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Downward pressure being "hidden" by developers

  • 24-06-2003 8:42am
    #1
    jd
    Registered Users, Registered Users 2 Posts: 5,750 ✭✭✭


    (was in accomodation-may be better here)
    Wonder has anybody any comments about this-
    I hear that a development in Santry Pk is now getting an allowance of 10000 euros to fit out the apartment, where a few months ago it didn't. Could developers be hiding a downward tendancy for the prices of new developments. Or is it probably just that the remaining apartments are "less desirable"?
    jd


Comments

  • #2
    spongebob
    Closed Accounts Posts: 6,143 ✭✭✭spongebob


    are you an economist or a developer JD ?


  • #3
    jd
    Registered Users, Registered Users 2 Posts: 5,750 ✭✭✭jd


    Originally posted by Muck
    are you an economist or a developer JD ?
    techie!! :P

    no seriously-I am in the market at the moment..


  • #4
    spongebob
    Closed Accounts Posts: 6,143 ✭✭✭spongebob


    an increase in allowances is the first sign that the price point for these apartments (and similar ones) is higher than the market will currently take. During the 'late Bacon' period in 2001 the market was very soggy. Developers were competing on allowances . Once the Bacon restrictions on investors were removed 18 months ago the allowances disappeared rapidly and the market took off again.

    I am in Galway not Dublin.

    The Auctioneers organised a Cartel early this year and did their damndest to bust the 300k price point for an AVERAGE 4 bed semi with an big 4 BED semi at 310-320k . They failed.

    There now appears to be a soggy overhang on the market which indicates that the AVERAGE 4 bed semi is available in the 270-280k bracket. I think it could fall below 270k by next month.

    This is still a lot more than the same house cost a year or two ago but I feel that prices have now stopped rising .

    Keep your beady eye on those allowances, go and haggle with an auctioneers for the crack about an apartment somewhere. If he gives an inch on allowances, take a mile. If he gives a mile then hang on till later this year instead. I cannot see where the demand will come from this year to re-ignite the market again TBH.

    M


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