Ca3 Posted May 25, 2016 Share Posted May 25, 2016 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. Quote Link to comment Share on other sites More sharing options...
yadayada Posted May 25, 2016 Share Posted May 25, 2016 You'd need to be a wealthy first time buyer. Quote Link to comment Share on other sites More sharing options...
yadayada Posted May 25, 2016 Share Posted May 25, 2016 You'd need to be a wealthy first time buyer. Quote Link to comment Share on other sites More sharing options...
The_Equalizer Posted May 25, 2016 Share Posted May 25, 2016 (edited) 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 May 25, 2016 by The_Equalizer Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted May 25, 2016 Share Posted May 25, 2016 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. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted May 25, 2016 Share Posted May 25, 2016 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. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted May 26, 2016 Share Posted May 26, 2016 I am hearing there are over 20 'bookings' today. Quote Link to comment Share on other sites More sharing options...
getdoon_weebobby Posted May 26, 2016 Share Posted May 26, 2016 I live just up from btw cairns. Was about 8/9 people queuing outside before 8am this morning ! Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted May 26, 2016 Share Posted May 26, 2016 Who remembers this http://www.thepropertypin.com/viewtopic.php?f=4&t=22552 Quote Link to comment Share on other sites More sharing options...
Guest BillyNI Posted May 31, 2016 Share Posted May 31, 2016 Hahaha classic. I had never heard of this practice before. Quote Link to comment Share on other sites More sharing options...
The_Equalizer Posted May 31, 2016 Share Posted May 31, 2016 All gone supposedly: Belfast Telegraph - Belfast's Matic helps pump up city centre's property market as apartments selling fast Quote Link to comment Share on other sites More sharing options...
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