yadayada Posted April 29, 2016 Share Posted April 29, 2016 (edited) Far too many for the market to bear at that rate. That'll be an auction of flats to be sold off below cost price after the developers go bust in a year or so. Don't you just love capitalism? Edited April 29, 2016 by yadayada Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted April 29, 2016 Share Posted April 29, 2016 (edited) Far too many for the market to bear at that rate. That'll be an auction of flats to be sold off below cost price after the developers go bust in a year or so. Don't you just love capitalism? I hope they all get built because at the very least it should help ensure that the rent that I pay on my own one bed city center apartment doesn't go up. It will be interesting to see how they sell, one of the blocks are exclusively one beds and studio's, I'm wondering how many owner occupiers are willing to spend any decent money on a one bed/studio - my guess would be all the blocks that have been constructed recently and are being constructed are being aimed at investors. Edited April 29, 2016 by JoeDavola Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted April 29, 2016 Share Posted April 29, 2016 I hope they all get built because at the very least it should help ensure that the rent that I pay on my own one bed city center apartment doesn't go up. It will be interesting to see how they sell, one of the blocks are exclusively one beds and studio's, I'm wondering how many owner occupiers are willing to spend any decent money on a one bed/studio - my guess would be all the blocks that have been constructed recently and are being constructed are being aimed at investors. Investors are definitely the target market. Some of these developments have been in the pipeline for years. The Montgomery Street development was lunched 5 years ago a 80k a pop and failed miserably (Looks like Fraser pumped a fair bit into the PR and marketing). Markets move but I don't see this one attracting much local interest. There seems to be a finance boom in Belfast around student studios and hotels. http://www.simonbrien.com/images/uploads/properties/ECS/633/doc/633_1.pdf http://www.propertynews.com/blog/industry-news/tiny-belfast-pod-apartments-aimed-at-first-time-buyers/ Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted April 29, 2016 Share Posted April 29, 2016 Investors are definitely the target market. Some of these developments have been in the pipeline for years. The Montgomery Street development was lunched 5 years ago a 80k a pop and failed miserably (Looks like Fraser pumped a fair bit into the PR and marketing). Markets move but I don't see this one attracting much local interest. There seems to be a finance boom in Belfast around student studios and hotels. http://www.simonbrien.com/images/uploads/properties/ECS/633/doc/633_1.pdf http://www.propertynews.com/blog/industry-news/tiny-belfast-pod-apartments-aimed-at-first-time-buyers/ Ah yeah I think I remember seeing that back when it was first announced. Will be interesting to see what they're looking for a studio now... Quote Link to comment Share on other sites More sharing options...
yadayada Posted April 29, 2016 Share Posted April 29, 2016 Actually it looks like there'll be 4 major new blocks cropping up in the city centre: http://alanfraser.com/index.php/global/view-belfast/the-matic http://alanfraser.com/index.php/global/view-belfast/m-rise http://alanfraser.com/index.php/global/view-belfast/v-rise http://alanfraser.com/index.php/global/view-belfast/s-rise ....when you add the little block on the Dublin Road; be interesting to know how many extra apartments in total we'll have in the city center in a couple of years time. Is the same Fraser as..? Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted April 29, 2016 Share Posted April 29, 2016 Is the same Fraser as..? Will you hold me to ransom strip if I don't tell you? Quote Link to comment Share on other sites More sharing options...
yadayada Posted April 29, 2016 Share Posted April 29, 2016 Oh very good Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted May 22, 2016 Share Posted May 22, 2016 Anyone else noticed that the Dublin Road seems to have more antisocial behavior than before during the day? People wandering about late afternoon/early evening blocked out of their minds. The other day at about 5pm there was a bunch of alcoholic type folk who could barely walk screaming at each other and then 30 mins later I was walking back down the dublin road and one of them was passed out slumped on the street just outside tesco (right opposite The Gallery). Then the other day a mate of mine who lives in one of the nicer block of flats off the Dublin Road was returning home at 4 in the afternoon and found two blokes lying unconscious at the front door of his building. At 4 in the fecking afternoon. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted May 22, 2016 Share Posted May 22, 2016 Anyone else noticed that the Dublin Road seems to have more antisocial behavior than before during the day? People wandering about late afternoon/early evening blocked out of their minds. The other day at about 5pm there was a bunch of alcoholic type folk who could barely walk screaming at each other and then 30 mins later I was walking back down the dublin road and one of them was passed out slumped on the street just outside tesco (right opposite The Gallery). Then the other day a mate of mine who lives in one of the nicer block of flats off the Dublin Road was returning home at 4 in the afternoon and found two blokes lying unconscious at the front door of his building. At 4 in the fecking afternoon. Could be a: there's a social housing block above tesco and b: there's an off licence in tesco. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted May 23, 2016 Share Posted May 23, 2016 Could be a: there's a social housing block above tesco and b: there's an off licence in tesco. And there's a housing estate behind the Movie House/Tesco. Will have to check out The Gallery on my way home today; hadn't noticed much activity lately but I'm guessing they must be ploughing ahead. Quote Link to comment Share on other sites More sharing options...
darkmarket Posted June 8, 2016 Author Share Posted June 8, 2016 Reserved figure stuck at 33 for a long time now. It was 30 in the first week of April, rose to 33 shortly after in one go (suggesting more speculation) and since then, nothing. The listings were updated from a single development advertisement to individual ads per studio, but without any positive impact on sales. A one-bedroom at no.56 reached sale agreed at £185k. Since then, no.57 has been updated to an asking price of £132.5k. But still no reservation. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted June 8, 2016 Share Posted June 8, 2016 Reserved figure stuck at 33 for a long time now. It was 30 in the first week of April, rose to 33 shortly after in one go (suggesting more speculation) and since then, nothing. The listings were updated from a single development advertisement to individual ads per studio, but without any positive impact on sales. A one-bedroom at no.56 reached sale agreed at £185k. Since then, no.57 has been updated to an asking price of £132.5k. But still no reservation. Someone bought a one bedroom flat in The Gallery for £185K?? Quote Link to comment Share on other sites More sharing options...
darkmarket Posted June 8, 2016 Author Share Posted June 8, 2016 Someone bought a one bedroom flat in The Gallery for £185K?? http://www.propertynews.com/Property/Belfast/TRLTRL77471/Apt-56-The-Gallery/383726133/ Reserved, but even so. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted June 8, 2016 Share Posted June 8, 2016 http://www.propertynews.com/Property/Belfast/TRLTRL77471/Apt-56-The-Gallery/383726133/ Reserved, but even so. I'm not gonna say they're lying, but that's so ridiculous I have difficulty believing it. According to the advert, the block is "located at the midpoint of the Belfast art scene" - what art scene would that be? I passed the block on the way to work this morning and they were just starting to put the windows in; so things seem to be progressing anyway. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted June 8, 2016 Share Posted June 8, 2016 http://www.propertynews.com/Property/Belfast/TRLTRL77471/Apt-56-The-Gallery/383726133/ Reserved, but even so. Can't see the valuation on that coming anywhere near 185k. If someone bought it, there's a large amount of cash going into the transaction. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted June 8, 2016 Share Posted June 8, 2016 I see it's actually a 2 bed. Quote Link to comment Share on other sites More sharing options...
darkmarket Posted June 8, 2016 Author Share Posted June 8, 2016 I see it's actually a 2 bed. Is that from the brochure? All I can see is that it's described twice as a 1-bed: Property Type: Apartment Price: Price £185,000Convert to EUR Bedrooms: 1 Comprises BEDROOM (1): One-bedroom apartments feature An opaque glazed backdrop to the bedspace will provide natural light through the adjoining living space. BATHROOM: The bathroom is fully tiled with a wall hung WC, wash hand basin and choice of a walk-in shower or shower over bath. A vanity top under a large mirror completes the bathroom package. Not very important in any case. I see the developer is in NYC trying to drum up business. Due diligence... Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted June 8, 2016 Share Posted June 8, 2016 Is that from the brochure? All I can see is that it's described twice as a 1-bed: Property Type: Apartment Price: Price £185,000Convert to EUR Bedrooms: 1 Comprises BEDROOM (1): One-bedroom apartments feature An opaque glazed backdrop to the bedspace will provide natural light through the adjoining living space. BATHROOM: The bathroom is fully tiled with a wall hung WC, wash hand basin and choice of a walk-in shower or shower over bath. A vanity top under a large mirror completes the bathroom package. Not very important in any case. I see the developer is in NYC trying to drum up business. Due diligence... Looking at the floor plan number 56 is a 2 bed. Jesus NYC. Have to travel far to find the greater fool these days. Quote Link to comment Share on other sites More sharing options...
darkmarket Posted June 20, 2016 Author Share Posted June 20, 2016 I've recently been followed around by ugly retargeting banner ads for The gallery, on websites of questionable quality. Desperate times. Quote Link to comment Share on other sites More sharing options...
darkmarket Posted August 22, 2016 Author Share Posted August 22, 2016 Still showing 33 reservations on the Gallery, indicating stagnation for several months now. "Just looking at some of the property prices in London and they now seem totally ludicrous - somethings got to give!" https://twitter.com/GaryJMcCausland/status/766371667778105344 Very insightful. Straight-talking guy there. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted August 23, 2016 Share Posted August 23, 2016 Still showing 33 reservations on the Gallery, indicating stagnation for several months now. There doesn't seem to be much shifting at all, and I honestly can't see who's going to want to buy anything in the Gallery. You'll maybe be able to convince the occasional BTL-er, but since there's no expectation for prices to shoot up, the whole BTL thing doesn't look as attractive as it once did as an 'investment'. And in terms of cheap accommodation, there's a 9 story block of student rooms being built a few doors down from the Gallery, so that's one demographic you won't be able to rent it to. Quote Link to comment Share on other sites More sharing options...
darkmarket Posted August 23, 2016 Author Share Posted August 23, 2016 I presumed the target demographics were parents of students and BTL as you mention. The change in circumstances for both since the project was launched is significant, given the decline in BTL upside, announcements of new student accommodation and general economic pessimism. Unfortunately or not it makes this development less representative of the city as a whole, though I do think a generally rising tide would carry something like this with it and that doesn't seem to be happening. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted August 23, 2016 Share Posted August 23, 2016 I presumed the target demographics were parents of students and BTL as you mention. The change in circumstances for both since the project was launched is significant, given the decline in BTL upside, announcements of new student accommodation and general economic pessimism. Unfortunately or not it makes this development less representative of the city as a whole, though I do think a generally rising tide would carry something like this with it and that doesn't seem to be happening. I wonder is there a possibility of redesigning to suit a different market. Clearly aimed at the student (parent market) just got there a little late. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted August 23, 2016 Share Posted August 23, 2016 (edited) I wouldn't rule out the possibility that it continues to be owned by the builders and they just rent out the flats, as we've seen with other developments in the past. Happened with Obel, and I understand some of the Arc apartments are still owned by the builders and rented out, but don't quote me on that! Edited August 23, 2016 by JoeDavola Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted August 23, 2016 Share Posted August 23, 2016 I wouldn't rule out the possibility that it continues to be owned by the builders and they just rent out the flats, as we've seen with other developments in the past. Happened with Obel, and I understand some of the Arc apartments are still owned by the builders and rented out, but don't quote me on that! True they do rent out a fair few, but the Obel was repossessed and Harcourt is in NAMA. I would expect the gallery to be under pressure to sell. The business plan most certainly relies on it. Theses developments weren't supposed to be build to rent. Quote Link to comment Share on other sites More sharing options...
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