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

SwimClub

https://www.boards.ie/discussion/comment/119775558#Comment_119775558

Not entirely true, thats a 4 bed and it's listed at 750k. Close to Carrickmines retail which is expanding and theres luas near there, there's a huge new shopping complex going in at Cherrywood too, close to Sandyford as well. That whole area has been getting massively developed.

You'd get an old build 4 bed in a better location with a nice garden and no service charge for similar or slightly more, new builds always seem like bad value to me but I guess a lot of people like the zero refurb, top energy rating and everything being perfect on move in.

cubatahavana

https://www.boards.ie/discussion/comment/119775669#Comment_119775669

Just curious, why worse value? Building standards are higher, energy rating are better and you get a blank canvas

Higgins5473

https://www.boards.ie/discussion/comment/119775669#Comment_119775669

Absolutely nothing is perfect when you move into a new build. An awful lot to be done/finished.

The one I quoted is a 4 bed with a converted attic, starting at €800k. That is absolutely nuts.

The area is being built up with zero amenities or infrastructure, schools, shops, transport to and from and the roads are brutal. There is absolutely nothing around that estate except for a circle k.

 

We are delighted to inform you that we are launching phase 1 from our brand new show house on Friday 21st & Saturday 22nd, with viewings by appointment only (due to limited parking). 

Suttonfield is a stunning new development mainly comprising a mix of spacious 3 & 4 bedroom houses, these elegant new homes have ben thoughtfully designed and note the exceptional finishes throughout. 

Suttonfield - Where city life connects with the great outdoors.

Our first release will comprise of: 

‘The Roan’ 3 bed terrace from €725,000 (c. 188.5 sq.m/2,029 sq.ft.)

‘The Bay’ 4 bed semi detached from €750,000 (c. 178.7 sq.m/1,924 sq.ft.)

‘The Dun’ 4 bed semi detached side entry from €800,000 (c. 182.3 sq.m/1,962 sq.ft.)

We will also have a limited number of properties within the stables: 

1 bed end terrace from €475,000 (c. 63.3 sq.m/681 sq.ft.)

2 bed semi detached from €500,000 (c. 67 sq.m/721 sq.ft.)

3 bed terrace from €650,000 (c. 124 sq.m/1,335 sq.ft.) 

To reserve an appointment please email suttonfield@dng.ie

Please note: Appointments will be made on a ‘’first come first serve basis’’. 

Booking Arrangements

A booking deposit of €10,000 will be required made payable by way of EFT to the payee DNG Group Ltd. The balance of 10% of the value of the property is required upon signing of contracts. Please note that your proof of finance and your solicitor's details will be required at the time of booking. 

 

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SwimClub

https://www.boards.ie/discussion/comment/119775737#Comment_119775737

Location (factors into good schools) and space around the house/gardens matter more for me, you have room to extend into your garden if you want normally. You're less likely to be overlooked with bigger gardens, and can plant screening around that. Depending on the new build development the parking spot in front of your house might not even be yours, with some of them you could have someone else's headlights beaming into your living room at night. Where I live we have trees on the road, flower beds around with the street name and flowers, olive trees etc. all around it - that's done by the council I guess or local resident committee (20 euro annual subs)/both, new builds you pay a service charge for mostly car park and cement landscape. But you do end up with an endless list of jobs on an older house.

pinksoir

Not to mention that new builds generally have postage stamp sized back gardens, and none to speak of for the front. Add to that non existent green/communal areas. They're more similar to duplex apartments than houses.

SwimClub

https://www.boards.ie/discussion/comment/119775790#Comment_119775790

I've always liked the advice that you want to buy the cheapest house in the nicest area, never the dearest in any area/development in this case.

Paying 800k for me in that development seems nuts.

MacronvFrugals

Its fairly grim out that part of D18 to be fair, was in Leopardstown shopping centre last night and there was a group of young lads with a bonfire on one of the estate corners.

Cyrus

https://www.boards.ie/discussion/comment/119776030#Comment_119776030

the ballyogan road is a bit grim alright,

Villa05

https://www.boards.ie/discussion/comment/119775173#Comment_119775173

And many have been avoided by kicking the can down the road through QE and 0 interest rates

Let's see what the cummalitive effect is because we all know the cure for 1 asset price bubble is to create an everything bubble

Jonnyc135

https://www.boards.ie/discussion/comment/119775329#Comment_119775329

If the EU pass this bio diversity 2030 regulation into law then Ireland as well as all Scandinavian countries that most of EU timber comes from with peaty soil will not be allowed to plant forests and have to re wet all these areas back to bog. Where will we get the timber for the timber frames then, rely on BRICS nations to supply us with a necessity commodity, wonder what could go wrong. My god the EU are just a joke.

dontmindme

https://www.boards.ie/discussion/comment/119775797#Comment_119775797

I agree...no such thing as a front garden or driveway anymore on new builds and then with a small postage stamp 'enclosure' out the back for your bins.

Also, your description sounds like we might be neighbours!

riclad

Building materials have increased in price by 30-35 per cent since 2020, the cost of moving products is much higher ,eg the cost of renting containers to carry steel,metal,wood, cement ,glass etc its basic economics allowing people to borrow 4 times income versus 3 times will simply increase the cost of new houses .right now about 14 per cent of working people can afford to buy a new house in a city or a large town. my friend bought 2 apartments 14 years ago, 145k each, they are now worth about 100k, a lot of people are still in negative equity outside dublin ,in rural area,s .

i dont see the logic in relaxing lending limits in a time where the no of houses for sale is tiny compared with say 2008.

Supply versus demand ,demand is way higher than the supply of new homes , economics 101,

are the government really that stupid or desparate for votes from first time buyers ? , to ignore basic economic reality.

jimmybobbyschweiz

LinkedIn significantly scaling back plans to take on new office place at Wilton Place I read this evening, following Meta and Tik Tok who all in the last year have cut back on new office space that would've allowed for thousands more workers.

At the same time, the Taoiseach is trying to argue that astronomical and criminally high salaries to top civil servants should be private. In the context of Robert Watt getting €300,000 per annum, no wonder the gravy train elites want to keep their wasteful and trough gorging public spending secret.

Ireland is really a club for the inner circle and, while it did well to make a bit of cash for itself with a successful inward investment programme, so much of that cash has been squandered and pocketed by the inner circle elites and it is a shame as the country could really have kicked on from 08 with lessons learned.

Will heads roll when the crash comes for this wasteful public spending? Most likely not but you wouldn't be surprised to see heads on spikes if it turns out that the crash ends up being worse than even the perma-chicken Pickens are hypothesising.

Dav010

https://www.boards.ie/discussion/comment/119777289#Comment_119777289

Do you have a third Avatar, PradaMeinhof perchance?

Linkedin are still recruiting, and their decision has nothing to do with civil servants pay.

https://www.irishtimes.com/business/2022/10/21/linkedin-to-scale-back-office-plans-in-dublin-as-hybrid-working-takes-off/

jimmybobbyschweiz

https://www.boards.ie/discussion/comment/119777328#Comment_119777328

Yes, that's what they say with these announcements but the facts are that the thousands and thousands they had originally planned to hire won't be hired and that is clear from them abandoning the office space that would've been used for those workers.

In any event it's a moot point; there are no rentals in the country anyway for companies to keep shipping in new workers.

Dav010

https://www.boards.ie/discussion/comment/119778082#Comment_119778082

You have completely misinterpreted the article/announcement to suit your viewpoint.

The lease agreements were signed pre-pandemic, there is a very plausible reason why a company like LinkedIn no longer need such a large office building, many of their employees no longer need to work in an office. Covid and the transition to remote working saw to that. LinkedIn are still going to occupy Four in 2025, are moving into the new One building next month, and are still recruiting.

This is another story you have latched onto which does not illustrate what you are claiming it does. What the LinkedIn story and Robert Watts wage has to do with the subject of this thread seems clear only to you.

jimmybobbyschweiz

https://www.boards.ie/discussion/comment/119778111#Comment_119778111

It's all LinkedIn the way that it concerns the waste of public spending in all areas but the property market is getting billions of State cash every year to prop up prices and this is all based on borrowing. Our national debt has ballooned after the bailout as no effort has been made to build a diversified, sustainable economy less prone to a boom bust cycle. Big tech companies like LinkedIn pay billions in corporate taxes each year even though the corporate taxes relate to activities not actually conducted here. Noting all of this, paying attention to the growth outlook for these big tech cos will give an idea of how sustainable further growth of the Irish economy is, but it doesn't have to be worrying if the government didn't waste public money the way it has done and if it also doesn't depend on a few MNCs and their corporate taxes to fuel a debt:GDP ratio that enables ridiculous borrowing each year just to keep the country running. Ireland has never grown up and acts like the kid who got the keys to the tuck shop, filling his pockets with candy as he deliriously grabs the opportunity while it is there, not thinking of the consequences.

L1011

https://www.boards.ie/discussion/comment/119777289#Comment_119777289

Stop posting or referring to articles that you claim back up your viewpoint and yet have absolutely nothing to do with it, or indeed the topic of the thread (Ranting about Robert Watt for instance)

Villa05

It's a bit of a depressing story. It probably underlines that there are landlords out there that are comfortable delivering affordable rents but uncomfortable with the boom bust policies of Ffg that could threaten to wipe them out now that we are entering the next bust stage

Housing crisis is 99.99% the fault of government policy

https://www.independent.ie/regionals/dublin/dublin-news/its-a-bit-terrifying-i-think-people-were-just-shocked-eviction-notices-served-on-100-people-in-block-of-dublin-flats-42086541.html

Villa05

Even Conor Skehan is highly critical of new mortgage rules

https://www.independent.ie/opinion/comment/loosening-mortgage-rules-is-a-sure-fire-way-to-put-the-nations-economy-in-a-tight-spot-again-42088096.html

Villa05

A 2% rise in mortgage rates will put renters in the same position when they buy effectively locking in high housing costs for the rest of their lives

https://www.businesspost.ie/news/new-mortgage-limits-put-first-time-buyers-at-risk-as-interest-rates-increase/

dontmindme

Makhlouf should be fked out on his ear if this is the best idea he can come up with.

Villa05

https://www.boards.ie/discussion/comment/119783269#Comment_119783269

One suspects he was brought in for this exact purpose

jimmybobbyschweiz

https://www.boards.ie/discussion/comment/119784093#Comment_119784093

My thoughts exactly. A great little country to do business in.

AdamD

https://www.boards.ie/discussion/comment/119782292#Comment_119782292

1: You don't lock in an interest rate for your life

2: Salaries tend to go up over time

Villa05

https://www.boards.ie/discussion/comment/119784480#Comment_119784480

1 You can for your mortgage life

2 As stated earlier, statistics show household income decreases after peak earnings around the 30 to 45 age group. Costs would also increase as as this is family formation demographic

Sunday business post yesterday had an article stating that average first time buyer age is 38 for a couple and 42 for a single person. It was discussed on the Sunday newspaper panel on newstalk.

DownByTheGarden

https://www.boards.ie/discussion/comment/119775737#Comment_119775737

I think with a new build you can scope out the neighbours before you buy. And you dont know what comes after pyrite. mica etc where your house will be falling down. :) Dont rely on homebond anyway if anything like that happens. Just ask all the people from the last 20 years.

MacronvFrugals

CBI - "We're not being responsible?"

DOF - "Hold my beer"

Department of Finance pushed Central Bank for lower deposit rule on home lending

https://www.independent.ie/business/irish/department-of-finance-pushed-central-bank-for-lower-deposit-rule-on-home-lending-42086489.html

timmyntc

https://www.boards.ie/discussion/comment/119785996#Comment_119785996

In fairness, a lower minimum deposit required is a much better solution than increasing the LTI limits.

Obviously there is a greater risk of negative equity as you have less equity in the house, but it doesnt have as big an inflationary impact on the market as a whole.

Bass Reeves

https://www.boards.ie/discussion/comment/119785727#Comment_119785727

Strictly from working on medians the highest is the 40-50 age group followed by the 50-60 age group. However medians and mean can distort the real picture. A lot of women tend to re-enter the workforce from there late 40's on.

This could distort the 50's age group figure as these women would tend to enter lower wage employment. As well when lower wage workers have children going to college they tend to manage there income to qualify for grants.

Looking at the reality out there public servants will always earn more in there 50's and even 60's than they did in there 39's and 40's.

US research shows women's earning peaking at 39 and men at 53. But the US is a complete market economy.

You have to remember at the lower paid jobs in this country people in there sixties entered the labour force in there mid teens.

The reason you can see a falloff on wages as there on higher incomes in the private sector move into roles outside structured employment to manage tax and income.

I would say my income peaked twice once in my mid/late forties and again before I retired 4 years ago. Most people I know there incomes peak in there mid/late fifties where they worked throughout there life. Women's would be different in that they left the labour force for a period and often many( and it's a personal choice) priotise family commitments way ahead of work