Property Market 2015

helimachoptor

We seem to be doing ok progress wise so far.

Surveyor in yesterday, gave us a call and all is as expected after our builder looked at the house, expect the report today.

Solicitor has been engaged

Need to provide a couple of updates docs for the bank but otherwise all ok on that front aswell.

will probably get back into the house next week to take measurements etc for furniture

Also had a call from a different EA in relation to a bid we made on another house, they over bidders went 10K over our bid so we withdrew, now they have withdrawn as its too expensive..

However the EA still wanted us to go 5K above our previous max bid to seal the deal, didnt seem the realise that with no other bidder, our first bid was all we'd pay..

Millem

Deleted User wrote: »

What's Laytown like?

I can see how someone with 175k-200k would see it as better value. In Dublin, a quick Daft search returns houses in Crumlin, Finglas, Drimnagh, Clondalkin in very poor condition.

The obvious drawback would be if you had to commute to Dublin city centre.

p.s. Castle2012: how do yo know it sold for that price? Did the agent tell you that or are you basing it on the last asking price listed on Daft? It could have gone for more or less.

Ixelles they have the Matthews bus which goes through the port tunnel and also they have the train. Both run like clockwork also it is very handy for m1.
I would choose it over crumlin, finglas etc.

After 3 sale agreeds we have finally bought our house Never again!!

Ardent

helimachoptor wrote: »

Also had a call from a different EA in relation to a bid we made on another house, they over bidders went 10K over our bid so we withdrew, now they have withdrawn as its too expensive..

Either EA was trying to play you or there really are some clowns out there driving up the price of property for everyone else.

Good on ya for sticking to your guns.

helimachoptor

Ardent wrote: »

Either EA was trying to play you or there really are some clowns out there driving up the price of property for everyone else.

Good on ya for sticking to your guns.

Yep other house is nice but we're happy with that we have.

EA went along the lines off "for an extra 5K its a bargain if you dont take it someone else will on the open market etc"

Had been up for a few months and we were the first bid :pac:
Best of luck to them

Congrats Helimachopter and MayBea.

MayBea, do you mean you're buying a new-build? Were they easier to get than second-hand doer-uppers? Just curious.

MayBea

Deleted User wrote: »

Congrats Helimachopter and MayBea.

MayBea, do you mean you're buying a new-build? Were they easier to get than second-hand doer-uppers? Just curious.

We found it much easier, there was a small queue to pay a booking deposit and this was it.
We lost 7 houses over the 8 months and are totally emotionally exhausted at this point, the last house we bid on (beginning of June) went for 19% over asking (possibly more, we dropped out with 7 bidders remaining) - this was the final straw.

The terraced house we were bidding on in May went for 11% over asking (again, possibly more). But this was all in the area of high demand of d14/16 - as I mentioned we were not even viewing the houses with northern aspect or ex-corpo houses.
We will have to drive to school, which is a big change, but it's 8/10 minutes drive with no traffic and about 20 minutes in the rush hour traffic.
I have to say the new CB rules were a big factor in decision making as we now have a little room for manoeuvre in terms of budgeting for a big project.

boogaloop

In the following frustrating position. Bid in on house, approx 8% under the asking price but the asking price is 12% above sold price of the last house that sold in the estate (sold at auction 3 months ago).
Work needs to be done on it so even the EA agrees that the asking price is a bit steep, but the owner has mind set on the asking price 'or above'.
There's 2 other bidders, one at the same level as us but in a chain whereas we are not. EA said they'd be back to us last Friday, have heard nothing since. Emailed yesterday to ask for an update/ask if they had spoken to owner, no response.

We're def interested in A house in that estate but seem to be getting nowhere with this particular one and none other for sale at present.

Would there be any point in contacting a few EAs to ask if they know of any house coming up for sale soon in that area? Or dropping a note in the letterbox of the houses saying we are interested in buying (does anyone actually ever do this?)?

Any other suggestions, or do we put our final offer on the table for a set time & say take it or leave it?

Michael D Not Higgins

boogaloop wrote: »

Or dropping a note in the letterbox of the houses saying we are interested in buying (does anyone actually ever do this?)?

I get this from time to time from estate agents. Usually a flier along the lines of "interest in your area, thinking of selling?, number 13 down the road went for £x00,000". Never from prospective purchasers though.

P. Breathnach

boogaloop wrote: »

... Would there be any point in contacting a few EAs to ask if they know of any house coming up for sale soon in that area?

I don't think so. You weaken your bargaining position by seeming too keen.

Or dropping a note in the letterbox of the houses saying we are interested in buying (does anyone actually ever do this?)?

I have seen notes like this from EAs, never from would-be purchasers. I don't think they make an owner more likely to sell.

Any other suggestions, or do we put our final offer on the table for a set time & say take it or leave it?

Don't bother setting a time limit. Leave it sit and don't concentrate too much on it. Assume nothing will happen, and pursue other possibilities. If, in a month's time, the EA gets back to you, then you have a better negotiating position than if you had been actively chasing the EA - "We're not so sure now...".

NinjaTruncs

helimachoptor wrote: »

EA went along the lines off "for an extra 5K its a bargain if you dont take it someone else will on the open market etc"

This old chestnut, I got the same recently, my bid was 20% less than asking. Agent rang to say they were going to knock 10% of, if i want to offer that I could otherwise they would reduce the price and it would be "snapped up" it took 6 weeks after the price drop for my offer to be out bid and then it was only 5K over mind still nowhere near the new asking. I backed out as the house needed to much work and the agent didn't get the bidding war they were hoping for.

Taboola

Might not be the right thread for it but I was wondering if someone could help me. I'm looking to buy a house this year. When I do mortgage calculators online for AIB & EBS etc I get well over the 3.5 times my salary. Is this just to reel me in?

Michael D Not Higgins

Taboola wrote: »

Might not be the right thread for it but I was wondering if someone could help me. I'm looking to buy a house this year. When I do mortgage calculators online for AIB & EBS etc I get well over the 3.5 times my salary. Is this just to reel me in?

Yes, ignore their calculators.

seamus

Michael D Not Higgins wrote: »

Yes, ignore their calculators.

Yep, they're pretty much like the car insurance ads that say you can get insurance for €280 if you're a 40 year old woman with a 1L Yaris outside Skibbereen who drives 50 metres a week.

Likewise, the calculators will tell you what you could potentially get if you're a couple of public sector workers under 30, with 10 years tenure, 15 years of savings and absolutely no loans, credit cards, or children.

gaius c

helimachoptor wrote: »

Yep other house is nice but we're happy with that we have.

EA went along the lines off "for an extra 5K its a bargain if you dont take it someone else will on the open market etc"

Had been up for a few months and we were the first bid :pac:
Best of luck to them

Nice to be able to tell them to go take a hike.
Vendor really is an idiot if they were going to risk losing a sale playing silly buggers in such a weak negotiating position.

This house had a bid of 350 (or thereabouts) before xmas and the vendor tried to squeeze an extra 5k out of them despite no other bidders.
http://www.myhome.ie/residential/brochure/19-carriglea-rise-firhouse-dublin-24/3110319
Bet they regret that now.

Archaeoliz

boogaloop wrote: »

Or dropping a note in the letterbox of the houses saying we are interested in buying (does anyone actually ever do this?)?

I didn't blanket canvas but live rurally enough that I knew vaguely the owner of a house down the road we wanted to buy on wanted to sell but it wasn't listed with an Estate Agent. Fortune favours the brave so I sent a note.

Apologised for the direct approach but explained why we were writing and just asked if he was interested could he let us know. Not got a date for completion yet but it definitely worked for us.

Have had previous sales and purchases with Estate Agents and without (one of each) and the non-EA ones have been far less stressful as you can ask direct questions and get direct answers!

El_Dangeroso

Anecdotal evidence alert:

Did anyone see the O'Donnellan Joyce Auction in Galway on Friday? Seemed in stark contrast to last year's summer auction. Prices seem significantly down on last year.

audi12

El_Dangeroso wrote: »

Anecdotal evidence alert:

Did anyone see the O'Donnellan Joyce Auction in Galway on Friday? Seemed in stark contrast to last year's summer auction. Prices seem significantly down on last year.

Anyone have any view on the way the market will go still seems to be a lot of sheep driving up prices

The_Conductor

audi12 wrote: »

Anyone have any view on the way the market will go still seems to be a lot of sheep driving up prices

Its funny- there are little islands of property- in areas where prices are pretty much in freefall- that are still commanding unusual prices. Serious falls are occuring in prices- most notably in Dublin (in general- pretty much across the board- and in all property types), Galway- with the possible exception of Salthill and the city itself- which still seem to be defying gravity, Midlands- where sellers seem to be holding out rather than lowering prices- which is resulting in a rental squeeze- as the amounts of property available to rent grow smaller and smaller- however, property for sale- is shooting up.

Outside of that- prices do appear to be reasonably robust- or at least- there is a lag in them taking a lead from Dublin........

Just looking at the auction prices from the Galway auction there- what the hell? There are units in some of the estates and complexes for sale privately for significantly less than the auction prices (look at Cé na Mara for example). What gives?

The market is funny- falls are not universal- even in areas which have massive oversupply (such as West Dublin). Length of time to sell- is increasing by the day- but some prices are steadfastly refusing to obey gravity. Executor sales (of which I've been watching a few)- seem to think they are something special- and are refusing to acknowledge the new reality of the property market- though, in time, I guess they will have to.........

Propertypriceregister.ie in the coming months- is going to be very very interesting........

handlemaster

The_Conductor wrote: »

Its funny- there are little islands of property- in areas where prices are pretty much in freefall- that are still commanding unusual prices. Serious falls are occuring in prices- most notably in Dublin (in general- pretty much across the board- and in all property types), Galway- with the possible exception of Salthill and the city itself- which still seem to be defying gravity, Midlands- where sellers seem to be holding out rather than lowering prices- which is resulting in a rental squeeze- as the amounts of property available to rent grow smaller and smaller- however, property for sale- is shooting up.

Outside of that- prices do appear to be reasonably robust- or at least- there is a lag in them taking a lead from Dublin........

Just looking at the auction prices from the Galway auction there- what the hell? There are units in some of the estates and complexes for sale privately for significantly less than the auction prices (look at Cé na Mara for example). What gives?

The market is funny- falls are not universal- even in areas which have massive oversupply (such as West Dublin). Length of time to sell- is increasing by the day- but some prices are steadfastly refusing to obey gravity. Executor sales (of which I've been watching a few)- seem to think they are something special- and are refusing to acknowledge the new reality of the property market- though, in time, I guess they will have to.........

Propertypriceregister.ie in the coming months- is going to be very very interesting........

over supply in west dublin where exactly ?

The_Conductor

handlemaster wrote: »

over supply in west dublin where exactly ?

Oversupply- was the wrong word.
The quantity of properties for sale in Clonee, Lucan, Leixlip, Celbridge, Newcastle, Rathcoole- a nice arc around West County Dublin- is at a 4 year high. Meanwhile- the quantity for rent- is at a 4 year low. From talking to some sellers- a significant number of them are BTL landlords- who are getting out (for a variety of reasons- I've heard several different- though the fact that the market has turned- and they want to get as much as possible- before it turns further- has to be one of the reasons).

Much of the property for sale- is currently tenanted- which only means the rental market may get even tighter in the months ahead. Some of the landlords are using creative schemes to show off the property- including one who gave his Lithuanian tenants a 3 weeks holiday home- flights and spending money included- in exchange for vacant viewing over the next few weeks.

There definitely is blood in the water.........

Rew

The_Conductor wrote: »

Much of the property for sale- is currently tenanted- which only means the rental market may get even tighter in the months ahead. Some of the landlords are using creative schemes to show off the property- including one who gave his Lithuanian tenants a 3 weeks holiday home- flights and spending money included- in exchange for vacant viewing over the next few weeks.

Looking around at the lower end of the market we have seen a lot of the above. One landlord selling 3 houses in the same small estate in D15

MarkAnthony

audi12 wrote: »

Anyone have any view on the way the market will go still seems to be a lot of sheep driving up prices

Definitely peaked. I reiterate my prediction of a high single digit rise in Dublin (low double digits for apartments) but there have been some very silly asking prices happening in less desirable (still perfectly reasonable) areas in Dublin. I've started to see other properties taking a different tack and coming in low.

My favourite little microcosm is Dublin 5. One street over is making all the difference at the moment. But places like Finglas were seeing some silly asking prices as a result of people being squeezed out of other areas. I think we'll see the more central areas holding value for a while yet.

I suspect the silly money brigade are about to feel some real pain though. Not that it matters if your aren't moving.

gaius c

Rew wrote: »

Looking around at the lower end of the market we have seen a lot of the above. One landlord selling 3 houses in the same small estate in D15

I think they've left it too late to be honest because there does seem to be a rush to the exits going on at present.

And I say this as a landlord who cashed out last year so I've put my money where my mouth is.

Flex

I went sale agreed about a month ago on a 3 bed semi-detached in D15 for €247k, which was around €10k lower than asking. Four semi-detached places had gone for €270k, €270k, €272k and €275 from May 2014 through to March of this year, so seemed rather consistent (for reference, a friend of mine bought in the area in mid-2007, they were ~€375k from what I recall). I like the area, it suits me commute wise and I have a good deposit, so the mortgage is very affordable.

Something that has caused me concern the past month, however is asking prices have all seemed to have fallen from approximately €265k to €255k, and an estate agent I was dealing with weeks ago rang me back on Friday asking if my bid of €252k on a place that had an asking price of €265k at the time (its €255k now) asked if I was willing to put my offer back in. Terraced houses in the area are still sitting at €250k, but havent budged.

Just on the point of lending, In my experience the past few months, Ive dealt with four banks and all four offered me in excess of 3.5 times my annual salary, however what I found was they were extremely strict with regards to the deposit requirements.

johnp001

The_Conductor wrote: »

Its funny- there are little islands of property- in areas where prices are pretty much in freefall- that are still commanding unusual prices. Serious falls are occuring in prices- most notably in Dublin (in general- pretty much across the board- and in all property types), Galway- with the possible exception of Salthill and the city itself- which still seem to be defying gravity, Midlands- where sellers seem to be holding out rather than lowering prices- which is resulting in a rental squeeze- as the amounts of property available to rent grow smaller and smaller- however, property for sale- is shooting up.

Outside of that- prices do appear to be reasonably robust- or at least- there is a lag in them taking a lead from Dublin........

Just looking at the auction prices from the Galway auction there- what the hell? There are units in some of the estates and complexes for sale privately for significantly less than the auction prices (look at Cé na Mara for example). What gives?

The market is funny- falls are not universal- even in areas which have massive oversupply (such as West Dublin). Length of time to sell- is increasing by the day- but some prices are steadfastly refusing to obey gravity. Executor sales (of which I've been watching a few)- seem to think they are something special- and are refusing to acknowledge the new reality of the property market- though, in time, I guess they will have to.........

Propertypriceregister.ie in the coming months- is going to be very very interesting........

Good point about the urban rural divide in Galway prices.
http://www.odonnjoyce.com/Auction/Results
Morning session was rural properties: 17 of 37 lots withdrawn.
Afternoon session was city properties with only 3 of 26 withdrawn.

gosplan

Flex wrote: »

I went sale agreed about a month ago on a 3 bed semi-detached in D15 for €247k, which was around €10k lower than asking. Four semi-detached places had gone for €270k, €270k, €272k and €275 from May 2014 through to March of this year, so seemed rather consistent (for reference, a friend of mine bought in the area in mid-2007, they were ~€375k from what I recall). I like the area, it suits me commute wise and I have a good deposit, so the mortgage is very affordable.

Something that has caused me concern the past month, however is asking prices have all seemed to have fallen from approximately €265k to €255k, and an estate agent I was dealing with weeks ago rang me back on Friday asking if my bid of €252k on a place that had an asking price of €265k at the time (its €255k now) asked if I was willing to put my offer back in. Terraced houses in the area are still sitting at €250k, but havent budged.

Just on the point of lending, In my experience the past few months, Ive dealt with four banks and all four offered me in excess of 3.5 times my annual salary, however what I found was they were extremely strict with regards to the deposit requirements.

Can I ask what sector you work in?

NinjaTruncs

Flex wrote: »

Just on the point of lending, In my experience the past few months, Ive dealt with four banks and all four offered me in excess of 3.5 times my annual salary, however what I found was they were extremely strict with regards to the deposit requirements.

Banks have a little bit of leeway with regard the new rules, only 85% of their loans need to fall within, it could be that the banks are using up a lot of their 15% early to get business which would suggest they need to be a bit stricter later.

It also makes sense for be flexible on LTI rather than the deposit, LTI should reduce over time while the deposit insulates them against issues here and now. if the market drops and they insist on a 20% deposit they have a little security, obviously this is just imo.

gaius c

Flex wrote: »

I went sale agreed about a month ago on a 3 bed semi-detached in D15 for €247k, which was around €10k lower than asking. Four semi-detached places had gone for €270k, €270k, €272k and €275 from May 2014 through to March of this year, so seemed rather consistent (for reference, a friend of mine bought in the area in mid-2007, they were ~€375k from what I recall). I like the area, it suits me commute wise and I have a good deposit, so the mortgage is very affordable.

Something that has caused me concern the past month, however is asking prices have all seemed to have fallen from approximately €265k to €255k, and an estate agent I was dealing with weeks ago rang me back on Friday asking if my bid of €252k on a place that had an asking price of €265k at the time (its €255k now) asked if I was willing to put my offer back in. Terraced houses in the area are still sitting at €250k, but havent budged.

Just on the point of lending, In my experience the past few months, Ive dealt with four banks and all four offered me in excess of 3.5 times my annual salary, however what I found was they were extremely strict with regards to the deposit requirements.

Presume that is AIP only? It will be reduced when you come to drawdown.

johnp001 wrote: »

Good point about the urban rural divide in Galway prices.
http://www.odonnjoyce.com/Auction/Results
Morning session was rural properties: 17 of 37 lots withdrawn.
Afternoon session was city properties with only 3 of 26 withdrawn.

You can see it in the PPR because data for Galway (and Limerick) is very "noisy". A slightly higher mix of city properties sold means that the average transaction value goes up even though prices might be static or even falling.

The same thing happens in Cork but it's a larger market and the higher number of transactions "smooths" out the data somewhat.
Dublin doesn't really have a rural market per se so you don't see the same thing there.

jmayo

P. Breathnach wrote: »

boogaloop wrote: »

...
Would there be any point in contacting a few EAs to ask if they know of any house coming up for sale soon in that area? ...

I don't think so. You weaken your bargaining position by seeming too keen.
...

I don't think there is anything wrong with that.
In fact it might be good idea to get forewarned of properties coming up.

If you are trying to buy in a particular area and have already viewed houses, then you have probably met most of the EAs and they know that you are interested in that area.
In fact based on what you have been viewing they should have a damm good idea how much you are willing to spend.

This is particularly true of more rural areas amd small towns where you end up having a business relationship with EA or local auctioneers.

johnp001 wrote: »

Good point about the urban rural divide in Galway prices.
http://www.odonnjoyce.com/Auction/Results
Morning session was rural properties: 17 of 37 lots withdrawn.
Afternoon session was city properties with only 3 of 26 withdrawn.

Outside of Dublin the other major cities are surrounded by large counties which have some very rural areas where property prices have never reached the levels of the nearby city.
Dublin is unsual because the entire county is basically urban Greater Dublin.

The_Conductor

The_Conductor wrote: »

Oversupply- was the wrong word.
The quantity of properties for sale in Clonee, Lucan, Leixlip, Celbridge, Newcastle, Rathcoole- a nice arc around West County Dublin- is at a 4 year high. Meanwhile- the quantity for rent- is at a 4 year low. From talking to some sellers- a significant number of them are BTL landlords- who are getting out (for a variety of reasons- I've heard several different- though the fact that the market has turned- and they want to get as much as possible- before it turns further- has to be one of the reasons).

Much of the property for sale- is currently tenanted- which only means the rental market may get even tighter in the months ahead. Some of the landlords are using creative schemes to show off the property- including one who gave his Lithuanian tenants a 3 weeks holiday home- flights and spending money included- in exchange for vacant viewing over the next few weeks.

There definitely is blood in the water.........

Chimes with what I'm seeing. Weston in Lucan now has 11 houses for sale, some sitting there since turn of the year, and there are two new to market in neighbouring Kew Park.

Similarly, never seen so many Daft notifications for Celbridge/Leixlip/Maynooth.