River Towers Apartments, Cork

Sold one of these in late 2007 for 240K, a relative sold one for 250K a little later (his slightly larger)

page 44 of Cork independent (free local paper) on 9th July shows a 2 bed furnished at RT going for 165K asking price…sobering stuff, more than 30% down.

Its not a SPECIFIC apartment that has been cut after not selling, so cant really say that THIS apartment has dropped…I am just mentioning what I know for a fact they were selling for 18 months ago

moved to Sell, Buy or Rent? as this isn’t a price change on a specific property.

also, note that without posting some sort of evidence,

any sort of evidence

as in… even a link to one of the properties on sale now…

that your post lacks a lot of credibility that it could have with such evidence.

fair enough, I am not trying to prove anything…although anyone in Cork can get the paper for themselves and see.

As I say, I saw itin the paper, havent looked for it on DAFT

2 bed, fully furnished with car parking for €200K on Daft:

2 bed, fully furnished with car parking for €165K on MyHome:
myhome.ie/residential/search … OUYS405035

Looks like the wheel has turned, you once again need to be “nuts” to live up there

:laughing: :laughing: :laughing:

86k no more no less is what i would say for there

They tried housing elderly people in the large gothic looking building to the front before. For some odd reason, they didn’t seem all that happy about it.

I wouldn’t blame them for not being happy…I viewed an apartment there a few years ago and despite it being a new building, it still felt creepy, very creepy…As IDK beautifully put it, you’d need to be a NUTTER to live up there… :laughing:

As a friend of mine said, “I don’t believe in ghosts but if they did exist, this is the one place you’d find them”.

As for the elderly fearing the place, the building is a former asylum with a very bad reputation, a sort of magdalene convent for mentally ill people and people who actually weren’t mentally ill at all but were committed there by their relatives. If you think the Ryan report was bad, you should hear some of the stories coming from this place.
Older people will know the place’s reputation and thus will fear it more than most.

Storage heater, prepare to pay 200+/ month to be slightly warm evening time, cold at 10.30 PM, , way too hot night time at 2 in the morning, sweating in the morning.

God awful development, numerous problems for any rental clients I placed there although a combination of decent size, designated parking, and location meant they were always solid rentals. Last ones I dealt with 2 years ago were making €800 - 900pm. Using the 11 times monthly rent x 15 years formula I would place these at a shade under 100k in the medium/long term and that’s with a generous long term achievable rent return of €600 pm.

I say €600 is generous as they currently cant fill 1 beds with underground parking in the Elysian at €800 p/m and Rivertowers has had incredibly incompetent block management going back to when it was first constructed (I believe castle estates no longer have a block management dept?).

It also has a negligible amount of owner occupiers which never helps a large apartment block in the long term and whatever about ghosts I heard enough stories about anti social behaviour and cars being burned out from people I placed there to make me think its sink estate of the near future.