How much has your home dropped in value recently?

mail4liam

It's sad to see the value of homes dropping in so much value, there's a couple who live close to me who have their home up for sale now for over a year.
when they bought it they paid nearly €600,000 that was about three years ago.
They are now selling the house for just over €325,000 and they aren't having any luck.. It's very sad to see this happening, I know there are lots of people out there with similar situations. can your bear to think about it? Are you one of the lucky ones who has only purchases recently with a huge fall in the selling price, if you'd like to comment, please do, i'd like to read your story?:P

starbelgrade

My house cost €800 million & has been recently valued at €567 million. I'm gutted.

RayM

mail4liam wrote: »

It's sad to see the value of homes dropping in so much value, there's a couple who live close to me who have their home up for sale now for over a year.
when they bought it they paid nearly €600,000 that was about three years ago.

The saddest thing isn't that houses have depreciated, but that they were ever so ridiculously over-inflated in the first place. I'm glad they're dropping. Long may it continue.

minidazzler

Too bad people don't do crazy things anymore.

You know something crazy and out there like you know....LIVE in their houses!

pirelli

mail4liam wrote: »

It's sad to see the value of homes dropping in so much value, there's a couple who live close to me who have their home up for sale now for over a year.
when they bought it they paid nearly €600,000 that was about three years ago.
They are now selling the house for just over €325,000 and they aren't having any luck.. It's very sad to see this happening, I know there are lots of people out there with similar situations. can your bear to think about it? Are you one of the lucky ones who has only purchases recently with a huge fall in the selling price, if you'd like to comment, please do, i'd like to read your story?:P

My house was bought in 2000- 2001, however i wanted to sell in 2006 and the joint owner refused and refused. I had engaged an estate agent and would have been able to sell it very very quickly.

They were going like hot cakes. However now i am stuck with it, and it's not a house i would like to be stuck with for ten years. It's a shame because it is money that will never be available again.

starbelgrade

RayM wrote: »

The saddest thing about it isn't that houses have depreciated, but that they were ever so ridiculously over-inflated in the first place. I'm glad they're dropping. Long may it continue.

It's good that housing prices are dropping, that the developers were exposed as been greedy f*ckers, who in cohoots with the banks & developers, ran this country almost into the ground.

The only truly sad thing is, is that only the ordinary people got caught up in the mess & bought into these properties at stupid prices & are now paying through the nose for them, whilst the banks get bailed out, the developers write off their debts & the politicians stay in their over-paid cushy jobs for the next few years.

The only losers are normal people, who in most cases were too busy working & getting on with life to understand the consequences of buying into property in the height of a boom.

I jested earlier, but it's not really that funny, in fairness.

whatdoicare

Bought my house at the beginning of the recession when everyone was panic selling- some houses in my area have actually recently sold for more than I paid for mine -:D score!

epgc3fyqirnbsx

I live in my car
It's an Alpha

Depreciation sucks

shuvly

yeah, am fecked, bought my money pit 3 years ago, but as I work in the PUBLIC SECTOR...none of ya will care, but am not intendending on moving...unless I get with a NAMA bastard, and that would so go against all that is AH, which is my adopted religion, and am sure is gonna be a choice in the next census...:)






If jedi can get there, surely boards can!

Senna

2006 - "how much is your house worth?"

2010 - "how much have you lost on your house?"

2014 - "anyone got a cardboard box they dont need?"

starbelgrade

I'm thinking of building an extension, but I'm not sure if I need planning permission to add an egg box to the side.

pirelli

Check this website out it gives you a very detailed picture of the depreciation if any of any property anywhere in ireland.

http://www.irishpropertywatch.com/index.php

techdiver

Christian Melted Butter wrote: »

I live in my car
It's an Alpha

Depreciation sucks

I think you mean ALFA??

RATM

Sad for those who are now in negative equity (like two of my family) and can't move if they wanted to.

Happy for me who was within 1 week of buying a 2 bed apartment for 470,000 in Drumcondra in 2006 but pulled out at the last minute having realised 470k was just a ridculous, crazy price to pay for 80sqm. (with 2k p.a. management fees attached)

Saw the same property selling last week (diff apartment but same building) for 320k and its still waaay overpriced IMO.

Another 24 months should see prices hit their true value- probably around 20% of peak bubble prices and only then will I enter the market.

phantom_lord

renting ftw

Fizman

My house has increased bout three fiddy.

Odysseus

I was somewhat luckly I moved up to Louth 6 six years ago, got a lovely 3 bedroom for 165,000 three years ago there was another 100,000 added to the prices. Today I don't know, I don't think I'm down, but can't be bothered to check. There was no way I was going to spend the type of money they where looking for in Dublin at that time. One hour on my bike and I'm in work. When I used to commute from Ballyfermot to Tallaght on the bus it took longer than than that.

owenc

It was around £750,000 in the boom time its now around £650,000.

JONJO THE MISER

I think its great that prices are coming down, by sister could never afford to buy a decent house, now she can get a lovely 4 bedroom mansion in the countryside for $200,000.

cournioni

Why would you buy a house that you want to sell?? That's just stupidity. It shouldn't matter what it worth now if you live in it and are happy where you are.

Oh by the way, countryside is the place to be hey!

arybvtcw0eolkf

Bought my first house for 12k punts, sold it for 69k punts and bought my present house for 59k punts and owe feck all

At the height of the boom I'd have got close to €650k for it, haven't a clue what its worth now and don't really give a rats ass.

But I do realise how unlucky a lot of the country has been and genuinely feel sorry for those in negative equity and getting arse raped with management fee's.

Odysseus

PORNAPSTER wrote: »

Oh by the way, countryside is the place to be hey!

Couldn't agree more with you, I love it up here. I always love to hunt, but would not keep firearms in Dublin, no probs up here. When I'm locking my bike up at home I can hear the sea, when I'm locking up at my partners in Dublin all I hear is the Garda chopper:rolleyes:

North_West_Art

these apartments were going for 140k over a year ago, and no one was buying... (no, I didnt buy one:))
http://www.daft.ie/searchsale.daft?id=511620&search=1

jaykay74

turdy tree and a turd percent roughly

DonJose

I returned to Ireland in 2006 and viewed a lovely detatched house that was selling for €600k, decided to rent instead. Fast forward to summer 2009, I bought in the same estate for €340k, who says rent is dead money I'm still hoping for property prices to drop so my kids can live closeby.

starbelgrade wrote: »

I'm thinking of building an extension, but I'm not sure if I need planning permission to add an egg box to the side.

If the extension is at the rear of the property you can build up to 40sqm without planning permission. A side extension will most likely need planning permission.

omahaid

I bought for 100k 10 years ago, probably worth the same now

stovelid

I think it's still "worth" about 30% more than we paid last time I checked, even after after a pretty large drop from peak prices.

"Worth" being a wholly meaningless gauge if nobody fancies buying it (quite likely) of course.

Never bought it with the idea of moving on in the short to medium term anyway. The area is nice and we're more than happy to stay long-term; the house is currently big enough for the amount of kids we have/want and can be extended if need be.

AARRRRGH

Bought my house for £120,000 punts in 1997 and its all paid off now.
I dont live in it now, have it rented. I work outside the country for half the year. So might as well rent out my own house the rest of the year (Have to pay tax and will end up with capital gains, but still make a really nice profit). I have a mews at the back of it that i live in when im in Ireland.

No idea what its worth as i'll move back in when I stop working abroad so much.

dasdog

mail4liam wrote: »

It's sad to see the value of homes dropping in so much value, there's a couple who live close to me who have their home up for sale now for over a year.
when they bought it they paid nearly €600,000 that was about three years ago.
They are now selling the house for just over €325,000 and they aren't having any luck.. It's very sad to see this happening, I know there are lots of people out there with similar situations. can your bear to think about it? Are you one of the lucky ones who has only purchases recently with a huge fall in the selling price, if you'd like to comment, please do, i'd like to read your story?:P

Why would you buy a house if you only intend to live in it for three years? Would renting not have been the more sensible option or was that something for a lesser type class of person to do? Or perhaps they were speculating and thinking of flipping it and making a profit? The re-balance of an over inflated property bubble is necessary its not sad. If they drop their price it may sell. In another few years they may have trouble selling it for €200k if you look at how these things play out historically in other bubble markets that have collapsed.

Rebelheart

mail4liam wrote: »

It's sad to see the value of homes dropping in so much value

On the contrary: it is superb! I'll be able to afford to buy a house if this continues.

But rest assured, the Irish government is doing its utmost to stop house prices from collapsing to their true value. Fianna Fáil and NAMA are your best friends, and my worst enemies for interfering in the free market to prop up the idiots who paid such obscene prices.

Tender Hoop

Bought my apartment in 2006 for 326k

Now its worth about 200k

My girlfriend wants to start a family soon and I want to kill myself.

plein de force

€2

I'm pretty sure I'll always rent.. At least till I'm 30 or in another country. Lived in at least 10 different houses over the last few years and get bored very easily.

rovert

I miss Ireland's groupthink on property.

ejmaztec

plein de force wrote: »

€2

Did the lid blow off?

_Kaiser_

2.5 years ago the 4-bed, 3 floor, 1800 square foot semi-D's in the estate I'm in were selling for around €320k

- 2 years ago it was €285

- Then €249

- They're now at just under €200k. Half the estate is a building site, there's 4 different developers all doing nothing.

Realistically I'd say if you offered any of them mortgage-approved €160k they'd take your hand off for it.

(thank crunchie I rent)

gonnaplayrugby

house was in around 700,000 now dropped to 400,000.

madness that a house like this cost that much really.

*didnt buy in booom just my parents were gonna sell and 700,000 was the price.

homerjay2005

i dont feel sorry for anybody and to be honest, i am delighted. as somebody in my mid 20's, i have no mortgage and my rent is very small. i dont have any worries about repayments, negative equity and all that s*ite.

anybody that bought at inflated prices should have had their head examined, it was clear that prices couldnt keep getting higher, as the amount of houses being built was huge, far more than demand.

alot of it was greed also, people buying 2 houses and hoping to cash in and sell it.

I do feel sorry for the genuine couples who just wanted their own home, but you should live within your means. a home is a home, its something that most people only buy once and live there for a long long time, not just 2 or 3 years and hope to make money from it.

may they keep dropping and in a year or two, I may start thinking about buying a house, at a price i cant afford to repay.

phasers

My ma's house cost 12 grand, it's now worth 150k or something, and about 220k during the boom

Who gives a toss though, unless you're planning to sell it means nothing

the_dark_side

Tender Hoop wrote: »

Bought my apartment in 2006 for 326k

Now its worth about 200k

My girlfriend wants to start a family soon and I want to kill myself.

look mate, you have your whole life ahead of you... I will have a guess and say that your gf can sense that you feel like this, and knows that if you have a child of your own, your attitude will change and it will be the making of you. I know this is hard to say now but its only money... Ireland will pull through eventually

AARRRRGH

Rebelheart wrote: »

On the contrary: it is superb! I'll be able to afford to buy a house if this continues.

Agreed. I plan to retire to a mansion

elleburp

Kaiser2000 wrote: »

- They're now at just under €200k. Half the estate is a building site, there's 4 different developers all doing nothing.

Realistically I'd say if you offered any of them mortgage-approved €160k they'd take your hand off for it.

Where's that? Although 4 developers sitting around doing nothing doesn't sound too appealing does it

AckwelFoley

er, um.. doing the math i would say 150k

but as the thing cost me 90k to build and the banks own only 60k of it they can kiss my arse.

People laughed when it took me 6 years to build, the banks were offering me money left right and centre..

Im laughing now

Sea Sharp

I'm just grateful that I didn't 'get on the property ladder' young as was suggested to me back in the boom.

I think 1 of my sisters is in negative equity. She wasn't planning on selling up and moving on though so she's not tooo worried.

Tail Wagger

plein de force wrote: »

€2

Did you get a 100% Mortgage?

tech77

I'm waiting for the "my HOME is priceless" response.
Conspicuous by its absence.

AnonoBoy

They say home is where the heart is so I guess my home is my chest and since I've been hitting the gym pretty hard lately I'd say it's actually increased in value.

Benedict

When will vendors realise that the reason they are not selling their houses is that everyone knows they are still grossly overpriced. Just because the prices have fallen, doesn't mean they have fallen enough. A property should be approximately 14 times the annual rental income - and still houses that are renting for 1.5K per month - instead of asking 210K are asking anything up to double that amount. Vendors! You may as well bring down your prices now - you'll eventually have to in the end.

Jesus Wept

1500 * 12 * 14 = 252,200
1500 * 10 * 14 = 210,000

Does it assume 10 months occupancy per year?

Benedict

The-Rigger wrote: »

1500 * 12 * 14 = 252,200
1500 * 10 * 14 = 210,000

Does it assume 10 months occupancy per year?

In the current climate, 10 months occupancy might be seen as optimistic - but even with full 12 month occupancy, yeilding 252K - how many houses have you seen lately which could reasonably fetch 1.5K per month in rent selling for less than 400K?

In fact you'd be hard pushed to find one for that!

aDeener

Ours actually went up there last week, after the caravans went away