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JoeDavola

What Do You Reckon?

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My mate was considering viewing a two bedroom apartment in Belfast City Center; admittedly it's a gorgeous apartment and I can see why he's interested.

It's been on the market for about 2 months. He contacted the EA for the first time yesterday, and the EA told him that there are some people bidding on it, and that bidding is currently £160K, and that the owner is going to agree the to sell in the next day or two.

I've told him that:

- £160K is a lot of money for a two bedroom apartment, even if it's a really nice one

- after two months on the market; what are the chances that he contacts the EA a couple of days before it's due to go sale agreed? It seems....suspicious... to me. (I admit I'm paranoid)

What do you lot reckon? Is there a smarter way he can play this? Or are 2 bedroom apartments just selling for more than I'd have expected?

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Depends on the block. The only one I would even remotely consider it on is the custom house development. It would have to be top floor and come with parking. With rates and services charge being another 250 a month.

Ones in winter gardens have been going for half that. The central park building (think that's the name. Its across the road) penthouses have gone for a lot less. They are really nice.

Edited by 2buyornot2buy

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Ones in winter gardens have been going for half that. The central park building (think that's the name. Its across the road) penthouses have gone for a lot less. They are really nice.

The apartment in question:

http://www.propertynews.com/Property/Belfast/PNC653864/304-Somerset-Studios/243589719/

Yes I remember an EA telling me about 6 months ago that 2 beds in Central Park were selling for about £120K - does that tie in with what you heard?

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The apartment in question:

http://www.propertynews.com/Property/Belfast/PNC653864/304-Somerset-Studios/243589719/

Yes I remember an EA telling me about 6 months ago that 2 beds in Central Park were selling for about £120K - does that tie in with what you heard?

Somerset is nice. I've been in one of the apartments. Getting old though.

Think the problem with this one is, the loft style make some professional think they're living in New York or London.

See it was previously rented. For 750 a month.

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Feels overpriced to me, though to be honest it is not the sort of property I would be interested in anyway so perhaps I am biased. I wouldn't be happy paying more than £120k for a two bedroom apartment in Belfast.

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See it was previously rented. For 750 a month.

...£750 a month vs. a £160K mortgage + £250/month charges would actually make renting a more attractive option methinks.

I think your right that it's so spacious and New York-esque that someone will probably pay more than is rational to live there. At the end of the day you step outside your door and your not in New York, your standing opposite a car park on the Dublin Road in Belfast ;)

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The apartment in question:

http://www.propertynews.com/Property/Belfast/PNC653864/304-Somerset-Studios/243589719/

Yes I remember an EA telling me about 6 months ago that 2 beds in Central Park were selling for about £120K - does that tie in with what you heard?

Perhaps he was telling the truth, stranger things have happened. The web link states the property is no longer available.

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Perhaps he was telling the truth, stranger things have happened. The web link states the property is no longer available.

I think he was telling the truth - this is a topic from almost 2 years ago. It would appear that a 2 bed in Central Park would cost you significantly more now than then.

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Offers over £135K - I guess it's hard to know what it actually sold for - but if we say £140K that's a £20K increase in 2 years. About 8% per year compounded.

Seems a lot but then again I've always been of the opinion that apartment prices were too high.

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Offers over £135K - I guess it's hard to know what it actually sold for - but if we say £140K that's a £20K increase in 2 years. About 8% per year compounded.

Seems a lot but then again I've always been of the opinion that apartment prices were too high.

About 120k could be 125k. OF 135k could be 136k.

So only 11k in 2 years.

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There is no doubt apartments are selling again in belfast but in most case I would be surprised if there was any big increases.

Flats in places like bass buildings, queens square, obel, central park, quay gate being advertised came on the market this year.

Don't even see any flats in Margarita Plaza, James Clow, Park Avenue, somerset studio on the market

Some of the other city centre developments you can get a 2 bedroom flat for around 90k or less - small, no parking.

With some of the cheep 5 year fixed mortgage deals some people are going to bite.

Another story I can tell you is that I had a friend buy an apartment in Portrush for 117k two years ago. It was a nice enough apartment - well built - nice layout - good location - good view - secure parking. Thought they had paid a bit too much for it (told them this as well) and you could here the upstairs neighbours walking about (they only came up at the weekends tho). Sold it this year for £165k - absolutely loads of interest - what do I know

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Another story I can tell you is that I had a friend buy an apartment in Portrush for 117k two years ago. It was a nice enough apartment - well built - nice layout - good location - good view - secure parking. Thought they had paid a bit too much for it (told them this as well) and you could here the upstairs neighbours walking about (they only came up at the weekends tho). Sold it this year for £165k - absolutely loads of interest - what do I know

I just don't get it, ya know....why is something like that worth £50K more in the space of 2 years. Is it panic?

How can public opinion change so much in such a short space of time?

But again, more fool me for not recognizing when the bottom happened, and not buying something.

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Some of the other city centre developments you can get a 2 bedroom flat for around 90k or less - small, no parking.

I would have thought bottom price for city centre 2 bed was £110K-£120K, and that's for the worst buildings. When I search for 2 bed city centre flats under £90K I only get one result.

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I just don't get it, ya know....why is something like that worth £50K more in the space of 2 years. Is it panic?

How can public opinion change so much in such a short space of time?

But again, more fool me for not recognizing when the bottom happened, and not buying something.

You've been talking a few years now about buying an apartment in Belfast. Seriously, I would just go ahead and buy. Pick a nice block, nice area and buy if you're comfortable. Apartment prices are still 10k below 2005 average prices. They are probably in 2003 territory.

Apartment average low = £76k

Current average = 86k (96k is the average price in Belfast 2013 it was 85k)

Quarter 1 £76,950

Quarter 2 £77,453 Prices up

Quarter 3 £76,816 Prices down

Quarter 4 £82,461 Prices up

Quarter 1 £78,555 Prices down

Quarter 2 £83,366 Prices up

Quarter 3 £85,634 Prices up

Quarter 4 £86,871 Prices up

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The one in the Quay has an offer of 115K (5k below asking) on it. I rang today on behalf of a colleague who bought there in 2009.

Edited by Bergy100

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I guess I'm not sure what the best course of action is. I currently rent an apartment in one of the best blocks in the city center, and the rent hasn't gone up once in 5 years. It's going up by a mere £25 per month to £575 at the start of next year and is still below current market rates. Obviously that price per month includes all rates and maintenance fee costs.

It's a great deal, but I admit that part of me would like the security of owning my own place, and there's the underlying fear that prices will go up up up over the next 5 years. I've got £130K in savings so could buy some flats outright.

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I guess I'm not sure what the best course of action is. I currently rent an apartment in one of the best blocks in the city center, and the rent hasn't gone up once in 5 years. It's going up by a mere £25 per month to £575 at the start of next year and is still below current market rates. Obviously that price per month includes all rates and maintenance fee costs.

It's a great deal, but I admit that part of me would like the security of owning my own place, and there's the underlying fear that prices will go up up up over the next 5 years. I've got £130K in savings so could buy some flats outright.

If you like apartments buy one. Only are a couple of blocks I'd consider nice. I'd sooner stick the money on a Stranmillis semi and rent a room out if you're single.

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Not a great choice for 2 bedroom apartments in belfast city centre and may all have disadvantages

College gate £85k

http://www.propertypal.com/apt-1-college-gate-college-square-north-belfast/212627

Winter gardens £85k seems quite cheap but kitchen pulled out?

http://www.propertypal.com/6-winter-gardens-34-alfred-street-belfast/299059/photo-3

College central £80k - current offer £70k

http://www.propertynews.com/Property/Belfast/TRLTRL75332/Apt-211-College-Central/323275757/

A few with an asking price at £95k you would definitely try a bid at £90k or below but if I had £130k as already said I would buy in a block that I know is good or buy a terrace/semi in the stranmillis direction - save on service charges.

I missed the bottom as well bought last year instead of 2 years ago but that life. Good luck what ever you decide

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I just don't get it, ya know....why is something like that worth £50K more in the space of 2 years. Is it panic?

How can public opinion change so much in such a short space of time?

But again, more fool me for not recognizing when the bottom happened, and not buying something.

I don't get it either but there was enough people interested to push the price up. Do a search for 2/3 bedroom flats in portrush there is still quite a few under £100k for sale now. Difference being the £165k flat was newer and had secure parking - i wouldn't pay £70k more for that

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