Sunday Times: Cork's Elysian fails to woo homebuyers

39 penthousess? How can there be 39 penthouses out of a total of 211 apartments? I always thought that penthouses were the exclusive apartments on the top floor which would usualy number 3 or 4, depending on the size of the block. The exclusivity is not there if there are 39 of them so they might as well just call all 211 apartments “penthouses”.

Those 1 bedroom apartments for €375,000 aren’t even in the main “tower” itself.

There would only be a couple of penthouses in the tower I guess, but the rest of the complex is more spread out with lots of 5th floor “penthouses” by the looks of things - see theelysian.ie/

Difficulty in selling 200+ flats priced from €375K to €2m in a small provincial city in a small country on the periphary of europe?

Who’d a thunk it?

Service Charge anyone ? :angry:

sieze it, and theres corks homeless/social housing problem sorted. After all, by weekend next all the banks will be state owned!

Usual service charges are around ~€1200 for 1 beds to €2800 or so for two beds (e.g., Clarion Quay, IFSC). Take an average of say €2k/month between the larger apartments and smallers ones, it brings a yearly maintenance fee of just over €5 million. With 1 occupied, and 25 with deposits, are those people going to cough the missing ~ €4.5 million?

On the tyre-kicking tours last year, the EA said that service charges would be either €2 or €3 per sq ft per year. Guess he thought that people wouldn’t even notice a possible 50% difference in their charges. Means the smallest flat is either ~€1300 or ~€2k per year. The two beds in the tower either come to €2230 or €3350.

Funny he should mention about the finish: viewtopic.php?f=4&t=12580&p=120572&hilit=finish#p120572
The level of denial here is awe-inspiring. How can SF not see that their choice is between cutting prices and take a smaller hit now or waiting and taking an even worse hit later.

I doubt SF have much say in the matter. :unamused:

You’re quite right of course - it would be the vendor calling the shots. Same concept applies though. And if SF are any good they should be telling the vendor to flog them now for whatever money they can get.