So Who Played the Housing Market and Won?

Stealthfins

Ella Huge Pillar 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 the guy from Clare

Stealthfins

Stealthfins wrote: »

Is that the guy from Clare

No not from Clare. It wouldn't be a well known story as there was no story really about it only locals would know.

Aye Bosun

I did, brought right at the bottom of the market in Aug 2011, delighted with my purchase, house has more than doubled in value since (not that I plan on selling). I remember posting to boards at the time, all the doom and gloom'ers were out in force..what bad idea it was, the bank were crazy to be lending etc. Makes me laugh 5 years down line. I never benefited from the Tiger, was clever with my cash and was able jump when the time was right..look who's laughing now!

mariaalice

Aye Bosun wrote: »

I did, brought right at the bottom of the market in Aug 2011, delighted with my purchase, house has more than doubled in value since (not that I plan on selling). I remember posting to boards at the time, all the doom and gloom'ers were out in force..what bad idea it was, the bank were crazy to be lending etc. Makes me laugh 5 years down line. I never benefited from the Tiger, was clever with my cash and was able jump when the time was right..look who's laughing now!

Anyone who purchased at the bottom of the market has done well, we purchased in 2012 about 6 to 9 months before it began to take off around here as it is a very strong area, the price for similar property has almost doubled what we paid for ours. I don't gloat about this we didn't do anything clever we were just lucky I would say that is the same for the majority of people who purchased at the bottom of the market, plus a home is a home not an investment.

Aye Bosun

mariaalice wrote: »

I don't gloat about this we didn't do anything clever we were just lucky

Just to clarify I'm not gloating at anyone who genuinely got screwed over by the recession..just laughing at all the doom and gloom'ers on boards back in 2011 and they were out in force back then!
I have a lot friends who pretty much have had their financial lives ruined by the crash and will be paying the price for it long into their retirement. I would never dream of gloating about my good fortune in the face of their bad luck. I was in the right place at the right time..nothing more!

seamus

GreatDefector wrote: »

Is that an urban legend?

Nope, there are quite a few examples of it. Developers built up landbanks in the back arse of nowhere and then went bust. When you're making margins in the tens of millions, throwing €1m at a ten-acre site outside a town seems like small change. NAMA and the liquidators realised that much of the land was never going to be any good for residential development and had to let it go again for nothing.
http://www.independent.ie/irish-news/meet-the-farmer-who-sold-his-land-for-15m-seven-years-ago-and-bought-it-back-for-60000-28812351.html

hairyslug wrote: »

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

Same here really. I lost out big in property value, but I had done well in my personal finances and had some good luck too. So while I sold my first property at an effective 30% loss on the original purchase price, I was still able to upgrade to a better property.

mariaalice

It probably a very complex issue, where I use to live a couple sold and moved to Kilkenny where one of them was from they would have made a good profit on that transaction is that playing the market and wining? or is it just the fact that the greater Dublin market is always more expensive that the rest of the county.

At the bottom of the marked the Irish time property supplement use to have the house hunting saga of a couple one of whom though they would be able to purchases a 2 story over basement south side Victorian/Edwardian redbrick for 500k even at the bottom of the market that was delusional.

pwurple

I wouldn't say we played the property market, but we got our timing ok.

We bought around 2000, a small place in a housing estate and overpaid like crazy people, had 30k left on the mortgage after overpaying it for 6 years. Sold in 2010, not because we wanted to play the market, but because we were expecting a baby, wanted to move to a more child-friendly area with schools / sports facilities within walking distance. The market had started falling by then, but it wasn't too bad. Still got more for the house than what we had initially paid for it. Stuck the proceeds of the sale of the house in an account and rented in the area we wanted to buy.

Had several house purchases fall through on us, for various reasons, people taking the house off the market because the prices were low mainly... and eventually bought at the very start of 2013.

We have a smallish mortgage (current LTV ~40%), and are overpaying again to try to get rid of it because the interest rate is crap at ~4%. We had a tracker mortgage on the previous house, which was much much better. We were very limited in mortgage providers at the time we were buying. AIB would only lend 1x combined salary, BOI was less again, so we ended up with KBC on that cruddy rate. Have negotiated but absolutely no budging them, so will move providers as soon we do a small bit of work on the house.

dublin7d7

Bought in Castletroy beside UL in 1997.
Sold in 2001, price had increased 115%
Used the proceeds to pay down on a Dublin property

Made a mistake though by not shortening the term of the Dublin mortgage
Fannied around for 7-8 years paying a small mortgage, wasting my money on other stuff when I should have been overpaying

Danbo!

Came very close to panic buying an apartment in 2006. I had finished college and was getting advice from all angles to get a mortgage asap, prices will only go up and you can't lose. My wife was still in college so decided to wait, thankfully.

Wanted to buy in 2011 but I was made redundant in 2010 and had a gap in employment for 4 months, along with a qualification in architecture, so banks wouldn't let me in the door, let alone lend me money. I really wished I hadn't looked at houses then, the price difference was eye watering.

Ended up buying in early 2014 for an ok price once I had better work history in a new industry. A week after we went sale agreed the articles about prices going up started. Our seller got spooked and tried to get €30,000 more out of us or go back to market. I didn't think it was worth it so told them to give me my deposit back. Turned out I unintentionally called their bluff and the sale eventually went through. Couple of houses in the estate in worse repair went for a good bit more since, but we've no plans to move.

BoatMad

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.

anyone that sold by 2006 and bought after 2010 - 2014 , they cleared up

Hollister11

My uncle bought 10 apartments for under 100K each. He hasn't got down valued but neighbouring ones are selling for between 200 - 250k.

The_Valeyard

Bought my place close to the bottom Of The market. Could not afford it now if it went for sale. I consider myself very lucky. This is a home I plan to live in for the next 30 years.

mansize

The_Valeyard wrote: »

Bought my place close to the bottom Of The market. Could not afford it now if it went for sale. I consider myself very lucky. This is a home I plan to live in for the next 30 years.

I'm the exact same.

SarahMollie

I wouldnt say I "won" but I'm definitely happy not to be renting right now.

Back in 2010/11 my old LL passed away and the house was sold (3 bed terrace in clontarf - workable but very dated). His sister asked me if I wanted to buy the house for €250k and I offered €230k. They put it on the market and ultimately got €260k i think. It was hard for me to know what to do because nothing was moving and things hadnt started to pick up yet.

Its now easily worth €400k+ so yes, if I'd bought that, I suppose I would have been winning but equally, living in Clontarf wouldnt suit the way my life has worked out so it would have presented its own challenges. If I'd agreed to the €250k straight up, it would never have gone on the market.

Ultimately paid a lot more that €250k for a 3bed duplex in 2015. It would cost us €2k per month to rent, so my mortgage and other costs are a lot less than that because I'd a good deposit and at least I'm (slowly) building equity.

So I definitly missed out on making a killing but equally I'm aware that I'm v.lucky compared to a lot of ppl.

I just wish I was in the position I am now 3 years ago. I was following the market and there was so much value but didn't have the funds to buy. Even now prices aren't awful but are still 50 to 75% higher for many places than back then.

There were very nice apartments that I was keeping an eye on and at the prices 3 years ago and my position now I could have almost bought two. They are selling for about 70k more now than 3 years ago, that being said they are still over 100k lower than they were sold for in the boom just to show how mad things got.

Tombo2001

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.

Would you be starting the thread if it hadn't gone your way.....


God, the amount of people on propertypin back in 2010/2011 saying that buying property was for suckers and that renting was the way to go.......

People who had sold their houses couldn't wait to tell you......every thread started....we sold our house back in 2008......now we're renting.

Now its gone full circle.......its back to....."I'm so glad we bought when we did......just want to let y'all know"......

Anyone can be right once.

Predict the next cycle and I'll be impressed.

techdiver

Bought in 2014 (outside of Dublin, so the market was lagging and just about turning around), houses now going in the area for anything from 25 - 50% higher.

No intention of selling though. My number one priority was a manageable mortgage and I achieved that without stretching myself. I'm overpaying by a small amount each month too in order to eat into the principal, so hopefully that should bear fruit over the years to come if I do decide to trade up.

Stone Deaf 4evr

Zainab Numerous Vulgarity wrote: »

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.

you from mallow by any chance?

Stone Deaf 4evr

Stone Deaf 4evr wrote: »

you from mallow by any chance?

No, I'm not going to say where so no point in people asking.

TeaBagMania

Purchased in 2006 for what was fair market value, similar homes in my neighborhood are renting for $1500 and up, my payment is $700 plus insurance and taxes so yeah I think I did well.

Planning to stay here until I retire and hope the equity will buy a small house in the west Ireland

gomamochi1

had been lurking for for several years saving deposit etc la de daa... ended up buying a doer uppper 1950's semi d in churchtown for 270k end of 2011- SELF BUILD RENOVATE JOB- plus attic conversion sold for 490k 18 MONTHS LATER- moved up the country due to work/ close to family etc and eventually bought again in 2015 detached doer upper again.... on 2 acres country side for 330K minus the money saved and renovation costs as needed replumbing/ wiring/ window etc left with a mortgage of 180K- Happy out though would have loved to be mortgage free if held off selling in churchtown a bit longer---

jackal

I joined the property pin in 2006, it was clear to me that it was all going to go wrong, and I had no intention of being the last fool to pay a million for a semi-d in SCD (not that I had a million).

We missed out on some real bargains in 2011-2012, being too picky about everything and thinking that we would have things our own way, as it was a total buyers market at that time and all conventional wisdom was you would be mad to buy. Eventually we could see that interest and confidence was returning in 2013, and we got more realistic about what we could get and bought just as prices were rising. We got gouged a bit in a bidding war but we "won" in the end.

We ended up getting a 4 bed semi-d in the blackrock area with a huge garden for 450+

Did not feel like winning at the time, we had turned down much better bargains in the preceding years.

Anyway its our first house and is potentially a house for life, which is all we wanted, we are not looking to start a property empire.

I found in 2011-2013 we were competing almost exclusively against cash buyers. I work in IT so my earnings were largely insulated from the downturn, hence why we were able to get a mortgage at a time when they were hard to come by. We also had a large gift to help us buy - which we would not have been able to do otherwise.

worded

Moved to a new rental in 2007 and was told by the letting agent while she was getting into her car ....

So you must he one if these bsatards waiting for the market to fully crash and bottom out so you can buy a house on the cheap - that was the tramps exact words. Horrible insulting estate agents, they were really patronising to deal with all the time.

Rent dropped from 1.400 to 1025 on exit in 2013

Picked up a gaff for 250 in 2013 and it's worth 350 now

I wonder what her gaffs are worth, she must have some neg equity to be so bitter and unprofessional with me

Anyway I watched the market for years like a hawk and got in at the bottom 10%

macnug

We bought off the plans in 2005, sold in early 2007. Made about a 20% profit. I would have sold earlier as I knew what was coming but my partner didn't want to as we had just had a baby in late 2006. I remember every one telling me I was mad and that it was a silly move.

Rented for a couple of years then bought a house for cash in 2013 with the profit I made. House needed a fair but of cosmetic work but it was a brand new house so should be fine. House has more than doubled in value since.

Now its no mansion in foxrock, its your average 3 bed semi in laois but it does us and it feels good to mortgage free at 34. Made a lot of bad decisions in my life but at least I can say I've made two right ones at least.

My brother was of the typical "first-house-buying age" for his generation between about 2006-2008 but I can remember him at the time very consciously opting not to (despite having an income which would have allowed him to), telling me and my family that what comes up must come down, that houses were just building materials constructed into a dwelling and that there was no way the average 300,000 euro house was worth the price-tag in his opinion. He rented instead.

He would educate me on how mortgages worked, how you would end up paying back twice as much over the course of it etc. and he would often remark just how crazy the boom was and how everyone seemed to be rich even though we weren't "producing" the "stuff" as a country to pay for it. I remember feeling very impressed at the time with his indifference to what I imagined would for me have been irresistable social pressure to "get on the housing ladder".

Not that I didn't feel there was something "too good to be true" about the boom myself at the time, even though I was only in my mid teens - I remember thinking that it was bizarre how well-off and materially comfortable everyone seemed to be compared to when I was a child in the 90s and knowing that a construction boom was a big part of the boom, I wondered about how much longer mortgages could get, seeing as they were already 35, 40 years long by 2006/7 etc..

My brother maintained a good job and income throughout the recession years, saved up the lions share of the price of house and got a small mortgage, buying a beautiful house in the countryside near the bottom of the market about 2 years ago. I know people could say "he was lucky, he looks smart in hindsight" but he is one of the few people I know who I believe genuinely could see the wood from the trees since at least 2003/4 and operated in accordance with his, what turned out to be correct, gut feelings.

Villa05

Tombo2001 wrote:

God, the amount of people on propertypin back in 2010/2011 saying that buying property was for suckers and that renting was the way to go.......

The propertypin called the crash and the recovery correctly if you pay heed to the more intelligent posters, that is



Purchased at the bottom of the market in one of irelands smaller cities, don't see it as playing and winning, rather avoiding being fleeced on one of the most important purchases of your life.

Feel sorry for those that have and continue to be fleeced in this rigged property market

John_Rambo

Stone Deaf 4evr wrote: »

you from mallow by any chance?

I'm pretty sure he's talking about Annaghdown, Galway.

Stoogie

Tombo2001 wrote: »

Would you be starting the thread if it hadn't gone your way.....


God, the amount of people on propertypin back in 2010/2011 saying that buying property was for suckers and that renting was the way to go.......

People who had sold their houses couldn't wait to tell you......every thread started....we sold our house back in 2008......now we're renting.

Now its gone full circle.......its back to....."I'm so glad we bought when we did......just want to let y'all know"......

Anyone can be right once.

Predict the next cycle and I'll be impressed.

i wasn't boasting i was just saying i was happy with my purchase
keeps me clean and all.

John_Rambo

Tombo2001 wrote: »

Would you be starting the thread if it hadn't gone your way.....

You're right, it's a bit boastful. But... most people are saying it's more luck than knowledge!

The funniest are the "I would have bought such and such because I knew" stories. Of course you knew. :pac: