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

DownByTheGarden

https://www.boards.ie/discussion/comment/120691469#Comment_120691469

Same thing applies to rulings against both landlords and tenants.

Nothing happens after a "ruling".

Id say if anything was going to be happen Mr. Godart might be the very one to roll the dice fight all this barmy legislation in court. The outcome of that could be interesting, especially if he won.

Villa05

The stench of entitlement is amazing.

A blatant serial offender of fire reqs stuffing properties with multiples of people they were designed for and some here implying that such operators are victims of the system.

Is there any sector in the world that can get away with attempted man slaughter on a daily basis

Dav010

https://www.boards.ie/discussion/comment/120693357#Comment_120693357

I’m sure there are many sectors where customers/service users are treated poorly. Is attempted manslaughter where you try not to kill someone?

J_1980

Bit of softness in upper price segment (>800k) in Dublin. Except for Dublin 4&6. Prices are just crazy on some nice properties.

dontmindme

https://www.boards.ie/discussion/comment/120693564#Comment_120693564

Was at a viewing yesterday in Dublin in the (>300k) bracket and there must've been over thirty different interested parties there.

DownByTheGarden

https://www.boards.ie/discussion/comment/120693357#Comment_120693357

Dont be exaggerating. Its more like the total uselessness of the RTB being shown up for what it is for both landlord and tenant. As long as you ignore the RTB you can do what you like. RTB fines dont mean anything to either side it seems.

Jonnyc135

https://www.boards.ie/discussion/comment/120693794#Comment_120693794

Everyone knows at this stage the RTB (real thick bastards) are absolutely useless. Useless for the Tennant and useless for the Landlord

J_1980

https://www.boards.ie/discussion/comment/120693637#Comment_120693637

300k in Dublin is bottom cheap. Very affordable and a no brainer va rents.

DataDude

https://www.boards.ie/discussion/comment/120693564#Comment_120693564

Any examples? Have a friend looking in this segment and he’s having a rough time with being outbid on everything. Mainly SCD - blackrock and surrounds mostly.

J_1980

https://www.boards.ie/discussion/comment/120694083#Comment_120694083

7 Warren Lodge, Sutton sale agreed 960k

no2 identical with full sea view was sold 1.26mm. 300k for direct/non direct sea views is a massive difference, far bigger than when sold as newbuild. Evidently 2 had bidding war, 7 didn’t.

also 8 cairn hill on market for ages no bids, no9 sold same peice with attic converted. But would expect someone to at least bis on it below ask.

DataDude

https://www.boards.ie/discussion/comment/120694344#Comment_120694344

Had spotted Cairn Hill alright. Looks fairly priced and no action. This person has no interest in Foxrock unfortunately.

No knowledge of North Dublin pricing but have always been interested in what a direct sea view was worth. Think an EA from Howth in Irish Times last year said it was about €250k extra on €1m house. Feels about right to me but just based on what I’d pay rather than hard data.

J_1980

https://www.boards.ie/discussion/comment/120694393#Comment_120694393

No7 also has sea views, just the second row and 2 semi blocks in front.

newbuild the price difference was 150k. (770 vs 925)

also, only looking in ONE area is not ideal with low supply. I’m happy in Howth or Bray or off Baggot street, be open to anything.

DataDude

https://www.boards.ie/discussion/comment/120694410#Comment_120694410

Agree with you generally, but unfortunately these friends are a teacher and a surgeon so no WFH. Proximity to the hospital in particular is key so less flexibility on location than most.

Also if friends and family are all south of Dublin, I personally wouldn’t even consider north side, despite how lovely Howth and some other parts are.

Murph3000

Year on year prices in UK are negative and falling in the UK.

First time they hit negative for 10 years, will Ireland follow shortly?

hometruths

https://www.boards.ie/discussion/comment/120694393#Comment_120694393

I'm oddly fascinated with the future of Foxrock. It seems like it was a big deal to a certain type of cliquey young professional middle class 40 years ago who gave it a veneer desirability and thus premium prices, but it has never really appealed to anybody to the same extent since.

Currently there are 38 houses for sale in Foxrock, 29 of them are €1m+ and 14 of those are €2m+.

The sellers clearly believe it as at the high end of the market, but it seems like many buyers in the high end of the market wouldn't even look at it. Totally understand why.

I think Foxrock is fairly ordinary location in terms of amenities, both visual and practical. €1m buys you a fairly ordinary house in all the premium locations of South Dublin, but at least the other premium locations have excellent amenities - dart/sea etc etc. And character of which Foxrock has zero.

At current prices €1m in Foxrock is an ordinary house in an ordinary location. I'd much rather buy an ordinary house in a lovely location.

At once you're up in the 2m, 3m, 4m bracket - this sort of money will get you fabulous houses in a lovely location, so the mind boggles as to who would pay €3m to live in Foxrock.

I know people who grew up in Foxrock, offspring of the 70's middle class, and when buying they all shunned Foxrock in favour of the other premium SCD choices.

If they're turning their nose up at it, no surprise others are too!

wassie

https://www.boards.ie/discussion/comment/120695604#Comment_120695604

Possibly not in the short term for 3 main reasons, as discussed here many times before:

1. Demand is high, supply is low and credit availability is robust
2. Banks havent passed on full effects of interest rates
3. Central Bank lending rules on LTIs mean borrowers are not over-indebted can withstand rising rates countries for longer.

However, rising interest rates are like gravity on asset prices and if they continue to climb then at some point the market may need to adjust.

Murph3000

https://www.boards.ie/discussion/comment/120695696#Comment_120695696

Well thats all nice points but the actual figures show they are trending to show negative year on year prices either this month or next.

We are a bit behind UK on rate increases, possible why we are a bit behind on drops.

drogon.

https://www.boards.ie/discussion/comment/120695708#Comment_120695708

I guess the question is how much do you think the prices will drop though ?

Do you think it is going to be as bad as 2008 - 2012 ? It took close to 4 years to bottom out last time. I personally don't see that, however I do see a price drop from the crazy 2022 situation.

J_1980

Uk prices are far more mental and unaffordable than Dublin. 5* salary and proof of repayment showing your p60 is enough. No diligent savings etc.

J_1980

https://www.boards.ie/discussion/comment/120694953#Comment_120694953

I’m in office 5 times a week around Dawson street. And happy to commute from Honeypark Dun Laoghaire if it came to it. Currently walking from Ballsbridge.

Murph3000

https://www.boards.ie/discussion/comment/120695834#Comment_120695834

Maybe, but real data shows we are following their trend, so far.

Murph3000

https://www.boards.ie/discussion/comment/120695803#Comment_120695803

No idea, I think a lot depends on rates, I cant see rates reversing anytime soon, but who knows.

rob316

I've seen some bonkers bidding on auction sites again. People realizing prices are staying high, no real supply and salary increases are cancelling the effect of interest rate rises?

Murph3000

https://www.boards.ie/discussion/comment/120696009#Comment_120696009

Prices have been dropping in all latest available recorded data.

You could be right of course, but best off monitoring the actual data. We will see soon what latest update brings.

The only way I could see drops like in 2007 is if we see rates stay persistently high.

drogon.

https://www.boards.ie/discussion/comment/120695989#Comment_120695989

I agree rates won't be reversing anytime soon.. But at the same time, I reckon there might be 1 or 2 more small rate hikes by the ECB (.25%) and rates will be let to sit at that rate for a period. I think people need to realise that two recession's won't be the same.

kevthegaff

I think its all to do with confidence, when the media starts to report falls more regularly, landlords with a few houses will consider selling part of their portfolio. Buyers will be cagey and hold out longer before buying. Media has been very quiet so far...

Bass Reeves

https://www.boards.ie/discussion/comment/120696587#Comment_120696587

We have been hearing that this will happen for the last 4-5 years but the situation has not changed much.

I predicted a 10% drop last year to happen throughout this year and into next year. Things are moving that way slower than I taught but I expect it to stabilize around that.

Unless supply jumps for some reason out of the ordinary I cannot see a fall of much beyond that. The one factor that might change it is the government intends to start building modular houses mid/late next year which may jump supply rapidly.

Mr Hindley

Supply starting to very slowly inch up again - having been remarkably flat for a good while, there have been small increases the last few weeks.

I suspect this is mostly apartments - lots of anecdotal stories on here of people still being outbid left, right and centre on houses. Inchicore prices seem to be going nuts, for example.

Bass Reeves

Solicitors who send the letter demanding payment for not objecting has lost his job.

https://m.independent.ie/irish-news/south-dublin-planning-saga-lawyer-leaves-top-firm-over-225k-demand/a1299017362.html

It's seems it was a limited cabal that were looking for payment for not objecting of high flyers in the area probably without the knowledge of other house owners. They were looking for boundary changes for other house owners.

However this solicitor used his company email and probably letter headings to send the demand. He has ''left'' the company he was working for the largest legal firm in Ireland where he he was a senior solicitor.

The other involved are a company director and a director of a semi state body. I would like to see action against them as well.

This looks more like an attempted shakedown/ fraud than a legitimate negotiation over a planning issue

wassie

Its concerning when these people seemingly hold/held professional positions that demand ethical behaviour. Its simply pure greed.

Whats even worse is they were prepared to shaft their own neighbours to help line their own pockets under the guise of helping them.

The group also proposed to bring an offer to other residents along the road, but this would not be for cash, merely for boundary changes. In effect, their own neighbours would not be getting the same benefit.

I think that would be an awkward little neighbouhood these days.