Sunday, November 9, 2008

Have you ever heard of anything so funny?£365,000 for a flat in Dundee! Lol

Luxury apartments 'will go ahead'

The firm behind a multi-million pounds luxury housing development in Dundee has promised customers that the project will go ahead. Fears had been raised about the future of the 202 Riverside apartments after developers Duncarse shut their city office and phone calls were unanswered.

Posted by flintster1994 @ 11:17 AM (1135 views)
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14 thoughts on “Have you ever heard of anything so funny?£365,000 for a flat in Dundee! Lol

  • planning4acrash says:

    Charge of the Light Brigade?

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  • planning4acrash says:

    Again, this is a symptom of cheap credit, giving false price signals to entrepreneurs, causing them to invest in projects that cannot be sustained by the real economy. You can blame the entrepreneur all you like, but the Bank of England and Government are the primary culprits. The Austrian Explanation of the Business Cycle.

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  • Indeed, totally laughable. There a probably still bits of Dundee where you can buy a flat for £30,000.

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  • inflation is eating my savings says:

    30,000 is a bit ambitious- you could get a flat here about 5 years ago for that.
    Dundee isn’t so bad- the town looks out onto the Tay estuary- it is really quite pretty (seriously). But these flats are going to be a real eyesore, as they sit right in front of the river- they are right next to a very large Tesco- which should also never have been built.

    I do not think they will sell however- all the comparable plots have not sold (nowhere near as many as Leeds etc. though). As taxi driver said when I first moved here- there are not many people in Dundee earning 6 or 700 pounds per week. There is a very small wealthy class, and they are lacking in taste, preferring ostentatious displays of affluence. Delis do not stay open here very long even if they are good. Even the Pizza Express closed down after 6 months because nobody went. The Civic Trust (patron is Brian Cox, the actor) here are trying very hard to oppose and mitigate these developments. But the force of a volunteer-based charity is never going to sway a demonstrably corrupt planning authority.
    But there are some peculiar local forces at work- all the solicitors went to school together- and all go boozing together before driving home in their oversized BMW 4x4s. The so-called sealed bids are anything but. The large firms would rather lose more than half their workforce than reduce prices.

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  • little professor says:

    This is complete fantasy from the developers – anyone who is able to spend £365,000 on a flat is not going to want to live in Dundee, teenage pregnancy capital of the world.

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  • At least they’ll add to the supply side of the equation.

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  • it_is_going_with_a_bang says:

    So the developers have sold 25 units out of 202 and made the sales team redundant.
    As far as business plans go it’s not looking so good.

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  • Why don’t they just build big white elephants for people to spend a third of a million on – probably look a bit prettier too – and give people an excuse to visit Dundee. Milton Kenyes has its cows…

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  • at least they are fulfilling their contract to people

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  • Just out of curiosity what level of deposit (in pounds not percentage) do people viewing/contributing to this thread think a buyer would need to make a sucessful purchase at £365K?

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  • Jack C,

    I guess about £146,000. Banks don’t like new build flats, so 40% deposit is a likely minimum.

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  • The company name seems very appropriate given the current conditions ‘DuncArse’

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  • jonb – spot on – so with a £145K deposit leaving a £220K mortgage the borrower would be faced with monthly mortgage repayments of £1435 (assuming interest rate of 6% with capital & interest mortgage over 25 year term). You would be looking at monthly repayments of £1100 if interest only.

    Assuming the lenders return to more sensible income multiples of say 3x sal you would need to earn £75K to be eligible to buy – now I’m not familiar with the Dundee area at all but my guess would be that not many people will fit this criteria.

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  • Musn't Grumble says:

    Ahhh Dundee …. the home of Desperate Dan, RRS Discovery and Marmalade …. can’t be all bad. That said, I did hear that it has the highest rate of claimed alien abductees in the UK. Not sure I woul want a flat looking out over the site of the Tay bridge disaster – spooky.

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