Reality is starting to hit home

Tech3

The market is getting more realistic and drops are even more severe:

Heres the apartment in Bundoran going for €45,000 after a drop of 70 per cent from it's crazy price of €150,000 in the last few days.

coldwood92

Take it while you have a chance

bangersandmash

coldwood92 wrote: »

Take it while you have a chance

Why the hurry? If anything this is indicative that people are beginning to realise that the bubble isn't going to be somehow re-inflated. We're not going to suddenly return to Ireland c.2006

PLIIM

If you thought you could live in Bundoran

APR 2.92%
5 Year fixed 25 Years


Monthly Repayments
Years 1 - 5 = 208 EUR
Years 6 - 25 = 180 EUR

Thoie

How old are they? They look like holiday apartments - that electricity meter in the kitchen with the cabling along the walls looks rotten, and that sitting/dining room looks miserable. Actually, looking at the fire extinguisher and the telly set up, I'd say they are holiday apartments.

Not sure I'd necessarily want to live in a complex of holiday apartments, particularly with the main hotel in a small town (live music every night during the summer) right there. As a weekend retreat it'd be lovely.

Senna

Bundoran's property bubble came off the back of the strong Sterling rates, i would hazard a guess of 60-70% of properties there being owned by people from Northern Ireland. That cash cow has died and i dont see it returning for years to come, there is no market for apartments anymore. Even at 45k, i cant this rental providing a return, seen the season only lasts two months.

oceanclub

coldwood92 wrote: »

Take it while you have a chance

Yes, yes, hurry hurry. Why, with negative growth and the public service just hit for a 10% pay decrease, property prices are going to soar! Don't just buy one - buy three and rent out 2. Prices never go down, don't forget.

P.

egan007

Starting to hit home after 18 months?
You catch on pretty fast!

mrgaa1

€45k would seem to be the right price for a <500square foot apartment. I wonder what an apartment this size is on sale for in Dublin at present?

AARRRGH

PLIIM wrote: »

Monthly Repayments
Years 1 - 5 = 208 EUR
Years 6 - 25 = 180 EUR

Your years 6 - 25 are very optimistic. I'd at least double or triple those figures.

PullOutMethod

Who would choose to live in the country in an apartment ?
Apartments outside of cities are worthless.

One international definition of a City is over 1 million inhabitants.
i.e. there is a single City on this island (hint it's on the East coast - about half way up).

PLIIM

AARRRGH wrote: »

Your years 6 - 25 are very optimistic. I'd at least double or triple those figures.

I would think you would have the lot paid off in 5 years anyway Its not much more than a car loan.


Never ever can i see anyone buying an apartment in Bundoran. Even for a holiday. What a dump.

brianthebard

Tbh I don't browse this forum often since I won't be house shopping for a while, but this is the second example given in about a week or two of house prices falling through the floor. Yes, if you wish to live in a hastily built, out of the way place with questionable transportation facilities or access to real towns, then these places are what you want. But these places should never have been built in the first place. I would be much more impressed if these drops were occurring in large towns and cities, and/or well built properties. While they are dropping its certainly not as much as this apartment. Houses in Galway for instance have a long way to go yet to match the place in the op.

Senna

45k isn't through the floor, a 4 bed semi in Bundoran was 65-70k in 2000/1, the uncle bought one, it cost him 48k sterling.

Electric Sheep

That dump is not worth 45K. Maybe 10K.

Peterx

RTE 1, Primetime tonight will tell us all what it's all worth, apparently..

jimmmy

tech2 wrote: »

The market is getting more realistic and drops are even more severe:

Heres the apartment in Bundoran going for €45,000 after a drop of 70 per cent from it's crazy price of €150,000 in the last few days.

A two bedroom apartment in the heart of one of Irelands busiest tourist towns for less than the value of one years pay ? Where else in the world could you get that ( in a western type / first world country anyway ) ?

sadie9

But it's a miserable little hutch of an apartment. 45k sounds steep. They don't even show the bedrooms because I'd say they are a ridiculous size. The only person who'd buy that is an investor or a chef who works 14 hours a day, 6 days a week.

Electric Sheep

jimmmy wrote: »

A two bedroom apartment in the heart of one of Irelands busiest tourist towns for less than the value of one years pay ? Where else in the world could you get that ( in a western type / first world country anyway ) ?

No sane person would rent a dump like that even in "the heart of one of Ireland's busiest tourist towns". Not even for a bank holiday weekend. It's a kip, and if the pictures they show are supposed to be the good parts, I can't even imagine what the bathroom and bedrooms look like.

An investor is unlikely to make his mortgage money on the kind of money students are likely to pay for summer weekends in that place, and nobody else would touch it.

Zamboni

Looks like Bosnia.

soden12

jimmmy wrote: »

A two bedroom apartment in the heart of one of Irelands busiest tourist towns for less than the value of one years pay ? Where else in the world could you get that ( in a western type / first world country anyway ) ?

Spoken like a true estate agent. "Never mind the quality - feel the width.."

wyndham

That place in Donegal is still overpriced. Here's a 2 bed house in Dublin 1, opposite Croke Park, asking €75,000:

http://www.daft.ie/1488990

TestTransmission

www.daft.ie/1482554

For someone working in Dublin,handy commute.

oceanclub

jackncoke wrote: »

www.daft.ie/1482554

For someone working in Dublin,handy commute.

I hope that's sarcasm....

P.

PLIIM

jackncoke wrote: »

www.daft.ie/1482554

For someone working in Dublin,handy commute.

Jesus, look at the repayments on that. If myself and the Mrs were on the dole we could even pay that. We spend more on fags ffs. Even if it was only a 20 year mortgage. Or just buy it outright out of savings and keep smoking

But we'd have to live in Edenderry. Nah...

AARRRGH

I think he was joking...