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Dead Cat Flounce

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  • 14-05-2013 7:14pm
    #1
    pburns
    Registered Users Posts: 2,423 ✭✭✭


    I'm buying. Looking at apts and townhouses in Dublin on the PPR...things are up from the trough of early 2012 certainly but I can't corelate EA hype from the ACTUAL prices paid.

    For example, an EA told me a 2 bed apt in D4 was bid to almost 300k. I had no interest at that money. On PPR it's listed at €250k. And the figures quoted by EAs for 'cash buyers' don't corelate with what's been paid on PPR either. Why lie about something where you will be proved wrong?

    Add to that banks are stiffer than ever (I have over 50% cash and have to jump through a LOT more hoops than a year ago)...I don't get it!

    In fairness some EA info has proved to be accurate and been backed up by the PPR - usually the more realistic prices though.


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    #2
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    Good luck I suppose


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    #3
    khards
    Registered Users Posts: 214 ✭✭khards


    If it is of interest prices in Galway city have softened and nothing is selling either, but that does not stop agents telling porkies. It is best to do your own research I am afraid.

    There was an auction by DNG here last week:
    http://blogs.myhome.ie/2013/05/10/just-one-property-sells-at-galway-auction/
    Just one property sells at Galway auction

    35 Cluain Dara

    Just one property sold at today’s DNG Maxwell Heaslip and Leonard property auction in the Imperial Hotel in Galway.

    Ten lots were due to go under the hammer, although Brooklodge Demesne was withdrawn shortly before proceedings got underway.

    The only sale was lot two, 35 Cluain Dara, just off the Western Distributor Road.

    The three bedroom semi-detached home had a reserve of €135,000 but sold in the end for €162,000.

    The remaining eight lots failed to meet their reserve price, although auctioneer James Heaslip was hopeful of concluding further sales afterwards.

    Amongst the lots that failed to sell was Costello Lodge in Connemara – the former home of Joseph Bruce Ismay, chairman of the White Star Line, the company that owned the RMS Titanic. It had a reserve of €395,000 but failed to attract any bids on the day.

    Seems to be quite a lot of new stock on the market over the last few weeks, I believe that this has something to do with it.


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    #4
    thesandeman
    Registered Users Posts: 10,437 ✭✭✭✭thesandeman


    I was told by a prospective bidder at the Galway auction the reason for the lack of interest was that it was announced at the beginning that the agents commission was going to be 20%.


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    #5
    khards
    Registered Users Posts: 214 ✭✭khards


    thesandeman wrote: »
    I was told by a prospective bidder at the Galway auction the reason for the lack of interest was that it was announced at the beginning that the agents commission was going to be 20%.

    That is a sellers commission so why would that bother buyers?

    I mean a property comes up in auction the opening bid price is set low to encourage bidders to bid on the property.
    If you really wanted a property, why would you not bid? If you thought that the AMV was correct then why would you not bid.

    The idea of an auction is that the market (bidders) set the price in the room during the auction. An auction isn't deals behind the back of the stage.

    It is a complete and utter sham and not an auction.

    Nothing here about buyers commission here:
    http://www.dng.ie/dng_residential_ed_guide_2.cfm


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    #6
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    thesandeman wrote: »
    it was announced at the beginning that the agents commission was going to be 20%.

    20%? That couldn't possibly be right, could it? That's mafia percentages.


    I can't understand how we even need auctioneers in this day and age (at least not for run of the mill housing stock)...


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    #7
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    pburns wrote: »
    I'm buying. Looking at apts and townhouses in Dublin on the PPR...things are up from the trough of early 2012 certainly.

    Examples as evidence? Perhaps compare particular identical dwellings on the same street in the period?


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    #8
    khards
    Registered Users Posts: 214 ✭✭khards


    There is no national bounce or sustained rise in prices.

    There are a couple of streets in Dublin where people have decided to outbid each other on flats and make it look like prices are rising, which they are in those streets and not elseware.

    The reality of the situation is that you can not have widespread property prices rises without increased amounts of credit to the market.

    Mortgage aproivals are running at around 1,000 per month and down on last year. During the boom they were running at 50,000+ per month

    http://www.finfacts.ie/irishfinancenews/article_1025927.shtml

    There is nothing driving the imaginary bounce except spin, propaganda and desperation.


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