Irish Property Market 2020 Part 2

Brock Turnpike

Thierry12 wrote: »

I've seen alot of houses reappear on daft that were sale agreed previously, can't remember that ever happening since i've been casually looking through daft, myhome etc, must be alot of companies on Covid payments or something in West

I've seen this happen a few times recently on this sites/apps for houses I've been browsing in the east of the country.

woejus

Brock Turnpike wrote: »

I've seen this happen a few times recently on this sites/apps for houses I've been browsing in the east of the country.

As someone said previously, myhome.ie twitter account is the way of tracking this, EAs can't edit the previous price for better or worse

Timing belt

New use it or loose legislation in the way for planning permission

https://www.irishtimes.com/news/politics/use-it-or-lose-it-law-being-drafted-for-planning-permissions-1.4405671?mode=amp

Pelezico

woejus wrote: »

As someone said previously, myhome.ie twitter account is the way of tracking this, EAs can't edit the previous price for better or worse

How does this work?

Idbatterim

Timing belt wrote: »

New use it or loose legislation in the way for planning permission

https://www.irishtimes.com/news/politics/use-it-or-lose-it-law-being-drafted-for-planning-permissions-1.4405671?mode=amp

misguided comedy! these sites need to be taxed at a level, that actually results in them being built on and not hoarded. Say you own the land and you are a big developer, holding the land, building some schemes and curtailing supply, is actually a win / win, you are supplying less, higher values for the homes you sell, then your land value is also rising...

When you tax, they either build it out or at the very least, the government is gaining revenue, and it needs to be a proper level of taxation, not 1 or 2 %! Then again all of this is obvious as hell, has been written about to death also!

There is one of two things going on here, they make it look like they are doing something, knowing it wont work and is optical bull**** or they are actually too stupid to understand, why it wont work...

Then this scheme is to end early 2022, what next? back to the glacial system before, starting with the councils, when it is guaranteed going to be appealled to ABP anyway. Fascinating, truly fascinating!

Donald Trump

There definitely needs to be a levy for hoarded land. One that is actually enforced and collected.

As for these fast-tracked sites - well if they apply for permission via the fast tracking route then the levy, whatever it is, should be doubled and start to kick in immediately (or say with 1-years grace). Otherwise it is merely a loophole to circumvent normal planning processes for no reason. Either there is a need to get it done and get it done now, or there isn't.

PropQueries

Donald Trump wrote: »

There definitely needs to be a levy for hoarded land. One that is actually enforced and collected.

As for these fast-tracked sites - well if they apply for permission via the fast tracking route then the levy, whatever it is, should be doubled and start to kick in immediately (or say with 1-years grace). Otherwise it is merely a loophole to circumvent normal planning processes for no reason. Either there is a need to get it done and get it done now, or there isn't.

I don't think they were serious about the vacant site levy and it was primarily introduced to, as the previous poster said to "make it look like they are doing something". Today in the Cork Examiner, it was reported that even the OPW is using loopholes to get out of paying it.

"One of the State’s most notable vacant sites was leased temporarily last year to a private developer, avoiding a fine associated with inclusion on the vacant sites register."

Link to Cork Examiner article here: https://www.irishexaminer.com/news/arid-40079639.html

Idbatterim

Donald Trump wrote: »

There definitely needs to be a levy for hoarded land. One that is actually enforced and collected.

As for these fast-tracked sites - well if they apply for permission via the fast tracking route then the levy, whatever it is, should be doubled and start to kick in immediately (or say with 1-years grace). Otherwise it is merely a loophole to circumvent normal planning processes for no reason. Either there is a need to get it done and get it done now, or there isn't.

are you having a laugh?! I literally came across this earlier, there is a levy in place, and the entire thing is a token gesture farce!

https://www.thejournal.ie/vacant-site-levy-5104669-May2020/

"The tax to try prevent property owners from hoarding land was only collected by 1 in 8 councils last year"

Scrap LPT and raise the revenue from the likes of this farce!

Donald Trump

Idbatterim wrote: »

are you having a laugh?! I literally came across this earlier, there is a levy in place, and the entire thing is a token gesture farce!

https://www.thejournal.ie/vacant-site-levy-5104669-May2020/

"The tax to try prevent property owners from hoarding land was only collected by 1 in 8 councils last year"

Scrap LPT and raise the revenue from the likes of this farce!

Why am I having a laugh? I know there is a levy in place but it is not a proper one.

Are you against the idea of a levy? I certainly am not. One that is actively enforced and collected.

A simple measure such as a scale which increases over time once a zoning is put in place. An add-on can then be incorporated once planning permission is granted. There can be a reasonable time frame before it kicks on but once it kicks in it is mandatory and must be collected every year.

Idbatterim

Donald Trump wrote: »

Why am I having a laugh? I know there is a levy in place but it is not a proper one.

Are you against the idea of a levy? I certainly am not. One that is actively enforced and collected.

A simple measure such as a scale which increases over time once a zoning is put in place. An add-on can then be incorporated once planning permission is granted. There can be a reasonable time frame before it kicks on but once it kicks in it is mandatory and must be collected every year.

sorry, I meant to say you must be having a laugh, when you would think, they would actually do this properly here! just sit on the land and watch its value rocket, in prime locations, from sitting on your ass! Brilliant documentary on the entire corrupt scam at the below link, well worth a watch!

they will collect tax from the working poor at a marginal rate of over FIFTY percent, why bother taxing vulture funds , the effective rate of corporation tax here is a farce, giving away free housing to hundreds of thousands, vested interests in keeping prices high, from home owning politicians, which is virtually all of them! if they have properties to let, its just an added bonus...

combat14

Ireland’s biggest private landlord sells 151 apartments for €48m

https://m.independent.ie/business/commercial-property/irelands-biggest-private-landlord-sells-151-apartments-for-48m-39732973.html

average price of approx €318,000 per apt. not bad

wonder has the off loading commenced

combat14

Looks like avant new low interest rates hasnt shaken things up too much yet but has prompted an increase in switching which is good to see

Borrowers hit for an extra €180 a month as mortgage rates double eurozone average

https://m.independent.ie/news/borrowers-hit-for-an-extra-180-a-month-as-mortgage-rates-double-eurozone-average-39734908.html

TheSheriff

combat14 wrote: »

Ireland’s biggest private landlord sells 151 apartments for €48m

https://m.independent.ie/business/commercial-property/irelands-biggest-private-landlord-sells-151-apartments-for-48m-39732973.html

average price of approx €318,000 per apt. not bad

wonder has the off loading commenced

I spotted this today and thought it actually signals quite a strong market for apartments, which is not what I would have expected.

They've achieved a figure 6% higher than there dec 2019 valuation, and this despite a global pandemic.

There is clearly confidence in this area, look term outlook etc.

I do believe when these went up for sale many were saying they would have a fire sale etc, it seems not to be the case.

Marius34

Early Prediction: CSO Property Price Index to turn positive for 2020 Q4.
Due to new data and this week’s news, I start to think that I was at some extend wrong with my prediction on crisis impact on Residential Property price, but to other direction, than most have thought.
My prediction was 3-5% decrease, but I start to think that there may not be further decrease.

It might be to early to tell, but looking at the PPR data I see first signs that CSO Property price Index may turn positive for 2020 Q4.
In a week or two, it will be clearer, when there will be more data, thus less chance with errors/anomalies.
Here is from my report on PPR data (Its mostly Median price with some adjustment calculation).

Dublin:



Ireland(ex-Dublin):

PropQueries

TheSheriff wrote: »

I spotted this today and thought it actually signals quite a strong market for apartments, which is not what I would have expected.

They've achieved a figure 6% higher than there dec 2019 valuation, and this despite a global pandemic.

There is clearly confidence in this area, look term outlook etc.

I do believe when these went up for sale many were saying they would have a fire sale etc, it seems not to be the case.

I’m surprised they didn’t pay more than the average €318k per apartment the previous poster said they paid.

They will obviously lease them to the council at a minimum of €1,500 a month which would give them a hefty c. 6% yield. All paid for and guaranteed by the state.

combat14

TheSheriff wrote: »

I spotted this today and thought it actually signals quite a strong market for apartments, which is not what I would have expected.

They've achieved a figure 6% higher than there dec 2019 valuation, and this despite a global pandemic.

There is clearly confidence in this area, look term outlook etc.

I do believe when these went up for sale many were saying they would have a fire sale etc, it seems not to be the case.

guess it doesnt say if they are 1,2,3 bed apts what the quality and rental yeild is but interesting none the less

assuming rent of 1500 a month (rough figure) thats about a 5.7% rental yield for these apartments assuming no vacancies

Mic 1972

fliball123 wrote: »

Some houses are also going up on myhome and the majority are not moving at all last myhome report said asking prices were up by 7% (I think it was 7 but they were up) anyway its only asking price has not much bearing on the selling price

I made a few calls this week to agencies, the properties i inquired were all already sales agreed. I'm not even sure why they leave them on MyHome if they are no longer available.

TheSheriff

PropQueries wrote: »

I’m surprised they didn’t pay more than the average €318k per apartment the previous poster said they paid.

They will obviously lease them to the council at a minimum of €1,500 a month which would give them a hefty c. 6% yield. All paid for and guaranteed by the state.

I think achieving a 6% increase on last years valuation (albeit, these are just valuations) is quite impressive in the current climate.

I would imagine some small time landlords may be looking at this sale with some relief, that there is long term confidence in the market.

thefridge2006

Mic 1972 wrote: »

I made a few calls this week to agencies, the properties i inquired were all already sales agreed. I'm not even sure why they leave them on MyHome if they are no longer available.

Because I'm coming across a lot that are going sale agreed and then falling through.

By letting people bid on houses when they aren't going to draw down is actually driving houses up . I suppose it;s a win/win for seller and estate agent

Mic 1972

thefridge2006 wrote: »

Because I'm coming across a lot that are going sale agreed and then falling through.

By letting people bid on houses when they aren't going to draw down is actually driving houses up . I suppose it;s a win/win for seller and estate agent

I'm not sure i get what you are saying there.
If a house is sales agree it means the bidding is over. I was willing to make an offer on a couple of properties but the agent said it was too late

thefridge2006

Mic 1972 wrote: »

I'm not sure i get what you are saying there.
If a house is sales agree it means the bidding is over. I was willing to make an offer on a couple of properties but the agent said it was too late

Basically, they're leaving it up because they don't hold much hope of getting it over the line.

I'm surprised they didnt take your details and ask you what your offer would be if it fell through. It's happening a lot.

Idbatterim

i brought this up before and I will raise the issue again, say average one bed apartment size is 50 sq m. Why not be able to double the bed capacity, for the sake of say 2.5 x 3.5m = 8.75 sq m (that would be an acceptable size) used as an extra guest room, office, full time bedroom or even second little living room, to give people space. It would give so much more flexibility. Its the cost of bathroom and kitchen in particular that are very expensive.

I really think they could do 30-35sq m one bed apartments, single aspect, that might be a balance between insane prices and actually liveable in...

come in and layout like hotel rooms, bathroom , bedroom, kitchen / living area. except instead of bath, bed area, you would have bath > bedroom > kitchen / living area...

This design is used a lot in the uk...

dor843088

Idbatterim wrote: »

i brought this up before and I will raise the issue again, say average one bed apartment size is 50 sq m. Why not be able to double the bed capacity, for the sake of say 2.5 x 3.5m = 8.75 sq m (that would be an acceptable size) used as an extra guest room, office, full time bedroom or even second little living room, to give people space. It would give so much more flexibility. Its the cost of bathroom and kitchen in particular that are very expensive.

I really think they could do 30-35sq m one bed apartments, single aspect, that might be a balance between insane prices and actually liveable in...

come in and layout like hotel rooms, bathroom , bedroom, kitchen / living area. except instead of bath, bed area, you would have bath > bedroom > kitchen / living area...

This design is used a lot in the uk...

There seem to already be 2 bed apartments around that aren't much bigger than that at all. You aren't exactly reinventing the wheel here.

Donald Trump

Mic 1972 wrote: »

I made a few calls this week to agencies, the properties i inquired were all already sales agreed. I'm not even sure why they leave them on MyHome if they are no longer available.

Because when you ring up they can tell you "sorry. that is gone. But what about this other one I have coming up? can I get your details to put on my email list"

Smouse156

Idbatterim wrote: »

i brought this up before and I will raise the issue again, say average one bed apartment size is 50 sq m. Why not be able to double the bed capacity, for the sake of say 2.5 x 3.5m = 8.75 sq m (that would be an acceptable size) used as an extra guest room, office, full time bedroom or even second little living room, to give people space. It would give so much more flexibility. Its the cost of bathroom and kitchen in particular that are very expensive.

I really think they could do 30-35sq m one bed apartments, single aspect, that might be a balance between insane prices and actually liveable in...

come in and layout like hotel rooms, bathroom , bedroom, kitchen / living area. except instead of bath, bed area, you would have bath > bedroom > kitchen / living area...

This design is used a lot in the uk...

I don’t think the solution is to create even smaller shoeboxes! We need to bring down the cost of construction, especially land costs so the shoebox 50sqm is affordable...not put people into glorified closets

Mic 1972

thefridge2006 wrote: »

Basically, they're leaving it up because they don't hold much hope of getting it over the line.

I'm surprised they didnt take your details and ask you what your offer would be if it fell through. It's happening a lot.

My offer details were in the email that i sent. I offered asking price and i would arrange viewing only if the offer was acceptable for the seller.

The EA answered that the property was already sales agree.

I did te same for another property twice in 3 months because the property was still on MyHome and both times i was told that it was already sales agreed.

I also explained to the EA that i'm a cash buyer.

Mic 1972

Donald Trump wrote: »

Because when you ring up they can tell you "sorry. that is gone. But what about this other one I have coming up? can I get your details to put on my email list"

I see what you mean, lots of AEs have my details by now, none of them has come back to me with other opportunities

Mic 1972

Marius34 wrote: »

Early Prediction: CSO Property Price Index to turn positive for 2020 Q4.
Due to new data and this week’s news, I start to think that I was at some extend wrong with my prediction on crisis impact on Residential Property price, but to other direction, than most have thought.
My prediction was 3-5% decrease, but I start to think that there may not be further decrease

Was there any decrease?
I haven't seen any price drop in 2020, as of now prices are slightly higher than beginning of the year

fliball123

Mic 1972 wrote: »

I see what you mean, lots of AEs have my details by now, none of them has come back to me with other opportunities

Well if they are busy and have enough people ringing them and actually displaying an obvious interest on a daily/weekly basis why would they ring you?. If I was you I would check the EA of the property that you like on my home and actually check the agents website, they tend to update these more regularly so you will know if the property is still in play but it is annoying that some properties are left up ad available when they are sale agreed

cnocbui

Sale agreed doesn't mean a sale will proceed and doesn't prevent someone making a higher offer. I'm currently sitting in a house I have had for 18 years that was sale agreed to someone else.