Irish Property Market 2020 Part 2

Smiley11

neutral guy wrote: »

I was working in joinery workshop in April of 2007 and I heard advertisement about Rent to Buy on radio.Some minutes after I heard another advertisement about 110 per cent mortgage.
I understood that there is no buyers left on market and this pyramide on way to collapse
My work mate just got 250 K mortgage for house with no windows and floors and bought nice coupe car taking another 20K loan
I said to him Look,this is the final,we are in deep sht
He looked at me and said Will you fkn shut up ?
Exactly 1 year after the company shut the door and he was seating in bank dealing about difficulties pay his mortgage and loan.
3 years ago I meet him in another company were I got job
I told him that another recession on way already and the mess gonna happen in 2020/2021
He was smiling and did not believe me again.

Did you buy during the last recession NG? I'm just interested to find out your experience of the property market because you seem pretty knowledgeable with regards to the market for the last 15 years & going forward it would seem.

There are a lot of buyers in the market at present. I would personally consider this as an ideal time to sell to be honest. We have a 650k budget & can't get a house where we want to live. We were just bidding against 3 other couples in the same position as us & the other unsuccessful bidders may be up against us next time. We're extremely fortunate that we have a large deposit & very secure jobs but so do many others, in many price brackets. The future of the market is unpredictable & thats one of the few facts I can state when it comes to this subject.

hometruths

Smiley11 wrote: »

Did you buy during the last recession NG? I'm just interested to find out your experience of the property market because you seem pretty knowledgeable with regards to the market for the last 15 years & going forward it would seem.

There are a lot of buyers in the market at present. I would personally consider this as an ideal time to sell to be honest. We have a 650k budget & can't get a house where we want to live. We were just bidding against 3 other couples in the same position as us & the other unsuccessful bidders may be up against us next time. We're extremely fortunate that we have a large deposit & very secure jobs but so do many others, in many price brackets. The future of the market is unpredictable & thats one of the few facts I can state when it comes to this subject.

Is that €650k budget for buying in Cork city?

neutral guy

Smiley11 wrote: »

Did you buy during the last recession NG? I'm just interested to find out your experience of the property market because you seem pretty knowledgeable with regards to the market for the last 15 years & going forward it would seem.

There are a lot of buyers in the market at present. I would personally consider this as an ideal time to sell to be honest. We have a 650k budget & can't get a house where we want to live. We were just bidding against 3 other couples in the same position as us & the other unsuccessful bidders may be up against us next time. We're extremely fortunate that we have a large deposit & very secure jobs but so do many others, in many price brackets. The future of the market is unpredictable & thats one of the few facts I can state when it comes to this subject.

Yes,I was a stupid idiot and I bought couple sites before recession in 2008
I did not think recession will hit me because I had good job/life/ not much knowledge
When I lost my job and had pay bills I understood that not enough understand about recession coming
I need sometimes understand what I will do when I will have pay bills without having money for it
I was in bank in my country on those days.The guy was carrying his girlfriend/wife on hands from clerk room in bank.She was screaming and crying shouting I want our dream house back ! We dont have house anymore said that guy.
Then I started understand Never buy property when is too much buyers on market.

cunnifferous

Smiley11 wrote: »

Did you buy during the last recession NG? I'm just interested to find out your experience of the property market because you seem pretty knowledgeable with regards to the market for the last 15 years & going forward it would seem.

There are a lot of buyers in the market at present. I would personally consider this as an ideal time to sell to be honest. We have a 650k budget & can't get a house where we want to live. We were just bidding against 3 other couples in the same position as us & the other unsuccessful bidders may be up against us next time. We're extremely fortunate that we have a large deposit & very secure jobs but so do many others, in many price brackets. The future of the market is unpredictable & thats one of the few facts I can state when it comes to this subject.

I seriously hope for your sake this is sarcasm

Smiley11

I'm just interested to know if he has vast experience of buying property as I'm clearly missing a beat & extremely poor at predicting massive property price drops.

I don't mean to sound sarcastic but I'm a fan of fact & experience. There are many here who don't have a grasp of either yet like to pontificate. I've bought & sold a couple of times now & only made a profit by sheer luck to be honest. I'm really hoping to make a killing in this imminent property armageddon..fingers crossed! ��

Smiley11

schmittel wrote: »

Is that €650k budget for buying in Cork city?

It is.

neutral guy

cunnifferous wrote: »

I seriously hope for your sake this is sarcasm

The more people will see jokes in my comment the more money I will make in recession coming.

In the last recession I created money for turnover I lost time doing it and did not have enough time to make good money until 2015 when my business stopped
This time I will come to same market and bigger recession with bigger bag of cash ! And I will have a lot more time .
Many of people will happy get my phone call and will wait for me seating beside window
Because many of them fridges will be empty and I will come buy them fridge

drogon.

neutral guy wrote: »

The more people will see jokes in my comment the more money I will make in recession coming.

In the last recession I created money for turnover I lost time doing it and did not have enough time to make good money until 2015 when my business stopped
This time I will come to same market and bigger recession with bigger bag of cash ! And I will have a lot more time .
Many of people will happy get my phone call and will wait for me seating beside window
Because many of them fridges will be empty and I will come buy them fridge

Honestly I have no idea what you are talking about ? Sounds like you need to leave the house once in a while !

neutral guy

Smiley11 wrote: »

It is.

Nobody will share his experience and tell you how to make money for free ! Because nobody need competition on profit market.I spent 12 years on my experience and you hope I will tell everybody about it ?

Bubbaclaus

drogon. wrote: »

Honestly I have no idea what you are talking about ? Sounds like you need to leave the house once in a while !

Sounds like he needs help tbh

cunnifferous

neutral guy wrote: »

The more people will see jokes in my comment the more money I will make in recession coming.

In the last recession I created money for turnover I lost time doing it and did not have enough time to make good money until 2015 when my business stopped
This time I will come to same market and bigger recession with bigger bag of cash ! And I will have a lot more time .
Many of people will happy get my phone call and will wait for me seating beside window
Because many of them fridges will be empty and I will come buy them fridge

Your posts read like a Walter Mitty algorithm.

Smiley11

neutral guy wrote: »

The more people will see jokes in my comment the more money I will make in recession coming.

In the last recession I created money for turnover I lost time doing it and did not have enough time to make good money until 2015 when my business stopped
This time I will come to same market and bigger recession with bigger bag of cash ! And I will have a lot more time .
Many of people will happy get my phone call and will wait for me seating beside window
Because many of them fridges will be empty and I will come buy them fridge

I honestly don't know what you're talking about NG? Its not so much a communication breakdown but a breakdown of reason. I apologise because I was under the impression that you had bought a lot of property at opportune times.

I genuinely don't mean to offend but you just sound like the kid who is trying too hard to impress...& failing at it. I truly hope you can hop on here in a couple of years & tell us you bought an amazing house for 50% of what it might have achieved previously but you just don't back up anything you say with fact.

I'd love to get a 600k house for 300k but I just don't think thats realistic personally. We're living in extraordinary times & nobody here knows whats going to happen...fact!

neutral guy

cunnifferous wrote: »

Your posts read like a Walter Mitty algorithm.

Not really

Thousands years ago people was throwing stones to Jesus
Today many people believe him
And many other for sure

I finished here until start of next year.
All the Best

hometruths

Smiley11 wrote: »

It is.

Wow. No knowledge of cork market but would have thought that was a healthy budget. I.e enough not to be in repeated bidding wars.

Was it like that summer 2019?

Hubertj

schmittel wrote: »

Wow. No knowledge of cork market but would have thought that was a healthy budget. I.e enough not to be in repeated bidding wars.

Was it like that summer 2019?

Cork is a good town. I lived there part time for A few years when My wife went back to college. We discussed settling there before deciding to go back to Dublin. Lived in Blackrock while in cork. Nice area and only about 20 mins walk to city centre.

TheSheriff

Hubertj wrote: »

Cork is a good town. I lived there part time for A few years when My wife went back to college. We discussed settling there before deciding to go back to Dublin. Lived in Blackrock while in cork. Nice area and only about 20 mins walk to city centre.

Blackrock is a lovely area, one of the more expensive parts of the city

Smiley11

neutral guy wrote: »

Nobody will share his experience and tell you how to make money for free ! Because nobody need competition on profit market.I spent 12 years on my experience and you hope I will tell everybody about it ?

I don't need to make money for free NG. My husband & I work really hard & are very fortunate to have made profits on properties & we save a lot. I don't feel the need to tell anybody about what we do for us. Its not a competition, its life. We have a "big bag of cash" in the bank but that doesn't mean we're better than anyone else. In fact, I would say that there are many people with a lot less money in the bank than us who are infinitely happier.

We work hard, we save hard, we have a very happy family but the fact is that we don't have a family home at the moment & are living between our parents homes in different counties. All we want is to live in our forever family home & we just can't get one in the current climate.

I've been following this thread for months & can only envisage some contributors as banging their chests & roaring with delight as they submit their latest "property market is goosed" post but its not...property is booming & a few lackadaisical posts that don't disprove that fact aren't going to change anything. Few unnecessarily bruised chests is all it will achieve.

Bubbaclaus

neutral guy wrote: »

Not really

Thousands years ago people was throwing stones to Jesus
Today many people believe him
And many other for sure

I finished here until start of next year.
All the Best

Thank god for that. See you next year.

Mic 1972

neutral guy wrote: »

Not really

Thousands years ago people was throwing stones to Jesus
Today many people believe him
And many other for sure

I finished here until start of next year.
All the Best

you are not going to pop over for your birthday on 25th Dec then?

Pelezico

Smiley11 wrote: »

I don't need to make money for free NG. My husband & I work really hard & are very fortunate to have made profits on properties & we save a lot. I don't feel the need to tell anybody about what we do for us. Its not a competition, its life. We have a "big bag of cash" in the bank but that doesn't mean we're better than anyone else. In fact, I would say that there are many people with a lot less money in the bank than us who are infinitely happier.

We work hard, we save hard, we have a very happy family but the fact is that we don't have a family home at the moment & are living between our parents homes in different counties. All we want is to live in our forever family home & we just can't get one in the current climate.

I've been following this thread for months & can only envisage some contributors as banging their chests & roaring with delight as they submit their latest "property market is goosed" post but its not...property is booming & a few lackadaisical posts that don't disprove that fact aren't going to change anything. Few unnecessarily bruised chests is all it will achieve.

Oh god.

Smiley11

schmittel wrote: »

Wow. No knowledge of cork market but would have thought that was a healthy budget. I.e enough not to be in repeated bidding wars.

Was it like that summer 2019?

Its a very good budget but not enough at the moment for where we want to live. I honestly don't think it was this bad a year ago. Two other houses sold where we were bidding in the last year. One went for 10k under asking (same estate, house in great condition, poorer garden/view). The other sale hasn't completed yet but that house was on for 695k in fantastic condition & with FPP for another house in the far bigger garden!

I genuinely had to pinch myself at what the other bidders were willing to pay for a house with so much work to do to it. My husband wasn't as enthused as I was as PP for social housing has been granted for a site quite close but it wouldn't impact on that house theoretically.

Smiley11

Hubertj wrote: »

Cork is a good town. I lived there part time for A few years when My wife went back to college. We discussed settling there before deciding to go back to Dublin. Lived in Blackrock while in cork. Nice area and only about 20 mins walk to city centre.

TheSheriff wrote: »

Blackrock is a lovely area, one of the more expensive parts of the city

Blackrock is our second choice of area. Absolutely beautiful but we can't get somewhere there within our budget either!

TheSheriff

Smiley11 wrote: »

Blackrock is our second choice of area. Absolutely beautiful but we can't get somewhere there within our budget either!

Where are you looking as your primary area out of interest?

I really thought you'd have your pick in Cork at that price range......

Smiley11

Montenotte/St Lukes...hes finding it difficult to drag the norrie south of the river!

To explain..we're trading up. I'm from the area & our son has started school locally. I have a few rigid stipulations because its our last home but will make allowances for the right house. We just can't get one. We've only bid on one but any that we've enquired about were sale agreed or mid bidding war. Our last house was horrible (bachelor buy) but we made a profit & all I want is a lovely home & garden for our children. Its not so easy to come by one in Cork even in that price range though! I can only hope the chest thumpers are right.

The Belly

Smiley11 wrote: »

Montenotte/St Lukes...hes finding it difficult to drag the norrie south of the river!

To explain..we're trading up. I'm from the area & our son has started school locally. I have a few rigid stipulations because its our last home but will make allowances for the right house. We just can't get one. We've only bid on one but any that we've enquired about were sale agreed or mid bidding war. Our last house was horrible (bachelor buy) but we made a profit & all I want is a lovely home & garden for our children. Its not so easy to come by one in Cork even in that price range though! I can only hope the chest thumpers are right.

I know cork a bit maybe an old house and do it up hassle, yes but might work. Opens location options too.

Balluba

Smiley11 wrote: »

Montenotte/St Lukes...hes finding it difficult to drag the norrie south of the river!

To explain..we're trading up. I'm from the area & our son has started school locally. I have a few rigid stipulations because its our last home but will make allowances for the right house. We just can't get one. We've only bid on one but any that we've enquired about were sale agreed or mid bidding war. Our last house was horrible (bachelor buy) but we made a profit & all I want is a lovely home & garden for our children. Its not so easy to come by one in Cork even in that price range though! I can only hope the chest thumpers are right.

Smiley you are just one of thousands in Ireland at the moment who can not buy a forever home for the budget you have got

The Belly

Balluba wrote: »

Smiley you are just one of thousands in Ireland at the moment who can not buy a forever home for the budget you have got

The market is dysfunctional. Same as it always was. Plannings a disaster. Vested interests calling the shots. But time will pass and it will be fixed it just takes a government with balls to do it.

Smiley11

Balluba wrote: »

Smiley you are just one of thousands in Ireland at the moment who can not buy a forever home for the budget you have got

Absolutely agree with you. I just can't comprehend how others think our competition is just going to evaporate imminently. We won't lose our jobs, & I'm extremely grateful for that, but there are a lot of people in the same position. The banks may or may not adjust what they'll lend but I can't see this current demand dissipate any time soon. Its a complete unknown really.

Bass Reeves

Pelezico wrote: »

The inflated stock market has created a lot of money. Wait for the collapse after November.

Then the falls will come hot and heavy.

First it was may then it was July, well maybe September now it is November. After that it will be January and as we go on it will be definately 2022.

neutral guy wrote: »

Yes,I was a stupid idiot and I bought couple sites before recession in 2008
I did not think recession will hit me because I had good job/life/ not much knowledge
When I lost my job and had pay bills I understood that not enough understand about recession coming
I need sometimes understand what I will do when I will have pay bills without having money for it
I was in bank in my country on those days.The guy was carrying his girlfriend/wife on hands from clerk room in bank.She was screaming and crying shouting I want our dream house back ! We dont have house anymore said that guy.
Then I started understand Never buy property when is too much buyers on market.

Towards the end of the last recession everybody was buying sites. I know of 50+ sites within 10 miles of me that people bought during the last recession that not only are there no houses on but also that it look like there may never be houses on.

Smiley11 wrote: »

Montenotte/St Lukes...hes finding it difficult to drag the norrie south of the river!

To explain..we're trading up. I'm from the area & our son has started school locally. I have a few rigid stipulations because its our last home but will make allowances for the right house. We just can't get one. We've only bid on one but any that we've enquired about were sale agreed or mid bidding war. Our last house was horrible (bachelor buy) but we made a profit & all I want is a lovely home & garden for our children. Its not so easy to come by one in Cork even in that price range though! I can only hope the chest thumpers are right.

The bracket you are in is the most likely where there may be a drop in the area you are in. The 500K+ bracket in houses that will require an upgraed in Cork are limited. However the lower price ranges in the 2-300K bracket in Cork like the 3-450K bracket in Dublin is harder to see any so called correction. Pent up demand and limited supply looks like holding the market steady

The Belly

Pent up demand and limited supply looks like holding the market steady

for now but if credit drys up that will stop the demand apart from cash buyers chasing a return and that depends on the taxing of rental income.