Staggeringly overpriced properties

BillyoftheBeast

Reading the local paper today trying to see if theres any value creeping into the market and I found this.

A 2 bed apt. in Bearna, connemara in a thoroughly unimpressive development for .....e725,000!!!

I rent a 2 bed apt. in a similar location for e680 a month and you can rent massive 5 bed detached houses for about e1000 a month. Plus the wages around this area are far off that of Dublin. I just can't make sense of this one.

http://www.absoluterealestate.ie//images/stories/barna.jpg

http://www.absoluterealestate.ie/pdfs/ref037.pdf

gurramok

You see, certain people in certain locations in certain professions think they are in Manhattan and they think we all wear Rolex watches and drive Lexus cars.

Two words, Greed and ConArtists.

dont be so unpatriotic talking us into a recession

Bertie thinks people like ye should kill themselves

jdivision

Could it have been a misprint in the paper? No price I could see on documents you posted.

Ste.phen

far more likely to be 225,000.
I hope...

SimpleSam06

Its the farmers in Galway's "commuter belt", Barna, Oranmore, places like that, who are trying to set up their areas as the Beverly Hills of Galway. They all own the land and built the houses / apartments for a bargain, and can afford to sit on them essentially forever. They don't feel the need to drop prices because they don't feel any pressure - these are farmers, not businessmen. They didn't get the memo about the end of the bubble. Nyeh, in twenty years they will be just another suburb of Galway in any case.

BillyoftheBeast

No mistake, check it out here at the bottom.

http://www.absoluterealestate.ie/

The Galway Advertiser has a piece about it and the price has been dropped to an affordable 675K.

cgc5483

SimpleSam06 wrote: »

Its the farmers in Galway's "commuter belt", Barna, Oranmore, places like that, who are trying to set up their areas as the Beverly Hills of Galway. They all own the land and built the houses / apartments for a bargain, and can afford to sit on them essentially forever. They don't feel the need to drop prices because they don't feel any pressure - these are farmers, not businessmen. They didn't get the memo about the end of the bubble. Nyeh, in twenty years they will be just another suburb of Galway in any case.

Think you might find that it's the developers (and the particular ones in this case!) who are to blame for these prices. As someone who is originally from the vicinity i can safely say that the locals certainly aren't happy about the current developments happening in Barna. Of course the county planners are also to blame for encouraging such high density developments. If i remember correctly the average "joe soap" can only get planning permission if your site is located with a 500 M radius of the village centre. I think if have any idea of Barna you will see there is very little which would fall into that category and which hasn't been developed.

SimpleSam06

cgc5483 wrote: »

Think you might find that it's the developers (and the particular ones in this case!) who are to blame for these prices. As someone who is originally from the vicinity i can safely say that the locals certainly aren't happy about the current developments happening in Barna.

Well I was working from my experiences in Oranmore and Claregalway really. How long do you think they can hold out with those prices? A two bed apartment that far out isn't going to be worth more than 30 to 40k in my opinion, and thats high. You'll be looking out from from your little apartment at the endless fields around you, wondering why you're stuck in there.

cgc5483

SimpleSam06 wrote: »

Well I was working from my experiences in Oranmore and Claregalway really. How long do you think they can hold out with those prices? A two bed apartment that far out isn't going to be worth more than 30 to 40k in my opinion, and thats high. You'll be looking out from from your little apartment at the endless fields around you, wondering why you're stuck in there.

I agree with you totally that they are ridicously priced. I've rentedin some of one of the most "exclusive" apartment developments in Dublin which was right on the Luas and the 2 bed there weren't even that expensive to buy at the height of it all. And these are as you say looking out onto fields with an abysmal public transport service with the last bus at 6 pm in the evening. What i can't understand is county planners saying they want to maintain village life in rural Ireland but at the same time allowing the construction of high density developments within small villages. Then again the developer of that estate has always had an ability to get planning permission for huge developments in appropriate places

29Cotter

Hi, I’m looking to buy a 3-4 bed family home in Bearna. Can anyone advise who the good estate agents are and current market pricing around Truskey West & village, thanks

TanyGray

None of those links work for me.

I have a holiday home near there if anyone wants to give me three quarters of a mil for it

colm_mcm

TanyGray wrote: »

None of those links work for me.

I have a holiday home near there if anyone wants to give me three quarters of a mil for it

They’re from 10 years ago.

DoozerT6

Zombie thread.

TanyGray

colm_mcm wrote: »

They’re from 10 years ago.

Ha ha. Im a fool.
Maybe I was the idiot that bought one of them