House prices in Charlesland.

Sparks115

Well said mrs Hammipeters ... You have just put a smile on my face and given me a sigh of releif that not everone in Charlesland is full of doom and gloom. Thats the best attitude to have...we do live in a fabulous location, I know so many people that would love to live here and any time they come to visit they talk about the village and the sea and how friendly everyone is..... so lets appreciate what we have everyone and forget about the rise and fall of house prices...theres more to life and life is so precious and short so live for now and not on What ifs? and whens?

PS That neighbour of yours sounds to be the most ignorent, horrible, pathetic detestable human being - The universe has a fabulous way of turning things on people like that sooner than later....Remember what good old Justin Timberlake sings " What goes around goes around and comes back again" - she will get her comupins -Karma is wonderful!! Nasty nasty nasty woman!!

fishdog

Just had a conversation with the reptile next door......

Sorry to hear that, not nice at all.

Charlesland has a community based around the pharmacy, great girls, excellent advice and you can do all your christmas shopping there, Which I do, thankyou very much. The supermarket has a fresh donut and a paper for me every morning, which I eat and read (in that order) while waiting for my large skinny latte at the coffee shop. gotta have the skinny latte to balance out the donut. We have the sea, and the mountains to look at as we drive to and from our homes. And in a very short time we will have an interchange on the N11 that will have us in the city on a Sunday, within half an hour. A bit longer on a week day I will grant you, but not because of the Delgany lane crawl anymore.

True, Greystones is a great place to live, I agree.

I still believe that in Greystones, Charlesland etc. prices peaked about 1 year ago and futher drops are unavoidable.

Hammiepeters

Thanks Inch and fish. If what Inch has to say about karma is true, I am predicting a 50% drop in two bed mid terrace houses. Well just for a week or so anyway.

Hammiepeters

Much as I dislike the fat little corkman, I thought Brendan O' Connors article on the front of todays sunday indo was excellent.It encapsulates a belief that there are two polar opposite attitudes existing in our country producing two totally different sets of outlooks and beliefs.And that the gloomy set will do anything to ignore a barrage of positive information but latch onto any ''sky is falling down'' theorists.

mikedragon32

But by the same token, Hammie, there are those who will only latch onto the "Blue Sky" theorists and ingore any negative.

I think the truth is somewhere in the middle and only time will tell for sure.

Hammiepeters

Blue Sky theorists? are we not grasshoppers playing in the rain.....

mikedragon32

Would not a rose smell so sweet by any other name?

fishdog

Or you could also read the Sunday Business Post with the following headline:

“Buyers’ market hits sellers”
This interesting article discusses Professor Morgan Kelly’s hysterical assertion (in my view) that the real value of house prices will drop by 60%. This was based on his prediction of a 6 to 7% drop year on year for the next 9 years or so.

The ESRI does not appear to believe Kelly, but it predicts a 3% drop this year.

Sherry FitzGerald just released figures showing that the average second hand house has dropped by 2.7 % in the last year nationally and 5.2 % in the Dublin area.

According to Douglas Newman Good, “It is tough in the market at the moment and I think everyone- including vendors and agents- is beginning to realise that this isn’t a temporary phenomenon”

I think that when experienced people who have a genuine interest in keeping property prices as high as possible it is time for us to sit up and listen.

Also before a Christmas another ECB interest hike seems certain and a second one is very possible. :eek:

Hammiepeters

[QUOTE=fishdog



I think that when experienced people who have a genuine interest in keeping property prices as high as possible it is time for us to sit up and listen.
Or go jump off a cliff.

Also before a Christmas another ECB interest hike seems certain and a second one is very possible. :eek:[/QUOTE]
As is further tax reform and relief in Decembers budget. Don't jump just yet.

fishdog

Or go jump off a cliff.

Lets not get carried away! Prices would have to drop a long way for anyone who bought 2 years ago or more to be behind.

I am not saying it is all doom and gloom, I am simply answering the question that was asked at the start of this thread by the OP which was:

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

Clearly the answer to this is "YES".

Reason for this answer: 1) See my last post, 2) Look at all of the for sale signs around you, 3) Talk to friends who work in the bank and estate agents, 4) Listen to the news and read the papers

Prices going down a bit should only be an issue for you if you have bought an investment property very recently. Otherwise, so what?? It will be great for first time buyers, who seem to be forgoten by many consumed with greed!

Hammiepeters

Fish, you seem to start so many of your posts with ''I'm not negative but........... Its not all doom and gloom but......'' What follows then are a litany of negative quotes, some misfacts and anecdotal ''friends in RE and banks'' evidence.
The answer is not a clear YES. There is one EOT which we know about and why it has slightly dropped. There are no other EOTs on the market so we dont know if 555k is achievable any more. Two bed houses are 405K-415K. Thats where they peaked.
There have been signs all over charlesland ever since it was built. There are no more or less now. Some properties sold last week.
When you say read papers and news, I think you are being overly selective on what you yourself absorb. There are more properties available for FTBs than ever, there is stamp duty relief for them, wages are strong. No need for me or anyone else to feel too sorry for them. That doesn't mean we are greedy.

Hammiepeters

When the grasshoppers played in the rain, the ants stored up all the food for the long cold winter. When the snows came and the grasshoppers were hungry,

they went inside and ate the ants.....

fishdog

Fish, you seem to start so many of your posts with ''I'm not negative but........... Its not all doom and gloom but......''

As I pointed out

Prices going down a bit should only be an issue for you if you have bought an investment property very recently.

To many people a slight adjustment is a good thing!!! Only a few people have bought an investment property latley! If you have bought a property as a primary residence and the value has dropped, so what??? The price of the next place you intend to buy has also dropped (chances are).

As I pointed out property has increased so much in value in the last few years a small drop still means most people are way, way ahead of what they paid for almost anything.

This is why I see no doom and gloom. In fact in one sense I am happy for those that are having a hard time trying to get on the property ladder.

What follows then are a litany of negative quotes, some misfacts and anecdotal ''friends in RE and banks'' evidence.

All of the information I gave on my first post today was from the front page of todays Sunday Business Post. Read it yourself!

It is a fact that banks are not lending as much for property, you dont need friends in the bank to know this. Property is not selling at the same rate as it was two years ago, again this is well known. These are not misfacts, sorry.


Some things are a matter of opinion, others are known facts, example: Interest rates are going up steadily.

As another person pointed out:

What about people who are upgrading? The falling prices mean that their homes are more affordable to new buyers, and as the house they are moving to is

1) more likely to cost more than their current one, and
2) also falling in price

Question by OP at start of thread:

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

Hammiepeters answer:

There is one EOT which we know about and why it has slightly dropped.

Hmmmm... sounds a bit like my answer to the question!

Hammiepeters

Okay Fish, so maybe the glass is half empty, with a crack in it and someone else's lipstick on the rim and you have cut your lip on the crack, ......


Greyskies are gunna clear up
Put on a happy face,
House prices gonna go up
Put on a happy face,
and there is sunshine all over the place (in between monsoonal showers)
so put on a happy face

Dada dum da de dum !

JupiterKid

Someone mentioned grasshoppers in the rain. Well, that makes me think of the fable of the grasshopper and the squirrel. It was the overly-optimistic grasshopper only saw the short-term future and frittered his summer away while the cautious squirrel spent his time collecting nuts. Only the squirrel survived the harsh winter that lay ahead.

In Ireland, we have been a nation of grasshoppers lately, thinking property prices would go up forever, adopting the classic polyanna bubble mentality of "this time it's different". Well, it's never different. I have three friends who are trying to sell their houses, one for almost 10 months and nothing has shifted, even though they've all dropped their asking prices. The market has turned into a downward gear, a buyer's market but if, like me, you're happy to use your house as it should be used (i.e. a residence and not a money making speculative box) then things should work out.

I personally think Professor Kelly is being over-pessimistic but the bubble has truly burst and the extent to which many in this country have deluded themselves and divorced themselves from reality is quite shocking.

Painful lessons lie ahead....

fishdog

JupiterKid, I agree 100%.

Hammiepeters, I think the glass is more than 1/2 full! An adjustment is a good thing. Prices have been off the wall, they need to be more affordable. Keep things in perspective, this is only a small adjustment.

This madness had to stop somewhere.

Hammiepeters

And the gloom merchants will always say and think that anyone with a positive outlook is dillusional and divorced from reality. Gee! I must be missing out on so much.

jackal

Was out in greystones a while back with the missus. It really is quite a nice town. It did seem very busy. We drove out to charlesland to have a look round. Was not mad on the development - if greystones was not up the road, it would not really have a huge amount going for it. How long does it take to walk up to the main st from charlesland?

Eoin

Apologies jackal - I pressed the wrong button and edited your post instead of quoting it. Should be restored now.

jackal wrote:

Was out in greystones a while back with the missus. It really is quite a nice town. It did seem very busy. We drove out to charlesland to have a look round. Was not mad on the development - if greystones was not up the road, it would not really have a huge amount going for it. How long does it take to walk up to the main st from charlesland?

It's about 20-25 mins I think. We checked out a lot of new developments before we went for Charlesland, and for a place with a large amount of apartments, they still managed to make it look like more of a village than towering apartment blocks. It was certainly as nice as any other development we saw.

Of course it wouldn't have as much going for it, if it was in the middle of nowhere, but that's pretty obvious for any house or estate.

mikedragon32

jackal wrote:

Was out in greystones a while back with the missus. It really is quite a nice town. It did seem very busy. We drove out to charlesland to have a look round. Was not mad on the development - if greystones was not up the road, it would not really have a huge amount going for it. How long does it take to walk up to the main st from charlesland?

Jakal, your point is moot. It does have Greystones up the road, so therefore it has a lot going for it.

It takes 15 - 20 minutes to walk from Charlesland to the village, however the route is served by the 184 all week and Mon to Fri by the 84X and the Charlesland Shuttle. Also worth bearing in mind is that most of the amenities Greystones has to offer are either on, or at the end of, the SAR and therefore closer to Charlesland than the village. The obvious exceptions are the beach and the harbour.

mathie

Hammiepeters wrote:

A quick look at international properties, eg. USA, Australia will show you what you can get for 500k is vastly superior to here except that it is not here. And here is not South Kensington where people will pay 1million for a shoebox. Talk it up.Its your asset. Wicklow prices recovered in may. There is only one EOT at €535. Stamp duty reform was only ratified today.

The 'Talk it up' part you're doing quite well.

The other part however demands you read this and understand simple economics.

M

Wineman

Its also a 20 minute walk from Redford park to the centre of the village so I dont see what the point is.

Eoin

Wineman wrote:

Its also a 20 minute walk from Redford park to the centre of the village so I dont see what the point is.

What point? jackal was asking how long it takes to walk to the main street.

mikedragon32

The point, Wineman, is that Jackal asked how long it takes to walk from Charlesland to the village. 20 minutes was the answer.

[edit]Damn, Eoin. That's twice you've pipped me to it today![/edit]

Marcais

mathie wrote:

The 'Talk it up' part you're doing quite well.

The other part however demands you read this and understand simple economics.
M

"I'll be the first to admit that this isn't the most sophisticated way to look at things, and that any second year accounting student could poke holes in some of the reasoning." admits Random Jim

"Not an asset" because some random blogger named Jim says so!

Home equity = asset. Home Mortgage = liability. Just because an asset may cost money to maintain or improve does not mean it is no longer an asset.

To say that "Jim's " piece is "simple economics" is simpy wrong and not really adding to the thread which is about house prices.

jackal

It was just curiosity to see how accessible the amenities of greystones are on foot from charlesland. Is building finished there or are there more phases on the way?

loyatemu

much much more development on the way - apart from the next phase of Charlesland (currently with the planners) there is aspirational stuff like this being proposed.

mathie

Marcais wrote:

"I'll be the first to admit that this isn't the most sophisticated way to look at things, and that any second year accounting student could poke holes in some of the reasoning." admits Random Jim

"Not an asset" because some random blogger named Jim says so!

Home equity = asset. Home Mortgage = liability. Just because an asset may cost money to maintain or improve does not mean it is no longer an asset.

To say that "Jim's " piece is "simple economics" is simpy wrong and not really adding to the thread which is about house prices.

I'm replying to a post where Hammiepeters is arguing his case with the point that a house is an asset when that's a blatant untruth.

Read the article below.
And that article is quite optimistic.
"Your house certainly appreciates in value" - Not in Ireland at the moment it doesn't.


http://www.piaa.asn.au/index.php/news/Is_Your_House_an_Asset%3F

Is Your House An Asset?

Financial advisers argue that your house shouldn’t be included in the calculation of your net wealth because your house does not generate any return on the investment. In other words, your home provides security but not an income. You can’t eat your house.

Your house certainly appreciates in value and if it’s your principal place of residence, it is Capital Gains Tax free on sale of the property. If you sell your home, you have the choice either to use the money for investment purposes or to roll it over into another residence, in which case the opportunity to invest is lost. Of course, it is possible to use part of the sale proceeds and capital gain for investment purposes.

Excluding reverse mortgages, it is generally accepted, in financial terms, that a house is not part of a person’s net worth. However, there is another way of looking at your home. Superannuation has two stages, the accumulation stage, your contributions, and the income stage, where the accumulated super is returned in regular payments, for example as an allocated pension.

If you think of your home in a similar way, then in the early stages of life, ‘the getting ahead’ stage, the equity in your home can be used as security for investment purposes, particularly for investment in residential housing.

Financial Institutions consider residential property as first class security. It’s even better than cash in the bank, because the lending authority can take a mortgage over the property offered as security.

Using your house as security allows you to leverage into investments that you may not otherwise be able too. Under these circumstances, your house becomes an asset that can contribute to the wealth-building phase of your life, with proper risk management.

However, as with superannuation there comes a time when you move from the accumulation phase and at this point, it may no longer be appropriate to use your house as security. When this occurs, your house no longer contributes to your earning capacity and ceases to be a ‘financial’ asset.

For many people, using their home as an asset in the accumulation stage of their lives assists them to become financially secure, or even independent, by the time it is appropriate for their home to revert back to ‘non asset’ status, in financial terms.

This is not advice. The article is for general information purposes and to create awareness of the issue only. Readers should seek independent advice before taking any action. John Maher produces the property magazine Inside Property WealthTM, is a registered practising valuer and a Fellow of the Australian Property Institute. John can be contacted through http://www.insideproperty.com.au.

Hammiepeters

mathie wrote:

The 'Talk it up' part you're doing quite well.

The other part however demands you read this and understand simple economics.

M

Houses are a little bit different in that a house often is worth more than you paid for it, and unless you got one of those negative amortization loans it's almost certainly worth more than the outstanding mortgage balance. In the traditional sense, then, you're in the black: disposing the asset will more than erase any associated liability.

Yes and then with debts cleared, if you were free to buy outright in some market such as Victoria Australia(using the money left over) many of your outgoings/liabilities would be reduced. Income would be provided by way of a job. In such circumstances I fail to see Jims point. Try using your own words to make a pont Mathie.

Hammiepeters

Marcais wrote:

"I'll be the first to admit that this isn't the most sophisticated way to look at things, and that any second year accounting student could poke holes in some of the reasoning." admits Random Jim

"Not an asset" because some random blogger named Jim says so!

Home equity = asset. Home Mortgage = liability. Just because an asset may cost money to maintain or improve does not mean it is no longer an asset.

To say that "Jim's " piece is "simple economics" is simpy wrong and not really adding to the thread which is about house prices.

Thanks Marcais. And their your words too. Mathie take a leaf.