Irish Property Market chat II - *read mod note post #1 before posting*

pc7

That has to be a bogey bid, what website lets you see the offers

drogon.

https://www.boards.ie/discussion/comment/119337636#Comment_119337636

Sounds like online bidding going by the comments !

Dav010

https://www.boards.ie/discussion/comment/119337031#Comment_119337031

I’d love that attic, it has great height and looks to run the length of the house, ideal for an office, games room, bedrooms if you can put in a couple of veluxs.

I just knew from your earlier post that you would be posting daft ads and making clueless comments. Considering that current quotes are approx €220 per sqft for builders finish, when you look at the internal/external finish, site size/location, you would be lucky to get any change out of €895k if you were building that today. Someone will love that location and probably pay the asking, just because you don’t know anything about it and don’t appreciate what a bonus that attic would be for many interested buyers, does not mean it is overpriced in todays market.

AdamD

That guys page is annoying as ****

Bass Reeves

https://www.boards.ie/discussion/comment/119337031#Comment_119337031

You need to get sh!t or get off the pot.

selassie

..

mcsean2163

https://www.boards.ie/discussion/comment/119338040#Comment_119338040

David, David, David. You seem irate.

You're correct, I've no interest in the attic and don't appreciate it.

mcsean2163

https://www.boards.ie/discussion/comment/119339138#Comment_119339138

Wisdom🙌🙌

Get Real

https://www.boards.ie/discussion/comment/119337052#Comment_119337052

I'm not defending the price, it is mental.

But I get irritated by the headline journalism aspect of it.

Its almost like he deliberately covers the house number and road. "3 bed terrace in Inchicore" makes it sound like a 3 up, 2 down 70sqm house.

The actual house is 120sq m, renovated in 2018 and the kitchen/dining extension at 54sqm is bigger than a 1bed apartment.

Its a 9min walk to Bully's Acre/Royal Hospital Kilmainham.

Im not saying 750 grand is in anyway acceptable btw, I just don't agree with this half information/context sh*t to generate clicks, views and controversy.

Put the whole house up, address and all. I'd still be happy to criticise the situation we're in which has led to bids that high on such houses.

Heres the house:

https://www.myhome.ie/residential/brochure/36-bulfin-road-inchicore-dublin-8/4608937

To reiterate: I'm not supporting the house price or saying its acceptable. I'm just fed up of this thing on social media, and also in newspapers, of being shown parts of an issue or with half a context. Print/show all the facts and let people come to their own conclusions.

drogon.

https://www.boards.ie/discussion/comment/119339664#Comment_119339664

A property is worth how much a person is willing to pay for it. But I think that price is ridiculous!

As long as the property owner doesn’t whinge about it years down the road and want the government to help them out cause they are in negative equity.

Dav010

https://www.boards.ie/discussion/comment/119339613#Comment_119339613

Irate? No, we’ve seen this before from another poster who used to scour daft for properties to be baffled/outraged about the price. But it helps if you understand what benefits that property has, and what makes the valuation realistic or not. Having potentially a whole additional second floor which adds over 1k sqft to an already large 2k sq fr newish property is a huge selling point.

Bass Reeves

https://www.boards.ie/discussion/comment/119335236#Comment_119335236

To builders finish that house would cost 450-500k, the style of finish inside after builders finish is another 100k. Add 50k+ for the finish out side.

You are at 650k. What would a site similar to that make if for sale with planning for anybody that wanted to build there 250 k.

As for it being outside of a town or village houses on half an acre are seldom on the outskirts of a village. People buying these sort of properties are aware from when they go looking that the wil be buying 2-3 miler or even more from the nearest town. They are prepared for the two car lifestyle

MacronvFrugals

Probably tried to cash in on the Covid WFH boom

fliball123

https://www.boards.ie/discussion/comment/119340256#Comment_119340256

Be interesting to see what this goes for its up for auction and all auctioneers will tell their customers to drop the price to get the competition going. Lets see what it sells for I was beginning to think we may see a drop next year but with the new government incentive to buy will keep prices going for another few years.

uberwolf

https://www.boards.ie/discussion/comment/119337636#Comment_119337636

https://offr.io/

this website

iColdFusion

https://www.boards.ie/discussion/comment/119339891#Comment_119339891

Ahh here ye are mad, there is nothing special about that house to justify its price, its big, in a nice location and not terribly far from Dublin that's about it.

It was built 7 years ago, its an old house and would have been much cheaper to build back then, trying to justify its price based on current build prices makes no sense, you are not getting a new house.

Its 900k and they didn't even slab or plaster the attic never mind the fact it cant be used as a habitable space as there are no fire escape windows up there.

The layout is quite bad, just a load of bedrooms jammed in and all the front of the house with the main living spaces faces east, the living room french doors open out to the north FFS. Its also down in a bit of a hole which is worrying as there looks like a drainage ditch has been dug between it and the main road.

Its not exactly a private secluded area, you don't even have your own driveway entrance and it looks like someone runs a trucking business from the large shed in front of the house along with a farmyard just across the main road, id guess this was built by the child of the farmer who got the site for free so none of that matters to them. Even the field next to it looks like a dumping ground on google maps.

Where are you getting 50k for outside finishes? It doesn't even have a tarmac driveway or nice gardens.

It doesn't have a big garage or high speed broadband either.

Looks like they have been trying to sell up since 2020 when they applied to have the owner occupier planning clause removed but were refused and two other houses next door were for sale on streetview in 2019 too, makes you wonder what's happening in that area.

Look people will pay what they want but 900k is mad for that, 600k sure.

fliball123

https://www.boards.ie/discussion/comment/119340848#Comment_119340848

Of course it makes sense to relate your price to current building prices. What else are you going to base it on for god sake. Its a fact that if it was built from scratch it would cost a lot more than 600k for sure when the land is brought into play why would you sell for less than what it would cost to build?

Bass Reeves

https://www.boards.ie/discussion/comment/119340848#Comment_119340848

If it was build 7 years ago it was not an old house. What it was build for back then had nothing to do with present rebuild value. If the owner's are rebuilding they will pay present rebuilding costs.

It looks more like a storage area at present with a pool table for children that looks like it is in storage. If it was fully finished it would add 1000 sqft+ onto the house, which would add another 200k+ onto it value.

850K would be a bargain for it in the present market

iColdFusion

https://www.boards.ie/discussion/comment/119340879#Comment_119340879

The other side of that question is why would you pay the same for a 7 year old house if you could build a better brand new one for the same money?

I would guess they got that site for free and that house cost them 450k all in day one.

It's all a bit moot anyway, current build costs are through the roof so not a valid comparison to even 2 years ago and if you have to buy a site in that area its likely you won't qualify for local area planning.

Dav010

https://www.boards.ie/discussion/comment/119341228#Comment_119341228

Do we really need to explain to you why the build price of this house 7 years ago has no bearing on the selling price today? And why the build price today is the important consideration.

You think it would be very easy to buy that site, get that planning, engage that builder, and build that house, all in the time it takes to buy it?

You must wonder why anyone buys an existing house, when you can easily build a new one for the same or less.

Im glad you understand the restriction on planning though, and why buying that house would appeal to a buyer who knows they would not get planning in that area, I’ll give you credit for that part, though not that you understand the implications of that on price.

Ozark707

https://www.boards.ie/discussion/comment/119340414#Comment_119340414

Looks like the market has shifted downwards is US/CA/NZ/Oz. Not sure what is happening on the continent. If IR's go up even a little bit it appears that the market (based on the initial list of countries I cited) will go down. All over to Christine and co....

Pussyhands

That lad from that crazyhouseprices account is a pure grifter.

He looks for money through patreon....all that fella does is find overpriced houses on daft or get sent in pictures from people simping for him.

He's also the lad who encourages people go to relatives of recently deceased asking if they're selling their house in the hope they get to buy the house before it goes to market and before they realise the market value of the property!

A grifter, plain and simple.

Another fool is Rory Hearne, who surprise surprise has just released a book looking to profit from the doom.

timmyntc

https://www.boards.ie/discussion/comment/119339891#Comment_119339891

There is no way it would cost you 650k to build & finish that house - thats over 3k/sqm, even with the current situation you would not be paying close to that much.

And 250k/acre for a site that far from Dublin? You're having a laugh. It is mad money, especially with a totally unfinished attic

fliball123

https://www.boards.ie/discussion/comment/119341389#Comment_119341389

IN all of the listed countries they do not have the same supply and demand dynamic. The gov has just introduced another measure that alleviates 30% of a mortgage on people buying this is going to push prices up. I was thinking we might start seeing prices drop this time next year when interest rates are near 2% but this new scheme will undo this.

Dav010

https://www.boards.ie/discussion/comment/119341492#Comment_119341492

Current guide on new build is €220 per sqft to builders finish (I’m assuming you know what that means) is 2100 x 220 = 462k, and you may have to offer more than that to get a builder at the moment. Conservatively it would cost 100 - 150k to fit joinery/kitchen/floors/bathrooms/painting/fixtures etc and at least 50k for external including gardens/paving/driveway/septic tank etc. Then you have architect fees, CoCo water connection if applies, contingencies on VAs etc.

The site could be anything depending on whether it has existing planning, has restrictions on who can build, how many people are looking to buy there etc, but a large site like that with sea views will not be cheap. As I said earlier, you may not have any change out of 895k if you were to build that yourself.

I’m surprised that you don’t see the potential for that attic, it may be unfinished, but the height is the important attribute. It can easily, and relatively cheaply be converted with stud partitions into a couple of large rooms. That would be hugely appealing to some buyers.

timmyntc

https://www.boards.ie/discussion/comment/119341552#Comment_119341552

Where are you seeing 220/sqft for only builders finish? Most estimates from this earlier year put it around 210/sqft for turn key finish. 220 for only a builders finish, especially for a rural one-off dormer is a massive rate

Dav010

https://www.boards.ie/discussion/comment/119341643#Comment_119341643

There are a number of sites which have guide prices, but with material and wage inflation, builders are factoring in potential future rises in build costs when quoting for jobs. How do I know this? Firstly you would have to be living under a rock not to know that build costs are continuing to rise, even since the first quarter of this year. Secondly, builders are in short supply and even though building has constricted recently due to availability of materials, builders are very hard got. Thirdly, I have asked a number of builders recently, I dont live in Dublin, but I’m not that far away and €220 was the cheapest figure quoted, for builders finish. You only get “turn key” in developments, one off housing costs more, and very much depends on the owners choice of kitchen/joinery/fixtures, like in the house that is being discussed, you will not get a builder to quote for a bespoke kitchen that the owner orders from a kitchen maker.

Bass Reeves

https://www.boards.ie/discussion/comment/119341492#Comment_119341492

Do you know what builders finish is no kitchen, no fitted wardrobes no fireplaces no flooring no painting and standard bathrooms. Unless you are willing to do all the labour yourself it will cost a lot of it.

None of the electrical switches or sockets are standard builders finish. The ware for the bathroom, shower and tiling is a 7-10 job. The bath alone is over 1k. I presume the ensuite is not bog standard either

The light fitting are all a couple hundred each. That is a granite worktops on the kitchen. Nothing in that house is cheap.

The site is an acre site. There was a TV program after Christmas where a couple were doing up a bungalow in a town in Wicklow. It was in a town and a half acre site. They paid 350k for it back in 2018 I think and they demolished it to the four wall virtually.

The premium for an acre site is 30-50k and there are to be a decent view from that site.

timmyntc

https://www.boards.ie/discussion/comment/119341803#Comment_119341803

I know what builders finish is - however you would get well past builders finish for much less than 650k on a house of that size, keeping in mind the attic isnt even finished either.

Sites in towns sell for well beyond what youd get rurally, namely because a town site can have multiple units on it so there is a premium associated with the development potential of a site, whereas a rural site is rarely going to be bought by a developer and 3/4+ units stuck on it. 200k+ an acre for the countryside, with farms literally next door and not in a village is daylight robbery, planning or not.

A serious amount of boomtime thinking going on here that a site in the countryside and a dormer bungalow are worth 200k+ and 650k+ respectively.

iColdFusion

https://www.boards.ie/discussion/comment/119341270#Comment_119341270

By your logic no house should ever sell for less than what it would currently cost to build the equivalent, you can see the flaw in that argument right?

Clearly we are at the top of the market now and build costs are the highest they have been in over a decade so anyone justifying that purchase price only on current build cost will probably get burned, its not impossible for build costs to drop back 10-15% in the next year so by your logic making that house worth 10-15% less in a years time putting the owner in immediate negative equity if they try to sell, why would I buy that for 900k if I can build a new better house for 800k?

You keep saying sea views but that house is miles from the sea with little views of it on anything but the clearest of days, they did a really bad job of maximising its location, they should have built a two story with loads of full height glazing and a couple of balconies out towards the sea and mountains, instead they built a generic bungalow.

To be honest I think anyone with 900k to spend can do a lot better than that house and I reiterate I think the owners are chancing their arm hoping someone will bite.