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Belfast Boy

North Coast apartment boom!

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At the beginning of last year I posted about the amount of apartments being built at 'The Port'.

Here is a link to the thread I hijacked - https://www.housepricecrash.co.uk/forum/index.php?/topic/230893-looking-to-buy-201819/&page=2

I still find it strange that these are all being built at the same time. As I said in the other thread - maybe they are expecting a lot of the Open golfers to settle here. As the signs say - Portrush , the Major golf capital of the world. :lol:

Portrush -

The Vue - https://www.simonbrien.com/new-homes/the-vue-nxld5 - £425,000

Sandy Bay - https://www.bensonsni.com/search/105418/ - £650,000

Currangate - http://www.currangate.com/curran-gate-price-list.pdf - £250,000 to £550,000

Coastal Links - https://www.philiptweedie.com/newdev/coastal-links/ - £140,000 to £395,000

The Kittiwake - https://www.propertypal.com/the-kittiwake-apartments-west-quays-kerr-street-portrush/514507 - £245,000 to - £395,000

Castle Linn - https://www.propertypal.com/2-3-4-bed-apartments-castle-linn-bath-road-portrush/518203 - no prices yet. These would tempt me, if I win the lotto.

Dunluce View - http://www.fletchertorrens.com/property/portrush/0001_13354/5-dunluce-view-apartments/ - from £160,000

 

Portstewart - 

The Montagu - http://www.themontagu.com/ - £335,000 to £465,000

Atlantic Point - https://www.colliersni.com/development/atlantic-point/CNRDEV51/ - £225,000 to £375,000

 

Edited by Belfast Boy

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All pitched at boomers. Never got the retire to portrush thing. I personally think it's all a bit tacky. You'd be mad to buy there with a mortgage so I expect the majority are cash buyers. Only someone from NI with a parochial attitude would want to live there as a holiday home. The worlds a big place. 450k is a lot of travel. To actual nice places. But I suppose they are too "foreign". 

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Boomers with big pensions, who have made hundreds of thousands through HPI of not only their own houses but others they have inherited.

What's really shocking is that someone who has accumulated hundreds and hundreds of thousands of pounds would be so short sighted/boring/dumb to put it all into owning a flat in Portrush...

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It's alright having an apartment somewhere warm. Realistically, how often would you be able to use it. Especially if you have family and friends here. 

As was mentioned on the other thread - 'The Port' is a relatively short drive for most of Northern Ireland. My wife and I are usually there most weekends. We enjoy walking the beaches and coastal paths, lunching in the cafes or dining in the restaurants.

Though I avoid the pubs and nightclubs. I'm too old for nightclubs and some of the pubs are a bit dodgy. Too many drunk youngsters. How old am I. :mellow:

We live too close to ever consider buying a place there. Cheaper to pay for a taxi ;).

 

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1 hour ago, Belfast Boy said:

It's alright having an apartment somewhere warm. Realistically, how often would you be able to use it. Especially if you have family and friends here. 

As was mentioned on the other thread - 'The Port' is a relatively short drive for most of Northern Ireland. My wife and I are usually there most weekends. We enjoy walking the beaches and coastal paths, lunching in the cafes or dining in the restaurants.

Though I avoid the pubs and nightclubs. I'm too old for nightclubs and some of the pubs are a bit dodgy. Too many drunk youngsters. How old am I. :mellow:

We live too close to ever consider buying a place there. Cheaper to pay for a taxi ;).

 

Each to their own BB. I think it's a toss up between the port and Bangor on which is NI's Blackpool. Its seen better days and is now pitching itself as a boomers retirement home. 

 

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1 hour ago, Belfast Boy said:

It's alright having an apartment somewhere warm. Realistically, how often would you be able to use it. Especially if you have family and friends here. 

As was mentioned on the other thread - 'The Port' is a relatively short drive for most of Northern Ireland. My wife and I are usually there most weekends. We enjoy walking the beaches and coastal paths, lunching in the cafes or dining in the restaurants.

Though I avoid the pubs and nightclubs. I'm too old for nightclubs and some of the pubs are a bit dodgy. Too many drunk youngsters. How old am I. :mellow:

We live too close to ever consider buying a place there. Cheaper to pay for a taxi ;).

It depends on whether you just like visiting during the weekend or whether you want to live there full time. Couple of hundred K pays for quite a few weekend stays at hotels.

My folks do the coastal walk at Bangor once a week or so, but wouldn't wanna live in Bangor.

Having said that I've not been in Portrush for many years so I might just be ignorant - it might be far nicer now than it is in my minds eye from a while back!

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I have a holiday home up the coast, it’s used at least 3 times a month, most of my friends and neighbours travel extensively, I personally have holidayed in Dubai , India, the Carribean, Las Vegas and Spain in the past 12 months, however if I finish work on a Friday it’s not practical to fly of every weekend and be back in work on a Monday morning, Portrush in the main is quite tacky and rundown, however round the north coast there is a huge range of restuarants and bars, I agree that the prices can be crazy, when I decided to buy I had originally wanted to buy in Spain but I would realistically only get to use it a handful of times each year and wouldn’t want to visit in winter, I prefer long haul holidays in winter, I understand why people think it’s strange spending so much money on a second home but some people have sold larger family homes and others have moved up the ladder 

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26 minutes ago, stingray192 said:

I have a holiday home up the coast, it’s used at least 3 times a month, most of my friends and neighbours travel extensively, I personally have holidayed in Dubai , India, the Carribean, Las Vegas and Spain in the past 12 months, however if I finish work on a Friday it’s not practical to fly of every weekend and be back in work on a Monday morning, Portrush in the main is quite tacky and rundown, however round the north coast there is a huge range of restuarants and bars, I agree that the prices can be crazy, when I decided to buy I had originally wanted to buy in Spain but I would realistically only get to use it a handful of times each year and wouldn’t want to visit in winter, I prefer long haul holidays in winter, I understand why people think it’s strange spending so much money on a second home but some people have sold larger family homes and others have moved up the ladder 

I doubt many people with a second home in portrush would chance Anjuna or the UAI. You're the exception. Everyone I know with a second home there considers dundalk too foreign. 

 

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I live in California now but I do remember for a couple of weeks a year Portstewart being as good as anywhere.

World class golf courses will inflate property in most places, an example over here is Carmel-by-the-sea.

Its quaint fair enough but if it wasn't beside Pebble Beach property would be a 1/4 of the price.

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3 hours ago, JoeDavola said:

My folks do the coastal walk at Bangor once a week or so, but wouldn't wanna live in Bangor.

Having said that I've not been in Portrush for many years so I might just be ignorant - it might be far nicer now than it is in my minds eye from a while back!

This...

2 hours ago, stingray192 said:

Portrush in the main is quite tacky and rundown, however round the north coast there is a huge range of restaurants and bars,

Joe had me wondering if other places like Bangor and Newcastle have seen the same amount of development recently. Then it occurred to me that this may have to do with our last housing bubble. There is a lot of rundown property in Portrush. I'm guessing that during the bubble developers though they could make a killing on anything. After the bubble burst, maybe these sites were passed to the banks. Maybe they have decided that the market has recovered enough to make some profit.

During the last bubble, the small village I'm originally from had sites passed for an extra 100 houses. One of the sites is lying derelict and AFAIK the other land on the edge of the village has been sold for farmland again. 

 
Edited by Belfast Boy

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https://www.bbc.co.uk/news/uk-northern-ireland-45589783

Looks like it might actually be the golf that is driving all this (excuse the pun).

"On speaking to purchasers they all consider renting to recoup some of the value of the property. Generally the rent is high in the North Coast and The Open is only going to improve on that," said Mrs O'Neill.

"People aren't just expecting high rental around the time of The Open but for some time after with the spin-off of golfers/tourists coming to visit Portrush."

Edited by Belfast Boy

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Well if the golf leads to money being poured into the area and public spaces being redeveloped, that's a good thing.

I used to go to Castlewellan/Newcastle when I was a child on holiday (Castlewellan lake is still one of my favorite places), and I remember thinking they did a good job on revamping the Newcastle promenade when that was done 15 or so years ago.

Having said that I only go to Newcastle for a few hours once or twice a year and that's enough for me!

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13 minutes ago, JoeDavola said:

Having said that I only go to Newcastle for a few hours once or twice a year and that's enough for me!

We have stayed in the Slieve Donnard a few times. The Newcastle promenade is really nice, but the beach is terrible. Castlewellan is a lovely spot.

 

After reading those articles above - I did some more searching. There are 3 new hotels planned as well. Though 2 of them appear to have planning objections. If these get built then speculating on a buy-to-let apartment might prove to be a mistake.

Merrow Hotel - https://www.belfasttelegraph.co.uk/news/northern-ireland/green-light-for-new-luxury-hotel-at-nw200-site-36531263.html

Dunluce Hotel and Apartments - https://www.bbc.co.uk/news/uk-northern-ireland-46179338

Former Londonderry Hotel site - https://www.bbc.co.uk/news/uk-northern-ireland-foyle-west-43821275

 

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50 minutes ago, Belfast Boy said:

We have stayed in the Slieve Donnard a few times. The Newcastle promenade is really nice, but the beach is terrible. Castlewellan is a lovely spot.

 

After reading those articles above - I did some more searching. There are 3 new hotels planned as well. Though 2 of them appear to have planning objections. If these get built then speculating on a buy-to-let apartment might prove to be a mistake.

Merrow Hotel - https://www.belfasttelegraph.co.uk/news/northern-ireland/green-light-for-new-luxury-hotel-at-nw200-site-36531263.html

Dunluce Hotel and Apartments - https://www.bbc.co.uk/news/uk-northern-ireland-46179338

Former Londonderry Hotel site - https://www.bbc.co.uk/news/uk-northern-ireland-foyle-west-43821275

 

Its reminds me of the student accommodation and hotel room boom of the city. The developers will chase whatever borrowed money is available to keep the books ticking over and banking the profits. They don't care if it's market madness. The cash has proved even if they go bust, they can keep the family silver, rename and trade again in a few years. There's always going to be some mug bank willing to pony up some dough. 

 

Edited by 2buyornot2buy

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1 hour ago, 2buyornot2buy said:

Its reminds me of the student accommodation and hotel room boom of the city. The developers will chase whatever borrowed money is available to keep the books ticking over and banking the profits. They don't care if it's market madness. The cash has proved even if they go bust, they can keep the family silver, rename and trade again in a few years. There's always going to be some mug bank willing to pony up some dough.

Exactly.

Some of the market has '2006' written all over it, and to be fair nothing has been done to stop it happening all over again.

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On 19/02/2019 at 19:05, 2buyornot2buy said:

I doubt many people with a second home in portrush would chance Anjuna or the UAI. You're the exception. Everyone I know with a second home there considers dundalk too foreign. 

 

Lol, in my humble opinion there is two entirely different markets at the port, I fully understand how some people see it as a tacky run down hole , especially Portrush, in the previous housing boom a lot of prime properties where sold along with prime sites, some where developed, a lot where left to crumble in the crash.

I agree that a lot of people buy in the north coast , become obsessed with it and can’t actually afford the properties, they buy basic houses or flats and end up having to let them out at prime  times just to pay the bills and don’t get the full use out of them 

the second market is the luxury apartments and houses with direct sea views, some of these have crazy prices, but also come with very high end finishes, interior designed interiors and they are generally not up for rent, mainly because the furnishings are worth more than the rent would ever cover, most of these people have downsized and retired or are owned by people with large disposable incomes who don’t have the time to fly of constantly to more glamorous destinations 

for me personally the north coast offers stunning coastlines, great walks on the beach, great relaxation and is only an hours drive from home, I don’t have to pack and unpack each time I visit and the car virtually doesn’t move the entire weekend, all bars and restaurants are within a reasonable walk

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23 hours ago, Belfast Boy said:

https://www.bbc.co.uk/news/uk-northern-ireland-45589783

Looks like it might actually be the golf that is driving all this (excuse the pun).

"On speaking to purchasers they all consider renting to recoup some of the value of the property. Generally the rent is high in the North Coast and The Open is only going to improve on that," said Mrs O'Neill.

"People aren't just expecting high rental around the time of The Open but for some time after with the spin-off of golfers/tourists coming to visit Portrush."

Most of these developments are not due to complete until after the open 

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8 hours ago, stingray192 said:

Most of these developments are not due to complete until after the open 

They expect the golf factor to continue after the open. For the hype to keep building. Essentially money is available to build because of the open hype and developers are capitalising. 

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4 hours ago, 2buyornot2buy said:

They expect the golf factor to continue after the open. For the hype to keep building. Essentially money is available to build because of the open hype and developers are capitalising. 

If that's the case they are on a hiding to nothing, I wouldn't expect a sudden mass influx into the Port in the decade after the Open.

Yes it's a superb golf course and nice coast line but not much else going for it in terms of infrastructure, access and generally not aesthetically pleasing.

In saying that if I lived an hour away I'd be there regularly enough for day trips but given that Donegal wouldn't be too far i'd much prefer a holiday home there. Each to their own I suppose.

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3 hours ago, Ryzo said:

If that's the case they are on a hiding to nothing, I wouldn't expect a sudden mass influx into the Port in the decade after the Open.

From the BBC link posted above...

"The prospect of making thousands in rent every time the tournament comes back (it is now on a rota of 10 courses) is a big factor..."

I think that people may be interpreting 'The Rota' to mean every 10 years. I can find no guarantee this will happen.

It was announced back in 2014 when Rory won The Open and was world number 1. I suspect Rory's success at that time is the reason why The Open is here.

Wikipedia - "The championship has only been held outside Scotland and England once, in 1951 when Royal Portrush Golf Club in Northern Ireland was the venue."

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http://www.espn.co.uk/golf/story/_/id/24096492/ranking-all-courses-open-championship-rotation

"Portrush, Northern Ireland (one Open; 1951. Next scheduled: 2019.)

Last is certainly not least. Royal Portrush is a stunning venue that is getting another shot next year after its lone Open in 1951. It is the one and only venue outside of England or Scotland (there has never been an Open in Wales) to stage the championship, due more to logistics than anything negative about the course. The town of Portrush is home to 2010 U.S. Open champion Graeme McDowell and 2011 Open champion Darren Clarke. Rory McIlroy is from nearby Holywood. Undoubtedly, their influence helped earn Portrush another chance, as did the reworking of a few holes to make it more championship worthy.

If we had to quibble: For all of the course's greatness, the surrounding area is tiny, which will make for some interesting logistics next year." 

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