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Property Market in Waterford

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Comments

  • Registered Users Posts: 1,144 ✭✭✭ reni10


    Bards wrote: »
    My Theory on proper vaulations is this.

    A starter home (3-bed semi) should be rougly 3.5 times the Average Industrial Wage. So if we say the AIW is €38,000 3.5 times this is €133,000

    then you go from here as you said by adding on €20K here for extras such as extra bedroom etc.

    Pretty good theory and similar to how I am calculating but I basically removed about a further 10% because of the difficulty to obtain money from the banks, the amount of unemployment in Waterford and the extreme uncertainty of the Irish economy getting out of this recession within the next 5 years.

    Then as I have been saying if these issues deepen(and it is very likely that they will!) then I knock about another 10-15% off in 12 months time so you are looking at 3 bed semi Dunmore Road baseline being about €100k.

    The best advice I could give anyone selling right now is twofold:

    1. Price the house realistically for advertisement by using the current €120k baseline price.
    2. If you get within 10-15% of your correctly advertised price from the baseline calculations then accept as this is realistically the best you can hope for otherwise you will just be sitting on an asset that is depreciating very quickly and if you also have a mortgage then you will just be paying out money for nothing and in 6 months time have to accept 10-15% less anyway!

    I really hope this helps some people in Waterford, the main thing is you cannot bury your head in the sand any longer as this is not just going to happen it has already happened!

    I have a real problem with the Real Estate Agents though as there are some out there in my opinion that are basically doing a large dis-service to people that may be in a dire financial situation and are basically making things worse with their pure and utter greed or are just complete stupid idiots!


  • Registered Users Posts: 1,069 ✭✭✭ Hoffmans


    dunmore road will never drop that low for numerous reasons...


  • Registered Users Posts: 1,228 ✭✭✭ Dan133269


    Hoffmans wrote: »
    dunmore road will never drop that low for numerous reasons...

    which shall remain top secret :cool:


  • Registered Users Posts: 4,076 ✭✭✭ gman2k


    Hoffmans wrote: »
    dunmore road will never drop that low for numerous reasons...

    Have to laugh at that one?
    Is it because people don't want them to drop that 'low' (read realistic)

    Forget and erase from your mind the values that were seen in the Tiger/ property bubble era - they now have no relativity to values now or in the future.


  • Registered Users Posts: 6,300 ✭✭✭ Luckycharms_74


    spookwoman wrote: »
    Don't know how they can charge those price on the dunmore road! Should only be going for 60 to70k. Know one estate where the radiators are crap in all the houses and are starting to burst. Windows are cheap and dont close properly. No sound insulation and you can hear neighbours through the walls. Dogs constantly barking all over the estate. Gardens turn to swamps.

    Go on give us a clue. Lets play hangman :)
    _ _ _ _ _ _ _ _ _ :D


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  • Registered Users Posts: 917 ✭✭✭ giles lynchwood


    reni 10 sent you pm


  • Registered Users Posts: 917 ✭✭✭ giles lynchwood


    gman2k wrote: »
    Have to laugh at that one?
    Is it because people don't want them to drop that 'low' (read realistic)

    Forget and erase from your mind the values that were seen in the Tiger/ property bubble era - they now have no relativity to values now or in the future.
    The sooner people realise this the better and maybe then can the country can move on,the Tiger was a myth created by Bertie Soprano and Co.The longer this farce goes on the less faith the rest of Europe will have in Ireland to solve our problems ourselves.


  • Closed Accounts Posts: 2,542 ✭✭✭ dayshah


    The banks are getting a lot of stick(and rightly so)about not approveing home loans and therefore holding up property market recovery.

    I think the banks not lending is really only a very small part of the problem. To be honest I think the banks should not give a mortgage if someone is going to pay €150k for a house in Lismore park. Even if it was only a 75% mortgage, that house is probably worth at most €115k (prob less) and the person would be in negative equity very quickly.


  • Registered Users Posts: 917 ✭✭✭ giles lynchwood


    I agree daysha.It is estate agent´s are the big problem now by trying to maintain unrealistic property prices for a higher commission,the government should bring in a fixed rate agents can charge,maybe going on the sqm of the property.


  • Closed Accounts Posts: 4,556 ✭✭✭ Nolanger


    Is Dunmore Road 'built'. Are there any more new estates coming soon or is it only second-hand homes available there now?


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  • Registered Users Posts: 1,144 ✭✭✭ reni10


    Hoffmans wrote: »
    dunmore road will never drop that low for numerous reasons...

    You are obviously one of the people I referred to in my earlier post about people thinking that this could never happen when in fact it has already happened!

    Property prices are still about 10-15% overpriced so within 12 months we will have a baseline price of 3 bed semi at €100k and that is the reality that you and every other person in denial will have to face like it or not!

    I would really like to know what these numerous reasons you mention are?

    Is Ireland going to start another Celtic tiger run next week?


  • Closed Accounts Posts: 2,542 ✭✭✭ dayshah


    The cheapest 3-bed on the Dunmore Rd is €138k.

    The list is here.


  • Registered Users Posts: 9,574 ✭✭✭ spookwoman


    Go on give us a clue. Lets play hangman :)
    _ _ _ _ _ _ _ _ _ :D


    ok
    _ _ _ _ _ _ _ _ _ _ _ _ _ _


  • Closed Accounts Posts: 2,542 ✭✭✭ dayshah


    spookwoman wrote: »
    ok
    _ _ _ _ _ _ _ _ _ _ _ _ _ _

    a?


  • Registered Users Posts: 9,574 ✭✭✭ spookwoman


    _ _ a _ _ _ _ _ _ _a_ _


  • Registered Users Posts: 2,560 ✭✭✭ Siamsa Sessions


    Anyone have an idea how the Williamstown Rd. compares with the Dunmore Rd.?

    Would it be 10% - 20% less for the same house 500 yards away from the Dunmore Rd.?

    Trading as Sullivan’s Farm on YouTube



  • Registered Users Posts: 5,028 ✭✭✭ fricatus


    So if a 3-bed semi on the Dunmore Road is going now for €130-145k and some of you expect further falls, what sort of price should we expect for a 4-bed detached, e.g. this: http://www.daft.ie/1590938 ?


  • Registered Users Posts: 1,144 ✭✭✭ reni10


    fricatus wrote: »
    So if a 3-bed semi on the Dunmore Road is going now for €130-145k and some of you expect further falls, what sort of price should we expect for a 4-bed detached, e.g. this: http://www.daft.ie/1590938 ?

    I think the baseline actual selling price at the moment for a standard 3 bed semi is €120k, they might be advertised for €130-€150k but they are only actually shifting at €120k.

    From my calculations that house is worth the following:

    €120k baseline + €20k for 4th bedroom + €20k for being detached + €20-€40k for bigger size then normal
    =€180k - €200k range

    That is a pretty good house but is not worth nearly 3 times the realistic baseline price and will never sell for €330k!

    If they were offered anything approaching the €200k mark I would take that instantly!

    It is going to be extremely difficult to shift a house that is anywhere over the €200k mark so this will take quiet a while to sell even at around €200k I think!


  • Registered Users Posts: 1,144 ✭✭✭ reni10


    Anyone have an idea how the Williamstown Rd. compares with the Dunmore Rd.?

    Would it be 10% - 20% less for the same house 500 yards away from the Dunmore Rd.?

    I would classify Williamstown Rd. as the same or very slightly less baseline price then the Dunmore Road properties as the location is probably not as desirable.


  • Registered Users Posts: 251 ✭✭ Deisekickboxing


    Desireable areas will always hold the price better like dunmore rd, grange pk,newtown
    The credit has dryed up can't see any point in trying to buy at the moment unless u had cash.


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  • Closed Accounts Posts: 2,542 ✭✭✭ dayshah


    Desireable areas will always hold the price better like dunmore rd, grange pk,newtown
    The credit has dryed up can't see any point in trying to buy at the moment unless u had cash.

    I'd say the exact opposite. The 'luxury' market has suffered most. Just look at ailesbury road. Houses still sell for over €1 million, but percentage falls have been over 80%.

    I accept Newtown is nothing like ailesbury road, but the principal is the same.

    Desirable locations will always find buyers (which place like longford won't), but only if the price is right.


  • Registered Users Posts: 251 ✭✭ Deisekickboxing


    True the price wa$ right round 1994
    Then it slowly inflated to 2006 prices fuelled mostly by international speclators in a win win game of monoply


  • Closed Accounts Posts: 2,542 ✭✭✭ dayshah


    spookwoman wrote: »
    _ _ a _ _ _ _ _ _ _a_ _

    e?


  • Registered Users Posts: 363 ✭✭ munster_mafia


    dayshah wrote: »
    e?

    Granstown park...


  • Registered Users Posts: 1,144 ✭✭✭ reni10


    Here is someone pricing their fantastic house at a great price to get offers around the €300k mark:
    http://www.daft.ie/searchsale.daft?id=604911

    When you look at this advertised for €345k and then that place in Ballinakill Downs priced at €285k you can see that the Baillinakill property is only really realistically worth around €160k!
    http://www.daft.ie/searchsale.daft?id=604503

    Here is my take on this new Williamstown property:
    http://www.daft.ie/searchsale.daft?id=604911

    €120k 3 bed semi baseline + €60k for 3 additional bedrooms + €20k for being detached + €40k for being on a large piece of land, private with views + €60k for the self contained 2 bed apartment that comes with the property
    =€300,000

    With them advertising realistically at €345k they will get offers at around €300k and I would say sell for about that within a few months.

    Now when you look at properties in Ballinakill and Grantstown looking for between €250-€350k you can see the real price of these properties is only really about €160k as something like this place in Williamstown is 2 times a better house then anything in those areas!


  • Moderators, Entertainment Moderators, Regional South East Moderators Posts: 9,081 Mod ✭✭✭✭ ziedth


    That is a seriously nice house.


  • Closed Accounts Posts: 2,542 ✭✭✭ dayshah


    reni10 wrote: »
    Here is someone pricing their fantastic house at a great price to get offers around the €300k mark:
    http://www.daft.ie/searchsale.daft?id=604911

    Or for just €5k more, you can get a flat.

    Hmm, tough choice :D


  • Registered Users Posts: 9,574 ✭✭✭ spookwoman


    Granstown park...


    Yep


  • Closed Accounts Posts: 2,081 ✭✭✭ wellboytoo


    reni10 wrote: »

    Now when you look at properties in Ballinakill and Grantstown looking for between €250-€350k you can see the real price of these properties is only really about €160k as something like this place in Williamstown is 2 times a better house then anything in those areas!

    Whats your call on Ballinamona woods (Ballybig) then?


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  • Registered Users Posts: 2,560 ✭✭✭ Siamsa Sessions


    What about this one at the end of the Williamstown Rd.?

    http://www.daft.ie/searchsale.daft?id=523435

    Is it worth €155,000?

    Trading as Sullivan’s Farm on YouTube



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