Best value modern apartments in South Dublin?

Atomic Pineapple

I just checked up mortgage's today, more for interest than anything else and for what I'm currently paying in rent I could easily cover a mortgage of €200,000.

I went and looked on daft as I was interested in what this would get me in Dun Loaghaire and well nothing came up! But for €250,000 a couple of nice looking one bedroom modern apartments came up.

Now I'm only working 6 months and in reality not in a position to take out a mortgage of any kind. So this is more just research for the future and something I'd like to know a bit more about now. Be nice to know if I'll ever be able to afford to get on the property ladder in the area

But I'm interested in what €250,000 would get you in other areas around South Dublin? I dont think I'd like to buy a place in Dun Loaghaire itself.

So would €250,000 get a nice one bed +, modern apartment, in a nice area, with secure off road parking anywhere in South Dublin?

RosieJoe

Here is one in Tullyvale. 2 bed for €249K. This was first of the hits when doing a search.

It is walking distance to the new Luas stop, right beside the M50 and a 20 minute drive to Dun Laoire. Not bad for the price.

Fratton Fred

have you checked out the affordable housing scheme on the DL council website? you can get one of the apartments by Milano's for €232k

Agent Smith

Moved from South County Dublin

Danbo!

draffodx wrote: »

I just checked up mortgage's today, more for interest than anything else and for what I'm currently paying in rent I could easily cover a mortgage of €200,000.

At the moment, yes it probably could. Interest rates are at an all time low, and will rise so you must factor this in.

draffodx wrote: »

I went and looked on daft as I was interested in what this would get me in Dun Loaghaire and well nothing came up! But for €250,000 a couple of nice looking one bedroom modern apartments came up.

Bear in mind that 250,000 is the asking price, who is to say you couldnt offer 200,000 or less? You must also ask yourself, do you want to live long term in a 1 bed apartment. If further price drops dont bother you, that is all well and good, until you decide you want to sell it or move to a larger house, etc.

draffodx wrote: »

Now I'm only working 6 months and in reality not in a position to take out a mortgage of any kind. So this is more just research for the future and something I'd like to know a bit more about now. Be nice to know if I'll ever be able to afford to get on the property ladder in the area

Areas like Dun Loaghaire will be slower to drop in price than the rest of the country, but yes you will be able to afford to buy a property there. Prices are expected to keep falling. If you've read in the media that we've hit rock bottom, chances are its an article written by an estate agent with a vested interest.

I also noticed that you mentioned 'property ladder'. This is a phrase thrown about far too much during the boom, which caused thousands of young people to sign up to 40 year mortgages, expecting to sell their properties at a huge profit, move to a bigger place, and repeat. It didnt work out that way for a lot of people. If you are buying now, best buy somewhere you want to live long term.

draffodx wrote: »

But I'm interested in what €250,000 would get you in other areas around South Dublin? I dont think I'd like to buy a place in Dun Loaghaire itself.

The longer you wait, the more it will get you.

draffodx wrote: »

So would €250,000 get a nice one bed +, modern apartment, in a nice area, with secure off road parking anywhere in South Dublin?

Unless the government to something really stupid to intervene with the fall in house prices, and I wouldnt put it past them, €250,000 should go further than you think in the coming months/years.

SoupyNorman

draffodx wrote: »

So would €250,000 get a nice one bed

:eek:

It just beggars my beliefs that people still view one-beds as viable options to purchase, don’t buy a one-bed!! If you heed any advice heed that at least.

I’m in your situation more or less, I’m renting with my GF, paying a little over 1k p/m in rent and I’ve a pain in my grits with renting. The recent price drops in property are trying their best to lure me in, playing on my emotions, making me daydream about the ability to put a nail in the wall without getting permission etc

I have some savings, healthy disposable income no kids and so on….what’s stopping me from going ahead with appling for a mortgage?

We are in a falling market, this isn’t a theory, this isn’t hear say, it is a undeniable truth. So my question is, why would you even contemplate a purchase in a falling market?

On the radio this morning the OEDC predicted at least another 10% fall in property prices over the next 12months. That’s -25K equity in your 1bed, add the inevitable interest rate hikes and I can imagine you crying into your cornflakes a year from now but at least you got to choose your own furnishings hey!

D3PO

draffodx wrote: »

I just checked up mortgage's today, more for interest than anything else and for what I'm currently paying in rent I could easily cover a mortgage of €200,000.

I went and looked on daft as I was interested in what this would get me in Dun Loaghaire and well nothing came up! But for €250,000 a couple of nice looking one bedroom modern apartments came up.

Now I'm only working 6 months and in reality not in a position to take out a mortgage of any kind. So this is more just research for the future and something I'd like to know a bit more about now. Be nice to know if I'll ever be able to afford to get on the property ladder in the area

But I'm interested in what €250,000 would get you in other areas around South Dublin? I dont think I'd like to buy a place in Dun Loaghaire itself.

So would €250,000 get a nice one bed +, modern apartment, in a nice area, with secure off road parking anywhere in South Dublin?

250k will get you a 3 bed duplex in Knocklyon Dublin 16 in Dalrida. Well it would if they werent all sold out for this phase. But Im sure there will be more and who knows probably at less than 250k in the next phase.

eth0_

You would be quite literally MENTAL to pay 250k for a one bedroom apartment. And the banks are increasingly unlikely to give large mortgages for 1 beds these days.

Atomic Pineapple

@Stee,

Thanks some excellent info in there and I hadn't even taken into account that I would be offering much lower thank the asking price.

At the minute I pay €650 a month in rent but if I was to get a mortage I could afford up tp €900 - €1000 a month, I have looked at mortgage calculators and over 35 years it would seem that this would be a healthy enough budget.

Would I be right in saying that? I'm no expert and haven't done enough research to be certain.

As for Dun Loaghaire, I wouldn't be looking for a place in the town itself, it doesn't strike me as a place I would enjoy living in. I'm more looking for information on areas surrounding DL that are nice.

It's interesting that you say the longer I wait the more I'll get, I was under the impression house prices would not fall much more?

Also by property ladder I just mean "owning" my own place not something as an investment to sell on at a profit.

@SoupyNorman,

Thanks also, good info I wasn't aware of.

I suppose I was looking at a one bed as a just good enough type thing and after reading your response I have thought about how a one bed long term makes absolutely no sense.

Interesting info about the falling market, I am not buying anytime soon so this is just a sort of initial thread to get peoples feelings/ideas on the markket, properties and the area and its working so far.

So with that in mind is there any forecast as to when the markets will stop falling? It will be a year realistically before I would start looking to buy anyway.

@D3PO,

Thanks for that, will have a look.

SoupyNorman

draffodx wrote: »

So with that in mind is there any forecast as to when the markets will stop falling?

If anyone knew the answer to that, Accom&Property would be a very empty place.

Danbo!

draffodx wrote: »

@Stee,

Thanks some excellent info in there and I hadn't even taken into account that I would be offering much lower thank the asking price.

You should search the forum for "what to offer". There have been a lot of threads on here that should give you an idea about asking price vs actual selling price. It's a buyers market alright, and it will be for the foreseeable future.

I've heard some stories about people offering way below asking and being laughed at by estate agents. They put a time limit of a month on their offer. After a month, they call back to lower their offer yet again, by the same amount as house prices have dropped that month. Sometimes, this works as the vendor realises their property value is dropping like a stone.

draffodx wrote: »

At the minute I pay €650 a month in rent but if I was to get a mortage I could afford up tp €900 - €1000 a month, I have looked at mortgage calculators and over 35 years it would seem that this would be a healthy enough budget.

Would I be right in saying that? I'm no expert and haven't done enough research to be certain.

The calculators will only show current interest rates, which will rise. Not wanting to offend you, but from your post it seems you really havent done enough research yet. Personally I check out the forum here, daft.ie, propertypin and askaboutmoney on a regular basis and have done for the last 2 years or so and can definitely see dropping prices along with unrealistic asking prices. Still, I dont plan on buying for at least 2 or 3 years.

draffodx wrote: »

It's interesting that you say the longer I wait the more I'll get, I was under the impression house prices would not fall much more?

This is related to interests rates rising. You need to remember that there are a hell of a lot of people out there in mortgage arrears. With more and more job losses every day, the figure in arrears will rise. There are also a lot of people just scraping by, managing to pay their mortgages with just enough money left to cover the bills. Even a tiny change in interest rates will push these people into arrears and result in more properties on the market as people are forced to sell. Its a horrible situation for them, but without being too callous, it is good news for buyers.

draffodx wrote: »

Also by property ladder I just mean "owning" my own place not something as an investment to sell on at a profit.

I obviously dont know you at all or what you have planned for the rest of your life, but you need to consider that while having your own place would be nice, do you want to live there for the rest of your life? If you decide to start a family its not ideal in a 1 bed.

Also, while it is great not paying 'dead money' rent think about it this way: If predictions are correct, house prices will fall 10%, or €25,000 in your case, in the next year. This equates to maybe €35-40,000 over the course of a mortgage. Your rent over the next year will be €7,800. Doesnt seem like dead money anymore does it?

Treehouse72

I did a Daft search for properties under €350,000 in Dublin 2, 4 and 6 last week...didn't see a single one I would be happy to buy and live in. And I am not exagerrating. The only ones that represented value that I could see were a couple of 1-beds asking €150,000 in Christchurch and on the SCR...in both instances I could imagine a viable yield. But other than those (2 or 3) investment vehicles, nada.

Atomic Pineapple

Thanks again,

No offence taken at all, its just something I was thinking about last night and this thread is really my first bit of information gathering as I know I have a lot to learn.

I've already taken on board loads of information and am looking forward to getting stuck into some research.

As I said I dont plan to buy for a long time and I've now decided to scrap the one bedroom idea.

My idea was to start finding out info now and over the course of a year learn as much as I can and re-evaluate my situation then.

quozl

Draffodx, unemployment is still increasing, despite net emigration. With more and more people unemployed house prices are not going to stabilise in the short term. Unemployed people don't buy houses, and sadly, a small percentage of them lose their houses.

The Central Statistics Office said the seasonally adjusted Live Register figure rose by 6,600 from April to reach 439,100.
This brought the jobless rate up to 13.7% from 13.4% in April.

http://www.rte.ie/news/2010/0602/liveregister.html

Mary Hairy

Dont forget service charges. These can be over €1500 pa for a one bed. Add that to the cost of a mortgage and factor in some internal repairs and maintenance. Consider also the loss of flexibility in terms of relocating.