# What does the Council do with luxury apartments?



## Brendan Burgess (5 Dec 2018)

I was sent this cutting from a newspaper 


So, the Council has acquired properties at 20% of their market price. 

What do they do with them? 

Brendan


----------



## RedOnion (5 Dec 2018)

Is that a rhetorical question?

They're used for social housing.


----------



## Blackrock1 (5 Dec 2018)

that albany development hasnt gone well for them, its still half empty, i didnt realise they were stuck with social in it as well,

so million quid houses in the heart of ballybrack with social housing as well

who would buy there?


----------



## Lightning (5 Dec 2018)

Often the council are paid an in-lieu price but do not take ownership of apartments in 'plush developments'.


----------



## RedOnion (5 Dec 2018)

Possibly Ciaran, but in this case the properties were actually acquired by DLRCC. They've appeared in the property price register, which is based on stamp duty returns, so a transaction has happened.

From April 2017, here's a list of private developments where DLRCC was buying / acquiring property:


----------



## Andy836 (5 Dec 2018)

3 & 4 Albany House (the units DLRCoCo bought) are the two small units built by subdividing the old coach house of the main Albany House (which itself has been split into two "luxury" units). 
3 & 4 are both 2 beds. Per the planning application one is 100sqm while the other is 83sqm. 

The houses going for €1mm are all 200sqm+ 3-5 bed houses. 
DLR got 2 of 22 units in the development.
The houses look like they've a great finish but the location is terrible IMHO.

Per Blackcrock1's post above, it looks like Albany has been a total disaster for Cairn - only 3 out of 20 private market units are listed on the PPR when the scheme was launched in May 2016 (per the Irish Times). That is a fiasco.


----------



## Blackrock1 (5 Dec 2018)

Andy836 said:


> 3 & 4 Albany House (the units DLRCoCo bought) are the two small units built by subdividing the old coach house of the main Albany House (which itself has been split into two "luxury" units).
> 3 & 4 are both 2 beds. Per the planning application one is 100sqm while the other is 83sqm.
> 
> The houses going for €1mm are all 200sqm+ 3-5 bed houses.
> ...




Yes looks to be finished very nicely but no amount of marketing can get past the actual location


----------



## Paul M. (22 Dec 2018)

CiaranT said:


> Often the council are paid an in-lieu price but do not take ownership of apartments in 'plush developments'.



The Urban Regeneration and Housing Act 2015 removed the option for developers to provide a cash payment in lieu of social housing.


----------



## newtothis (22 Dec 2018)

Brendan Burgess said:


> I was sent this cutting from a newspaper
> View attachment 3300
> 
> So, the Council has acquired properties at 20% of their market price.
> ...



In my experience, it is difficult to find any new development that isn't referred to by the developer as "luxury"......

I would imagine the reduction in sales price is partially there to reflect a lower standard of fit-out that is felt necessary (i.e. no gold taps or whatever the bling-du-jour feature is these days) by the council.

To answer your question, I would guess they intend to house people in them, or maybe you think they shouldn't?

​


----------



## RETIRED2017 (22 Dec 2018)

What comes to my mind is an old saying I first hears years and years ago

No matter how smart and talented you think you are there is always someone better than you at your best game and with a house it is not only about you but also about your accompishments  

There is good and bad envy never let the bad type eat you up,

If they have moved in I wish them a  very happy Christmas and New Year in there new home ,

I will quote Harry Truman
All will concede that in order to have good neighbors , we must also be good neighbors, that applies in every field of human endeavor,


----------

