Are we really back to this sh*t again?

Elessar

Couples camp in cars for two nights to buy homes.

People are back queuing for days to buy a house. Like really? I'm normally a fairly laid back kind of guy but this story really bothers me for some reason. For a new development in Portmarnock:

Many had camped in their cars throughout last Friday night and braved the elements on one of the coldest nights this winter to make sure they were at the top of the queue yesterday morning to see the new three- and four-bedroom homes in St Marnock's Bay, Portmarnock, Co Dublin, which range in price from €450,000 to €665,000.

Accountant Alan Kenna was ahead of most though. He arrived last Thursday and took the Friday off work to keep a place in line.

Queuing for days for the privilege of handing over between four hundred and fifty thousand and six hundred and sixty five thousand euro for a house. I don't have anything against the people in question (best of luck to them) but for this to become normal again when people are house hunting is flabbergasting. Is housing supply really that bad? I suppose it wouldn't be so bad if the houses were reasonably priced, but at circa. €500k for people to be practically clambering over each other to get one wreaks of something very wrong. What next? Fights in line over who gets the last 4 bed?

I don't know what bothers me more: that new development houses are so rare that people have to camp for days just to view one, or that they are so insanely expensive that people are forced to pay half a million euro for one, and yet still have to queue.

Wanderer78

Oh don't worry, we probably won't have to wait too long for this crash to come. Sit back and watch

wakka12

We will never learn

Smoked Tuna

Food shelter and water, the bare necessities of life.

People will fight for these neccesities

gifted

Let them off....not costing me anything...










Until we have to bail them out again.....

Wanderer78

Smoked Tuna wrote:

People will fight for these neccesities

Some might say, it's good for the economy!

drunkmonkey

We've seen the movie they haven't. The butterflies will get their wings burned by 2024 if not sooner.
Just make as much out of them as you can.

eviltwin

I'm surprised houses like that go to first time buyers. Is the starter home completely gone now?

drunkmonkey

eviltwin wrote: »

I'm surprised houses like that go to first time buyers. Is the starter home completely gone now?

Starter home was the biggest cod of all, should be a 1 time purchase unless your a speculator.

SEPT 23 1989

May the lord have mercy on their souls

Wanderer78

drunkmonkey wrote:

Starter home was the biggest cod of all, should be a 1 time purchase unless your a speculator.

Speculators can head the fcuk off!

Jimbob1977

The houses looked decent enough.

Looks like there's a major property bubble emerging. And we are sleepwalking into the same crisis as before.

Although the underlying causes are different. Supply and demand this time..... global recession after a boom last time.

I was looking to buy a house back in 2006. Swept up in the same madness... like an infection. We left Dublin and dodged the bullet by sheer good luck. Considered €500k for houses that would have lost 50% value in a year.

frozenfrozen

how can I make money out of the next crash? I want yacht money

Johnboner

Jimbob1977 wrote: »

The houses looked decent enough.

Looks like there's a major property bubble emerging. And we are sleepwalking into the same crisis as before.

Although the underlying causes are different. Supply and demand this time..... global recession after a boom last time.

I was looking to buy a house back in 2006. Swept up in the same madness... like an infection. We left Dublin and dodged the bullet by sheer good luck. Considered €500k for houses that would have lost 50% value in a year.

Sleepwalking??? No it is done by choice.

HeidiHeidi

frozenfrozen wrote: »

how can I make money out of the next crash? I want yacht money

A yacht is a very efficient way of quickly and easily disposing of money :eek:

pauliebdub

There are plenty of houses available in North Dublin, just log on to daft or myhome, it just seems that new builds are in high demand. Portmarnock is hardly the most exciting place to live, they could easily find somewhere in Malahide, where there are much better amenities, for that sort of money.

pablo128

pauliebdub wrote: »

There are plenty of houses available in North Dublin, just log on to daft or myhome, it just seems that new builds are in high demand. Portmarnock is hardly the most exciting place to live, they could easily find somewhere in Malahide, where there are much better amenities, for that sort of money.

At least with a new build, the price is the price. No bidding wars to put up with.

Free-2-Flow

Elessar wrote:

People are back queuing for days to buy a house. Like really? I'm normally a fairly laid back kind of guy but this story really bothers me for some reason. For a new development in Portmarnock:

The Irish have Goldfish memories, kinda like the same way we Voted in Fianna Gael because we were discusted with Fianna Fail, then voted in Fianna Fail because we were discusted with Fianna Gael.

suicide_circus

What are people to do though? Feck all houses on the market, a fly-by-night rental sector, nothing being built. Rock and a hard place.

Banana Republican

Remember my dad breaking his sides laughing back in 2010 as we sat back and watched primetime about the crash. I asked what he found so funny and he replied how he found it funny that the politicians on the programme thought we'd learn lessons from what had happened. How right he was.

DuMorph

I wonder how much The Independent (the source of this story) made in advertising revenue from the last property price bubble-

Barry Badrinath

Supply Vs Demand.

Ive heard of people queuing longer for an iPhone.

These people are queuing for a limited amount of houses in an area they want to live.

Houses (majorily) arent free. Whats the problem?

76544567

drunkmonkey wrote: »

We've seen the movie they haven't. The butterflies will get their wings burned by 2024 if not sooner.
Just make as much out of them as you can.

The way to make money is to sit out the fenzy, hold on to your dosh and buy after the next crash. Not only is there a property crash coming here, there is a global economic crash coming from too.

Once you see the articles in the papers about builders begging the tradesmen to come home, it's all over.

Dirty Dingus McGee

The government should have subsidised a national house building policy and flooded the market with houses thus reducing prices and stopping this nonsense once and for all where people are completely overcharged for what is a necessity in life,.It's ridiculous the cost of buying and renting in this country and the government sadly don't have the balls to do what is right for the ordinary people of ireland that they are supposed to be serving.

Spanish Eyes

Directly under the flight path to Dublin Airport aswell. How nice.

But Portmarnock is a nice place, DART beside the development, the beach down the road, and a lovely walk into Malahide too.

No wonder they are queuing up. Demand exceeds supply so much, and with a new build the FTBs get a tax credit or something like that. Win, win.

Microdot

Stupid splendour.

Jimbob1977

frozenfrozen wrote: »

how can I make money out of the next crash? I want yacht money

Wait for the crash..... buy cheap..... wait for the next bubble and sell just before the next crash.

It's what all those REIT companies are doing

Capt'n Midnight

pablo128 wrote: »

At least with a new build, the price is the price. No bidding wars to put up with.

LOL

Haven't you heard of gazumping ?

Also non-refundable deposits are a handy little earner too.

Agricola

Free-2-Flow wrote: »

The Irish have Goldfish memories, kinda like the same way we Voted in Fianna Gael because we were discusted with Fianna Fail, then voted in Fianna Fail because we were discusted with Fianna Gael.

Well that and the fact a lot of buyers now looking for houses were in school or college when the collapse happened in '08 or others just weren't affected as regards negative equity etc. These people didn't get burned the first time so they're just going to run headlong into it this time.
Also theres the small matter of the national obsession with property ownership which is fueled by ridiculous tenancy laws. We have the perfect storm of criteria needed here to keep creating bubbles.

pablo128

Dirty Dingus McGee wrote: »

The government should have subsidised a national house building policy and flooded the market with houses thus reducing prices and stopping this nonsense once and for all where people are completely overcharged for what is a necessity in life,.It's ridiculous the cost of buying and renting in this country and the government sadly don't have the balls to do what is right for the ordinary people of ireland that they are supposed to be serving.

THat won't happen as a lot of politicians are landlords too. They are hardly gonna reduce the value of their investments voluntarily.

Johngoose

Elessar wrote: »

Couples camp in cars for two nights to buy homes.

People are back queuing for days to buy a house. Like really? I'm normally a fairly laid back kind of guy but this story really bothers me for some reason. For a new development in Portmarnock:



Queuing for days for the privilege of handing over between four hundred and fifty thousand and six hundred and sixty five thousand euro for a house. I don't have anything against the people in question (best of luck to them) but for this to become normal again when people are house hunting is flabbergasting. Is housing supply really that bad? I suppose it wouldn't be so bad if the houses were reasonably priced, but at circa. €500k for people to be practically clambering over each other to get one wreaks of something very wrong. What next? Fights in line over who gets the last 4 bed?

I don't know what bothers me more: that new development houses are so rare that people have to camp for days just to view one, or that they are so insanely expensive that people are forced to pay half a million euro for one, and yet still have to queue.

There are two many uncertainties in my book at the moment with Donald Trump and Brexit,for any sane person to be handing over €500,000 for a 2 bed terraced house in a posh area of Dublin. Portmarnock is an insane area to be spending this money in.

maryishere

Jimbob1977 wrote: »

Looks like there's a major property bubble emerging.

Only in the Pale, and that is because the Government is stupid enough to locate so many big companies, government offices etc there.

In many counties eg Roscommon, Leitrim, Donegal , you can buy property for less than half construction cost.

Wesser

They are not anywhere near sold out. Went up this morning to have a look. Everyone calm down.

pablo128

maryishere wrote: »

Only in the Pale, and that is because the Government is stupid enough to locate so many big companies, government offices etc there.

In many counties eg Roscommon, Leitrim, Donegal , you can buy property for less than half construction cost.

It's common in any country to have more demand near the bigger cities. I'm sure you could buy property for little or nothing in the Australian outback or some other remote parts of the world.

No-one bats an eyelid when the typically second most expensive purchase goes down in value after some time. Their cars.

maryishere

pablo128 wrote: »

No-one bats an eyelid when the typically second most expensive purchase goes down in value after some time. Their cars.

Most cars are next to useless after say 15 years. Houses are generally just as liveable in after 15 years as after 1 year ( assuming they were built and maintained properly).

maryishere

pablo128 wrote: »

It's common in any country to have more demand near the bigger cities. I'm sure you could buy property for little or nothing in the Australian outback or some other remote parts of the world.

I doubt if you could buy a 2 bed apartment for 60k an hour from Perth.

thisonetaken

Wesser wrote: »

They are not anywhere near sold out. Went up this morning to have a look. Everyone calm down.

It's not about people thinking they will sell out fast, it's about ensuring you get the best located houses in the development. Anyone spending that much money for a house they will be in for 30 years would be mad not to queue to get the best one.

76544567

I suspect there will be a lot of current investment properties going on the market in the next six tk twelve months which might bring prices down a bit. I'm selling up quickly before the rush. Putting my money where my mouth is so I don't get burned. Actually I'm not doing g it of my own accord. I've been pushed into it by the government so I'll thanks them in a year or so maybe. Not thanking them at the moment though.

1991 pmaC epacS

Everyone is talking about the next economic crash like it's inevitable, without mentioning the circumstances which will trigger such a crash. For example the EU/US rising national debt levels, low interest rates, and so on.. I don't buy into this line of thinking "Property prices are rising now at a similar % as 2000-2006, then the 2008 financial crisis hit, therefore there will definitely be a similar financial crisis shortly".. what is the logic? Asking sincerely as I am genuinely interested.

Icemancometh

maryishere wrote: »

Only in the Pale, and that is because the Government is stupid enough to locate so many big companies, government offices etc there.

In many counties eg Roscommon, Leitrim, Donegal , you can buy property for less than half construction cost.

What big companies did the government choose to locate in Dublin? Seems to me official policy is to encourage companies to locate outside Dublin.

Cameo

There's a residential property shortage - this is the reason why. Why are comparisons being made with the "boom" era?

andekwarhola

Obviously the state meddling in the property market hasn't help but Irish people seem to like certain factors of being a modern country like high wages and standards of living but on the other hand react violently to the idea that the property market periodically overheats like everywhere else.

Cee-Jay-Cee

Banana Republican wrote: »

Remember my dad breaking his sides laughing back in 2010 as we sat back and watched primetime about the crash. I asked what he found so funny and he replied how he found it funny that the politicians on the programme thought we'd learn lessons from what had happened. How right he was.

But those self same shower of incompetent pricks are allowing the same to happen again. They should all be publically hanged for gross incompetence.

namloc1980

Cameo wrote: »

There's a residential property shortage - this is the reason why. Why are comparisons being made with the "boom" era?

Because over paying for overpriced property can only end in tears. I'm sure we'll have the experts on telling us this is different and the underlying economy is strong etc. We'll never learn it seems.

Yourself isit

1991 pmaC epacS wrote: »

Everyone is talking about the next economic crash like it's inevitable, without mentioning the circumstances which will trigger such a crash. For example the EU/US rising national debt levels, low interest rates, and so on.. I don't buy into this line of thinking "Property prices are rising now at a similar % as 2000-2006, then the 2008 financial crisis hit, therefore there will definitely be a similar financial crisis shortly".. what is the logic? Asking sincerely as I am genuinely interested.

I agree. The banks are not lending hand over fist like they used to. Of course the new government interference doesnt help.

This reminds me of what an economist once said about London property prices. There are two protential catastrophes, either London is a bubble and there will be a big crash or it isn't a bubble and the future generations will be screwed.

Yourself isit

namloc1980 wrote: »

Because over paying for overpriced property can only end in tears. I'm sure we'll have the experts on telling us this is different and the underlying economy is strong etc. We'll never learn it seems.

It is in fact different. Not that that is better.

Royale with Cheese

This is just supply vs demand is it not? Last time round demand outweighed supply largely down to extremely lax lending rules. This time? If the actual issue with shortage of supply of housing isn't fixed then how are prices going to crash unless the banking industry goes under again?

I'm not saying it won't happen. I just don't think it's the exact same situation all over again. I don't remember the rental market being this bad last time either.

maryishere

Icemancometh wrote: »

What big companies did the government choose to locate in Dublin?

Ask the IDA, they were probably involved;)

No wonder there is a housing shortage and traffic jams and everything so expensive here in Dublin now. Some of the jobs should have been spread around a bit.

CaptainR

How can people pay 650,000 for a house? If you were to pay back 500 a week that's 26 years, and that's before you include interest.

How much do these people earn?!

maryishere

CaptainR wrote: »

How can people pay 650,000 for a house? If you were to pay back 500 a week that's 26 years, and that's before you include interest.

How much do these people earn?!

You can buy fine houses in half the country for 100,000 to 200,000, and fine executive detached houses for 300,000.

Its a very divided country. The government promising decentralisation ( remember that) and "gateway cities" ( remember those) and then going back on those promises did not help.

pablo128

maryishere wrote: »

You can buy fine houses in half the country for 100,000 to 200,000, and fine executive detached houses for 300,000.

Its a very divided country. The government promising decentralisation ( remember that) and "gateway cities" ( remember those) and then going back on those promises did not help.

Do you mind me asking if you would move away from Dublin to one of these fine houses for little or nothing? And if not, why not?