3 bed Penthouse Apartment in Cabinteely - good buy?

davejacko

Hi all, I am looking for advice here. Myself and 2 others have put a booking deposit on a brand new 3 bedroom Penthouse apartment in Tullyvale Cabinteely (beside Cherrywood) for 470k. heres are the features:

Pros:
1100 sq feet
3 very large double rooms
2 bathrooms (1 en-suite)
2 stunning balconys, huge with beautiful view of sea and Killiney hill (only sunshine in mornings)
Complex has a gym, pool, spa, sauna and steam room
Includes 1 parking space
M50 is 0.5km away, opening in the next 12 months
N11 just around the corner
Luas proposed for the next 3 years

Cons:
-Balconlys only get morning sunshine
-1600 euro managment fee per year (includes gym)
-construction will be going on in the area for the nest 3 years.
-the finising in the property is bad but nothing a snag list won't fix.
-sound proofing is bad but apart from that it is stunning.

The 3 of us plan to live there, its ready to move into but we are just being a big cautious and have been told that a penthouse like that might not sell very easily. we would be selling in 3-4 years. Looking for comments on the resale of this place, all advice welcome.

Thanks,

Dave

davejacko

Hi all, I am looking for advice here. Myself and 2 others have put a booking deposit on a brand new 3 bedroom Penthouse apartment in Tullyvale Cabinteely (beside Cherrywood) for 470k. heres are the features:

Pros:
1100 sq feet
3 very large double rooms
2 bathrooms (1 en-suite)
2 stunning balconys, huge with beautiful view of sea and Killiney hill (only sunshine in mornings)
Complex has a gym, pool, spa, sauna and steam room
Includes 1 parking space
M50 is 0.5km away, opening in the next 12 months
N11 just around the corner
Luas proposed for the next 3 years

Cons:
-Balconlys only get morning sunshine
-1600 euro managment fee per year (includes gym)
-construction will be going on in the area for the nest 3 years.
-the finising in the property is bad but nothing a snag list won't fix.
-sound proofing is bad but apart from that it is stunning.

The 3 of us plan to live there, its ready to move into but we are just being a big cautious and have been told that a penthouse like that might not sell very easily. we would be selling in 3-4 years. Looking for comments on the resale of this place, all advice welcome.

Thanks,

Dave

Andrew Duffy

A high-quality penthouse may not sell easily, but it is far more likely to hold its value in the event of a downturn than a pokey two- or one-bed. Two things I'd be concerned about are the single parking space (if it were city centre that wouldn't be a problem, but in Cabinteely?) and the finish - you'll want high quality bathroom and kitchen fittings and nice fixtures (surpising how much impact things like sockets and switches have) when selling an expensive apartment, as you'll be competing against period houses with gardens in the same price bracket.
Of course, you could always think of it as a place to live rather than an investment - if more people did the city would be a much nicer place to live.

Victor

I won't say buy o don't buy, but a two bed in Stillorgan can cost €800,000 and if this has three double bedrooms, it sounds like a very substantial apartment.

If you are the penthouse, in particular watch out for damp and coldbridges in the outside walls and ceiling and remember that if the roof leaks you will be the one most affected.

Are you worried about the noise from construction or from neighbours?

Depending on just how close you will be to the Luas, the property might appreciate substantially.

Borzoi

For that sort of money you can get a 3/4 bed house in the area - with garage in some cases. Do a quick check on www.myhome.ie

A penthouse will probably hold its value, but might not sell as easily as a regular house, there being less people looking for such a property.

Also you have the downside on a management fee, that will go up every year pretty much, and the gym will last untill the first accident in it and subsequent claim - based on other complexes which started with gyms, and now just have basement storerooms.