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Schadenfreude.


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#1 headmelter

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Posted 14 January 2008 - 02:04 AM

A friend of a friend thought he would invest in a city appartment and approached the developer about a year ago and managed to negotiate the sale of one of the planned appartments, at a 'discount' which were due for completion in september 2007. He paid a £35k deposit. :blink: and the projected selling price was to be £235k. :blink: :blink:
Now with a lot of construction projects the completion date has been delayed and is now March 08.
Another similar devlopment close by has been recently completed and despite a reduction in asking price none of the appartments have sold.
The friend of a friend contacted the developer of the completed appartments to be told that he could have one for £190k. That's already a potential £45k loss he is currently looking at and he still has 3 months to wait before he takes possession of his depreciating assett.
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#2 Vespasian

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Posted 14 January 2008 - 09:17 AM

DOH!

Edited by Vespasian, 14 January 2008 - 11:13 AM.

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#3 Sour Mash

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Posted 14 January 2008 - 10:28 AM

New-build apartments: Never really a good long-term investment as I posted on the main thread.

Given the disgraceful quality of some that I've seen, I have wonder if many aren't destined to become the slums of tomorrow. You'd think that in a sustained property boom where flats are selling for silly money that the builders could afford to take their time and do a good job. Instead, greed kicks in and they slap them up as cheaply and quickly as possible while asking top dollar.

Plus ça change, plus c'est la même chose

#4 Vespasian

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Posted 14 January 2008 - 11:22 AM

New-build apartments: Never really a good long-term investment as I posted on the main thread.

Given the disgraceful quality of some that I've seen, I have wonder if many aren't destined to become the slums of tomorrow. You'd think that in a sustained property boom where flats are selling for silly money that the builders could afford to take their time and do a good job. Instead, greed kicks in and they slap them up as cheaply and quickly as possible while asking top dollar.

Very true, look at this poor effort. I only assume its on for 250k. In Ballyhackamore!
http://www.propertyn...;p=BTWBBTWB0110
You would have thought they could have integrated the fridge instead of pushing in that cheap Currys effort. A breakfast bar might have helped break up the room and why is the sink below the window in the bathroom. How is anyone going to shave? Plus a toilet would be handy!
And this is penthouse luxury living? :lol:
"The government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it" Ronald Reagan

The nine most terrifying words in the English language are, 'I'm from the government and I'm here to help.'Ronald Reagan

"Martin, it's all psychological. You yell barracuda, everybody says, "Huh? What?" You yell shark, we've got a panic on our hands on the Fourth of July" Jaws 1975

Leeroy Jenkins!

#5 md23040

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Posted 14 January 2008 - 11:51 AM

Very true, look at this poor effort. I only assume its on for 250k. In Ballyhackamore!
http://www.propertyn...;p=BTWBBTWB0110
You would have thought they could have integrated the fridge instead of pushing in that cheap Currys effort. A breakfast bar might have helped break up the room and why is the sink below the window in the bathroom. How is anyone going to shave? Plus a toilet would be handy!
And this is penthouse luxury living? :lol:


One of the pictures has a caution sign outside the apartment block - very apt indeed. Heard on the grapevine - one of the largest but definately the most successful construction companies and developers has entered into involunary liquidation at the end of last week for some of its holding companies, allegedly. I will say no more on this until it becomes published. If it is the case it will be surprising, huge news!

Edited by md23040, 14 January 2008 - 11:52 AM.

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#6 dieselfreak

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Posted 14 January 2008 - 01:10 PM

Plus a toilet would be handy!
And this is penthouse luxury living? :lol:


The "bog" as its called round here is just visable on the right of the picture.... :P

Aside from that, yes a shocking build. Those shoved in white goods, really scream cheap and nasty.

A snip @ 1/4 million. :blink:

#7 FrustratedFTB

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Posted 14 January 2008 - 01:40 PM

The "bog" as its called round here is just visable on the right of the picture.... :P

Aside from that, yes a shocking build. Those shoved in white goods, really scream cheap and nasty.

A snip @ 1/4 million. :blink:


Well if you want 'apartment' living come to the metropolis that is Lisburn (no hotels allowed!). Oh so many are going to get burnt in the flat market here.

Even with the crazyness you can get three bed houses for less then most of the 'apartments' listed here!
325k for a 2 bed apartment because it is 2 mins walk to the station!

http://www.propertyn...?s=35489319&p=1

Pay an extra 25k and you can get a 4 bed house but its a 10min walk further! Oh the decision!
http://www.propertyn...mp;p=FDPFDP2123

#8 p.p.

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Posted 14 January 2008 - 02:03 PM

Well if you want 'apartment' living come to the metropolis that is Lisburn (no hotels allowed!). Oh so many are going to get burnt in the flat market here.

Even with the crazyness you can get three bed houses for less then most of the 'apartments' listed here!
325k for a 2 bed apartment because it is 2 mins walk to the station!

http://www.propertyn...?s=35489319&p=1

utter madness

look what you can get in Notts for 125k - where wages are higher incidentally

http://www.rightmove...0...=1&tr_t=buy

edit - this is bang in the city centre as well

Edited by prophet-profit, 14 January 2008 - 02:07 PM.

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#9 subby

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Posted 14 January 2008 - 04:05 PM

utter madness

look what you can get in Notts for 125k - where wages are higher incidentally

http://www.rightmove...0...=1&tr_t=buy

edit - this is bang in the city centre as well


if they had that over here I'd buy it ...but they dont :(
Work to live...don't live to work....

#10 tara747

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Posted 14 January 2008 - 04:58 PM

One of the pictures has a caution sign outside the apartment block - very apt indeed. Heard on the grapevine - one of the largest but definately the most successful construction companies and developers has entered into involunary liquidation at the end of last week for some of its holding companies, allegedly. I will say no more on this until it becomes published. If it is the case it will be surprising, huge news!


Thanks. Please let us know when it is reported in the media.

#11 md23040

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Posted 14 January 2008 - 07:25 PM

utter madness


Don't forget service charges within apartments for depreciation and maintenance. Also lifts etc have to be replaced as well as serviced annually, with monies set aside in a sinking fund. An apartment purchase in a rationale market against the purchase of a semi or terrace is always a zero based argument. Will keep you informed Tara but it is going to be major if true. One of the biggest caught out in land banking and the interest rollover no longer allowed by the banks - £100m’s involved.
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#12 HPCwhen?

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Posted 14 January 2008 - 08:37 PM

Very true, look at this poor effort. I only assume its on for 250k. In Ballyhackamore!
http://www.propertyn...;p=BTWBBTWB0110
You would have thought they could have integrated the fridge instead of pushing in that cheap Currys effort. A breakfast bar might have helped break up the room and why is the sink below the window in the bathroom. How is anyone going to shave? Plus a toilet would be handy!
And this is penthouse luxury living? :lol:


I drive past this everyday - it dosen't look any better from the front either. £250K is a f***ing joke for this property, even if it is on the Sandown Rd.

#13 HPCwhen?

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Posted 14 January 2008 - 08:46 PM

utter madness

look what you can get in Notts for 125k - where wages are higher incidentally

http://www.rightmove...0...=1&tr_t=buy

edit - this is bang in the city centre as well


Notts must offer good value for money. In the TONITE show special shown last week the young FTB got a well presented semi-detached for 122K with front and rear garden - for that sort of money you can buy a skanky terrace in Belfast - if you're lucky. Properties here are seriously over-valued.

#14 HPCwhen?

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Posted 14 January 2008 - 08:57 PM

http://www.propertyn...mp;p=CPCCPC1302

If this is such an 'ideal investment opportunity'why is this E.A. off-loading it now? Mmmm, I wonder. What is a "kitchen air gap to bathroom area" anyway?

#15 Vespasian

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Posted 14 January 2008 - 09:47 PM

http://www.propertyn...mp;p=CPCCPC1302
What is a "kitchen air gap to bathroom area" anyway?

Sounds like you can pop in for a dump while watching the dinner cook :o
"The government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it" Ronald Reagan

The nine most terrifying words in the English language are, 'I'm from the government and I'm here to help.'Ronald Reagan

"Martin, it's all psychological. You yell barracuda, everybody says, "Huh? What?" You yell shark, we've got a panic on our hands on the Fourth of July" Jaws 1975

Leeroy Jenkins!




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