Buying Apartment in Dundrum

douglashyde

Hi all,

First before I get started, I'd like to apologise for yet another another 'should I buy this' thread.

I'm looking for group opinion and thoughts from the Devil's Advocates to talk me down from a possible proverbial ledge.

SO! I'm back living with my parents in Drumcondra for around a month after spending a couple of years renting in Ballsbridge. But given the pace of the property market recently I've now decided to buy a 1 or 2 bed apartment in Dundrum region, Ballsbridge, Donnybrook, Portobello, Grand Canal or Drumcondra. I've been approved for a mortgage of €200k and I'll be apply another €75k deposit giving me €275k (I'm good at maths). This is an approval in principal and I'm currently waiting for my written approval in the next two weeks.

I've now ruled out Ballsbridge, Donnybrook and Grand Canal as they aren't within my price range. And have now settled on Drumcondra or Dundrum region.

I've viewed two apartments in Dundrum advertised at €275k:
Here & Here.

Generally speaking they seem like top notch well built apartments in a good location. Decent management fees/carspots etc. The price seems a tad expensive considering what's sold in the area in the past and I'd have expected to pay €230-240k a year ago. I'd love to make an offer on both of them for €250-260k which gives me enough to also cover admin fees + work + furniture.

I'd really appreciate peoples' opinions on a couple things; First, Dundrum as a town; Any anti-social behavior/traffic/noise/shops? Second and most important, what are your thoughts on the properties and their prices?

Royale with Cheese

I was looking at apartments in Dundrum a while back, in fact the one you've linked to was even on my radar. It's now a full €50k more than it was back then, depressing to say the least. €220k was probably my limit but I decided I'd rather wait until I was earning a bit more and could afford closer to €300k. Looks like the increase in prices will negate whatever increase in salary I get.

I lived in Dundrum for a couple of years and loved it as a location. 15 minutes into town on the Luas, good shops and restaurants, has a cinema too. It's got everything you'd want in a suburb really. Only downside I can think of is traffic can get a bit mental, especially around Christmas.

Ms Happy

If you don't mind me asking, why are you set on an apartment? There are houses in your price range in areas you specified...

http://www.daft.ie/searchsale.daft?id=733298

No management fees, free parking etc.

Here's another apartment in Dundrum http://www.daft.ie/searchsale.daft?id=741190 It is an older development, I had a relative living here a few years ago, lovely area, just a few hundred metres from the Luas

syklops

I'd also like to echo the "Why an apartment".

Johnnyhpipe

You're mad buying an apartment in my opinion. Plenty of houses in that range.

johnnyskeleton

douglashyde wrote: »

I'd really appreciate peoples' opinions on a couple things; First, Dundrum as a town; Any anti-social behavior/traffic/noise/shops?

It's a fairly quiet settled suburban area, but obviously there are a few problems. It's a world away from the city centre etc. The two apartments that you are looking at are at either ends of Dundrum road which is on the far side of the old shopping centre from the main street. The Dundrum Gate one is right beside the church, burdocks, pubs, town centre (new shopping centre) etc and is near a few moderately busy roads. The second is that the windy arbour end of Dundrum and is on an even busier road with a few pubs, take aways etc around it (but Ryans is a quiet pints type of pub).

Second and most important, what are your thoughts on the properties and their prices?

Creevagh road seems more spacious but is lacking in a balcony. Dundrum gate has a large balcony but is a bit higgldy piggeldy. I wouldn't pay €275 for either, I would think €200k is closer to the mark. Their prices have gone up because of the perception of a south county dublin buying frenzy, but I don't think that necessarily applies to apartments. There are still plenty more to come on stream, see e.g. Wycham point:

http://www.thepropertypin.com/viewtopic.php?f=4&t=6930&hilit=wycham

johnnyskeleton

syklops wrote: »

I'd also like to echo the "Why an apartment".

Easier to heat & maintain and more availability in areas such as the city centre would be my reasons to prefer apartments to houses. Obviously the same doesn't necessarily apply to an older apartment in the suburbs!

douglashyde

On the apartment 'vs' house front. I prefer apartments for a few reasons, heating, no garden (I know I'm mad), more cosy, potential to rent (if ever needed). They are also considerable more cheaper than houses. At my age (24) and stage of life, it makes the most sense to me! That withstanding, I'm going to go check out that Gilford Court place!

@johnnyskeleton - you've read my mind on a lot of points. I took a good walk around the area last Saturday to get a feel and Dundrum Gate is on top of everything, the balcony kitchen is its own room and large storage.

Pricing is my main concern, this place (Dundrum Gate) went up in Aug '13 and the estate agent said a price of 300k was reached BUT fell through. I've also been told that there's one bid in place for 260k. This could be the mystical ghost bidder setting a price floor; it's really hard to say. My gut tells me to offer 240k and work it up to 262k (as a absolute max).

It's also worth mention the type of people at viewings. The majority have been couples quite old; 65+ and I'm thinking nest eggs being put to work.
From an investment standpoint given rent in this area, 275k does seem decent!

johnnyskeleton

douglashyde wrote: »

On the apartment 'vs' house front. I prefer apartments for a few reasons, heating, no garden (I know I'm mad), more cosy, potential to rent (if ever needed). They are also considerable more cheaper than houses. At my age (24) and stage of life, it makes the most sense to me! That withstanding, I'm going to go check out that Gilford Court place!

@johnnyskeleton - you've read my mind on a lot of points. I took a good walk around the area last Saturday to get a feel and Dundrum Gate is on top of everything, the balcony kitchen is its own room and large storage.

Pricing is my main concern, this place (Dundrum Gate) went up in Aug '13 and the estate agent said a price of 300k was reached BUT fell through. I've also been told that there's one bid in place for 260k. This could be the mystical ghost bidder setting a price floor; it's really hard to say. My gut tells me to offer 240k and work it up to 262k (as a absolute max).

It's also worth mention the type of people at viewings. The majority have been couples quite old; 65+ and I'm thinking nest eggs being put to work.
From an investment standpoint given rent in this area, 275k does seem decent!

You mentioned deducting about 20k between solicitors, furniture, stamp Duty misc etc. If I were you is stick to that and don't end up where you're are thinking "buy a couch or get a survey done".

But again who knows what's going to happen with the dublin property market - maybe prices will go up even further and, not for the first time, my conseravative nature will be proved wrong!

sawdoubters

Dundrum Gate Apartments
from a review

Loation is brilliant although there is a huge problem with damp and mold,the landlord was good and tried to sort out the problem but no result and the apartment is disgusting. I would NOT try to rent an apartment here unless you are satisfied making a home in this type of setting,our health has gotten worse and I am so glad we are finally out of there,we rented it for 875 and at that is far too dear!please heed my review and do not rent this property..i do not wish to add a star rating but it says i must add at least one but i would not rate it half a star

sawdoubters

4 Creevagh House, Dundrum, Dublin 14, Co. Dublin, Ireland
Sold for € 145,000 on 2013-12-20

The_Conductor

sawdoubters wrote: »

Dundrum Gate Apartments
from a review

Loation is brilliant although there is a huge problem with damp and mold,the landlord was good and tried to sort out the problem but no result and the apartment is disgusting. I would NOT try to rent an apartment here unless you are satisfied making a home in this type of setting,our health has gotten worse and I am so glad we are finally out of there,we rented it for 875 and at that is far too dear!please heed my review and do not rent this property..i do not wish to add a star rating but it says i must add at least one but i would not rate it half a star

If you're going to quote a review- please provide a link to where it came from- it isn't fair to anyone to take reviews at face value- it would be nice to have a reference point from which to explore further.

The_Conductor

OP- there is a lot of apartment accommodation coming on stream in the Dundrum area over the next 18 months. Some of it may be of a higher standard than the two specific properties you're looking at- but god only knows what the prices are going to be- and how motivated the vendor is to sell (the rental market in the area is quite strong- they may simply let them en-mass).

Personally- it is my feeling that the asking prices are too high (for both properties)- but that aside- you may not get them for less.

The issue here- is the potential for property price depreciation.
There has been fundamental change to justify the near 50% increase in the value of these units in the past 24 months (the fact that they are in South Co. Dublin, aside). I couldn't justify these property on their asking prices alone

Also note- any mortgage for these apartments, will be subject to a banks valuation- and as a percentage of these valuations- not what the vendor may be seeking for the units. Just because you're willing to pay 262k doesn't mean the bank will value the unit at this price. You need to get good advice here.

Kaizersoze81

The second one you linked to has storage heaters instead of proper radiators. That would put me right off that place straight away.

douglashyde

I found that review here:
http://dublin.ratemyarea.com/places/dundrum-gate-apartmen-298

It's good to know and something I'll have a surveyor check out if and when the time comes!

The massive price increase on Creevagh house was something that worried me, however it seems that the apartment that I viewed is a new build on top of older units below hence the massive increase from what's listed on the property register; they're bigger apartments.

Not withstanding, prices do seem to be up around 15-20% on 6+ months ago which is a kick in the balls and it's very hard to judge which direction prices are going; dead cat bouce with potential for repo, new builds, nama and cash buyers drying up.

I'm not sure about Dundrum Gate only having storage heater TBH as it was a middle floor apartment and it seemed warm on a cold Saturday. Any thoughts from other people with only storage heaters?

I'm planning on putting an offer in today but won't be going near the 275 asking price mark so the market might determine this one for me.

douglashyde

Just found this article:

http://dublin.ratemyarea.com/places/11-dundrum-gate-168778#show_reviews

"11 Dundrum Gate just came onto the market and if you are considering buying this property. DO NOT. I leaved in a sister apartment for 6 months and the dampness is unbelievable, we also had all sorts of plumbing issues with a smell coming from the next door apartment. Lastly, they don't have any central heating and these places get bitter cold!"

It just went up and I'm not sure what to think. At first I was thinking a disgruntled past tenant of the building, but it seems like a very large risk.

johnnyskeleton

douglashyde wrote: »

Just found this article:

http://dublin.ratemyarea.com/places/11-dundrum-gate-168778#show_reviews

"11 Dundrum Gate just came onto the market and if you are considering buying this property. DO NOT. I leaved in a sister apartment for 6 months and the dampness is unbelievable, we also had all sorts of plumbing issues with a smell coming from the next door apartment. Lastly, they don't have any central heating and these places get bitter cold!"

It just went up and I'm not sure what to think. At first I was thinking a disgruntled past tenant of the building, but it seems like a very large risk.

Get a good surveyor, an insured surveyor! Otherwise, it sounds like you have a sufficient doubt about the property that it is better to look elsewhere.

Thomas D

That Creevagh house apartment rents for €1150. €275K would make it quite overpriced.
The apartments are nice enough but the internal finish is very shoddy. Nothing that you couldn't sort yourself for a few grand.

Michael D Not Higgins

sawdoubters wrote: »

4 Creevagh House, Dundrum, Dublin 14, Co. Dublin, Ireland
Sold for € 145,000 on 2013-12-20

16 Creevagh House went for 150k in Sept last year but it's only a one bed so I'd think number 4 is as well.

Kaizersoze81 wrote: »

The second one you linked to has storage heaters instead of proper radiators. That would put me right off that place straight away.

I hated storage heaters. Never seemed to keep the place warm.

Idbatterim

with regards to dundrum, two big developments are probably not far from coming on stream, which could effect prices, given that its probably 350 odd units...

http://www.rte.ie/news/2012/0709/328408-dundrum-apartment-complex-to-be-evacuated/


http://www.independent.ie/business/irish/hibernia-reit-invests-in-dundrum-apartments-30017934.html

Rabadon

Dundrum shopping centre is really good if you need to buy stuff, it has a lot of good shops. Those apartments looked nice but you could probably get a small house for a similar price..