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Living in cuckoo land

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  • 09-12-2009 9:31pm
    #1
    SLUSK
    Closed Accounts Posts: 1,156 ✭✭✭


    Saw this "fine" house in The Irish Times, 3 bedroom house - €450 000. The price turns out to be a bit over €3900 per square meter.
    http://homes.irishtimes.com/search_adv2/brochure.asp?prop_id=HXSML422906

    Please bear in mind that interest rates are very low at the moment, just to pay the interest with normal levels of interest would cost you about 1500-2000 per month. Does anyone think you could get anyone to pay this rent? No way.

    Some real estate agents still seem to be living in cuckoo land


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    #2
    InTheTrees
    Registered Users Posts: 9,900 ✭✭✭InTheTrees


    SLUSK wrote: »
    Saw this "fine" house in The Irish Times, 3 bedroom house - €450 000. The price turns out to be a bit over €3900 per square meter.
    http://homes.irishtimes.com/search_adv2/brochure.asp?prop_id=HXSML422906

    Please bear in mind that interest rates are very low at the moment, just to pay the interest with normal levels of interest would cost you about 1500-2000 per month. Does anyone think you could get anyone to pay this rent? No way.

    Some real estate agents still seem to be living in cuckoo land

    Ah its been cuckoo land for a few years now hasnt it?


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    #3
    dny123456
    Closed Accounts Posts: 431 ✭✭dny123456


    Gotta say, it is a lovely house though and in a very handy spot.


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    #4
    wyndham
    Registered Users Posts: 2,284 ✭✭✭wyndham


    SLUSK wrote: »
    Saw this "fine" house in The Irish Times, 3 bedroom house - €450 000. The price turns out to be a bit over €3900 per square meter.
    http://homes.irishtimes.com/search_adv2/brochure.asp?prop_id=HXSML422906

    Please bear in mind that interest rates are very low at the moment, just to pay the interest with normal levels of interest would cost you about 1500-2000 per month. Does anyone think you could get anyone to pay this rent? No way.

    Some real estate agents still seem to be living in cuckoo land

    I wouldn't blame the estate agent. It is the vendors with unrealistic expectations of the value of the houses. The estate agents know the realities of the market and would, of course, like to have the property on their books at a lower price, as they would have a chance of selling it and getting their commission.


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    #5
    bugler
    Registered Users Posts: 3,436 ✭✭✭bugler


    There is nothing to be gained from trying to apply logic to the sellers of houses in Ireland. Yield, rental potential, per SQ Metre prices, all this is water off a deluded duck's back. Reality is the only thing that these sellers will yield to, eventually.

    It wasn't a massive realisation that property was bad value that caused the crash here. People wouldn't know value in this country if it bit them on the groin. Purchasing power has died here. Wages are falling, jobs are going, you can't get the easy credit that people used to live lifestyles they couldn't afford. This is what will force the vendors of overpriced houses to yield to reality: No one has the money to buy at these prices.

    The stubborness of sellers who will not, or cannot, accept what has happened the market will be a contributing factor into a long, drawn out, painful decline in house values. Hopefully it will stick in the memory.


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    #6
    Jaden
    Registered Users Posts: 2,393 ✭✭✭Jaden


    A 30 second search on daft or myhome could turn up a dozen properties that are far worse value than the one shown above.

    It's gonna be a long wait until EA's and sellers cop on.


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    #7
    grizzly
    Registered Users Posts: 2,789 ✭✭✭grizzly


    When I now look at the count for amount of thread views, it says 187. I wonder if that info gets tracked over on the Irish Times site. Someone, somewhere is thinking that there's a massive spike of interest in this property. :P


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    #8
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    Jaden wrote: »
    A 30 second search on daft or myhome could turn up a dozen properties that are far worse value than the one shown above.
    Indeed. I don't see this property as good value. But there are far, far worse examples. Nice interior, good garden, not too far from the city centre, and imho those Guinness houses are appealing from an architectural stand-point.

    So OP is there any specific reason why you decided to start a thread about this particular property and not any of the other 3,815 houses in Dublin city that are for sale on Daft?


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    #9
    who_ru
    Registered Users Posts: 2,033 ✭✭✭who_ru


    bugler wrote: »

    It wasn't a massive realisation that property was bad value that caused the crash here. People wouldn't know value in this country if it bit them on the groin. Purchasing power has died here. Wages are falling, jobs are going, you can't get the easy credit that people used to live lifestyles they couldn't afford. This is what will force the vendors of overpriced houses to yield to reality: No one has the money to buy at these prices.
    Spot On.


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    #10
    SLUSK
    Closed Accounts Posts: 1,156 ✭✭✭SLUSK


    bangersandmash wrote: »
    Indeed. I don't see this property as good value. But there are far, far worse examples. Nice interior, good garden, not too far from the city centre, and imho those Guinness houses are appealing from an architectural stand-point.

    So OP is there any specific reason why you decided to start a thread about this particular property and not any of the other 3,815 houses in Dublin city that are for sale on Daft?

    Perhaps it looks fine and all but still €450 000 is at least 30% to high. What is so special about Dublin 12?

    What is so special about this 3 bed shoebox that warrants this ridicolous price?

    You have to stop thinking about the bubble prices and compare this prices to the bubble times. You have to think about cost per square meter, rental yields and so on.


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    #11
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    SLUSK wrote: »
    Perhaps it looks fine and all but still €450 000 is at least 30% to high. What is so special about Dublin 12?

    What is so special about this 3 bed shoebox that warrants this ridicolous price?

    You have to stop thinking about the bubble prices and compare this prices to the bubble times. You have to think about cost per square meter, rental yields and so on.
    I agreed about the (lack of) value. I just don't agree that it's an especially good example.


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    #12
    Jaden
    Registered Users Posts: 2,393 ✭✭✭Jaden


    Here's a northside equivalent:

    http://www.daft.ie/searchsale.daft?id=477429&search=1

    A snip @ €550K.....


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    #13
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    Jaden wrote: »
    Here's a northside equivalent:

    http://www.daft.ie/searchsale.daft?id=477429&search=1

    A snip @ €550K.....

    I'd love that house.
    Cracking location.
    Get to put my own stamp on it.

    €550k ? - Not a chance.


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    #14
    dny123456
    Closed Accounts Posts: 431 ✭✭dny123456


    Jaden wrote: »
    Here's a northside equivalent:

    http://www.daft.ie/searchsale.daft?id=477429&search=1

    A snip @ €550K.....
    Thats miles from the CC. The OPs one is about 15 mins by bus to CC.


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    #15
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    dny123456 wrote: »
    Thats miles from the CC. The OPs one is about 15 mins by bus to CC.
    I think you're confused about the location. Not a huge difference - 2.5 miles from city V about 3 miles. It's about 15 mins drive off-peak. Besides for me there's no comparison between Griffith Avenue and Crumlin, but each to their own.

    But 550k is in the realm of fantasy for a 1000sqft fixer-upper. It's one of the most basic houses in the area. For 100k more you could get a 3 bed in a nice part of Sandymount that appears in reasonably similar condition.


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    #16
    JuliusCaesar
    Registered Users Posts: 4,882 ✭✭✭JuliusCaesar


    SLUSK wrote: »
    Perhaps it looks fine and all but still €450 000 is at least 30% to high. What is so special about Dublin 12?

    Lovely house but 300K is more realistic


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    #17
    Dub.
    Registered Users Posts: 340 ✭✭Dub.


    SLUSK wrote: »
    Saw this "fine" house in The Irish Times, 3 bedroom house - €450 000. The price turns out to be a bit over €3900 per square meter.
    http://homes.irishtimes.com/search_adv2/brochure.asp?prop_id=HXSML422906

    Please bear in mind that interest rates are very low at the moment, just to pay the interest with normal levels of interest would cost you about 1500-2000 per month. Does anyone think you could get anyone to pay this rent? No way.

    Some real estate agents still seem to be living in cuckoo land


    This three bedroom s/d is five minutes walk away and available for €165,000.

    http://www.daft.ie/searchsale.daft?id=467200&search=1

    Some seriously strange pricing at the moment. There should be no more than 20% price difference between those two houses.


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    #18
    dny123456
    Closed Accounts Posts: 431 ✭✭dny123456


    Dub. wrote: »
    This three bedroom s/d is five minutes walk away and available for €165,000.

    http://www.daft.ie/searchsale.daft?id=467200&search=1

    Some seriously strange pricing at the moment. There should be no more than 20% price difference between those two houses.

    Lol. you obviously havent read many estate agents speils.... "in good order", basically means you could live in it... but will need to re-wired, plumbed and pretty much gutted. Would easily spend 100G, getting it to the same level as the OPs house.


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    #19
    silverharp
    Registered Users Posts: 18,262 ✭✭✭✭silverharp


    no offense but its crumlin , and I'm sure their are nice parts but....

    for comparisson

    http://www.daft.ie/searchsale.daft?id=480546&search=1

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



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    #20
    Dub.
    Registered Users Posts: 340 ✭✭Dub.


    dny123456 wrote: »
    Lol. you obviously havent read many estate agents speils.... "in good order", basically means you could live in it... but will need to re-wired, plumbed and pretty much gutted. Would easily spend 100G, getting it to the same level as the OPs house.

    That house looks fine to me, seriously, those old corpo houses are extremely well built. Christ, i could build you a whole new house with a hundred grand.


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    #21
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    silverharp wrote: »
    no offense but its crumlin , and I'm sure their are nice parts but....

    for comparisson

    http://www.daft.ie/searchsale.daft?id=480546&search=1
    I'm not sure that's a great comparison. Nice quiet area, good schools but poor public transport. Also not to be blunt but it's not one of the better houses in the area and needs a completely refurb. That is definitely 100k even with reasonable labour charges despite some people's protestations.

    So while I'd prefer the location to Crumlin, it's still over half a million euros for a small middle-of-the-road fixer-upper. In some ways it's a worse example than the OP posted.


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    #22
    eth0_
    Registered Users Posts: 10,846 ✭✭✭✭eth0_


    Half a mil for a small house....in CRUMLIN? Hardly a highly desirable area!


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    #23
    coldwood92
    Closed Accounts Posts: 481 ✭✭coldwood92


    Its in a very handy spot


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    #24
    Dub.
    Registered Users Posts: 340 ✭✭Dub.


    €230,000 for a three bed semi in Monkstown blows that Crumlin house out of the water.

    http://www.myhome.ie/residential/brochure/51-oliver-plunkett-avenue-monkstown-co-dublin/137764


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    #25
    eth0_
    Registered Users Posts: 10,846 ✭✭✭✭eth0_


    coldwood92 wrote: »
    Its in a very handy spot

    Sheriff Street is a 'handy spot', doesn't mean it's a desirable area.


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    #26
    jdivision
    Registered Users Posts: 4,260 ✭✭✭jdivision


    Jaden wrote: »
    A 30 second search on daft or myhome could turn up a dozen properties that are far worse value than the one shown above.

    It's gonna be a long wait until EA's and sellers cop on.

    Let's start with this one:
    http://www.property.ie/property-for-sale/Meakstown-Cottages-Dubber-Cross-Finglas-Dublin-11/474080/

    Nearly E900,000 in Finglas, I live in Finglas, I laughed at the price. A lot.:D


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    #27
    silverharp
    Registered Users Posts: 18,262 ✭✭✭✭silverharp


    bangersandmash wrote: »
    I'm not sure that's a great comparison. Nice quiet area, good schools but poor public transport. Also not to be blunt but it's not one of the better houses in the area and needs a completely refurb. That is definitely 100k even with reasonable labour charges despite some people's protestations.

    So while I'd prefer the location to Crumlin, it's still over half a million euros for a small middle-of-the-road fixer-upper. In some ways it's a worse example than the OP posted.

    Indeed , I "would" pay a premium to live in the better location. The absolute prices are still unsustainable

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



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    #28
    Jaden
    Registered Users Posts: 2,393 ✭✭✭Jaden


    jdivision wrote: »
    Let's start with this one:
    http://www.property.ie/property-for-sale/Meakstown-Cottages-Dubber-Cross-Finglas-Dublin-11/474080/

    Nearly E900,000 in Finglas, I live in Finglas, I laughed at the price. A lot.:D

    Now THAT is funny. But not haha funny.


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    #29
    JuliusCaesar
    Registered Users Posts: 4,882 ✭✭✭JuliusCaesar


    Dub. wrote: »
    €230,000 for a three bed semi in Monkstown blows that Crumlin house out of the water.

    http://www.myhome.ie/residential/brochure/51-oliver-plunkett-avenue-monkstown-co-dublin/137764

    It is ridiculous that the estate agents aren't obliged to give the complete square footage/metres of every house. Mind you - "dining room/lean to"!


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    #30
    PWEI
    Registered Users Posts: 1,593 ✭✭✭PWEI


    jdivision wrote: »
    Let's start with this one:
    http://www.property.ie/property-for-sale/Meakstown-Cottages-Dubber-Cross-Finglas-Dublin-11/474080/

    Nearly E900,000 in Finglas, I live in Finglas, I laughed at the price. A lot.:D


    I take your €900,000 in Finglas and raise you ===> €2,000,000 for a 3 bed in Swords :Dhttp://www.daft.ie/searchcommercial.daft?id=44683


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    #31
    tedstriker
    Banned (with Prison Access) Posts: 130 ✭✭tedstriker


    Boom!
    http://www.statusireland.com/statistics/property-house-price-statistics-for-ireland/3/Irish-House-Prices-Since-1996.html

    Boom!
    http://www.statusireland.com/statistics/property-house-price-statistics-for-ireland/29/Daft.ie-Rental-Price-Index.html

    Boom!
    http://www.statusireland.com/statistics/finacial-statistics-for-ireland/39/Government-Exchequer-Surplus---Deficit.html

    Boom!
    http://www.statusireland.com/statistics/finacial-statistics-for-ireland/40/Misery-Index-for-Ireland.html

    They're all linked, when things balance out it will be ok. If people are paying too much then that's fine but asking price is just a notional price based on ideas. Ideas are often not based on fact.


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