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

I would alway shaft the Messer if he was reacting to an underbidder. Of he realised his mistake and came back earlier I might entertain but if he was reacting to bids received he is an idiot

No 4 is on the property price register at €1.35 in 2018

Saw these 4 spec houses passing through Craughwell village yesterday in east Galway.

Craughwell is about 25mins from Galway city and is a fairly unremarkable village, with only a few services. They are built to a decent spec, but the sites are wedged between the unimpressive main road and the railway line.

Developer is asking between €670k-€700k for each of these 4 houses which seems bonkers given there is only one recorded house sale on the PPR over €500k for the whole Craughwell area (€510k). Either its pure greed or else someone has gotten their numbers badly wrong. Eitherway its going to be a tough sell.

They are a very good high spec true, but people paying 700k+ would expect either better location (Galway city/Oranmore) or a house with a bit more privacy from your neighbours. Also having a train running past your back garden doesnt help either.

As it stands in Craughwell you will have to drive absolutely everywhere for everything really

not sure what your point is? i expect it would have cost at least 600k pre covid. so around 5% increase per annum isnt remarkable. naas homes seem a bit much having regard to distance to dublin and similar commuter belt towns.

Time will tell.

Looking at the Kinport site, they seem to build pretty high spec houses, so it’s fair to say you know nothing about the build cost/profit.

They are nice looking houses, smallest seems to be around 2100sqft. That’s likely to be a “forever home”. Mightn't be for you, might be for someone else.

I get that you are interested in the cost of housing, but saying something is not worth €X just because you won’t pay it is below playschool level of intellect, it doesn’t account for others who put a different value on commodities. I don’t live near this, nor the house you posted a few days ago. But someone may be looking for that house, in that area, with that spec, that garden wants to live near Dublin/Galway, but not in Dublin/Galway etc, may have been looking for that type of new house for years, now they found it and it is worth more to them then it is to you and me.

Even playschool kids want the toys their friends have, it’s up to the parents to teach them that they can’t have everything they want when they want it, when you get older, at the price you want it gets added to that, but you gotta learn that last bit yourself.

The value of a house is not what you want it to be, or think it should be, it is what someone is willing to pay for it. Unless you are bidding on it, you are just like grandpa Simpson, shaking your fist at a cloud.

I appreciate that, I’ve never been there myself. But a new house relatively close to Galway may appeal to people today that it wouldn’t have in the past for obvious reasons.

Again, time will tell, keep us updated on whether they have occupants in the coming months.

This is the biggest cop out on this thread

"But a new house relatively close to Galway may appeal to people today that it wouldn’t have in the past for obvious reasons."

We have pointed out the reasons why, even if it did appeal to someone, they are not worth that price. Buyers interested in Craughwell likely would have lower budgets, those with a budget for those houses would prefer to live in Oranmore or Galway, both nearby, both have very nice houses in the 700k price range, and both have a lot more going on that the village that is Craughwell.

If a lamborghini is in your budget, why would you buy a fiat punto for the same price!

Why do you think the arbitrary value you put on a property applies to everyone else? Time will tell if the market agrees with you.

Because the principals of property value apply countrywide.

It is not devils advocate to state that what you think the value of a property is, may not match the value the market puts on it. If you think your opinion defines the value, you are either deluded about your ability, or clueless about how markets work.

The value of that house is what someone is willing to pay for it. It’s that simple.

That’s a bargain for craughwell