Tag Archives: Property

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18, Highfield Road, Rathgar, Dublin 6

The flip.

It’s back.

Aidan Murphy writing in today’s Irish Times

Among these flips is 18 Highfield Road, Rathgar, which was bought in August 2012 for €835,000 – it was in need of a complete overhaul. With this renovation complete, the house sold again last month for an astounding €3,300,000 – 10 per cent above its €3 million asking price

*flips bird*

Backing the market: the art of flipping (Irish Times)

(MyHome)

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The premises on a 0.68 acre site at the corner of Sir John Rogerson’s Quay and Creighton Street, Dublin.

2000-2007: Site is acquired as part of a larger proposed development assembled by Bernard McNamara and Derek Quinlan.

November 2010: Nama take control of site

June 2013: Nama sells to Urbanest [student hostels] for €7.5 million

February 2014: Planning permission for hostel refused.

March-June: Urbanest sell to a “group of private investors” for €10 million

August 2014: Hibernia Reit purchases site for €17.5 million and will form part of a ‘larger development’.

Good times.

Anyone?

NAMA site was sold for double the price after barely a year (Peter FlanaganIndependent)

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Why don’t they build more houses in Dublin?

They have a market now what’s stopping THEM?

Not so fast.

Yesterday members of Property Industry Ireland, Dr. Peter Stafford, Aidan O’Hogan, Tom Phillips, chair of the planning and regulation committee and Ms Marian Finnegan, member of the market supply and demand committee appeared before the Joint Committee on the Environment, Culture and the Gaeltacht to discuss the subject of commercial and domestic property – supply and demand.

Mr Phillips revealed in relation to the one of the reasons developers were not building dwellings is that penal levies were being imposed on them and therefore it was not in their interest to build at this time.

“…the Metro in Dublin adds a levy to certain developments. The Metro is on hold, but the levy is still in place. The levy is there for a 30-year period. If the money has not been spent in 30 years, it can be refunded to the developer. I can think of no other levy that has a 30-year life span. There is another special levy in Kilternan. To build an apartment in Kilternan, one pays a levy of €11,000 per residential unit and then a special levy of over €40,000. It works out at €55,000 per unit in levies. That is apart from a potential windfall tax, Part V social housing and other costs. There are many costs. That is the situation for people who have land at present. It is a tricky point…”

Anyone?

Oireachtas.ie

Meanwhile…Pace of property price hikes picks up again – CSO (Irish Independent)

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“…a throwback to the crazy days of the property boom, house hunters have begun queuing overnight for a new homes scheme in Swords, Co Dublin, that will not open to the public until Saturday. Three or four parties queued overnight at the Millers Glen development [from Gannon Homes] near Applewood in Swords in order to secure their places at the top of the queue for 60 newly-built homes launching on Saturday at 2pm. This morning a number of others have joined the queue…

You tried to tell them.

Hell, we all tried.

They’re going to have to learn the HARD way.

*squeezes reused tea bag*

House hunters queuing five days ahead of Swords estate launch (Madeleine Lyons, Irish Times)

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Apartments for ants?

A council spokesman said: “In the heart of Dublin’s north inner city, in an area extending from the North Circular Road to the River Liffey and from Amiens Street to Dorset Street, over 46pc of all homes have just one bedroom or less. Half of these homes were built over the past 20 years.”

But..

….Fintan McNamara, a spokesman for the Residential Landlords Association of Ireland, disagrees about over supply of accommodation for single people households. He is convinced that micro flats are needed to address the shortage of affordable rental accommodation because so many bedsits have been taken out of the market since the authorities banned the division of old houses into flats which shared bathrooms and other facilities…

Independent.ie Is Micro Really Dublin’s Next Big Thing? (Independent.ie)

Previously: Self Contained Studio

Pic: Smartspace