Desperate House Buys RTE One 9:40pm

strongback

When are all the repossessions we kept hearing about kicking in.......

Wasn't Eddie Hobson only saying last month that house prices have 18 months still to go before they hit the bottom?

Listen house selling was always seasonal......Spring and Autumn.

Wait until the depths of winter 2014/15 are upon us when the outlook returns to gloomy and Springs skip in the step is a distant memory.

My father used to say "keep your powder dry".

whippet

amdublin wrote: »

A garden and 4bedrooms doesn't sound like a shoebox to me...

If you can live and work outside Dublin all very well. But if you have to commute to Dublin that is not a good quality of life to me.

squeezing 4 bedrooms in to a 1000/1200sqf is a shoebox .. no room of any substance.

I commute to dublin .. 50mins door to door .. spend less time commuting than many of my dublin based work colleagues.

whippet

strongback wrote: »

Wasn't Eddie Hobson only saying last month that house prices have 18 months still to go before they hit the bottom?

Listen house selling was always seasonal......Spring and Autumn.

Wait until the depths of winter 2014/15 are upon us when the outlook returns to gloomy and Springs skip in the step is a distant memory.

My father used to say "keep your powder dry".

eddie hobbs wouldn't be the guide i'd be using. Calling the bottom and waiting for powder to dry is a false economy .. housing markets never stay stable, up and down all the time. Where I bought the commentators keep telling me in the media that the prices will further drop . .however in the two years that I am living here I have had two different people knock on the door wondering if I would be willing to sell.

Houses in proper places will always have a buyer at the right price.

NIMAN

Watching that programme made me so happy with what I have, a good job in the NW with a house that I am happy with on its own ground with massive gardens for the kids to enjoy. Bought for a third of some of the prices mentioned on that programme too.

No traffic problems, 2 blue flag beaches less than 5 miles away, great local community, close to the border, great lifestyle, beautiful scenery at every turn.

€500k for a quite ordinary looking house! There but for the grace of God .....

drumswan

whippet wrote: »

I commute to dublin .. 50mins door to door .. spend less time commuting than many of my dublin based work colleagues.

That sounds awful and must cost you a fortune.

whippet

drumswan wrote: »

That sounds awful and must cost you a fortune.

not at all ... leave the office at 5pm and home with my kids at 5:50. my car uses €4.50 each way on diesel and creche costs are only €500 per month as opposed to €950 per month when I was living in dublin.

mathie

Doop wrote: »

To be fair (and I didn't really like him) gazumping is nasty no body comes out of it well except the vendor with the few extra quid in their pocket, it can be devastating to the original purchaser.

Why are you suggesting EA's like gazumping? so they can achieve and extra €75? (example of an extra €5000 on price x 1.5% fee). The problem with gazumping is the purchasers who do it, book stops with them.

EA's like gazumping as it fuels the whole feeding frenzy.

It also puts a fire under purchasers to get the deal done as quickly as possible.

o1s1n

drumswan wrote: »

That sounds awful and must cost you a fortune.

Not as awful as living closer to work with twice the mortgage size.

jay0109

The Pin had a thread on that house on Acorn Rd, Dundrum back in 2011.
It was asking 295k then, and went to 370k asking in 2012 but looks like it never sold. Sweet fa done to the gaff since then and hey presto, 504k

http://www.thepropertypin.com/viewtopic.php?f=10&t=61997&p=773577&hilit=acorn#p773577

The recent myhome ad for it is still up...only 1,238 sq ft and a G BER rating = €407 per sq fr
http://www.myhome.ie/residential/brochure/54-acorn-road-dundrum-dublin-16/2731209

Ritchi

I don't know why they keep saying that it could turn into a crisis. It already is a crisis, they need to act now to prevent it turning into a worse crisis with any or all of the suggestions Lyons and McWilliams have suggested.

Santa Cruz

NIMAN wrote: »

Watching that programme made me so happy with what I have, a good job in the NW with a house that I am happy with on its own ground with massive gardens for the kids to enjoy. Bought for a third of some of the prices mentioned on that programme too.

No traffic problems, 2 blue flag beaches less than 5 miles away, great local community, close to the border, great lifestyle, beautiful scenery at every turn.

€500k for a quite ordinary looking house! There but for the grace of God .....

Good man. I look forward to ripping off your kids when they come to Dublin seeking rented accommodation

Gam

John_Rambo wrote: »

The year the house was built in makes no difference. It's what the house has to offer, the upkeep of it, the amenities, area, the lifestyle, it's proximity to jobs. Absolutely nothing wrong with old houses.

Built in 1958

drumswan

whippet wrote: »

not at all ... leave the office at 5pm and home with my kids at 5:50. my car uses €4.50 each way on diesel and creche costs are only €500 per month as opposed to €950 per month when I was living in dublin.

8-10 hours a week driving, no thanks. Thats the equivalent of a whole extra days work.

Zamboni

NIMAN wrote: »

Watching that programme made me so happy with what I have, a good job in the NW with a house that I am happy with on its own ground with massive gardens for the kids to enjoy. Bought for a third of some of the prices mentioned on that programme too.

No traffic problems, 2 blue flag beaches less than 5 miles away, great local community, close to the border, great lifestyle, beautiful scenery at every turn.

€500k for a quite ordinary looking house! There but for the grace of God .....

Any jobs going?
I'd happily move to the arsehole of Donegal and live like a king if there was work

Gam

jay0109 wrote: »

The Pin had a thread on that house on Acorn Rd, Dundrum back in 2011.
It was asking 295k then, and went to 370k asking in 2012 but looks like it never sold. Sweet fa done to the gaff since then and hey presto, 504k


The recent myhome ad for it is still up...only 1,238 sq ft and a G BER rating = €407 per sq fr

The actual size is not all, you have to consider the potential of the site. 1200 sqft with potential is better than 1400 sqft all squezed in

jmayo

Did anyone listen to the one of the last lines of Brian Dempsey from DNG last night.

To me it said a lot about the Irish property market and smart estate agents.

AFAIK he commented how he sold in 2007 and how he might get on to the wife about buying again.

Now first of all he sold at the near enough the peak and second he hasn't bought in what a lot of people claimed was the bottom, as in the last year or the year before last.
Does that say anything because it speaks bloody volumes to me.

BTW I have had personal experience of Mr Dempsey and he isn't bad, especially as estate agents go.

Are we now going to be treated to a nightly shock program about the New Irish Property Ladder from our national broadcaster.

I know some of those houses on the north side that the couple were looking at and 500k for them is fooking lunacy.

How can anyone forget the huge fooking elephant in the corner that is all the mortgages that are in default is beyond me. :rolleyes:

At least in the likes of London you can find some logical reasons for the looney growth in prices but in Ireland ????

BTW I would also like to give some kudos to that builder in Boyle.
At least he had the decency to put a bit of thought into the house designs unlike the muppets who cloned 50 shoeboxes.

jay0109

Gam wrote: »

The actual size is not all, you have to consider the potential of the site. 1200 sqft with potential is better than 1400 sqft all squezed in

'Potential'....what potential It's not Powerscourt estate your talking about here
It's a bog standard semi-d with a good sized garden to be fair (which the ad does'nt even both to give a length of). It has a terrible energy rating, is a good length bus/luas journey to town....and cost 0.5m.
Yes, it has potential to spend a lot more money in extending and modernising if thats what you meant!

So for another 150k or thereabouts, I think you could make this into a fine home. SO won't be cheap overall

riclad

I think its more like 30 per cent of mortgages are in arrears.
IF anyone in dublin pays more than 200k,for a house , they are paying for the location .
IE i want to live in this area, the house itself maybe be quite ordinary.

This new policy government backs ftb loans, will only make things worse.
IT will just increase prices.
What we need is more supply all over dublin at a reasonable price.
Some area,s of dublin ,eg rathmines , theres no land left .
Nowhere left to build on.
I,D expect prices to rise in those area,s .
Eddie hobbs has gone on radio many times and pointed out the problems,
caused by lack of bank oversight and bad lending in the property market .

IF you were just watching daft.ie ,prices start going up last year.
Anyone who was watching the market could see there was a downturn coming in 2007.

IT seems in some parts of dublin , its now 2006,
people paying 500k for an ordinary house thats not even in great condition.

Gam

jay0109 wrote: »

'Potential'....what potential It's not Powerscourt estate your talking about here
It's a bog standard semi-d with a good sized garden to be fair (which the ad does'nt even both to give a length of). It has a terrible energy rating, is a good length bus/luas journey to town....and cost 0.5m.
Yes, it has potential to spend a lot more money in extending and modernising if thats what you meant!

So for another 150k or thereabouts, I think you could make this into a fine home. SO won't be cheap overall

150k, that's about right
The garden is quite large for the location, it's "relatively" close to the Luas. And if you want a house furnished and finished your way that's a way to do it.

BTW look at this... same road, just remodernized
Check 94 Acorn Road on myhouse, 595k € (I can't post links as I'm new)

gmccar

Doop wrote: »

To be fair (and I didn't really like him) gazumping is nasty no body comes out of it well except the vendor with the few extra quid in their pocket, it can be devastating to the original purchaser.

Why are you suggesting EA's like gazumping? so they can achieve and extra €75? (example of an extra €5000 on price x 1.5% fee). The problem with gazumping is the purchasers who do it, book stops with them.

We had something similar to gazumping happen to us last year it was devastating, we'd been sale agreed for 6 months waiting for the vendor to sort out bank approval for negative equity and retrospective planning. All came through finally in November after being sale agreed the entire summer through what was left of the selling season. We then got a call from the agent to say the vendor wanted more money we were shocked and very upset, this was a week before our first child arrived too. While another bid hadn't come through it was the vendor that decided to put it back on the market and get more bids. They are fully entitled to do this I know, but that doesn't make it any easier for us, we wasted all of last year waiting for this house to close. Now houses are more expensive and properties we would have afforded in 2013 are out of our reach.

We're now back searching and are being out bid on every property. We also found out that our landlord wants to sell the house we've been living in for the last three years to capitalise on the rising market. To add to the madness the rental market is also going bezerk, and to be honest the quality of what's being offered is horrendous. We have our own furniture, but landlords aren't interested in renting unfurnished instead wanting to leave their crap random pieces in the house, take it or leave it is the attitude.

We both have good jobs in the private sector spent years working 12hr days thinking when the time came to buy we'd at least have good jobs and our deposit saved, doesn't matter.

This program was the most depressing hour of telly I've ever watched, what are our options? Move out to the computer belt and spend 3 hrs a day commuting to our jobs, immigrate? This country is a joke.

Gam

riclad wrote: »

I think its more like 30 per cent of mortgages are in arrears.
IF anyone in dublin pays more than 200k,for a house , they are paying for the location .
IE i want to live in this area, the house itself maybe be quite ordinary.

This new policy government backs ftb loans, will only make things worse.
IT will just increase prices.
What we need is more supply all over dublin at a reasonable price.
Some area,s of dublin ,eg rathmines , theres no land left .
Nowhere left to build on.
I,D expect prices to rise in those area,s .
Eddie hobbs has gone on radio many times and pointed out the problems,
caused by lack of bank oversight and bad lending in the property market .

IF you were just watching daft.ie ,prices start going up last year.
Anyone who was watching the market could see there was a downturn coming in 2007.

IT seems in some parts of dublin , its now 2006,
people paying 500k for an ordinary house thats not even in great condition.

Of course you are paying for the location. And a lot.
If you are interested, that's the price, if you are not, good for you, you can move (or remain) outside Dublin and save a fortune.

ryan101

The return of the madness makes me very glad my house is bought and paid for and the title deeds are in my possession and not some banks.

gaius c

ted1 wrote: »

Or remove the 60% dirt tax. There's no incentive for investors to keep the money in a bank hence the rush for property

That's a good point but it's not a unique problem. Investors worldwide are on a mad hunt for yield because there is nothing worth investing in and investors are willing to accept pitiful yield for significant risk because there's no alternative.

It's a factor in the Irish property market. Look at this house. Sold for €440k. Up for rent at €1650.

That's 4.5% gross yield assuming they actually get the asking rent, which is high for the area. That's yield before any expenses, etc.
Serious investors wouldn't touch this and it was clearly bought for cap gains & taking the exemption into account.

gaius c

ryan101 wrote: »

The return of the madness makes me very glad my house is bought and paid for.

You forgot to add [/smug] to the end of your post.

ryan101

gaius c wrote: »

You forgot to add [/smug] to the end of your post.

Nothing smug about it, I worked hard for it, and paid it off.
Having a mortgage is effectively working in servitude for a bank.

whippet

drumswan wrote: »

8-10 hours a week driving, no thanks. Thats the equivalent of a whole extra days work.

yep .. and there are people working with me commuting by bus and spending more time walking to the bus and on the bus every day!

Anyway .. at the moment i'm working from home more and more, usually twice a week .. so a commute time of about 5 seconds from kitchen to home office.

50mins commute when I get to live in comfort, 3/4 of an acre beside the beach, 5 mins from a large provincial town, 5 mins walk from the local school, two pubs in walking distance, golf courses, sports clubs and most importantly a house that is actually comfortable for a family .. none of this searching through IKEA for 'storage solutions' as the house is just too small.

While I accept it isn't for everyone ... I like my space too much to be bunched in to a nondescript suburban estate.

Gam

I could be totally wrong, but this is not another bubble. At least not as big as the other one.
Prices will go up another bit, but then in the next few years more offer will kick in and the cash/first time buyers will be reduced in number and the market will settle, more or less.

I gave a good look at the market in the last few months and the bulk of the current buyers is cash/first time buyers, with a fixed budget and not a cent more, who are looking for fully finished houses to move in immediately. Once they are gone, there will be a wave of buyers who have to sell heir current house, some in negative equity, who currently can't compete with the cash buyers. Then things will change. As long as people don't buy for investment but for a house they want to live in long term, there will be no major bubble.

My advice is that if you can wait 1-2 years, do it. And if you can live outside Dublin, even better.

I'm buying now in Dublin because it's the right time and place for my family, not because I think I'm doing a good investment.

drumswan

whippet wrote: »

While I accept it isn't for everyone ... I like my space too much to be bunched in to a nondescript suburban estate.

Youre right, it isnt for everyone. Like it or not many people want to live in a city with all that that entails.

Alf Veedersane

whippet wrote: »

yep .. and there are people working with me commuting by bus and spending more time walking to the bus and on the bus every day!

Anyway .. at the moment i'm working from home more and more, usually twice a week .. so a commute time of about 5 seconds from kitchen to home office.

50mins commute when I get to live in comfort, 3/4 of an acre beside the beach, 5 mins from a large provincial town, 5 mins walk from the local school, two pubs in walking distance, golf courses, sports clubs and most importantly a house that is actually comfortable for a family .. none of this searching through IKEA for 'storage solutions' as the house is just too small.

While I accept it isn't for everyone ... I like my space too much to be bunched in to a nondescript suburban estate.

I'd be happy enough with that.

It takes me 45 minutes to get from door to door though it doesn't feel like that because half of that is spent walking or cycling, which I enjoy. But I don't think 50 minutes is that bad for a commute.

If you're sitting in heavy traffic, maybe it is.

jmayo

gmccar wrote: »

We had something similar to gazumping happen to us last year it was devastating, we'd been sale agreed for 6 months waiting for the vendor to sort out bank approval for negative equity and retrospective planning. All came through finally in November after being sale agreed the entire summer through what was left of the selling season. We then got a call from the agent to say the vendor wanted more money we were shocked and very upset, this was a week before our first child arrived too. While another bid hadn't come through it was the vendor that decided to put it back on the market and get more bids. They are fully entitled to do this I know, but that doesn't make it any easier for us, we wasted all of last year waiting for this house to close. Now houses are more expensive and properties we would have afforded in 2013 are out of our reach.

We're now back searching and are being out bid on every property. We also found out that our landlord wants to sell the house we've been living in for the last three years to capitalise on the rising market. To add to the madness the rental market is also going bezerk, and to be honest the quality of what's being offered is horrendous. We have our own furniture, but landlords aren't interested in renting unfurnished instead wanting to leave their crap random pieces in the house, take it or leave it is the attitude.

We both have good jobs in the private sector spent years working 12hr days thinking when the time came to buy we'd at least have good jobs and our deposit saved, doesn't matter.

This program was the most depressing hour of telly I've ever watched, what are our options? Move out to the computer belt and spend 3 hrs a day commuting to our jobs, immigrate?

Seriously if you both have skills that are transferable, you have only young child/children and you are both willing to do it, I would emigrate.

I would run in the morning, but for fact my other half point blank refuses to live outside Ireland again due to family.

All this country has to offer is more taxes, some cuts to end user services and a country governed by muppetry.

And I know I will get the usual shyte about being an Ireland hater, to stop whinging and to just feck off.

Of course those same posters usually are doing ok at the moment so are happy with the status quo and never appear to have the ability to read the fact I would gladly go in the morning if I bloody could.

Gam wrote: »

I could be totally wrong, but this is not another bubble. At least not as big as the other one.
Prices will go up another bit, but then in the next few years more offer will kick in and the cash/first time buyers will be reduced in number and the market will settle, more or less.

I gave a good look at the market in the last few months and the bulk of the current buyers is cash/first time buyers, with a fixed budget and not a cent more, who are looking for fully finished houses to move in immediately. Once they are gone, there will be a wave of buyers who have to sell heir current house, some in negative equity, who currently can't compete with the cash buyers. Then things will change. As long as people don't buy for investment but for a house they want to live in long term, there will be no major bubble.

My advice is that if you can wait 1-2 years, do it. And if you can live outside Dublin, even better.

I'm buying now in Dublin because it's the right time and place for my family, not because I think I'm doing a good investment.

We can't have anything like the last bubble because we don't have any real banks.
We do however have a mini bubble in certain places where it is being driven by cash, both homegrown and foreign.
And to add fuel to the fire the government have decided to convince FTBs to join in the "fun".

This country is an abject example in economic lunacy.