OrmeauRoadBuyer

I have been granted planning permission and building control for a large house renovation project in the South Belfast area (predicted cost of £100k+). I had been due to put this project out to tender two months ago. I have decided to hold tight to see what happens with prices due to Covid-19. I have spoken to a builder and he informed me material prices have shot up due to Covid-19. I guess my question is how long should I wait before getting quotes in for my project. I believe Covid-19 material prices will start to normalize as production resumes due to Covid-19 restrictions easing. I guess I want the ending of the furlough scheme to reduce demand from folks wanting to undertake a renovation thus decreasing labour costs with increased competition amongst builders for the little work there will be available. My main worry is waiting in the hope of labour costs reducing brings in the added uncertainty of a no deal brexit pushing material prices sky high. There has been people in this forum saying to wait 6 months since the start of lock down and the price of renovations will plummet. I know we are not quite 6 months in but quotes I have heard from people receiving have come in way over budget with no sign of costs decreasing as of yet. I know building costs have more than doubled since 5 years ago for example especially in the Belfast area.

How do all these doer uppers make any profit I wonder. Are the developers buying them off market directly from the estate agents? Take this one for example. That will have been back to brick. Where is the profit? https://www.propertypal.com/36-brookland-street-off-lisburn-road-belfast/636917

It was in a bad state, it had been converted into offices, the ceiling was those horrible tiled panels for example. From looking on the outside they have fitted a new roof. But still there is at least £100k profit in it I reckon.

I remember this selling for £190k. Now up at almost £400k crazy. https://www.propertypal.com/4-south-parade-ormeau-road-belfast/504434?utm_source=EmailAlert&utm_medium=email&utm_campaign=&utm_content=propPhoto

Ok that does make sense. You reckon that is a good street?, seems to be the best street on that side of the Lisburn Road.

So you saw the photos of inside of number 21. 50k it cost to renovate, so that puts the house next door up to around £310k so £40k more expensive and its only been just over a year!

It has a back garden and an enclosed square courtyard.

https://www.propertypal.com/23-adelaide-avenue-lisburn-road-belfast/497413 The last time I checked on the bidding with this one it was at £250k after two weeks of being listed. A week later it is sold, so it could have reached above £260k. Is over £260k reasonable for a north facing garden, badly done extension (there is a massive hole in the middle of it with a second court yard) and north facing garden. The house next door to it was stunningly renovated with a much better spec and went for £270k, though that was a year and a half ago.

I see this property on the Lisburn road does not appear to be selling. It was listed with Templeton & Robinson at offers over £315k https://www.propertypal.com/3-marlborough-park-central-malone-road-belfast/481000 I see now its up for auction at offers around £290k. It will be interesting to see what it achieves. https://www.propertypal.com/3-marlborough-park-central-malone-road-belfast/487505

Yup. Which is annoying because the bedrooms are tiny, I wouldn't even say its worthy of the 3 bedroom title, more like 2.5 bedrooms. That street is considered one of the best on that side of the Ormeau Road.

Hate to tell you but I was also looking at that property called in this morning to see where the bidding had got to and its sitting at £210k currently I can see it pushing £230k tbh as it has no one facing you and no one facing the back thanks to the large garden.

That postcode falls under Windsor_4 and is listed as the 78th worst crime rate for all of NI, based on figures from Oct 2011 to June 2016. It is even higher than the Annadale Flat area of the Ormeau road which is 85th. So does not seem particularly good.

I used http://www.ukcrimestats.com/ and https://www.police.uk/

Yes I completely agree with that. I also have heard negative reviews of M B Wilson who are the management company of the Bakery.

Ok I will get the details tomorrow from the land registry. It will be interesting to see if it sold at 199.

Also it was listed as 4 bed but its only a 3 bed.

It is ex rental. It was on originally at £190k and was dropped to £185k. She told me that one of the 4 beds sold at £199k, though I am not sure how recently that was. Though this property has the advantage of actually looking down the road and not directly onto another property and also with the two smaller houses next to it means your living areas are not directly joined with the neighbours as they live downstairs and you live upstairs. Can I go back on my word as regards the offer?

Thanks for letting me know. I am to get back to her later with my final decision. Do you have any thoughts on those crime stats I posted? Maybe I am just being super paranoid.

I am not the best at negotiating it must be said.

That door knocking idea sounds like a good idea. I may just try it. I offered £5k below but the estate agent got back to me a few days later saying they had two viewings of the property and that if I offered the asking price they would cancel the viewings. So that is what I did. I guess another part of me is being slightly snobbish. i.e. someone asks me where I live and I say along the Annadale Embankment and they are like oh is that close to those Annadale flats and then I have to explain myself. Where as if I can just say I live in lower Stranmillis it sounds better.

I put in an offer for the 15 Annadale Square town house and it has been accepted. The house itself is perfect for me and is the best one I have found yet. Last night I was browsing the online crime stats to compare the area to Stranmillis and I am having second thoughts about the property because of its location. I have attached four images to this post. The first image shows the total crime rates for each area. The second image is of a map referencing each area. The third and fourth images are each area zoomed in with markers for where violent and sexual crimes have been reported. On the fourth image the house location is the pink icon. As you can see 10 violent and sexual crimes occurred as you approach the property. As I do not drive I fear I am at greater risk of being attacked as I approach the property compared to if I lived in Stranmillis. I would like to know if you guys think I should pull out of the sale based on these crime statistics. There are 892 separate NISOA areas in total for Northern Ireland. Here are where each of the five areas rank for crime rates compared to NI as a whole, with one being the worst area and 892 the safest area. Ballynafeigh_3 = 87/892 Rosetta_1 = 268/892 Ballynafeigh_2 = 350/892 Stranmillis_4 = 430/892 Stranmillis_1 = 818/892

Shame it is not possible to find out the name of the builder for those developments. Street view is usually good for that but it does not go back far enough.

Sorry my post probably made you think I was after your opinion on the Annadale flats themselves. I was more concerned with the type tenant that would occupy them and their proximity to the town houses along the Annadale embankment.

It is this one http://www.propertynews.com/Property/Belfast/GOCGOC7912/15-Annadale-Square/ Is that the ones that have the damp problems? It does not seem to be shifting, I wonder why.

That post was amazing. You seem very knowledgeable about the area. I would like to ask for your advise on an area slightly off the Ormeau Road. I have been looking at the town houses which are situated along the Annadale embankment. The ones which are next to Annadale Cresent, about 15 minutes walk to the Ormeau Road via turning right from Annadale Embankment onto Sunnyside Street. They are also close to the bridge that takes you over to Stranmillis College. Is this a good area? In my mind I picture the Annadale Flats further on up which I would consider the roughest area of the Ormeau Road. Also Annadale Cresent does have flags up and has a Sure Start Centre.