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The Matic

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The new block in the city centre named the Matic including 1, 2, and 3 bed aptarments will be completed by the end of 2017 or early 2018. The price for phase 1 is from 135k for 1 bedroom and 170k for 2 bedroom, plus 15k for a ground/underground car parking space, which is optional to 2 bedroom apartment above 7th floor. It offers 24 hour concierge, residents swimming pool, and gym, which make the management fees around 1600 a year. As I'm single and work in the city centre, so consider buying a two-bed apartment nearby. From its website, the apartment in Matic seems nice, but the total price is quite high - two bed above 7th floor with a car parking space comes to around 200k, and the annual management fee is just crazy. Not sure if it is good choice for the first buyer...

Any thoughts welcome.

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According to the UU's latest quarterly report (http://rpp.ulster.ac.uk/research/housing-index/q1-2016.pdf):

"The distribution of sale prices highlights the affordable nature of the housing market in Northern Ireland relative to other UK regions. For this survey, the percentage of properties sold at or below £100,000 remains at 32% and the percentage of properties sold at or below £150,000 has risen to 67% or some two thirds of the sold stock. For the higher price bands, 83% of transactions are at or below £200,000,..."

Worth thinking about before throwing £200K at a 2-bed apartment. Oh and the management fee is the equivalent of a rateable value of £220K:

http://lpsni.gov.uk/calc/index.htm

I'm not saying don't do it, but it does put things in perspective a bit.

Edited by The_Equalizer

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The new block in the city centre named the Matic including 1, 2, and 3 bed aptarments will be completed by the end of 2017 or early 2018. The price for phase 1 is from 135k for 1 bedroom and 170k for 2 bedroom, plus 15k for a ground/underground car parking space, which is optional to 2 bedroom apartment above 7th floor. It offers 24 hour concierge, residents swimming pool, and gym, which make the management fees around 1600 a year. As I'm single and work in the city centre, so consider buying a two-bed apartment nearby. From its website, the apartment in Matic seems nice, but the total price is quite high - two bed above 7th floor with a car parking space comes to around 200k, and the annual management fee is just crazy. Not sure if it is good choice for the first buyer...

Any thoughts welcome.

If there's another crash, flats will fall harder than houses.

I remember less than 3 years ago going to view a 3 bed apartment in the city centre that had been bought by an irish investor for £250K. It was being offered to me for £100K. I didn't take it because the rates and maintenance fees all in were going to be £3500 a year which seemed ridiculous.

I know of two flats in my block that were sold for £90 and £110K about 3 years ago that would now probably be £130K+, £180K+.

There's a flat on sale at the moment for £180K that, if you google it, you can see an advert from the same EA which can't be any more than 3 years old, where it's on sale for £115K.

If the management fees are £1600 a year, you'll be paying rates on top of that. Oh, and they can and will ask for more payments as and when they need them, beyond the management fees.

I'm a single person also, and I've lived in one of the better apartments in the city center for about 6 years. My rent is about £500 a month and has only risen by £25 in the 6 years I've been here. I pay no rates or maintenance fees.

I like living in the city centre because it's close to my work and I don't drive, but there isn't really enough to do here to justify paying £200K plus all the other costs to live in a 2 bed flat.

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Oh and judging by the marketing materials, I would guess the Matic is aimed at outside investors with loadsamoney. It might sound terribly posh with it's concierge and whatnot, but who cares - once you step outside you're still in Belfast city center.

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