why have house prices not dropped in Galway?

scully74

I moved to Galway in mid 2009, i've been watching house prices, are developers nuts, they're still looking for 2006 prices, seen a house in oranmore unfinished for 545k. Whats going on!

am i bovvered

People will only sell if they have to. Interest rates are low so peoples mortgages are still affordable.
The asking price is not the selling price.

johnny1234

Basically people selling think they are the smartest people in the world and do not realise how difficult things are. If you find a house and like it make an offer what you think it is worth. And I will give you good odds that you will find a house at the tight price.

scully74

am i bovvered wrote: »

People will only sell if they have to. Interest rates are low so peoples mortgages are still affordable.
The asking price is not the selling price.

they're new unfinished houses, and builders, developers need to sell to survive, do you think NAMA will have any affect on future prices

ConnachtRanger1

Hi scully74. As someone not from Galway, but as one who has lived and worked, and run a business in Galway for years, I can tell you that there is a very complex series of cultural traits in the people of Galway, especially those from the city area, that are can explain why the house (and rent) prices have not significantly come down. The people in this part of the country seem to have this superiority complex when it comes to money, land, language, business and outsiders. In the years that I have lived here (ten) I have noticed that the greed in this part of the country is unsurpassed. Have you ever heard of The Tribes of Galway? They were a number of merchant families that ran the city and surroundings for years and were driven by trade and money. The city has maintained this material and familial attitude when it comes to dealing with its finances. They genuinely believe that they have the right to charge people as much as they want simply for living here. The landlords, and I have dealt with many over the years, feel justified in charging over the top prices for standard houses, apartments etc. They very often come from the business families that have for many decades (and centuries in the case of some families) had their own way in business with very little outside interference. Now I am not bashing every Galway person, I love this city, but you need to be aware of an undertone of greed in this part of the country. It has nothing to do with NAMA, Fianna Fail, Fine Gael, state economics etc. After ten years I know what Im talking about.

johnny1234

ConnachtRanger, you are 100% correct. Living in Galway for nearly the same length of time and in reality the Galwegians want to keep it all for their own. This downturn will shake the entire county to its roots -- so much so that they will have to start welcoming those that want to work with them. In relation to the OP, prices of houses will have to come down very soon or else the developers will be completely squeezed.

InTheTrees

johnny1234 wrote: »

Basically people selling think they are the smartest people in the world and do not realise how difficult things are.

Or they're so deep in debt now that they're desperate to try and get every last euro they can and cant grasp the fact that their property has lost 25% of its value.

mossfort

the auctioneers are to blame for a lot of it because they drove guide prices as high as they could to get the most commission they could on sales.
the houses in oranmore were overpriced in certain areas of the town especially on the maree road because it was seen as a fashionable area to be able to tell your friends you were living in.
a lot of houses in the smaller towns have dropped a good bit in price because the smaller builders want to sell them just to break even .

Scruff

scully74 wrote: »

I moved to Galway in mid 2009, i've been watching house prices, are developers nuts, they're still looking for 2006 prices, seen a house in oranmore unfinished for 545k. Whats going on!

Ha thats nothing. Check out Bramley in Oranmore on daft. Those asking prices will really get ye hot and bothered

fuelinjection

Greed.
But it is catching up on them, watch and see. The affordable places in Galway will survive but most of it will disappear. Lots of tourists and stag/hen nights keep prices high but it will soon wakr up and change.

dec25532

Hang on a second, we are talking about Oranmore here. The prices for houses here were always more inflated than they were actually worth and there is a certain arrogance and snobbiness about living there. That is why prices are artificially high.
Scully, is it Oranmore or nothing? There are plenty of fine house on half acre sites for around the €200k mark at the momemt but they are rurally based. Yes, the prices have come down in towns like Tuam, Loughrea, Ballinasloe and Gort but as you head towards Galway city, it is a different story. Bet the prices in Barna or Moycullen have not come down that much either.

Head The Wall

Scruff wrote: »

Ha thats nothing. Check out Bramley in Oranmore on daft. Those asking prices will really get ye hot and bothered

They're a bargain in Bramley, down from €1.6 mill to €800k

hairless

The auctioneers have a lot to answer for.... I've been looking at a house near Kilcolgan for a few months now - asking price is around €250,000. It has a nice house but needed modernisation of about 30 to 40k. We had negotiated down the price to between €200 to €210 and thought we were doing well. Got the property valued and it came to €170,000 - and now the bank will only give up €155,000 of so - so with out 50k savings we can but the house but wont have any money to make it liveable. How can a house worth €170,000 be on the market for €250,000???? We have wasted months and about €1k in engineers and other fees. A bit more realism from these auctioneers would bring about a lot more sales, that is a fact...

Dr. Kenneth Noisewater

Theres definately a superiority complex knocking around. Oranmore/Maree/Kilcolgan was the wealthiest area of the country per head of population in 2004 and theres still a subtle undercurrent of snobbery knocking around. For what its worth I also agree with ConnachtRanger completely in relation to Galway itself. The city is quite undercrowded with relation to the size of the housing stock and the market will have to undergo a self-correction sooner or later.

A lot depends on the seller's need rather than their desire for a quick sale. Thats why I don't see prices dropping in Oranmore/Surrounds just yet. Give it time.

the keen edge

ConnachtRanger1 wrote: »

Hi scully74. As someone not from Galway, but as one who has lived and worked, and run a business in Galway for years, I can tell you that there is a very complex series of cultural traits in the people of Galway, especially those from the city area, that are can explain why the house (and rent) prices have not significantly come down. The people in this part of the country seem to have this superiority complex when it comes to money, land, language, business and outsiders. In the years that I have lived here (ten) I have noticed that the greed in this part of the country is unsurpassed. Have you ever heard of The Tribes of Galway? They were a number of merchant families that ran the city and surroundings for years and were driven by trade and money. The city has maintained this material and familial attitude when it comes to dealing with its finances. They genuinely believe that they have the right to charge people as much as they want simply for living here. The landlords, and I have dealt with many over the years, feel justified in charging over the top prices for standard houses, apartments etc. They very often come from the business families that have for many decades (and centuries in the case of some families) had their own way in business with very little outside interference. Now I am not bashing every Galway person, I love this city, but you need to be aware of an undertone of greed in this part of the country. It has nothing to do with NAMA, Fianna Fail, Fine Gael, state economics etc. After ten years I know what Im talking about.

With all due respect, this post above all, is the most perplexing in its content. I find it hard to believe that somebody who had at a minimum, the concentration to type a number of lines of text, would make such absured claims. Considering the above highlighted statements, I respond;

Firstly, to suggest that the greater part of the Galwegian population (est. 72 000), has inherited cultural traits with regard to finances, from 14 tribal families, whose influence declined towards the end of the 17th century, is laughable at best.

I think all will agree that Galway is the most cosmopolitan city in Ireland, so I find it hard to equate this with your opinion that Galwegians extend their 'superiority complex' to outsiders.

Quote "They were a number of merchant families that ran the city and surroundings for years and were driven by trade and money"
Quote "The city has maintained this material and familial attitude when it comes to dealing with its finances"

Merchant families, driven by trade and money, whatever next!! Wait a minute, maybe a material attitude towards finances.:rolleyes:

johnny1234 wrote: »

ConnachtRanger, you are 100% correct. Living in Galway for nearly the same length of time and in reality the Galwegians want to keep it all for their own. This downturn will shake the entire county to its roots -- so much so that they will have to start welcoming those that want to work with them. In relation to the OP, prices of houses will have to come down very soon or else the developers will be completely squeezed.

Your point?

deccurley wrote: »

Theres definately a superiority complex knocking around. Oranmore/Maree/Kilcolgan was the wealthiest area of the country per head of population in 2004 and theres still a subtle undercurrent of snobbery knocking around. For what its worth I also agree with ConnachtRanger completely in relation to Galway itself. The city is quite undercrowded with relation to the size of the housing stock and the market will have to undergo a self-correction sooner or later.

A lot depends on the seller's need rather than their desire for a quick sale. Thats why I don't see prices dropping in Oranmore/Surrounds just yet. Give it time.

I can assure you this has already happened. Any Estate Agent will tell you this. If fact I have a house for sale in Oranmore Environs, and believe me its price has fallen by 40%.

John_Rambo

the keen edge wrote: »

I think all will agree that Galway is the most cosmopolitan city in Ireland

No. I find it a little insular and unwelcoming outside the tourist traps to be honest. The outskirts are worse, (this is after all the Galway County forum). I find Dublin, Cork, even Belfast to be more cosmopolitan. Great city, don't get me wrong, just not as cosmopolitan as you think it is. I can see exactly where ConnachtRanger1 is coming from. I see that attitude all the time in Galway that is far from friendly, and a bit aloof! I have friends from Dublin living in Galway for years and still get the sly comments, that doesn't happen to Galway people who are welcomed to Dublin or Cork unless it's about sport.

the keen edge

John_Rambo wrote: »

No. I find it a little insular and unwelcoming outside the tourist traps to be honest. The outskirts are worse, (this is after all the Galway County forum). I find Dublin, Cork, even Belfast to be more cosmopolitan. Great city, don't get me wrong, just not as cosmopolitan as you think it is. I can see exactly where ConnachtRanger1 is coming from. I see that attitude all the time in Galway that is far from friendly, and a bit aloof! I have friends from Dublin living in Galway for years and still get the sly comments, that doesn't happen to Galway people who are welcomed to Dublin or Cork unless it's about sport.

I was trying to make the point that Galway in recent years has seen a large influx of people moving here. So how could the population of the County and the City(As stated by the OP), transmit this superiority complex as a result of cultural traits. Cultural traits to my mind take decades to establish.

Then he when on to suggest that these traits originate from the 14 tribes of Galway.


With regard to your point, I would of thought that the outskirts of the City(The suburbs) would have seen the larger portion of population influx. Maybe you mean rural areas?.

John_Rambo

Good point, maybe that's the problem. Other places could be used to influxes of people, therefore they are more welcoming and less clannish. You hardly think Galway is the only place in the country that has recently had a influx?

The cultural trait of snobishness has been there for decades in fairness, among lots of other cultural traits.

the keen edge

John_Rambo wrote: »

Good point, maybe that's the problem. Other places could be used to influxes of people, therefore they are more welcoming and less clannish. You hardly think Galway is the only place in the country that has recently had a influx?

The cultural trait of snobishness has been there for decades in fairness, among lots of other cultural traits.

Agreed, Galway has only in recent years been exposed to arrival of friendly:) outsiders moving here to live, so maybe there is a degree of clannishness that I as a native have not been exposed to. Maybe deep rooted in the Galway psyche that is to be expected in a region that historically equated the arrival of outsiders, with an onset of violence and loss of property; I don't mean to be dramatic, or sensationalise my post, just a thought.

But come on your not seriously agreeing with the OP about snobbishness and a superiority complex being common Galway cultural traits are you.

Aloof Galwegian's eh, sure where would we have left it!:rolleyes:



THE GALWAY STARVATION RIOTS.

The foregoing illustration is intended to convey an idea of the state of desperation to which the poor of Galway have been reduced by the present calamitous season of starvation; and although, according to present appearances, there is every reason to rely on the goodness of Providence for an abundant and early relief, yet it is calculated that more than another month of suffering and privation must elapse before succour arrives. The scene represented above is an attack upon a potato store in the town of Galway, on the 13th of the present month, when the distress had become too great for the poor squalid and unpitied inhabitants to endure their misery any longer, without some more substantial alleviation than prospects of coming harvest; and their resource in this case was to break open the potato stores and distribute their contents, without much discrimination, among the plunderers, and to attack the mills where oatmeal was known to be stored. During the entire of that day the town was in the possession of a fierce and ungovernable mob, led on apparently by women and children, but having an imposing reserve in the rear of the Claddagh fishermen. The Sheriff, with a strong force of police and the depôt of the 30th Regiment, which constitutes the garrison, vainly attempted to restrain them. They assailed him and his armed bands with showers of stones, which wounded the commanding officer of the military party in the head, and hurt several of the men. But, with singular forbearance and humanity, the gallant Thirtieth held their fire, and, as it was impossible to disperse such a mob without firing amongst them, the millers were induced to promise that meal should be retailed on the following morning at 15d. a stone.
The discontent of the sufferers had been aggravated by the unfeeling, and, there was some reason to suspect, the dishonest artifices of those who had food to sell. Farmers, known to have abundant supplies of potatoes, had not only refused to part with any portion of them at the present high prices, but had actually sent into the markets and made purchases, in order to augment the scarcity. Numbers of dealers also, speculating on a rise, had stored quantities of provisions, which they refused to give out at a fair profit; and in several instances these persons had cleared out the markets the instant they were opened, and left the poor famishing housekeepers, with their money in their hands, in the midst of apparent plenty, unable to procure even the supply of a single day.

To this cause is to be attributed the various disturbances which occurred at Loughrea and Galway; the people insisting upon the farmers retailing provisions to them out of the sack, instead of disposing of its contents wholesale to huxters and forestallers; and the magistrates generally, with proper discretion and humanity, enforcing the reasonable demands of the people.
The Claddagh fishermen, to signalise their victory, insisted upon a general illumination of the town, and ordered the joy-bells of the collegiate church to ring out a merry peal. Their requisitions were complied with in both cases. The joy-bells tang out a merry peal, and the inhabitants in general put lights into their windows. Thus, for several hours, the capital city of Connaught remained in possession of a lawless rabble, while the armed authorities of the country retired before them.

The following is the latest account from this distressed district:-- "Galway, June 20. (From our own correspondent.) Since the disturbance of Monday last this town has been perfectly tranquil. The fishermen took to their boats and went to sea early in the week, and provisions having experienced a seasonable reduction in price, no further commotion is apprehended. It was feared that the country people, hearing of the violence committed on Monday, would not bring their goods into the market; and on Wednesday the supply was scanty from that cause. But an abundance of potatoes was brought in on Saturday, and sold a fourpence a stone. This is not an extravagant price, though a fraction over threepence always pinches the poor man; but in the present dearth of employment any price at all must distress him. Of the scarcity of money you may judge from this fact, of which I can assure you from personal observation, that at Loughrea, in this county, when the famishing people were riotously assembled to oppose the forestallers in the potato market, eggs were offered for sale at five for a penny, and chickens, quite fit for the pot, were sold for sevenpence a couple.

After a long drought we have been visited with seasonable and refreshing rain, which only seemed wanting to confirm our anticipation of an abundant and early harvest.

John_Rambo

the keen edge wrote: »

But come on your not seriously agreeing with the OP about snobbishness and a superiority complex being common Galway cultural traits are you

I am afraid so and I'm not alone.

cheesemaker

the keen edge wrote: »

I think all will agree that Galway is the most cosmopolitan city in Ireland

lol

ScumLord

The price in the paper is not the price you have to pay. There are allot of desperate house owners in Galway that will let the house for cost. They won't put that in the paper though. Ring them up and haggle you'll be able to knock a bit off the price. There are houses going for €300.

mossfort

ScumLord wrote: »

The price in the paper is not the price you have to pay. There are allot of desperate house owners in Galway that will let the house for cost. They won't put that in the paper though. Ring them up and haggle you'll be able to knock a bit off the price. There are houses going for €300.

you might get a dolls house for 300euro.

ScumLord

mossfort wrote: »

you might get a dolls house for 300euro.

Nope 3 bedroom house.

fuelinjection

300,000 or 300 ?

The zeros are the important bit !!!!

the keen edge

cheesemaker wrote: »

lol

I probably need to get out more:)

ScumLord

fuelinjection wrote: »

300,000 or 300 ?

The zeros are the important bit !!!!

I know people that are renting houses for €300 a month. The houses where being rented for between €450 and €600 when my friends where living in them 3 years ago.

ArraMusha

I've said it before that auctioneers or if you like estate agents are part of the problem.

I rang inquiring about a house a while ago and put in an offer 25% below the asking price...all i got back down the phone was "oh no that offer would not be accepted"...From a middle-man.!

Keeping the offers from the seller...Keeping prices inflated...the B****ds.




I've since dealt with owners and find they are more realistic with what is going on int he market..i.e. if they want to sell they drop the price and do sell.

They have a lot leftto drop in Galway still.

scully74

John_Rambo wrote: »

I am afraid so and I'm not alone.

better check that one out the OP didn't make that comment

John_Rambo

Sorry! Agreeing with CRanger!!

8kvscdpglqnyr4

I'm in the process of buying a house in Oranmore! 2 years ago I couldn't afford a house there ... but I've been keeping a close eye on things there and prices are falling dramatically!

It's definitely a case that *some* asking prices are staying inflated ... but asking prices don't mean a thing really! It's what a buyer is willing to pay that counts and how realistic a seller is willing to get.