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Daft.ie, totally unrealistic asking prices

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    #152
    Newaglish
    Registered Users Posts: 2,734 ✭✭✭Newaglish


    The government has a huge incentive to push property prices back up because one of the unfortunate side effects of NAMA is that the State is now effectively the biggest property developer in the country. The further house prices fall, the further Ireland slides into insolvency.


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    #153
    Freiheit
    Closed Accounts Posts: 1,783 ✭✭✭Freiheit


    http://www.daft.ie/searchsale.daft?id=415173
    A house which cannot be insured,sadly a lot of houses in the area can't because theyr'e on flood plains..nice people,great scenery,the river bank provides a lovely walk,breathtaking view,but they won't insure houses anywhere near it.


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    #154
    Freiheit
    Closed Accounts Posts: 1,783 ✭✭✭Freiheit


    http://www.daft.ie/searchsale.daft?id=601547
    This auctioneer can't even be bothered to post the photo straight....

    There's one auctioneer in particular in Limerick who stands out for crazy prices. Places new properties on the market at Celtic Tiger prices. His pattern is to usually advertise no price,stating only 'price on request'. What does he hope to achieve by such? :confused::confused::confused::confused::confused::confused:


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    #155
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    nacimroc wrote: »
    Speaking as one of them, people will not buy now because we know its going to drop more,

    Unfortunately the sellers know this also, so they are saying "sure no point in dropping our price, no one is buying".


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    #156
    Freiheit
    Closed Accounts Posts: 1,783 ✭✭✭Freiheit


    I think if asking prices fell people would buy. I think it's the wrong policy. If people scented a bargain they would buy.


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    #157
    Spiritofthekop
    Registered Users Posts: 436 ✭✭Spiritofthekop


    Freiheit wrote: »
    I think if asking prices fell people would buy. I think it's the wrong policy. If people scented a bargain they would buy.

    Its not even a bargain.... its more like Value for money is what all people are looking for.

    But there is a weird psyche in this country that most people believe they deserve to make a substantial profit when selling a house when in fact you DO NOT!



    http://www.telegraph.co.uk/finance/financialcrisis/8973421/Ireland-at-the-end-of-the-road.html#.TxFR3YK_kxw.facebook


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    #158
    Mr. Loverman
    Closed Accounts Posts: 4,001 ✭✭✭Mr. Loverman


    I also think no new buys want 35 - 40 year mortgages. They want reasonable 20 year mortgages. Even less perhaps.


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    #159
    Freiheit
    Closed Accounts Posts: 1,783 ✭✭✭Freiheit


    Retaining morbidly obese price tags scares peoples...Prevent's them from even considering attempting to take things further. If prices were more realistic,through inheritance or even long terms savings,there would be a greater volume of transactions. Retaining celtic tiger asking prices or even just slightly slimmed down price tags is maintaining the status quo.


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    #160
    gigino
    Closed Accounts Posts: 2,350 ✭✭✭gigino


    Freiheit wrote: »
    If prices were more realistic,through inheritance or even long terms savings,there would be a greater volume of transactions.

    Some prices in this country are very reasonable though ( in terms of peoples wages ) - eg apartments in some counties for only 29k - and yet they are not selling in big numbers.
    http://www.daft.ie/searchsale.daft?id=631593
    http://www.daft.ie/searchsale.daft?id=614632
    http://www.daft.ie/searchsale.daft?id=613282
    http://www.daft.ie/searchsale.daft?id=630903
    http://www.daft.ie/searchsale.daft?id=629156
    http://www.daft.ie/searchsale.daft?id=629383
    http://www.daft.ie/searchsale.daft?id=627468

    The above are asking prices from Donegal to Waterford city, Leitrim to Wexford to Louth etc. Actual sale prices may be less, as any auctioneer will currently tell you.




    Mr. Loverman wrote: »
    I also think no new buys want 35 - 40 year mortgages. They want reasonable 20 year mortgages. Even less perhaps.

    In Japan I'm sure nobody wants long mortgages either. Still, I think most mortgages are 60 or 80 years in Japan - they are something handed from generation to generation ? And they are an industrious wealth producing innovative ( think Sony, Honda, Toyota etc ) country with economy of scale . In Japan many people commute for an hour or 2 on high speed trains. They would think property is extremely affordible in this country, when new 2-bedroom apartments can be bought for only 30 weeks gross average government salary.
    As a country, we cannot have it both ways.

    Yes I can see property falling for another few years in Ireland - especially those properties valued over say 250,000. However perhaps many people in Ireland have unrealistic expectations over the standard / quality of housing they should be able to afford. We cannot all live in mansions. Too many unsustainable buildings were thrown up in the middle of nowhere / away from major towns+ cities during the boom as well.


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    #161
    Yahew
    Closed Accounts Posts: 2,491 ✭✭✭Yahew


    gigino wrote: »
    Some prices in this country are very reasonable though ( in terms of peoples wages ) - eg apartments in some counties for only 29k - and yet they are not selling in big numbers.
    http://www.daft.ie/searchsale.daft?id=631593
    http://www.daft.ie/searchsale.daft?id=614632
    http://www.daft.ie/searchsale.daft?id=613282
    http://www.daft.ie/searchsale.daft?id=630903
    http://www.daft.ie/searchsale.daft?id=629156
    http://www.daft.ie/searchsale.daft?id=629383
    http://www.daft.ie/searchsale.daft?id=627468

    The above are asking prices from Donegal to Waterford city, Leitrim to Wexford to Louth etc. Actual sale prices may be less, as any auctioneer will currently tell you.







    In Japan I'm sure nobody wants long mortgages either. Still, I think most mortgages are 60 or 80 years in Japan - they are something handed from generation to generation ? And they are an industrious wealth producing innovative ( think Sony, Honda, Toyota etc ) country with economy of scale . In Japan many people commute for an hour or 2 on high speed trains. They would think property is extremely affordible in this country, when new 2-bedroom apartments can be bought for only 30 weeks gross average government salary.
    As a country, we cannot have it both ways.

    Yes I can see property falling for another few years in Ireland - especially those properties valued over say 250,000. However perhaps many people in Ireland have unrealistic expectations over the standard / quality of housing they should be able to afford. We cannot all live in mansions. Too many unsustainable buildings were thrown up in the middle of nowhere / away from major towns+ cities during the boom as well.

    Nobody is getting those 60 year mortgages anymore. from wiki

    Prices were highest in Tokyo's Ginza district in 1989, with choice properties fetching over 30 million yen[4] (approximately $215,000 US dollars) per square meter ($93,000 per square foot). Prices were only marginally less in other large business districts of Tokyo. By 2004, prime "A" property in Tokyo's financial districts had slumped to less than 1 percent of its peak, and Tokyo's residential homes were less than a tenth of their peak, but still managed to be listed as the most expensive in the world until being surpassed in the late 2000s by Moscow and other cities. Tens of trillions of dollars worth were wiped out with the combined collapse of the Tokyo stock and real estate markets. Only in 2007 had property prices begun to rise; however, they began to fall in late 2008 due to the financial crisis.


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    #162
    gigino
    Closed Accounts Posts: 2,350 ✭✭✭gigino


    Yahew wrote: »
    Nobody is getting those 60 year mortgages anymore. from wiki

    but many of the existing mortgages there are long term.

    "The Japanese real-estate market was all but dead in the mid-1990s. Deflation was holding personal income down, the stock market was falling, interest rates were already low and could not be lowered any further by the government, and very few people could afford the standard mortgage terms. To address the problems, the 100-year mortgage was introduced. This loan carried a lower monthly payment, but the extended term of the loan means that over time, the borrower pays much more interest. In the United States, 40-year mortgages were offered during the housing bubble of the early 2000s, as house prices climbed dramatically. There has been talk of creating 50- and 100-year mortgages in the future, and these options are occasionally available today in the form of seller-financed loans" http://homeguides.sfgate.com/longest-mortgage-7677.html


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    #163
    Yahew
    Closed Accounts Posts: 2,491 ✭✭✭Yahew


    well, what ever. Totally absurd. Over 100 years you ( and offspring) are paying many times the cost of the asset.


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    #164
    KindOfIrish
    Registered Users Posts: 454 ✭✭KindOfIrish


    gigino wrote: »
    In Japan I'm sure nobody wants long mortgages either. Still, I think most mortgages are 60 or 80 years in Japan - they are something handed from generation to generation ? And they are an industrious wealth producing innovative ( think Sony, Honda, Toyota etc ) country with economy of scale . In Japan many people commute for an hour or 2 on high speed trains. They would think property is extremely affordible in this country, when new 2-bedroom apartments can be bought for only 30 weeks gross average government salary.
    In Japan they also have 3.5 working days annual holidays :D Thanks God we live in Ireland.
    Speaking of Irish housing market, I'm predicting mass mortgages default in the next 2 years. Together with property tax and water rates future is bright ;)


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    #165
    gigino
    Closed Accounts Posts: 2,350 ✭✭✭gigino


    KindOfIrish wrote: »
    In Japan they also have 3.5 working days annual holidays :D Thanks God we live in Ireland.
    Speaking of Irish housing market, I'm predicting mass mortgages default in the next 2 years. Together with property tax and water rates future is bright ;)
    Agreed. However the point is some property here is currently very affordable in terms of peoples incomes.
    Where else in the world will you get newly built 2-bedroom apartments for only 30 weeks average gross government income?
    However it seems inevitable our living standards - and in the rest of the EC ( where we enjoy longer holidays compared with our Japanese + American competitors etc ) will drop in the coming years....so where will it all end up ?
    In Japan or America or anywhere else you cannot buy a new 2-bedroom apartment with only 30 weeks gross govt wages, so maybe we are not too badly off ? ( except for all the debt ? )


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    #166
    Yahew
    Closed Accounts Posts: 2,491 ✭✭✭Yahew


    gigino wrote: »
    Agreed. However the point is some property here is currently very affordable in terms of peoples incomes.
    Where else in the world will you get newly built 2-bedroom apartments for only 30 weeks average gross government income?
    However it seems inevitable our living standards - and in the rest of the EC ( where we enjoy longer holidays compared with our Japanese + American competitors etc ) will drop in the coming years....so where will it all end up ?
    In Japan or America or anywhere else you cannot buy a new 2-bedroom apartment with only 30 weeks gross govt wages, so maybe we are not too badly off ? ( except for all the debt ? )

    There are plenty of places in America where property is dirt cheap. You are clearly using the term "gross govt wages" to make property look cheaper. Ireland pays a much higher premium to government employees than the US, in general. And Government employees are, in either case, in a minority.


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    #167
    gigino
    Closed Accounts Posts: 2,350 ✭✭✭gigino


    Yahew wrote: »
    There are plenty of places in America where property is dirt cheap.
    There are lots of glorified wooden garden sheds in the middle of the wilderness where people have been shot too. But are there any apartment developments in towns which are for sale for 30 weeks wages ( average public sector wages, which were benchmarked some years ago to the private sector ).
    In America the average mortgage is 30 years. In Japan where some people have been known to take out 100 year mortgages, and commute hours to work on high speed trains, some people would jump at buying a new 2 bedroom apartment on a main rail line for only 30 weeks gross wages.
    I think property over 200 or 300k still will fall a lotmore here over the next few years in this country, but I do not think the apartments @ 29k will fall much more ? I have no vested interest in those apartments or any apartments for sale, by the way. Interesting times anyway.


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