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Galway House Prices

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    #32
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    Were you listening to local radio this morning?.. because that is exactly what happened. :D


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    #33
    Geuze
    Registered Users Posts: 13,439 ✭✭✭✭Geuze


    Aerohead wrote: »
    I went to see a house in Galway that had a guide price of 160,000 Euro, now this was a big five bedroomed house with a tiled and landscaped front, a big back yard with a chalet, this house came fully furnished , now I am no auctioner but I knew that this guide price was insane it should at least have been over the 220,000 Euro mark, it sold at auction for 320,000 Euro. is this another way for Auctioners to say that the prices of houses are on the way up by putting in very low cost guide prices and the they sell at a higher price and hey presto we are out of the gloom in property prices.

    I viewed this house as well, Carbry road in Newcastle, Galway.

    The AMV was keen, 160k for a 5-bed semi with chalet. The location was good, close to UCHG and NUI Galway.

    However, the house had issues: planning compliances issues, some asbestos, gun barrel piping, etc. Nothing major, but not hassle-free.

    Also, it backs onto Corrib Park.

    I expected it to go for more than 160k, maybe 200-220k.

    I couldn't believe the 320k achieved at auction. Insane price, which can't be supported by rental income, in my opinion.


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    #34
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    Geuze wrote: »
    I viewed this house as well, Carbry road in Newcastle, Galway.
    Don't forget it's placed right next to the end of the N6 and adjacent to the flight path of helicopter paths to the hospital.


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    #35
    McTigs
    Registered Users Posts: 1,032 ✭✭✭McTigs


    Geuze wrote: »
    I couldn't believe the 320k achieved at auction. Insane price, which can't be supported by rental income, in my opinion.
    even 2 grand a month wouldn't justify that price.

    Plenty of repairs and enhancement needed to as you pointed out.


    The market is all over the place.... i'm seeing very mediocre houses in ordinary locations get big prices and fantastic houses at what i would think are very reasonable prices not sell at all.

    There's no cohesion and asking prices are all over the palce too. There was three pretty identical houses on the same road in shantalla last year, one 121k, one for about 175k and one for over 200k. I must check the register to see what they actually sold for. I'd say most house on daft aren't really for sale, just kiteflying.


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    #36
    Chicken1
    Registered Users Posts: 239 ✭✭Chicken1


    I looked at that house as well, when I got there even the wife said to me they have the guide price set at a silly low, how in Gods name could you buy a fully furnished five bedroom for 160k, it is very misleading whats going on.

    Im not saying this is happening but I was at an auction of household and electrical items a few years ago, every time something good came up this guy in the back would put up the hand to start off, as more people bid and the price went up your man was quite until the hammer was about to come down he would bid again therby putting up the price further, this guy never purchased any item. hmmmmm I wonder :rolleyes:


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    #37
    McTigs
    Registered Users Posts: 1,032 ✭✭✭McTigs


    Chicken1 wrote: »
    I looked at that house as well, when I got there even the wife said to me they have the guide price set at a silly low, how in Gods name could you buy a fully furnished five bedroom for 160k, it is very misleading whats going on.
    Looking at it from an investment point of view i wouldn't want to be paying much more and to be honest 320k is absolute suicide.

    Break it down 5 beds rent at 250 each pm so €1250
    By 11 months to allow for vacancy €13750 per year
    Deduct property tax, PRTB reg, repairs and renewals, insurance and other misc costs and you're down to €11,000 which is only 6% on a 160k investment.

    If the new owner is planning to rent it out they'll only be making 3% on 320k. You'd get that on deposit in the bank for doing nothing.


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    #38
    seriouslysweet
    Registered Users Posts: 566 ✭✭✭seriouslysweet


    Wonder has it anything to do with the poltergeist house behind it?


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    #39
    ArraMusha
    Registered Users Posts: 589 ✭✭✭ArraMusha


    There will always be a number of cases like carbry rd where mad prices are paid by a few ill-informed, overbidders thinking they're back in 2005.
    There will also be a number of bargain deals done in the market, but a lot of these in poor areas and/or needing big works. In general though prices should remain low or decline further over next few years.
    Factors to consider include the buy to let sector that will load onto the market when banks go on the hunt, and depress prices further.
    NAMA still have a lot of properties to offload over next 18mts.
    Emmigration.
    Austerity.
    Unemployment.
    Eurozone recession.
    Confidence!


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    #40
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    Was €2.1m in October 2007 now a measly €660k in June 2013
    That's ↓ ~69%


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    #41
    Birroc
    Closed Accounts Posts: 1,070 ✭✭✭Birroc


    snubbleste wrote: »
    Was €2.1m in October 2007 now a measly €660k in June 2013
    That's ↓ ~69%

    Tell him he's dreamin :)


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    #42
    JohnFalstaff
    Registered Users Posts: 875 ✭✭✭JohnFalstaff


    Birroc wrote: »
    Tell him he's dreamin :)

    The second link is to a Property Price Register site and shows that the house actually sold for €660k.

    I think it's still overpriced at that, but somebody was prepared to pay it!


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    #43
    45mhrc7evo1d3n
    Closed Accounts Posts: 427 ✭✭45mhrc7evo1d3n


    JohnFalstaff wrote: »
    The second link is to a Property Price Register site and shows that the house actually sold for €660k.

    I think it's still overpriced at that, but somebody was prepared to pay it!

    Are you saying that the sale in 2007 never went through? Given that the Property Price Register only records sales since January 2010, the 2007 sale would not be listed there.

    To think that someone was prepared to pay 2.1 million for a terraced house in Galway during the boom, makes me feel queasy. It's an unpleasant reminder of how out of hand things got.


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    #44
    Das Kitty
    Moderators, Arts Moderators Posts: 17,231 Mod ✭✭✭✭Das Kitty


    Elsa Yummy Spinach wrote: »
    Are you saying that the sale in 2007 never went through? Given that the Property Price Register only records sales since January 2010, the 2007 sale would not be listed there.

    To think that someone was prepared to pay 2.1 million for a terraced house in Galway during the boom, makes me feel queasy. It's an unpleasant reminder of how out of hand things got.

    Could have been sold by the 2007 buyer


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    #45
    gordongekko
    Registered Users Posts: 5,301 ✭✭✭gordongekko


    Is there even a parking space with it?


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    #46
    Storm 10
    Registered Users Posts: 5,925 ✭✭✭Storm 10


    There at it again now with the Bal in Salthill, guide price 350k for f..k sake its a huge building three bar levels in the middle of Salthill, thats going to go for a lot more than that, they will be on the radio the next day saying prices are on the way up, guide price is a joke.


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    #47
    pemtca
    Registered Users Posts: 978 ✭✭✭pemtca


    Elsa Yummy Spinach wrote: »
    Are you saying that the sale in 2007 never went through? Given that the Property Price Register only records sales since January 2010, the 2007 sale would not be listed there.

    To think that someone was prepared to pay 2.1 million for a terraced house in Galway during the boom, makes me feel queasy. It's an unpleasant reminder of how out of hand things got.
    It did sell in 2007 http://archive.galwayindependent.com/index.php?option=com_content&task=view&id=2463&Itemid=95


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    #48
    mr.donkey
    Registered Users Posts: 10 ✭mr.donkey


    Apartment in Ocean Wave, Salthill, for sale for €160,000 AMV, same apartment 2 doors down sold for €155,000 a year ago, there have indeed been huge falls in the high end of the market but the middling to good properties seem stable now...


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    #49
    45mhrc7evo1d3n
    Closed Accounts Posts: 427 ✭✭45mhrc7evo1d3n


    That was my understanding but JohnFalstaff seems to suggest otherwise.
    JohnFalstaff wrote: »
    The second link is to a Property Price Register site and shows that the house actually sold for €660k.

    I think it's still overpriced at that, but somebody was prepared to pay it!

    Perhaps he could clarify.


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    #50
    pemtca
    Registered Users Posts: 978 ✭✭✭pemtca


    Elsa Yummy Spinach wrote: »
    That was my understanding but JohnFalstaff seems to suggest otherwise.



    Perhaps he could clarify.
    It sold for €660,000 recently - it's in the property price register as of June 2013.


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    #51
    45mhrc7evo1d3n
    Closed Accounts Posts: 427 ✭✭45mhrc7evo1d3n


    Ok, for everyone who keeps quoting me as if I disagreed with the original post, here's it is:
    snubbleste wrote: »
    Was €2.1m in October 2007 now a measly €660k in June 2013
    That's ↓ ~69%

    I read this as follows:
    1) 10 St Mary's Terrace sold for 2.1 million in 2007
    2) It sold again for 660k in 2013

    My reading of John Falstaff's post was that he appeared to be saying that the sale in 2007 didn't go through and that it didn't sell until 2013 i.e "the house actually sold for €660k". I wondered what he was basing that supposition on, that's all.


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    #52
    pemtca
    Registered Users Posts: 978 ✭✭✭pemtca


    Elsa Yummy Spinach wrote: »

    I read this as follows:
    1) 10 St Mary's Terrace sold for 2.1 million in 2007
    20 It sold again for 660k in 2013
    that's my reading of it too


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    #53
    JohnFalstaff
    Registered Users Posts: 875 ✭✭✭JohnFalstaff


    Elsa Yummy Spinach wrote: »
    Ok, for everyone who keeps quoting me as if I disagreed with the original post, here's it is:



    I read this as follows:
    1) 10 St Mary's Terrace sold for 2.1 million in 2007
    2) It sold again for 660k in 2013

    My reading of John Falstaff's post was that he appeared to be saying that the sale in 2007 didn't go through and that it didn't sell until 2013 i.e "the house actually sold for €660k". I wondered what he was basing that supposition on, that's all.

    I was referring to Birroc's comment in post 41: "Tell him he's dreaming." I was pointing out that 660k was the price the house actually sold for, not an asking price.

    The house was by all accounts previously sold for 2.1 million in 2007.


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    #54
    RickyBobby1
    Registered Users Posts: 511 ✭✭✭RickyBobby1


    Such rubbish.We are currently looking for a 3 bedroom house to rent and there's nothing and If there Is It's either way too expensive or not suitable :(


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    #55
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    11 Bayview Court, Loughatalia Road
    €150,000 Apartment for sale|4 Bedrooms|2 Bathrooms

    Is it just me or is that just cheap? Considering slightly more luxurious two beds a few doors away are asking €1800pm in rent
    Any idea how much the management fees are?


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    #56
    gordongekko
    Registered Users Posts: 5,301 ✭✭✭gordongekko


    snubbleste wrote: »
    11 Bayview Court, Loughatalia Road
    €150,000 Apartment for sale|4 Bedrooms|2 Bathrooms

    Is it just me or is that just cheap? Considering slightly more luxurious two beds a few doors away are asking €1800pm in rent
    Any idea how much the management fees are?

    I saw a 2 b/r with €1500 charges on it.


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    #57
    fergiesfolly
    Registered Users Posts: 3,383 ✭✭✭fergiesfolly


    snubbleste wrote: »
    11 Bayview Court, Loughatalia Road
    €150,000 Apartment for sale|4 Bedrooms|2 Bathrooms

    Is it just me or is that just cheap? Considering slightly more luxurious two beds a few doors away are asking €1800pm in rent
    Any idea how much the management fees are?

    Its just you.
    Overpriced, undersized box, with "Excellent living accommodation" and a view of an army barracks.
    "Excellent living accommodation" my arse.
    How comfortable could the occupants of the FOUR bedrooms be, in a living area that small?


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    #58
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    Dwarves need accommodation too y'know!
    It sounds too cheap tbh given it's around the corner from Eyre Square


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    #59
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    gordongekko wrote: »
    I saw a 2 b/r with €1500 charges on it.
    They should be required to put the current management fees in the advertising tbh


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    #60
    gordongekko
    Registered Users Posts: 5,301 ✭✭✭gordongekko


    snubbleste wrote: »
    They should be required to put the current management fees in the advertising tbh
    ya odj are normally quiet good with that. A quick call to them will clear it up for you. I also notice at the end of the ad they say the asking price is 220k.


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    #61
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    gordongekko wrote: »
    ya odj are normally quiet good with that. A quick call to them will clear it up for you. I also notice at the end of the ad they say the asking price is 220k.
    They've reduced it significantly to €150k which is why I think it is cheap.
    Maybe my sense of value is disorientated


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