Does buying New 2-bed aptments on the bank of the Shannon in Rooskey make good sense?

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pat127

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New 2-bed apartments on the bank of the Shannon river in Rooskey Co Leitrim, on sale for between 280K and 300K. A marina berth is available for an additional 45K. Does a purchase make a sensible investment given (a) the area, (b) the current nervousness about the market?

The area is very popular especially for boaters and anglers. There's lots to see and do in the surrounding areas. Rooskey and Dromod will soon be bypassed. Someone feels that the area has potential based on the amount of construction notably in Dromod which includes plans for a hotel and 9-hole golf-course but I think the asking price for the apartments seems high.

If the housing market collapses or levels out, will holiday apartments feel the pinch first? OTOH if rising oil-prices hit cheap flights will home holidays in areas such as Rooskey/Dromod become more popular?

Has anyone an opinion?

Thanks,

Pat
 
Re: Does buying in Rooskey make good sense?

Unless you feel you will get the value out of this property by spending unoccupied periods there yourself, avoid like the plague.

Competition very high. Midlands area.

9 hole golf course? That might be an attraction if it was in Cape Verde! :)
 
Re: Does buying in Rooskey make good sense?

much obliged all, especially for info re Carrick,

many thanks,

Pat
 
Re: Does buying in Rooskey make good sense?

Pat127

Would you mind letting us know what you think now after asking the q and reading about Carrick situation - just interested to know
 
Re: Does buying in Rooskey make good sense?

I'm taking Extopia's advice to 'avoid like the plague'! The property in question is expensive to begin with IMO, and with a primary interest in capital appreciation I'm not confident that it'll pay off. According to the ESRI House Price Index, house prices in Leitrim grew by 2% in 2005. BTW
the money asked for in Rooskey for the 2-bed apartment will buy a newish 3-bed detached house in a gated community on the waterfront in Dromod. A 2,142 sq ft 4-bed detached house on the Rooskey site with no garden to speak of is priced at 650k but a friend has just bought a same-sized, new 4-bed det in Ardagh, Co Longford on 3/4 acre for 500k. Some premium for a view of the river!

As for Carrick....I've been watching the situation there for years. Far too much housing development IMO and the local economy is hanging off one major employer - MBNA with 1,100 staff. Leitrim village is bursting with new houses/apartments as well but Drumshanbo where I sold a house recently is in poor shape.
 
Based on my knowledge of building assuming a very good kit out those rooskey houses are costing the builder less than 250k all in to build. Effectively that means the site cost is 400k.

That seems steep given in the long term there will be no shortage of sites as farmers will continue to sell land.
 
I suspect that the economics are very different when it comes to river-side (seaside??) properties, Maine. Large sites within a few miles of the river can be had for circa 40K in that part of the country yet people are very happy to pay the premium for living on the banks, based on the number of Sold/Sale Agreed signs.
 
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