Property Market 2018

Bluefoam

Lads, let's stop analysing the guy's career... There are lots of varying reasons we all do what we do, he works a good job and earns what is for all intents and purposes a good salary. This thread should be about property and the property Market.

Cuddlesworth

Bluefoam wrote: »

Lads, let's stop analysing the guy's career... There are lots of varying reasons we all do what we do, he works a good job and earns what is for all intents and purposes a good salary. This thread should be about property and the property Market.

Wages and property costs are linked sadly. As others have said, most couples buying in the more desirable areas in Dublin are earning at minimum 100k combined.

Bluefoam

Cuddlesworth wrote: »

Wages and property costs are linked sadly. As others have said, most couples buying in the more desirable areas in Dublin are earning at minimum 100k combined.

They are indeed linked, as are inheritance, asset release and family gifts... But we're not discussing who's granny is worth more than the other... There's plenty of people who earn a range of salaries and do good work that benefits the economy, everyone with a job should be in a position to have a home. Unfortunately, our government have established a strategic plan that means it is going to be more and more difficult for young people to buy a home, they will have to rent all of their lives and when they reach retirement they'll have to disappear up their own bottoms...

M.Cribben

Bluefoam wrote: »

They are indeed linked, as are inheritance, asset release and family gifts... But we're not discussing who's granny is worth more than the other... There's plenty of people who earn a range of salaries and do good work that benefits the economy, everyone with a job should be in a position to have a home. Unfortunately, our government have established a strategic plan that means it is going to be more and more difficult for young people to buy a home, they will have to rent all of their lives and when they reach retirement they'll have to disappear up their own bottoms...

That's giving them more credit than due to be honest. It's more decades of a lack of any kind of long-term strategic thinking (+ a series of stupid mistakes) which has brought us to where we are today.
Building should never have stopped so dramatically from 2009-2013.
Housing stock should never have been sold off at rock bottom prices to foreign vulture funds.

Cyrus

Bluefoam wrote: »

Everyone with a job should be in a position to have a home.

in a desirable dublin suburb?

draiochtanois

This post has been deleted.

Sleepy

M.Cribben wrote: »

Housing stock should never have been sold off at rock bottom prices to foreign vulture funds.

And councils should never have sold their social housing stock at rock bottom prices to those who had already benefited from years of sub-market value rent.

Cuddlesworth

Sleepy wrote: »

And councils should never have sold their social housing stock at rock bottom prices to those who had already benefited from years of sub-market value rent.

Never have sold? They are still selling them off.

Cyrus

draiochtanois wrote: »

This post has been deleted.

well i can, just about, afford to live here, but thats with two people working full time in what would be considered well paid jobs, juggling child care and all that entails.

but the reality is housing is affordable for everyone it just may not be where they want to live.

Ideally id like to be right on the Vico road, gazing into the sea every morning, but i cant afford it.:o

Bluefoam

Bluefoam wrote: »

...........they will have to rent all of their lives and when they reach retirement they'll have to disappear up their own bottoms...

I know a few pensioners that are in rented apartments, RA or whatever it's called is covering the rent, or most of it.

Topgear on Dave

Sleepy wrote: »

And councils should never have sold their social housing stock at rock bottom prices to those who had already benefited from years of sub-market value rent.

Its one of their most popular policies. :pac:

M.Cribben

Augeo wrote: »

I know a few pensioners that are in rented apartments, RA or whatever it's called is covering the rent, or most of it.

Not a position I'd personally like to be in at retirement age.
Maybe if we had affordable rents and proper security of tenure (15-20 year leases) I would consider it as an alternative to ownership in the future.

heebusjeebus

https://www.independent.ie/business/personal-finance/property-mortgages/fears-south-dublin-suburb-would-end-up-like-communist-europe-in-wake-of-planned-development-36911460.html


This is ridiculous from Shane Ross again. The site of Esmonde Motors in Stillorgan is stuck up against the N11 so it's the perfect place to build a mid-rise apartment complex.
How are we going to fix the need for housing in the area without developments like this?

eeguy

heebusjeebus wrote: »

https://www.independent.ie/business/personal-finance/property-mortgages/fears-south-dublin-suburb-would-end-up-like-communist-europe-in-wake-of-planned-development-36911460.html


This is ridiculous from Shane Ross again. The site of Esmonde Motors in Stillorgan is stuck up against the N11 so it's the perfect place to build a mid-rise apartment complex.
How are we going to fix the need for housing in the area without developments like this?

the cottages have historic value as former artisan dwellings in the old village, they have character and define a sense of place

Near every building in Dublin has a historic value to someone. You wouldn't get anything done if everything historic needed to be preserved.

heebusjeebus

eeguy wrote: »

Near every building in Dublin has a historic value to someone. You wouldn't get anything done if everything historic needed to be preserved.

Someone on Reddit posted a mockup from the planning. Looks great to me:

Cyrus

heebusjeebus wrote: »

Someone on Reddit posted a mockup from the planning. Looks great to me:

better than whats there for sure

zl1whqvjs75cdy

Shane Ross is such a pain. I thought he did great with the bus eireann strike but jaysus he's been a disaster since.

M.Cribben

http://www.thejournal.ie/rent-tourists-4014094-May2018/

So that's where half the rental stock is gone..

Villa05

Kyra CoolS Fingernail wrote:

Shane Ross is such a pain. I thought he did great with the bus eireann strike but jaysus he's been a disaster since.

I think that dail pension is as destructive to the nation as the bankers bonuses were in the noughties

He wants to be re-elected to maximise his pension

Bob24

M.Cribben wrote: »

http://www.thejournal.ie/rent-tourists-4014094-May2018/

So that's where half the rental stock is gone..

I am absolutely not an Airbnb supporter (in its current form) and think that space requires much more regulation both to protect long term residential units and to make it fair to hotels and traditional B&B who are direct competitors but with many more rules to follow.

But still I think the way the situation is presented here is very misleading.

Firstly they are looking at available stock which gives no indication of the share of short term lets in the overall housing stock (which in my view would be a much more interesting metrics than just the share of available rentals).

Secondly I am not sure the notion of “available” is comparable between long term and short term lets. For long term rentals it is fairly straight forward and means it is or will be empty soon and is up for grab in the long term. For a short term let it might mean it is full booked out for the next 6 months except one day whereby it is available (socreally it is occupied most of the time). I am not sure those 2 set of figures can be compared and what the comparison means (basically the very nature of being short term means a place will be available more often and listed online a lot more than a long term let).

whatever76

this crap makes my blood boil - https://www.independent.ie/business/personal-finance/property-mortgages/revealed-bank-chiefs-28m-mortgage-costs-him-just-1400-a-month-36911457.html

awec

Cyrus wrote: »

better than whats there for sure

Definitely.


And surely the businesses across the road would be delighted to see this? The Orchard pub etc is half empty any time I go in to it.

Arthur Daley

whatever76 wrote: »

this crap makes my blood boil - https://www.independent.ie/business/personal-finance/property-mortgages/revealed-bank-chiefs-28m-mortgage-costs-him-just-1400-a-month-36911457.html

So it suggests the note to the accounts are misleading. Based on the Indo doing a back of a fag box calc using BOIs own website.

heebusjeebus

whatever76 wrote: »

this crap makes my blood boil - https://www.independent.ie/business/personal-finance/property-mortgages/revealed-bank-chiefs-28m-mortgage-costs-him-just-1400-a-month-36911457.html

Is he just paying the interest then?

Mr Kennedy's mortgage principal remained constant through the payment of varying amounts of interest.

Cyrus

whatever76 wrote: »

this crap makes my blood boil - https://www.independent.ie/business/personal-finance/property-mortgages/revealed-bank-chiefs-28m-mortgage-costs-him-just-1400-a-month-36911457.html

why?

i was about to write something similar but a poster on another forum has explained it pretty well below:

He has front-loaded payment. That's all. He's massively overpaying on the terms of the mortgage that we know of. Lots of people do that. You pay your bonus or maturing savings schemes in. Better use that than have the cash floating around.

You're incorrectly focusing on the amount paid off a month vs "is the loan being serviced". I don't think that's necessarily your fault, because they've written the article to confuse you.

The article doesn't say how much the mortgage is, or the value of the house, or when he took it out. So all you know for sure is that at the beginning of 2013 he had a mortgage of 4.2 million and at the end of 2017, he'd paid that down to 2.8 million.

So over 4 years (With the proviso that we don't know the details above), he's repaid 30% of the known mortgage amount. To use your monthly focus: He's actually repaid just under 30k for every month of those 4 years. He just did a lot of it in one go.

Bob24

heebusjeebus wrote: »

Is he just paying the interest then?

Most likely. The Indo is just looking for clicks on its website here with a catchy title (I’m not defending the guy to be clear and he might be a seriously bad payer which the bank should sure rather than employ, but comparing what is likely an interest only arrangement on a partially repaid mortgage to the full repayment of a complete loan as they do “to put it in perspective” shouldn’t be called journalism and gives me zero confidence about the accuracy of how they present his situation).

Cyrus

Bob24 wrote: »

Most likely. The Indo is just looking for clicks on its website here with a catchy title (I’m not defending the guy to be clear and he is a seriously bad payer which the bank should sure rather than employ, but comparing what is likely an interest only arrangement on a partially repaid mortgage to the full repayment of a complete loan as they do “to put it in perspective” shouldn’t be called journalism).

seriously bad payer?

or has be overpaid a fortune in the first few years, big difference

keane2097

It wouldn't seem that outrageous for him to be doing interest only month-to-month then paying off large chunks periodically.

Shedite27

M.Cribben wrote: »

http://www.thejournal.ie/rent-tourists-4014094-May2018/

So that's where half the rental stock is gone..

Always seemed a strange one to me:
Public can't get affordable apartments so are put up in hotels.
Tourists can't get affordable hotels so rent apartments

whatever76

I didn't think of the interest only payment actually so my bad there - perhaps he is ... on first reading is just read like he got a nice deal with the bank of some sort so I may have jumped the gun - prob just a bit frustrated as going through the process at the minute and not having much luck - and stories from the indo which I know cannot be trusted doesn't help me - I shouldn't give in to the click bait !!