Is this apartment over priced?

Fondu

http://www.murraybrowne.ie/cork-residential/87-the-osprey-alderbrook-frankfield-cork/842/39.aspx

derealbadger

yes its not worth 75k

antiskeptic

derealbadger wrote: »

yes its not worth 75k

+1

the_syco

Two single bed rooms.

BER Rating: None

OP: how fast can you run away?

ShadowHearth

the_syco wrote: »

Two single bed rooms.

BER Rating: None

OP: how fast can you run away?

175k for Crapy apartment in cork...

I wish we would have dreamer thread in here.

Agree on running away! Don't look back my son!

quaalude

Fondu wrote: »

http://www.murraybrowne.ie/cork-residential/87-the-osprey-alderbrook-frankfield-cork/842/39.aspx

Wow. Yes, this apartment is over-priced.

antiskeptic

Perhaps the OP is the seller trying to find out how much folk would actually be willing to pay for this? There's got to be something behind this.

quaalude

antiskeptic wrote: »

Perhaps the OP is the seller trying to find out how much folk would actually be willing to pay for this? There's got to be something behind this.

Yeah, that sounds about right, antiskeptic.

Two single bedrooms - I've never heard of such a thing.
And that front room where you have to queue up to watch the telly.
Whoever built that just didn't give a crap.
I think it's worth about €25,000 tops.

the_syco

antiskeptic wrote: »

Perhaps the OP is the seller trying to find out how much folk would actually be willing to pay for this? There's got to be something behind this.

The OP currently owns two houses (worth about 200k each), and it looks like at least one of them is on Cork (which also happens to be where this house in located), so this does look suspiciously like the case...

But yes, both rooms are tiny, the kitchen is small, the land out back will most likely not be owned by them, and no BER cert means that this house is very overpriced at €100,000. Just because it was worth any large amount of money when it was originally bought does effect what it's worth now. If anyone buys it for that price they're a fool, but fools and money part easily.

noxqs

Looks like a converted garage.

It would be lucky to fetch north of 30K if it can even attract anyone crazy enough to purchase such a thing. It looks like a conversion of 4 walls with a reluctant inclusion of a kitchen and a toilet, to fleece renters in the bubble times.

Is it overpriced? Yes, yes it is.

Lex_Diamonds

Three family sized bags of Doritos Cheese flavour, a JML facial toning device and a pat on the back would be my offer here. No more no less.

Zamboni

Surely the simple answer is in the fact that it is still for sale.

the groutch

I'd pay 'bout three fiddy

Condatis

I see that there is no BER Certificate. Since January 2009 it has been compulsory to offer BER Certificates with all houses and apartments offered for sale or for rent.

This offer is in breach of regulations.

super_furry

Wouldn't pay 50k. What use are two single bedrooms to anyone?

Fondu

the_syco wrote: »

The OP currently owns two houses (worth about 200k each), and it looks like at least one of them is on Cork (which also happens to be where this house in located), so this does look suspiciously like the case...

But yes, both rooms are tiny, the kitchen is small, the land out back will most likely not be owned by them, and no BER cert means that this house is very overpriced at €100,000. Just because it was worth any large amount of money when it was originally bought does effect what it's worth now. If anyone buys it for that price they're a fool, but fools and money part easily.

Just to clarify,yes i have 1 house in cork,however this isnt it. I wouldnt mind offering 50k for this as an investment house. The area it is in is nice and should be ok to rent. I suppose theres no point even trying to put in an offer when its less than one third the offering..On a serious level what would be most this is worth?

Condatis

The Estate Agents offering this property do not appear to b e affiliated to any of the professional associations for auctioneers and valuers.

the_syco

Fondu wrote: »

On a serious level what would be most this is worth?

Go for it. http://www.irishpropertywatch.com/viewSalesPropertyHistory.php?Ext_ID=484975&Site=daft says it's being on the market since 2009 when it was on sale for €225,000

odds_on

BER Rating: None
BER Certificate No.: None

Illegal to offer property for sale (or rent) without a BER Cert.

Also, a solicitor won't do anything until one is provided.

antiskeptic

Fondu wrote: »

Just to clarify,yes i have 1 house in cork,however this isnt it. I wouldnt mind offering 50k for this as an investment house. The area it is in is nice and should be ok to rent. I suppose theres no point even trying to put in an offer when its less than one third the offering..On a serious level what would be most this is worth?

In a market falling as fast as this one, without any sign of where the bottom is and without any sign of what's going to cause the market to bounce off the bottom once we get there ... nobody can say.

The question isn't "what's it worth?" The question is "what's it worth to you?" And to answer that (in investment terms) you'd have to have an idea of:

- rental return now (with 14-16 year rental = the purchase price) and hope that return stays steady or grows.

- rental return assuming the government lowers rent supplement in which case all rents will fall. It's likey they will lower it - but by how much and when?

- capital appreciation (currently negative)

- other costs associated with being a landlord.


The only transparency in the market is coming from Allsop auctions. They've been selling a range of properties at around 30% of peak price - and less if you take apartments and the like. Even then, there are no guarentees you won't go into negative equity in a few years.