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Property Movements

  • 14-04-2008 10:11am
    #1
    bren2002
    Registered Users, Registered Users 2 Posts: 1,208 ✭✭✭


    decokiernan, I've taken this out of the Charlesland thread, would you mind having a bit of a chat about it here?
    decokiernan wrote: »
    Sorry but YES we did.

    We sold our house for 450k. Booked an apartment for 275k, bought a section 51 property with a guaranteed rental income for 5 years and an apartment in Chicago with a guaranteed rental income for 3 years.

    When house prices drop to realistic levels in Greystones we can rent out the apartment in Broomhall and purchase a house in Greystones.

    We are also in the position that given Broomhall will not be finished until Jan 09 we can pull out whenever we want and buy a house.

    We have also negotiated a lower rent in our C'Land apartment as the there is a such a wealth of empty properties.

    I dispute that Broomhall area being less sought after given that all the apartments were sold within a week while C'Land still has houses for sale. So not so sought after at all.

    Do C'Land houses come with free furniture, all kitchen appliances, Sky TV, Broadband, tiling and floors as new?

    I agree not everyone is cut out to take the risks we have but at the end of the day its only money. He who dares Wins.

    While I can see your thinking on doing the above, have you considered all of the possible outcomes?

    Is your Chicago apartment mortgaged? If so is this in Dollars or Euros?
    Do you know Chicago well? The States is in a worse housing situation than us at the moment.
    Rathnew is not as nice a location as Greystones and is also less convenient for commuting etc. Do you have a mortgage on the Rathnew apartment? I think you will struggle to rent an apartment in Rathnew in the coming years so may have to subsidise tenants, which really only makes sense in a rising market.

    Also who is guaranteeing rental for you? If it's the developer this rental guarantee is often factored into the price you pay for the property.

    In the current conditions I'm curious as to the mindset of someone who has taken the steps you have. I don't agree or disagree with them, I'm just curious to get an insight into the thinking / situations available etc.

    Thanks
    B


Comments

  • #2
    BigglesMcGee
    Closed Accounts Posts: 501 ✭✭✭BigglesMcGee


    I think, fair balls to them.

    Not my cup of tea, but anyone i know who has made a lot of money has taken risks and invested when everyone else - including myself - said they were mad.

    On Chicago - Fantastic city - If you have ever been there for any period of time you will know that the bad areas REALLY stand out there. They are so easy to avoid.


  • #3
    Fiachra2
    Registered Users, Registered Users 2 Posts: 594 ✭✭✭Fiachra2


    bren2002 wrote: »
    decokiernan, I've taken this out of the Charlesland thread, would you mind having a bit of a chat about it here?



    I too am interested at the logic here and, as with bren, I am not necessairily disagreeing.

    You clearly sold at the top of the market

    You then booked another apartment in Ireland as a home. It was cheaper than the one you sold and this is undoubtedly due in part to the falling market but I would concur with an earlier posted. Rathnew is, and always has been, cheaper than Greystones.
    However you then:
    Bought in the US (a market that by most estimates has a long way to fall) and
    Bought-or booked- an investment apartment in Ireland -another falling market.

    I dont quite see how this supports the concept of selling now-when the seller has already missed the peak of the market -and hoping the market falls enough for you to re-enter with a bigger home.


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