Views on price of this house?

megafan

leahyl wrote: »

http://touch.daft.ie/searchsale.daft?id=552129&fr=touch

Have been looking at this for the last few months. Now I certainly couldn't afford it at the current price but it does need a lot of upgrading inside so what do people here think a person could get it for - more importantly what do you think it's really worth? It's a fine house but with the work that needs to be done I think it's really steep price at the mo.

It was 250k up until the end of last year!!

Its just I've heard of houses going for waaaay less than the asking price so I wonder could it be the same here? Mind you I'm in no hurry to buy but at the right price...I'm just keeping an eye out!

Thanks:)

A other responses stated... WAY OVER PRICED!! in a healthy housing market multiply 11years rent & you'll get a true value of the property... & That's in a healthy housing market!!! & we're very far from a normal housing market.. I would think a fair price as other reply stated nearer 50-60k... Until we have a true value of the house price sales don't believe EAgents.. Property prices at the moment are based on advertised selling price (even if their not selling) not on what there sold for!!!


:cool:

chicken fingers

OMD wrote: »

It is more for older tracker rates that it is true. I have a 2% (0.75 above ECB) tracker. So if I had 30 years remaining with €300,000 outstanding that would cost €1106 a month.

Interest rates are now about 4% (more than this for PTSB where it is over 5%). So to have the same repayment of €1106 the house price would have to fall to about 30%.

Hypothetically:
Sorry but whatever way you spin it, you overpaid for your house.
When people take out a mortgage for 80k for the house next door to you they won't be in for 30 years at 4%. They will be in for 12 or 15 years maybe.

I never bought in the boom because I never knew if I wanted to live there my whole life, also I was reasonably young, and also the prospect of signing away 30 years of my life to a concrete box was too daunting to imagine.
I am 29 but have had steady full time employment for 12 years.

Now I am in a position where I can look at buying a house outright tomorrow.
I won't, because the country has tanked and all signs point to it continuing to nosedive.

Nobody can predict the future but you can take a damn good guess at it and that only points one way.

OMD

chicken fingers wrote: »

Hypothetically:
Sorry but whatever way you spin it, you overpaid for your house.
.

Stupid, stupid, stupid, stupid comment. You say I overpaid yet don't know when I bought, how much I bought for or what the house is worth now.

How can you possible make such a stupid comment.?

dudara

Based on my knowledge of Mayfield, and this is really only a ballpark figure, but I wouldn't go much over €100k for it. It's definitely overpriced at the current asking.

johndaman66

whippet wrote: »

while I accept your theory on how to value as an investment property, I would suggest that there are other factors which will influence the actual value for an owner occupier.

While a base value is 3-4 times the average ind wage (for 3bed semis) you must allow for the fact that houses in areas like this generally are bought by owner occupiers who want to live in the specific area due to family connections and therefore will put a premium on an available house on a specific road rather than paying the 'investment value' on a house a mile away.

I would only accept your points to a very limited extent whippet. There is no doubt that sentiment plays a hugh role when people are buying a family home. Fair to say that value will mean different things to different peoples, Thats why people will pay maybe 2 or 3 times the price for the same glass of coke in a top notch restaurant as the would in the back street greasy spoon. But you need to consider carefully how much of a premium you are going to pay to live in Mayfield, even if you have family nearby. Remember were not talking about the price of a glass of coke anymore, we are talking hundreds of thousands.

Also there is absolutely no doubt in my mind that there are many other areas around Cork very comparable to Mayfield, be it in terms of demographics, commuting times to city or style of house. These areas have families with family members looking to buy houses nearby too I'm sure. As such I would think your second point is perhaps a moot one. I might be missing the point that there is something very special about Mayfield or else unknown to me the housing market in Cork is at odds with the rest of the country.

Ray Palmer wrote: »

People are often looking at the whole thing very simplistically. Local average wages is more important than national average wage. Hence Dublin house price be calculated at the national average wage is pretty silly way to judge house price. Why you would use a national average wage to calculate an area where the local average wage is much higher just doesn't make sense.

Don't know the Cork areas but is this house in a low,medium or high income area. Use that average wage to calculate the value.

Fair points Ray and I should have made note of them in my initial comments. In cities and towns where the average industrial wage is higher it would follow through that house prices would (or rather should) be higher, with the multiplier remaining constant. I was purposely using "average" but fair to say the average price of the trophy house at the higher end of the market should be 3 to 4 times the average wage of a somebody on a very high income.

antiskeptic

leahyl wrote: »

Ah come on now I wouldn't say I'm 'keen to purchase' it - I've just been keeping an eye on it - doesn't mean I'm in a great rush to buy it! I'm looking at other houses too!

Fair enough..

The thing I don't understand is when houses are up for months and months on daft with a ridiculous price (such as this one) and no movement on it (the price) whatsoever. There were other photos up of the bedrooms in this house before, which they subsequently removed, and Christ they were god awful - needed a LOT of work. They're not going to sell it at this rate anyway.

The housing market has been rendered stagant. If you look around carefully (irrespective of whether you want to buy the houses) you'll notice huge discrepancy in prices for what should be similarily priced houses. Some owners:

- are sensible and brave enough to set a price ahead of the market. They've figured prices are going to drop anyway so they might as well sell low, betting that by the time they sell up and need to buy, houses prices nationally will have dropped a deal more.

- are selling homes of parents who've died. Their not under pressure to max their return.

- are trading down and aren't under as much pressure to max out on price.



Many of the rest are rabbits caught in the headlights of a comatose housing market.

Victor

OMD wrote: »

Stupid, stupid, stupid, stupid comment. You say I overpaid yet don't know when I bought, how much I bought for or what the house is worth now.

How can you possible make such a stupid comment.?

You might tone it down a bit.