Financing Check: Building a House in 2.5 Years

2020-09-01 22:44:29

So, I'll dust this off..

A lot has happened with us and somehow not much at the same time. We are on the list for 4 new construction projects, all of which are aiming for marketing phase next year, 3 in Norderstedt and 1 in Neugraben Fischbek. (By the way, the last plot of land is now on the market in Fischbeker Heidbrook, 1000 m² for €250,000. Considering it's in Hamburg, very cheap).

Huh?!
Why is Hamburg so cheap?

I just checked the website. Vogelkamp Neugraben even has more plots still "for sale". So not even reserved?!
And all just a little over €300/sqm. Where’s the catch?
Within 25 km striking distance of the city center here in Düsseldorf, there is practically nothing on the open market. For new development areas, such plots are oversubscribed dozens of times with waiting lists and point allocations. And not for €300/sqm either.

If there’s no catch because the building land first still has to be hard-won at one’s own expense from the sea (or Elbe), I can no longer take the complaints that Hamburg is so expensive seriously.

2020-09-01 23:23:06

Huh?!
Why is Hamburg so cheap?

I just checked the site. Vogelkamp Neugraben even has more plots still "for sale". Not even reserved?!
And all just barely over 300 euros/sqm. Where’s the catch?
Within 25 km striking distance to the city center, there is practically nothing on the free market here in Düsseldorf. In new development areas, such plots are oversubscribed many times over with waiting lists and point allocations. And not even for 300 euros/sqm.

If there isn’t a catch somewhere because the building land still has to be hard-won at one’s own expense from the sea (or Elbe), then I can no longer take the complaints about Hamburg being so expensive seriously.

The catch is that it’s way too far from Hamburg city center and you’re stuck in traffic all the time. Three weeks ago we also viewed a plot in Neugraben because we thought we should lower our expectations… BUT Neugraben is simply too far. I cursed that day because it took us almost 2 hours to get home, with two children in the car. I don’t want to put myself through that stress every day.

2020-09-02 00:18:04

hm... I don't know Hamburg that well. But in the end, it always depends on where you need to go. The S-Bahn is just around the corner and goes to Stadthausbrücke in 30 minutes without changing trains. That's quite central.. I still maintain that in this area such a location wouldn't end up on the open market. Everything would be allocated through waiting list spots. But ok. Back to Topic

2020-09-02 06:33:02

Depends on where you work. Neugraben is not far at all. For "real" Hamburgers, the south is no longer Hamburg. It is certainly not the most attractive district in terms of the district center, but close to heide and altem Land. And 30 minutes to the city center. Everything completely fine

2020-09-02 10:32:23

Depends on where you have to work. I have to work 100% remote anyway, so I wouldn’t really care. With the S-Bahn you get to the city center really fast. We also looked at everything there. Vogelkamp is not really our thing, but Heidbrook on the edge would definitely have been cool. Fischbeker Reethen will only go on the market next year.

The "catch" with the IBA plots is that they have very strict design rules, with a committee and council and so on – every design has to be approved. That’s why the houses are a bit more expensive (2 floors are mandatory, for example). Allocation is done based on the time of submission or by lottery.

2020-09-02 10:55:37

I rather think that Hamburg is slowly going downhill. If you read about the left-wing radical scum that is around there, most probably no longer want to live there. The university scandal must have also hit the city hard. However, it is very unfortunate, the city is great and many citizens have always been friendly.

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Financing Check: Building a House in 2.5 Years

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