Property Market in Waterford

7upfree

Monty Burnz wrote: »

To be fair, quite a lot of economists with no skin in the game were pointing out our blatantly obvious bubble.

The economists who ignored it were working for the banks, the estate agents, the government - all of whom benefited in the short term from rising property prices. And they were the ones who the media asked (and STILL ask) for comment on the future of the property market, because most of the media also benefits from the property merry-go-round in terms of property and lending-related advertising.

Very true. Wasn't it the ESRI, Central Bank, etc who were promoting the "soft landing"? It is truly incredible to see them wheeled out today as still being "economists".

Monty Burnz

7upfree wrote: »

Very true. Wasn't it the ESRI, Central Bank, etc who were promoting the "soft landing"? It is truly incredible to see them wheeled out today as still being "economists".

Not incredible when you consider how much the media is reliant on the property market, and also sheer lazy journalism of course.

wellboytoo

I saw the apartments in penrose lane for 15 k alright, the problem with s lot of these is the management companies never functioned properly and are now
Defunct so you potentially have huge problems from the fire chief down to lights in the hallway etc. Caveat emptor

spankmemunkey

I would just like to point out to a previous poster there that rental prices are actually rising, the property market is now frozen out for alot of people so they are left with no alternative to rent which means prices for rents will and have been going up, only thing to try and do is save money to try buy a cheap place! I know someone who bought a house in Fairfield recently for 100,000 euro, they had 20 deposit so they only needed 80, 80,000 over 30 years will be very low repayments and probably cheaper than renting.

wellboytoo

Supply and demand, you just can't beat it....

spankmemunkey

Thats it butty, wonder is there any sense in trying to buy something now in this market, if yer lucky enough to have 35 grand to buy an apartment in waterford to rent it out again?

beazee

spankmemunkey wrote: »

that rental prices are actually rising (...) prices for rents will and have been going up

That's contrary to what I observed and what was told.

Back in 2008 I've rented 2 bed student apartment for summer - they charged me €575 pm (special summer offer).
Then moved to 2 bed apt at the back of Fitzwilton Hotel (hotel suite as they wanted to call it) for €800.
Year after moved to another 2 bed apt for €700, €650, €625 pm accordingly with each new agreement signed.
We are now in a spacious 3 bed house with plenty front and back yard for €525 pm. Mortgage can't beat that.

Using Gross Rent Multiplier formula (property worth = 12-15 times annual rent) it seems the house we are renting is worth in the region of 76-95K. And this is the price I am willing to pay if the time comes. Properties in the area are listed at 120-150K.

As for commercial rents - had a talk with a person who now rents his property at €400 pm, 3 times less of what he rented them in 2008 (commercial rates stayed the same at €200 pm level).
How come landlord went 67% down with what he charges (to keep the business in place) yet City Council only says revaluation is on its way?

wellboytoo

Dun Laoighre just got revalued by the Valuation office, everything went up? Waterford is being re valued at the moment have a guess whats going to happen?

beazee

wellboytoo wrote: »

guess whats going to happen?

I can tell you what already happened.
A sole trader in business from 2008 had to close the premises.
Landlord not willing to get the rents down, rates as stated, and customer spending gone.
JSA if they are lucky.
http://www.selfemployedsupports.ie/ja_and_self_employment.en.html

Sorry for getting the thread off the rails.

wellboytoo

There are commercial properties in Waterford to let at the moment where the annual rates are more than the annual rent!!! ffs this cannot continue.

jayboi

€330,000 for 33 acres in Gracedieu. i know thats the amv and its an auction but it will be interesting to see will it go for much more.
http://www.daft.ie/searchcommercial.daft?id=107892
thats about 10 grand an acre

7upfree

jayboi wrote: »

€330,000 for 33 acres in Gracedieu. i know thats the amv and its an auction but it will be interesting to see will it go for much more.
http://www.daft.ie/searchcommercial.daft?id=107892
thats about 10 grand an acre

Which is what it should be.

Finnbar01

jayboi wrote: »

€330,000 for 33 acres in Gracedieu. i know thats the amv and its an auction but it will be interesting to see will it go for much more.
http://www.daft.ie/searchcommercial.daft?id=107892
thats about 10 grand an acre

It's actually 11 acres so that's €30,000 per acre.

They can sing for it, way too pricey.

spankmemunkey

By the way where ever you go make sure you go on the tinternet and check the RADON levels of the area you plan to live in, If i hadda known what i know now i would never have bought a house here, I probably would never have moved to Waterford, how they got away with building houses in areas with such high radon levels is beyond me I feel very much ripped off and as for the quality of the building work of new homes?? Radon as you may or may not know causes lung cancer.

wellboytoo

Just bumping this as the year ends,have prices stopped sliding or have we more to go?

spankmemunkey

wellboytoo wrote: »

Just bumping this as the year ends,have prices stopped sliding or have we more to go?

I think theyve bottomed out now, I was out with some friends who were house hunting and two of the houses we visited had offers on them of 125 and 130 that was like 2 of the houses we viewed, again as i said i think the biggest problem is the overhang of houses in waterford.

Finnbar01

spankmemunkey wrote: »

I think theyve bottomed out now, I was out with some friends who were house hunting and two of the houses we visited had offers on them of 125 and 130 that was like 2 of the houses we viewed, again as i said i think the biggest problem is the overhand of houses in waterford.

Waaahahahahahaha.. you're having a laugh... deep breath.. waahahahahahahahahahhahaha.

wellboytoo

Finnbar01 wrote: »

Waaahahahahahaha.. you're having a laugh... deep breath.. waahahahahahahahahahhahaha.

That's a no then?

spankmemunkey

Well as the poster shows there also has to be a willingness to buy aswell.

reni10

I think with the property tax coming in and the end of mortgage interest relief next year that will push prices down further.

I still expect around a €100k to €110k median price for a three bed semi on the Dunmore road by the summer.
At the moment they are running at about €125k according to the property price register.

beazee

reni10 wrote: »

they are running at about €125k according to the property price register.

Wow! That seems quite affordable by my books. We'll wait and see.

reni10

3 bed semi in Ardkeen Village sold last month for €125k:
http://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/eStampUNID/UNID-10BACB53E2F8BE1680257AB7003B168E?OpenDocument

spankmemunkey

Those houses in Ardkeen village are frisby homes they are about 15-20 years old now arent they? Ive been in a few of them and the build quality isnt great, if they still have the same doors and windows in them then they need to be replaced and an overhall in general.

jayboi

jayboi wrote: »

€330,000 for 33 acres in Gracedieu. i know thats the amv and its an auction but it will be interesting to see will it go for much more.
http://www.daft.ie/searchcommercial.daft?id=107892
thats about 10 grand an acre

Didn't sell as far as I can see

shockwave

Seems to me theres a lot of people sitting on cash waiting to pounce on a bargain, especially apartments.

reni10

I see Allsop have another distressed auction coming up and there are a few interesting family home type properties on there in Waterford.

Looks like the banks are actually starting to repossess houses especially from investors:

I think the most interesting one is this 4 bed semi in Bishopsfield that was about €400k when new and now has a minimum reserve set at €125k:
http://www.auction.co.uk/irish/LotDetails.asp?A=852&MP=24&ID=852000087&S=C&O=A

ziedth

reni10 wrote: »

I see Allsop have another distressed auction coming up and there are a few interesting family home type properties on there in Waterford.

Looks like the banks are actually starting to repossess houses especially from investors:

I think the most interesting one is this 4 bed semi in Bishopsfield that was about €400k when new and now has a minimum reserve set at €125k:
http://www.auction.co.uk/irish/LotDetails.asp?A=852&MP=24&ID=852000087&S=C&O=A

It's a nice house but you'd wonder what the hell we were thinking when nobody was blinking at that kinda house going for 300-350k

nkay1985

I see that it's subject to tenancy. Does that just mean that it's currently rented?

Odats

Could be let to the Social Welfare on a few years lease with no break clause or something.

But it is strange.

barneystinson

Odats wrote: »

Could be let to the Social Welfare on a few years lease with no break clause or something.

But it is strange.

Why do you draw that conclusion? All it means is the house comes with sitting tenants under a lease - eg. a 12-month lease with x-months still to run, or simply a Part 4 tenancy.