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Tyrellstown housing prices since yesterday

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  • 08-07-2011 3:08pm
    #1
    chucknorris
    Registered Users Posts: 1,633 ✭✭✭


    Yesterday there was an auction of re-possessed property and as I'm currently looking to buy a house I watched it with great interest.

    Two four bed duplex properties sold for 124k and 129k respectively.

    Both of these would have peaked over the 400k mark around 2007, as far as 430k as far as I remember.

    I only worked out three bidders for the first property and two bidders for the second one.

    This is an ominous sign for house prices in D15. Anyone with mortgage approval could have gone forward and bid for one of those properties but clearly didn't. it was not only open to cash bidders.

    I stuck an offer on a really nice three bed house in Belgree on Tuesday and I'm going to have to think carefully about it over the weekend. This will have a knock on effect id day for areas such as Ongar, Clonee etc.


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    #2
    Noffles
    Registered Users Posts: 1,549 ✭✭✭Noffles


    Sold our 4 bed Duplex in 2006 for 320 if I remember correctly... would of been disappointed to be trying to sell now and seeing that!


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    #3
    chucknorris
    Registered Users Posts: 1,633 ✭✭✭chucknorris


    Noffles wrote: »
    Sold our 4 bed Duplex in 2006 for 320 if I remember correctly... would of been disappointed to be trying to sell now and seeing that!

    The newspapers didn't even comment on this and i feel it is more relevant Joe soap than the majority of other properties.

    What's also very annoying is this hype in the media that some exceeded their reserve. The reserve was 98k ffs.

    The writing is on the wall with this yesterday.

    houses in council estates in d15 are on the market for more than these selling prices. No hope they'll get their asking.


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    #4
    Arciphel
    Registered Users Posts: 2,840 ✭✭✭Arciphel


    The thing is chuck the media (especially the print media) have been hand in glove with estate agents and auctioneers for decades, they are not going to bite the hand that feeds them. Indeed papers like the Irish Indo have property websites/businesses like globrix which they own, so they have a vested interest in keeping the status quo and being very very selective about what stories get printed. I think some areas in D15 such as Tyrellstown, Ongar and others where there are high density accomodation in a mixed development type setting that attracts management fees will fare badly alright... feel very sorry for people that bought at the peak, but they were adults and acted of their own free will. Best of luck with the house hunting.


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    #5
    d15ude
    Registered Users Posts: 316 ✭✭d15ude


    remember that this was an actions for distressed property!
    in order to sell them there and then they obviously offer them cheaper than the current market price.


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    #6
    chicken fingers
    Closed Accounts Posts: 645 ✭✭✭chicken fingers


    What a joke! The price that they sold for IS the market price.
    Thats what a 4 bed is currently worth in this part of Dublin and it is decreasing in price every day.

    If you think otherwise, you are deluded. Sorry, I am sure others will agree with me.


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    #7
    d15ude
    Registered Users Posts: 316 ✭✭d15ude


    chicken fingers wrote: »
    What a joke! The price that they sold for IS the market price.
    Thats what a 4 bed is currently worth in this part of Dublin and it is decreasing in price every day.

    If you think otherwise, you are deluded. Sorry, I am sure others will agree with me.

    thanks for your kind words!

    well, if this is the market price then why buy at an action with very limited stock and not pick form the vast selection of houses on the market?


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    #8
    Piriz
    Registered Users Posts: 1,269 ✭✭✭Piriz


    d15ude wrote: »
    thanks for your kind words!

    well, if this is the market price then why buy at an action with very limited stock and not pick form the vast selection of houses on the market?

    if the auction has a house that suits and is pitched for sale at the right price then the rest of available properties in the market at over valued prices will be happily ignored by the potential purchaser..


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    #9
    d15ude
    Registered Users Posts: 316 ✭✭d15ude


    Piriz wrote: »
    if the auction has a house that suits and is pitched for sale at the right price then the rest of available properties in the market at over valued prices will be happily ignored by the potential purchaser..

    exactly right (well apart from the over valued price)!

    so there are at least two markets. the action market and the general market (their might be others).
    the action market carried two houses in tyrellstown and is now closed since the 2 have sold (at that markets price).


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    #10
    chicken fingers
    Closed Accounts Posts: 645 ✭✭✭chicken fingers


    d15ude wrote: »
    exactly right (well apart from the over valued price)!

    so there are at least two markets. the action market and the general market (their might be others).
    the action market carried two houses in tyrellstown and is now closed since the 2 have sold (at that markets price).
    Let me take a guess, you own (mortgaged) property in d15?

    And let me go a little further, and suggest that perhaps this is clouding your judgement?


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    #11
    Piriz
    Registered Users Posts: 1,269 ✭✭✭Piriz


    d15ude wrote: »
    exactly right (well apart from the over valued price)!

    so there are at least two markets. the action market and the general market (their might be others).
    the action market carried two houses in tyrellstown and is now closed since the 2 have sold (at that markets price).

    hi,
    no there is only one market..the market is one where properties are sold..anything that doesnt sell is priced too high


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    #12
    d15ude
    Registered Users Posts: 316 ✭✭d15ude


    Piriz wrote: »
    hi,
    no there is only one market..the market is one where properties are sold..anything that doesnt sell is priced too high

    yeah, but my point is that there are houses sold outside of allsop auctions, are there not?


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    #13
    chucknorris
    Registered Users Posts: 1,633 ✭✭✭chucknorris


    d15ude wrote: »
    yeah, but my point is that there are houses sold outside of allsop auctions, are there not?

    In Tyrellstown? have you examples in the last 3 or so months?


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    #14
    oblivious
    Registered Users Posts: 4,381 ✭✭✭oblivious


    d15ude wrote: »
    remember that this was an actions for distressed property!
    in order to sell them there and then they obviously offer them cheaper than the current market price.

    Yep, they need to sell and recoup what ever money they can, not everyone sell is in that position and they could stray in there current property if they don't get a price they can move on


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    #15
    chucknorris
    Registered Users Posts: 1,633 ✭✭✭chucknorris


    oblivious wrote: »
    Yep, they need to sell and recoup what ever money they can, not everyone sell is in that position and they could stray in there current property if they don't get a price they can move on

    That's true but expect more and more houses to come on the market because the owners cannot pay any more. add those to the current over flow and you have a perfect storm. prices would have to collapse if this continues.


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    #16
    oblivious
    Registered Users Posts: 4,381 ✭✭✭oblivious


    chicken fingers wrote: »
    Thats what a 4 bed is currently worth in this part of Dublin and it is decreasing in price every day..

    Sorry that the price at auction at that time,


    chucknorris wrote: »
    In Tyrellstown? have you examples in the last 3 or so months?

    I don't but auction price is what a distressed property will sell at, i would be suspect there are people will to move if they got a price they could. But are in a position such as three beds that they could stay there for there next decade or longer if they have too


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    #17
    chucknorris
    Registered Users Posts: 1,633 ✭✭✭chucknorris


    oblivious wrote: »
    I don't but auction price is what a distressed property will sell at, i would be suspect there are people will to move if they got a price they could. But are in a position such as three beds that they could stay there for there next decade or longer if they have too

    There is quite allot of houses for sale in TT and other parts of D15 that are simply not selling. So along comes an auction for much cheaper houses and only three bidders. That is a story in it's self. ;)


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    #18
    oblivious
    Registered Users Posts: 4,381 ✭✭✭oblivious


    chucknorris wrote: »
    That is a story in it's self. ;)

    Oh very true,


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    #19
    ThisRegard
    Closed Accounts Posts: 27,833 ✭✭✭✭ThisRegard


    chucknorris wrote: »
    There is quite allot of houses for sale in TT and other parts of D15 that are simply not selling. So along comes an auction for much cheaper houses and only three bidders. That is a story in it's self. ;)

    I took a walk around there over the weekend and noticed that property actually seems to be moving now in the area, I know of a few houses on the main boulevard that have had for sale signs for a while that now have sale agreed.

    And I don't think the distressed auction accurately reflects the price of houses in any area, not just Tyrrelstown. People go to these auctions specifically to pick up property below market value in order to grab a bargain, be it as an investment for rental or to live in. The owner of the property, most likely the bank at this stage, or someone who really needs a quick sale in order to keep the banks off their backs, such as many people who bought to let, just want to get rid of the property at this stage and would be happy to get enough money to pay off the bank.


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    #20
    chucknorris
    Registered Users Posts: 1,633 ✭✭✭chucknorris


    ThisRegard wrote: »
    I took a walk around there over the weekend and noticed that property actually seems to be moving now in the area, I know of a few houses on the main boulevard that have had for sale signs for a while that now have sale agreed.

    And I don't think the distressed auction accurately reflects the price of houses in any area, not just Tyrrelstown. People go to these auctions specifically to pick up property below market value in order to grab a bargain, be it as an investment for rental or to live in. The owner of the property, most likely the bank at this stage, or someone who really needs a quick sale in order to keep the banks off their backs, such as many people who bought to let, just want to get rid of the property at this stage and would be happy to get enough money to pay off the bank.

    Thanks for the heads up.

    I'd appreciate (even by PM) the houses or streets that these sale agreed are appearing. I'd like to see what the asking is on daft and myhome so as to keep tabs on prices etc.

    thanks!


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    #21
    BostonB
    Closed Accounts Posts: 18,056 ✭✭✭✭BostonB


    The http://www.thepropertypin.com/ has been doing that for years. Do a search on it for houses in the area you are interested in.


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    #22
    chucknorris
    Registered Users Posts: 1,633 ✭✭✭chucknorris


    BostonB wrote: »
    The http://www.thepropertypin.com/ has been doing that for years. Do a search on it for houses in the area you are interested in.


    Thanks BostonB, I have been keeping an eye on it regularly and it has been useful but sometimes it is dieing a little as a site. The information is not always current and the landscape is shifting so quick that any potential buyer needs up to date and sometimes inside information on what some houses have sold for ;)

    I've no shame in saying that as it'll be me paying my mortgage back for 25 odd years and I want to be 100% certain on trends when I buy that I made a sound purchase.

    I think it's a crime that agreed selling prices are not public as it has allowed the housing market to bubble. It is also partly responsible for people still advertising their houses at mad prices that they will never get. Normality hasn't hit home yet for some.


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    #23
    BostonB
    Closed Accounts Posts: 18,056 ✭✭✭✭BostonB


    From what I can see very little is selling anywhere, most houses I've noticed have been on the market for 12~24 months. If it were me I'd be looking for a really good rental for 1 to 2 yrs unless your dream house in a dream location turns up. I wouldn't buy anything that's not beside established services and transports links either.


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    #24
    chucknorris
    Registered Users Posts: 1,633 ✭✭✭chucknorris


    BostonB wrote: »
    From what I can see very little is selling anywhere, most houses I've noticed have been on the market for 12~24 months. If it were me I'd be looking for a really good rental for 1 to 2 yrs unless your dream house in a dream location turns up. I wouldn't buy anything that's not beside established services and transports links either.


    Fair point, I've been saving four years and the job is safe. The house I have put an offer on is really good. Let's see ;)


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    #25
    BostonB
    Closed Accounts Posts: 18,056 ✭✭✭✭BostonB


    It makes little sense to buy something now only for it to fall another 50k in 12 months. Unless of course its perfect for you now.


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    #26
    chucknorris
    Registered Users Posts: 1,633 ✭✭✭chucknorris


    BostonB wrote: »
    It makes little sense to buy something now only for it to fall another 50k in 12 months. Unless of course its perfect for you now.

    true I doubt this house will go down that much. One reason is that it was built in 2000/2001 and they are fine then. Houses from 04 to 08/09 were absolutely thrown together and it's telling already.


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    #27
    BostonB
    Closed Accounts Posts: 18,056 ✭✭✭✭BostonB


    Don't fool yourself. Theres always been bad builders. I know plenty of dire houses built 10~20 yrs ago. I live in one. :mad: Get a proper survey done, from a professional with a great reputation. Especially check the plumbing with a fine tooth comb.


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    #28
    chucknorris
    Registered Users Posts: 1,633 ✭✭✭chucknorris


    BostonB wrote: »
    Don't fool yourself. Theres always been bad builders. I know plenty of dire houses built 10~20 yrs ago. I live in one. :mad: Get a proper survey done, from a professional with a great reputation. Especially check the plumbing with a fine tooth comb.

    The bro is a plumber ;)

    I agree - I'll leave no stone unturned.

    But the house if i get it at the offer I put in is three times my wage.

    I'm happy with that to be fair.


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    #29
    Mary28
    Registered Users Posts: 233 ✭✭Mary28


    I'm in Ongar and two houses very near us have been sold in the last number of weeks. The sales went through as the new owners moved in. Prices are definitely coming down still though and it's probably tough to get a mortgage. We bought off the plans and despite almost 10yrs of paying our mortgage we would probably be in negative equity if we sold. We are thinking of selling but it would probably wipe out our savings if we did and we would then be unable to buy anywhere else. We are thinking of doing this anyway and just renting for a bit till we save for a new deposit.
    I honestly think a lot of areas around Dublin and around the country are in this position though, not just D15.


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