So Who Played the Housing Market and Won?

Ray Palmer

I used to post a lot on this thread before and after the crash. Lots of people posted how they were waiting for the crash and then they would swoop in and pickup a bargain. I pointed out that if the market crashed employment would drop and banks wouldn't loan much. Pretty sure I mentioned interest rates would go higher too.
There was then reports of an impending housing shortage and massive rent rise which I said was likely but I probably underestimated the speed.

Anyway not here to say "I told you so" I am just wonder did people mange to get these great deals. There were opportunities at points where you could have lucked out. You could have sold close to the peak and bought at the bottom or had enough cash to buy the house you wanted. Not really looking for news story of some company or individuals just people who come here.

Chris_5339762

I guess I got lucky. Without going into figures it turns out I bought my apartment close to the bottom of the market and I have a small mortgage thanks to viscous overpayment paying a fraction of what it would cost to rent it at the moment. In time I'll sell and buy a house, and since property prices have gone up I'll have a very nice deposit to buy myself an unnecessarily big house with more land than I'll know what to do with down the country somewhere.

L1011

Bought possibly two to three months after prices stopped falling, solely because banks started lending again. Had thought I could buy even cheaper / with cash but prices didn't crash that hard and my bonuses/overtime did.

gmisk

Ray Palmer wrote: »

I used to post a lot on this thread before and after the crash. Lots of people posted how they were waiting for the crash and then they would swoop in and pickup a bargain. I pointed out that if the market crashed employment would drop and banks wouldn't loan much. Pretty sure I mentioned interest rates would go higher too.
There was then reports of an impending housing shortage and massive rent rise which I said was likely but I probably underestimated the speed.

Anyway not here to say "I told you so" I am just wonder did people mange to get these great deals. There were opportunities at points where you could have lucked out. You could have sold close to the peak and bought at the bottom or had enough cash to buy the house you wanted. Not really looking for news story of some company or individuals just people who come here.

I had been looking for about 18 months, bought my house in inchicore just over a year ago. Had been sale agreed twice before. One seller pulled out see it sold about 6 months ago for 100k more than I was sale agreed! My house needed a fair bit of work but was happy to do painting etc myself and my dad was a plumber which was handy. I had a decent amount of money to get work done right away which was badly needed! Single glazing etc, no loft insulation. I have spent about 15k in the year, but mortgage is less than my rent was (with 3 beds now), similar houses on same street in worst nick have gone for 30/40k more than mine. But I am very happy so probably stay here a minimum 5 years.
So very happy with how things worked out, or seems to be getting worse last year so happy out of it. Wish everyone lots of luck in their hunt.

Not so much with actual houses but a local farmer I know sold a few acres near a small town for a few million about a few months before the sh*t hit the fan. He has since bought it back from the bank for a few 100k, bought another farm with a house, kitted out his farm with new machines and the best of farm sheds and infrastructure and still has a few million in the bank.

Ray Palmer

gmisk wrote: »

I had been looking for about 18 months, bought my house in inchicore just over a year ago. Had been sale agreed twice before. One seller pulled out see it sold about 6 months ago for 100k more than I was sale agreed! My house needed a fair bit of work but was happy to do painting etc myself and my dad was a plumber which was handy. I had a decent amount of money to get work done right away which was badly needed! Single glazing etc, no loft insulation. I have spent about 15k in the year, but mortgage is less than my rent was (with 3 beds now), similar houses on same street in worst nick have gone for 30/40k more than mine. But I am very happy so probably stay here a minimum 5 years.
So very happy with how things worked out, or seems to be getting worse last year so happy out of it. Wish everyone lots of luck in their hunt.

While that is nice for you.It is more about buying a house very recently in a rising market. I was thinking more along the lines of people who were able to buy during the boom years but held back or those who sold at the height of the market and then bought at the bottom of the market

hairyslug

Bought 2007 and sold 2016 and bought again, so no, didn't win, a massive loss but a bigger better house

mariaalice

We did but it was all an accident and not by design.

GreatDefector

Zainab Numerous Vulgarity wrote: »

Not so much with actual houses but a local farmer I know sold a few acres near a small town for a few million about a few months before the sh*t hit the fan. He has since bought it back from the bank for a few 100k, bought another farm with a house, kitted out his farm with new machines and the best of farm sheds and infrastructure and still has a few million in the bank.

Is that an urban legend?

Ray Palmer

Zainab Numerous Vulgarity wrote: »

Not so much with actual houses but a local farmer I know sold a few acres near a small town for a few million about a few months before the sh*t hit the fan. He has since bought it back from the bank for a few 100k, bought another farm with a house, kitted out his farm with new machines and the best of farm sheds and infrastructure and still has a few million in the bank.

Yeah I kind of worded it so as not to bring up news stories or rumour but personal experience

Stationmaster

GreatDefector wrote: »

Is that an urban legend?

Definitely not. I know of at least 2 lads here in my locality who did the same. A lot of farmers, by nature, would be overly cautious with money, so they just left the proceeds of the sale of land sitting in the bank for a few years. Bank takes over the sold land and they bought it back a lot cheaper. You cannot begin to imagine the crazy prices that were paid for poor parcels of land during the boom times. Some farmers were just lucky that it was in the right place at the right time.

Other side of that is a local farmer who sold 6 acres of rocky land surrounding three sides of his house for €1.1 million in 2005ish. Land was poor but very near to decent sized town. He 'invested it', lost it all and now can't even buy the land back from the bank at it's current selling price which is only €60k.

Zzippy

Ray Palmer wrote: »

I used to post a lot on this thread before and after the crash.

Join Date: Apr 2011

Was there another crash since 2011 that we don't know about?

Ray Palmer

Zzippy wrote: »

Was there another crash since 2011 that we don't know about?

I set-up a new account after a privacy issue

GreatDefector

GreatDefector wrote: »

Is that an urban legend?

No I know the person in question and it's common knowledge who the developer was and the property he owned when he went bust.

Freddiestar

Was renting a 2 bed in Dublin 8 @ €900p/m in 2011-2014, rent increased to €1250.

Said feck that, packed in job etc and moved to the midlands, rented for 2 years then bought a grand house for €120k, mortgage is ~ €600p/m, no work needed and it came fully furnished, decent stuff too.

Most I spent was on a paint job @ €1000. Dublins grand for a visit.

John_Rambo

Did ok in the Dublin market. Small fry to be honest. Bought in what was perceived to be a bad area, lived there, then rented it to professionals, sold for five times what I bought for. Had some fun, nice cars, travel etc... then bought a house in a well serviced suburb very close to the city and the beach that doesn't at all match my pay package, refurbished and upgraded everything. My mortgage is less than half the worth of the house. Again, like the others, more luck than guile.

But, as we well know, that could all change in the blink of a banker whipping a number out of his a7se!!

You're going to see a lot of "I know a guy" anecdotes on this thread!

Rew

Guy I bought my house off of in 2008 did pretty well... He's in Oz now wonder how he is doing in that bubble.

Stoogie

Ray Palmer wrote: »

I used to post a lot on this thread before and after the crash. Lots of people posted how they were waiting for the crash and then they would swoop in and pickup a bargain. I pointed out that if the market crashed employment would drop and banks wouldn't loan much. Pretty sure I mentioned interest rates would go higher too.
There was then reports of an impending housing shortage and massive rent rise which I said was likely but I probably underestimated the speed.

Anyway not here to say "I told you so" I am just wonder did people mange to get these great deals. There were opportunities at points where you could have lucked out. You could have sold close to the peak and bought at the bottom or had enough cash to buy the house you wanted. Not really looking for news story of some company or individuals just people who come here.

I bought a 4 bed detached all hardwood floors 250m2 with a solid kitchen and 5 bathrooms 8 years old 12 miles from a county town. €154k 2013

John_Rambo

Stoogie wrote: »

I bought a 4 bed detached all hardwood floors 250m2 with a solid kitchen and 5 bathrooms 8 years old 12 miles from a county town. €154k 2013

You must be incredibly clean.

Stoogie

John_Rambo wrote: »

You must be incredibly clean.

I have my own bathroom which means i only have to clean it once a week . I read somewhere its the secret to a good marriage

John_Rambo

Stoogie wrote: »

I have my own bathroom which means i only have to clean it once a week . I read somewhere its the secret to a good marriage

haha! Turbo extractor fan, TV, heated floor, strongest wi-fi in the house, badger hair shaving brush etc...

Stoogie

John_Rambo wrote: »

haha! Turbo extractor fan, TV, heated floor, strongest wi-fi in the house, badger hair shaving brush etc...

Exactly + Merkur Progress and gillette butterfly safety 1962 depending on my mood.

John_Rambo

Stoogie wrote: »

Exactly + Merkur Progress and gillette butterfly safety 1962 depending on my mood.

Good man! Congrats on your home purchase. It's a biggie! You gotta get it right!

endacl

Chris_5339762 wrote: »

I guess I got lucky. Without going into figures it turns out I bought my apartment close to the bottom of the market and I have a small mortgage thanks to viscous overpayment paying a fraction of what it would cost to rent it at the moment. In time I'll sell and buy a house, and since property prices have gone up I'll have a very nice deposit to buy myself an unnecessarily big house with more land than I'll know what to do with down the country somewhere.

Fair play.

Gloomtastic!

Stoogie wrote: »

I have my own bathroom which means i only have to clean it once a week . I read somewhere its the secret to a good marriage

The secret is to get a cleaner.

martingriff

I bought mine in 2010 for what I thought was a good price but then the construction company went into liquidation. There was still 1 left and got sold for stupid less money. I did my my place for life and not to sell on but I suppose if I checked I be able to get a bit of profit

Stoogie

Gloomtastic! wrote: »

The secret is to get a cleaner.

I can't abide the thought of that, the sister in law swears by them but no.

Stoogie

mansize wrote: »

Bought a house for a absolute steal in 2011, repayments are super low, even managed to pay a bit off the capital also. Interest rate is high enough, but won't complain.

Ah I said what I paid. Tell us

micar

Bought in santry near DCU end of 2012. A 3 bed semi.

Houses in the area now being sold for 50% more than what I paid.

ted1

Rented for years, bought 3 bed in South Dublin in may 2012. Small mortgage, could sell for close to double what I paid.

Stoogie

micar wrote: »

Bought in santry near DCU end of 2012. A 3 bed semi.

Houses in the area now being sold for 50% more than what I paid.

That's a serious gain in equity.:)