titanicdev Posted October 21, 2008 Share Posted October 21, 2008 Hi, Has anyone else bought an apartment in the Arc development? The developer is currently refusing to drop the asking price, has anyone been able to negotiate with them on this? Any other comments relating to this development are welcome. Lets work together!! Quote Link to comment Share on other sites More sharing options...
Malthus Posted October 21, 2008 Share Posted October 21, 2008 (edited) Hi,Has anyone else bought an apartment in the Arc development? The developer is currently refusing to drop the asking price, has anyone been able to negotiate with them on this? Any other comments relating to this development are welcome. Lets work together!! Welcome Can't say to much but i'm hearing on the grapevine that the project is 6-12 months behind. Have a good read of the new build apartment woes thread. I think think general view on the board would be to get a good solicitor to pick through the paperwork and use any excuse to get out of the contract . Edited October 21, 2008 by Malthus Quote Link to comment Share on other sites More sharing options...
Traktion Posted October 21, 2008 Share Posted October 21, 2008 There was someone who posted on here a while back who had a deposit down. I'm not sure if he still reads these pages or not though. He did, however, think the TQ apartments were a great investment and the prices would not fall. The majority of the posters here disagreed. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted October 21, 2008 Share Posted October 21, 2008 Has anyone else bought an apartment in the Arc development? I would be surprised if anyone has, the general concensus on this site is that new build apartments are undersized, overpriced, and come with the extra cost of maintenance fees, and therefore would be the last thing any of us would think of buying. The developer is currently refusing to drop the asking price, has anyone been able to negotiate with them on this? That's up to the developer; if he can sell them all at the current price then fair play to him. I personally wouldn't buy an apartment in one of these large developments at any price. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted October 21, 2008 Share Posted October 21, 2008 Interesting fact; I just went on google maps and worked out the how long it would take me to get to my job in Belfast city centre if I lived in one of the 'City Centre' arc apartments, compared to my normal commute from where I currently live in East Belfast. From my house to my work, is 2.7 miles. From The Arc, to my work, is 1.9 miles. So I would be living a whole 0.8 miles closer to work. Is this really worth it? Considering that for less than the price of a two bedroom flat in the Arc, I could buy a 3 bedroom semi detached house in the street where I live. Quote Link to comment Share on other sites More sharing options...
subby Posted October 21, 2008 Share Posted October 21, 2008 painful as it may seem, I'd walk away from the deposit if you can. If you can't then get a lawyer and find a loophole to stop you from buying this property that is probably worth 50k less now that what you first bought it for off plan. good luck sorting it out ...and welcome to the boards Quote Link to comment Share on other sites More sharing options...
titanicdev Posted October 21, 2008 Author Share Posted October 21, 2008 Interesting fact; I just went on google maps and worked out the how long it would take me to get to my job in Belfast city centre if I lived in one of the 'City Centre' arc apartments, compared to my normal commute from where I currently live in East Belfast.From my house to my work, is 2.7 miles. From The Arc, to my work, is 1.9 miles. So I would be living a whole 0.8 miles closer to work. Is this really worth it? Considering that for less than the price of a two bedroom flat in the Arc, I could buy a 3 bedroom semi detached house in the street where I live. Apartment living has historically been more of a lifestyle choice but I do take your point. I still believe TQ is a good long-term investment.. how "long-term" remains to be seen! Quote Link to comment Share on other sites More sharing options...
Malthus Posted October 21, 2008 Share Posted October 21, 2008 Apartment living has historically been more of a lifestyle choice but I do take your point. I still believe TQ is a good long-term investment.. how "long-term" remains to be seen! I'm sure your grandchildren will thank you Quote Link to comment Share on other sites More sharing options...
subby Posted October 21, 2008 Share Posted October 21, 2008 if you're planning on staying there for the nest 7-10 years then you'll be ok....if you're planning on a family in the next 7-10 years then think again. Not too many places a toddler can play in when it comes to a sterile block of flats with little or no garden....and lets face it...they are flats. The word Apartment is just an Americanism word used to make something sound more appealing Quote Link to comment Share on other sites More sharing options...
titanicdev Posted October 21, 2008 Author Share Posted October 21, 2008 if you're planning on staying there for the nest 7-10 years then you'll be ok....if you're planning on a family in the next 7-10 years then think again. Not too many places a toddler can play in when it comes to a sterile block of flats with little or no garden....and lets face it...they are flats. The word Apartment is just an Americanism word used to make something sound more appealing Michael Jackson seems tro do okay with his kids on a balcony :-) I take your point this has always been a long term investment for me. I don't intend to live here longer term. Does ayone have an idea of the rental prices expected for these properties? Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted October 21, 2008 Share Posted October 21, 2008 Apartment living has historically been more of a lifestyle choice but I do take your point. Could you explain what you mean by 'lifestyle choice'? With regards to your earlier question about rent, there is maybe a possibility that the rent on these apartments could be higher than the average apartment in Belfast if this development is seen to be particularly exciting and up-market. Time will tell. Quote Link to comment Share on other sites More sharing options...
titanicdev Posted October 21, 2008 Author Share Posted October 21, 2008 Could you explain what you mean by 'lifestyle choice'?With regards to your earlier question about rent, there is maybe a possibility that the rent on these apartments could be higher than the average apartment in Belfast if this development is seen to be particularly exciting and up-market. Time will tell. A lifestyle choice in that some people prefer "apartment living" as opposed to living in a terraced / other stle of house. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted October 21, 2008 Share Posted October 21, 2008 A lifestyle choice in that some people prefer "apartment living" as opposed to living in a terraced / other stle of house. Yes, but what does that actually mean? Why would it be preferable to live in an apartment over a house? I'm not having a go, I'm just trying to understand things from your point of view. Quote Link to comment Share on other sites More sharing options...
titanicdev Posted October 21, 2008 Author Share Posted October 21, 2008 Yes, but what does that actually mean? Why would it be preferable to live in an apartment over a house?I'm not having a go, I'm just trying to understand things from your point of view. Unsure of the exact socio-economic reasoning behind it but in general it is the young, unmarried professional who chooses this type of domicile. Again this is a huge generalisation but I am sure there are studies you could available online for this topic Quote Link to comment Share on other sites More sharing options...
trebor21 Posted October 21, 2008 Share Posted October 21, 2008 (edited) Yes, but what does that actually mean? Why would it be preferable to live in an apartment over a house?I'm not having a go, I'm just trying to understand things from your point of view. As you are close to the hustle and bustle of the city, nightlife etc. Great if you like the busy life! Great views if yours was overlooking the water. Recently in Oslo and I have to say the buz around the waterfront was fantastic. Lots of Small Cafes bars resturants etc. The view over the fjords was stunning. Buts it the same for renting, rents are normally higher in the City Centre, why dont people rent a house out of town. Simple reason convience. They are quite expensive however compared to what some developers are now selling new build houses for within 20 minutes of Belfast. Also its not just a case of handing back your deposit , you pay this when you agree to your contract. If you pull out after you can be sued! Its up to the developer he wishes to peruse this. There is no need for them to cut prices. They have sale agreed on 90% off the apartments. If I was the developer I would make a point of suing the first few that pulled out. Edited October 21, 2008 by trebor21 Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted October 21, 2008 Share Posted October 21, 2008 As you are close to the hustle and bustle of the city, nightlife etc. I do understand that part, but as I pointed out earlier with the help of google maps, you really arent that much closer. Quote Link to comment Share on other sites More sharing options...
subby Posted October 21, 2008 Share Posted October 21, 2008 Michael Jackson seems tro do okay with his kids on a balcony :-) I take your point this has always been a long term investment for me. I don't intend to live here longer term. Does ayone have an idea of the rental prices expected for these properties? re the michael jackson.... as for rents - ther's a HUGE glut of apartments for rent now and I'd say that the majority, not all, but the majority of flats in the Arc will be investor related. Rental for these flats could be as low as £500-600 per month for a 2 bedroom. Doubt there will be much in the way of higher rents unless a bigger flat, say a 3 bedroom or penthouse. With mortgage costs, insurance and of course the management fees (which can be over £100 a month) you'd be lucky to cover the mortgage payments with the rent never mind the management fees etc... Quote Link to comment Share on other sites More sharing options...
titanicdev Posted October 21, 2008 Author Share Posted October 21, 2008 re the michael jackson.... as for rents - ther's a HUGE glut of apartments for rent now and I'd say that the majority, not all, but the majority of flats in the Arc will be investor related. Rental for these flats could be as low as £500-600 per month for a 2 bedroom. Doubt there will be much in the way of higher rents unless a bigger flat, say a 3 bedroom or penthouse. With mortgage costs, insurance and of course the management fees (which can be over £100 a month) you'd be lucky to cover the mortgage payments with the rent never mind the management fees etc... yeah even if the rent is higher it won't cover the costs involved. but I knew this up front. My apartment is a two bed overlooking the water which should make it relatively desireable. We will just have to see what the rental market is like at the time. I intend to furnish it as well as possible to attract the higher end of the rental market. i might to some Butler training courses! Just kidding In rality it will be at least 2010 before these are ready. The market should (hopefully) be in a slightly better position by then. If not it will all depend on how many current buyers default on the payment to determine if the developer is prepare to drop the prices. Longer term this should be the centre of a substantial development with cultural and historical significance. in ten years time who knows what the asking price will be? you pays your money etc. etc. Quote Link to comment Share on other sites More sharing options...
Traktion Posted October 21, 2008 Share Posted October 21, 2008 yeah even if the rent is higher it won't cover the costs involved. but I knew this up front. My apartment is a two bed overlooking the water which should make it relatively desireable. We will just have to see what the rental market is like at the time. I intend to furnish it as well as possible to attract the higher end of the rental market. i might to some Butler training courses! Just kidding In rality it will be at least 2010 before these are ready. The market should (hopefully) be in a slightly better position by then. If not it will all depend on how many current buyers default on the payment to determine if the developer is prepare to drop the prices. Longer term this should be the centre of a substantial development with cultural and historical significance. in ten years time who knows what the asking price will be? you pays your money etc. etc. You seem to be taking it all within your stride - definitely the best way to take these things. In the long term, inflation alone is bound to make the investment sound, but you may be waiting a long time before you break even. Like you say, you pays your money... I bet you wish you'd waited a couple of years though! The thing is, there will be many casualties in this down turn, not just those in property. The boom was the hidden, destructive part of the cycle and the bust is just the sting in the tail. It's just a shame the boom wasn't curtailed when it could have been. Quote Link to comment Share on other sites More sharing options...
trebor21 Posted October 21, 2008 Share Posted October 21, 2008 yeah even if the rent is higher it won't cover the costs involved. but I knew this up front. My apartment is a two bed overlooking the water which should make it relatively desireable. We will just have to see what the rental market is like at the time. I intend to furnish it as well as possible to attract the higher end of the rental market. i might to some Butler training courses! Just kidding In rality it will be at least 2010 before these are ready. The market should (hopefully) be in a slightly better position by then. If not it will all depend on how many current buyers default on the payment to determine if the developer is prepare to drop the prices. Longer term this should be the centre of a substantial development with cultural and historical significance. in ten years time who knows what the asking price will be? you pays your money etc. etc. Well on a postive side i think getting one overlooking the water was a good move, what levels the aprtment at? Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted October 21, 2008 Share Posted October 21, 2008 If it is furnished really well, you could probably rent it out for £700 a month I would have thought - maybe more? Some apartments in the city centre seem to rent out for very high rents: http://www.propertynews.com/brochure.php?r...=1&sort=h2l Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted October 21, 2008 Share Posted October 21, 2008 Further down the line, another 2000 or so apartments are planned for TQ alone, plus approx 2000 for Sirocco Quay..... Seriously? Another 4 thousand apartments in central Belfast planned? Wow. I wonder will there be the demand for all these? Quote Link to comment Share on other sites More sharing options...
Malthus Posted October 21, 2008 Share Posted October 21, 2008 Seriously? Another 4 thousand apartments in central Belfast planned? Wow. I wonder will there be the demand for all these? found this nice piece on the economics of the housing market http://tutor2u.net/economics/content/topic...mand_supply.htm imho the second graph shows exactly what will happen to the price of flats in Belfast. Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted October 21, 2008 Share Posted October 21, 2008 In rality it will be at least 2010 before these are ready. The market should (hopefully) be in a slightly better position by then. If not it will all depend on how many current buyers default on the payment to determine if the developer is prepare to drop the prices.Longer term this should be the centre of a substantial development with cultural and historical significance. in ten years time who knows what the asking price will be? you pays your money etc. etc. Most people on this website expect house prices to continue falling until 2010-2012. Then prices are generally expected to stagnate for 3 to 5 years. This is what has happened in most previous bubbles around the world. You might find the quote at the bottom of my signature interesting. It indicates when the Northern Ireland housing market may recover Quote Link to comment Share on other sites More sharing options...
Guest vicmac64 Posted October 21, 2008 Share Posted October 21, 2008 Maybe if you approach their bankers you could get one of those appartments for a whole lot less!! Quote Link to comment Share on other sites More sharing options...
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