Irish Property Watch

Tom123

I don't know if this has been posted before but just seen that the website Irish Property Watch has published new data.
Another 723 price drops in the last 2 weeks.

irishpropertywatch/

Prices are really starting to fall now!

BobbyD10

Yep I believe they are indeed.

Friends recently pulled out of a purchase of a house, as its not valued at the price they agreed to buy it at last year...big diff too...

Tom123

Irish Property Watch has started publishing data again this time from Daft.

1,521 drops over the last 3 weeks!

Link

Glad to see we have some independent data on the property market again

kluivert

I bought a three bed semi in Co. Moanghan yesterday for 228k, down from 265k .

I was reading the FT over the weekend that they advise investor to stay away from bank shares till later part of 2009 early 2010. Therefore you wont see any change in propery prices till then.

indiewindy

Shares in Irish banks are in freefall allright, you'd want to have some bravery to know when the bottom is reached with them.
Good luck in your new gaff:)

dame

There is duplication in the report, eg;
www.daft.ie/1300611 (Feighcullen, Newbridge) and www.daft.ie/1275337 (Feighcullen, Rathangan) are one and the same property.

Great to be able to see a listing like that though.

astrofool

Same property under two auctioneers, not much they can do about that.

chump

kluivert wrote: »

Therefore you wont see any change in propery prices till then.

You won't see any changes?
Can you elaborate?

BendiBus

chump wrote: »

You won't see any changes?
Can you elaborate?

I'm sure he meant no change in the direction of property prices

Do-more

kluivert wrote: »

I bought a three bed semi in Co. Moanghan yesterday for 228k, down from 265k .

Was that a new build or a 2nd hand property?

mastermind2005

kluivert wrote: »

I bought a three bed semi in Co. Moanghan yesterday for 228k, down from 265k .

I was reading the FT over the weekend that they advise investor to stay away from bank shares till later part of 2009 early 2010. Therefore you wont see any change in propery prices till then.

Serious question....

Why did u buy a house while the prices are dropping?

mastermind2005

from www.irishpropertywatch.com

http://irishpropertywatch.110mb.com/15_DEC/15DEC_HISTORIC.xls

LegacyUser

Hi all,
well seeing as its all finally happening, the long awaited crash, i thought i might as well lash up some sort of site.. here it is, i know its more of the same but hey,, why not.

http://www.irishpropertycrash.com/dnn/

Cantab.

timo28sm wrote: »

Hi all,
well seeing as its all finally happening, the long awaited crash, i thought i might as well lash up some sort of site.. here it is, i know its more of the same but hey,, why not.

http://www.irishpropertycrash.com/dnn/

Not another boards.ie spin-off... Did Santa bring you "HTML for Dummies" for being a good boy?

It's like all those internet entrepreneurs with spiky hair going on about their "social network site that I'm working on".

I think thepropertypin.com have filled that gap. I was skeptical at first, but they've done an excellent job over there -- there are some threads on there with over 500,000 views which would put boards.ie's most viewed threads to shame!

Axwell

Just a note from a design side of things

It would make more sense if your domain pointed to the homepage and not the "come on in page", skip the splash page and put a redirect if you have to that leads to what you currently have called /dnn

SimpleSam06

Cantab. wrote: »

I think thepropertypin.com have filled that gap.

Tbh while the propertypin is a good read from time to time, I never post there. You need some good opposing views to get a clear picture of whats going on, and when everyone is singing from the same hymn sheet its too easy to miss things. Sometimes the bulls have interesting ideas too.

Cantab.

SimpleSam06 wrote: »

Tbh while the propertypin is a good read from time to time, I never post there. You need some good opposing views to get a clear picture of whats going on, and when everyone is singing from the same hymn sheet its too easy to miss things. Sometimes the bulls have interesting ideas too.

But thepropertypin.com is bear-fest by nature. If you want bullish statements, all you have to do if flick over to davy.ie every morning for all the bull porn you could possibly want.

timo28sm

Hi all,
well seeing as its all finally happening, the long awaited crash, i thought i might as well lash up some sort of site.. here it is, i know its more of the same but hey,, why not.
http://www.irishpropertycrash.com/dnn/

patrickolee

Why?

mastermind2005

15 december 07 - 4 january 08

http://irishpropertywatch.110mb.com/04_JAN_2008/PRICE_DROPS_04_JAN_2008.xls

Tom123

The latest numbers produced by IPW shows he highest number of price drops recorded. 2,009 in the last 3 weeks!

Thats means 5% of the houses currently for sale in the country have dropped their price in the last 3 weeks!

So much for the market picking up in the new year

http://irishpropertywatch.wordpress.com/2008/01/27/daft-report-7-2009-drops-record-number-of-drops/

gurramok

Interesting that the average time for a property on the market has lengthened to 146 days, nearly 5 months.

2,009 drops, now even I didn't expect it to be that many for the start of the year.

This crash is gathering momentum so far.

Tom123

IPW

tHE vAGGABOND

the bible!

Noelie

I don't think that's a fair representation of how the property market is. A house around the corner from my dad went on the market last year for 1.25M it was way overpriced, It sat on the market for over a year since it ws overpriced. it ended up selling in the high 900's. But this house get's put down as one that has dropped in value when infact it hasn't, the owners were obviously just greedy and thought they could get that much for it.

I think for the figures in IPW to be relevent the last price at which somethign sold for should be compared to what is being asked now, needs to be analysed, obviously this would be next to impossible for a ot of houses that are years old so it is not done.

I'm not saying that property prices aren't dropping, for apartments they obviously are, houses are harder to tell as location is a major factor in a house getting it's desired price or not, but simply saying that prices are dropping isn;t a fair representation.

El Stuntman

Noelie wrote: »

I'm not saying that property prices aren't dropping, for apartments they obviously are, houses are harder to tell as location is a major factor in a house getting it's desired price or not, but simply saying that prices are dropping isn;t a fair representation.

none of the banks or EAs agree with you and they are also forecasting further falls

Tom123

Noelie wrote: »

I don't think that's a fair representation of how the property market is. A house around the corner from my dad went on the market last year for 1.25M it was way overpriced, It sat on the market for over a year since it ws overpriced. it ended up selling in the high 900's. But this house get's put down as one that has dropped in value when infact it hasn't, the owners were obviously just greedy and thought they could get that much for it.

I think for the figures in IPW to be relevent the last price at which somethign sold for should be compared to what is being asked now, needs to be analysed, obviously this would be next to impossible for a ot of houses that are years old so it is not done.

I'm not saying that property prices aren't dropping, for apartments they obviously are, houses are harder to tell as location is a major factor in a house getting it's desired price or not, but simply saying that prices are dropping isn;t a fair representation.

But actual sales prices are not available in Ireland so the comparison is impossible.

Plus some of the properties have dropped the price after only being on the market for a number of weeks.

Noelie

Tom123 wrote: »

But actual sales prices are not available in Ireland so the comparison is impossible.

Well that's basically my point. People are highlighting price falls, while in essence it's asking price falls that are being reported.

Tom123

Noelie wrote: »

Well that's basically my point. People are highlighting price falls, while in essence it's asking price falls that are being reported.

I agree in some respects.
Sales prices are a realisation of what actually happens
BUT asking prices are a realisation of peoples expectations. Dropping asking prices reflect lower expectations for the future which will eventually feed into lower sales prices.

I think of asking prices drops as a forward indicator for sales prices.

jdivision

Noelie wrote: »

Well that's basically my point. People are highlighting price falls, while in essence it's asking price falls that are being reported.

Not true TBH. A leading estate agent in Dun Laoghaire recently told me that in the e1 million plus category there and surrounding areas you need to cut by 25 per cent and then you'll sell. It's not asking prices falling, it's actual prices. Irish Times had an interesting snippet last week about a family trying to sell their house but unwilling to drop price cos of hassle they'll get from the neighbours if they do - they felt they'd be held responsible for prices dropping on the street!
BTW most estate agents are now sending out the selling prices for properties they do get off their books. Irish Times and Sunday Business Post have been reporting them afaik. Too difficult to track them with something like IPW I suspect (technology wise i stress)

Diceicle

I'm considering buying my 1st home this year and would like to find a resource to get some factual information. Basically I'd like to find out how long a property has been on the market etc? I know I could (and have) just ask the EA but really, who trusts EA's?