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Wednesday 13 December 2017

Return of the housing bubble? 'One thousand suitors' eye up water damaged apartments

  • Apartments on Dublin Docklands advertised for guide prices ranging from €200k to €400k
  • People 'accepting lower standard of accommodation' due to 'extreme shortage of housing' - economist
  • 'Water damage will be rectified before the buyers move in' - estate agents

Apartments at Canon Hall on the Dublin Docklands are being advertised for guide prices ranging from €200,000 to €400,000.
Apartments at Canon Hall on the Dublin Docklands are being advertised for guide prices ranging from €200,000 to €400,000.
Amy Molloy

Amy Molloy

An apartment complex in Dublin which is advertising one and two-bed apartments for sale - some of which are water damaged - received interest from over one thousand prospective buyers, an estate agent said.

The apartments at Canon Hall on the Dublin Docklands are being advertised for guide prices ranging from €200,000 to €400,000.

When viewed by Independent.ie, a number of them had significant water damage to the ceiling in the kitchen/living room area.

A one-bedroom apartment on the third floor also had a leaking toilet, while many of the hobs were badly worn, as shown in the below photographs and video.

A leading economist has commented on the condition of certain apartments on the market and said people "are accepting a lower standard of accommodation" due to the "extreme shortage of housing" in the capital.

Ronan Lyons, economist with housing portal Daft.ie, says the condition of certain apartments on the market reflects the lack of housing available in Ireland at the moment.

"I think the general point is that we have an extreme shortage of housing in the city. For every ten new dwellings that were needed, only one got built," he told Independent.ie.

"People are accepting a lower standard of accommodation.

Water damage
Water damage

"In a healthy market, management companies wouldn't get away with showing houses in that condition [water damaged], but in a market where you have so little supply coming in, these issues are cropping up."

The apartments are second-hand, meaning the Help-to-Buy scheme won't apply for first-time buyers.

Damaged hobs
Damaged hobs

They were developed in 2008 by McDermott & O'Farrell and the block includes 36 apartments, 34 car-parking spaces and a ground floor retail unit.

The sales are being handled by estate agents Lisney and Hooke & MacDonald who are advertising the apartments to be "sold as seen".

Water damage
Water damage

However, a spokeswoman for the management company McDermott & O'Farrell said that the water damage will be rectified before the buyers move in.

She said the responsibility would lie with the buyers for any damage done to appliances, such was washing machines and dishwashers.

Superficial damage done to counter surfaces would also be up to the buyer to rectify.

A spokesperson for estate agents Lisney and Hooke & MacDonald later clarified the estate agent's comment about interest being shown from "over one thousand prospective buyers" and said the actual number of people who showed interest was "far less".

"There are two agents selling all of the apartments jointly, most of the enquiries we receive are duplicated," the spokesperson said.

"The level of enquiries today has been far less than 1000 emails/phone calls."

He continued; "The apartments are eight years old and they have been occupied up until recently.

"They are all generally in good decorative condition and in good working order.

"The owners are selling the apartments as viewed therefore the contents will also come included with the apartments.

"As expected each purchaser will inevitably personalise the apartment when they move in, this is to be expected on any second hand apartment sale.

"The apartments are being sold by Private Treaty similarly to most other property transactions."

He added; "The water damage was caused by the severe downpour of rain over the last week, so we only saw the water damage when everyone else did."

Apartments

A total of 12 two-bed apartments and a one-bed are currently advertised, but a spokesman for the estate agents said more one-beds will soon be coming to the market.

They have received a bid of €216,000 for the one-bed which is being advertised with a guide price of €200,000.

A penthouse on the top floor has a guide price of €400,000.

"Following the sale of this first release of apartments we will have a further 23 apartments for sale in the future, this will provide all interested parties with a good opportunity to secure an apartment," a spokesperson said.

The purchasing procedure is outlined as follows: "Offers are to be made in writing to either Lisney or Hooke & MacDonald.

"When we receive offers we proceed with the bidding process with interested parties and when the top offer is achieved for each apartment we revert to the vendor for authority to accept it."

All of the properties have balconies or terraces and many of the units on the upper floor have clear views of the city.

Viewings are ongoing and the purchasing procedure is currently at phase one.

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