House market news

goldenbrown

on friday I got the keys on my dublin semi detached house, I have been watching the market from last summer, I would have paid more last summer, I would have paid more before last summer, in my view the market has been corrected and has now flattened out, that is why I bought now, I could have waited, prices have dropped but this is too vibrant a society for a collapse....my 20 cents worth:)

confuzed

congrats !! please post where and how much.

ntlbell

I don't think I've scratched my head so much reading any forum bar accom/property.

Odd.

mastermind2005

x 2


Well according to Davy Stockbrokers your house which i assume you paid about €350000/€400000 depending on size and location will have cost you €35000/€40000 in lost value for the perivelage of calling it your own for a year... :eek:

renting the same place would cost you a mere €15600 based on a monthly rent of €1300 :cool:

and who says its going to stop in a year?

all said... if your happy to pay your mortgage every month and can comfotably afford it why not...

chump

goldenbrown wrote: »

on friday I got the keys on my dublin semi detached house, I have been watching the market from last summer, I would have paid more last summer, I would have paid more before last summer, in my view the market has been corrected and has now flattened out, that is why I bought now, I could have waited, prices have dropped but this is too vibrant a society for a collapse....my 20 cents worth:)

congrats on buying a home

but

com'onnnnnnn

you're only fooling yourself posting rubbish like that, your REASONS are non existent.

Pa ElGrande

chump wrote: »

congrats on buying a home

but

com'onnnnnnn

you're only fooling yourself posting rubbish like that, your REASONS are non existent.

He did give his reason - "I could have waited" and there is rationale behind it as explained by time preference.

Time preference

In economics, time preference (or "discounting") pertains to how large a premium a consumer will place on enjoyment nearer in time over more remote enjoyment.

There is no absolute distinction that separates "high" and "low" time preference, only comparisons with others either individually or in aggregate. Someone with a high time preference is focussed substantially on their well-being in the present and the immediate future compared to the average, while someone with low time preference places more emphasis than average on their well-being in the further future.

bugler

In all honesty, looking at the various noizes coming from all sources, how anyone could deduce that the bottom of the housing market has been reached is beyond me.

prices have dropped but this is too vibrant a society for a collapse....my 20 cents worth

That isn't really a reason for why a collapse can't happen. And it used to be 2 cents! Looks like property isn't the only thing that has been grossly over-valued

orbital83

Best of luck OP - personally I would not agree with your optimism regarding a "vibrant" society - when the US sneezes, the rest of the world catches a cold, and Ireland gets pneumonia. Add to this the trends in public finances and unemployment over the past two months... and I'd suspect if we're vibing in any direction, it's the wrong one.

However if you've bought for the long haul, are comfortable with your mortgage repayments, have a stable job and are in a prime area with regard to public transport and other infrastructure, you should be OK.
These are only criteria under which I would buy at the moment and even then after many hours of deliberation.

martian1980

goldenbrown wrote: »

on friday I got the keys on my dublin semi detached house, I have been watching the market from last summer, I would have paid more last summer, I would have paid more before last summer, in my view the market has been corrected and has now flattened out, that is why I bought now, I could have waited, prices have dropped but this is too vibrant a society for a collapse....my 20 cents worth:)

..this is house market news? Maybe you should change the subject of the thread to "poster buys house"

Pa ElGrande

bugler wrote: »

In all honesty, looking at the various noises coming from all sources, how anyone could deduce that the bottom of the housing market has been reached is beyond me.

I agree the bottom is a while off yet, maybe another two to three years at least based on typical house bubble cycles, and it will be maybe over a decade or more before prices levels even approach 2006 levels again. I reckon we will know the bottom when most people become fearful of taking on large debt.

bugler wrote: »

That isn't really a reason for why a collapse can't happen. And it used to be 2 cents! Looks like property isn't the only thing that has been grossly over-valued

UK Prime minister Margaret Thatcher, talking to Women's Own magazine
October 31 1987

"I think we've been through a period where too many people have been given to understand that if they have a problem, it's the government's job to cope with it. 'I have a problem, I'll get a grant.' 'I'm homeless, the government must house me.' They're casting their problem on society. And, you know, there is no such thing as society. There are individual men and women, and there are families. And no government can do anything except through people, and people must look to themselves first. It's our duty to look after ourselves and then, also to look after our neighbour. People have got the entitlements too much in mind, without the obligations. There's no such thing as entitlement, unless someone has first met an obligation."

If people define a "vibrant society" as one that goes on a massive debt fuelled property binge for a decade, then they are about to find out there really is no such thing as society, when they can't get a job or pay their mortgage and other debts and even taxes. Do they really expect society (the taxpayer) to come in and bail them out? Look at Tom Parlon of the Construction Industry Federation, crying like a baby to the government to quickly restore the status quo by doling out large infrastructure contracts (paid by the taxpayer), or the developers using the councils (paid by the taxpayer) by way of social housing to bail them out.

Is society expected to take the burden of the losses just because greedy and stupid bankers inflated the property bubble and in so doing wrecked the credit market, and are currently destroying the savings of individuals and their families?

gurramok

When you still see a 3bed gaff in the many sh1thole no-go areas of dublin with asking of 300-400k, you know your still in bubble territory!

When you still see 1bed shoebox apts which are designed for single people in mind asking for at least 250k upwards, you know it's still bubble territory.

When you still see 3bed corpo houses which just so happen to have an upmarket address asking for 800k+, you know it's still bubble territory.

Just 3 examples of prices where corrections are further needed.

bakerbhoy

goldenbrown wrote: »

on friday I got the keys on my dublin semi detached house, I have been watching the market from last summer, I would have paid more last summer, I would have paid more before last summer, in my view the market has been corrected and has now flattened out, that is why I bought now, I could have waited, prices have dropped but this is too vibrant a society for a collapse....my 20 cents worth:)

Shame on you !!! .You bought a house:eek:
Some on this forum would call you traitor to the housing collapse.:p
Best of luck .:)

punchestown

I was in the pub last night and the place was packed. The chipper was packed afterwards and the taxis couldnt come quick enough to ferry the punters home. Its an obvious sign that things are on the up and up again. Im ringing IIB in the morning to get some approval for a BTL. The gravy train is back on track! Choo choo

chump

Pa ElGrande wrote: »

He did give his reason - "I could have waited" and there is rationale behind it as explained by time preference.

I disagree with your response completely. The explanation given is quite explicit

in my view the market has been corrected and has now flattened out, that is why I bought now

The reasoning to back this up is non existent.

punchestown

chump wrote: »

I disagree with your response completely. The explanation given is quite explicit



The reasoning to back this up is non existent.

The Op stated that it was too vibrant a society for collapse. That is good enough for me.

Sarn

punchestown wrote: »

I was in the pub last night and the place was packed. The chipper was packed afterwards and the taxis couldnt come quick enough to ferry the punters home. Its an obvious sign that things are on the up and up again. Im ringing IIB in the morning to get some approval for a BTL. The gravy train is back on track! Choo choo

In the past 18 months I haven't noticed a drop off in pub or chipper attendance so I wouldn't take much from that. Property on the other hand... People will always find the money to head out on the town as we all need something from time to time to get over our working week (or accumulated debt).

orbital83

I was in the pub last night and the place was packed. The chipper was packed afterwards and the taxis couldnt come quick enough to ferry the punters home. Its an obvious sign that things are on the up and up again. Im ringing IIB in the morning to get some approval for a BTL. The gravy train is back on track! Choo choo

Not for long if this graph doesn't change direction and fast.


PS - I presume you're taking the michael punchestown - buying as an owner occupier can be justified in some circumstances even now - but if you're considering BTL in the current climate I'd be a little worried about you!

punchestown

John J wrote: »

Not for long if this graph doesn't change direction and fast.


PS - I presume you're taking the michael punchestown - buying as an owner occupier can be justified in some circumstances even now - but if you're considering BTL in the current climate I'd be a little worried about you!

Im glad the irony was not lost on you!

sadie9

There are two good websites here where you can track the prices drops of houses.
http://www.treesdontgrowtothesky.com/
http://www.irishpropertywatch.com/
As you can see the downward trend is continuing. All the economic data would seem to suggest the bottom has not been reached yet. Specially when the banks and building societies are saying another 10% will be knocked off house prices in 2008 (and that's only the estimate).

AARRRGH

gurramok wrote: »

When you still see a 3bed gaff in the many sh1thole no-go areas of dublin with asking of 300-400k, you know your still in bubble territory!

When you still see 1bed shoebox apts which are designed for single people in mind asking for at least 250k upwards, you know it's still bubble territory.

When you still see 3bed corpo houses which just so happen to have an upmarket address asking for 800k+, you know it's still bubble territory.

Just 3 examples of prices where corrections are further needed.

I agree. I was in Coolock yesterday. What a kip. Houses are 400k there.

Insane.