Property Market 2015

helimachoptor

Montroseee wrote: »

Is anybody else a little a bit dazed by the market at the moment? I hear people talking about price reductions, all I'm sseeing are increases. 3 or 4 bed semi d's in Dalkey, Clontarf, Clonskeagh, Sandycove etc. going for 700k and more in some cases. These are not far off boom time prices and the thing is, the houses are actually selling and fairly quickly at that.

I'm seeing reductions, not many and in most cases they are token 5-10K reductions when in reality they should be 50-100K reductions imo.

I dont mind slightly overpaying for a house, but one i went to look at a while ago was up for 595, it was reduced to 525 (reasonable reduction) but the EA said that was basically to drum up interest and i think it went sale agreed around 550ish

Montroseee

Montroseee wrote: »

Is anybody else a little a bit dazed by the market at the moment? I hear people talking about price reductions, all I'm sseeing are increases. 3 or 4 bed semi d's in Dalkey, Clontarf, Clonskeagh, Sandycove etc. going for 700k and more in some cases. These are not far off boom time prices and the thing is, the houses are actually selling and fairly quickly at that.

I want to say it's the last of the approvals-in-principle sanctioned before the new Central Bank rules kicked in. Most of these run out in summer so there might be a bit of desperation for those who must use-it-or-lose-it. But I have no evidence for this

Affordabilty-wise, this is boom-time pricing. Prices are not as high as 2006 but people had better take-home incomes then. Many people suffered pay cuts in the meantime and taxes (direct and indirect) have risen.

Does anyone remember how the market cooled last time? I mean, where did prices fall first? Was it on the periphery spreading inwards to Blackrock/Contarf or did the highest-priced areas fall followed by less-swanky areas and commuter towns?

MarkAnthony

While there was a bit of choice a few month back in my price range (sub 300K) there is nothing but crap now and it's getting more and more expensive. I've been relatively dismissive of the market being out of control up until now but I really do think we're getting into la la land now.

As always based off asking prices. I'm afraid I'm not as handy with spreadsheets as some of you :pac:

Montroseee

helimachoptor wrote: »

I'm seeing reductions, not many and in most cases they are token 5-10K reductions when in reality they should be 50-100K reductions imo.

I dont mind slightly overpaying for a house, but one i went to look at a while ago was up for 595, it was reduced to 525 (reasonable reduction) but the EA said that was basically to drum up interest and i think it went sale agreed around 550ish

The min reductions worth even talking about would be circa 40-50k. It's crazy, you'd think a couple with two decent, stable jobs would be able to afford a relatively nice house in a good area. Families used to live comfortably on one wage in decent areas like Cabinteely and Stillorgan on their father's salary, now you'll struggle hard with two.

helimachoptor

Montroseee wrote: »

The min reductions worth even talking about would be circa 40-50k. It's crazy, you'd think a couple with two decent, stable jobs would be able to afford a relatively nice house in a good area. Families used to live comfortably on one wage in decent areas like Cabinteely and Stillorgan on their father's salary, now you'll struggle hard with two.

yeah agree, myself and the wife both works. Good jobs, a lot of savings built up after buying in 2007 (now rented).

While we could afford to buy at the level houses are at now in SCD, i dont want to put us in that position.

We are going to see this house
http://www.myhome.ie/residential/brochure/64-foxrock-avenue-foxrock-dublin-18/2717652

Regardless of the view if its "real foxrock", spacious, nice garden, nice area.

EA expects it to go for above asking despite it being on the market since June last year..

Needs updating and likely double glazing as the BER is awful

Montroseee

helimachoptor wrote: »

yeah agree, myself and the wife both works. Good jobs, a lot of savings built up after buying in 2007 (now rented).

While we could afford to buy at the level houses are at now in SCD, i dont want to put us in that position.

We are going to see this house
http://www.myhome.ie/residential/brochure/64-foxrock-avenue-foxrock-dublin-18/2717652

Regardless of the view if its "real foxrock", spacious, nice garden, nice area.

EA expects it to go for above asking despite it being on the market since June last year..

Needs updating and likely double glazing as the BER is awful

That house looks nice and from what I've seen, isn't so crazily priced. Over 2000 sq ft and a nice garden too, I'd be jumping at that if I had a few more yrs savings built up. Good luck.

helimachoptor

Montroseee wrote: »

That house looks nice and from what I've seen, isn't so crazily priced. Over 2000 sq ft and a nice garden too, I'd be jumping at that if I had a few more yrs savings built up. Good luck.

We may do, need to see what its like first, given the frenzy last year, more than a little curious why it didnt sell

helimachoptor

helimachoptor wrote: »

We may do, need to see what its like first, given the frenzy last year, more than a little curious why it didnt sell

Fantastic garden! Would be a bit wary of that kitchen extension.

helimachoptor

Deleted User wrote: »

Fantastic garden! Would be a bit wary of that kitchen extension.

yeah i know, tbh it reminds me on my grandparents place from years ago, was like an ice box. From google earth it doesnt look particularly big and not a huge fan of the flat roof

tommythecat

Two big radiators in the pic doesn't bode well!

johnp001

helimachoptor wrote: »

yeah agree, myself and the wife both works. Good jobs, a lot of savings built up after buying in 2007 (now rented).

While we could afford to buy at the level houses are at now in SCD, i dont want to put us in that position.

We are going to see this house
http://www.myhome.ie/residential/brochure/64-foxrock-avenue-foxrock-dublin-18/2717652

Regardless of the view if its "real foxrock", spacious, nice garden, nice area.

EA expects it to go for above asking despite it being on the market since June last year..

Needs updating and likely double glazing as the BER is awful

21/06/2013 €499,500.00 68 Foxrock Avenue, Foxrock, Dublin 18
17/06/2013 €435,000.00 46 Foxrock Avenue, Foxrock, Dublin 18
01/03/2013 €475,111.00 13 Foxrock Avenue, Foxrock, Dublin 18
03/01/2013 €420,000.00 75 Foxrock Avenue, Foxrock, Dublin 18
20/04/2012 €344,000.00 25 Foxrock Avenue, Kill lane, Foxrock, Dublin
16/12/2011 €403,000.00 73 Foxrock Avenue, Foxrock, Dublin

helimachoptor

tommythecat wrote: »

Two big radiators in the pic doesn't bode well!

Yep.. it looks like single glazing through out the property.

johnp001 wrote: »

21/06/2013 €499,500.00 68 Foxrock Avenue, Foxrock, Dublin 18
17/06/2013 €435,000.00 46 Foxrock Avenue, Foxrock, Dublin 18
01/03/2013 €475,111.00 13 Foxrock Avenue, Foxrock, Dublin 18
03/01/2013 €420,000.00 75 Foxrock Avenue, Foxrock, Dublin 18
20/04/2012 €344,000.00 25 Foxrock Avenue, Kill lane, Foxrock, Dublin
16/12/2011 €403,000.00 73 Foxrock Avenue, Foxrock, Dublin

seen the property register details, if i could see internal pictures of those houses that would be ideal.

this is sale agreed between 500-505K according to the EA
http://www.myhome.ie/residential/brochure/102-foxrock-avenue-foxrock-dublin-18/2884777

MarkAnthony

The 'legendary 46A'? Who writes this crap? :pac:

helimachoptor

MarkAnthony wrote: »

The 'legendary 46A'? Who writes this crap? :pac:

nice spot, tbh its an awesome bus, provided my transport to and from college and many nights out

seamus

MarkAnthony wrote: »

The 'legendary 46A'? Who writes this crap? :pac:

Anyone who lives/d or works/ed along the 46A route, like people who went to UCD.

Even in the dark days of the Dublin Bus service, you could be pretty much guaranteed that you could get a 46A every couple of minutes.

It's a busy enough route, but I think it's so well service precisely because it winds through the leafiest parts of Dublin, so the politicians and journalists can be lead to believe that Dublin Bus services are regular and reliable. Even on Sundays and Bank Holidays it runs every ten minutes.

MayBea

It might be a time to start a WIW thread on boards the same way as on thepropertypin

As from the personal house hunting experience I see the market behaving oddly. We took part in two bidding wars so far in 2015 - with 6 bidders the first time (left it with two bidders remaining, price rise +7%), the second one with 4 other bidders, left it at +10% rise.
Viewed this house last week out of curiosity http://www.myhome.ie/residential/brochure/33-wesley-lawns-dundrum-dublin-16/3090696, 3 bidders and the current price is 530k.
At the same time seeing drops (that's usually old worn out properties), however a friend went sale agreed on a nice house in Shankill very recently with the chunky 8% price drop.

Barely Hedged

Montroseee wrote: »

Is anybody else a little a bit dazed by the market at the moment? I hear people talking about price reductions, all I'm sseeing are increases. 3 or 4 bed semi d's in Dalkey, Clontarf, Clonskeagh, Sandycove etc. going for 700k and more in some cases. These are not far off boom time prices and the thing is, the houses are actually selling and fairly quickly at that.

This has to be a wind up. Some of the most desirable places to live in Dublin are expensive relative to others that are not

Rackstar

Made an offer at 30% below asking. Heard nothing back from the auctioneer. Called them after 5 weeks, they said they hadn't heard back from the seller. Auctioneer called me 2 weeks later said rejected. Upped offer by 2k, told him we weren't going any higher as we had an offer accepted on another property but we preferred his. Came back in half an hour and said the offer was accepted. Don't know if I did myself out of 2k and or forced his hand.

MayBea

MayBea wrote: »

It might be a time to start a WIW thread on boards the same way as on thepropertypin

As from the personal house hunting experience I see the market behaving oddly. We took part in two bidding wars so far - with 6 bidders the first time (left it with two bidders remaining, price rise +7%), the second one with 4 other bidders, left it at +10% rise.
Viewed this house last week out of curiosity http://www.myhome.ie/residential/brochure/33-wesley-lawns-dundrum-dublin-16/3090696, 3 bidders and the current price is 530k.
At the same time seeing drops (that's usually old worn out properties), however a friend went sale agreed on a nice house in Shankill very recently with the chunky 8% price drop.

530k? Sweet Child of Mine! I grew up in a house very like this but not in this area. Most people remove that glass panel partition thingy between hall and not many would keep that original fireplace. Judging by the age of the wooden box around the fuse board, the wiring will probably need attention soon enough.

Good garden though and perfectly good family house. But 530,000? I despair.

I see it's 'under offer'. Why do agents update the ad to 'under offer' and not 'sale agreed'? What does this mean? Has the seller accepted the price in theory, provided the bidder can stump up the funds?

Seems like they are hedging their bets a bit.

MayBea

Deleted User wrote: »

530k? Sweet Child of Mine! I grew up in a house very like this but not in this area. Most people remove that glass panel partition thingy between hall and not many would keep that original fireplace. Judging by the age of the wooden box around the fuse board, the wiring will probably need attention soon enough.

Good garden though and perfectly good family house. But 530,000? I despair.

I see it's 'under offer'. Why do agents update the ad to 'under offer' and not 'sale agreed'? What does this mean? Has the seller accepted the price in theory, provided the bidder can stump up the funds?

Seems like they are hedging their bets a bit.

Yep, maddening - it's the reality we have to deal with.
I'd say it's the Wesley College that makes it to attract a premium, nice enough middle class estate...but I don't think it is worth 500k.
This glass partition has to go for sure, other things would be the boiler (and it also has a bizarre utility room with an access from outside, plumbed for the washing machine), rewiring and a worn out bathroom.
A similar house was sold for 425k in 2013 (the glass panel resents but in a better state overall): http://www.myhome.ie/residential/brochure/20-wesley-lawns-dundrum-dublin-16/2389029

Barely Hedged

Barely Hedged wrote: »

This has to be a wind up. Some of the most desirable places to live in Dublin are expensive relative to others that are not

Ah Barely, you know they mean relative to what they were in the past rather than relative to two-beds in Louth.

by the seaside

MayBea wrote: »

Yep, maddening - it's the reality we have to deal with.
I'd say it's the Wesley College that makes it to attract a premium, nice enough middle class estate...but I don't think it is worth 500k.

Even with the shed included?

by the seaside

by the seaside wrote: »

Even with the shed included?

Nice area alright and luas is great.

Downside of private school is you might have to pay for school or send kid(s) to whatever school non-Wesley boys go to (i.e. Minus some of those aspiring middle class kids many of us secretly want our kids to mix with!)

geniuspure

Was happy to see crash i went out bought 2 distressed propertys done them up in 2008 i make great rent now. If i was to sell 300% profit

Rackstar

geniuspure wrote: »

Was happy to see crash i went out bought 2 distressed propertys done them up in 2008 i make great rent now. If i was to sell 300% profit

And you live in council housing??

Barely Hedged

[Deleted User] wrote: »

Ah Barely, you know they mean relative to what they were in the past rather than relative to two-beds in Louth.

What were they in the past?

by the seaside

Barely Hedged wrote: »

What were they in the past?

Affordable.

Sala

That dundrum property looks nice, was going to see it but it was under offer. Depressing that things are going over the asking. Seen a few in the 495k mark was hoping to get something down to around 450. Anything done up nice flies out. A fixer upper might be the way to go for me I think, especially when the CB rules kick in and people have less money to do them up as it's all going into their deposit

Sala

Sala wrote: »

That dundrum property looks nice, was going to see it but it was under offer. Depressing that things are going over the asking. Seen a few in the 495k mark was hoping to get something down to around 450. Anything done up nice flies out. A fixer upper might be the way to go for me I think, especially when the CB rules kick in and people have less money to do them up as it's all going into their deposit

Yes, and older people with cash are less interested in 'a project' whereas (relatively) younger people are willing to go through the pain for long-term gain. To us Room to Improve is an educational show; to retirees it's just a soap opera

Barely Hedged

by the seaside wrote: »

Affordable.

Define affordable