Have you purchased recently?

eman66

So, there's no data out there for actual selling prices. If you bought recently how much less than the asking price did you pay? Where and when, and how did the offer process go? Wondering what the reality actually is.

warrenaldo

A friend of mine bought a place on the outskirts of dublin. It was for sale at 310k and he bought it for 285k. Initial bid was 280k.

eman66

Was "valued" the asking price or the actual valuation figure? I would have thought that the difference between asking and selling would have been more. Particularly in your friends case, it being Dublin/Dublin Commuter Area where (I've read) the larger falls are happening/expected to happen.

blueirishangel

House for sale for 385 - Dublin

Offered 350 - they wanted 360 - sold for 355

ntlbell

really surprised the bids are so close to the asking.

especially on the outskirts of dub.

blueirishangel

Yeah I know, but seems to be the same story when I'm talking to different people.

It is a pity that there is no info on how much houses are actually selling at.

greener&leaner

Are bids only going in on the lowest priced properties in the first place though?
10% below asking price may be 30% below other house prices in the area.

The current asking prices also show a considerable drop over asking prices two or three years ago.

blueirishangel

Yes greenerandleaner I agree with you there.

The house we purchased was a good price to begin with and we felt the sellers were being more realistic compared to other houses in the area.

Also, on the houses I've been watching on daft,there seems to be some houses withdrawn and they comeback on at a lower price and go sale agreed quite quickly.

warrenaldo

It was the same for my friend. He felt the for sale price was reasonable.

Freddie59

Viewed a house recently. On at €190k. Asking price in Estate is €280k+. In excellent condition. Would have been €320k peak. Offered €160k. Haven't said no. So, if it goes through, it would be an actual 50% drop - maybe resembling potential 2010/2011 prices.

PrideandLuna

Wicklow: Asking price €299,000, offer €260,000 bought for €265,000

wandiwar

Wicklow - Asking 345,000 - offered 250,000 - agreed at 265,000

Ms Happy

Carlow: asking price last 2008 295,000 bought last month 205,000

tribulus

Not me but my friend bought a 3 bed penthouse apartment for 245K in D13.

Wouldn't negotiate on the price but they had just dropped it from 290K to 245K.

Eglinton

tribulus wrote: »

Not me but my friend bought a 3 bed penthouse apartment for 245K in D13.

Wouldn't negotiate on the price but they had just dropped it from 290K to 245K.

Penthouse or top floor?

eman66

Thanks for the replies. Hopefully if people buy they will come in here and let us know how they got on.

belmulletman

Bought a top floor, 2 bed (~800sq foot) in Dublin, South City Center for 225k. Right around St Pat's Cathedral (not opposite, just round the corner) - Offer accepted in March. It's taken a while, but due to get keys this day next week.

eman66

What was the asking on that, belmulletman?

belmulletman

eman66 wrote: »

What was the asking on that, belmulletman?

Asking was 225. Went to the wire with 3 others (4 inc. myself). Thought i got a good deal. Turns out was a repossession, and had it checked out and defo got good deal!

Raskolnikov

Brother was bidding for a two bedroom terraced house in the south Dublin city area.

Asking was €280,000 and he put in an opening bid of €220,000. Got into a bidding war, where the price went up to €245,000 which he was unwilling to match.

So yea, it looks like houses are selling at 10-20% below asking prices.

tribulus

Eglinton wrote: »

Penthouse or top floor?

Sorry, just checked the floor plans and there's an adjoining apartment so top floor as opposed to penthouse.

jeepers101

Co. Dublin, 3 bed semi, asking price 340k, agreed sale a couple of weeks ago for 310k.

johndaman66

jeepers101 wrote: »

Co. Dublin, 3 bed semi, asking price 340k, agreed sale a couple of weeks ago for 310k.

Was 310k your first offer jeepers101 or did ye meet in the middle sort thing?

giftgrub

Just bought in South Co. Dublin,an ex council, end of terrace
2 beds upstairs, large living room with extended dining area and kitchen
2 Bathrooms, upstairs and downstairs
small front room-spare bed/office
South facing patio garden at the back, small garden in the front
The brochure dated September 2008 said 450k
There was an offer for 385 but the estate agent told us their finance went belly up.
Its in pretty good nick, just some plaster skimming and new windows needed
We paid 315K.

kingofthecastle

been trying to buy a place for the last 6 months. lot of people have unreal expectations of how much lower than the asking price thay can bid and expect to buy for. bid on an apartment in south dublin3 months ago, penthouse, asking price €375k and i bid €315, the esate agent didnt even bother to get back to me, still for sale tho.

recently bought 2 bed mid terrace in north wicklow with attic conversion adding a 3rd bedroom. asking price €335k, bought for €315.

jeepers101

johndaman66 wrote: »

Was 310k your first offer jeepers101 or did ye meet in the middle sort thing?

Ours was the second offer, previous bidder offered 300k and was refused. We offered 310k and were told they wouldn't go below 320k. Two days later we got a call to say they'd accepted.

holly1

Mydaughter bought in Edenderry,new house ,four bedrooms,end house,appliances included,beds carpets etc(was showhouse).
Last year 320k,asking 280k,bought for 210k,just moved in.

Freddie59

holly1 wrote: »

Mydaughter bought in Edenderry,new house ,four bedrooms,end house,appliances included,beds carpets etc(was showhouse).
Last year 320k,asking 280k,bought for 210k,just moved in.

Wow!:eek: Shape of things to come, I wonder?

Jimbo

wandiwar wrote: »

Wicklow - Asking 345,000 - offered 250,000 - agreed at 265,000

Thats an unbelievable drop from the asking price

amacca

Jimbo wrote: »

Thats an unbelievable drop from the asking price

IMO that is not an unbelievable drop at all, it represents a 23% drop on an asking price that could be anything in the range of 30% to 70% overpriced according to a lot of commentators. Despite the haircut the sellers may be breathing a sigh of relief now with the very real possibility they could be facing a number 1 in the future.

I know there are very few desirable (or at least formerly desirable) properties going with this much of a discount on asking prices at the moment but I think all that is about to change over the next couple of years.

btw in the spirit of the thread, cousin bought a house at 240k in mullingar couple of years ago sold at 160k recently.

SparkyLarks

Asking 465, selling price 440

found an old brochure for the estate when moving in and the houses 90sqft less were 440 in 2004

johndaman66

Think the sooner the general population and first time buyers in particular realise that 30/ 35/ 40 year mortgages are just ridiculous the sooner we can see more realistic asking/selling prices materialising.

MuffinsDa

We sold our mid-terrace 2 bed in Greystones in May 09.
Put it on the market at 369 in Sep 08.
Successively dropped it, down to 325 in Feb 09 (It was pretty much always lowest price or second lowest - and there's plenty of similar properties on the market).

Got two offers for 300 in Feb 09, then one went up to 305 and that's what it went for.

We bought it off plans in 05 (finished in Jan 06) for 320, so it wasn't a huge loss...

Eglinton

MuffinsDa wrote: »

Got two offers for 300 in Feb 09, then one went up to 305 and that's what it went for.

We bought it off plans in 05 (finished in Jan 06) for 320, so it wasn't a huge loss...

So I guess it's reasonably fair to say that we're at about 2004 prices at the moment in Dublin commuter land (and probably dropping further). These kind of examples and the various media stories we hear appear to be indicating that anyway.

MuffinsDa - Would you happen to know what your type of house was selling for at their peak?

astrofool

johndaman66 wrote: »

Think the sooner the general population and first time buyers in particular realise that 30/ 35/ 40 year mortgages are just ridiculous the sooner we can see more realistic asking/selling prices materialising.

I don't see the length of mortgages shortening at all, it's a guaranteed revenue stream for the banks for a long time, so it would require legislation to get rid of it.

What I did was take a long term loan at at level we were comfortable with, and have then been overpaying to reduce the term by 10 years (and still be comfortable). We have the benefits of a safety net, and can also re borrow the money we over pay by, so it works well as saving (and mortage interest rates will always be far less than other loans).

MuffinsDa

Eglinton wrote: »

So I guess it's reasonably fair to say that we're at about 2004 prices at the moment in Dublin commuter land (and probably dropping further).

Yes, I agree with that.

Eglinton wrote: »

MuffinsDa - Would you happen to know what your type of house was selling for at their peak?

380-400 Allegedly. Which is absolutely insane for a small 2-bed mid-terrace in commuter land (a very nice commuterland though!) in a 1000+ development.

ronbyrne2005

Forget about asking prices. Some are realistic( a guy who has to sell soon), some are unrealistic(i know several in my area asking similar price for past 2 years.). The only way to judge is to find out what houses sold for at peak and what they sell for now. Neighbours and friedns usually find out what a house sells for in the end. The governmnet knows what houses are selling for today as they have access to the documentation for stamp duty purposes etc. The gov should publish an index based on their actual sales data for similar houses in particular areas without giving the exact details of individual houses.

Tech3

ronbyrne2005 wrote: »

Forget about asking prices. Some are realistic( a guy who has to sell soon), some are unrealistic(i know several in my area asking similar price for past 2 years.). The only way to judge is to find out what houses sold for at peak and what they sell for now. Neighbours and friedns usually find out what a house sells for in the end. The governmnet knows what houses are selling for today as they have access to the documentation for stamp duty purposes etc. The gov should publish an index based on their actual sales data for similar houses in particular areas without giving the exact details of individual houses.

Were looking at another 50% drop at least in the next number of years. Houses are still way overpriced.

D3PO

tech2 wrote: »

Were looking at another 50% drop at least in the next number of years. Houses are still way overpriced.

wow you have a good crystal ball. How about backing that up with why prices are still over 50% overpriced ?

spockety

D3PO wrote: »

wow you have a good crystal ball. How about backing that up with why prices are still over 50% overpriced ?

What was once, shall be again. And so on, and so forth.

Inflation adjusted house prices since 1978. Look where it came from. Look where it went. Look where it's going.

D3PO

spockety wrote: »

What was once, shall be again. And so on, and so forth.

Inflation adjusted house prices since 1978. Look where it came from. Look where it went. Look where it's going.

nobody would argue that its not going down that graph doesnt indicate we are still 50% from the bottom

Freddie59

spockety wrote: »

What was once, shall be again. And so on, and so forth.

Inflation adjusted house prices since 1978. Look where it came from. Look where it went. Look where it's going.

Got it in one Spockety.

It is inevitable. Last November (when we sold our house) we moved into an estate where the houses were on at €265k (had been €300k+). Offered €200k. Told to eff off. One sold last week for €180k. And they are still dropping.

As I said earlier we have bought for €175k in an estate which had been on at €320k in April 2007. Houses there are still on at €290k+.

We have bought for roughly early 2000 prices. And they will go lower. Our problem was the continuing insecurity in the banking sector, where our equity was lodged.

Only for that we would have waited longer. But we have done very well.:)

bangersandmash

D3PO wrote: »

wow you have a good crystal ball. How about backing that up with why prices are still over 50% overpriced ?

Even Tom Parlon is talking about those kind of cuts these days, albeit coming from a rather different point of view than Tech2.

"Any firesale now when there isn’t liquidity and there isn’t the confidence or the demand would certainly mean that property prices could be halved," he said.

http://www.irishexaminer.com/ireland/snqlsnqlgb/rss2/

spockety

bangersandmash wrote: »

Even Tom Parlon is talking about those kind of cuts these days, albeit coming from a rather different point of view than Tech2.

http://www.irishexaminer.com/ireland/snqlsnqlgb/rss2/

Yeah, in other words, if the market was allowed to naturally correct itself that's what would happen. Everything possible will be done in an attempt to prevent that, hence NAMA. It will fail.

Tech3

D3PO wrote: »

wow you have a good crystal ball. How about backing that up with why prices are still over 50% overpriced ?

You are incorrect I never said they were 50% overpriced. I said I expected a 50% drop. They are actually 100% overpriced.

Reasons:

• High unemployment
• Increased taxes less income
• Banks not lending as freely
• 80K of houses on Daft alone which is excessive.

Why 100% overpriced? Well take a look at average house prices before the boom and adjust for inflation. People are not prepared to pay for a house at the current market price.

D3PO

tech2 wrote: »

You are incorrect I never said they were 50% overpriced. I said I expected a 50% drop. They are actually 100% overpriced.


Reasons:

• 
  
  
• High unemployment
• Increased taxes less income
• Banks not lending as freely
• 80K of houses on Daft alone which is excessive.

Why 100% overpriced? Well take a look at average house prices before the boom and adjust for inflation. People are not prepared to pay for a house at the current market price.

i dont see anything here that says they are 100% overpriced. Just your gut using the current economic situation to indicate that people wont pay the bubble prices. Nobody disputes that it doesnt say they are 100% overpriced though.

out of curiosity what do you think the real market value of the average 3 bed semi D in Dublin should be by the time we hit the bottom ?

SparkyLarks

spockety wrote: »

What was once, shall be again. And so on, and so forth.

Inflation adjusted house prices since 1978. Look where it came from. Look where it went. Look where it\'s going.

Need to factor in Intrest rates into that as well though.
intrest rates were up to 18% at one point I believe. This will have a major factor on what People are able to pay.

But in the period where flat on the graph, i.e 78 to 91, I believe intrst rates were around 12 %( though I can;t find conformation of this andy help appreciated)

If intrest rates go back up to that I would agree that house prices will end up back at the 100,000 inflation adjusted figure, but If intrest rates only go up to 6% then the average figure shouldn;t go as low, posibbly closer to 180,000

Tech3

D3PO wrote: »

i dont see anything here that says they are 100% overpriced. Just your gut using the current economic situation to indicate that people wont pay the bubble prices. Nobody disputes that it doesnt say they are 100% overpriced though.

out of curiosity what do you think the real market value of the average 3 bed semi D in Dublin should be by the time we hit the bottom ?

It depends on what part of Dublin the property is located. I said that a price drop of 50% at least which would mean I cant determine the bottom but expect it to hit 50% at least. The bottom could be a lot more but as you said I havnt a crystal ball!

Personally I wouldnt pay over 200K for a house in Dublin ever.

Tech3

D3PO wrote: »

Just your gut using the current economic situation to indicate that people wont pay the bubble prices.

I dont need to. There is little activity in the current market which is less than the bubbles prices.

Raskolnikov

bangersandmash wrote: »

Even Tom Parlon is talking about those kind of cuts these days, albeit coming from a rather different point of view than Tech2.

http://www.irishexaminer.com/ireland/snqlsnqlgb/rss2/

So the biggest construction head honcho has come out and said that Irish property prices are still 50% overvalued? :eek:

Raskolnikov

tech2 wrote: »

It depends on what part of Dublin the property is located. I said that a price drop of 50% at least which would mean I cant determine the bottom but expect it to hit 50% at least. The bottom could be a lot more but as you said I havnt a crystal ball!

Personally I wouldnt pay over 200K for a house in Dublin ever.

Location, location, location. If you got offered a house in Foxrock Sandymount or Killiney, I'm sure you would.