Value of house in Dublin 9

irishh_bob

the_syco wrote: »

From seeing the lovely pictures you provided, I'll say 2 pence Maybe three fiddy at a push :pac:

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Had a quick look through Daft.ie, and most prices are around the €300k mark for 3 beds in Beaumont.

Buying off family can be an entirely different ballgame. You don't want to give them too little, but you shouldn't give them too much as you sympathize with them.

Someone has said €120k-€150k which although may be what it's worth, it may not be worth letting it go at that price by your uncle, as he may owe more than that to the bank.

I'd say the best bet would be to find out how much your uncle owes on the house, and go from there. If he owes €350k on it, I can't see him letting it go for €120k, but if he owes €175k, he may let it go to close that amount.

at the height of the boom , the average house price in dublin was 435 k and beaumont would be below the average house price , those prices of 300 k are totally unrealistic in 2011 , agree with you about buying off family though

Goldenegg

Well now, I would hardly call Beaumont a lower middle class area. It's a regular respectable area full of hard working people, not some scum of the earth place. I'm not from there myself but don't live too far away. Maybe you should make the big trip up and see what it's like your self.

irishh_bob wrote: »

say what , that the reply wasnt helpfull , boo hoo

this is a property froum , untill i start seekng advice in the fresh fruit forum on house prices , il ask you not to be so dismissive and heavy handed , i see posters from dublin place valuations on houses in estates in places like mulligar or longford on a regular basis o n this forum , how exactly is my thread moronic , id like a rough idea as to how much a three bed semi in what would possibley be called a lower middle class area of north dublin , might be worth , whats the big deal exactly , its not as if you can trust the opinion of an estate agent right now , the market is in turmoil and one is as likely to get an accurate opinion in a place like here as anywhere else , at least here , thier is less likely to be agendas at play







i can even name the estate if that helps

lainey316

Goldenegg wrote: »

Well now, I would hardly call Beaumont a lower middle class area. It's a regular respectable area full of hard working people, not some scum of the earth place. I'm not from there myself but don't live too far away. Maybe you should make the big trip up and see what it's like your self.

The lower middle class has nothing to do with the scum of the earth. Hard working people, mid to high 40/mid50ks income for main earner, probably a second income. Push their kids to go to college. Have a 4 year old saloon car. House well kept, neat garden. One foreign holiday a year while kids are in school (state school, but a good one). Feeling the pinch now on the mortgage because this is a particularly badly hit income level on the tax hikes. Lower middle class is regular and respectable.

Having looked at the Beaumont market on and off, I'd put a three bed semi at 4 times the average income (as in, worth at the at the bottomish, not selling price today) of the area so we're talking somewhere between 190 and 220 for something very well maintained.

irishh_bob

lainey316 wrote: »

The lower middle class has nothing to do with the scum of the earth. Hard working people, mid to high 40/mid50ks income for main earner, probably a second income. Push their kids to go to college. Have a 4 year old saloon car. House well kept, neat garden. One foreign holiday a year while kids are in school (state school, but a good one). Feeling the pinch now on the mortgage because this is a particularly badly hit income level on the tax hikes. Lower middle class is regular and respectable.

Having looked at the Beaumont market on and off, I'd put a three bed semi at 4 times the average income (as in, worth at the at the bottomish, not selling price today) of the area so we're talking somewhere between 190 and 220 for something very well maintained.

you said four times the average income , thats 35 k , 150 k is about right IMO although i reckon a lot less will buy one within a few years

lainey316

irishh_bob wrote: »

you said four times the average income , thats 35 k , 150 k is about right IMO although i reckon a lot less will buy one within a few years

I said the average income in the area. Average industrial income in Dublin is 38k (the 35 is the national figure). I'd - personally - put Beaumont a bit
more expensive than surrounding - Raheny/Artane/most of Santry which would fit more in that space, and think terrace rather than semi. Depending on estate, size of garden, transport links, school catchment. But it could be a crap estate. I don't know. I'd base Beaumont off 45-48k minimum.

ETA - that's assuming single digit interest rates. At 10+ it's a different ballgame.

irishh_bob

lainey316 wrote: »

I said the average income in the area. Average industrial income in Dublin is 38k (the 35 is the national figure). I'd - personally - put Beaumont a bit
more expensive than surrounding - Raheny/Artane/most of Santry which would fit more in that space, and think terrace rather than semi. Depending on estate, size of garden, transport links, school catchment. But it could be a crap estate. I don't know. I'd base Beaumont off 45-48k minimum.

ETA - that's assuming single digit interest rates. At 10+ it's a different ballgame.

coolgrena road is the estate

The_Conductor

irishh_bob wrote: »

at the height of the boom , the average house price in dublin was 435 k and beaumont would be below the average house price , those prices of 300 k are totally unrealistic in 2011 , agree with you about buying off family though

If it was worth EUR435k at the height of the boom- it has lost at least 50% of its value- and is continuing to fall in value.

Price falls had been slowing in the 6 months up to March- however annecdotal evidence is that the fall has accelerated again.

A totally hypothetical price for the house is 200k- falling by 2-3k per month (where it eventually levels off is anyone's guess).

The big issue at the moment is the total lack of liquidity in the market. There is very little information out there on which to base prices. My own home was valued at 550k at the peak of the boom- yet if I wanted to sell it tomorrow- would get around 180k (according to a local estate agent). That said- there are a dozen identical units currently on the market around the 300k mark (most of them for over 2 years- one for almost 4 years).

House price is now a measure of how desperate someone is to divest themselves of the property- nothing more really.

With regard a 3 bed semi in Beaumount- few potential buyers would even both going to look at it at the 250k mark- at the 200k mark- you'd probably get a significant number of viewings- a small portion of which would translate into offers- and of those offers, an even smaller portion would be fundable.

It really is a buyers market out there- and with interest rate increases pencilled in for the next 3-4 years- even the buyers aren't going to be particularly interested.

If I were your dad- I'd only consider buying the property if I really wanted to help your uncle out. There is no financial incentive to holding property at the moment.

Regarding the comment about using rental potential as a guide for working out a potential price- rental yield is determined by the RA and RS schemes- which are underpinning the rental sector at present. These are going to get cut significantly in the budget- which is going to perhaps reduce rental incomes by possibly as much as a quarter overnight. I'd be very hesitant to use current rental levels as a guide towards determining an ROI for the investment.

Value- is a combination of factors- it might be worth more to your dad to give your uncle a dig out, than the property has any fundamental worth.

Personally- if I were in this situation- I'd get onto one of the big lenders (not that any of them are actually lending) and get a bank valuation done (all of them have a list of approved valuers- and they are actually quite conservative with their valuations these days!). It will cost you around EUR200- but it would give you an indication of what sort of a mortgage a bank would be willing to put on the property- which is as good an independent starting point as any.

Treehouse72

smccarrick wrote: »

The big issue at the moment is the total lack of liquidity in the market.

I don't think it's just "at the moment". I think the levels of credit and liquidity we're seeing now are going to be the norm from now on. It is entirely possible that these new levels only seem tight to us all because we've been so used to so much money sloshing around. But in reality, banks only lending on tight criteria to good borrowers with small LTV's is probably perfectly "normal".

Regarding the comment about using rental potential as a guide for working out a potential price- rental yield is determined by the RA and RS schemes- which are underpinning the rental sector at present. These are going to get cut significantly in the budget- which is going to perhaps reduce rental incomes by possibly as much as a quarter overnight.

I very much hope you're right. Do you have some knowledge that this is definitely on the government's radar or are you speculating that common sense suggests it must be?