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Down at heart in docklands

Thu, Oct 14, 2010

TRENDS: News of the sale of cut-price apartments at Grand Canal Square angered ALISON O’RIORDAN

LAST Thursday morning when I saw the words “A docklands deal” on the front page of this property section, I felt like crying.

All day I eyed the block in question from my fifth-floor apartment window, in the next- door building on Hanover Street.

If there was a competition for throwing dirty looks, I would easily have come first, for those aesthetically beautiful Grand Canal Square apartments are being offered to first-time buyers for a sickening €190,000.

Two years ago, with help from my parents, I bought into the same sought-after riverside location in Dublin 2, but for the horrifying sum of €525,000.

It’s such a bitter taste of defeat as I stare out my window each morning that I leave the blind down continually.

Only those in the same situation can understand why I am nursing an injury. It may not be of the physical kind but it’s a wound nonetheless, a deep financial one.

The market’s collapse is the worst thing that has happened many young people of my generation.

In 2008, even as the market was softening, I honestly thought I had found my ideal home for a reasonable price.

I got caught up in the crazy mania of feeling I must have an apartment. Sleek Scandinavian furniture, designed for modern living, a roof garden and outdoor space made it all the more desirable.

That the new Grand Canal Square Residences in the Docklands, which are above a hotel planned for the square, have “marble bathrooms, high-gloss kitchens and floor-to-ceiling windows”, has only compounded my negative equity nightmare.

As a homeowner, my load was already heavy enough to carry as, stuck with a property I cannot sell, I struggle to meet my monthly repayments.

My father reminds me on a daily basis that I ploughed in head first and listened to no one. Hindsight is a very exact science and as I read the Grand Canal brochure describing the bathrooms as “white and grey flecked marble with high-spec chrome fittings, heated towel rails and mirrored cabinets”, I chastise myself for incarcerating myself in my own financial prison. A prison, I soon learned, that had no more than about 10 inmates. Today the other apartments in my building are filled to the brim with wise renters.

The only advantages I have are a balcony and a roof garden, extras for which I paid a horrifying €295,000.

I am so worried, I can hardly think of anything else. The words “docklands deal” have dominated my life since the launch last week.

Experts say the apartment market will take longer to recover than the market for any other type of Dublin property, primarily because of oversupply.

And the most depressing thing is the value of my apartment will not rise in the foreseeable future and may fall more, so I am stuck.

Each day in the newspapers, I eyeball three-bedroom houses in affluent areas such as Ranelagh, Killiney and Ballsbridge on sale for around what I paid for my apartment.

At least I can put the newspaper down or flick over the page, however there is no getting away from the apartments across the street. With two-beds ranging from €230,000, this luxurious complex has turned into an “eyesore” of a development for me.

Yesterday the bill for the management fee came in. It is for €1,600 – another figure I carefully choose to ignore back then. And come December 7th, I will probably have a property tax on top of this.

© 2010 The Irish Times

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FFS - sob pieces like this in the media do my head in. She made an investment. It fell. No body forced her to buy at those 'sickening' prices.

Her place is also up on Daft - she wants 700 a month!

http://www.daft.ie/searchsharing.daft?id=602374&search=1

Broadsheet.ie also found this one moping to the Indo. She sounds like a Ross O'Carroll-Kelly caricature.

http://www.independent.ie/national-news/on-just-euro196-a-week-it-hurts-to-part-with-the-pennies-2271802.html

http://www.independent.ie/lifestyle/trapped-in-a-negative-equity-nightmare-after-dreams-of-city-apartment-living-turned-sour-1794601.html

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Disclaimer: House prices can go up and down meaning that the value of your investment and any income received from it can fall as well as rise and you may not get back the full amount you invested. If it falls, man up don't go whining to the press.

Edited by exiges

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You really have to wonder how much it actually cost to build her block of apartments and if the developers made out like bandits. If those same developers haven't since lost a bundle by carrying on with the useless construction, is there a case for going after them with some sort of windfall tax. With the mess Ireland's in it would probably be very popular (notwithstanding the very negative consequences of setting that sort of retroactive tax grab precedent).

What a silly cow. How could anyone ever think that Dublin is the sort of place where those Manhattan-type property prices could be justified? It's fun to go to for a weekend and there are a few pretty areas but FFS it's just a medium sized European city with no sunshine and where you'd run out of things to see/do after a week of living there.

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Where would the prospective tenant sleep?

€700 monthly

Apartment share

1 Bedroom Available for 1 Year+:

- Double Bedroom Ensuite €700 monthly

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Where would the prospective tenant sleep?

€700 monthly

Apartment share

1 Bedroom Available for 1 Year+:

- Double Bedroom Ensuite €700 monthly

Maybe that's why the rent's so high - it includes "services".

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She looks like a 'nail technician', or similar

Nice view over the Royal mail distribution centre though (or the Irish equivalent)

I MEAN WTF ARE THESE MORONS THINKING???!!! Do they have some sort of crazed image in their head of sitting out on the two sunny days of the year, freezing their balls off in the force 8 sea 'breeze' whilst watching a load of ford transits getting loaded up.

What the hell is wrong with people. You could get a decent detached house for 500k

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820K for a flat (it must be 2 bedrooms?), with balcony and roof garden

Insane? Or is there a pot of gold at the end of the rainbow?

Edited by Money Spinner

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When you buy property you are buying the freehold land it is sitting on, not the other flats you sit on and the maintenance charges, ground rent and other obligations that come with it and are hard to get out of it. ;)

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What the hell is wrong with people. You could get a decent detached house for 500k

She has watched too many Friends episodes. She was buying the lifestyle - she IS Jennifer Aniston living out her daily escapades...

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lovely balcony overlooking a courier depot - they start work at 5am.

This story gave me a great laugh.

What a nice view from the balcony !

I'm almost tempted to go onto daft.ie and ask her exactly what services I will get for €700 a month.

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Just out of interest...

If you were in her position would you declare yourself bankrupt and walk away?

yes, it would be completely stupid not to,, the reality is she will never clear the mortgage, might as well get it over and done with, the quicker she can get back a normal rating, leave it to the taxpayer to sort it (which they wont in the end anyway as they will also default)

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Unfortunately in ROI the bankruptcy laws are draconian. Her debt would not be discharged for 12 years. So she could be chased for money for 12 years.

then she should probably move to the UK and declare it, on second thoughts it is likely to have so many western bankrupts over the next few years across the spectrum from poor to rich to influential that the draconian law is highly unlikely to remain in place, not a debt jubilee but at the very least some sort of bankruptcy jubilee/amnesty

Edited by Tamara De Lempicka

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I wonder if she ever said any of the following:

"Buy now or you'll miss the boat"

"Renting is dead money"

"Prices only ever go up"

"Were only a small island"

i am sure she has said this, and been so smug to others, about it, but she must have an amazing job to pay for it,

HA HA

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Her facepalm page?

http://www.facebook.com/search/?q=ALISON+O%E2%80%99RIORDAN&init=quick&tas=search_preload#!/pages/Help-Alison-ORiordan-and-her-525k-mortgage/155377514502928

spoof?

I bought a small flat in a really hip part of Dublin and paid €525,000 for it (including €45,000 for a parking space).

Personal Interests:

I like to write articles for national newspapers bemoaning the fact that my apartment is now valued at €190,000, and there are riff raff moving in around my once exclusive abode.

I like to shop in really exclusive and expensive stores.

I like lunching with my celeb friends.

I like pretending that I can survive on €190 p/w.

I believe that spending most of the day outside my little flat makes me sort of homeless.

I once farted during lunch with Eyebrows Gilsen, and blamed her on it.

I base my life onthe teachings of Ross O'Carroll Kelly.

I'm a big fan of the orange look. In fact, I spend hours applying fake tan to my face, and then have it sandblasted off every night. OMG, my life is soooo hectic.

I wish that I had a house in Ranelagh, Killiney or Ballsbridge.

Sex and the city is my all time favourite reality show. (read less)

I like to write articles for national newspapers bemoaning the fact that my apartment is now valued at €190,000, and there are riff raff moving in around my once exclusive abode.

I like to shop in really exclusive and expensive stores.

I like lunching with my celeb friends.

I like pretending that I can survive on €190 p/w.

I believe that spending most of the day outside my little flat makes me sort of homeless.

I once farted during lunch with Eyebrows Gilsen, and blamed her on it.

I base... (read more)

Contact Info

Edited by Money Spinner

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36187_155436457830367_155377514502928_280065_1761802_n.jpg

Weird innit?

Help Alison and her 525k mortgage. I'm sooooo screwed. Negative equity is really depressing.

Please have some sympathy for me.

5 hours ago · View Feedback (2)Hide Feedback (2)

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Margaret Write an article about it and get it published. Go on, you know you want to.

2 hours ago ·

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Help Alison and her 525k mortgage. Do you think that would work?

I went to the Sun and the Star, but they told me that I'm far too classy for an editorial in their papers.

Maybe the Sindo or the IT may be willing to help me.

about an hour ago · 1 personLoading... ·

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  • 259 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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