House Prices in Athlone

boredatwork82

Been keeping an eye on these lately. Does anyone else think that they are absurdly overpriced?
When will Athlone people drop their prices to realistic levels. There is millions of houses (well 565, according to daft)
That is a hell of a lot of supply, and there is a tiny demand.

If I was offering a price it would be about 120k for a 3 bed or 150-160 for a 4 bed. Are my valuations just way too low.

Value by the rental model @ an optimistic amount of €750 a month x 12 months x 14 years = €126k

Any opinions?

Conor_M1990

I dont think they are tbh they seem to average enough Personally If I was buying in Athlone Id stay away from anywhere near the college

boredatwork82

yeah, it was just a general observation. I am not looking at any where specific. Or debating the merits of locations. Just I generally think they too high.

athlonelad

they have come down alot to be fair but 120k for a 3bed is still very low. the cost of build alone for a 3 bed semi-d is about 90k then the site itself etc. a three bed in monksland would of been worth 230k two years ago so id say they would fetch about 150-160k now. Ive bought recently and paid 120k less than the owner was offered 18 months before.

They have dropped alot in price but they are not halved. most people are trying to rent out houses now. alot of people bought a 2nd house during the boom times and are sorry now and not willing to sell so they are trying to rent them out for now to ride out the storm until the market picks up.

Now is the time to but though i think. In some estate near ballymahon they are doing a rent to buy offer where whatever you pay in rent comes off the purchase price and if you dont buy it you just lose whatever you were paying for rent. its a good idea to try and get first time buyers.

Id pretty much say knock 30-50k off any asking price when making your first offer. alot of people just want rid of a bad investment

boredatwork82

A house is only worth how much someone will pay for it. Simple economics. its the value realisable at any given time. houses are priced at the wrong price hence they are not selling. It is only bar stool economics where houses will sell for ridiculous prices.

I bought shares for €55 in a company. i think they are worth €55 because thats how much they cost me, but the only buyer I can find for them is only prepared to pay €40. How much are they worth Athlonelad?

Housing is not an exception to simple supply and demand.

athlonelad

boredatwork82 wrote: »

A house is only worth how much someone will pay for it. Simple economics. its the value realisable at any given time. houses are priced at the wrong price hence they are not selling. It is only bar stool economics where houses will sell for ridiculous prices.

I bought shares for €55 in a company. i think they are worth €55 because thats how much they cost me, but the only buyer I can find for them is only prepared to pay €40. How much are they worth Athlonelad?

Housing is not an exception to simple supply and demand.

Did you sell your share for €40 or are you waiting to see if things will pick up?

boredatwork82

Just an example, my shares are doing well, worth more than what I paid for! but if i wanted to sell them and they were worth 40, thats what i'd have to sell them for,.

athlonelad

but if they were worth 40 and you were badly stuck for cash you might have to sell them for 30. if you werent you might decide to ride out the storm and hope things improve.

there prob is 4 bed houses out there for 160k but you would have to go a good bit outside the town to somewhere like monksland. that legoland place is full of houses for sale and id say good deals to be gotten. you know the place im on about behind the springs hotel with all the houses at the front mad colours.