The Crescent Building in Park West. Image: Google Street View The Crescent Building in Park West. Image: Google Street View APARTMENT OWNERS AT a Celtic-Tiger development in Dublin were “stunned” when they were told this week that they will each be expected to pay over €68,000 under a proposal to repair fire safety defects.
Owners will vote on the proposal at an extraordinary general meeting in a number of weeks and if the plan is approved the first €15,000 installment would be expected within six weeks so the work can commence. One owner told The Journal that people were “stunned” by the figure presented during the meeting. He said:
“I’m an accidental landlord with tenants, but I have no equity in the apartment to borrow against and I don’t have the disposable income to get unsecured lending from a bank. I have a mortgage and childcare bills to pay, I simply can’t come up with that kind of money and I’m sure plenty of people are in the same situation. I’m sure people agree the work needs to be done but you can’t get blood from a stone.
“The government, in creating the mica redress scheme has acknowledged that this is wrong. We are adding our names to tens of thousands of others calling on the government to establish a redress scheme for apartment homeowners in the upcoming budget.” According to the report, the cost of remedial works ranges from €1.56 to €2.5 billion and as many as 100,000 homes are estimated to be impacted. The working group has recommended that a State-funded remediation scheme be “fully considered from a policy and cost perspective”.
This is unbelievable! The failure happens under the government's watch, the developers are gone bust and reinvented themselves... and the owners must stump up the moola. Wrong on so many levels. There's simply too much red tape in Ireland. The repair cost alone at €15m...🤦🏻♂️
That's the rents going up again then
Just like that ,in what world do these people live in 68,000 ,