Panic Selling and Freeze Buying???

eire2009

How much of this recession is down to constant media attention and people not fully understanding it...

Ive just seen 3 bed house in tallaght for 99`000...
I cant sell my car for half its price....

silverharp

very little, some asset prices may seem cheap but look at the US , there are areas where you can buy a fixer upper for a 1$ , not 1K , 1$.

However it doesnt mean its good value

Westwood

that 3 bed you speak of is worth 30k all day everyday. anyone who spent more then that is a fruit cake. your 50 k motor is also worth a quater to a half of what you paid, you'll never shift it so run it into the ground in style

Zynks

People are scared and not buying anything. In many cases they want to buy but don't have access to credit. It might be a good time to jump at some of the bargains fuelled by panic. But then, maybe not, who really knows?

I've been trying to find a foundation to try to estimate at what stage things start to go below their true value, and I reckon it has to involve the average wage, the price of entry level houses and fluctuation in demographics. But until credit availability increases and unemployment stops this mad spiral, there isn't such a thing as reasonable value, only desperate sellers and bargain hunters.

eire2009

Westwood wrote: »

that 3 bed you speak of is worth 30k all day everyday. anyone who spent more then that is a fruit cake.

you could rent the house also for 700-800 easy and have a morgage of 350 a moth over 35 years ..

your up 450 a month plus payn your morgage at the same time..

Westwood

eire2009 wrote: »

you could rent the house also for 700-800 easy and have a morgage of 350 a moth over 35 years ..

your up 450 a month plus payn your morgage at the same time..

So you mean to purchase this for an investment? the moment you purchase it you're in negative equity. This house will settle around the 30k mark when things level out. You’ll never be able to sell it ever again. Rents are falling daily and 7-800 will get you a 4 bed in a gorgeous area soon instead of a rabbit hutch in Tallaght that will rent for max 300 a month sooner then you think

ParkRunner

€99k for a 3 bed house in South Dublin, I never thought I would see the day! Hopefully this is reflected across Dublin soon!

Dannyboy83

eire2009 wrote: »

I cant sell my car for half its price....

Do you mean for half of its pre-08/08 price or half of its post-08/08 price?

xtremepoizn

eire2009 wrote: »

How much of this recession is down to constant media attention and people not fully understanding it...

Ive just seen 3 bed house in tallaght for 99`000...
I cant sell my car for half its price....

3 bed house for 99k :eek: Do you mean tallaght in dublin? I don't know of any other tallaght but seems there is one other then tallaght, dublin! Even a cow shed goes for far more then that!

eire2009

bed house for 99k Do you mean tallaght in dublin? I don't know of any other tallaght but seems there is one other then tallaght, dublin! Even a cow shed goes for far more then that!

yes theres more in and around that price aswell.. Im looking into buying it..

It wont let me give you the link.. its on www.daft.ie just set you price range to less than 100`000

eire2009

Dannyboy83 wrote: »

Do you mean for half of its pre-08/08 price or half of its post-08/08 price?

Its value 1 year ago ive droped it to 65 % its value still nothing

eire2009

Westwood wrote: »

So you mean to purchase this for an investment? the moment you purchase it you're in negative equity. This house will settle around the 30k mark when things level out. You’ll never be able to sell it ever again. Rents are falling daily and 7-800 will get you a 4 bed in a gorgeous area soon instead of a rabbit hutch in Tallaght that will rent for max 300 a month sooner then you think

Someone said you can buy houses for $1 in america but you also have to take over the payments owed to the bank aswell .. you can buy companies for $1 but you also have to take over their debt...

If houses drop that much then wages will have too and everything else that goes along with it .. houses in poland are 200`000+ are you tryn to say that when things level out it will be more expencive to buy a house in albania(40k)

People like you are over exagerating a dip in an economy that was already overpriced anyway this excellerates the recession buy not spending....

I recon most will lose about 40% of their value once the banks start lending again. that house is easily worth 130`000+ and the seller is trying to rush a sale for 99`000 like he even took the 1000 off to make it look more like a bargin.

I went into halifax today lookn for a morgage for 90`000 I had the 10`000 down payment and another 30`000 locked up for a year in a fixed savers acc in halifax itself .. how many people have the down payment for a house+ 9 years morgage repayments in there back pocket and still get refused its madness

mikemac

eire2009 wrote: »

Ive just seen 3 bed house in tallaght for 99`000...

In the middle of the boom there were houses in certain areas of Limerick that couldn't be sold at 30,000.
And even then they weren't worth it. I'd say this house is the same.

eire2009 wrote: »

[
It wont let me give you the link.. its on www.daft.ie just set you price range to less than 100`000

Yes, you can

Here's the link
Would it kill them to put a decent photo?

Jobstown! Sure no wonder it's cheap....

Dannyboy83

mikemac wrote: »

Yes, you can

Here's the link
Would it kill them to put a decent photo?

Jobstown! Sure no wonder it's cheap....

+++Please note photo is a similar house within estate and is not the property for sale here+++ .

:rolleyes::rolleyes::rolleyes::rolleyes::rolleyes::rolleyes::rolleyes::rolleyes::rolleyes::rolleyes::rolleyes::rolleyes:

3-b@Y???:D


I remember stuff like this going for 150k early last year
http://images-0.redbubble.net/img/art/size:large/view:main/33240-11-old-tatched-irish-country-famine-cottage.jpg

PMSL

Dannyboy83

eire2009 wrote: »

Its value 1 year ago ive droped it to 65 % its value still nothing

If you want, drop me a pm, I have a friend in the business and will try to get a market price for you to work off.

I reckon you're aiming to high tbh

Don't forget about this crowd: http://www.merlincarauctions.ie/

People are cleaning up on cars at the moment.

Apparently in Dubai, there were 3000 cars abandoned at the airport

mikemac

Oh I saw that alright.

Something to hide maybe? Pure laziness? They couldn't even find a clear photo

Dannyboy83 wrote: »

3-b@Y???:D

No idea at all what this means

snollup

wonder what the neighbor is like?:eek:

eire2009

mikemac wrote: »

In the middle of the boom there were houses in certain areas of Limerick that couldn't be sold at 30,000.
And even then they weren't worth it. I'd say this house is the same.

Jobstown! Sure no wonder it's cheap....

I drove out last night its in an enclosed estate just outside Jobstown house is newish aswell .. Not sayn id retire there but its grand for a someone like me .. houses in ballyfermot and clondalkin are 200`000+ most of those areas are grand its all the dealears gettn shot giving that give it a bad name.. I drive, so its not as if ill be hanging around up there plus id rather be sittin in a house in tallaght payn 350 a month than sittin in a house in foxrock payn 1600 a month..

Dannyboy83

mikemac wrote: »

Oh I saw that alright.

Something to hide maybe? Pure laziness? They couldn't even find a clear photo

Why would you possibly put a photo of somebody elses house?:D
There can be only 1 reason

I think that may even be illegal without their consent.

No idea at all what this means

Its cyberspeak mate.
Rotate the 3 by 180
@= a

I can't write the name because this board could be liable or I myself.
Note the stickey in all forums about certain proceedings.


Anyway, it was in reference to a certain online auction system which is notorius for people selling chinese i-phones which are as advertised as the real deal, and various forms of general rip offery and false advertising.

eire2009

Dannyboy83 wrote: »

If you want, drop me a pm, I have a friend in the business and will try to get a market price for you to work off.

I reckon you're aiming to high tbh

Don't forget about this crowd: http://www.merlincarauctions.ie/

People are cleaning up on cars at the moment.

Apparently in Dubai, there were 3000 cars abandoned at the airport

Tried the auctions but it costs like 70 euro every time no garentee of a sale and they take commission..

Theres too much coming down from the north .. Up there they`ll trade in your old southern car and pay the vrt on your new one .. Then they sell the trade in cars back down here to dealers for little or nothing thats why those auctions are packed thew last few months..

Heard about dubai but think was more because they were bankrupt not because they couldnt sell them, they werent theirs to sell anymore so they just left them..

jmayo

OP just because somehting is now cheaper than what it was a year ago does ot mean it is good value.
Oh I wouldn't be too confident of car prices either.
Check out some of the banks and what they have got repo-ed, makes very interesting viewing.

Houses have much more to go.
Look at rents, existing unsold stock, unemploment levels, lending, possible property taxes.
Do any of these point ot fact that prices are going to stop decreasing nevermind rising ?

eire2009

Dannyboy83 wrote: »

Why would you possibly put a photo of somebody elses house?:D
There can be only 1 reason

I think that may even be illegal without their consent

Theres a for sale sign up outside it ..
I dont know sounds a bit too cheap neway..

Dannyboy83

eire2009 wrote: »

Theres a for sale sign up outside it ..
I dont know sounds a bit too cheap neway..

It states in the advertisement that the picture featured is not a photograph of the actual residence.

I suppose to be fair, the other reason could be that they are just computer illiterate, but even so, expecting someone to come round and visit a E100k gaf without even a photo seems like something out of Monthy Python.

Westwood

eire2009 wrote: »

Someone said you can buy houses for $1 in america but you also have to take over the payments owed to the bank aswell .. you can buy companies for $1 but you also have to take over their debt...

If houses drop that much then wages will have too and everything else that goes along with it .. houses in poland are 200`000+ are you tryn to say that when things level out it will be more expencive to buy a house in albania(40k)

No because those houses in Poland and Albania etc are collapsing also and will be worth 5k soon. They were only inflated because of money that was financed from abroad by immigrants working in the likes of Ireland and buying back home

eire2009 wrote: »

People like you are over exagerating a dip in an economy that was already overpriced anyway this excellerates the recession buy not spending....

I wish I was over exaggerating. It’s frightening what’s happening and going to happen by the end of this year and beyond. Somewhere in the region of 20% unemployed. Nobody will be able to afford to spend because they won’t have any money so in theory it will accelerate the recession that’s the sad inevitability

eire2009 wrote: »

I recon most will lose about 40% of their value once the banks start lending again. that house is easily worth 130`000+ and the seller is trying to rush a sale for 99`000 like he even took the 1000 off to make it look more like a bargin.

people say 80% fall of 2006 prices before things settle down. granted houses in prime areas will stay relatively high but small semis in working class areas will be a pittance

eire2009 wrote: »

I went into halifax today lookn for a morgage for 90`000 I had the 10`000 down payment and another 30`000 locked up for a year in a fixed savers acc in halifax itself .. how many people have the down payment for a house+ 9 years morgage repayments in there back pocket and still get refused its madness

that is madness. im sorry to hear that but maybe its a sign, and that’s to do nothing and hold tight for another 12-18 months and keep saving in the meantime. Best of luck with whatever you do mate.

Dannyboy83

eire2009 wrote: »

Tried the auctions but it costs like 70 euro every time no garentee of a sale and they take commission..

Theres too much coming down from the north .. Up there they`ll trade in your old southern car and pay the vrt on your new one .. Then they sell the trade in cars back down here to dealers for little or nothing thats why those auctions are packed thew last few months..

Heard about dubai but think was more because they were bankrupt not because they couldnt sell them, they werent theirs to sell anymore so they just left them..

Oh, I didn't mean to sell it on Merlin mate.
I meant that the supply is saturated and the demand is plummeting.
AFAIK, Merlin sell mostly repossessed cars.

You'll be better off going through a dealer I reckon, but just a guess to be fair now, I haven't looked at the car market for a year, other than the prospect of selling my own.

==
The point about Dubai was just re-enforcing the fact that a lot of cars are simply being repossessed because people don't have the cash to pay.
Don't forget Dubai has 0% tax.
Thats saying something.

==

The point about the North is a good one.
But I'm very close with someone in the revenue who pointed out that a number of people are getting scammed/ripped off badly.
People up there and in England are fiddling the clock from 150k down to 50k.
There is a central comuterised clock usually in most modern cars that given the true milage tho.

I'm a regular on a few English boards and I've heard the exact same stories there too mate.

Dannyboy83

eire2009 wrote: »

I went into halifax today lookn for a morgage for 90`000 I had the 10`000 down payment and another 30`000 locked up for a year in a fixed savers acc in halifax itself .. how many people have the down payment for a house+ 9 years morgage repayments in there back pocket and still get refused its madness

Thats madness.
Did you try AIB or BOI?

To be honest, I reckon they did you a favour.

My brother is a solicitor in Dublin and was telling me about a big shot legal firm going bust last week.

If legal firms are going bust......................

Dannyboy83

Westwood wrote: »

No because those houses in Poland and Albania etc are collapsing also and will be worth 5k soon. They were only inflated because of money that was financed from abroad by immigrants working in the likes of Ireland and buying back home

The main reason is that people have taken loans denominated in Euro, but they are paid in Zloty.
Thats adding about an extra 20% to their repayments before you factor in anything else.

I wish I was over exaggerating. It’s frightening what’s happening and going to happen by the end of this year and beyond. Somewhere in the region of 20% unemployed. Nobody will be able to afford to spend because they won’t have any money so in theory it will accelerate the recession that’s the sad inevitability

Yep, I agree.

people say 80% fall of 2006 prices before things settle down. granted houses in prime areas will stay relatively high but small semis in working class areas will be a pittance

I don't think it will contract so sharply for houses in and around Dublin.
But if you talking about apartments in the middle of nowhere, then yes.
Owners of rural apartments will probably be stuck with them for the next 50 years.

that is madness. im sorry to hear that but maybe its a sign, and that’s to do nothing and hold tight for another 12-18 months and keep saving in the meantime.

Good advice.
And thats what everyone else is doing.

You'll probably never be able to act at the end of the Bear market, but if you're ready, you'll be able to get in at the early shots of the bull market.

Hoping to do something like this myself, depending on job security & tax rates et al.

I would say just be ready to roll, because this bull will be running at full pelt considering how many of the younger generation do not have homes.
Among my friends (26 + or -) virtually everyone still in employment is trying to get stuff sorted in preparation.