2021 Irish Property Market chat - *mod warnings post 1*

Hubertj

Cyrus wrote: »

this is a strange one, you own part of the sea, across the road

https://www.myhome.ie/residential/brochure/mount-vernon-411-clontarf-road-clontarf-dublin-3/4417332

What are you going to do with that bit of the sea? Build a beach? Rent it to pirates? Nice big gaff though but I wouldn’t like to live on a busy main road. I presume it’s a protected building so the windows are likely still single glazed (or is double permitted for listed building?) which means noise...

Wanderer78

PropQueries wrote: »

Basically, we and the other low-tax/tax-haven countries in the world will be paying for Biden's infrastructure plan. According to the WSJ:

"The infrastructure plan would cost roughly $2.3 trillion over eight years and be paid for over 15 years by raising the corporate tax rate to 28% from 21% and increasing taxes on companies’ foreign earnings. The tax changes would revamp or replace much of the international tax structure congressional Republicans established four years ago in the law signed by then-President Donald Trump."

Link to WSJ article here: https://www.wsj.com/articles/biden-set-to-unveil-2-trillion-infrastructure-plan-11617181208

corporation tax alone will not fulfill these requirements, we ll be lucky to see anyone raise their taxes, as we re all basically bullsh1tting each other in regards whats actually being paid. at the most, tax will probably only rise by a couple of percent, if even, therefore not covering this level of deficit spending. America is starting to cope on that this over reliance on private sector money, i.e. credit, and under reliance to the public entity, deficit spending, is simply nonsense and dangerous, so its going for it, and we should do the same, as we re all ending up with the same type of problems, particularly in relation to property markets

timmyntc

Wanderer78 wrote: »

corporation tax alone will not fulfill these requirements, we ll be lucky to see anyone raise their taxes, as we re all basically bullsh1tting each other in regards whats actually being paid. at the most, tax will probably only rise by a couple of percent, if even, therefore not covering this level of deficit spending. America is starting to cope on that this over reliance on private sector money, i.e. credit, and under reliance to the public entity, deficit spending, is simply nonsense and dangerous, so its going for it, and we should do the same, as we re all ending up with the same type of problems, particularly in relation to property markets

America has been "deficit spending" for decades. While it can be hard to justify politically, especially in a place as partisan as the US, it does happen.

Whats happening here is Biden is looking for big investment in the US, and to make it more politically palatable to the Dems & people in general, he can claim its funded from corporation tax increases & taxing of offshore profits. Whether it raises as much as is claimed we wont know till it happens - but all your talk of deficit spending and over reliance on private sector money is nonsense.

PropQueries

Wanderer78 wrote: »

corporation tax alone will not fulfill these requirements, we ll be lucky to see anyone raise their taxes, as we re all basically bullsh1tting each other in regards whats actually being paid. at the most, tax will probably only rise by a couple of percent, if even, therefore not covering this level of deficit spending. America is starting to cope on that this over reliance on private sector money, i.e. credit, and under reliance to the public entity, deficit spending, is simply nonsense and dangerous, so its going for it, and we should do the same, as we re all ending up with the same type of problems, particularly in relation to property markets

Hopefully you're right. However, in the past few weeks, we have had Leo say "In a country full of pessimists and despondency, maybe it’s nice to have someone who thinks the other way.", we have had Paschal get an apology from RTE over the children's shoes reference and we've had Michael McGrath publicly insult our EU neighbours by calling them "jealous" etc.

Basically, all the people in charge i.e. Tanaiste, Minister for Public Expenditure and Minister for Finance have done a political version of breaking down in public and let the veil slip that not all is right with the country's finances IMO

yagan

Wanderer78 wrote: »

corporation tax alone will not fulfill these requirements, we ll be lucky to see anyone raise their taxes, as we re all basically bullsh1tting each other in regards whats actually being paid. at the most, tax will probably only rise by a couple of percent, if even, therefore not covering this level of deficit spending. America is starting to cope on that this over reliance on private sector money, i.e. credit, and under reliance to the public entity, deficit spending, is simply nonsense and dangerous, so its going for it, and we should do the same, as we re all ending up with the same type of problems, particularly in relation to property markets

Printing more money has only kept the property debt bubble inflated purely to keep the older property owning voters happy about their retirement assets.

The policy of one generations rent being another generations pension will end either by yield collapse or reform, or both at the same time.

Wanderer78

PropQueries wrote: »

Hopefully you're right. However, in the past few weeks, we have had Leo say "In a country full of pessimists and despondency, maybe it’s nice to have someone who thinks the other way.", we have had Paschal get an apology from RTE over the children's shoes reference and we've had Michael McGrath publicly insult our EU neighbours by calling them "jealous" etc.

Basically, all the people in charge i.e. Tanaiste, Minister for Public Expenditure and Minister for Finance have done a political version of breaking down in public and let the veil slip that not all is right with the country's finances IMO

its extremely important to remember, our politicians are all mainly fiscal conservatives, theyre hard wired to think deficits are the work of the devil, and lead to economic crashes, when theres an enormous amount of data and facts to show, they dont. the data and facts in fact show, an over reliance on private sector money, i.e. credit, is more likely to, i.e. 08!

yagan wrote: »

Printing more money has only kept the property debt bubble inflated purely to keep the older property owning voters happy about their retirement assets.

The policy of one generations rent being another generations pension will end either yield collapse or reform.

yes, printing more private sector money, i.e. credit, will more than likely continue to lead to further asset price inflation, including property prices, we need to use the states ability to create money, i.e. deficit borrowing, and the private sectors ability to do the work, to solve this one, or..........

Mic 1972

yagan wrote: »

Printing more money has only kept the property debt bubble inflated purely to keep the older property owning voters happy about their retirement assets.

The policy of one generations rent being another generations pension will end either yield collapse or reform.

Printing money = Inflation

some people believe we are in deflation

yagan

Wanderer78 wrote: »

its extremely important to remember, our politicians are all mainly fiscal conservatives, theyre hard wired to think deficits are the work of the devil, and lead to economic crashes, when theres an enormous amount of data and facts to show, they dont. the data and facts in fact show, an over reliance on private sector money, i.e. credit, is more likely to, i.e. 08!



yes, printing more private sector money, i.e. credit, will more than likely continue to lead to further asset price inflation, including property prices, we need to use the states ability to create money, i.e. deficit borrowing, and the private sectors ability to do the work, to solve this one, or..........

Without housing policy reform it only inflates a different kind of housing bubble.

The thing about so many rent farming funds cornering the rental market eventually they'll be a race out, and then we'll hear the cribbing and moaning on Joe Duffy from poor auld landlords complaining about their their retirement funds imploding. The paid up Fianna Failers no doubt have their parachute already lined up.

Zenify

Anyone bidding on any properties this year in Dublin? Is it still as crazy as last year.

random_banter

Zenify wrote: »

Anyone bidding on any properties this year in Dublin? Is it still as crazy as last year.

Yes. And it’s worse. However it feels that there’s a little more supply coming to market now, so there’s the potential for that to ease in the next few months. Or else even more bidders will arrive on the scene as restrictions loosen up. Fingers crossed it gets a little easier for everyone and not harder.

You could head on over to the Currently Buying/Selling thread where there is more discussion about this.

PropQueries

Looks like the housing minister’s affordable housing bill is in trouble again with senators and TDs of his own party seeking amendments.

According to the Irish Examiner: “A group of Fianna Fáil politicians has called for amendments to the Affordable Housing Bill brought by its own minister, Darragh O'Brien.”

The Sinn Fein housing spokesman said “I don't think I've ever seen Government backbenchers asking a minister to amend legislation from the plinth.”

Will be interesting to see what the end bill will be like. I still don’t understand how the proposed limits are €450k in Dublin but €225k in Tipperary.

Link to article in Irish Examiner here: https://www.irishexaminer.com/news/politics/arid-40271579.html

Villa05

MacronvFrugals wrote:

Shared equity scheme will have 'substantially lower' interest rates than UK equivalent

Single biggest impact for house prices in a decade
One would talk about petrol on a fire but this is that substance they were storing in the warehouse in Beirut that blew the city to pieces

Banks matching it means that 2/3 of FTB would qualify based on the number of annual FTB over the last number years. Now we know that many FTB buy 2nd hand homes so this subsidy will consume close to all new builds that have not been purchased by the state or investment funds.

This will mean that every new build is heavily subsidised by the state

The minister has been snake like playing with stats in pushing this as well claiming that it only represented 2% of the budget with the banks now matching it is now 4% and most crucially this 4% is exclusively going to the the portion of the house price that is deemed unaffordable.

Anyone know why the banks would be matching this. What's in it for them and is it pure coincidence that all their competition has left

I think this is the point of no return and thus will result in a bubble and crash that looks like will be worse than 08 given our propensity to use gains from good times to increase liabilities for future bad times plus the huge debt we have amassed

Cyrus

lots of movemment on cunningham road

this is beyond ambitious IMO

https://www.myhome.ie/residential/brochure/seaview-8-cunningham-drive-dalkey-co-dublin/4496685

DataDude

Cyrus wrote: »

lots of movemment on cunningham road

this is beyond ambitious IMO

https://www.myhome.ie/residential/brochure/seaview-8-cunningham-drive-dalkey-co-dublin/4496685

Wonder would the owners of this or the EA be onto the seller of Sheemore when it went up!

As a potential WFH option, this is one of the nicer houses I've seen in a while.
https://www.myhome.ie/residential/brochure/farniente-14-kendalstown-rise-delgany-co-wicklow/4496579

hometruths

DataDude wrote: »

As a potential WFH option, this is one of the nicer houses I've seen in a while.
https://www.myhome.ie/residential/brochure/farniente-14-kendalstown-rise-delgany-co-wicklow/4496579

That is a good bit nicer than most of the other Kendalstown houses.

DataDude

schmittel wrote: »

That is a good bit nicer than most of the other Kendalstown houses.

A good bit more expensive too

Cyrus

DataDude wrote: »

Wonder would the owners of this or the EA be onto the seller of Sheemore when it went up!

As a potential WFH option, this is one of the nicer houses I've seen in a while.
https://www.myhome.ie/residential/brochure/farniente-14-kendalstown-rise-delgany-co-wicklow/4496579

if that cunningham road house gets more than Sheemore ill eat my hat :P

thats a lovely house in delgany, looks well situated and well maintained and a great size, the only thing id have against it is that i dont like the compromised ceiling in all of the upstairs rooms but youd imagine at 4,000 sq feet it looks worse than it is.

hometruths

Cyrus wrote: »

if that cunningham road house gets more than Sheemore ill eat my hat :P

thats a lovely house in delgany, looks well situated and well maintained and a great size, the only thing id have against it is that i dont like the compromised ceiling in all of the upstairs rooms but youd imagine at 4,000 sq feet it looks worse than it is.

Yep it looks like they done a pretty comprehensive upgrade of an original Kendalstown house to modernise the style and look to have done it pretty well in my opinion.

hometruths

A bit different to most of the stuff linked in here, but any thoughts on value of this - Ballyin Garden House asking 1.1m - also covered in today's IT: Country garden escape with private fishing in Waterford for €1.1m

Spectacular gardens, house maybe not to everyones taste, but beautiful if you're into that sort of thing (I am). Having said that, 1.1m strikes me as a bit strong for what is essentially a collection of outbuildings in West Waterford?

As the owner says in the paper:

“You can spend all you want on a house, but you simply cannot build a 300-year-old garden,” says the owner, who purchased the property in 2018 for €1.01 million.

Fair point but will somebody else pay north of 1m for the garden?

Hubertj

schmittel wrote: »

A bit different to most of the stuff linked in here, but any thoughts on value of this - Ballyin Garden House asking 1.1m - also covered in today's IT: Country garden escape with private fishing in Waterford for €1.1m

Spectacular gardens, house maybe not to everyones taste, but beautiful if you're into that sort of thing (I am). Having said that, 1.1m strikes me as a bit strong for what is essentially a collection of outbuildings in West Waterford?

As the owner says in the paper:



Fair point but will somebody else pay north of 1m for the garden?

Lovely setting and all that but the house looks like it needs a lot of modernising. Agree on the garden as well. Something that size will need almost full time care...

Cyrus

schmittel wrote: »

A bit different to most of the stuff linked in here, but any thoughts on value of this - Ballyin Garden House asking 1.1m - also covered in today's IT: Country garden escape with private fishing in Waterford for €1.1m

Spectacular gardens, house maybe not to everyones taste, but beautiful if you're into that sort of thing (I am). Having said that, 1.1m strikes me as a bit strong for what is essentially a collection of outbuildings in West Waterford?

As the owner says in the paper:



Fair point but will somebody else pay north of 1m for the garden?

i think in that scenario they are after someone to whom 1m isnt a whole lot of money and who falls in love with the place, probably spending no more than a month a year at it.

cant see a big market outside that.

DataDude

schmittel wrote: »

A bit different to most of the stuff linked in here, but any thoughts on value of this - Ballyin Garden House asking 1.1m - also covered in today's IT: Country garden escape with private fishing in Waterford for €1.1m

Spectacular gardens, house maybe not to everyones taste, but beautiful if you're into that sort of thing (I am). Having said that, 1.1m strikes me as a bit strong for what is essentially a collection of outbuildings in West Waterford?

As the owner says in the paper:



Fair point but will somebody else pay north of 1m for the garden?

Not a clue on valuation. It's a lovely vision walking the gardens and doing some fishing on the stream...but brain saying it's highly impractical. I see a huge heating bill and a serious time commitment (or else a full time gardener).

Maybe if I was retired and lots of time on my hands!

hometruths

Cyrus wrote: »

i think in that scenario they are after someone to whom 1m isnt a whole lot of money and who falls in love with the place, probably spending no more than a month a year at it.

cant see a big market outside that.

yep, i think that makes sense.

hometruths

DataDude wrote: »

Not a clue on valuation. It's a lovely vision walking the gardens and doing some fishing on the stream...but brain saying it's highly impractical. I see a huge heating bill and a serious time commitment (or else a full time gardener).

Maybe if I was retired and lots of time on my hands!

Stream?!!! :eek::eek::eek:

That's the Blackwater, one of the finest salmon fishing rivers in Ireland! :D

Thomasirl123

https://m.independent.ie/business/personal-finance/property-mortgages/surge-in-home-purchases-despite-lockdown-restrictions-40342950.html

Quote:There were more than 13,100 homes bought in the first three months of this year compared with the same quarter last year.

Wow I thought, an extra 13k house bought! Then I read the next paragraph:

This is an extra 1,400 home purchases, and is despite buyers not being able to physically view properties they are considering buying.

PropQueries

Thomasirl123 wrote: »

https://m.independent.ie/business/personal-finance/property-mortgages/surge-in-home-purchases-despite-lockdown-restrictions-40342950.html

Quote:There were more than 13,100 homes bought in the first three months of this year compared with the same quarter last year.

Wow I thought, an extra 13k house bought! Then I read the next paragraph:

This is an extra 1,400 home purchases, and is despite buyers not being able to physically view properties they are considering buying.

Looks like the local county councils and state have been busy

Mic 1972

Thomasirl123 wrote: »

https://m.independent.ie/business/personal-finance/property-mortgages/surge-in-home-purchases-despite-lockdown-restrictions-40342950.html

Quote:There were more than 13,100 homes bought in the first three months of this year compared with the same quarter last year.

Wow I thought, an extra 13k house bought! Then I read the next paragraph:

This is an extra 1,400 home purchases, and is despite buyers not being able to physically view properties they are considering buying.

"Experts are predicting that prices will continue to rise on the back of constrained supply."

Thomasirl123

Mic 1972 wrote: »

"Experts are predicting that prices will continue to rise on the back of constrained supply."

Makes me think there's a price drop coming!

Hubertj

schmittel wrote: »

Stream?!!! :eek::eek::eek:

That's the Blackwater, one of the finest salmon fishing rivers in Ireland! :D

Sounds like a Waterford native getting all defensive at their river being called a stream!

JimmyVik

Hubertj wrote: »

Sounds like a Waterford native getting all defensive at their river being called a stream!

In fairness, that could never be described as a stream.