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

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

Which bid will a seller/developer accept, what you consider “fair value” or “market rate”?

Fair value in any economic context is quite literally market rate

The value of any house is what someone is willing to pay for it - this is fairly basic stuff. To date, nobody has paid for those houses, that is just an asking price.

It is perfectly valid to criticise that asking price as at that price point there would be very little interest, given the same price point could buy similar standard house in a much more desirable area (Oranmore/Galway City suburbs).

Your devils advocate approach of "oh well its not a rip off because someone might pay for it" adds nothing to the debate at all.

Thats my point, as the houses are as yet unpaid for, how do you know whether there will be interest or if they are overpriced?

Do you think market rate economics apply only to one area?

Why do we all buy certain types and brands of cars even though we can get cheaper cars that will to the same thing? Personal choice, and we all view things differently. Few commodities have emotional attachments like property, we all look for different things and place different values on them. But one economic reality stands, your value may not be the same as everyone else’s and the one that matters most is what the buyer is willing to pay. That is the market value, that isnt contrary, it is reality. If you disagree with that, so be it, but the PPR reflects the selling price, not what you think it is worth.

Taoiseach committed to phasing out this project and actively sink 450 million into it, they are jokers and still nothing of substance done about the cuckoo funds either.

No it won't - thats why I posted it. The pricing is totally out of whack for the whole Craughwell area. The most expensive house @ €700k is asking nearly €200k (or 40%) above the highest sale price acheived in the area (€510k)

If you have €650-700k and want to be relatively close to Galway city your not going to spend it in Craughwell. Your going to look at Oranmore, Clarinbridge, Kilcolgan.

Its either pure greed (in which case expect a serious discount) or else someone got their numbers seriously wrong.

those are 0.3 acre sites. Normally these houses would be 6-10/acre. As well its a small development of four houses. Generally builders and auctioneers have a fair idea of what will wear price wise. There is a train station in craughwell.

Well they cant pass it on to fixed rate customers. Unless they mean they still wont change the current fixed rates for future customers.

But we are looking at 0.5% rises every 2 months untill inflation comes down. So they will eventually pass ot on.