Developer offers 'free' car with all new homes in a Dublin West Development

The_Conductor

http://www.independent.ie/business/personal-finance/developer-offers-free-car-with-new-home-1337295.html

A DEVELOPER is offering a free car to anyone who buys a house in a new west Dublin housing scheme in the latest attempt to revitalise the moribund property market.

The Volvo C30, valued at €25,000, is being given away with every house purchased at the Alderwood development at Hollystown, in Dublin 15, according to McPeake Auctioneers.

Houses in the scheme, which have been built by a subsidiary of LM Developments, go on sale from tomorrow, with prices from €480,000 for a two-bed property.

A spokesman for the auctioneers McPeake denied the car giveaway was a gimmick, with the cost of it built into the price of the house.

The move comes as a new economic report has found that the sharp fall in house prices over the last year has made homes more affordable for first-time buyers.

And prices are due to fall by another 10pc this year in a move that will make houses even more affordable, economic consultants DKM said yesterday.

A drop of 10pc in property prices this year would come on top of a 9pc fall in the past year, which would take the drop since the peak of the market in January 2007, to 17pc.

The house price declines -- along with changes in mortgage interest relief in the last Budget -- mean that an average first-time-buyer couple now spends 22pc of their income on mortgage repayments.

This compares with 26.4pc at the end of 2006, according to the affordability index from EBS Building Society and DKM.

The changes have meant that the cost of servicing a mortgage on an average-priced home has dropped by €137 a month for a first-time-buyer couple, Annette Hughes of DKM said.

Improvement

EBS executive Dara Deering said the improvement in affordability meant now was a good time to buy, but she admitted that many new buyers would continue to stay out of the market if prices continue to fall.

Ms Deering claimed the new buyer market was now close to a tipping point which would see buyers return.

This view contrasts with a report from ratings agency Standard & Poor's on Wednesday, which predicted that the housing market slowdown would last well into next year.

arctictree

smccarrick wrote: »

And prices are due to fall by another 10pc this year in a move that will make houses even more affordable, economic consultants DKM said yesterday.

.
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EBS executive Dara Deering said the improvement in affordability meant now was a good time to buy, but she admitted that many new buyers would continue to stay out of the market if prices continue to fall.

This view contrasts with a report from ratings agency Standard & Poor's on Wednesday, which predicted that the housing market slowdown would last well into next year.

How can 'now be a good time to buy' if prices are due to drop another 10% this year?! Surely, next year would be a better time, by this logic.

So, who do you believe, the EBS executive or Standard & Poor ?!!

dudara

S&P's prediction was quite glum reading and bucks the story that the Irish banks have been spreading in recent weeks.

Shelli

Now is a good time to buy becuase the market is tipped in the buyers favour, with so many buyers holding back for the price fall, sellers are willing to accept less than asking price to shift the property.....when the buyers flood the market again bidding wars will be common, so while the asking price/value of the house will be 10% less, sellers will be sticking to it like glue.

If you shop around right now there are some real bargains to be picked up becuase some sellers are getting desperate.

martian1980

Shelli wrote: »

Now is a good time to buy becuase the market is tipped in the buyers favour, with so many buyers holding back for the price fall, sellers are willing to accept less than asking price to shift the property.....when the buyers flood the market again bidding wars will be common, so while the asking price/value of the house will be 10% less, sellers will be sticking to it like glue.

If you shop around right now there are some real bargains to be picked up becuase some sellers are getting desperate.

There's an incredible number of empties out there. Property won't be a scarce commodity for some time

DublinDilbert

€480K for a 2 bed apartment/town house :eek:

They are not going to be able to sell these, not matter how many volvo's they give away. They would of been lucky to get that at the height of the boom for an apartment in Casleknock, never mind now... you can buy a 3 bed 'town house' in eris square in waterville for €355K...

ionapaul

€350k or thereabouts for new 2-beds in the Rialto on the Luas...someone tell me why anyone would pay €480k for a 2-bed out in the sticks without access to regular public transport?!!!! €480k for a 2-bed in Dundrum is scary enough but in Hollystown! I refuse to believe that they will get any genuine buyers at more than €350k...although I may have too much respect for the average punter saying that.

dazberry

DublinDilbert wrote: »

€480K for a 2 bed apartment/town house :eek:

I think that's a mistake in the article (having just googled) - their 3 beds seem to be from €480K. Not that that price is anyway appealing either. But if you view the "Aspen" style, you'll notice that all the photos are very plush and as we know you always get what you pay for so I suspect this is a final attempt to hover up the remaining idiots and their cash out of the property market.

Also notice one of the three bedrooms is effectively a converted attic. For that sort of money I'd want a feckin' attic

D.

jmayo

Shelli wrote: »

Now is a good time to buy becuase the market is tipped in the buyers favour, with so many buyers holding back for the price fall, sellers are willing to accept less than asking price to shift the property.....when the buyers flood the market again bidding wars will be common, so while the asking price/value of the house will be 10% less, sellers will be sticking to it like glue.

If you shop around right now there are some real bargains to be picked up becuase some sellers are getting desperate.

Ah yes those mythical floods of buyers waiting in the wings to outbid each other :rolleyes:

Obviously it won't include the 12,000 extra that went on the live register over the last month as announced today or the 100 that were laid off by Thermo King in Galway.

Which EA or other VI do you work for again ?

bugler

If you shop around right now there are some real bargains to be picked up becuase some sellers are getting desperate.

They're only bargains in the warped Republic of Ireland. By most other measures they're still completely over-priced. Anyone suckered in has only themselves to blame however.

Victor

ionapaul wrote: »

€350k or thereabouts for new 2-beds in the Rialto on the Luas.

You mean up the street from where they throw hand grenades at each other?

The_Conductor

Victor wrote:

You mean up the street from where they throw hand grenades at each other?

Thats a slight exageration- its only machine guns, and the odd execution style shooting (apart from the opportunistic shooting of the odd Garda- but then again, what did they expect chasing a stolen car?)

ionapaul

I'd rather risk a hand-grenade (throw by a drug dealer at a drug dealer no doubt!) and live in a city than live in the ar*e-end of Dublin West! No, I'm not joking.

beeno67

ionapaul wrote: »

I'd rather risk a hand-grenade (throw by a drug dealer at a drug dealer no doubt!) and live in a city than live in the ar*e-end of Dublin West! No, I'm not joking.

I thought Dublin West was where all the drug dealers now lived.

Supercell

10 years from now:-

One beds inside the M50 will be <160K , 2 beds around the 180- 200 K mark..
A nice place like this two bed will be around 250k to buy (or less)..the current prices are not based in reality. Recession will hurt places like this badly.

Outside the M50 all bets are off - I honestly believe apartments outside the M50 5 years from now will be unsellable.

Petrol will be 2 or 3€ per litre, unemployment will be around 15% .

But you can snap up a one bed for 300K right now in Dundrum..Bargain!



Good luck there.

Jamar

Everybody would have the same car; it would be funny.

If your car key's battery ran out, it might be difficult to find your car.

Victor

I wonder if the car tax goes up or down on that model?

seahorse

Jamar wrote: »

Everybody would have the same car; it would be funny.

I was thinking that myself; rows and rows of Volvo C30's outside the houses, lol.

MG

Will turn out to be a really expensive car.

markf909

From the developers spiel:

Alderwood, with is secluded and attractive setting and its proximity to Hollystown Gold Club
is just 10 minutes from the bustling Blanchardstown Shopping Centre.

You would need a lot of gold to buy these places.

If they knocked 250k off the price they might seem a little more reasonable for an undeveloped area of Dublin devoid of any public transport.

athtrasna

DublinDilbert wrote: »

you can buy a 3 bed 'town house' in eris square in waterville for €355K...

Nope - duplexes start at that price not townhouses. No private gardens with duplexes!

colly10

Don't get that, surely the Volvo isn't really "free", they could just get rid of the Volvo and sell it for a slightly more reasonable price.
Anyway, who would want to own the same car as everyone else in your area, stupid idea