Prices Still Ludicrous?

Penisland

Seems like people are still delusional by looking at this

who_ru

there are loads of examples everywhere.

http://www.daft.ie/1484217

rightwingdub

This is Ireland we're talking about, amongst some Irish people common sense goes out the window when it comes to property.

Agent J

One thing i never understand.

If you are trying to to sell your home take some bloody decent pictures.

Maybe the whole bathroom instead of just the sink?

3 out of 5 in the OP are of the area and not the actual place.

Treehouse72

Here's a good way to find ludicrously overpriced properties in Dublin:

> Open Daft
> Select any area
> Select any property type
> Press the Search button

You'll get a whole bunch of them that way.

Freddie59

Penisland wrote: »

Seems like people are still delusional by looking at this

That's nuts. Who's going to be even able to afford it?

leahcim

While I agree it is just crazy money and your cash would go alot further in other countries.

Who's going to be even able to afford it?

There are plenty of folk in Ireland who could afford this.

For every developer who lost a fortune on site purchases and every invester who lost their shirt on bank shares there was someone on the other side of the deal making a killing. Wealth cannot be destroyed (unless you decide to burn cash) it just changes hands.

Look at Sean Dunnes property deals in D4 he has probably lost a fortune but the Doyle family have made a fortune.

The Bernard McNamara consortium lost a fortune purchasing the Irish Glass Bottle Site. But Paul Coulson made 30 million from the deal.

see http://www.finfacts.ie/irishfinancenews/article_1018415.shtml

State-owned Dublin Port Company received €138 million and South Wharf made €274 million with Paul Coulson personally earning about €30 million from the deal.

People who own properties on Ailesbury Road know there is only a limited supply in this location and there are plenty of people with the money to buy.

bugler

I find the most interesting over-priced properties are actually sub €1m. Above that there is a whole other strata of buyers. So on the topic of delusion, I prefer to look at the likes of this: http://www.myhome.ie/residential/brochure/9-grattan-parade-drumcondra-dublin-9/101516

Terrace house on the grottier side of Drumcondra. Two whole bedrooms. A snip at €575,000. This place is so desirable it doesn't need any photos put up.

Smithfield is normally good for an overpriced property or two: http://www.myhome.ie/residential/brochure/5-oxmantown-green-blackhall-place-dublin-7/207658

Half a million for a two bed apartment of less than 1000 sq Feet. And it's average average average.

Aside from the really deluded like the above, any house I've been looking at still fails any of the standardised measures we have for valuing a property (a multiple of annualised rent, yield etc). Which only can mean one of two things: 1. The standard objective measures of a property's worth are outdated and don't apply anymore in Ireland; or 2. Properties are still massively overpriced in Ireland.

I know which one I think is more likely. Amid all the huffing and puffing of the recession, and the banking crisis, and the property crash, an average house in an average area is still far too expensive here.

Treehouse72

Penisland wrote: »

Seems like people are still delusional by looking at this

Yesterday, this was a €6.75m house. Today, it is a €2.5m house:

http://www.myhome.ie/residential/brochure/62-ailesbury-road-ballsbridge-dublin-4/108380

Down €4.25m, or about 66% overnight (literally, overnight).

Now that's a property crash!

beagle001

Has anyone ever walked around these areas and taken a look at what you get for that money as opposed to building your own house down the country or outside Dublin.
My mind boggles at the madness of this whole property bubble (illusion),google in that amount of money for properties in USA,Australia etc and see what you can get.
This country is still dreaming with the asking prices for houses in each county,businesses closing down every day no sign of a recovery and we have people stirring the pot to fuel another property boom.
The construction industry,property markets are a sorry mess that will probably never be corrected,the old attitude of sticking a band aid over it and hope for the best will more than likely be the direction our spineless government will take.