Castlepark, Maynooth

Skelp

Skelp wrote: »

Seems to be several other applications over by the Tesco.

Application No.-14519- 151 Semi det/terraced

Application No.-14660- 44 Semi detatched

Interesting thanks. Anyone have broad timelines for these houses coming to market?

Repetto

Thanks for that update ixelles... Not what I wanted to hear unfortunately but there you go. We're after a detached in a medium/low density development - non existent in maynooth.

Repetto

Repetto wrote: »

Thanks for that update ixelles... Not what I wanted to hear unfortunately but there you go. We're after a detached in a medium/low density development - non existent in maynooth.

You can go on a cancellation list with Mason Homes. I gather the demand was highest for the semi

Three of the four detached on celbridge road will come to market in spring. Coonan's have a list.

Repetto

Yes, we're on the cancellation list... Not holding out much hope though. I know those bungalows alright. I must ring up about them. Wonder what they'll cost... I've a feeling they'll make CP prices look cheap!

Repetto

Repetto wrote: »

Yes, we're on the cancellation list... Not holding out much hope though. I know those bungalows alright. I must ring up about them. Wonder what they'll cost... I've a feeling they'll make CP prices look cheap!

Wonder about noise there. They must be quite close to motorway.

Here's an unrelated question that I doubt anyone could answer but....: Who bought Castlepark? I mean, FTBers? Trader-uppers?

Wonder if there will be a few houses on market in spring from people selling locally before moving to CP. Wishful thinking maybe!

washburn73

Deleted User wrote: »

Interesting thanks. Anyone have broad timelines for these houses coming to market?

As I've previously outlined in this forum, there are serious concerns within all sectors of the industry regarding Honohan's proposals on mortgage lending criteria. This includes not only buyers, agents and lenders, but also developers. Indeed, there is a real possibility that some banks and private capital providers will withdraw finance to a number of developments.

If there is uncertainty around the ability of wannabe buyers to purchase houses, then why should any lending institution offer finance to a developer to build same? Indeed, why would developers want to borrow money to build houses that will not be sold?

The likes of Mooneys will bank their money from the sale of Castlepark and wait and see what happens. In the meantime, they'll build only to demand - one-off and small bespoke developments.

Like I mentioned in earlier posts, the unintended consequences of the CBI's proposals will be most damaging. I know some of the people in Dame Street - their lack of understanding of 'real world' economics and commerce is truly frightening. I should know because I share the same discipline as them. For instance, take Honohan's warped logic that he was "hoping" that the private sector would provide a mortgage insurance solution for homeowners unable to afford a 20% deposit - he doesn't even understand that it would take an insurer at least 12mths before they would consider providing such a product to a fledgling home-buyers market. He naively expected that this would happen in a matter of months?!?! In a marketplace where the sand was moving under everyone's feet? Insurers want certainty - they want to know that they can be confident of measuring their exposures and the probability of losses occurring. Why would they step up to offer a completely new product in an environment without any certainty and where the "new equilibrium" hasn't been established. Honohan? We'd be better off with Daffy Duck in charge.

Anyway, back to the original point - there'll be very little development commencing until the banks and developers have clarity on the new lending criteria and the projected impact of same on buyers' purchasing ability.

Some of the comments on earlier on this board seemed to think the new proposals were a good thing - that it would somehow remove the 'crazy crowd' from the equation. Good luck with that. The only thing it will do is benefit landlords - demand for housing will continue to rise, but conversely development will stall because of a lack of funding (to developers or buyers) - this will lead to increased rents, higher yields for landlords and an increase in the cost of existing properties (in good rental areas) where the value-price metric will be determined by rental yields. Probably should stabilise around 5% in a village like Maynooth (e.g. €1,500 per month equates to purchase price of €360k).

Apologies for the rant...

washburn73

washburn73 wrote: »

Like I mentioned in earlier posts, the unintended consequences of the CBI's proposals will be most damaging. I know some of the people in Dame Street - their lack of understanding of 'real world' economics and commerce is truly frightening. I should know because I share the same discipline as them. For instance, take Honohan's warped logic that he was "hoping" that the private sector would provide a mortgage insurance solution for homeowners unable to afford a 20% deposit - he doesn't even understand that it would take an insurer at least 12mths before they would consider providing such a product to a fledgling home-buyers market. He naively expected that this would happen in a matter of months?!?! In a marketplace where the sand was moving under everyone's feet? Insurers want certainty - they want to know that they can be confident of measuring their exposures and the probability of losses occurring. Why would they step up to offer a completely new product in an environment without any certainty and where the "new equilibrium" hasn't been established. Honohan? We'd be better off with Daffy Duck in charge.

<snip>

Apologies for the rant...

Ah it was an interesting rant to be fair

I cut out the above bit re. mortgage insurance because I don't think Honohan really wants/expects a private sector mortgage insurance scheme. He's definitely against a state-backed scheme but his noises re. an external private sector solution weren't all that enthusiastic. I read his comments as something like 'Sure, we could look at that as long as it's not offered by the State nor by any bank that I regulate. If some eejits from Canada fancy having a go, be my guest'

I agree with you that it's not a hugely attractive market unless prices for this insurance product were very high - which would be bad news for consumers who had to pay for it.

Anyway...At the start of this thread, detached Castlepark houses were 380k. Presumably that was barely break-even for the developer(?)

Then they were 450k. Presumably this was better than break-even. Then they were 500k... :cool: Presumably the developer is rolling around on a bed of €100 notes.

Let's say the market dips a bit, if he still gets 450-475k for a house, even with high spec., he'll do just fine out of it! I get your point that if there's no profit in house-building there will be no houses built. But surely, to take the Castlepark example, there is plenty of fat to be trimmed if necessary.

Maynoothres

Has anyone who bought in the final phase received anything from Mason Homes yet?

ForEffsSake

Have you exchanged contracts? We're yet to exchange but should do this week. We received the initial details of sale letter from them soon after the bid but I don't think we'll get much more that for a while. I presume they'll start sending out the information packs fairly soon or once they've all been exchanged.

Maynoothres

Ye we signed the last week of November but I suppose very little happened over the Christmas period.

Maybe we're just over-eager but it would be great to know what is included/not included and what are options are, and what we could potentially pick up in the January sales!!

ixus

Ixelles is on the ball here. Don't tell me castlepark wasn't making a profit on their first phase. They've jumped 100k since then. If people are borrowing @ 85/90% that adds up over the lifetime of the mortgage.

A bank lending at 85/90% of 480k is in a far more risky position than 80% of 380/400k. As is the mortgage holder and, in recent history, the tax payers.

Massive premiums have gone on to houses in the last 24 months that just stretch borrowers. This should have been put in place in 2009 (or before).

Newtown Hall launching in Spring.

I'm happy out renting a house where the mortgage repayments would be more than my rent and I don't have to give the bank a significant chunk of my money.

tigershould

http://www.myhome.ie/residential/brochure/25-castlepark-square-castlepark-maynooth-co-kildare/3049098

#25 for sale €550k :eek:


According to ppr:
21/05/2014 €362,996.00 25 Castlepark Square, Maynooth

pobber1

tigershould wrote: »

#25 for sale €550k :eek:


According to ppr:
21/05/2014 €362,996.00 25 Castlepark Square, Maynooth

This country is cracked.

The sooner the 20% rule comes in the better.

yellow hen

pobber1 wrote: »

This country is cracked.

The sooner the 20% rule comes in the better.

Beautiful house though but well outside of my price bracket!:eek:

dori_dormer

Sadly though its probably not an unrealistic price based on what people paid in the last round. 500+ for a shell. This has the attic converted, and flooring done. Plus will probably close in 3 months rather than 12 if you bought new.

I'd say it'll sell quick based on the volume of crazy people offerings in the last round

They must have missed that prices fell slightly (in Dublin) in November:
Dublin house prices fall ahead of new lending restrictions
(These were sales agreed a few months prior to November)

And that the Daft Report showed asking prices were down in the final quarter of 2014 - and expectation for future price growth in 2015 is falling off sharply.
House prices start to fall

But good luck to them*.

*I don't mean that.

washburn73

It is obvious that a number of posters on this topic are very eager to convince themselves and others that the market in Maynooth is "cracked".

Just because you say it, or wish it, doesn't make it so.

If the price of a house that you want (e.g. Castlepark) is too expensive or does not provide an adequate value-for-money purchase, then that's something that each individual will have to deal with. But constantly claiming that it's wrong, or that house prices will plummet if or when the proposed new lending rules are implemented, is simply an argument driven by emotion. If no.25 sells for €550k, then that's the market price for that sort of house. You can cry into your cornflakes and complain to your dentist about it, but it won't change the reality of the situation.

If you want it, buy it. If you don't want it or can't afford it, then look elsewhere. It's your choice. But constantly complaining about why you won't buy or bid just begins to sound like envy, or even worse, jealousy.

It is what it is....

pobber1

washburn73 wrote: »

It is obvious that a number of posters on this topic are very eager to convince themselves and others that the market in Maynooth is "cracked".

Just because you say it, or wish it, doesn't make it so.

If the price of a house that you want (e.g. Castlepark) is too expensive or does not provide an adequate value-for-money purchase, then that's something that each individual will have to deal with. But constantly claiming that it's wrong, or that house prices will plummet if or when the proposed new lending rules are implemented, is simply an argument driven by emotion. If no.25 sells for €550k, then that's the market price for that sort of house. You can cry into your cornflakes and complain to your dentist about it, but it won't change the reality of the situation.

If you want it, buy it. If you don't want it or can't afford it, then look elsewhere. It's your choice. But constantly complaining about why you won't buy or bid just begins to sound like envy, or even worse, jealousy.

It is what it is....

Plenty of "emotion" in that post.

yellow hen

washburn73 wrote: »

It is obvious that a number of posters on this topic are very eager to convince themselves and others that the market in Maynooth is "cracked".

Just because you say it, or wish it, doesn't make it so.

If the price of a house that you want (e.g. Castlepark) is too expensive or does not provide an adequate value-for-money purchase, then that's something that each individual will have to deal with. But constantly claiming that it's wrong, or that house prices will plummet if or when the proposed new lending rules are implemented, is simply an argument driven by emotion. If no.25 sells for €550k, then that's the market price for that sort of house. You can cry into your cornflakes and complain to your dentist about it, but it won't change the reality of the situation.

If you want it, buy it. If you don't want it or can't afford it, then look elsewhere. It's your choice. But constantly complaining about why you won't buy or bid just begins to sound like envy, or even worse, jealousy.

It is what it is....

I have to say I kind of agree with the above post. We would love to buy in maynooth but by the time we offload out current house, we haven't got that kind if money. Having said that if we did it's value to us as a permanent family home is of far greater importance that it's market value.

washburn73

pobber1 wrote: »

Plenty of "emotion" in that post.

Not at all - as I've said before, I have no interest in Castlepark apart from a passing one on the general state of property assets in that part of Kildare and Dublin.

But I do get 'emotional' about people making statements such as "the country is cracked" purely on the basis that the price of a house in Maynooth is not to their liking.

tigershould

washburn73 wrote: »

...just begins to sound like envy, or even worse, jealousy..

Sorry to be pedantic but I don't think you've grasped the difference between envy and jealously.

Anyway, everyone has their opinions which they're welcome to share,

I for one think they're lovely houses albeit with small gardens. Maynoot his a desirable place to live outside if Dublin and The prices have risen at an alarming rate (in line with Dublin rises). the agent for these is Not to my liking and was a big factor in not pursuing. I have the cash to buy and I wish i found them in the first phase. I'm tempted since I'm searching at the mo but for over half million I want more.

hp1

tigershould wrote: »

Sorry to be pedantic but I don't think you've grasped the difference between envy and jealously.

Anyway, everyone has their opinions which they're welcome to share,

I for one think they're lovely houses albeit with small gardens. Maynoot his a desirable place to live outside if Dublin and The prices have risen at an alarming rate (in line with Dublin rises). the agent for these is Not to my liking and was a big factor in not pursuing. I have the cash to buy and I wish i found them in the first phase. I'm tempted since I'm searching at the mo but for over half million I want more.

If you're going to be pedantic then it would help to do so with correct grammar and punctuation.

The price given from the PPR is ex VAT so the jump is not as high as it seems.

The_Morrigan

hp1 wrote: »

If you're going to be pedantic then it would help to do so with correct grammar and punctuation.

The price given from the PPR is ex VAT so the jump is not as high as it seems.

Mod

Don't be a grammar nazi.

DubDani

It's quite sad that you have to spend 550K, and all you get is a small(ish) garden with bare stone walls and not a plant in sight.

For 550K I would really hope to get a decent garden with Plants, Trees and at the same time doesn't look like a concrete jungle in a big city ghetto.

tigershould

hp1 wrote: »

If you're going to be pedantic then it would help to do so with correct grammar and punctuation.

The price given from the PPR is ex VAT so the jump is not as high as it seems.

Yes, excuse me. I was typing from a phone on the train.

I hope my maths is better...

VAT @ 13.5% would make the house €412k + attic conversion €16k + flooring/fittings €10k = grand total €438k.

Therefore an increase of 20% in less than 8 months.

hp1

tigershould wrote: »

Yes, excuse me. I was typing from a phone on the train.

I hope my maths is better...

VAT @ 13.5% would make the house €412k + attic conversion €16k + flooring/fittings €10k = grand total €438k.

Therefore an increase of 20% in less than 8 months.

Forgiven!😉

Conservative estimate there on the attic and also the price was probably agreed last year when phase was released not when sale closed as per PPR so more like 18 months. It is still a big jump but not far out of line with dublin region in that time.

ixus

washburn73 wrote: »

It is obvious that a number of posters on this topic are very eager to convince themselves and others that the market in Maynooth is "cracked".

Just because you say it, or wish it, doesn't make it so.

If the price of a house that you want (e.g. Castlepark) is too expensive or does not provide an adequate value-for-money purchase, then that's something that each individual will have to deal with. But constantly claiming that it's wrong, or that house prices will plummet if or when the proposed new lending rules are implemented, is simply an argument driven by emotion. If no.25 sells for €550k, then that's the market price for that sort of house. You can cry into your cornflakes and complain to your dentist about it, but it won't change the reality of the situation.

If you want it, buy it. If you don't want it or can't afford it, then look elsewhere. It's your choice. But constantly complaining about why you won't buy or bid just begins to sound like envy, or even worse, jealousy.

It is what it is....

I respectfully disagree. Your comments did strike a chord though. They're almost reminiscent of Bertie Aherne's infamous comment:

'Sitting on the sidelines, cribbing and moaning is a lost opportunity. I don't know how people who engage in that don't commit suicide because frankly the only thing that motivates me is being able to actively change something,' he said

I believe we are adding balance (or at least trying to) to a market that is pumped up by the government, banks, EA's and the media. Property purchasers, or potential ones, are being influenced and pushed into another mania.

Why? Who does it suit?

The government. Check.
Banks balance sheet. Check.
EA's. Check.
Media. Check.
Property owners. Check.

Potential property owner. Negative.

I want to provide balance and you say tough titty? There's no emotion in owning a property for me. I've always rented and walked away from a property purchase in Dec 2013 following an engineering survey. Didn't drop a beat.

When I discuss property, I discuss relative value and the mania people are engaging in to the upside.

I think it's logical that, if you're going to buy a house for 500k, you should be able to put 100k down and afford a mortgage of 2K per month plus run a family and save regularly. To only have to put down 50K and repay 2.3K per month brings someone into the price range that is less capable of making big savings and is likely to be squeezed on a monthly basis. Never mind the potential rates could go up in a few years.


It's arguably a lot tougher to support mortgages than it was back in 06-08. Net income is drastically reduced, stealth taxes have vastly increased and childcare costs are the equivalent of another mortgage.

If rental yields go up, more investment will flow into the market. You seem to miss this when discussing the subject.

I'd also note that, in all your posting on Boards.ie, you've only engaged in this thread. Maybe you have missed similar discussions on other threads. Maybe you're not interested for some reason. I'd suggest having a look at thepropertypin.com for a far more intense discussion.

Maynoothres

ixus wrote: »

I'd also note that, in all your posting on Boards.ie, you've only engaged in this thread. Maybe you have missed similar discussions on other threads. Maybe you're not interested for some reason. I'd suggest having a look at thepropertypin.com for a far more intense discussion.

Agreed! Let's keep this thread for Castlepark discussions please! Let us be happy in our expensive little bubble

washburn73

washburn73 wrote: »

It is obvious that a number of posters on this topic are very eager to convince themselves and others that the market in Maynooth is "cracked".

Just because you say it, or wish it, doesn't make it so.

If the price of a house that you want (e.g. Castlepark) is too expensive or does not provide an adequate value-for-money purchase, then that's something that each individual will have to deal with. But constantly claiming that it's wrong, or that house prices will plummet if or when the proposed new lending rules are implemented, is simply an argument driven by emotion. If no.25 sells for €550k, then that's the market price for that sort of house. You can cry into your cornflakes and complain to your dentist about it, but it won't change the reality of the situation.

If you want it, buy it. If you don't want it or can't afford it, then look elsewhere. It's your choice. But constantly complaining about why you won't buy or bid just begins to sound like envy, or even worse, jealousy.

It is what it is....

Like you, I'm not directly interesting in buying in this estate but find this thread to be an interesting window on the market in this part of the country.

I feel more frustrated than envious. Even though we're not looking to buy in Castlepark (no more than yourself), I don't think other people's willingness to pay 500k+ is irrelevant to me, and think commenting on it is fair.

If you watched The Guarantee last night you'll have been reminded of how mad the property market was and how bad the fallout became for everyone. So if someone says 'You'd be mad to pay 550k to live on a housing estate in north Kildare', it's partly out of concern that we were heading into another bubble. Bubbles burst.

Similarly, hoping for regulation this time around is also fair. It's not out of meanness that some of us would prefer that people have saved a decent deposit and be comfortably able to service their debt. Their mortgage is not just a private contract with their bank. Turns out that if things goes awry, it's a shared problem.

Bravo Oscar Bravo

Well we definitely spent alot more than 10K on the flooring and fixtures....
I knew those mother-of-pearl toilet paper holders would come back to haunt me.
And the swarovski signage ("East Wing", "West Wing, "Gift wrapping room") may in retrospect have been slightly OTT.