Article: Crowds fail to materialise for launch of Millers Glen, Swords

audi12

jellybear wrote: »

Would you rather no one invested and we had another rake of ghost estates? They're built, better they sell them then leave them there idle. If people are foolish enough to buy or borrow above what they can realistically afford that's their issue, but yes I agree we may ultimately end up bailing them out one way another. I just hope people have learnt lessons from the last boom to bust period.

I've been looking since January and am not going to settle and have seen much better value then what was on view at the weekend but a positive news story to me is a person/family finding their home and being able to call something their own, but maybe that's just too soppy for some.

Does it look like they learned their lesson a new generation queing up for over priced housing listened to a woman on the radio buying one she didnt seem to a clue what she was doing thick as a ditch no financial education whatsoever

Tarzana

Paid people to queue to generate buzz, perhaps?
Backfired, perhaps?

jellybear

audi12 wrote: »

Does it look like they learned their lesson a new generation queing up for over priced housing listened to a woman on the radio buying one she didnt seem to a clue what she was doing thick as a ditch no financial education whatsoever

Don't know any of them so I can't speak for them.

milltown

Idbatterim wrote: »

They or rather "we" lost a fortune on those who took out trackers, they are losing money hand over fist, I cant ever see rates going down to that level again, so the 4.99% seems fairly decent in my opinion.

How so?

If you borrow money from the ECB at their rate, then add your margin of 1% and lend it to the consumer at that rate, how do you lose money hand over fist? Granted, the price of my house was borrowed at about 6% and I'm currently paying interest at something like 1.5% but the money keeps flowing through the market and bank system at constantly fluid interest rates. PTSB don't have a matching 30 year loan at the ECB for the price of my house.

jmayo

jellybear wrote: »

Would you rather no one invested and we had another rake of ghost estates?

I would rather we had cleaned up the existing messes and existing ghost estates, half built on landbanks, etc before we try and kickstart the same shyte again.

jellybear wrote: »

They're built, better they sell them then leave them there idle. If people are foolish enough to buy or borrow above what they can realistically afford that's their issue, but yes I agree we may ultimately end up bailing them out one way another. I just hope people have learnt lessons from the last boom to bust period.

As you admitted yourself, it will become all our issue if it goes tits up as before.
We don't have that good a record of kicking people out of their property if they aren't paying for it, unless of course you are renting and now there appears to be some that excuse that as well, and ultimately we all end up paying for it.

I have no problem people building new houses so long as someone is not being conned that they should pay 8/10 times their salary whilst the vested interest media stokes up fear for those who don't get on the property ladder now.

jellybear wrote: »

I've been looking since January and am not going to settle and have seen much better value then what was on view at the weekend but a positive news story to me is a person/family finding their home and being able to call something their own, but maybe that's just too soppy for some.

A real positive news story for me would be that a person/family can really afford a nice home because they were able to get better job(s) due to fact that Irish companies created jobs rather than rely on some created due to our tax avoidance measures.

jellybear

We'll agree to disagree so

The_Conductor

Milltown - The ECB is a lender of last resort- not a lender of first resort.
Banks predominantly source their finance for lending on

1. The Interbank Market (for short-term lending)
2. By issuing bonds (of varying nature)

The interbank lending market is by-and-large closed- and hasn't reopened since the bust.

Bond issuing- on the other hand- is continuing afoot. BOI have gotten off several bonds this year- and even AIB is managing to issue junk bonds- which is quite remarkable given their precarious existence of such a short while ago......

The lower the quality of the bond (junk being the lowest)- the riskier it is as an investment- and the greater the interest rate demanded to hold it.

Typically banks issue bonds in varying strata- with asset backing to a varying degree to reflect the security associated with the bond.

Bank of Ireland and AIB- are now both able to issue paper with a 3% redemption rate on it- and BOI are happily issuing 10 year paper at 3.5%

This is the cost of their finance- and not the overnight rate at the ECB (which is itself effectively negative).

NGC999888

I went down for a nose at those houses.
They look like nice houses, but what I think people are missing is that you are going to be shortly in the middle of an estate of 1500 houses. Thats huge.
And the traffic is already awful going into Swords since lidl opened up on that road.
That place is going to cause a disaster for the whole town.

MouseTail

NGC999888 wrote: »

I went down for a nose at those houses.
They look like nice houses, but what I think people are missing is that you are going to be shortly in the middle of an estate of 1500 houses. Thats huge.
And the traffic is already awful going into Swords since lidl opened up on that road.
That place is going to cause a disaster for the whole town.

Comparable to Charlesland in Greystones so. By all accounts a pleasant place to live. The development levies also ensured facilities second to none in the area.

audi12

Tarzana wrote: »

Paid people to queue to generate buzz, perhaps?
Backfired, perhaps?

Possible the people who stood in the rain for days must feel pretty foolish where have we seen that before i wonder brains would come in handy for some people and not allowing them access to money would also help

Red Nissan

audi12 wrote: »

Possible the people who stood in the rain for days must feel pretty foolish where have we seen that before i wonder brains would come in handy for some people and not allowing them access to money would also help

Factor in the kernel that there were just about 20 of the 60 or so properties "desirable" ~ this is what the queuing was about, only a third of the properties were actually wanted which presumably allows them the best exist options as well in the future as these "desirable" properties would conceivably remain so desirable into the future ~ possibility negating the negative effect of the estate's expansion plans.

audi12

Red Nissan wrote: »

Factor in the kernel that there were just about 20 of the 60 or so properties "desirable" ~ this is what the queuing was about, only a third of the properties were actually wanted which presumably allows them the best exist options as well in the future as these "desirable" properties would conceivably remain so desirable into the future ~ possibility negating the negative effect of the estate's expansion plans.

A lot of houses bought in the boom were also desirable not look at them its another random esate in dublin nothing special the people buying are afraid they wont be able to afford anything if they hold off there a sob story waiting to happen ..

You and i will pay in the long run no financial education.

Idbatterim

Dear god! Just came across the below boi ad on facebook, saying "myth number 5, buying is more expensive than renting. Along with a link to their website!!!

http://personalbanking.bankofireland.com/borrow/mortgages/mortgage-myths/number-5/?utm_source=facebook&utm_medium=social&utm_content=mm5&utm_campaign=mortgages

nc19

290000 for a 3 bed semi in Swords!!!

Theres lovely 4 beds houses in Lucan going for that.

Know several people living in Swords for yrs now that want out. All in different areas.

I think these people are nuts buying for that money

The_Conductor

290,000 @ 5 years fixed and then variable- over a 30 year term = 1,540 on the BOI calculator.

Are these 3 beds in Swords really renting for over 1,600 a month?

The BOI statement and its calculator- are misleading in the extreme- and only really stack up- if you have a low LTV ratio, fully variable rate mortgage and choose a minimum 35 year term for the mortgage.

I've ran a few local properties from DAFT on their calculator (along with their recent sale prices from propertypriceregister.ie)- this is for Lucan- and their assertion is a load of bollox- its simply untrue.

dubrov

It would be fairer to compare the interest element only to rental cost.

A quick daft search suggests these would rent for €1,350.
5% on €290k out at about €1,208 per month.

Still doesn't look great given interest rates can only go one way

gaius c

milltown wrote: »

How so?

If you borrow money from the ECB at their rate, then add your margin of 1% and lend it to the consumer at that rate, how do you lose money hand over fist? Granted, the price of my house was borrowed at about 6% and I'm currently paying interest at something like 1.5% but the money keeps flowing through the market and bank system at constantly fluid interest rates. PTSB don't have a matching 30 year loan at the ECB for the price of my house.

Tracker mortgages were always loss-making or at best, just about covering their cost. Don't forget that 1% margin is not "profit". Banks have cost bases to pay for as well.

The "idea" was that banks would use trackers as a loss leader and that their money would be made on future loans such as car loans & top-ups.

There was a saying in the old days along the lines of "3-6-3" in that banks would borrow at 3%, lend at 6% and be on the golf course by 3.
That's a 3% margin and banks were not money making machines back in those days.

audi12

nc19 wrote: »

290000 for a 3 bed semi in Swords!!!

Theres lovely 4 beds houses in Lucan going for that.

Know several people living in Swords for yrs now that want out. All in different areas.

I think these people are nuts buying for that money

Someone forgot to tell the experts buying these houses it will end in tears as usual

jmayo

MouseTail wrote: »

Comparable to Charlesland in Greystones so. By all accounts a pleasant place to live. The development levies also ensured facilities second to none in the area.

Oh I hope that those hosues in Swords don't have the build quality of some of the houses/apartments in Charlesland.:o

Icepick

gaius c wrote: »

Think of it like a casino. House always wins in the long run.
BoI would have weighed up this offering carefully so as to not lose them money.

As they always do! Oh wait...

mnfbbmi

Hi
Dont know where you got your info from?!.
Millers Glen was swamped with people, (hundreds, I was there for a look) on the Saturday.
Of about 66 houses, think about 40 were sold on sat, more on Sunday (3 or 4 left by Mon,Tue).

mr_seer

mnfbbmi wrote: »

Hi
Dont know where you got your info from?!.
Millers Glen was swamped with people, (hundreds, I was there for a look) on the Saturday.
Of about 66 houses, think about 40 were sold on sat, more on Sunday (3 or 4 left by Mon,Tue).

Apparently the Co Co stepped in and bought 9 of them. Certainly not a resounding success despite the hype. They have another 1,500 houses to sell

moxin

They were Sale Agreed, not Sold. Assuming each buyer has proper mortgage funding in place of course.

The_Conductor

mr_seer wrote: »

Apparently the Co Co stepped in and bought 9 of them. Certainly not a resounding success despite the hype. They have another 1,500 houses to sell

Wonder what price the council paid for 9 of them- and how their price relates to the OMSP of the properties. I guess we'll know as soon as they hit propertypriceregister.ie

I'm guessing the council are only going to buy limited numbers- they do not want the development to turn into a modern council estate. I'm also guessing the 9 they have signed up to purchase- will be interspersed throughout the development- they won't all be on the one cul-de-sac........

Zamboni

mr_seer wrote: »

Apparently the Co Co stepped in and bought 9 of them.

A nice little kick in the teeth for the net contributing wannabe first time buyers who are paying taxes and are priced out of the property market.

They get to sit back and watch from the sidelines of over priced private rental accommodation whilst net beneficiaries receive new accommodation.

jay0109

mnfbbmi wrote: »

Hi
Dont know where you got your info from?!.
Millers Glen was swamped with people, (hundreds, I was there for a look) on the Saturday.
Of about 66 houses, think about 40 were sold on sat, more on Sunday (3 or 4 left by Mon,Tue).

:cool: The Irish Times had a very different story to yours re the numbers there, and they certainly aren't shy about bigging up Property (like yourself!)

Saint Sonner

Currently in the process of trying to buy a house as we have been wasting a lot of money on rent the past two years. Looks like we may have a deposit within the next month or two fingers crossed and we liked the look of Millers Glen Fairbrook.
I was hoping to go for one of the lowest priced ones advertised @ €265k but when I made enquiries they said they had none of them left and that the lowest price where €285k.
I’m wondering are these houses worth it and if anyone knows of better value properties in the Dublin area could they point me in the right direction.

I like the idea of buying a new build however I know it sounds silly but one of the only things that puts me off the millers glen houses is the fact they don’t have open fires.

RandomAccess

Saint Sonner wrote: »

one of the only things that puts me off the millers glen houses is the fact they don’t have open fires.

None of the new build houses have them, dropping them helps achieve A ratings in the BER and its cheaper to build without them.

Monokne

Hi all

Does anyone own one of these properties? I am looking at buying one but have had bad luck living in new builds with poor sound proofing. Just wondered if anyone who lives there could give me feedback on how the walls are? Are they nice and thick or can you hear your neighbours through them? Own in Holywell and can hear everything next door...

OhMyGod123

We purchased one of the houses and have been living there since Dec 2015. We are absolutely delighted wit the house. Build quality is excellent, sound proofing, heat retention is better than anything we have ever experienced previously.

Also, the PM team and foreman on-sight are very helpful and still come back and address any queries or questions we have.

Swords villiage, Airside, Malahide are all within a few minutes