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Realistic Offer for this House??

  • 26-05-2011 8:08am
    #1
    pychofairy
    Closed Accounts Posts: 70 ✭✭


    Have been looking at this house over the past six months. It was originally way out of our price range but since kinda fell into it. We viewed it and pretty much thought it could be a house of our dreams. It still needs a driveway and entrance up to the gates and isolation from the property nextdoor etc so a bit of work still needs to be done. The EA said 530k would secure it. We thought of putting in an offer but I've since done some research and my eyes have been opened. I've been reading this forum and The Property Pin and based off a rental yield of 5%(1500 x 12 / 0.05) I think the house is worth about €360,000 in real terms. Will this house ever sell for a realistic price like this? What do you all think a fair offer would be for this house in the current climate? I really dont think EA's have a realistic handle on house prices at the moment or where they are headed for


Comments

  • #2
    pychofairy
    Closed Accounts Posts: 70 ✭✭pychofairy


    Oops, forgot the link...
    http://www.daft.ie/searchsale.daft?id=594339


  • #3
    Irish Fire
    Registered Users, Registered Users 2 Posts: 603 ✭✭✭Irish Fire


    TBH I'd offer €280,00 - €330,000 tops. In the current market it's time for the tables to be reversed and the buyer to have the upper hand for a change. You need to have the guts to offer low and work from there, anyone that has been approved for finance these days is woth their weight in gold.....

    On another lighter note I'd hate to be dragging a mattress up that staircase :-))

    Best of luck.......


  • #4
    whippet
    Registered Users, Registered Users 2 Posts: 7,718 ✭✭✭whippet


    I know the area well enough, and while it is a nice house I would offer max about €300k.

    The estate agent has said it's at 55% of it's peak price, so my take would be it should be at about 30% of it's peak.


  • #5
    Duckjob
    Registered Users, Registered Users 2 Posts: 2,859 ✭✭✭Duckjob


    That house has been for sale for a long long time.

    AFAIR it was on for around 950k first time I saw it 3-4 yrs ago, so they probably think they're giving it away at the current asking.

    IMO It's probably worth a lowball offer of 300-350k, if for no other reason than to give the seller a prod, as it's been sitting at its current price for quite a while.


  • #6
    pychofairy
    Closed Accounts Posts: 70 ✭✭pychofairy


    Thanks for all the replies. When you think of what €300,00 used to get you in the height of things it's hard to believe what you will (or should) get for that now. The old mindset is still abundant. I think it's important not to get emotionally attached to potential houses either by thinking what if it go's etc. Any one who has the means to buy now also has time on their side. It frustrating that we can't skip the BS and just get to the realstic point instead of watching house prices drop in drips and drabs over the next few years


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  • #7
    theteal
    Registered Users, Registered Users 2 Posts: 7,593 ✭✭✭theteal


    *** FINAL REDUCTION FOR AN IMMEDIATE SALE *** A STAGGERING 55% REDUCTION FROM ITS 2007 VALUE *** STRONG INTEREST ALREADY EXPRESSED *** LAST CHANCE TO SECURE THIS TRULY SPECTACULAR HOME ***

    If there was strong interest, why didn't they negotiate a deal behind to scenes to sell the house as opposed to advertising the the "final reduction":rolleyes: price for all?


  • #8
    pychofairy
    Closed Accounts Posts: 70 ✭✭pychofairy


    The EA also said that 480k was previously offered and rejected...
    Eternal optimism!!


  • #9
    djmcr
    Closed Accounts Posts: 237 ✭✭djmcr


    Its in CAP LOCKS, Estate Agent screaming out his window, its your last chance.....


  • #10
    The Black Pearl
    Closed Accounts Posts: 62 ✭✭The Black Pearl


    djmcr wrote: »
    Its in CAP LOCKS, Estate Agent screaming out his window, its your last chance.....


    :D


  • #11
    professore
    Closed Accounts Posts: 5,857 ✭✭✭professore


    pychofairy wrote: »
    The EA also said that 480k was previously offered and rejected...
    Eternal optimism!!

    And you believed him LOL


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  • #12
    the_syco
    Registered Users, Registered Users 2 Posts: 37,316 ✭✭✭✭the_syco


    pychofairy wrote: »
    Oops, forgot the link...
    http://www.daft.ie/searchsale.daft?id=594339
    That this one?


  • #13
    Macha
    Moderators, Science, Health & Environment Moderators Posts: 6,376 Mod ✭✭✭✭Macha


    Price History of the property:

    http://www.irishpropertywatch.com/salesSearchResults.php?Address=evan+lodge&Beds=any&Type=any&Region=any


  • #14
    pychofairy
    Closed Accounts Posts: 70 ✭✭pychofairy


    the_syco wrote: »
    That this one?

    No, it's not visible on Street View. Here's a Google Maps pic locating it. It was built behind an existing roadside bungalow so a separate road entrance and driveway have to be built. Another thing to consider is that there is permission for an estate of 18 houses to go in next door to it on the rhs (may never be built). All in considered, the price needs to be severely discounted


  • #15
    the_syco
    Registered Users, Registered Users 2 Posts: 37,316 ✭✭✭✭the_syco


    pychofairy wrote: »
    No, it's not visible on Street View. Here's a Google Maps pic locating it. It was built behind an existing roadside bungalow so a separate road entrance and driveway have to be built. Another thing to consider is that there is permission for an estate of 18 houses to go in next door to it on the rhs (may never be built). All in considered, the price needs to be severely discounted
    Looks nice, but yeah, that right of way will be troublesome in the future. I'd nearly make a separate existing road a pre-condition to buying it, as they may "accidentally" lock the gate someday, when you're in the house or not.


  • #16
    myflipflops
    Closed Accounts Posts: 2,817 ✭✭✭myflipflops


    pychofairy wrote: »
    . The EA said 530k would secure it.

    I bet it would.
    pychofairy wrote: »
    The EA also said that 480k was previously offered and rejected...
    Eternal optimism!!

    This EA is a pretty funny guy.

    350k euro and see what they say. It's a case of whether the owners need to sell as they will not get half a million for it.


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