Re: Re: Eglinton Street Tower, Cork

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#780317
corkdood
Participant

In my view the sales of the apartments in the Elysan (Eglinton Street) building will be an interesting barometer for the future prospects for residential development in the docklands. With the recent slowdown in the residential property market appearing to pick up pace it seems to me that in 6 months time no one will want to buy an apartment in the city as there will be thousands on the market. Compounding the problem will be the forthcoming changes in stamp duty legislation which will encourage first time buyers to buy their home for life as opposed to a starter home. Fact is most Irish people do not view apartments as homes for life.

I feel that the elysian will prove to be an expensive mistake that won’t sell at a price that will generate profits for its backers.

Having said that it is a landmark building in a great location for anyone working in town. Time will tell I suppose but I wonder are the developers saying rosaries for the health of the housing market given their large investment.

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