House prices in Charlesland.

jenc

Has anyone had their house valued recently. Are house prices in Charlesland really going down?

My friend was talking to a real estate agent who was trying to sell him one of the 3 beds and was explaining that they are about 10% cheaper than this time last year. Not sure if he's just trying to wind me up or not so would be interested to hear if anyone else has got their house valued.

Hammiepeters

3 beds peaked at about 555K and thats where they stayed. 2 bed houses about 405k and same. A ten per cent drop would be about -50K. I dont think so! estate agent bs. I think also that we are a first time buyer estate and the stamp duty uncertainty will have stalled things. Personally I am not worried and would expect Charlesland values ti increase 3-4% this year.

Hammiepeters

Prices listed were from myhome.ie

woodser

The mid terrace 2 beds are holding their value at between 415 and 425.The mid terrace 3s are down from about 535 to 520 and the end terrace 3 beds are holding at about 555.The last mid terrace 3 bed to sell last month fetched 525 with an attic conversion and and end without got 555.

Wineman

Arent the mid terrace 3 beds bigger than the end of terrace houses?

fishdog

Look the Emperor is wearing no clothes!! Residential property prices have dropped. By 10 % ?? I dont think so, but they may in time. Many of the prices people are trying to sell at are unrealistic now, but would not have been a year ago. The prices people are looking for and what they are getting are two very different things.

I know sevral people working in estate agents and privatley they are saying that nothing is selling. One girl I know was let go! I was talking to sevral people in banks (family inc.), and they say people are not borrowing to buy property in Ireland, quote "its dead!". Initially I put this down to uncertianty about stamp duty, but the election is over now and nothing has changed.

I work in the construction industry and I know that with new devolopments builders prices have dropped, or extras have been offered "for free".

Demand for unskilled labour on building sites has dropped slightly.

The "soft landing" is here and it is here to stay! The question is how soft will it be??

Hammiepeters

Fishdog. Stamp duty reform was only announced a day ago. I think its a bit early to say that it has had no effect. Yes of course mortgage lending is dead at present. But remember rents are going up, one in five of new home buyers is a non national and Greystones is a rather nice place to live. I live in an end of terrace and yes 555K was my estimation 5mths ago and my est today. As you say 10% depreciation is bs.

fishdog

Wake up and smell the coffee!!

Hammiepeters

Stamp duty reform was only announced a day ago.

Correct, but new properties have no stamp duty and they are not selling either!! Ask around yourself. Im not trying to pi55 on your parade, it does not suite me I am trying to sell a property at the moment and guess what?? No offers!

I live in an end of terrace and yes 555K was my estimation 5mths ago and my est today.

Yeah and if you can get that for it more power to you! But look around Charlesland, have you ever seen so many properties for sale in such a small area???

Interest rates have gone up (I know they are still low) and there are two more hikes on the way. Many people are pushed to the limit already.

Yes I agree 10% is bs. But you have to agree that prices are no longer going up, at best they are dropping slightly.

A property is only worth what someone is willing pay for it, not what we value it at ourselves.

IMHO many properties in Greystones and Charlesland have been massively overpiced (my place included). The build quality is often very poor and this is not reflected in the price. I work in the industry, so I know. But things are changing and it does not suit me ether....

woodser

fishdog wrote:

Wake up and smell the coffee!!

Hammiepeters

Correct, but new properties have no stamp duty and they are not selling either!! Ask around yourself. Im not trying to pi55 on your parade, it does not suite me I am trying to sell a property at the moment and guess what?? No offers!



Yeah and if you can get that for it more power to you! But look around Charlesland, have you ever seen so many properties for sale in such a small area???

Interest rates have gone up (I know they are still low) and there are two more hikes on the way. Many people are pushed to the limit already.

Yes I agree 10% is bs. But you have to agree that prices are no longer going up, at best they are dropping slightly.

A property is only worth what someone is willing pay for it, not what we value it at ourselves.

IMHO many properties in Greystones and Charlesland have been massively overpiced (my place included). The build quality is often very poor and this is not reflected in the price. I work in the industry, so I know. But things are changing and it does not suit me ether....

Smell the coffee myarse I bought 2 2 beds and 2 3 beds in charlesland -I bought the 2 beds at 298 a piece the 3 bed mid for 353600 and end 356600.I offloaded one of the two beds after 2 weeks on the market on May 15th for 415 and the last 3 bed end to sell in Charlesland was closed on Tuesday at 555 --mine also went on he market straight after may bank holiday.So I should know what I,m talking about. Also to answer a question put above-end terrace are smaller than mid but higher value -average 15000 above mid terrace.Side access to anybody in the property game is worth a hell of a lot more than square footage.
Charlesland values while they wont see the mid 40%s returns that they did in the last 2 years have remained buoyant and when things settle will grow at modest rates.Eden gate which is in a slightly higher bracket are reporting anywhere between 10% to 18% drops on this time last year.
Then again nothing is at a loss in Charlesland anybody that bought in late 03 early 04 or even into early 05 has made on average 115k on a 2 bed and close to 200k on a 3 bed Which is amassive return on a relatively small investment.So it'd take a hell of a lot to drop back to 298/ 305k price of 2 bed and 350/356k price of 3 bed bought in 03/04/05 so whats all the fuss about???
B.T.W. things have slowed down and shifting a property at the moment quickly all depends on using the right Estate agent and the right person in that Agency.

JupiterKid

The Irish property bubble is now bursting. The simple fact is that house prices have become so incredibly inflated due to reckless credit lending in recent years and speculation by investors. Does anyone really think that E400,000 for a one bed apartment is sustainable price? Now that the ECB interest rate is set to keep rising for the next year, many first time buyers can't afford to buy at the higher mortgage interest rates, even with the dangerously leveraged 40 year, 100%, interest-only packages. And there are now over 200,000 empty dwelling units lying vacant which no one is buying.

The boom is over. House prices throughout the country are dropping and don't let vested interests like estate agents, builder or banks pretend otherwise. We could be looking at a 5 to 10 year drop in prices by up to 50%. This coming house price collapse could go into the history books as the worst in history. But don't take my word for it, here's the link to another thread with good advice:

http://www.boards.ie/vbulletin/showthread.php?t=2055033806

fishdog

Then again nothing is at a loss in Charlesland anybody that bought in late 03 early 04 or even into early 05

This is 2007....

So it'd take a hell of a lot to drop back to 298/ 305k price of 2 bed and 350/356k price of 3 bed bought in 03/04/05 so whats all the fuss about???

Some people did not buy on the 03/04/05


This is the post at the start of the thread:

Has anyone had their house valued recently. Are house prices in Charlesland really going down?

My friend was talking to a real estate agent who was trying to sell him one of the 3 beds and was explaining that they are about 10% cheaper than this time last year. Not sure if he's just trying to wind me up or not so would be interested to hear if anyone else has got their house valued.

The question is "Has anyone had their house valued recently. Are house prices in Charlesland really going down?" Answer:YES, the prices are going down!!

You are stating that in your case you are still ahead, which Im sure is true, but that was not the question.

JupiterKid

To see the house price drops that have been happening since this Spring, take a look at the following site - it charts Irish house price drops on the web:

http://www.irishpropertywatch.com/

Hammiepeters

Thank you woodser. fishdog you are a panic merchant. Things have slowed,sure. As I say 3-4% this year. There will not be a crash. Plenty of jobs in the region. Greystones still a nice place. Stop talking about negative qualities in the product that you are trying to sell. And there are no end of terrace 3 beds for sale in Charlesland and if there is, I'll bet its 555K min.

Hammiepeters

The boom is over. House prices throughout the country are dropping and don't let vested interests like estate agents, builder or banks pretend otherwise. We could be looking at a 5 to 10 year drop in prices by up to 50%. This coming house price collapse could go into the history books as the worst in history. But don't take my word for it, here's the link to another thread with good advice:
[/QUOTE]
Jesus!!!! Another little ray of sunshine!

fishdog

Hammiepeters, I am just calling it as I see it! I just answered the question at the start of the post! You are correct, there is no reason to panic. But prices are going down!! This may not suit you but it is a fact!! It does not suit me either.

There are still pleny of jobs, but not at the rate that there were.

woodser is correct by stating that he has made money on the properties he is talking about. Prices would have to drop a huge amount before he would be at a loss, as he said. But the market is slowing at present and prices are dropping. The rises in prices we had seen were unsustainable. It had to end somewhere.

I am not saying that the property market is going to crash and we are all in trouble. Prices might just become a bit more realistic.

CathD

woodser wrote:

B.T.W. things have slowed down and shifting a property at the moment quickly all depends on using the right Estate agent and the right person in that Agency.

Woodser,

Who is your estate agent, we are trying to sell a 2 bed terraced house in Charlesland Wood at the mo.... PM if you like....

D.

Hammiepeters

fishdog wrote:

Hammiepeters, I am just calling it as I see it! I just answered the question at the start of the post! You are correct, there is no reason to panic. But prices are going down!! This may not suit you but it is a fact!! It does not suit me either. Which Charlesland property went down in price?

There are still pleny of jobs, but not at the rate that there were.
Not in building maybe, but other industries? There are plenty of jobs.

woodser is correct by stating that he has made money on the properties he is talking about. Prices would have to drop a huge amount before he would be at a loss, as he said. But the market is slowing at present and prices are dropping. The rises in prices we had seen were unsustainable. It had to end somewhere. Slowed yes, stopped even, yes. But the fundamentals for Charlesland are still good. People will buy here now that the stamp duty issue is resolved. Greystones is not overpriced. We are actually less expensive than ****hole Bray.

I am not saying that the property market is going to crash and we are all in trouble. Prices might just become a bit more realistic.

Yes they will. Slow maybe to 3-4% this year and next. Yes the rises were unsustainable.

JupiterKid

Get real. House prices are dropping everywhere in Ireland and we are facing a major property crash. Even the banks and VIs are predicting falling house prices this year. The market has turned and the extent of the sheer lunacy of the property bubble will be exposed for all to see.

I fully expect the price of my house in Dublin, which I bought in 2001, to return close to its 2001 value when the crash is over. An estate agent friend of mine was telling me that market conditions are "dire" at the moment.

If you look at DAFT, their inventory is now approaching 45,000 from 15,000 at the start of the year - because very little housing is selling and unsold houses are stacking up. Add to that the 250,000+ vacant housing built and hard times are ahead.

The question is not will the crash happen - it's begun - but how far will house prices fall and by how much?

Hammiepeters

I think you guys should go down to Irish Financial Services district and give free morning pep talks.

Plenty

Hammiepeters wrote:

And there are no end of terrace 3 beds for sale in Charlesland and if there is, I'll bet its 555K min.

Check out these links. http://www.myhome.ie/search/property.asp?id=307971&np=&rt=search&searchlist=

http://www.myhome.ie/search/property.asp?id=305678&np=&rt=search&searchlist=

and

http://www.myhome.ie/search/property.asp?id=304642&np=&rt=search&searchlist=

The last property has been up for grabs for months now. The original price was €555K but they had to reduce it to €535K in order to get a quick sale, but hasn't happened

DTinthegrove

Hi, I'm new to this but couldn't help but start to comment on some of these discussions that i have been reading.

We got our 3 bed end of terrace valued in Jan 2007 to get the best possible loan to value Mortgage!! It was valued at 540K, not planning on moving in this environment so we have equity which is "paper money" and i expect that to drop over the coming years.

I see now there are 4 or so of these properties in Charlesland for sale and not moving. If that was me and I needed to sell I would drop the price some where between 400-480k, it would probably sell then but who knows it might need to be lower.

Inflation running at 5% doesn't help any one, so comments about a 3-4% drop in price is therefore really a 8-9% drop.

Love Greystones, love Charlesland but ALL housing in ireland is way over priced and needs to come down. I've lived in several European countries and never met SO many people with 25-35 years worth of debt, right up to there eye balls and with no pensions!

Haven't got a crystal ball but personally would like a 20-30% drop, but i know this will have a major impact on GDP and I really feel for people who have been milked by the property developers, banks etc.

We are lucky we don't have all our assets in property and we are not in the position where we have to sell cos we can't afford the repayments. A 20-30%drop would mean we could move on to a 4-5 bedroom house, at a "reasonable" price.

So in the medium/long term the property market in charlesland will be fine as at some point people will have the confidence (if they can) to jump back in. But for me it wait and see probably for the next 2 years, but will review as the "story" un folds.

I am not promoting doom or gloom i love living here,I love living in Charlesland, I have a family grow up here and want the best for the economy but have to be realistic i.e I'm not risk borrowing any more, or taking the mortgage over 20 year and not miss out on 3 family holidays a year!!

If we were all less obsessed with property we could all get on with what's important in life, what ever that might be.

Hammiepeters

Plenty, yes of the three you listed one is an end of terrace, the other two are mid. Mids should be cheaper so therefore the EOT is a bargain. You can see why it hasnt sold when you think of the stamp duty that would have applied up until last week. No one knew whether or not it would be backdated. That house will sell very soon. 555K is about where they are. Interesting stat. Of the 38,000 first time buyers last year 2,000 paid stamp duty. Therefore with the slowdown in new house completions already underway, rents going through the roof, you can see FTBs becoming more interested in Charlesland second hand homes. 3-4% increase this year.

fishdog

Hammiepeters

You can see why it hasnt sold when you think of the stamp duty that would have applied up until last week.

No, stamp duty exemption would only apply to first time buyers!

Hammiepeters

Of the 38,000 first time buyers last year 2,000 paid stamp duty.

Exactly! So only a small number of people will benifit from the new legislation on stamp duty!

Yet as DTinthegrove has said:

I see now there are 4 or so of these properties in Charlesland for sale and not moving. If that was me and I needed to sell I would drop the price some where between 400-480k, it would probably sell then but who knows it might need to be lower.

Sunday Buisiness Post yesterday:

"Economists and commentators believe that the move (new legislation on stamp duty) will give the market a modest boost, but feel that rising interest rates and stricter lending criteria are greater issues affecting the market and could offset most of the benefits. They also point out that first time buyers only accounty for one third of all sales, and changes do not help those trying to trade up or trade down."

Ronan O'Driscoll, director Hamilton Osborne King "The abolition of stamp duty for first-time purchasers is a token gesture to pacify political issues, rather than an attempt to address the stamp duty issue properly..........Despite the changes stamp duty taxes in Ireland are still the second highest in Europe, after Greece"

Martin O'Mahony of Property Team O'Mahony "The cooling is not because of stamp duty-it's from an overheating in the property prices and eight mortgage interest rate increases since December 2005". Two more are expected soon.....

I fail to see how property prices in Charlesland can exceed last years prices. They have to drop a bit at least. Read the papers, listen to the news etc.

Hammiepeters

fishdog wrote:

Hammiepeters

No, stamp duty exemption would only apply to first time buyers! Yes of which there were 38,000 last year

Hammiepeters

Exactly! So only a small number of people will benifit from the new legislation on stamp duty! We will all benefit. Total abolition would have cost us all....Dearly

Yet as DTinthegrove has said:

Sunday Buisiness Post yesterday:

"Economists and commentators believe that the move (new legislation on stamp duty) will give the market a modest boost, but feel that rising interest rates and stricter lending criteria are greater issues affecting the market and could offset most of the benefits. They also point out that first time buyers only accounty for one third of all sales, and changes do not help those trying to trade up or trade down." Politically motivated BS. There will be no further stamp duty moves nor should there be.

Ronan O'Driscoll, director Hamilton Osborne King "The abolition of stamp duty for first-time purchasers is a token gesture to pacify political issues, rather than an attempt to address the stamp duty issue properly..........Despite the changes stamp duty taxes in Ireland are still the second highest in Europe, after Greece" so what. In other ways we are nothing like Greece.

Martin O'Mahony of Property Team O'Mahony "The cooling is not because of stamp duty-it's from an overheating in the property prices and eight mortgage interest rate increases since December 2005". Two more are expected soon..... BS. Most of those rises were offset by tax reform at budget time.

I fail to see how property prices in Charlesland can exceed last years prices. They have to drop a bit at least. Read the papers, listen to the news etc.

I do. There are always doomsday scenarios and unfortunately they do suceed in talking things down. Positive commentators see this spell as alogical correction and forecast 3-4% growth annually. Niall O'Grady.(for instance). Cheer up. Your house will sell.

fishdog

If the housing market is this dependent on people “talking up” the market and it can be severely damaged by others being “pessimistic”, then it just shows how shaky the market really is.

Marcais

fishdog wrote:

If the housing market is this dependent on people “talking up” the market and it can be severely damaged by others being “pessimistic”, then it just shows how shaky the market really is.

Economists have to justify their existence. The variation in opinion and newspaper headlines etc. on the subject from one day to the next is extraordinary.

Hammiepeters

Marcais wrote:

Economists have to justify their existence. The variation in opinion and newspaper headlines etc. on the subject from one day to the next is extraordinary.

Yes. It is.

dubrunner

Marcais wrote:

Economists have to justify their existence. The variation in opinion and newspaper headlines etc. on the subject from one day to the next is extraordinary.

Very negative again Marcais.

They don't have to justify their existence as you so eloquently put it.

That is their job!

Hammiepeters

dubrunner wrote:

Very negative again Marcais.

They don't have to justify their existence as you so eloquently put it.

That is their job!

Ah! come on Dub. He Marcais is not being negative. How many times a day do you hear so called experts self promoting themselves with sensationalist topics. Sometimes when you switch channels on the radio, you will hear a polar opposite forecast on issues like house prices, economic outlook,etc.
.......................and climate change. its dry..global warming. its pissing..global warming.

evectm

The prices are dropping - but it dose seem to depend on the property your in .. We have sale agreed our 2 bed for 365k, but there are plenty of them still selling and for sale in and around the 370k. The 3 bed duplex's seem to have dropped in value big time while the 3 bed ground floors have gone up. Sure the 2 bed houses even thought they have dropped back to the 405k mark are now worth more then the 3bed duplex's. The 3 bed houses are up from 525-555k depending on a lot of factors. the choice is too big at the moment down there, its not a great place to live long term really and hence a lot of people are moving on. Be great if you bough early in 03-05 but anyone who bought in 06 will be looking long term at negitave equity i would think. We also have a 2 bed house in Wicklow town - for sale for 9 months we have dropped teh price by 50k and still have not sold it.. things are not looking good for the property market now..all wee can do is hope the levels will stay as they are and not continue to drop.. you have to admit there are an awful lot of houses/apts for sale for a small area.. does this not tell us something is wrong ?.. not snotty replies to me ( please ) !

Langerland

Prices are certainly falling from where they were last year, but I'd say its far from any type of crash. People are more vulnerable in areas where they have paid way over the odds for houses that are clearly not worth it. However, Charlesland has a lot to offer in my opinion. Greystones is a great place to live and has a lot to offer. I cannot see how there would not be a demand to live there. Rose tinted glasses??:D I don't know...I am optimistic.