Apartments in Mount Kenneth,dock road?

Freiheit

My brothers is considering buying one for E40K,I know it was a allegedly bit 'red light' in the past, but what's it like now?.
A merry christmas to all
A

L.T.P.

From what I hear its not a great spot, rough as f**k...

munstergirl

One of those apartments was for sale in Allsop auction in sept, failed to meet reserve of €37,500, sold after auction for €37,000.

Wouldn't live there if you gave me apartment for free.

hightower1

Bit of a balck spot alright. Seemed like in the boom a lot of forigeners needed cheap apartments asap and landlords were only too happy to supply them. Unfortunatly a lot of the landlords didnt bother to upkeep them well, change matresses, redecorate the place etc.

They way they saw it was there was a stupid amount of cash coming in each month and thats all they cared about. When the forigeners moved away they were left with down trodden apartments with circa 1987 interior decoration. Landlords made the problem even worse then by refusing to accept the state of these places / the bubble burst leaving some vacant for months / years on end as they refused to drop price or decorate the places. Some sold up like you see and some redecorated / dropped price but the stigma of the area is still there and will be for a long time.

I would stay away from purchasing around there. A far better bet would be an apartment in one of the georgain buildings along people park / oconnel street areas. They are more central, far nicer places to be when decorated well and as a result far more consistent rental potential. They may not have parking but if your looking to rent in the city center potential renters wont be too put off by this as the public transport is so close.

bazz26

They are going cheap for a reason.

skyguy19

they dont call that area "the Bronx" for nothing

Freiheit

Thanks all,so I take it you think he's making a mistake? he's talking about 40k. What will become of it in the future?

flutered

it will get worse, a lot worse, have you ever walked thro there a few time a day for a forthnight to get the feel of the place, its the place that i would insist all bank managers live, b.t.w. not only do i detest banks i actually despise them.

roast

All of these comments I'd agree with if it were five years ago. Now, Its different. How many of you actually live there now?

hightower1

Freiheit wrote: »

Thanks all,so I take it you think he's making a mistake? he's talking about 40k. What will become of it in the future?

Well if we all knew that we'd be millionare property speculators!
Realistically it will continue to get worse, less and less occupied apartments, less and less occupied rental units for businesses until something gives. Perhaps the place will get regenerated , knocked and or reporposed as a public park area or shopping mall.

IMO it would be better suited to being a logistics area if there were a major push to bring Limerick in as a goods / logistics shipping hub like shannon airport is for airfreight.

eclectichoney

One thing I would say is, a 2 bed here rents for around €450 pm at best atm., but there are quite a few of these apartments available at any given time, so I reckon a ten month occupancy rate would be an optimistic view.

Assuming management fees of approx 1k per year that means your gross rental income is 3500 per year before expenses, household charges, the 200 second property charge - a yield of approx 8.7% before expenses and taxes (which could consume half of your rental income depending on your financing arrangements for the property and your income level). If it were me I would be looking for a minimum gross yield of 10% at the moment, and also a property with a unique selling point such as a special location (O'Connell ave etc.) something that will ensure it holds its value, not a property where there are hundreds of identical competing properties out there.

hightower1

eclectichoney wrote: »

If it were me I would be looking for a minimum gross yield of 10% at the moment, and also a property with a unique selling point such as a special location (O'Connell ave etc.) something that will ensure it holds its value, not a property where there are hundreds of identical competing properties out there.

Very very true, I am renting ATM. Paying 800per month and have a nice penthouse overlooking the city for the price BUT would like somewhere cheaper so I could save for a house eventually. Now I could go for somewhere thats a cookie cutter of all the other apartments out there but something thats unique is a massive draw for me. The old georgain style apartments are beatiful if decorated well, I would ideally like a 2 bed but I would even give up a bedroom for one of those apartments in good decrotive order.

I cant stress enough - good decrotive order, just look through daft for apartments in the city and it breaks down to 2 catagories...mount kenneth apartments with their red sofa, green carpets and yellow curtains OR really nice apartments completely ruined by furnishings that clearly were old hand me downs from the landlords own house where now they sit on comfortable stylish new ones. Things like this tell you stay away almost immediatly , the landlord is tight, expects you to live somewhere they wouldnt, sees potential renters and the property as a secondary care rather than someones potential home.

The ones to nab in my eyes are ones tastefully decorated, in unique locations or with unique features whilst being in reasonible order. Even small things wouldnt put me off a fundimentilly great property. Dodgy door frames can be fixed by me or old small appliences I would be more than happy replace but only if the property is clean and decorated well. There is no way I am buying and decorating a place from scratch and lugging it all with me should I move in the future.

krudler

a friend used to live there, she lasted 2 weeks, an absolute sh1thole of an apartment block

Raiser

I heard the Rats moved out last month...... And they had it rent free......

Miike

Friend of mine lived there for 2 days. On a 12 month lease...

It's just going to get worse. Were talking 40K here, the place is riddled in drugs and the type that come with them. Might aswel catch the 40k and kick it off the top of Dunnes.