What do you think of this property?

Freiheit

http://www.daft.ie/searchsale.daft?id=636945

Seems very cheap and in a top location.

Any advice? potential pitfalls?

Thanks
Z

pawnacide

It is cheap .. very, I'm considering an apartment in Portlaoise for the same price.

There will be strong interest for this when it goes to auction and my guess would be it will sell for considerably more.

The market here, as happened in the Uk following their more minor crash in the 80's, is dividing into a two tier market one for the haves and one for the have nots (always seems to go that way .. funny that)

In the UK the level of repos was far higher than here and therefore there were far more of these bargains but they are starting to appear here now also. Savvy cash buyers aren't contacting agents they're contacting banks.

If you are a 100% cash buyer there are excellent bargains to be had but if your a first time buyer and require a mortgage then things aint so hot.

Remember at auction you must pay percentage immediately after the auction and the balance within a very short period so no use to people requiring a mortgage.

BTW all these Allsop auctions are repos by the English Banks.

Freiheit

I agree,it is likely to go for considerably more,it's a galway city centre location.

So you think the Banks then? I am a 100% cash buyer,just walk into the Bank do you think?

pawnacide

Freiheit wrote: »

I agree,it is likely to go for considerably more,it's a galway city centre location.

So you think the Banks then? I am a 100% cash buyer,just walk into the Bank do you think?

Do you know your bank manager ?

If yes just just call him and he'll either tell you to *&@K off or put you on to someone, his reaction will probably depend on how well he knows you as he won't want to be seen to be involved if your just a casual acquaintance.

If that fails contact the major agencies DNG, Sherry Fitz as they handle most of the valuations for NAMA and bank repo's .. I think a DNG guy was appointed to look after all TSB's buy to let 'distressed properties'.


And remember according to NAMA, everything they have is for sale not just the big stuff. They got lots of individual houses under their control that came with bigger stuff .. getting access and being taken seriously is all about who you know.

Knowing how these discussions usually go I'd just like to mention I have personal experience of banks agreeing to sell houses, having been approached privately, without the properties appearing on the market. So please don't try and tell me this can't happen.

This is the one I'm considering:
http://www.onsireland.ie/rinnucinni-apartments.aspx

the_syco

Freiheit wrote: »

http://www.daft.ie/searchsale.daft?id=636945

Seems very cheap and in a top location.

Any advice? potential pitfalls?

Thanks
Z

Here's another of the apartments, in the same block; http://www.daft.ie/21167137

Looks like a decent student apartment. I'd wonder how badly the sound insulation is, how many students occupy the apartment block, and what the noise is like on weeknights?

tara73

the_syco wrote: »

Here's another of the apartments, in the same block; http://www.daft.ie/21167137

Looks like a decent student apartment. I'd wonder how badly the sound insulation is, how many students occupy the apartment block, and what the noise is like on weeknights?

this.
op, did you see this apartment from inside? in the ad is one! pic from the outside, no pics of the rooms, no floor plans...
it's not possible to give a proper valuation of a property with just one pic from the front door...

pawnacide

tara73 wrote: »

this.
op, did you see this apartment from inside? in the ad is one! pic from the outside, no pics of the rooms, no floor plans...
it's not possible to give a proper valuation of a property with just one pic from the front door...

Yes it is, agents up and down the country are paid 125+vat for 'drive by' valuations by banks (not for mortgages btw).

In fact probably 40% of the NAMA valuations were probably done from desks in Dublin.

the groutch

don't think I'd want to be that close to Eyre Square, could be very noisy on a Friday/Saturday night.

pawnacide

I think it's an investment property the OP is considering.

StillWaters

If you could get it for 75K, its a bargain. However I agree this is likely to go for more. Also go through the legal pack prior to auction very carefully.

AFAIK Allsops are all Bank of Scotland sales. They won't do a deal now that the property has been listed for auction.

Marcusm

StillWaters wrote: »

If you could get it for 75K, its a bargain. However I agree this is likely to go for more. Also go through the legal pack prior to auction very carefully.

AFAIK Allsops are all Bank of Scotland sales. They won't do a deal now that the property has been listed for auction.

I think Allsop announced that they had 30%-40% private sellers for this particular auction.

OP: Did you see that the sale is on behalf of a receiver? This has a number of implications but most importantly it means that the property almost certainly has to proceed to auction in order to establish beyond doubt that it achieved the "market price".

zenno

I think this house is even better and only costs 5,000... affordable housing with nature sounds good to me.

https://www.youtube.com/watch?v=l8b80dXMgME

the_syco

zenno wrote: »

I think this house is even better and only costs 5,000... affordable housing with nature sounds good to me.

Looks like it'll be a nice fire...

pawnacide

and what do the rest of the Hobbits think ?

rain on

Friends of mine used to live in that block, the location is great. The apartments are kind of weirdly laid out with the bedrooms downstairs and kitchen/living room upstairs, might or might not be an issue, it'd wreck my head if I lived there though. The sound insulation is pretty bad, they had students beside them for a while and the noise was terrible.

odds_on

One picture (usually of the out side) rings bells for me. You may find that the interior has been gutted. Possibly a re-possessed property and the owner decided to rip out the kitchen, bathroom etc, and sell it to get some cash.

And I speak from experience!

engineermike

Hi,
Asides all the location and other parameters I would advise having a homebuyers pre purchase survey done / structural engineering survey. The age of the home looks to be about 10 -15 years old, built at the height of the boom. We are viewing relatively new properties every week and the issues in newer built properties are quite prevalent in the housing stock.
Even unfinished properties with serious defects being sold by receivers etc.
just ensure you don't get any nasty shocks as soon as you occupy!
Mike The engineer

Icepick

pawnacide wrote: »

I think it's an investment property the OP is considering.

:pac:

Milk & Honey

The property is subject to a lease, so there are tenants in there. What are the terms of that lease? Who are the tenants? Is the rent paid up to date?

Marcusm

odds_on wrote: »

One picture (usually of the out side) rings bells for me. You may find that the interior has been gutted. Possibly a re-possessed property and the owner decided to rip out the kitchen, bathroom etc, and sell it to get some cash.

And I speak from experience!

The Allsop/Space particulars never include more than one photo but your point s generally valid.

Marcusm

Milk & Honey wrote: »

The property is subject to a lease, so there are tenants in there. What are the terms of that lease? Who are the tenants? Is the rent paid up to date?

The terms should be in the legal pack available to any registered user on that website.

Milk & Honey

Marcusm wrote: »

The terms should be in the legal pack available to any registered user on that website.

I asked what they were, not where or how can they be obtained.

Marcusm

Milk & Honey wrote: »

I asked what they were, not where or how can they be obtained.

THat's a little unnecessarily gruff. Personally, I saw your post as an exhortation to the OP to ensure that they had adequately researched the property. If you're interested in the partciulars, perhaps you are interested int he property yourself. Allow me to be your slave

The property has been let since 1 November 2010 to two Polish ladies (I guess from their surnames) at a rent of EUR700 pcm (with a EUR970 security deposit). The initial lease was for 6 months and I would infer that they have been there on a Part 4 basis since. More interestingly, there are arrears in excess of EUR4k on the management fees although there are current payments being made.

Could I undertake some more research for you?

Marcusm

Sold for EUR112k which I have to say is a not inspiring 7.5% max yield (likely significantly less with costs). Wonder if the purchaser intends to occupy?

Was it Freiheit?