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Properties worst hit by the bubble bursting

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  • 08-06-2008 12:04pm
    #1
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,479 Mod ✭✭✭✭


    What are people's views on the properties that will be most affected by the downturn in terms of percentage price drops and in terms of difficulty in finding a buyer?

    I would say it's fairly obvious that the ghost-town estates are going to be decimated, so I've limited the options to Dublin City and realistic commuter towns.

    Note that I've made it multiple choice but it is still which will be the worst hit rather than which will be hit, so please don't vote on all of them.

    Which type of property is going to be hit the worst? 177 votes

    Luxury Apartments in City Centre (e.g. penthouses)
    0% 0 votes
    Average Apartments in City Centre (2 bed, decent location)
    5% 9 votes
    Cheap Apartments in City Centre (1 bed/studio and/or bad area)
    4% 8 votes
    Terraced houses in City Centre (Good area Redbrick)
    7% 14 votes
    Terrraced houses in City Centre (Former Corporation and artisan cottages)
    2% 5 votes
    Top end houses in city (Embassy belt, Howth, etc)
    2% 5 votes
    High end houses in city(e.g. Period 3/4 bed)
    5% 10 votes
    Good Family homes in city(e.g. 4 bed nice area)
    4% 8 votes
    Average Family homes in city(e.g. 3 bed, ok area)
    3% 6 votes
    Lower end Family homes in city(e.g. small 3 bed dodgy area)
    3% 7 votes
    Good Apartments in Good city areas
    7% 13 votes
    Average Apartments in Average city areas
    3% 6 votes
    Small Apartments in Bad city areas
    8% 15 votes
    Family Home in traditional commuter town (e.g. Bray, Leixlip)
    14% 26 votes
    Apartment in traditional commuter town
    4% 8 votes
    Family Home in new commuter town (e.g. Adamstown, Citywest)
    11% 20 votes
    Apartment in commuter town
    9% 17 votes


Comments

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    #2
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    Everywhere is being affected and will be affected, its how hard they will drop is the question.
    The upper end of the market rose the highest so they will feel it harder with drops.
    Having said that, they will be still more desirable to live in than say those ghost town estates.

    All apts, gaffs that need renovation and gaffs in undesirable areas(rough) will struggle to find buyers more so than a well serviced area.
    Commuter towns that soley rely on the car(Navan for example) will be hit very hard.


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    #3
    mikemac
    Closed Accounts Posts: 19,986 ✭✭✭✭mikemac


    Can you give an example of a commuter town versus a traditional commuter town?


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    #4
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    eh has some edited the poll or something? I seem to notice only 4 votes yet the poll is showing a total of 7 in the results bar


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    #5
    latenia
    Closed Accounts Posts: 1,997 ✭✭✭latenia


    I don't see an option for my choice-poorly serviced estates, apartments and holiday homes in places like Mayo, Leitrim and Roscommon. I honestly think you'll be able to get these pointless apartments for 30 or 40k.
    At the very top of the market, where the prices have been pulled out of the EA's ass, 70 or 80% drops are very possible.
    Example: http://myhome.ie/residential/search/brochure/24-fitzwilliam-square-south-city-centre-dublin-co&-city/HKXFH355787


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    #6
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,479 Mod ✭✭✭✭johnnyskeleton


    latenia wrote: »
    I don't see an option for my choice-poorly serviced estates, apartments and holiday homes in places like Mayo, Leitrim and Roscommon. I honestly think you'll be able to get these pointless apartments for 30 or 40k.

    The reason I excluded these is that I think it is beyond doubt that these properties will be almost worthless in the next few years.
    latenia wrote:
    At the very top of the market, where the prices have been pulled out of the EA's ass, 70 or 80% drops are very possible.
    Example: http://myhome.ie/residential/search/brochure/24-fitzwilliam-square-south-city-centre-dublin-co&-city/HKXFH355787

    Arguably though price means nothing to the people at this level of the market.


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    #7
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    anyone any idea whats going on with the poll. 17 votes according to vbulletin but the bars are telling a different story


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    #8
    BigglesMcGee
    Closed Accounts Posts: 501 ✭✭✭BigglesMcGee


    miju wrote: »
    anyone any idea whats going on with the poll. 17 votes according to vbulletin but the bars are telling a different story


    Is it because you can select multiple options.


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    #9
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    lollers, that'd be it alright. didn't realise you could do that in this poll :):)


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    #10
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    When you factor that Wexford/Portlaoise/Athlone/Mullingar/Dundalk are all considered commuter towns (which given their rail links, is a fairly accurate assessment- you can get into Dublin more quickly from Dundalk than you can from Lucan.......) I think its more a house type, in particular apartments, that are going to be decimated, more than any other house type. Anyone who owns one (myself included :() will have to seriously reaccess what their intentions are if it is not suitable for longterm habitation. I would hazard a guess that a large number of people who bought apartments did so only to "get their foot on the property ladder" as they were brainwashed into doing by politicians and the media- thinking they could readily sell them and trade up to the archetypal semi-d with a reasonable sized garden at some point in the future. We've already debated the housing bubble to death in another thread- and had our fair share of what constitutes a soft landing or armagedon....... I see a day where there will be special government incentives to knock down Section 21/23 apartments and build reasonable accommodation in their place.......

    What we ever did to deserve our appalling politicians is totally beyond me..........


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    #11
    iguana
    Moderators, Entertainment Moderators Posts: 12,915 Mod ✭✭✭✭iguana


    I made 3 choices. Apartments in commuter areas, apartments in bad areas and the embassy belt. The former 2 because I believe they will become unsalable in the future. And the latter because their prices were so ludicrous at the height that they have a huge amount to drop by.


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    #12
    Firetrap
    Closed Accounts Posts: 4,442 ✭✭✭Firetrap


    I voted for apartments in commuter towns because I believe a lot of these towns have way too much housing. I do think that apartments in general, apart from those in good central or relatively central locations in towns/cities will bear the brunt of price drops.


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    #13
    JupiterKid
    Moderators, Social & Fun Moderators Posts: 12,624 Mod ✭✭✭✭JupiterKid


    It's still too early at this stage to say which type of properties will see the biggest drops in price, but I suspect that remotely located, apartments poorly served by public transportation will take a hammering as they will be almost impossible to rent, never mind sell.


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