Beacon South Quarter Apartments

GalwayBmw

Beacon South Quarter 3 bed apts for 375K

What's the catch? Same money would hardly buy a 2 bed apartments in Dundrum.

GalwayBmw

GalwayBmw wrote: »

Beacon South Quarter 3 bed apts for 375K

What's the catch? Same money would hardly buy a 2 bed apartments in Dundrum.

According to the description its one of the duplex units which normally command an even larger price tag, than a normal 2 bedroom apartment.

Mis-listing maybe? Something definitely doesn't add up.

Edit:

Unless its just a ploy to gather interest and as interested parties start bidding against each other the price goes up and up. Though in the current market, that sort of stirring of the pot really isn't necessary.

Thefact

Maybe this has something to do with it. https://www.irishtimes.com/news/environment/residents-bill-for-fixing-beacon-south-quarter-set-to-climb-1.3013664?mode=amp

Bob24

Saw it the other day and was also wondering. In spite of the issues with the block it seems too cheap for such a huge apartment (157 sqm is a very large 3 beds).

One thing to keep in mind on top of the risk associated to the remedial works though: you probably won't be able to get a mortgage for these until the issues are fully addressed (and even if you buy cash that fact will make it more difficult to sell shall you need to).

GalwayBmw

Thefact wrote: »

Maybe this has something to do with it. https://www.irishtimes.com/news/environment/residents-bill-for-fixing-beacon-south-quarter-set-to-climb-1.3013664?mode=amp

That was my first thought too... But there's a number of smaller apartments in the same building which prices don't seem to be affected. So unless they put a lower price to attract more people it's really hard to explain. The interesting thing is what if it's still available at that price:)

Btw there's another similar one available at 360K, so it's hardly a mislisting.

Bob24

Are you planning to call them and ask about it? If yes I'd be curious to know the outcome if you don't mind posting here.

GalwayBmw

I am, I'm probably gonna be be 127th caller asking the same question but...

Samuel T. Cogley

Interestingly no kitchens on the plans...

Oh it's in the living room, how 'modern'.

caviardreams

The fact it is split over 3 floors might put people off as well, compared with if it was over one floor at that size.

GalwayBmw

Bob24 wrote: »

Are you planning to call them and ask about it? If yes I'd be curious to know the outcome if you don't mind posting here.

Both are distressed sales from an 'unknown' bank, both will require an instant payment of circa 30K (fire safety fix contribution), however the sale completion isn't subject to the payment as per the agent. One or both have offers of 360K - which might be the agent's threshold, not sure.

Questions are:
- what stops 30K to turn into 150K?
- what is the legal aspect of requesting that money and not getting it simply bacause people won't have it? there's some equity on the apartments they can't force people out.

Bob24

Thanks for posting back, it is interesting to hear what the situation is. TBH if the only catch was that 30k payment I think it is a great deal.

But obviously there is a bit more to it (I still suspect it is for cash buyers only, as you said the 30k could turn into a lot more, and while unlikely the worst case scenario would be for the building to be evacuated).

If a was a cash buyer capable of accepting a high enough level of risk with 400k euros I think I'd consider it as this place will be worth a lot more if/when all the issues are addressed. But probably not the right move for your average bloke to gamble their life savings on.

GalwayBmw

Bob24 wrote: »

Thanks for posting back, it is interesting to hear what the situation is. TBH if the only catch was that 30k payment I think it is a great deal.

But obviously there is a bit more to it (I still suspect it is for cash buyers only, as you said the 30k could turn into a lot more, and while unlikely the worst case scenario would be for the building to be evacuated).

If a was a cash buyer capable of accepting a high enough level of risk with 400k euros I think I'd consider it as this place will be worth lanlot more if/when all the issues are addressed. But probably not the right move for your average bloke to gamble their life savings on.

Given this is a bank sale it'll be very hard to 'take advantage' of it as if anything changes in favor of the seller they'll pull out immediately - actually simpler they won't do nothing.