AH purchase in Aug valued at 295k and I paid 220k now developers are selling for 189k

[mcelron3]

I bought an affordable home (apartment) last year.

The property was valued at 295k and I paid 220k for it which just included basic appliances.

I closed my sale at the end of August last year. Mid September, the developers started selling the apartments at €189k each, fully furnished!

My apartment is smaller than the others (clearly the developers gave the lower spec ones to DCC).

Does anyone know if I'd have any comeback at all on this?

In the space of two weeks my property was devalued by over €100k.

Surely that cant be right?

 

[Bonnielass]

Re: AH purchase in Aug valued at 295k and I paid 220k now developers are selling for

As far as i know they can sell for whatever they like. When i bought mine i knew they were overvalued, so got a second evaluation and submitted this to FCC before signing. They dropped it further by another €20k giving me a €100k affordable reduction. I wasnt completely happy as i knew it shouldve been more (theyve devalued €145k in 2.5yrs) but i went ahead. I still love the apartment and the area so cant complain.

The market value in 07 was €345k, affordable housing price for me €245. Theyre selling for €200k market price now. The positives for me is if i sold now i owe no clawback to FCC but still owe the bank~€30k more than what the apt is worth. I dont think thats too bad and am glad i am an affordable home owner. Alot of others in teh estate are €145k in negative equity for paying full market price.

You've committed yourself to a price and keys were handed over, you have no comeback now im afraid.