Have you purchased recently?

population

We bought our place in 2004 (Mornington, Co.Meath), 3 bed townhouse for 177k.

My neighbour behind me sold at the peak for 316k, my neighbour to the left of me has just put hers on the market at 210k and has had moderate interest.

Truthfully I think it will go for 20 grand less and in the next year we will be back at 2004 prices.

ronbyrne2005

population wrote: »

We bought our place in 2004 (Mornington, Co.Meath), 3 bed townhouse for 177k.

My neighbour behind me sold at the peak for 316k, my neighbour to the left of me has just put hers on the market at 210k and has had moderate interest.

Truthfully I think it will go for 20 grand less and in the next year we will be back at 2004 prices.

Much of Dublin is already at 2002 prices(selling prices, inflation adjusted).
For those who say interest rates were 14% in past , back then wage inflation was roughly the same so the amount you borrowed became a smaller and smaller amount of your salary and people had borrowed much lower multiples of income. Now incomes are decreasing(less pay, more taxes) and interest rates are only going one way over next 5 years.
The iseq index , a general indicator of the economy is now at 1996 levels so why not houses?

Freddie59

ronbyrne2005 wrote: »

The iseq index , a general indicator of the economy is now at 1996 levels so why not houses?

Precisely.

astrofool

Because shares are more liquid than houses. Shares can also have no intrinsic value (company goes out of business), property will (generally) have an intrinsic value, barring a natural disaster, or becoming unfit for habitation due to a toxic dump.

spockety

tech2 wrote: »

Daft is now giving an option to select 50K as the minumum now whereas a few weeks ago you could only select min or 100K when searching for a property. Sign of the times!

I wonder if the banks will also lower their bottom rung mortgages... did I hear somewhere that Bank of Ireland for example will not give mortgages of less than 150k?! :eek:

D3PO

spockety wrote: »

I wonder if the banks will also lower their bottom rung mortgages... did I hear somewhere that Bank of Ireland for example will not give mortgages of less than 150k?! :eek:

:eek: Thats insane !!

ntlbell

spockety wrote: »

I wonder if the banks will also lower their bottom rung mortgages... did I hear somewhere that Bank of Ireland for example will not give mortgages of less than 150k?! :eek:

There was a thread a few months back where the user was unable to buy as the bank said the amount was too low, IIRC he was looking for about 90k or so and was refused.

the banks will adjust as the market demands such a product

but apart from the above case I've never heard of it before.

spockety

ronbyrne2005 wrote: »

Much of Dublin is already at 2002 prices(selling prices, inflation adjusted).
For those who say interest rates were 14% in past , back then wage inflation was roughly the same so the amount you borrowed became a smaller and smaller amount of your salary and people had borrowed much lower multiples of income. Now incomes are decreasing(less pay, more taxes) and interest rates are only going one way over next 5 years.
The iseq index , a general indicator of the economy is now at 1996 levels so why not houses?

I'd also suggest that interest rates aren't the only factor.

There is the old "supply and demand" as well. I've heard people talk about population explosion and so on, but I would wager that there are probably more dwellings available now per head of population than at any time in the history of the state.

Tech3

spockety wrote: »

I'd also suggest that interest rates aren't the only factor.

There is the old "supply and demand" as well. I've heard people talk about population explosion and so on, but I would wager that there are probably more dwellings available now per head of population than at any time in the history of the state.

Plus the fact this is going to get a lot worse with many young people immigrating and families unable to cope with their mortgage repayments leaving a huge itinerary levels idle until a serious price correction has taken place.

am i bovvered

D3PO wrote: »

Oh I have thats why I think to expect a further decrease of 50% from todays house prices is not on the agenda.

Im happy to be proved wrong but if your going to put out statements like that then you should be prepared to back it up with the reasons that you believe it will happen. I would contend saying house prices will fall a further 50% to be very much ill informed. To put that into context that would put prices back to late 1996 levels without even being inflation adjusted and would indicate at current falling rates that house prices will continue to fall for at least another 4 years.

I agree with this

Freddie59 Quote:
Originally Posted by am i bovvered
It is a really lovely house, a house on our road is now on for 310k which is still over valued but not by that much.

Relative to what, exactly?
Yesterday 22:57

Prices dropping another 50% to '96levels The point I was trying to make was that price will never go back to '96 levels... property in Ireland at that time was undervalued, as of today it is still overvalued, our home in '97 was 38k, I believe its value today is 230k (saleable price) at the peak was 325k. We have done work on our home like everyone that owns a home for 12 years

Tech3

am i bovvered wrote: »

price will never go back to '96 levels... property in Ireland at that time was undervalued

No the market was at normal levels before the boom in 1996.

I

believe its value today is 230k (saleable price) at the peak was 325k. We have done work on our home like everyone that owns a home for 12 years

Type of house? Bedrooms? Location?

dollydrops

We put an offer in on a house recently and it was refused by the builder.

We offered €350,000 for a 4 bedroomed semi detached house in Kildare.
Builder was asking for €420,000 and said he couldn't sell the house for any less then €400,000.

Eglinton

dollydrops wrote: »

We put an offer in on a house recently and it was refused by the builder.

We offered €350,000 for a 4 bedroomed semi detached house in Kildare.
Builder was asking for €420,000 and said he couldn't sell the house for any less then €400,000.

Offer him €344 tomorrow and say you've now adjusted your offer by the 2% monthly drop being experienced in the market! :P

ronbyrne2005

am i bovvered wrote: »

I agree with this Prices dropping another 50% to '96levels The point I was trying to make was that price will never go back to '96 levels... property in Ireland at that time was undervalued, as of today it is still overvalued, our home in '97 was 38k, I believe its value today is 230k (saleable price) at the peak was 325k. We have done work on our home like everyone that owns a home for 12 years

So you think your home will only drop 30% from the peak! HA, live in hope, we are in worst recession in history of state, combined with global recession and fact our property bubble was massive. I thiink the best you can hope for is 50% reduction from peak and it will probably be more. I dont think you realise how overvalued property became and how bad economic situation is now.

ronbyrne2005

in fact i'd say if you think your house hasnt dropped by more than 30% already you are in cuckoo land.

dollydrops

Eglinton wrote: »

Offer him €344 tomorrow and say you've now adjusted your offer by the 2% monthly drop being experienced in the market! :P

Thanks thats a good one.

I wouldn't mind he has 30 unsold houses in a new estate.

Oh wait until I tell ye this one.
He told us that he doesn't need to sell the houses because he is a second generation builder so he isn't really effected by the 'drop in the market' and he can wait for the market to 'turn around'.

Freddie59

ronbyrne2005 wrote: »

So you think your home will only drop 30% from the peak! HA, live in hope, we are in worst recession in history of state, combined with global recession and fact our property bubble was massive. I thiink the best you can hope for is 50% reduction from peak and it will probably be more. I dont think you realise how overvalued property became and how bad economic situation is now.

That's about it. As I've said already we bought a house at March 2000 prices (€175k down from €320k peak). So, am I bovvered, wishful thinking on your part. Maybe you'd like a job with SCAMA?:D

Ddad

spockety wrote: »

I'd also suggest that interest rates aren't the only factor.

There is the old "supply and demand" as well. I've heard people talk about population explosion and so on, but I would wager that there are probably more dwellings available now per head of population than at any time in the history of the state.

1.77 million in the state according to the CSO.

am i bovvered

you..

ronbyrne2005 wrote: »

So you think your home will only drop 30% from the peak! HA, live in hope, we are in worst recession in history of state, combined with global recession and fact our property bubble was massive. I thiink the best you can hope for is 50% reduction from peak and it will probably be more. I dont think you realise how overvalued property became and how bad economic situation is now.

me...

Prices dropping another 50% to '96levels The point I was trying to make was that price will never go back to '96 levels... property in Ireland at that time was undervalued, as of today it is still overvalued, our home in '97 was 38k, I believe its value today is 230k (saleable price) at the peak was 325k. We have done work on our home like everyone that owns a home for 12 years
Today 13:35

You are so busy laughing at other peoples opinions, you should try reading their posts more carefully

ronbyrne2005

am i bovvered wrote: »

you.. me... You are so busy laughing at other peoples opinions, you should try reading their posts more carefully

You say peak was 325,
Dropping to what you expect to be lowest level of 230k is a 30% drop . Even the estate agents have said selling prices are down 40% in most of Dublin already.

am i bovvered

ronbyrne2005 wrote: »

You say peak was 325,
Dropping to what you expect to be lowest level of 230k is a 30% drop . Even the estate agents have said selling prices are down 40% in most of Dublin already.

Please read my post properly, I stated that as of today a Saleable price on my home is 235k, and I still felt PROPERTY IS STILL OVERVALUED !!!! I underlined it in my previous post so that you would not miss it

am i bovvered

The whole point of this thread was to get the facts of what the asking price was and what the selling price is !!! If you read the whole thread you will see at the moment their is little factual evidence on this thread of panic selling. This is not to say this will not happen just that it doesn't seem to be the happening at present. The selling prices are within 20% of the asking prices.

ronbyrne2005

am i bovvered wrote: »

The whole point of this thread was to get the facts of what the asking price was and what the selling price is !!! If you read the whole thread you will see at the moment their is little factual evidence on this thread of panic selling. This is not to say this will not happen just that it doesn't seem to be the happening at present. The selling prices are within 20% of the asking prices.

Asking price is irrelevant in this market. Those that have to sell at "firesale" prices arent likely to be bragging openly about it. Type executor sale into myhome or daft and see the more realistic prices as surviving family usually just wanna get what they can for the deceased's house .

am i bovvered

eman66 wrote: »

So, there's no data out there for actual selling prices. If you bought recently how much less than the asking price did you pay? Where and when, and how did the offer process go? Wondering what the reality actually is.

This thread is about what transactions people know about, there are loads of other threads and websites where people can express their opinions.

Please read my post properly, I stated that as of today a Saleable price on my home is 235k, and I still felt PROPERTY IS STILL OVERVALUED !!!! I underlined it in my previous post so that you would not miss it

apology accepted;)

Fighting Irish

Roll on more price drops


Are most people in this thread first time buyers?
If you are you must be desperate

superflyninja

Fighting Irish wrote: »

Roll on more price drops


Are most people in this thread first time buyers?
If you are you must be desperate

what do you mean? *genuine curiosity*

am i bovvered

Friends bought... 4 bed semi detached in Mayo asking 225k paid 220k (It was 240k at the peak)

Theboinkmaster

am i bovvered wrote: »

Friends bought... 4 bed semi detached in Mayo asking 225k paid 220k (It was 240k at the peak)

Crazy money - that will be less than €100k in 3-5 years

mtarmey59

crazy money!

mtarmey59

j