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Obel


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BBC Newline had a piece on Obel tonight , quick summary

Tallest building in Ireland

You can go to the top for a look for a small charge that goes to charity

Finished and first people moving in from next week

The majority of apartments sold

Most sold in 2005 before the bubble :lol::lol:

Surveyors valuing above contracted prices

Imho looks like a white elephant :ph34r:

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Very funny - they mean during the bubble. Anyone who seriously thinks that prices will stop falling at 2005 levels is living in cloud cockoo land and not paying attention to the news. :rolleyes:

THe Obel would be just perfect then given that your head will be in the clouds and all that by owning one of the bedsits...

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Hey Steelmagnolia,

Interesting reading your post.

I too was dissapointed with the finish of the 1 bed I purchased back in 2005. The cost cutting by the developers following the 3 year delay to build the apartments is a joke.

My main concern was the switch from gas to shitty electric heaters because of "safety". Total BS.

I have yet to speak to my solicitor or see if I can find the original brochure but does anyone have any thoughts or knowledge as to what my legal rights are regarding pulling out of the purchase due to a possible breach of contract. Is changing the spec slightly grounds for a breach? No doubt the developers have the small print in their favour so I'll not get my hopes up but would be interesting to find out.

Cheers

N

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BBC Newline had a piece on Obel tonight , quick summary

Tallest building in Ireland

You can go to the top for a look for a small charge that goes to charity

Finished and first people moving in from next week

The majority of apartments sold

Most sold in 2005 before the bubble :lol::lol:

Surveyors valuing above contracted prices

Imho looks like a white elephant :ph34r:

The bit about the surveyors valuing the apartments above contracted price is utter crap. I know this for a fact. I know Obel was sold at prices much cheaper than the Titanic Quarter but speaking to people in the know the finish is just doesn’t compete. I recon this place will be a massive social housing tenement in about three year’s time. Particularly with the proposed hotel a no go. No doubt this will be sectioned into luxury apartments. My only advice to any buyers is get out while you can. Same goes for all the big apartment projects. There is (will be) NO market in Belfast for these developments.

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The bit about the surveyors valuing the apartments above contracted price is utter crap. I know this for a fact. I know Obel was sold at prices much cheaper than the Titanic Quarter but speaking to people in the know the finish is just doesn’t compete. I recon this place will be a massive social housing tenement in about three year’s time. Particularly with the proposed hotel a no go. No doubt this will be sectioned into luxury apartments. My only advice to any buyers is get out while you can. Same goes for all the big apartment projects. There is (will be) NO market in Belfast for these developments.

The "Young professionals" will live there ;) millions of them....it'll be known as Young Professional Quarter :lol:

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To be fair I know of 4 other apartments being bought as well as my own and the lender's valuations have been above the 2005 prices. These valuers have no bias and are fairly accurate as they are only reporting to lenders who prefer propertys to be undervalued as they are currently highly risk averse. Besides you only have to look at any house price index for Northern Ireland to see the prices are still slightly above 2005 and levels.

How long that will last is another matter...

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To be fair I know of 4 other apartments being bought as well as my own and the lender's valuations have been above the 2005 prices. These valuers have no bias and are fairly accurate as they are only reporting to lenders who prefer propertys to be undervalued as they are currently highly risk averse. Besides you only have to look at any house price index for Northern Ireland to see the prices are still slightly above 2005 and levels.

How long that will last is another matter...

At what LTV?

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No but it makes a difference to the banks evaluation of risk. It makes a big difference to how attractive a mortgage product and ultimately your ability to pay for a purchase you singed up to 5 years ago off plan. The availability of credit will make a difference to how much you can borrow and how much buyers in further phases can borrow. This could eventually reduce the prices of subsequent phases and lower yours if you go to resell. The Obel may not be called the Titanic Quarter but its going to sink just as fast. My advice is to abandon ship. Leave the 60-70% LTV. Leave the deposit. Leave the Economy Seven and Formica worktops. This place will be financial suicide.

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i received your private message and replied did you get it ok?

Yeah but you're off in a bit of a tangent there 2buy i was just talking about the valuation in response to someone elses comment.

It's not quite as simple as walking away when you're contractualy obliged to purchase. That's why I'm hoping they are in breach of contract. If not so be it, I'm not gona lose any sleep over it.. it's a tiny mortgage with big rental potential, you'd be surprised what some mugs are prepared to pay to rent in BT1.

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But who oh why do you want to get rid of an asset with such great rental potential? Why try to break a contract that's going to led to such easy gains. I suspect that when the multitude of buyers and also the developer start to market their rentals that the potential rental income will dive bomb. It's a one bed you have? Can imagine there being a massive market for these in Belfast. Could be wrong. Maybe economy seven is a great attraction to young buyers. But personally I think that the local housing allowance will be your ceiling. Then you have to factor in voids, service charge and damage from this attractive rental clientele.

I take it you have been looking at a BTL mortgage? If not this will seriously effect LTV and insurance costs.

Good luck but i suspect you left your head in the clouds when you went to pick up the keys.

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So you don’t want to rent out the place because of the hassle even though you’ll make shed loads of money from renter mugs. Think I'll call BS on that one.

I reckon you bought this to flip. Realize your mistake. Want to get out of a perfectly legit contract but cant.

Did you take any legal advice for this massive purchase? Did you solicitor not mention the pitfalls of off plan?

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Did Newsline ask Mr Blackbourne how much of the 50,000-odd sq ft of commercial space in Obel has been pre-let? I'm guessing it's not far from zero.

And surely the commercial bit has to trade well to get any decent profit out of this scheme, given the build costs?

I'm guessing that Bill Wolsey and the wily Adam Armstrong saw the writing on the wall when they sold out to Karl in 2008.

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Did Newsline ask Mr Blackbourne how much of the 50,000-odd sq ft of commercial space in Obel has been pre-let? I'm guessing it's not far from zero.

And surely the commercial bit has to trade well to get any decent profit out of this scheme, given the build costs?

I'm guessing that Bill Wolsey and the wily Adam Armstrong saw the writing on the wall when they sold out to Karl in 2008.

And don't forget how much extra money had to be sunk into the foundations of Obel given its location on the infamous Belfast sleech.

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OFFENSIVE POST REMOVED BY MODERATOR

I suggest you book an appointment with a solicitor to see if you can get out of the financial predicament you've gotten yourself in. Something you would have been wise to do before you jumped into this off plan purchase.

Talking about other forum you might want to check out MSE where you'll get much more helpful advice on reneging on your contract.

Come back in six months time and let us know how you get on. Look on the bright side if you dont get out of the deal you'll still have all those renters banging on your door with wads of cash looking for the luxury apartment with economy seven lifestyle.

Caveat emptor my friend.

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If anyone is massivley nosy then for £1 they can view a public document giving a full list of everyone who is contracted to buy a flat in the Obel.

Basically Bank of Scotland (Ireland) have been perfecting their security in regard to the develoment so various mortgages are registered against Obel Limited (company no. NI054487) One of these mortgages (code MG01), filed on July 1, has as an annex a list of assigned contracts in regard to Obel - the online scan is virtually illegible but if you toddle down to Companies House a clearer version should be available.

There are obviously plenty of BTLers as evidenced by the fact that nummerous purchasers have bought more than one flat - as many as four or five in some cases.

The most expensive flat on the list is one booked for £430k.

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Property investor Bernard O’Hare estimates his portfolio of 100 flats and houses, mostly in Belfast, is worth £15m.

“A four-bed terrace on the Ormeau Road, which was worth £20,000 before 1990, is now worth £170,000,” he says. “Similarly, property on the Lisburn Road for sale 10 years ago at £40,000 is going for £250,000.”

Says it all really ;)

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