Property Market in Waterford

Gin77

fricatus wrote: »

I'd always have thought Tramore would have commanded a premium, but my cousin bought there on the basis that he got more house for his money, so it's hard to tell really.

I move here in Jan. and I was surprised with the amount of houses priced way above what I would consider the norm.
I'm renting a 4bed detached house its damp no insulation, septic tank keeps blocking and generally in poor condition. The first impression though it looked ok but the more we live there the more faults I can see.
The house is on the market for 290k god help whoever buys it.

We would like to buy in the country but for the moment town houses are more realistically priced.:pac:

caroline456

How much would you be willing to pay for this one:

http://www.daft.ie/searchsale.daft?id=549018

because I seriously like it, just think that 200k is way too much for it.
I'd pay around 150k for the house. Could such an offer be accepted or is it more likely that it wouldn't even be considered?

Woodgate

caroline456 wrote: »

How much would you be willing to pay for this one:

http://www.daft.ie/searchsale.daft?id=549018

because I seriously like it, just think that 200k is way too much for it.
I'd pay around 150k for the house. Could such an offer be accepted or is it more likely that it wouldn't even be considered?

It's in a highly sought after area but nothing ventured nothing gained, if they need to sell and you have a strong 150k offer you'd have a chance.

Creamsoda

caroline456 wrote: »

How much would you be willing to pay for this one:

http://www.daft.ie/searchsale.daft?id=549018

because I seriously like it, just think that 200k is way too much for it.
I'd pay around 150k for the house. Could such an offer be accepted or is it more likely that it wouldn't even be considered?

Just looking at the other property for sale in Collins Av it seems to be the cheapest semi detached. I'm not sure if I looked at that house when I was looking for houses but I looked at a load of houses in Collins Av and they are lovely houses and its a lovely area. If you're looking at the Dunmore rd I'd say its about the best, and if you're looking at Grantstown Park be very careful, I looked at about 5 of them and they all had terrible damp and I really didn't like the lay out.

caroline456

Creamsoda wrote: »

Just looking at the other property for sale in Collins Av it seems to be the cheapest semi detached. I'm not sure if I looked at that house when I was looking for houses but I looked at a load of houses in Collins Av and they are lovely houses and its a lovely area. If you're looking at the Dunmore rd I'd say its about the best, and if you're looking at Grantstown Park be very careful, I looked at about 5 of them and they all had terrible damp and I really didn't like the lay out.

yes, i've seen the ones in the Grantstown Park and they're terrible. And I decided not to buy a timber frame house no matter how cheap they would be. they're really bad quality. where did you buy at the end?

yeah, this one is quite cheap, but then you can have a new one in the Ballygunner for 170k so why to pay 170 for the one in Collins Av?

the house has been on daft for over 2 years, so it's hard to say whether they need to sell now or they could wait but my suggestion would be that if they wait, they're gonna have to reduce the price eventually. especially when barry sold this one at around 150k:

http://www.daft.ie/searchsale.daft?id=639538

my only concern is if the estate agent would even bother to inform the seller...

Creamsoda

caroline456 wrote: »

yes, i've seen the ones in the Grantstown Park and they're terrible. And I decided not to buy a timber frame house no matter how cheap they would be. they're really bad quality. where did you buy at the end?

yeah, this one is quite cheap, but then you can have a new one in the Ballygunner for 170k so why to pay 170 for the one in Collins Av?

the house has been on daft for over 2 years, so it's hard to say whether they need to sell now or they could wait but my suggestion would be that if they wait, they're gonna have to reduce the price eventually. especially when barry sold this one at around 150k:

http://www.daft.ie/searchsale.daft?id=639538

my only concern is if the estate agent would even bother to inform the seller...

I bought in Earlscourt in the end. Happy enough with the house. Is it the houses just past the church in Ballygunner you're talking about? Have you been in them? They are really small. I'd advise going for Collins Av or Earlsourt if you want somewhere around the Dunmore Rd. Much better size for your money. I spent a long long time looking at house's and I couldn't believe how small the newer houses were. I think as the the prices got higher the houses and gardens got smaller and smaller.

caroline456

Creamsoda wrote: »

I bought in Earlscourt in the end. Happy enough with the house. Is it the houses just past the church in Ballygunner you're talking about? Have you been in them? They are really small. I'd advise going for Collins Av or Earlsourt if you want somewhere around the Dunmore Rd. Much better size for your money. I spent a long long time looking at house's and I couldn't believe how small the newer houses were. I think as the the prices got higher the houses and gardens got smaller and smaller.

yes, I absolutely agree. I also think that the newer ones are a lot worse quality and there's a damp issue in most of them. it looks like the ones in Collins Av don't have the damp problem. Just not sure if i'm willing to pay 170 for the house in today's climate. we'd bugeted for 100k to make sure we don't have any difficulties with mortgage payments but now i'm torn between low mortgage vs Collins Av

caroline456

what about the Kill St. Lawrence? Liked the houses there, they seem to be quite good quality, just not sure about the estate, Saint John's Park quite close. Am I right if I think that it could be a problem to sell a house there in the future (if I needed to)?

Creamsoda

caroline456 wrote: »

yes, I absolutely agree. I also think that the newer ones are a lot worse quality and there's a damp issue in most of them. it looks like the ones in Collins Av don't have the damp problem. Just not sure if i'm willing to pay 170 for the house in today's climate. we'd bugeted for 100k to make sure we don't have any difficulties with mortgage payments but now i'm torn between low mortgage vs Collins Av

I know its such a tough decision. Just take you're time and go for somewhere you will be happy with. I know too many people that settled for a house and six months down the line they were wishing they had picked a different house.

caroline456

it's the toughest one. especially when you think you're gonna have to pay for it further 30 years. no moving out somevhere else anytime soon...

are there any social houses in collins av? i'd say not many, not sure though.
but the estate is gorgeous. nothing like it anywhere else around the town...:(

Creamsoda

caroline456 wrote: »

it's the toughest one. especially when you think you're gonna have to pay for it further 30 years. no moving out somevhere else anytime soon...

are there any social houses in collins av? i'd say not many, not sure though.
but the estate is gorgeous. nothing like it anywhere else around the town...:(

I'm not sure about social housing in there but I knew a few people renting in there and never had any trouble at all. I know there is some in the estate in Ballygunner and a good few in the Paddocks too.

dark_shadow

caroline456 wrote: »

the house has been on daft for over 2 years, so it's hard to say whether they need to sell now or they could wait but my suggestion would be that if they wait, they're gonna have to reduce the price eventually. especially when barry sold this one at around 150k:

http://www.daft.ie/searchsale.daft?id=639538

I think that house sold for alot more than 150k!! Was looking at that one myself and I don't think they would of selling it for anywhere near that price!

caroline456

so how much realistically I should budget for if I wanted the one in Fortfield?

Amzie

caroline456 wrote: »

so how much realistically I should budget for if I wanted the one in Fortfield?

Go in around €160 but they might not go for that maybe €170. It's definitely overpriced for €200k although it has 4 bedrooms the garage hasn't been converted and garden needs fixing up!

Libby029

Although this isn't in Waterford City, we used to live in Collins Avenue & Grange Manor but moved to Somerville in Tramore 3 years ago.. I think this house is the best value for money. The rooms in these houses are alot bigger than the houses in the city. I am actually in my drive in Somerville in 12 mins from the city, and when i lived out on the dunmore road, at 5pm it would take me longer to get home. It is a really quiet area, lovely views and nice set up out here. Could never consider moving back to the city. We love it out here.

http://www.propertypartners.ie/property_details.jsp?p=46544

caroline456

Libby029 wrote: »

Although this isn't in Waterford City, we used to live in Collins Avenue & Grange Manor but moved to Somerville in Tramore 3 years ago.. I think this house is the best value for money. The rooms in these houses are alot bigger than the houses in the city. I am actually in my drive in Somerville in 12 mins from the city, and when i lived out on the dunmore road, at 5pm it would take me longer to get home. It is a really quiet area, lovely views and nice set up out here. Could never consider moving back to the city. We love it out here.

http://www.propertypartners.ie/property_details.jsp?p=46544

I'll check the area but I'm not sure about Tramore. There's always windy in Tramore, isn't it? Looks lovely though.

brinty

HI Caroline,

I'm living in Collins Avenue, and would highly recommend the house in Fortfield(we looked at one in there but was too pricey for what it was). When the boom was in full flight prices on those ones were double what they are now, go in at the 170 mark for that one and nothing ventured nothing gained....
Who's your estate agent. PM me if ye want and will tell ye more if ye need

Hoffmans

know of three houses that went for 15k recently albeith renovation jobs still cheap though, but houses as an investment , wouldnt go there, with all the new taxes and charges coming down the road , you couldnt do better than a steady 4% in some long deposit account in a bank if yer lucky enough to have some savings.....

jayboi

Hoffmans wrote: »

know of three houses that went for 15k recently albeith renovation jobs still cheap though, but houses as an investment , wouldnt go there, with all the new taxes and charges coming down the road , you couldnt do better than a steady 4% in some long deposit account in a bank if yer lucky enough to have some savings.....

Bare in mind dirt tax is 30% on the interest of deposits. So your caught every which way.

Dan133269

Hoffmans wrote: »

know of three houses that went for 15k recently albeith renovation jobs still cheap though, but houses as an investment , wouldnt go there, with all the new taxes and charges coming down the road , you couldnt do better than a steady 4% in some long deposit account in a bank if yer lucky enough to have some savings.....

I would say there are some very cheap (relatively) houses and apartments around now. If I was looking for a long term investment, I would consider buying 1 or 2 if I had the money. 2-bed apartments with asking prices of 45k, 3-bed houses in rentable areas for 100k asking, if you could rent them out, that would cover the mortgage over 15 years, and at the end of which you will have 1 or 2 big assets on your hands. The only question is how much will they be worth in 15 years, could be anything. Worth a punt I would say though.

nkay1985

Dan133269 wrote: »

I would say there are some very cheap (relatively) houses and apartments around now. If I was looking for a long term investment, I would consider buying 1 or 2 if I had the money. 2-bed apartments with asking prices of 45k, 3-bed houses in rentable areas for 100k asking, if you could rent them out, that would cover the mortgage over 15 years, and at the end of which you will have 1 or 2 big assets on your hands. The only question is how much will they be worth in 15 years, could be anything. Worth a punt I would say though.

Yeah I agree with you and I think there will be a lot of people with money out there who will do so.

If you can get a house where the rental income (at say 80% occupancy) will cover the mortgage cost (including interest rate hikes), maintenance and other associated costs, then it makes sense.

If you went into it taking heed of the lessons learned by people in the crash, I think you'd be ok.

Even if it's value dropped from what it currently is, so long as you're not paying for it, it wouldn't matter.

caroline456

Do you think the property prices in Waterford are hitting the bottom now?

reni10

Here is a new low for apartment prices in Waterford!

€27,000 for a 2 bedroom apartment in city!
http://www.daft.ie/searchsale.daft?id=662279

3 of them up for sale....

Prices in general have continued to drop and still have a way to go yet I think.

Siamsa Sessions

reni10 wrote: »

Here is a new low for apartment prices in Waterford!

€27,000 for a 2 bedroom apartment in city!
http://www.daft.ie/searchsale.daft?id=662279

3 of them up for sale....

Any idea how much the monthly rent is around there?

reni10

You should be able to get between 400 and 500 a month for these apartments I would have thought.

Siamsa Sessions

Thanks.

You're looking at annual rental income then of between €4,800 - €6,000 on a €27,000 investment, which is a 17 - 22% yield (if I remember correctly how yield is calculated).

This seems fairly generous - if you can get a mortgage (or you have the cash) to buy one of these apartments.

manor

15 vacant apartments there to rent at the moment?

Not a great area

After taking in Management Service charges, insurance, repairs, legal fees,
fixture and fittings, tax on income, money is better off in the bank at a rate of 4%

reni10

How about a 3 bed terrace in Newtown which needs modernisation for €215,000!!!
http://www.daft.ie/searchsale.daft?id=663142

Obviously these sellers have not been living on the planet we call earth.

shockwave

reni10 wrote: »

How about a 3 bed terrace in Newtown which needs modernisation for €215,000!!!
http://www.daft.ie/searchsale.daft?id=663142

Obviously these sellers have not been living on the planet we call earth.

Did you see the telly in the sittingroom? looks like someone travelled back in time to the 70's.:D

All you're paying for is the address, the house looks like it needs a lot of modernisation, no way is it worth 215k

reni10

shockwave wrote: »

Did you see the telly in the sittingroom? looks like someone travelled back in time to the 70's.:D

Yeah the hole in the sitting room ceiling above the TV is also worth at least another additional €50k!

What is the real estate agent and seller thinking when you can get a 4 bed detached on the Dunmore road for €150k - €200k with no work needed on it!