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getdoon_weebobby

Margarita Plaza Penthouse

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http://www.belfasttelegraph.co.uk/news/local-national/penthouse-porsche-and-bank-accounts-seized-by-ara-28063831.html#ixzz23biAOede

http://www.propertypal.com/-902-81-adelaide-street-belfast/229639#photo-2

The above penthouse was seized in 2007 and has since been empty. I have seen it asking 775k aswell as 2k per month to be rented. now 220k

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Be interesting to see if this sells - £220,000 is still a lot for an apartment, even if it is a penthouse.

I shudder to think what the management fees are on that place.

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Be interesting to see if this sells - £220,000 is still a lot for an apartment, even if it is a penthouse.

I shudder to think what the management fees are on that place.

I noticed before UPS have a repo'd 2 bed apt a few floors below it with a public notice of highest offer of £85k I think. Add 10k for the extra bedroom and 10k for the open space an better finish?

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i remember seeing this back in the boom when a million quid .......bought you 2 million US dollars ......which bought you some pad in New York.... That pad in NYC would probably be worth US 2.5 million or £1.6 million or 7/8 of these apartments now! Similar if you sold the average house in 2007 and bought gold.........

A friend of a friend enquired about a viewing and this has an offer at asking.

its not everyones cup of tea including not being mine , Belfast is not big enough that you need to live in the city centre.i live in teh South and can walk in 20 mins to the centre.

The area is a bit dodgy? (although that could always change - people used to be scared to walk around Kings Cross in london now you would pay £400k for a one bed apartment!) but i could see someone buying it for up to 250k. this is one of the only true penthouses i have seen in the city centre

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Any purchaser will need to check what the Management Charges are as part of their due diligence.. However, they will partly depend on structure of Management Company.. Some Mngt Companies differentiate charges due based on ratios according to floor size eg sq/ft, or no. of bedrooms, so larger Apts do pay more, however other Mngt Co's have the shares all divided that every owner pays an equal amount... Thus in that case an owner of a 3 bed would pay the same as the owner of a 1 bed.

Obviously it is essential as has been outlined previously that it should be checked that the Managing Agent transacts all the finances for the block from a ring fenced dedicated a/c in the name of the Management Company, ideally with payments countersigned/approved by shareholder directors, and funds aren't just held in a 'client' a/c run by the Managing Agent.. Purchaser should also check to ensure a separate deposit a/c exists and a good level of sinking fund is both held in it & is being accrued into it each year so long term refurbishments, repairs, lift & vehicle gate replacement can be funded..

I think it should be mandatory that Apt Management Charges, and those for houses when in managed open space developments too should be outlined/detailed in their advert on PN/PP etc...

Also, in this or indeed any case, ensure all Mngt Charges due have been/will be paid up by the vendor prior to completion.. I would imagine whoever is responsible for Apt at present has been paying ongoing Mngt Charges due which will then be recovered from proceeds of sale..

I agree the management charges should be displayed on the sales brochure. They ususlly display the rates.

From memory I believe vendors have to pay outstanding service charges up to date on sale as same is registered against title.

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On 4/3/2013 at 9:35 PM, getdoon_weebobby said:

http://www.belfasttelegraph.co.uk/news/local-national/penthouse-porsche-and-bank-accounts-seized-by-ara-28063831.html#ixzz23biAOede

http://www.propertypal.com/-902-81-adelaide-street-belfast/229639#photo-2

The above penthouse was seized in 2007 and has since been empty. I have seen it asking 775k aswell as 2k per month to be rented. now 220k

Just stumbled across this....a blast from the past! Kinda wish I'd bought it when it was £220K now to be honest...

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4 hours ago, JoeDavola said:

Just stumbled across this....a blast from the past! Kinda wish I'd bought it when it was £220K now to be honest...

Life is all about choices. C'est la vie. 

I've made some bad choices. I'm sure you have too. But I certainly wouldn't be looking back with regrets having not bought a "penthouse" off Adelaide street. 

 

Edited by 2buyornot2buy

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  • 239 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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