House prices yet to fall in Galway county + city.

musharra

The below is an example of the crazy 'asking price' still out there and what I believe anyone with sense should consider pay for them.
I realize these are just asking prices but in majority of cases this price is ~20k over the min the sellers are willing to accept (based on queries)

Auctioneers are also keeping low (realistic) offers off the table.!:mad: bos***ds.


Comments welcome..!:pac:


www.daft.ie/1461613 Merlin Lane 420,000 :eek:max 170,000.
www.daft.ie/1454018 Knocknacarra 350.000:eek: max 200,000
www.daft.ie/1509259 Ballybane 275,000 :eek:not worth 150k
www.daft.ie/1494788 Oranmore 350,000 :eek:max 190k
www.daft.ie/1524563 Moycullen 475,000 :eek:not worth half i.e. 236,000
www.daft.ie/1485798 Kilcolgan 475,000 :(may be worth half i.e. 236,000
www.daft.ie/1519555 Rahoon 329,000 :(max 220,000

PopeBuckfastXVI

Thread to be kept Galway City specific, if it strays into national house prices, or economics it'll be moved to Accommodation & Property

/moderation.

?Cee?view

musharra wrote: »

The below is an example of the crazy 'asking price' still out there and what I believe anyone with sense should consider pay for them.
I realize these are just asking prices but in majority of cases this price is ~20k over the min the sellers are willing to accept (based on queries)

Auctioneers are also keeping low (realistic) offers off the table.!:mad: bos***ds.


Comments welcome..!:pac:


www.daft.ie/1461613 Merlin Lane 420,000 :eek:max 170,000.
www.daft.ie/1454018 Knocknacarra 350.000:eek: max 200,000
www.daft.ie/1509259 Ballybane 275,000 :eek:not worth 150k
www.daft.ie/1494788 Oranmore 350,000 :eek:max 190k
www.daft.ie/1524563 Moycullen 475,000 :eek:not worth half i.e. 236,000
www.daft.ie/1485798 Kilcolgan 475,000 :(may be worth half i.e. 236,000
www.daft.ie/1519555 Rahoon 329,000 :(max 220,000

So what about a hello? Or maybe an explanation of why you consider it's a good idea to encourage likely already struggling homeowners to accept such significantly lower sale prices which would likely leave them with a nice chunky balance to make up between the difference of what they owe on, and what they get, for their house?

Give us a clue - what are you basing your "what they're worth" values on? Guesswork?

Prices in the city have fallen but it remains an attractive place to live.

What is problem with people's expectations - nobody is being forced to buy these houses.

kodute

Deleted User wrote: »

nobody is being forced to buy these houses.

The prices also say that nobody is being forced to sell. If they were they would drop the prices to what a buyer would realistically pay for them. They will stay unsold until the prices come down.

You see the same thing on carzone every day, 99 Golf for 10k - "1 careful owner" :rolleyes:

soundbyte

kodute wrote: »

The prices also say that nobody is being forced to sell.

Perhaps through job losses/break-ups etc, they are being forced to seek such prices to clear their mortgages.

They mightn't achieve those prices, but they could be under pressure from banks to sell for those kind of figures.

I've never understood people criticising vendors *of late* for their asking prices. A hell of a lot of people are in dire straits out there.

Mrs OBumble

musharra wrote: »

www.daft.ie/1461613 Merlin Lane 420,000 :eek:max 170,000.

A new-ish, detached, 5 double bedroom in a very desirable street incredibly well located to the motorway entrance ... and you think it's worth less than 2k! Yeah, right, you've convinced me there. Won't bother looking at any of the rest.

(I don't know the vendors or anything else about it, except where Merlin Lane is.)

kayos

JustMary wrote: »

A new-ish, detached, 5 double bedroom in a very desirable street incredibly well located to the motorway entrance ... and you think it's worth less than 2k! Yeah, right, you've convinced me there. Won't bother looking at any of the rest.

(I don't know the vendors or anything else about it, except where Merlin Lane is.)

Well location aside nothing about the house warrents that money. Its only 2000 square ft.... rooms look small and if the best pictures they could could up with were mainly external ones I have doubts. Also I would prefer a house built 20 years ago than something put up mid celtic tiger due to construction being less than ideal on a lot of houses over that period. Long and short of it is you will get more for than price else where.

House prices in Galway have come down. Whats advertised isnt what they sell for normally.

Captain Darling

kayos wrote: »

House prices in Galway have come down. Whats advertised isnt what they sell for normally.

Thats on the money there. Ho ho, pun intended.

Rent seems to be increasing too, there seems to be a big demand for it. There's only 27 properties on Daft for Athenry, whereas previously there used to be over a hundred.

?Cee?view

kayos wrote: »

Well location aside nothing about the house warrents that money. Its only 2000 square ft.... rooms look small and if the best pictures they could could up with were mainly external ones I have doubts. Also I would prefer a house built 20 years ago than something put up mid celtic tiger due to construction being less than ideal on a lot of houses over that period. Long and short of it is you will get more for than price else where.

House prices in Galway have come down. Whats advertised isnt what they sell for normally.

By any international standards, 2,000 square feet is a decent sized house.

20 year old houses would no way be built to as high a standard as more recent houses. The Building Regulations have been tightened up a lot in recent years.

Without a doubt you're right on one point. You would get more elsewhere for the same price. But you're not comparing like with like. This house on offer for 420,000 is in a Galway location which many would find to be highly desirable, close to hospital and relatively close to the new motorway. Many will pay a premium for that desirability. It's their choice and their prerogative to do so if they wish. Houses close to urban areas will always sell at a premium.

Also (and directing this at the OP and not you), what's with the all Auctioneers are b****rds rant? It's the auctioneers job to sell at the highest price for the Vendor. Effectively he works for them.

Buglim

Captain Darling wrote: »

Thats on the money there. Ho ho, pun intended.

Rent seems to be increasing too, there seems to be a big demand for it. There's only 27 properties on Daft for Athenry, whereas previously there used to be over a hundred.

Hi Captin Darling

Are you crazy, myself and 2 friends have all approached our landlords over the last week and have had reductions of between 10% -20% off our rents.

I had done this before Christmas and an auctioneering friend of mine encouraged us to go do it again last week, as he says the amount of properties for sale and rent in galway is twice the national aveage.

Galway had more properties for sale than Dublin and hold onto your hats people, they are going to be down a further 25% if not more within the next 18 months.

A good example of how much house have really gone down in Galway is Rosan Glas. 4 bed in Rosan Glas in 2008 (€380,000) last 4 bed to sell in Rosan Glas (€245,000)

Check out www.myhat.ie or http://daftwatch.thepropertypin.com/

skelliser

JustMary wrote: »

A new-ish, detached, 5 double bedroom in a very desirable street incredibly well located to the motorway entrance ... and you think it's worth less than 2k! Yeah, right, you've convinced me there. Won't bother looking at any of the rest.

(I don't know the vendors or anything else about it, except where Merlin Lane is.)

So next to a motorway is a desirable place to live?
I see nothing here that could price that house for over 300k.Sure look at this house in the same area and for 30k cheaper. http://www.daft.ie/searchsale.daft?id=382868&search=1 still way overpriced imo.

The only house on that list that could command the asking price is the Moycullen house. The rest are way overpriced.

?Cee?view

skelliser wrote: »

So next to a motorway is a desirable place to live?

Well in Galway...yes...I would have thought obviously. And this house is near, not next.

Most of Galway is gridlock and the ability to get onto the Motorway network is a huge advantage.

Kingston, Taylor's Hill and Salthill (but particularly Kingston) suffer from Galway's lack of proper road infrastructure with unnecessary traffic clogging them up completely every morning and evening. There won't be any of those problems in Merlin Woods! Want to get out of Galway? - Hit the motorway in jig time. Want to get into Galway? - you're right next to it.

[Note to self - I should be on commission re. the sale of Merlin Woods house :-) ]

s_carnage

Buglim wrote: »

Hi Captin Darling

Galway had more properties for sale than Dublin and hold onto your hats people, they are going to be down a further 25% if not more within the next 18 months.

Are you just pulling these figures out of your ass. You had me thinking there that it couldn't be true so i went onto daft and i know its not the only place for selling houses but it'll do for this!!

Galway city has 825 whereas if you search for Dublin there are 2592 properties for sale.

ScumLord

churchview wrote: »

By any international standards, 2,000 square feet is a decent sized house.

20 year old houses would no way be built to as high a standard as more recent houses. The Building Regulations have been tightened up a lot in recent years.

My big fat hairy hole they have! They've been introduced but no ones paying attention to them, the quality of houses built in the last 15 years has been sub standard to say the least.

?Cee?view

ScumLord wrote: »

My big fat hairy hole they have!

Now that's an image I could do without

ScumLord wrote: »

been introduced but no ones paying attention to them, the quality of houses built in the last 15 years has been sub standard to say the least.

Maybe you're qualified in this area and know more than the engineers, architects etc. who have to sign off on buildings compliance with building regs? Granted you'll always get cowboys, but in general, the standard of construction is way ahead of where it was 20 or even 30 year ago. European legislation has driven this even though the "Green" ecomentalists claim some of the kudos.

Many houses built in estates over the last 10 years are timber frame. In general, the standard of insulation on these houses far exceeds that which would previously have gone into such yellowpack "estate" houses.

Xiney

If the houses sell at those prices, then somebody bought them. Somebody would therefore have been willing to pay that much.

If the houses don't sell at those prices, then we can say they're not worth that much. Things are only worth what people are willing to pay for them. When credit was cheap and jobs were a plenty and we were all going to be millionaires by selling our one bedroom apartments in a decade, people were willing to pay a lot more for property. Now there's less easy money flying around so there are less people willing to buy. Nevertheless, there are still people who would pay that much for those houses... if they had the money.

ScumLord

churchview wrote: »

Now that's an image I could do without



Maybe you're qualified in this area and know more than the engineers, architects etc. who have to sign off on buildings compliance with building regs? Granted you'll always get cowboys, but in general, the standard of construction is way ahead of where it was 20 or even 30 year ago. European legislation has driven this even though the "Green" ecomentalists claim some of the kudos.

Many houses built in estates over the last 10 years are timber frame. In general, the standard of insulation on these houses far exceeds that which would previously have gone into such yellowpack "estate" houses.

I've only seen timber frame going up in Claregalway and they can be of far superior but most estates I've seen are brick and poorly built and finished. That's why so many houses around here where so badly damaged during the cold snap, nothing was up to code, pipes weren't put down as far as they should be.

Architects probably do give out plans that are to code but builders cut corners, sometimes there's no other way around it because the architects didn't think of something but my town was a town full of builders from ground works to plastering to road works and it's shocking the storeys they tell of the corners cut.

Of the two estates that went up one was a pure con job and unfinished the other is acceptable but leaves allot to be desired, looks great on the surface though.

EDIT: I forgot to add in the first post the Daft always seems hopelessly out of date whenever I'm on it. It's not a good judge of actual prices either.

Xiney

PS: I will never buy a cinder brick house. Timber Frame all the way.

I never even HEARD of having damp in a house in Canada, and we're much colder.

po0k

churchview wrote: »

20 year old houses would no way be built to as high a standard as more recent houses. The Building Regulations have been tightened up a lot in recent years.

And as for the enforcement of said regulations?
I respectfully beg to differ.

Sconsey

Anyone have any idea what that house in Merlin would rent for? I think the rent is the only way to currently estimate the value of a house. For some reason Galway is way out of whack when calculating value, it seems Galway homeowners are willing to rent at a realistic price but not sell at a realistic price.

EG: Lets assume €1,500 monthly rent for that house, asking price 420,000, implies a net yield of less than 4%! it would need to renting for about 2,400 per month to be worth the asking price.

The downside of all this is that some poor sap probably bought the house for 400,000 and are now screwed because unlikely to sell for that amount and not going to rent for 2,400 either. I think the prices in Galway are more likely to come down when it's the banks selling the houses as opposed to the homeowners. I just can't figure why Galway is reacting slower than the rest of the country (at least on paper).

Xiney

Sconsey wrote: »

Anyone have any idea what that house in Merlin would rent for? I think the rent is the only way to currently estimate the value of a house. For some reason Galway is way out of whack when calculating value, it seems Galway homeowners are willing to rent at a realistic price but not sell at a realistic price.

EG: Lets assume €1,500 monthly rent for that house, asking price 420,000, implies a net yield of less than 4%! it would need to renting for about 2,400 per month to be worth the asking price.

The downside of all this is that some poor sap probably bought the house for 400,000 and are now screwed because unlikely to sell for that amount and not going to rent for 2,400 either. I think the prices in Galway are more likely to come down when it's the banks selling the houses as opposed to the homeowners. I just can't figure why Galway is reacting slower than the rest of the country (at least on paper).

even 1500 is being quite generous - there are no strictly comparable houses in the vicinity since Merlin Lane is actually quite private, but a nearby semi-detatched 4 bed 3 bath is going in Doughiska for 900. Now, the house in Merlin Lane is detatched and not in a large estate and the finish is to an ever so slightly higher standard, but even a 5 bed 4 bath house in Castlegar (which is a similar distance from ameneties and city centre, etc) is renting for 1000 : www.daft.ie/2862662

(ps I love the bathroom in that castlegar house... oh yes yes)

gaeilgegrinds1

Do ye all assume a newer house is better? I like the designs more but I find they can carry noise easier, maybe that's just me! Also, insulation sucks in some apartments I visited. I just think some of the newer houses went up much to quickly.

biko

Just ask "What's your best price?". By Irish law they then have to sell it to you dirt cheap! Never fails!

Xiney

I wouldn't buy a celtic tiger house. I think the amount of them that went up with people just wanting to make as quick a buck as possible... profit profit profit was all they were thinking, and people lining up to sign up to buy houses in some estates (:rolleyes:) there wasn't enough time for builders to gain good or bad reputations and so on.

skelliser

Sconsey wrote: »

Anyone have any idea what that house in Merlin would rent for? I think the rent is the only way to currently estimate the value of a house. For some reason Galway is way out of whack when calculating value, it seems Galway homeowners are willing to rent at a realistic price but not sell at a realistic price.

EG: Lets assume €1,500 monthly rent for that house, asking price 420,000, implies a net yield of less than 4%! it would need to renting for about 2,400 per month to be worth the asking price.

The downside of all this is that some poor sap probably bought the house for 400,000 and are now screwed because unlikely to sell for that amount and not going to rent for 2,400 either. I think the prices in Galway are more likely to come down when it's the banks selling the houses as opposed to the homeowners. I just can't figure why Galway is reacting slower than the rest of the country (at least on paper).

Yes this is the correct way to value a house. But this countries laws and tax system are geared heavly towards purchasers rather then renters. Another incentive by the powers that be to encourage buying houses.
This attitude needs to change to a more european renting style of system.

Standards of work imo are worse now then 30 years ago. For example our house is over 35 years old and none of the pipes froze during the recent cold spell as opposed
to newer houses.

Buglim

s_carnage wrote: »

Are you just pulling these figures out of your ass. You had me thinking there that it couldn't be true so i went onto daft and i know its not the only place for selling houses but it'll do for this!!

Galway city has 825 whereas if you search for Dublin there are 2592 properties for sale.

Did i say Galway City, wait no I didn't. Why so upset, buy at the height of the boom did we???

Look my friend, if you want the truth check out the 2 sites on the end of my lasyt mail. better still read a mail properly and fully before you mouth off.

Fozzie Bear

musharra wrote: »

The below is an example of the crazy 'asking price' still out there and what I believe anyone with sense should consider pay for them. I realize these are just asking prices but in majority of cases this price is ~20k over the min the sellers are willing to accept (based on queries)
Auctioneers are also keeping low (realistic) offers off the table.!:mad: bos***ds.

Comments welcome..!:pac:

www.daft.ie/1461613 Merlin Lane 420,000 :eek:max 170,000.
www.daft.ie/1454018 Knocknacarra 350.000:eek: max 200,000
www.daft.ie/1509259 Ballybane 275,000 :eek:not worth 150k
www.daft.ie/1494788 Oranmore 350,000 :eek:max 190k
www.daft.ie/1524563 Moycullen 475,000 :eek:not worth half i.e. 236,000
www.daft.ie/1485798 Kilcolgan 475,000 :(may be worth half i.e. 236,000
www.daft.ie/1519555 Rahoon 329,000 :(max 220,000

I completely agree OP that prices in Galway are out of whack with elsewhere. I would however question some of your valuations above. Maybe a little OTT for some of them.

I have been looking at buying a house for the past 2 years and on several occasions have come across the tag line "Galway is different" from a host of auctioneers when I questioned their valuations compared to similar in Cork, Limerick or Dublin suburbs. Different how exactly?? Has Galway some how escaped the massive crash in property values since the bubble burst? Does the recession cease to exist once you hit the Shannon? Has there been no redundancies, lay offs, pay cuts, tax hikes applied to the good people of Galway? What utter boll@x peddled by vested interests and auctioneers. The good times of people falling for their spin and rhetoric are long gone and they need to get a grip and accept prices simply have to drop.

There is just absolutely no doubt what so ever that house prices have not come down anywhere near enough in Galway (or Ireland for that matter) yet. Banks are now giving out mortgages of approx 4.5 times your combined salaries. For myself (private) and my missus (public) that equals a mortgage of approx 250-275,000.

How many of the above houses fall within that? We are an average couple with an average industrial wage and first time buyers. We (first time buyers) are the only people looking for homes now and if the max amount of money we are (lucky enough to be) given is €275,00 then what has got to give here?? The banks are not handing out stupid amounts of money anymore so the prices HAVE to drop more. HAVE TO!

The other potential buyers out there are ones who already own a home but they cannot sell, or at least not at a realistic price they would accept because people are still deluding themselves that prices are going to rise again. They are not, the only way is down its a matter of basic and very simple economics.

People really need to start educating themselves and reading sites like the propertypin, David McWilliams or download the propertybee add on for Daft.ie. This will show you the price history of any house on Daft and the length of time it has been on the market.

I am absolutely amazed that people are on this thread defending the price of housing in Galway. Its just nuts, has the last ten years of madness not taught you anything at all?

You are either a home owner who bought in the past few years and find yourself in neg. equity and can't face facts or else you are still a sheep just following the media, vested interests, auctioneers and others as they try to fleece you financially. Either way if you are still stupid enough to believe house prices in Galway are realistic then you deserve everything you have coming to you...

PopeBuckfastXVI

Buglim wrote: »

Did i say Galway City, wait no I didn't. Why so upset, buy at the height of the boom did we???

Look my friend, if you want the truth check out the 2 sites on the end of my lasyt mail. better still read a mail properly and fully before you mouth off.

Please keep it civil.

/moderation

skelliser

Fozzie Bear is completly spot on.

If anything finding a job in Galway is way harder now and thus that should also be reflected in prices.

padi89

churchview wrote: »

This house on offer for 420,000 is in a Galway location which many would find to be highly desirable, close to hospital

Highly desirable because its close to a hospital ? From what i am aware Merlin doesn't have an A&E and im pretty sure Bon Secours doesn't either. The Blackrock has but its private with limited opening hours, correct me if im wrong?
The chances are if you needed a hospital fast or called an ambulance you'd be going to the UCHG. If your living in a city a hospital is never far away, i don't see it as an advantage as being right next door.

In relation to traffic the east side is as bad as the west if not worse. The huge advantage the east side has is access to the motorway but traveling to town takes about the same amount of time as it does in the west.

Xiney

padi89 wrote: »

Highly desirable because its close to a hospital ? From what i am aware Merlin doesn't have an A&E and im pretty sure Bon Secours doesn't either. The Blackrock has but its private with limited opening hours, correct me if im wrong?
The chances are if you needed a hospital fast or called an ambulance you'd be going to the UCHG. If your living in a city a hospital is never far away, i don't see it as an advantage as being right next door.

In relation to traffic the east side is as bad as the west if not worse. The huge advantage the east side has is access to the motorway but traveling to town takes about the same amount of time as it does in the west.

Yeah but I think what churchview was getting at was the fact that a doctor may purchase the house in order to be close to work.

Mrs OBumble

Fozzie Bear wrote: »

I am absolutely amazed that people are on this thread defending the price of housing in Galway. Its just nuts, has the last ten years of madness not taught you anything at all?

You are either a home owner who bought in the past few years and find yourself in neg. equity and can't face facts or else you are still a sheep just following the media, vested interests, auctioneers and others as they try to fleece you financially.

Fozzie Bear, just to be clear, I'm not defending Galway's house prices, I do think they're still over-priced. But IMHO the OP's assigned value for the first item on his list was way too low given the very desirable location.

Re your own situation, I can sympathise: I own a property overseas (was fully paid off, I'm now drawing on it again to live on), but unless I really hit the big time somewhere don't believe that I'll ever own in this country - it's just too late in my life to save up the sort of deposit that I'd need to make buying viable ( I wouldn't buy with less than a 20% deposit, otherwise you just end up paying wayyy to much in interest.)

Discodog

A house in Brooklawn has just sold for €600,000 so people are still willing to pay a fortune.

billybigunz

Yields in Galway have been insanely low for hte last 6 years that I've known the place. Gives you an insight into the business acumen of most of the residents.

Its all about location, location, location and supposedly this wet, gridlocked town is the place to be.

snubbleste

Galway property prices are still insane.
It could be there is a link between this and our favourite TD Frank Loadsa gaffs Fahey

ei.sdraob

@OP those prices are madness

but there are few bargains on daft that I can see right now

if you willing to go down the self-build route you can save a small fortune (think 60-100 per sq foot) since labour has gone down by huge amount, and materials gone down somewhat as well

and of course you can ensure and supervise that its finished to a good standard to latest regulations, none of that shoddy workmanship thats gone into houses build in estates in last decade

Galway prices have a long long way to fall alright.

Was reading a peice recently enough by David Mc Williams who said that prices have a long way to fall yet in Galway in comparison to other parts of the country.

If I seen an asking price at 220k I'd be inclined to offer at least 20% lower.

I'd hazard a guess that prices will continue to fall for another 3 to 4 years at least.

Hopefully.

dloob

A the height of the boom it was reported that Galway had the most expensive houses in the country when adjusted for local income levels.
Doesn't look like much has changed.

As for the Merlin Lane house well besides being a bit ugly, I've seen houses identical to it on daft that went sale agreed recently after reducing asking prices well into the 300s.

As I've seen said elsewhere you can choose when to sell your house or what price to sell it at.

Madame Razz

Discodog wrote: »

A house in Brooklawn has just sold for €600,000 so people are still willing to pay a fortune.

That's a heck of a lot less than what they were going for there 18months ago!!

It's still a decent price tho, but then it's Brooklawn. A house in Pollnarooma went for 800k not so long ago and they are knocking it and rebuilding a completely new house! But I don't think you can equate estates like Brooklawn and Pollnarooma with the rest of the city. They are always going to be in a different league pricewise simply because of their location, and the fact that there will never be more houses in either than there are now.

Pricewise in Galway generally tho I think there are interesting times ahead. When the mortgage rates do eventually increase as is being predicted it really is going to put the squeeze on a high proportion of people and they will be forced to sell; even to date there have been a few properties that have sold for a very low price at auction because the buyer had to sell. That trend is definately going to become more common in the next year around the city I would think.

Rent wise tho, the traditional 'renting' areas in the city are holding their rates so long as the property is in decent condition, and those that aren't are being rented at a much lower rate or are empty; which is only fair really. I don't think the same can be said of the more outlying areas tho regardless of the property's condition.

fergiesfolly

Judging from stories I've heard from friends and family, the final selling price is nowhere near the asking price. Quite a lot of developers and private sellers are going to come under pressure to sell well below the asking price when interest rates rise. Anyone buying now should put in a low bid and hold their nerve. And walk away if necessary. Theres plenty of property out there with sellers willing to negotiate a realistic price.

?Cee?view

JustMary wrote: »

Fozzie Bear, just to be clear, I'm not defending Galway's house prices, I do think they're still over-priced. But IMHO the OP's assigned value for the first item on his list was way too low given the very desirable location.

Agree completely with what JustMary says above.

Just because I think that the values that the OP has pulled out of thin air are currently ridiculous (and s/he has yet to justify them), doesn't mean that I'm defending house prices in Galway in particular. Undoubtedly they still have signficant downside, but probably not in all sectors. You could argue that yellowpack housing (estates, four/five bed houses) are oversupplied and still over priced, but at the premium level, there is still quite a bit of demand.

The example of the house in Pollnarooma which sold for 800k (and was then demolished) is apt. Last year a house sold on Kingston Road for either 865k or 895k (can't remember which) and it was also demolished. I know of some houses in this bracket and well above which have been sold recently without even being advertised. Some auctioneers around town have lists of customers waiting for what they feel is the "right" house or site, and they'll pay for this. Homeowners at this level are being approached to see if they will sell.

One thing...there's a certain smugness that's creeping into these housing discussions that's almost as irritating as the smugness which existed a few years ago, when people delighted in telling you over a pint how much their house had gone up in value over the previous month! Now, it seems to be in vogue to laugh and pour scorn at people trying to sell their houses at a price which will allow them to settle their debt; some lovely vultures out there waiting for the chance to buy a house at a knock down price. Then presumably they'll be the people down the pub rubbing others noses in it. Lovely.

testicle

I see none of you lot have ever been in the Accomodation & Property forum!

s_carnage

Buglim wrote: »

Did i say Galway City, wait no I didn't. Why so upset, buy at the height of the boom did we???

Look my friend, if you want the truth check out the 2 sites on the end of my lasyt mail. better still read a mail properly and fully before you mouth off.

Ok my bad. Thought you meant the two cities. Was still a bit surprised that there is more in Galway county than Dublin county but i suppose with all the estates empty in commuter towns it does add up.

?Cee?view

s_carnage wrote: »

Ok my bad. Thought you meant the two cities. Was still a bit surprised that there is more in Galway county than Dublin county but i suppose with all the estates empty in commuter towns it does add up.

Galway County is a complete trainwreck when it comes to housing. There's absolutely no way you can compare it to the City. There are whole tracts of East Galway (County) with tumbleweed blowing around empty estates. My heart goes out to people who've bought in these god-awful places.

Madame Razz

churchview wrote: »

The example of the house in Pollnarooma which sold for 800k (and was then demolished) is apt. Last year a house sold on Kingston Road for either 865k or 895k (can't remember which) and it was also demolished. I know of some houses in this bracket and well above which have been sold recently without even being advertised. Some auctioneers around town have lists of customers waiting for what they feel is the "right" house or site, and they'll pay for this. Homeowners at this level are being approached to see if they will sell.

Exactly, this has happened with other houses in and around the same area too Kingston/Pollnarooma which had bigger sites and they have gone for even more money, then to be demolished. There will always be a demand for houses in those areas regardless of the economic situation; so they will always command a high price. Nowhere near as high as previously, but still a high price all the same.

One thing...there's a certain smugness that's creeping into these housing discussions that's almost as irritating as the smugness which existed a few years ago, when people delighted in telling you over a pint how much their house had gone up in value over the previous month! Now, it seems to be in vogue to laugh and pour scorn at people trying to sell their houses at a price which will allow them to settle their debt; some lovely vultures out there waiting for the chance to buy a house at a knock down price.

Agreed. I know a number of people with attitudes like this, and I find it very vulgar; amongst other things.

Buglim

s_carnage wrote: »

Ok my bad. Thought you meant the two cities. Was still a bit surprised that there is more in Galway county than Dublin county but i suppose with all the estates empty in commuter towns it does add up.

Apologies this side also, as my reply was rude.:o

funnyname

fergiesfolly wrote: »

Judging from stories I've heard from friends and family, the final selling price is nowhere near the asking price. Quite a lot of developers and private sellers are going to come under pressure to sell well below the asking price when interest rates rise. Anyone buying now should put in a low bid and hold their nerve. And walk away if necessary. Theres plenty of property out there with sellers willing to negotiate a realistic price.

An Irish equivalent of this site would be fantastic

http://www.houseprices.co.uk/

Although I doubt we'll ever see one

?Cee?view

funnyname wrote: »

An Irish equivalent of this site would be fantastic

http://www.houseprices.co.uk/

Although I doubt we'll ever see one

That site is linked to HM Land Registry and HM Land Registry record house prices in such a way that when checking the title (legal ownership details) of properties online, you can see what they last sold for.

The Irish Land Registry doesn't make the same information available. I'm not sure if they even collate the information, even though the documents that are sent into them to register title certainly give this information.

Webbs

Fozzie Bear wrote: »

I completely agree OP that prices in Galway are out of whack with elsewhere. I would however question some of your valuations above. Maybe a little OTT for some of them.

I have been looking at buying a house for the past 2 years and on several occasions have come across the tag line "Galway is different" from a host of auctioneers when I questioned their valuations compared to similar in Cork, Limerick or Dublin suburbs. Different how exactly?? Has Galway some how escaped the massive crash in property values since the bubble burst? Does the recession cease to exist once you hit the Shannon? Has there been no redundancies, lay offs, pay cuts, tax hikes applied to the good people of Galway? What utter boll@x peddled by vested interests and auctioneers. The good times of people falling for their spin and rhetoric are long gone and they need to get a grip and accept prices simply have to drop.

Different in the same way that in the UK property in Bath is more expensive than Bristol, or Brighton more expensive than Worthing. It is not just all about the economy there is always an X factor about some places. We may not agree with it but seems that Galway does have it.

There is just absolutely no doubt what so ever that house prices have not come down anywhere near enough in Galway (or Ireland for that matter) yet. Banks are now giving out mortgages of approx 4.5 times your combined salaries. For myself (private) and my missus (public) that equals a mortgage of approx 250-275,000.

How many of the above houses fall within that? We are an average couple with an average industrial wage and first time buyers. We (first time buyers) are the only people looking for homes now and if the max amount of money we are (lucky enough to be) given is €275,00 then what has got to give here?? The banks are not handing out stupid amounts of money anymore so the prices HAVE to drop more. HAVE TO!

As a first time buyer in a UK city generally people buy 1-2 bed apartments not 3-4 bed houses. Here first time buyers expect at least a 3bed semi. So that would mean you would not be an average first time buyer in the UK.
This has been a factor in some of the crazy house building demographic in Galway/Ireland. So maybe a sea change in people perception of where they start on a property ladder needs to happen in Irish cities.
What it may have done for those in these 3bed 'starter' homes is 'protect' those who are in neg equity from having to move for more space,( if they are still able to have jobs etc. a big if I know) this was a major problem for the UK in the mid 90s following their last property bust.
Which is why I think there will be perversely in time to come a shortage of property in 'desirable' areas and there will be a real 2 tier pricing system in Galway and Ireland for a long time to come.

The other potential buyers out there are ones who already own a home but they cannot sell, or at least not at a realistic price they would accept because people are still deluding themselves that prices are going to rise again. They are not, the only way is down its a matter of basic and very simple economics.

If people are in neg equity which would be a very large percentage of those looking to sell, then they are not as I mentioned above going to sell low, as they cannot afford to take a lower price, its not delusional just a harsh reality.

People really need to start educating themselves and reading sites like the propertypin, David McWilliams or download the propertybee add on for Daft.ie. This will show you the price history of any house on Daft and the length of time it has been on the market.

I am absolutely amazed that people are on this thread defending the price of housing in Galway. Its just nuts, has the last ten years of madness not taught you anything at all?

You are either a home owner who bought in the past few years and find yourself in neg. equity and can't face facts or else you are still a sheep just following the media, vested interests, auctioneers and others as they try to fleece you financially. Either way if you are still stupid enough to believe house prices in Galway are realistic then you deserve everything you have coming to you...

Oh and I dont disagree with your views that property prices are overinflated its just having seen one property crash and subsequent rise in the UK, I am being a bit of devils advocate here.
There are very few if any people out there who dont have a vested interest one way or the other, from yourself as a potential buyer to someone in a house on neg equity, to second home investors to someone wanting to sell a book etc.
It will be a long while sorting itself out in Galway and will produce in the long term I think even more diversity in prices than existed before depending on location in the city/county

KevR

Fozzie Bear wrote: »

There is just absolutely no doubt what so ever that house prices have not come down anywhere near enough in Galway (or Ireland for that matter) yet. Banks are now giving out mortgages of approx 4.5 times your combined salaries. For myself (private) and my missus (public) that equals a mortgage of approx 250-275,000.

How many of the above houses fall within that? We are an average couple with an average industrial wage and first time buyers. We (first time buyers) are the only people looking for homes now and if the max amount of money we are (lucky enough to be) given is €275,00 then what has got to give here?? The banks are not handing out stupid amounts of money anymore so the prices HAVE to drop more. HAVE TO!

It's stuff like this which really alarms me. An average working couple (working in Galway!!!) is not able to afford to buy a house here.

Some people I know ended up buying houses 25-30 miles outside the city during the boom because they couldn't afford to buy in the city despite being born here, growing up here and having decent jobs here. It seems very wrong and it worries me (I'm just about to graduate college and I really don't want to end up buying a house outside Galway City at some point in the future if I am working in the city; I have lived here all my life). It's not like I would be expecting an amazing house in an amazing Galway City location for a dirt cheap price; I know buying a house will be a financial struggle but I would like to be able to actually afford one in the city I am from if I have a decent job here.