,102.00 Apartment 272 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 273 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 274 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 275 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 276 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 277 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 278 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €226,869.00 Apartment 279 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €252,077.00 Apartment 280 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €336,095.00 Apartment 281 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 282 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 283 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €201,661.00 Apartment 284 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €201,661.00 Apartment 285 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 286 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 287 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 288 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €221,629.00 Apartment 289 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €246,255.00 Apartment 290 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €328,340.00 Apartment 291 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 292 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 293 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 294 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 295 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 296 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 297 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €328,340.00 Apartment 298 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €336,102.00 Apartment 299 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €201,661.00 Apartment 300 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 301 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €197,004.00 Apartment 302 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €201,661.00 Apartment 303 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 305 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €221,629.00 Apartment 306 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €252,077.00 Apartment 307 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €328,340.00 Apartment 308 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 309 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 310 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 311 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €235,272.00 Apartment 312 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 313 Bushy Park House, Templeogue Road, Terenure
25/06/2014 €229,838.00 Apartment 34 Bushy Park House, Templeogue Road, Terenure

Fairly tasty yields for that particular “canny”.