Castlepark, Maynooth

Maynoothres

Hi everyone,

I've heard from Coonan's that they are now only getting single figures of semi's and det for the final stage of Castlepark. That will drive prices even further up for these houses.

We really liked these houses but we're not even considering them anymore now. Paying over-the-top prices now will only come back to haunt us in the future...especially with new mortgage restrictions which, in line with increased supply in next 12-18 months in the town, will no doubt level prices out. We don't want to be left with a massive mortgage for houses that are pretty much on top of each other. Future estates as mentioned above will all have the high energy rating so Castlepark has lost it's unique selling point

Hoping something else will pop up soon but not willing to be sucked into overpaying for a house that really isn't worth it. Especially when you look at the price the earlier phases paid. Re-selling in future may be a challenge as they won't have to go for as high as final phase buyers.

Just my pennies worth

trevize

Deleted User wrote: »

Heard today that most of the final phase of Castlepark has been sold by the builder. Second hand info though so not sure whether it's true.

Anyone have numbers from the agent? Last I had heard was there would be around 21 houses this autumn but apparently it won't be as many as that.

Are you saying that Mason bypassed Coonans to sell some units of the final phase?
Then it sounds like the builders were really fed up of Coonans Estate agents.

L1011

Deleted User wrote: »

I don't think it can be argued that the houses asking 500k in Maynooth are the top 14% of houses in Maynooth and will be bought be the top 14% of earners. Typical top earners are more likely to be the ones buying in swanky parts of south Dublin (in general) as they (typically) work in Dublin. Yes, they could spend half a mill in Kildare if they want but are there really scores of people doing that?

There has always been a few dearer estates in Maynooth, going back to the 70s. Some people value distance to their equestrian or golf activities more than distance to the city centre (amongst other reasons).

UsainBolt100 wrote: »

Just wondering does anyone who is providing the best broadband service in Castlepark? In know all the houses are wired for UPC with is there alternatives?

Thanks in advance for any help

UPC offer the best service anywhere in the country, where available.

applicant

For this phase of Castlepark, the mortgages would be drawn down in 2015 when the new regs will supposedly be in place. So is it fair to assume that anyone going for this phase would have to already comply with the regs? It will be interesting to see how this plays out.

trevize

trevize wrote: »

Are you saying that Mason bypassed Coonans to sell some units of the final phase?
Then it sounds like the builders were really fed up of Coonans Estate agents.

Yes, that's the implication of what I heard second-hand. Maynoothres seems to confirm it. They were to get 21; now they are talking less than half that. How the builder sold them; to whom; and why they bypassed the agent they'd been working with, I do not know. Nor can we guess what it means for future developments by Mason Homes.

Unless yesterday, I would have agreed that delivering fewer houses than promised would further drive prices upwards. Now I would guess this will be balanced out by the lending caps, plus what others have said about future growth in supply of A-rated houses.

applicant

applicant wrote: »

For this phase of Castlepark, the mortgages would be drawn down in 2015 when the new regs will supposedly be in place. So is it fair to assume that anyone going for this phase would have to already comply with the regs? It will be interesting to see how this plays out.

Yes, is the answer.

It's interesting alright; a few competing pressures - downward pressure due to LTV limits and upward pressure from reduced supply of this phase...but prices is the local market should moderate generally in the near future so that might reduce competition.

UsainBolt100

For anyone living in Castlepark on here - is it true that there is an app you can download which allows you to turn on and off your heating/hot water?

Heard that through the grapevine. Very impressive spec if that is the case. although not something that would persuade you to buy a house there but it's a nice touch

GavMan

UsainBolt100 wrote: »

For anyone living in Castlepark on here - is it true that there is an app you can download which allows you to turn on and off your heating/hot water?

Heard that through the grapevine. Very impressive spec if that is the case. although not something that would persuade you to buy a house there but it's a nice touch

Would it be this, you heard about?

Nest

Skelp

Maynoothres wrote: »

Hi everyone,

I've heard from Coonan's that they are now only getting single figures of semi's and det for the final stage of Castlepark. That will drive prices even further up for these houses.

We really liked these houses but we're not even considering them anymore now. Paying over-the-top prices now will only come back to haunt us in the future...especially with new mortgage restrictions which, in line with increased supply in next 12-18 months in the town, will no doubt level prices out. We don't want to be left with a massive mortgage for houses that are pretty much on top of each other. Future estates as mentioned above will all have the high energy rating so Castlepark has lost it's unique selling point

Hoping something else will pop up soon but not willing to be sucked into overpaying for a house that really isn't worth it. Especially when you look at the price the earlier phases paid. Re-selling in future may be a challenge as they won't have to go for as high as final phase buyers.

Just my pennies worth

Has anyone here got a definitive answer on how the developer intends to discharge their Part V obligations.(apart from hearsay) Could this explain why some of the remaining houses are not being sold on the open market? An old Celtic Tiger trick was to sell the private units first and then build the Part V houses. Although with a new development beside it, this could be bad publicity for potential purchasers.

ixus

So much for the sold out BS. EA calling people with viewings this evening I hear.

Looks like builder has panicked with the new central regulation pending.

As I said:

Market sentiment is in the suppliers favor at the moment, engineered or not. That can't shift pretty quickly and beyond their control. Trying to corner a market rarely works.

hp1

ixus wrote: »

So much for the sold out BS. EA calling people with viewings this evening I hear.

Looks like builder has panicked with the new central regulation pending.

As I said:

As far as I remember they were always planning to release last phase this autumn. October may even have been mentioned before. No change there really then.

I think I signed up for a Castlepark mailing list with Coonan's at the beginning of the year but haven't seen/heard anything from them yet.

Prob won't go tonight but would be interested to hear if many turn up. Also if there is any talk of asking prices...

Maynoothres

I'm on that mailing list too bur have only ever received one e-mail!!

applicant

For anyone living in the detached houses,I understand you get an allowance for tiling etc. How much approx should one budget for additional finishing costs?

So I gather there have been two viewings in recent days.

Anyone any info on (a) number of houses for sale (b) price ranges or (c) attendance at the viewings?

Repetto

I'd be interested in this info too.... I've heard tell of 525k, eeek! though that is just hearsay.

Under forthcoming rules, most people buying with a mortgage need 20% deposit and can borrow a max of 3.5 income.

For EUR 525,000, that's EUR 105,000 deposit and an income of EUR 120,000 per annum.

There were to be 13 detached houses in this phase (maybe some sold by developer, maybe all to be sold by agent - who knows) but whoever buys them will need to be in the top 10% of earners in the country and have a six figure cash pile in the bank. And they'll need to want to live in an estate in north Kildare, on the end of a village with traffic issues. Are there 13 people who fit that profile?

Repetto

Should have said I heard that figure about 2 months ago, so well before the new rules were in the public arena. I've no idea whether these rules will influence the builder's next move re potential price increase, time will tell, but I imagine they'll have to. Even at 450k as per "current" price the deposit required is colossal - how many of the last round of buyers could have afforded that now? Not many I'll bet. Drove past today on my way to Dunboyne in the early morning - they really are handsome houses <sigh>

kevinfoster

Deleted User wrote: »

So I gather there have been two viewings in recent days.

Anyone any info on (a) number of houses for sale (b) price ranges or (c) attendance at the viewings?

There are 9 detached and 6 semi-detached.
There were 3-4 couples at the viewing, maybe more turned up later?
The prices haven't been set yet, but the suggestion at the viewing was adding another 40k to the previous phase's prices. So about 490k for a detached. Bargain!!

So there's couple of things that are interesting.
-They're suddenly eager to sell these houses after the central bank news. Previously they were just sitting on their hands.
-The estate agent doesn't seem to entertain offers from people 'subject to sale'. They want to get people committed to a sale without a get out clause.

What does that tell you?

Has the market already turned?

Repetto

Thanks Kevinfoster!

ixus

There were about 8 couples on Thurs I heard. Wandered up for a look on Sat morning near the end. Five people viewing.

A friend who was leaving as I arrived said it had been busy earlier. Mentioned that people had been quite angry about the lack of information on pricing and indication of sealed bidding. Email in a week or two for details apparently.

They are trying to get these off before the CB regs come into play.

I'm not sure if the 9 detached and 6 semi include the two show houses. I would suggest they don't.

Looking at the propertypriceregister for 2014, I counted 22 properties (excluding Castlepark) that traded for between 350-500K. I wonder is the demand still there i.e. have many moved on since the last phase was released (when was that again?)

Interesting stuff folks.
Looking back at the beginning of this thread, the detached were at 380k at one point. So 490k would be a 29% increase.

There was a guy on Prime Time who had agreed to buy a house in Naas due for completion next year. His take on it was that he'd be drawing down the mortgage in 2015 and so would be subject to the new restrictions. Same must apply to Castlepark.

So while they might want '2014 prices', the reality is that these will be paid for at 2015 prices - which even people against the new Central Bank rules are saying will be lower than 2014.

I'm not saying that means 380k but if they were 450k in spring/summer 2014, it's hard to see 490k in spring/summer 2015.

For the record, I agree that they are handsome-looking houses and the energy rating is a big plus. No need to insulate or change boiler etc which might be the case sooner or later if you buy a 30-year-old house.

But half a million euro...

Maynoothres

Question re the claims that mortgages being drawn down in 2015 being subject to new regs - has this been confirmed?

We have mortgage approval at current standards to remain in date until Feb 2015. Does this mean we need to close a sale before Dec 31st to use this mortgage approval under current regs?

Confused!!

ghostdancer

the regulations are only in proposal stage at the moment, and have still to undergo a public consultation process as far as i know.
from what i've read, it's only future approvals that will be subject to these new regs, so if you've already been approved and are waiting to draw down, i believe you'll be ok.

Maynoothres

ghostdancer wrote: »

the regulations are only in proposal stage at the moment, and have still to undergo a public consultation process as far as i know.
however, yes, that is what i've seen from the reporting on the matter. the banks have a leeway of 15% of approvals that can fall outside those regs though, so you might be ok.

i've recently got MIP for 4 times my salary, 3.5 times would put most of what i'm looking at in Maynooth out of my price range, so am unsure whether to try hammer through something before Jan 1st, or wait until the New Year and hope that prices fall slightly in Maynooth, and the bank will allow me to be part of that 15% (which based on my finances, they should).

We're in the same boat Ghostdancer - it's so hard to know what to do!

Hopefully the budget may bring some light on the situation

Just spoke with my bank and they know as much as we do...surprise surprise!

Happy shopping!!

The guy in the audience on Prime Time who referred to buying a house in Naas which is to be finished next year seemed sure that it was a matter of when you draw the mortgage down rather than when you get approval in principle. He was, as it happens, a financial advisor.

In this article in the Indo, it says:

Most brokers say it will be essential to have a firm offer of a mortgage for a particular property by the end of the year. Approval in principle is not enough.

A Letter of Offer is a legal document. When you write back accepting the offer it becomes binding on both parties. It relates to a particular house at a particular price. The 'approval in principle' doesn't mean anything concrete.

If you have gone sale agreed by December and get a Letter of Offer, it's fair to presume that this will be honoured even if the final details are wrapped up in the new year. (Don't take my word for it, obviously!)

But renewing your approval in principle on December 31st won't buy you an extra six months.

ghostdancer

ghostdancer wrote: »

the regulations are only in proposal stage at the moment, and have still to undergo a public consultation process as far as i know.

Reading about this on another forum/thread, it seems that this is pretty much a done deal. The banks are preparing for it to be a fact given the short 'consultation' period. Consultation ends in early December and then there are about two working weeks before it comes into force so the banks have to be ready to work under the new conditions as outlined in the proposal.

Maybe there will be something in the budget to counteract it but we will have to wait and see. My guess is that the only action will be on increasing supply (which, all things being equal, would temper price rises).

In terms of what to do, it depends how far off the 20% deposit you reckon you are (bearing in mind that prices might fall so you might need to save a bit less that you think).

Personally, if I had >15% LTV right now, I'd hold on and save like a freak. Open viewings might not be as busy this time next year.

If I had 10% and reckoned it would take years to amass another 30k or whatever, it would be tempting to try to sort something out very quickly - especially if family circumstances call for more space.

Thing is, as you surely know well, there are too few 3/4-bed houses on the market right now.

ghostdancer

Deleted User wrote: »

Reading about this on another forum/thread, it seems that this is pretty much a done deal. The banks are preparing for it to be a fact given the short 'consultation' period. Consultation ends in early December and then there are about two working weeks before it comes into force so the banks have to be ready to work under the new conditions as outlined in the proposal.

Maybe there will be something in the budget to counteract it but we will have to wait and see. My guess is that the only action will be on increasing supply (which, all things being equal, would temper price rises).

In terms of what to do, it depends how far off the 20% deposit you reckon you are (bearing in mind that prices might fall so you might need to save a bit less that you think).

Personally, if I had >15% LTV right now, I'd hold on and save like a freak. Open viewings might not be as busy this time next year.

If I had 10% and reckoned it would take years to amass another 30k or whatever, it would be tempting to try to sort something out very quickly - especially if family circumstances call for more space.

Thing is, as you surely know well, there are too few 3/4-bed houses on the market right now.

thanks Ixelles.
i actually have over 20% at present, it's the 3.5 times my salary part which is the problem, as i'm a single buyer.
tempted to wait it out a couple of years until supply increases with these new developments and might possibly have my GF buying with me.

Some of the current prices are a bit much for my taste as well. A 3-bed in Rockfield went for 260k at one point about 15 months ago. Now there's one asking 375k. You could have picked up something in Carton Court for 200k but would now have to spend 280+.

Not saying those bottom-of-the-bust prices are set to return but there's something unreal about the current mini-bubble in Maynooth. We're going to hold on and see what happens but would hope that if there's an adjustment that it doesn't take too long.

trevize

Deleted User wrote: »

Some of the current prices are a bit much for my taste as well. A 3-bed in Rockfield went for 260k at one point about 15 months ago. Now there's one asking 375k. You could have picked up something in Carton Court for 200k but would now have to spend 280+.

Not saying those bottom-of-the-bust prices are set to return but there's something unreal about the current mini-bubble in Maynooth. We're going to hold on and see what happens but would hope that if there's an adjustment that it doesn't take too long.

The adjustment seems to be underway in Dublin. These estate agents have already seen the mini boom stall:

thepropertypin.com/viewtopic.php?f=4&t=63366&sid=7194a4fe87f4f8627a448eba24bea63f

It'll take a few months for the statistics to come through on CSO, but I'd guess these houses will be sold in the meantime.
Buyers won't realise their house value has dropped for a few months.
A bit like Wile E. Coyote when he goes off a cliff.