Irish Property Market 2020 Part 2

Cyrus

PropQueries wrote: »

Glenveagh cuts prices on luxury properties in Dublin and Wicklow to accelerate sales.

According to the Irish Independent: “House builder Glenveagh Properties is cutting prices on hundreds of luxury homes in Dublin and Wicklow in a sign of weak demand at the top end of the market.”

Irish Independent article here: https://www.independent.ie/business/personal-finance/property-mortgages/glenveagh-cuts-prices-on-luxury-properties-in-dublin-and-wicklow-to-accelerate-sales-39513776.html

yes i know of someone who got one of the 900k marina village houses in Greystones for 750k, the neighbours are not happy!

that type of development isnt glenveaghs core business, and the higher end stuff has been slow moving for a while now, this isnt a covid specific response, rather they have used covid to do something that would have been unpaletable without it.

Assetbacked

What price range would be considered "top end" of the market from Glenveagh's perspective?

Cyrus

Assetbacked wrote: »

What price range would be considered "top end" of the market from Glenveagh's perspective?

i presume marina village in greystones and proby square in blackrock, 4/5 bedroom houses 900k-1.5m

the average selling price for their houses is circa 300k pre vat so thats their end of the market.

landofthetree

PropQueries wrote: »

Glenveagh cuts prices on luxury properties in Dublin and Wicklow to accelerate sales.

According to the Irish Independent: “House builder Glenveagh Properties is cutting prices on hundreds of luxury homes in Dublin and Wicklow in a sign of weak demand at the top end of the market.”

Irish Independent article here: https://www.independent.ie/business/personal-finance/property-mortgages/glenveagh-cuts-prices-on-luxury-properties-in-dublin-and-wicklow-to-accelerate-sales-39513776.html

I predicted this months back.

https://www.boards.ie/vbulletin/showpost.php?p=113497111&postcount=7605

Loans have to be serviced so cash flow is vital. Property developers are screwed witbout sales coming in.

Expect to see it happen on the lower priced property in the next couple of months,


Next stage is the small property developers will start to go under. You know the type. His shills who work for him say he is sound, he is a good businessman,his property are well built etc

hometruths

Cyrus wrote: »

yes i know of someone who got one of the 900k marina village houses in Greystones for 750k, the neighbours are not happy!

what's their problem?

Cyrus

landofthetree wrote: »

I predicted this months back.

https://www.boards.ie/vbulletin/showpost.php?p=113497111&postcount=7605

Loans have to be serviced so cash flow is vital. Property developers are screwed witbout sales coming in.

Expect to see it happen on th lower priced stuff in the next couple of months,


Next stage is the small property developers will start to go under. You know the type. His shills who work for him say he is sound, he is a good businessman,his property are well built etc

the point you made doesnt apply to glenveagh though, they arent selling to pay off pricey loans and they are seeing strong demand on their core product.

awec

Not surprising for Marina Village, they were struggling to sell them even when things were booming. They were like a million euro at one stage.

Cyrus

awec wrote: »

Not surprising for Marina Village, they were struggling to sell them even when things were booming.

agreed, they were frothy prices, and as i said they are just using covid as an excuse to get them off the books and moved on.

landofthetree

Cyrus wrote: »

the point you made doesnt apply to glenveagh though, they arent selling to pay off pricey loans and they are seeing strong demand on their core product.

So they say but they lost a lot in the first 6 months

The Maynooth-based firm recorded a gross loss of €15.2m in the first six months of 2020, versus a €7.5m gross profit in the first six months of 2019. It also reported an underlying loss of €7m

awec

Cyrus wrote: »

agreed, they were frothy prices, and as i said they are just using covid as an excuse to get them off the books and moved on.

A million euro for a 4 bed gaff in a development was very steep. They are lovely houses, and you are literally right on the sea, but I am not sure if I had that money to spend I'd buy a house in a big development like this.

There were other houses in the same development that were like 3/400, I think they were way smaller though.

Cyrus

landofthetree wrote: »

So they say but they lost a lot in the first 6 months

20m of that was the write down, albeit they are still loss making for the half year,

anyway the point remains they arent selling to pay off expensive debt.

MacronvFrugals

Glenveigh have some neck still using double glazing in those Marina Village offerings

Cyrus

awec wrote: »

A million euro for a 4 bed gaff in a development was very steep. They are lovely houses, and you are literally right on the sea, but I am not sure if I had that money to spend I'd buy a house in a big development like this.

There were other houses in the same development that were like 3/400, I think they were way smaller though.

houses or apartments?

i like the houses, they were well done, unfortunately much and all as i like greystones its a killer commute with the way the dart is, and for 1m quid youd want to love it.

Cyrus

MacronvFrugals wrote: »

Glenveigh have some neck still using double glazing in those Marina Village offerings

at least they arent Upvc like cualanor / honeypark in Dun Laoghaire :eek:

brisan

MacronvFrugals wrote: »

It would break my heart paying 900k for that.

It’s 5 beds in Dalkey in walk in condition for less than a million
Granted it’s sterile but paint and a bit of interior design and it will be a nice home
Big south facing garden and a B BER rating
It will sell fairly quickly IMO

awec

Cyrus wrote: »

houses or apartments?

i like the houses, they were well done, unfortunately much and all as i like greystones its a killer commute with the way the dart is, and for 1m quid youd want to love it.

They were townhouses I think.

MacronvFrugals

Cyrus wrote: »

at least they arent Upvc like cualanor / honeypark in Dun Laoghaire :eek:

How much were the homes in cualanor / honeypark? No doubt they'll say its not cause they're cheap its the longevity lol.

I'd imagine they're getting these for pennies, like for a new expensive development its poor imo.

Cyrus

MacronvFrugals wrote: »

How much were the homes in cualanor / honeypark? No doubt they'll say its not cause they're cheap its the longevity lol.

I'd imagine they're getting these for pennies, like for a new expensive development its poor imo.

the larger ones were 7-850k

Hubertj

PropQueries wrote: »

Glenveagh cuts prices on luxury properties in Dublin and Wicklow to accelerate sales.

According to the Irish Independent: “House builder Glenveagh Properties is cutting prices on hundreds of luxury homes in Dublin and Wicklow in a sign of weak demand at the top end of the market.”

Irish Independent article here: https://www.independent.ie/business/personal-finance/property-mortgages/glenveagh-cuts-prices-on-luxury-properties-in-dublin-and-wicklow-to-accelerate-sales-39513776.html

That Greystones development is awful looking in my opinion. Great location but just looked very expensive for what you got. We’re the houses 3 stories as well? I think they were struggling to shift them for some time too so writing may have been on the wall with or without Covid.

MacronvFrugals

brisan wrote: »

It’s 5 beds in Dalkey in walk in condition for less than a million
Granted it’s sterile but paint and a bit of interior design and it will be a nice home
Big south facing garden and a B BER rating
It will sell fairly quickly IMO

I know and in fairness its probably not a bad price all things considered, but it looks brutal especially from the outside.

My dads a builder and knows plenty who have done false BER jobs so i wouldn't trust that or any other BER rating tbh.

Cyrus

brisan wrote: »

It’s 5 beds in Dalkey in walk in condition for less than a million
Granted it’s sterile but paint and a bit of interior design and it will be a nice home
Big south facing garden and a B BER rating
It will sell fairly quickly IMO

its not really a 5 bed, its relatively tight size for a 4 bed even. and despite it being in dalkey its in a pretty uninspiring area and its relatively expensive compared to the surrounding houses.

maybe itll sell quickly but id be surprised if it gets asking.

Cyrus

Hubertj wrote: »

That Greystones development is awful looking in my opinion. Great location but just looked very expensive for what you got. We’re the houses 3 stories as well?

yes 3 storey, the majority of new builds approaching 2000 sq feet and over tend to be nowadays.

awec

Hubertj wrote: »

That Greystones development is awful looking in my opinion. Great location but just looked very expensive for what you got. We’re the houses 3 stories as well?

The expensive houses were the 3 story ones, yes.

It was actually a pretty contentious development locally, particularly the bit by the harbour, but I think the houses too because they look so generic in such a striking location.

Cyrus

again over priced but this is more like it

i run past this place 2 or 3 times a week and wondered what was in there,

wonder no more!

https://www.myhome.ie/residential/brochure/camelot-victoria-road-killiney-co-dublin/4453236

some of the best views in dublin.

awec

Cyrus wrote: »

again over priced but this is more like it

i run past this place 2 or 3 times a week and wondered what was in there,

wonder no more!

https://www.myhome.ie/residential/brochure/camelot-victoria-road-killiney-co-dublin/4453236

some of the best views in dublin.

Is the castle included?

Some of that house looks lovely and some looks brutal. The round rooms would wreck my head.

MacronvFrugals

At least nobody could call you generic owning that

Cyrus

awec wrote: »

Is the castle included?

Some of that house looks lovely and some looks brutal. The round rooms would wreck my head.

ah yeah it would be a nightmare, cool spot all the same,

parking isnt the best either :P

listed as well so alterations would be tricky, and i cannot abide tiles in a bedroom.

MacronvFrugals

Cyrus wrote: »

the larger ones were 7-850k

I'd feel stung paying that and not even getting decent windows/doors

Cyrus

MacronvFrugals wrote: »

I'd feel stung paying that and not even getting decent windows/doors

yes its a pet peeve of mine, when we were looking it was one of the first things i checked, i cant stand UPVC windows.

awec

I am not a builder or an architect or whatever but I think the Marina Village has air to water and mhrv etc, so to have that and not have triple glazing seems a bit weird to me.