Housing Bubble Bursting

Blackjack · 18-04-2011 11:14pm

DublinWriter wrote: »

Any estate agent worth his or her salt would know that's the wrong way to sell a house to begin with, especially in this climate.

That property will sit on the market for months, even years and nothing makes a buyer more leery than a house that has been up for sale for an inordinate amount of time.

I would guess that the previous owner of this house is deceased and that the beneficiaries of the will decided on the "let's chance our arm" strategy of property selling. It will end up costing them big time as the market continues to tumble in the next 12 months.

Its castle - watch the price plummet in a matter of weeks. It would appear to be their standard MO.
That said - DNG are advertising number 49 on the same road for 700K....

jmayo · 19-04-2011 11:32am

Spiritofthekop wrote: »

:eek:

I know of one very respectable gentleman who was rtaher the worse for wear one night and actually mistook the wardrobe for the onsuite.
Trust me I would rather someone used the sink than a wardrobe or a potted plant as I once caught someone doing. :mad:

Blackjack wrote: »

Its castle - watch the price plummet in a matter of weeks. It would appear to be their standard MO.
That said - DNG are advertising number 49 on the same road for 700K....

Having dealt with one DNG branch, I think they are one of the better EAs who were most realistic.
Some others are for the birds and still think it is 2007. :rolleyes:

Saying that Dublinwriter I think may be on the money.
This house looks like it is a disposal of a deceased estate.

The more people that are in line to get a slice of the pie, the bigger they want that pie to be.
I know of one incident from Northern Ireland, which actually occurred during the bubble, where the sellers of a site all wanted to be millionaries and thus forced the auctioneer to put the price up to over say 9 million.
The auctioneer advised them to take the 7 odd million, but they wanted to get a million each so they thought they would do better.
That site up to last year was unsold and valued by local developer at about 1 million.

Caoimhín · 25-04-2011 10:42am

http://www.irishtimes.com/newspaper/opinion/2011/0425/1224295408815.html

Price to income ratios suggest there is a way to go yet before property prices stabilise.

However they show a consistent pattern and point to a persisting overvaluation of houses of the order of 25 per cent to 30 per cent.

A great article, well worth a read.

The Australian · 25-04-2011 12:48pm

norrie rugger wrote: »

[sarcasm]But this is Ireland, we can be different from every other country.
We are in for a soft landing.
We are returning to normal now, the slide was just a blip.

Etc Etc etc[/sarcasm]

That's the same (annoying) music that real estate spruikers play here in Australia.

We have been watching your country and yet they keep saying "...but this is Australia.....etc. etc." :rolleyes:

Question: what the cheapest place where to buy a small home in Ireland?

Thanks

Monty Burnz · 25-04-2011 2:49pm

The Australian wrote: »

That's the same (annoying) music that real estate spruikers play here in Australia.

We have been watching your country and yet they keep saying "...but this is Australia.....etc. etc." :rolleyes:

Question: what the cheapest place where to buy a small home in Ireland?

Thanks

Probably in the middle of nowhere, out in Cavn or Leitrim or any midlands area. You could reasonably expect to pick up a new apartment (in the countryside :rolleyes:) or small house on a new estate for €60k.

But don't, because it will be worth less in a few years time...

25-04-2011 3:31pm

The Australian wrote: »

Question: what the cheapest place where to buy a small home in Ireland?

Thanks

How about this http://www.daft.ie/searchsale.daft?id=587173 in Roscommon.

The Australian · 25-04-2011 6:13pm

Monty Burnz wrote: »

Probably in the middle of nowhere, out in Cavn or Leitrim or any midlands area. You could reasonably expect to pick up a new apartment (in the countryside :rolleyes:) or small house on a new estate for €60k.

But don't, because it will be worth less in a few years time...

Thank you.

I am not buying anything...I just like to show this to my local spruikers. They are really stubborn...:rolleyes:

The Australian · 25-04-2011 6:15pm

Deleted User wrote: »

How about this http://www.daft.ie/searchsale.daft?id=587173 in Roscommon.

uhmm thats a very old property...I need to compare apples with apples, plus I bet Internet there is not going to be very fast, am I wrong?

Monty Burnz · 25-04-2011 6:31pm

The Australian wrote: »

uhmm thats a very old property...I need to compare apples with apples, plus I bet Internet there is not going to be very fast, am I wrong?

You'd be right, I reckon. But have a look on that Daft website, bearing in mind that asking prices and the prices properties sell at are quite different. Hotspots for cheap houses would be midlands/border counties like Roscommon, Leitrim, Cavan, Monaghan, Offaly and so forth. There are fairly new properties out there that you would struggle to give away out there.

How about this one: new 3 beds for €85k. It'd be astonished if they turned down 70k...
http://www.daft.ie/searchnew_development.daft?id=12174

Caoimhín · 25-04-2011 7:56pm

Monty Burnz wrote: »

http://www.daft.ie/searchnew_development.daft?id=12174

I wouldnt live in that house if you gave it to me free, with a lifes supply of hookers and cocaine.

Monty Burnz · 25-04-2011 7:58pm

Caoimhín wrote: »

I wouldnt live in that house if you gave it to me free, with a lifes supply of hookers and cocaine.

Me neither, but more due to the location than the property.

25-04-2011 9:07pm

The Australian wrote: »

uhmm thats a very old property...I need to compare apples with apples, plus I bet Internet there is not going to be very fast, am I wrong?

If it's new you want, how about this! http://www.daft.ie/searchsale.daft?id=581989

Only 50,000 Euros.
New house fully finished and ready to be furnished. Close to the town and all its amenities.

As already said, it's all down to location, if you can work from home, less so!

The Australian · 29-04-2011 5:10pm

Deleted User wrote: »

If it's new you want, how about this! http://www.daft.ie/searchsale.daft?id=581989

As already said, it's all down to location, if you can work from home, less so!

yes I can work from home, I'm a webmaster.

However I reached this site after some guy told me that in Ireland I could find something like the one you mentioned for just 20,000 Euro which does not seem the case.

However I really don't like the way they build homes in Ireland and the UK.

I prefer the house on one level....no stairs...does it ever happen?

Thanks

Mr. Loverman · 29-04-2011 5:16pm

The Australian wrote: »

I prefer the house on one level....no stairs...does it ever happen?

These days it would have to be a self-build or a house made before the 70's or thereabouts.

The Australian · 29-04-2011 5:17pm

Mr. Loverman wrote: »

These days it would have to be a self-build or a house made before the 70's or thereabouts.

why? I don't think there is a land shortage in the rural areas...here most of the new homes are on huge blocks of land.

Mr. Loverman · 29-04-2011 5:24pm

The Australian wrote: »

why? I don't think there is a land shortage in the rural areas...here most of the new homes are on huge blocks of land.

People just prefer having two storeys I guess.

Caoimhín · 29-04-2011 5:59pm

The Australian wrote: »

However I reached this site after some guy told me that in Ireland I could find something like the one you mentioned for just 20,000 Euro which does not seem the case.
Thanks

Before you even consider buying a house in this fair land, have a good read through this website; www.thepropertypin.com

I had my own suspicions about the Irish property market when I came home from Manchester in 2001, I thought it odd that the price of an average house in Tullamore was twice the price of a similar building in Manchester, (Manchester having roughly the same population of all of Ireland).

Reading the Property pin finally convinced me that it was just a speculative asset bubble. Its funny how the politicians and media are spinning the line that "nobody saw it coming" and "sure we were all at it". Some people did see it coming but were told to commit suicide, just for pointing out that the Emperor had no clothes.

I reckon that website saved me from a life of negative equity and subservience to the bank.

mark renton · 29-04-2011 8:31pm

The Australian wrote: »

I prefer the house on one level....no stairs...does it ever happen?

no it would never happen - otherwise how would you go upstairs??

Blackjack · 30-04-2011 12:30pm

The Australian wrote: »

I prefer the house on one level....no stairs...does it ever happen?

Thanks

Plenty Bungalow's around.

30-04-2011 7:13pm

Blackjack wrote: »

Plenty Bungalow's around.

Bungalow Bliss Blitz has a lot to answer for.

Still about a quarter of one-offs built in the past decade were bungalows, plenty to choose from.

Mr. Loverman · 30-04-2011 7:23pm

john47832 wrote: »

no it would never happen - otherwise how would you go upstairs??

That's like a guy I knew who was trapped in a house with no windows and doors...

...he didn't realise you could just walk through the door frame or climb through the window frame...

:pac:

Calina · 01-05-2011 1:23pm

Mr. Loverman wrote: »

People just prefer having two storeys I guess.

No they don't. One of the key features I hate about living in the city is this two story nonsense, up to and including recently build duplex apartments. One story properly laid out houses are far, far more enjoyable to live in than the semiD two and 3 story rubbish that the cities impose on us.

01-05-2011 7:16pm

Calina wrote: »

No they don't. One of the key features I hate about living in the city is this two story nonsense, up to and including recently build duplex apartments. One story properly laid out houses are far, far more enjoyable to live in than the semiD two and 3 story rubbish that the cities impose on us.

I agree, but the problem is down to plot size, it's difficult to fit a bungalow into a typical urban plot.

Mr. Loverman · 01-05-2011 8:10pm

Calina wrote: »

No they don't. One of the key features I hate about living in the city is this two story nonsense, up to and including recently build duplex apartments. One story properly laid out houses are far, far more enjoyable to live in than the semiD two and 3 story rubbish that the cities impose on us.

I appreciate you prefer living in a one storey house, but if you visit the average self build they tend to have an upstairs, regardless of how much land they have. This would suggest people prefer having an upstairs.

Obviously I am not trying to say every single person prefers a two storey house, just like I assume you are not trying to say every single person prefers a one storey house because you prefer one storey houses.

Dades · 03-05-2011 10:36am

I'd be very lucky to get my missis into a bungalow - I love them but she likes the "security" of having herself and the kids asleep upstairs. Criminal Minds has a lot to answer for.

There are plenty of bunglows for sale in the 'burbs, btw, though as someone mentioned more are older builds. (Better builds if you ask me.)

SouperComputer · 06-05-2011 2:55pm

So is there a movement/initiative to start recording bids and actual selling prices? Result being sites like www.zillow.com with rough price estimates for properties based on SELLING prices of SIMILAR properties?

mari2222 · 13-05-2011 10:36pm

A google search for "all wales auction" shows results in Wales which may interest some posters/boardies:)

14-05-2011 4:29am

mari2222 wrote: »

A google search for "all wales auction" shows results in Wales which may interest some posters/boardies:)

Do you mean this .

Auction Date Thursday, 10 March 2011
Venue The Carreg Mon Hotel (formerly Carreg Bran Hotel), Ffordd Caergybi, Llanfairpwllgwyngyll, LL61 5YH
Start Time 15:00
Lots Offered 12
Lots Sold Prior 1
Lots Sold in Room 4
Total Lots Sold 6
Percent Sold 50%
Total Raised £573,500

Lot
No. Address Result
101 18 Twrcuhelyn Street, Llanerchymedd, Gwynedd, LL71 8DB Sold for £52,000.
102 Maxime Cottage, Tan yr Allt, Prestatyn, Clwyd, LL19 8PT Unsold, the last bid was £89,000 and is available at £95,000.
103 8 Morlan Park, Rhyl, Clwyd, LL18 3EG Sold Prior to auction, for an undisclosed amount.
104 Betws Lodge, Tan-y-Gopa Road, Abergele, Clwyd, LL22 8DT Sold after auction for an undisclosed amount.
105 12 Lower Gate Street, Conwy, Gwynedd, LL32 8BE Sold for £250,000.
106 Crown Hotel, Church Street, Barmouth, Gwynedd, LL42 1EW Withdrawn Prior to Auction.
107 Bargains Galore, 316 High Street, Bangor, Gwynedd, LL57 1YA Unsold, the last bid was £138,000 and is available at £190,000.
108 14 Sun Street, Ffestiniog, Blaenau Ffestiniog, Gwynedd, LL41 4NE Unsold, the last bid was £38,000 and is available at £45,000.
109 7 Marl Avenue, Llandudno Junction, Gwynedd, LL31 9LA Unsold, the last bid was £78,500 and is available at £78,500.
110 34 Llaneilian Road, Amlwch, Gwynedd, LL68 9HU Unsold, the last bid was £90,000 and is available at £95,000.
111 29 Water Street, Penygroes, Caernarfon, Gwynedd, LL54 6LR Withdrawn Prior to Auction.
112 Menai Garage, Brynsiencyn, Llanfairpwllgwyngyll, Gwynedd, LL61 6UG Unsold, the last bid was £199,000 and is available at £205,000.
113 The Golden Inn, High Street, Harlech, Gwynedd, LL46 2YB Withdrawn Prior to Auction.
114 35 Station Road, Talysarn, Caernarfon, Gwynedd, LL54 6HL Sold for £30,500.
115 32 Caellepa, Bangor, Gwynedd, LL57 1HF Sold for £66,000.

North Wales was always cheap! I remember living there in the mid 1980s ans seeing houses for sale foe £8000 or so.

jmayo · 16-05-2011 4:53pm

Deleted User wrote: »

Do you mean this .

Auction Date Thursday, 10 March 2011
Venue The Carreg Mon Hotel (formerly Carreg Bran Hotel), Ffordd Caergybi, Llanfairpwllgwyngyll, LL61 5YH
Start Time 15:00
Lots Offered 12
Lots Sold Prior 1
Lots Sold in Room 4
Total Lots Sold 6
Percent Sold 50%
Total Raised £573,500

Lot
No. Address Result
101 18 Twrcuhelyn Street, Llanerchymedd, Gwynedd, LL71 8DB Sold for £52,000.
102 Maxime Cottage, Tan yr Allt, Prestatyn, Clwyd, LL19 8PT Unsold, the last bid was £89,000 and is available at £95,000.
103 8 Morlan Park, Rhyl, Clwyd, LL18 3EG Sold Prior to auction, for an undisclosed amount.
104 Betws Lodge, Tan-y-Gopa Road, Abergele, Clwyd, LL22 8DT Sold after auction for an undisclosed amount.
105 12 Lower Gate Street, Conwy, Gwynedd, LL32 8BE Sold for £250,000.
106 Crown Hotel, Church Street, Barmouth, Gwynedd, LL42 1EW Withdrawn Prior to Auction.
107 Bargains Galore, 316 High Street, Bangor, Gwynedd, LL57 1YA Unsold, the last bid was £138,000 and is available at £190,000.
108 14 Sun Street, Ffestiniog, Blaenau Ffestiniog, Gwynedd, LL41 4NE Unsold, the last bid was £38,000 and is available at £45,000.
109 7 Marl Avenue, Llandudno Junction, Gwynedd, LL31 9LA Unsold, the last bid was £78,500 and is available at £78,500.
110 34 Llaneilian Road, Amlwch, Gwynedd, LL68 9HU Unsold, the last bid was £90,000 and is available at £95,000.
111 29 Water Street, Penygroes, Caernarfon, Gwynedd, LL54 6LR Withdrawn Prior to Auction.
112 Menai Garage, Brynsiencyn, Llanfairpwllgwyngyll, Gwynedd, LL61 6UG Unsold, the last bid was £199,000 and is available at £205,000.
113 The Golden Inn, High Street, Harlech, Gwynedd, LL46 2YB Withdrawn Prior to Auction.
114 35 Station Road, Talysarn, Caernarfon, Gwynedd, LL54 6HL Sold for £30,500.
115 32 Caellepa, Bangor, Gwynedd, LL57 1HF Sold for £66,000.

North Wales was always cheap! I remember living there in the mid 1980s ans seeing houses for sale foe £8000 or so.

True 10 years ago one could pick up a flat in some towns in Wales for about 20,000.

I couldn't buy anything there anyway.
I'd never be able to pronounce me address.

16-05-2011 5:21pm

jmayo wrote: »

True 10 years ago one could pick up a flat in some towns in Wales for about 20,000.

I couldn't buy anything there anyway.
I'd never be able to pronounce me address.

Ah yes! Lot 112 in Llanfairpwllgwyngyllgogerychwyrndrobwllllantysiliogogogoch I know it well!

Housing Bubble Bursting

Comments