Town House / Flats And Semis But Exclusive!

[mockbavdnk]

Surely its time for a lot of buyers in Northern Ireland to catch on that the company who is building their housing estate and have been so generous to drop their prices by a pathethic 30% or so to realise exactly what they are buying

I have posted similar to this before as am shocked how stupid people are with their money!!!!

I know a work collegue, who was sucked in on buying half a house (he says a semi detached) in a new build housing estate (he says development)

120k!!!! Like god knows who you will be sharing this with, after all semi means half a house/building

when things calm and basic income people who earn £20k A YEAR can get loans again, they will be lucky to get 60K, so where do these stupid people buying their boxes in their "EXCLUSIVE DEVELOPMENTS" fit in???

[Malthus]

Surely its time for a lot of buyers in Northern Ireland to catch on that the company who is building their housing estate and have been so generous to drop their prices by a pathethic 30% or so to realise exactly what they are buying

I have posted similar to this before as am shocked how stupid people are with their money!!!!

I know a work collegue, who was sucked in on buying half a house (he says a semi detached) in a new build housing estate (he says development)

120k!!!! Like god knows who you will be sharing this with, after all semi means half a house/building

when things calm and basic income people who earn £20k A YEAR can get loans again, they will be lucky to get 60K, so where do these stupid people buying their boxes in their "EXCLUSIVE DEVELOPMENTS" fit in???

Think you may want to change to the "bear" side

look back at this scene from 2007

http://www.bigpicturedev.com/news8.htm

People flash the dough for the Ormeau apartments

Belfast Telegraph

June 28 2007

By Helen Carson

Over 100 luxury apartments at the former Ormeau Bakery site in Belfast were snapped up in a few hours, generating £35m worth of sales - without any advertising - it was revealed today. The development has proved popular with local house hunters who were more than happy to part with their cash in a bid to secure a home in the scheme’s first release.

Publicity about the Ormeau Road scheme, which is being built on the historic south Belfast site of the former bakery, generated huge interest among prospective homeowners, thousands of whom registered their interest over a year ago. And the owners, Big Picture Developments, were able to sell the prestigious homes with no advertising. The bakery, which first opened as Ormeau Bakery in 1890 to produce Ormo bread, has been transformed into one of the city’s premier schemes. With its 157 spacious, high-quality loft-style apartments, all with car parking and many with features such as high ceilings, it proved to be highly desirable.

A one-bedroom apartment at The Bakery ranges in size from 550 to 650sq ft, selling for £250,000, while two-bed flats (800 to 1,000sq ft) cost between £300,000 and £360,000 for the lucky few who got in on time.

The development also features a unique courtyard specially designed by celebrity gardener Diarmuid Gavin. There is also a glass bridge and gym at the complex. Barry Gilligan, director of Big Picture Developments, said:

“We only intended to release 50 apartments in the first phase but due to the very strong demand, we released over 100.â€

Mr Gilligan said development of the former bakery was carried out in a sympathetic way in a bid to retain much of its original character.

“Although the building did not have listed status, we have treated it as such and have carefully and sympathetically retained the exterior while adapting the interior to meet the requirements of modern living,†he added.

Meanwhile, Belfast-based architects Robinson Patterson Partnership retained or restored many of the building’s original features, including the cantilevered staircase, the terrazzo tiles entrance and landmark exterior clock as part of their redesign. And The Bakery will have a large number of owner-occupiers. Thomas O'Doherty, associate at selling agent Eric Cairns Partnership, said:

“We've had huge interest in this scheme from both home buyers and investors, but Big Picture Developers wanted to ensure that homeowners were given priority to buy into the development.â€

Buyers have also agreed not to sell their property within the first 18 months to ensure the scheme develops as a community as well as a good investment. Mr O'Doherty said: “Overall, the success of The Bakery highlights the ongoing confidence in the residential market.â€

No wonder the buyers of such developments are " bricking it " , £250,000 for a 550 sq ft flat

It's going to end in tears , and sooner rather than later imho

[BelfastVI]

Surely its time for a lot of buyers in Northern Ireland to catch on that the company who is building their housing estate and have been so generous to drop their prices by a pathethic 30% or so to realise exactly what they are buying

I have posted similar to this before as am shocked how stupid people are with their money!!!!

I know a work collegue, who was sucked in on buying half a house (he says a semi detached) in a new build housing estate (he says development)

120k!!!! Like god knows who you will be sharing this with, after all semi means half a house/building

when things calm and basic income people who earn £20k A YEAR can get loans again, they will be lucky to get 60K, so where do these stupid people buying their boxes in their "EXCLUSIVE DEVELOPMENTS" fit in???

I try not to get involved in silly things here but just what is it you are saying. You refer to a semi as half a house. The majority of people in NI and the UK live in either a semi-detached house or a townhouse. This has been a type of house design employed for over a hundred years. Parts of old Belfast were over done after the second world war with densities of over 20 to the acre ( Donegal Road and Ardoyne, to name but two). The design of new developments or estates, if you like have improved greatly upon this and with the introduction of open space and densities closer to 12 to the acre the schemes are a great improvement on what was available before.

If you prefer and can afford a detached in the countryside fair play to you and good luck, but there is no point in looking down on the masses that cant. We cannot house the whole population in detached houses separated away from each other. Most of NI would be covered in housing if we done that and there would be no countryside. PPS14/21 was brought in to ensure this never happened and the people were to be housed in the urban footprint with a concentration of that housing as close to main employment, retail and infrastructure in the available zoned land. The only way that the estimated housing need could be accomadated without the need for zoning further swathes of land was to install it at a higher density. PPS3 suggested higher densities than we are even employing here with medium density classified as between 14 to 18 to the acre. I personally consider anything over 16 to the acre to be high density.

People in here can debate whether a '30% or so drop' is enough but very few will consider it 'pathethic'. It is substantial and the only debate is - is it enough. The more I read your comment the more I think Troll, so perhaps I'll stop. I just dislike the constant referal to either buyers or sellers as fools and stupid. It leaves what is a very informed forum looking shabby to and casual visitor. The press drop in and out and I think it takes away from any argument you may or has and from the rest of us as well. I think the mod should look at this as it is taking away from a very interesting forum.

[BelfastVI]

I've had a look through all his posts and they are consistent with someone who hates housing developments and over-priced shoeboxes. May be a bit OTT in capitals and language at times but not something that anyone has found offensive. On the main board posts like these would not even be noticed. I think we have become used to this NI forum being more for debate than argument and on the whole there is courtesy and respect between posters.

Fair enough, thanks for addressing this

[mockbavdnk]

Fair enough, thanks for addressing this

Hi all, no way do the posts mean to look derogatory against houses like Semi-Detached OR Terraced. The point I was making is the fact that so many developers are sticking big billboards up at the end of these sites and calling them all "Exclusive" "Prestige" "Exciting" etc . At the end of the day most of what has been built in the last few years is anything but these terms, it was as many houses as could be built crammed onto a site. I mentioned that at the minute a lot of people do seem to be sucked in by the hype and by the signs to buy these. There are older style either semi, or detached houses available through auction those built when land prices were not at a premium that do have decent living space/ gardens etc.

I do know someone who purchased in one of these new exclusive "townhouse" developments in 2006, she is tortured with noise and general anti-social behavoir, so in someways a 1960s style housing executive estate house would have been have the price, been bigger and probably caused her less hassle.

[BelfastVI]

I was looking at Wilsons auction for Scotland tonight and saw 3 lots of 4 bed detached.

2 of the lots are in a small exclusive development

Lot 13, 27, and 33 - all at 100k or lower.

Are these being sold for less than cost build? Or do detached houses in Scotland not cost as much as the goldplated houses in NI?

http://www.wilsonsauctions.com/property_sc...nd.asp?offset=0

similar house in Caldercruix

http://www.rightmove.co.uk/property-for-sa...ature%3DParking

Took a look at lot 13:

Sale Instructed by the ADMINISTRATORS for the Lender --

Previously marketed in excess of £300,000

Doubt if the Administrator cares what it cost to build. I would suggest the price quotes has more to do with the outstanding mortgage than the actual build cost.

Edited June 15, 2009 by BelfastVI

[BelfastVI]

Hi all, no way do the posts mean to look derogatory against houses like Semi-Detached OR Terraced. The point I was making is the fact that so many developers are sticking big billboards up at the end of these sites and calling them all "Exclusive" "Prestige" "Exciting" etc . At the end of the day most of what has been built in the last few years is anything but these terms, it was as many houses as could be built crammed onto a site. I mentioned that at the minute a lot of people do seem to be sucked in by the hype and by the signs to buy these. There are older style either semi, or detached houses available through auction those built when land prices were not at a premium that do have decent living space/ gardens etc.

I do know someone who purchased in one of these new exclusive "townhouse" developments in 2006, she is tortured with noise and general anti-social behavoir, so in someways a 1960s style housing executive estate house would have been have the price, been bigger and probably caused her less hassle.

I take the point you are making now.

No doubt some lower density schemes in the past had greater space between them. I would not agree they were built any better. However we have to consider the acres of land they were taking up. The Government have agreed that we cannot go on eating up green space for housing the way he have been and greater densities and use of the already zoned land must be employed. In fact there are greater controls on the zoning of additional lands than there ever has been. Almost 80% of the zoned land in the forthcoming BMap has been built on.And it hasn't been released yet. Whilst there will be 'exclusive' lower density developments they will be more expensive.

I take your point on the use of the phrase 'exclusive' as by its definition every scheme cant be exclusive and we are guilty as charged. Bit like every piece of land that is put on the market for sale is described as an 'outstanding development opportunity'. Well they cant all stand-out from each other and very few of them do.

I see you are using development again and thanks for that. Development, for me means a 'private' estate, and by that I mean a development of houses funded by the private sector. An 'estate', to me refers to a development funded by the government for social housing. I find the two words are used to distinguish the two. Margaret Ritchie has tried to mix the two and that experiment will be interesting.

When you advertise, it costs money and you have to put your best foot forward. Those terms are 'sadly' the best that the advertisement industry can come up with. Can you think of any better that would help sell houses. Most cars are described as spacious, economical and reliable. Some purchasers may disagree. Some holiday destinations or resorts are described as family friendly, secure and close to the beach. Again some people disagree.

Some people in here describe vendors as greedy idiots, every purchaser as deluded idiots. And every media outlet (apart from the newsletter) as VI's. Every development is crammed with shoe-boxes and bad news is good news in here. It is a matter of view point.We all like to think we have a balanced view point but we cant claim that if we have pre-conceived opinions and are not open to listen to others. Am I balanced in my view point, I try to be but - probably not as I work in the industry

[Belfast Boy]

Some people in here describe vendors as greedy idiots, every purchaser as deluded idiots. And every media outlet (apart from the newsletter) as VI's. Every development is crammed with shoe-boxes and bad news is good news in here. It is a matter of view point.We all like to think we have a balanced view point but we cant claim that if we have pre-conceived opinions and are not open to listen to others. Am I balanced in my view point, I try to be but - probably not as I work in the industry

Honestly, what do you expect in a website called housepricecrash.co.uk.

[S S]

Honestly, what do you expect in a website called housepricecrash.co.uk.

I agree, thats why I always have a laugh to myself when numpties ask "should I buy at the moment", please its like asking the anti-abortion lobby "should I have an abortion", what do you think the answer will be?

[BelfastVI]

Honestly, what do you expect in a website called housepricecrash.co.uk.

I understand, I was just making the point - we all have out 'industry speak' Its standard across the board.

[Belfast Boy]

I agree, thats why I always have a laugh to myself when numpties ask "should I buy at the moment"

I find that funny too.

Though they are asking people here who predicted the house price crash would happen.

And they will get a much more objective and accurate answer than asking an estate agent, developer or builder "should I buy at the moment". At some point I imagine that I will be here actually saying that "now is a good time to buy". However, house prices still have far too far to fall in my honest opinion.

Edited June 15, 2009 by Belfast Boy

[S S]

I find that funny too.

Though they are asking people here who predicted the house price crash would happen.

And they will get a much more objective and accurate answer than asking an estate agent, developer or builder "should I buy at the moment". At some point I imagine that I will be here actually saying that "now is a good time to buy". However, house prices still have far too far to fall in my honest opinion.

I agree.

I hope this thing rumbles on for the next 3-5 years, as you say history will repeat. I know a few who are waiting to buy into the property market as long term investments. Freeze the pension and get into property at the bottom seems to be the consensus.

I do think there will be problems with lack of good supply further down the line maybe 3-5 years. There is very little new developments being built at the moment. It will be interesting to see will this have any effect or do we not need to build any more houses for the next 5,10,15 years.

Slightly off topic, I was chatting at the weekend about the "spring bounce". It was brought to my attention, according to the UU quarterly reports the average seems to be around 2000 transactions per quarter, there doesn't seem to be a big increase in the spring time. Where did the "spring bounce theory come from?

[Belfast Boy]

Freeze the pension and get into property at the bottom seems to be the consensus.

I have experienced being a tenant and landlord first-hand. Never again.