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Property Market in Waterford

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


    Some more overpriced properties.

    http://www.daft.ie/searchsale.daft?id=619505
    125k for a 3 bed terraced house on yellow road.

    http://www.daft.ie/searchsale.daft?id=618377
    140 k for 3 bed bungalow is ludicrous, even if appliances are included.

    Here's the same house, except it has lost a bathroom in the space of time between being put up by 2 different estate agents! Some bunch of clowns!
    http://www.daft.ie/searchsale.daft?id=617337

    4 bed in ballytruckle for 220k, excessive even if it is spacious.
    http://www.daft.ie/searchsale.daft?id=613808

    3 bed in Williamstown for 230. Here's the kicker, "Normally priced at 310 k" "once off opportunity" :D
    http://www.daft.ie/searchsale.daft?id=613087

    Ah some people are stupid, some are deluded.


  • Registered Users Posts: 3 munsterboy


    Interested in thoughts on:-

    http://www.daft.ie/searchsale.daft?id=422600 5 Island Point

    http://www.daft.ie/searchsale.daft?id=406444 8 Riverside

    Both on the Dunmore Road. Madness or what?


  • Registered Users Posts: 218 ✭✭ letsbet


    munsterboy wrote: »
    Interested in thoughts on:-

    http://www.daft.ie/searchsale.daft?id=422600 5 Island Point

    http://www.daft.ie/searchsale.daft?id=406444 8 Riverside

    Both on the Dunmore Road. Madness or what?

    Delusion is the only word for it. The Island Point one is probably one of the craziest things I've ever seen. Maybe it's one of those prices that you can negotiate by maybe around three i.e. dividing it by three.


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


    Dan133269 wrote: »
    3 bed in Williamstown for 230. Here's the kicker, "Normally priced at 310 k" "once off opportunity" :D
    http://www.daft.ie/searchsale.daft?id=613087

    Yeah it was a once off opportunity to pay €230k alright because now it is €40k less at €190k!

    And now everyone has a once off opportunity to pay €190k until it actually sells for what it is worth which is about €120k!

    People still don't seem to get it....


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


    €50k for a 3 bedroom apartment!
    http://www.daft.ie/searchsale.daft?id=625685

    Or €80k if you buy 2 in the same building at the same time!

    Anyone know anything about this complex?

    Those prices seem to be pretty good for a 3 bedder and good potential for renting.


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  • Registered Users Posts: 2,029 ✭✭✭ Finnbar01


    The best thing that could happen is for NAMA to sell off all of its property in a fire sale.
    The sooner we reach the bottom of the market, the better off the economy will be.


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


    So a 15.1% decrease for the year for property prices so far according to the CSO today:
    http://www.cso.ie/releasespublications/documents/prices/2011/rppi_oct2011.pdf

    The December budget is going to make things much worse for most people it seems so as I stated a few months ago I expect another 10-20% decrease in prices next year which means we should see a €85k-€95k median price for a 3 bed semi on the Dunmore road by next summer.

    So another year of declining prices and then a leveling for a year or so and then a very small recovery, my recommendation is to wait until next summer if wanting to buy and you should pickup a decent place for about €80k-€90k which will most probably be the bottom of the market.

    If Ireland are forced out of the Euro Zone expect prices to lose even more then 20% next year I reckon.


  • Registered Users Posts: 752 ✭✭✭ jayboi


    Excluding the cost of land what would it cost you to build a decent 3 bed semi?


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


    jayboi wrote: »
    Excluding the cost of land what would it cost you to build a decent 3 bed semi?

    I don't think you could build a new one for less then €100k at the moment so that means the residential property market will have very little new properties being built for the next 3-5 years as it will be cheaper for people to buy a second hand house.

    The Irish property market is now a total lost cause and this coming budget is going to make things worse for nearly everyone.

    Some place!!!


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


    Teh price of renting is still bucking the trend though?????
    Rent subsidy?


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


    wellboytoo wrote: »
    Teh price of renting is still bucking the trend though?????
    Rent subsidy?

    I think there will be a massive cut in welfare rent allowance in the budget in December and then rental prices will dive by about 30% - 40% before next summer.

    Basically property in this country is no longer an investment of any sort as it is completely banjaxed!


  • Registered Users Posts: 2,029 ✭✭✭ Finnbar01


    reni10 wrote: »
    I think there will be a massive cut in welfare rent allowance in the budget in December and then rental prices will dive by about 30% - 40% before next summer.

    Basically property in this country is no longer an investment of any sort as it is completely banjaxed!


    I don't know will rent prices actually take a hit of 30% - 40%. A lot of people are renting instead of buying now.


  • Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,764 Mod ✭✭✭✭ ToxicPaddy


    Finnbar01 wrote: »
    I don't know will rent prices actually take a hit of 30% - 40%. A lot of people are renting instead of buying now.

    I doubt they will drop by that much, but common sense says that if 10 houses on a street are for rent, the competition will force landlords to accept lower rents to have their place occupied, even if it means a hit on their pockets.

    50% of a mortgage covered by a renter is better than 100% covered from your own pocket.

    And the currently rental market in Waterford is in a bad shape, lots of properties and very few renters, with that number falling by the day unless some new industry sets up there soon.

    As for some of the prices of houses on the market in Waterford, well they are just pipe dreams.


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


    If house prices have dropped by 50% surely rental prices should have dropped accordingly?


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


    Rent levels are being propped up by rent allowance, which is acting more as a subsidy to landlords than the unemployed.


  • Registered Users Posts: 218 ✭✭ letsbet


    wellboytoo wrote: »
    If house prices have dropped by 50% surely rental prices should have dropped accordingly?

    Rents didn't exactly double when house prices doubled though. The supply and demand for rents and house purchases are not that strongly linked. As someone alluded to there's almost a negative relationship between the two. In the property bubble there was an extraordinary amount of rental properties on the market and everyone wanted to own their own house. Now people are holding off so there may still be a decent demand for rental properties. Granted, there's still a huge surplus of houses as we built way too many but over the next few years it should level off somewhat.


  • Closed Accounts Posts: 221 ✭✭ anto2


    mozattack wrote: »
    I couldn't read this thread without topping myself.

    Owe €650k across 4 houses, partner out of work. 2 kids and living on €800 a month for food despite working two jobs.

    Some life.

    Are you still with us ?:D ........if you are how pray did you get in so deep ?


  • Registered Users Posts: 37 snausbaby


    http://www.realbid.co.uk/realbidIrish/resultsGallery.asp

    1 The Close, Clover Meadows, Belmont Road, Co. Kilkenny, Ferrybank €91,000
    46 The Lawn, Clover Meadows, Belmont Road, Co. Kilkenny, Ferrybank €67,000
    62 The Lawn, Clover Meadows, Belmont Road, Co. Kilkenny, Ferrybank €70,000
    25 The Lawn, Clover Meadows, Belmont Road, Co. Kilkenny, Ferrybank €65,000
    29 William Street, Co. Waterford, Waterford City €86,000

    no words really :eek:


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


    snausbaby wrote: »
    http://www.realbid.co.uk/realbidIrish/resultsGallery.asp

    1 The Close, Clover Meadows, Belmont Road, Co. Kilkenny, Ferrybank €91,000
    46 The Lawn, Clover Meadows, Belmont Road, Co. Kilkenny, Ferrybank €67,000
    62 The Lawn, Clover Meadows, Belmont Road, Co. Kilkenny, Ferrybank €70,000
    25 The Lawn, Clover Meadows, Belmont Road, Co. Kilkenny, Ferrybank €65,000
    29 William Street, Co. Waterford, Waterford City €86,000

    no words really :eek:

    No surprises really there for me anyway, we will see sub €90k 3 bed semi prices on the Dunmore Road by June.

    The budget coming up and general worsening state of the Waterford economy is going to drive down property prices in Waterford by about another 10%-20%.

    The thing about it is property is such a bad investment in Waterford now that even at €90k that would still not entice me to buy.


  • Registered Users Posts: 43 Birdfood


    Can't really consider the Auctions the open Market in terms of pricing though, They're really only an option for cash buyers, and there's hardley tons of them around at the moment.


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  • Registered Users Posts: 110 ✭✭ what recession?


    Birdfood wrote: »
    Can't really consider the Auctions the open Market in terms of pricing though, They're really only an option for cash buyers, and there's hardley tons of them around at the moment.
    50% at Allsops Auction weren't cash buyers, actually. Surprised me that people were willing to pay what they did for those houses in Ferrybank considering you can rent houses on the Dunmore Road for 5/600 a month easily. Not that the Dunmore Road is heaven on earth, but I would imagine that it is relatively better than living in the ghost estates they bought those houses in. If they got 600 a month for the Ferrybank ones they'd be very lucky so that's 6200 a year if its rented non-stop, deduct your interest if you got a mortgage, add on the possible property taxes, water charges, etc. coming our way and deduct 25% or so for tax and your money would be better off bank, and that's before we talk about the fact that they're just going to keep dropping in value. Madness!

    As for the 'upper' end of the market, how any seller is seeking 500k+ for houses still is beyond me. And most importantly there's not a job in the whole county so why ever people would want to invest over 500k in a house here these days, or why someone thinks anybody would seems insane. I recall very few expensive houses selling lately and the same ones are sitting on the market years. One house is looking for €1million, but you can rent it for €1500 a month, and by the time you negotiate it'd probably be €1000 a month. Think there must be something in the water here.....


  • Registered Users Posts: 5,027 ✭✭✭ fricatus


    snausbaby wrote: »
    29 William Street, Co. Waterford, Waterford City

    Do Allsopp not read these addresses when they enter them, just to see if they make sense, like? :rolleyes:


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


    Birdfood wrote: »
    Can't really consider the Auctions the open Market in terms of pricing though, They're really only an option for cash buyers, and there's hardley tons of them around at the moment.

    Complete bó-cac.

    They are just as much the open market as any other auction or private treaty.


  • Registered Users Posts: 256 ✭✭ ArtVandelay76


    http://www.property.ie/new-homes/Ard-Suain-Ballycashin-Butlerstown-Co-Waterford/12424/

    What about the joker building these, they're not even built yet and he thinks he's going to get €270 for them.


  • Registered Users Posts: 43 Birdfood


    dayshah wrote: »
    Complete bó-cac.

    They are just as much the open market as any other auction or private treaty.

    Well I know I wouldn't by at auction unless I had the cash, nor should anyone with an ounce of prudence. That's unless you're willing to believe the promises (with terms and conditions and rights reserved) of your friendly local banker :)


  • Registered Users Posts: 1,495 ✭✭✭ thomasm


    snausbaby wrote: »
    http://www.realbid.co.uk/realbidIrish/resultsGallery.asp

    1 The Close, Clover Meadows, Belmont Road, Co. Kilkenny, Ferrybank €91,000
    46 The Lawn, Clover Meadows, Belmont Road, Co. Kilkenny, Ferrybank €67,000
    62 The Lawn, Clover Meadows, Belmont Road, Co. Kilkenny, Ferrybank €70,000
    25 The Lawn, Clover Meadows, Belmont Road, Co. Kilkenny, Ferrybank €65,000
    29 William Street, Co. Waterford, Waterford City €86,000

    no words really :eek:

    The first one is a 4 bed detached house with a garage....Does anyone think we have found the bottom yet !!


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


    thomasm wrote: »
    The first one is a 4 bed detached house with a garage....Does anyone think we have found the bottom yet !!

    Not at the bottom yet is my bet!

    Give it another 12 - 18 months and you will have 3 bed semi prices on the Dunmore Road at about €75k and 4 bed detached going for about €90-€100k.
    Everything else in the city will fall in unison so places like Johns Park etc. will fall to about €50k.

    Anyone buying now must be mad!


  • Registered Users Posts: 218 ✭✭ letsbet


    reni10 wrote: »
    Not at the bottom yet is my bet!

    Give it another 12 - 18 months and you will have 3 bed semi prices on the Dunmore Road at about €75k and 4 bed detached going for about €90-€100k.
    Everything else in the city will fall in unison so places like Johns Park etc. will fall to about €50k.

    Anyone buying now must be mad!
    reni10 wrote: »
    No surprises really there for me anyway, we will see sub €90k 3 bed semi prices on the Dunmore Road by June.

    The budget coming up and general worsening state of the Waterford economy is going to drive down property prices in Waterford by about another 10%-20%.

    The thing about it is property is such a bad investment in Waterford now that even at €90k that would still not entice me to buy.
    reni10 wrote: »
    So a 15.1% decrease for the year for property prices so far according to the CSO today:
    http://www.cso.ie/releasespublications/documents/prices/2011/rppi_oct2011.pdf

    The December budget is going to make things much worse for most people it seems so as I stated a few months ago I expect another 10-20% decrease in prices next year which means we should see a €85k-€95k median price for a 3 bed semi on the Dunmore road by next summer.

    So another year of declining prices and then a leveling for a year or so and then a very small recovery, my recommendation is to wait until next summer if wanting to buy and you should pickup a decent place for about €80k-€90k which will most probably be the bottom of the market.

    If Ireland are forced out of the Euro Zone expect prices to lose even more then 20% next year I reckon.
    reni10 wrote: »
    I think there will be a massive cut in welfare rent allowance in the budget in December and then rental prices will dive by about 30% - 40% before next summer.

    Basically property in this country is no longer an investment of any sort as it is completely banjaxed!
    reni10 wrote: »
    Daft.ie report saying the average 3 bed semi in Waterford is now €132k, I think that is a bit high as these figures seem to be based on the advertised asking price NOT the actual selling price; how many properties in Waterford actually have been selling for anywhere close to their asking price!:
    http://www.daft.ie/report/?utm_source=daft.ie&utm_medium=strap_line&utm_campaign=strap_5_daft_house_price_report_q2_2011

    Waterford now is about the 6th lowest for 3 bed semis in Ireland.

    As I have been saying for the last few months I feel €110k-€120k is the baseline price for a 3 bed semi on the Dunmore road with it being about another 10-20% less in other areas.

    Expect it to level out at about €100k in the next 6-12 months.

    Again my advice to anyone that needs to sell is set the price realistically and sell if you get anywhere within 25-35% of your realistic asking price otherwise you are sitting on a depreciating asset and also paying for that privilege in terms of your mortgage payments.
    If you don't need to sell then wait at least 5-10 years before even contemplating selling.
    reni10 wrote: »
    I pretty much agree with most of what you have said, there is another 10-20% to come out of prices in the next 6-12 months and then I see a levelling off for a few years.

    And to keep this on track here is another ridiculous pricing of property in Collins Avenue:
    €265k!!!:
    http://www.daft.ie/searchsale.daft?id=618199

    That is a max €150-€160k house in this current market and will be €130-€140k in 6 months time!

    Some people obviously live in another world....
    reni10 wrote: »
    Some more official figures out confirming property price drops across the country:
    http://www.irishtimes.com/newspaper/breaking/2011/0926/breaking20.html

    We definitely have not reached the bottom yet!

    Another 10-20% to go in Waterford over the next 6-12 months!
    reni10 wrote: »
    My take on it is there will be another 10-20% drop in property prices in Waterford over the next 12 months bringing the average 3 bed semi to about €80k-€100k and then we will see a leveling off for another year or so and then prices increasing by about 2-5% for a couple of years before leveling off again.

    Waterford has an oversupply of houses at the moment and I don't see people flocking to live there, in fact the opposite is happening so until this goes the other way expect prices to continue to fall.
    reni10 wrote: »
    Yeah I enjoyed posting in this thread, so heres a few things I noticed over the last few weeks.

    This fine property in Co.Waterford near Dungarvan on 1 acre of land was listed at €320k for the last few weeks butprobably did not get any offers I would say as it is now listed as "Price on Application":
    http://www.daft.ie/searchsale.daft?id=614599

    I think though this is worth something more like €250k and is going to be hard to shift for anything more than that.

    Then you still have other examples of more standard Waterford City properties being priced ridiculously like this small 3 bed semi in Williamstown Glen for €229k!
    http://www.daft.ie/searchsale.daft?id=613087
    That is a €110-€120k property!

    Advertised prices have continued to fall it seems with lots of 3 and 4 bed semi's now being advertised at between €140k-€170k when previously they were advertised at about €180k-€230k.

    I still stand by my take on standard 3 bed semis actually worth about €110k-€120k and 4 bed semis €130k-€140k and 3 bed detached properties €135k-€150k.

    With the budget coming in December and more people losing their jobs in Waterford I think we are looking at a fall again of about 10%-15% by about March 2012.
    reni10 wrote: »
    Another 3 bed semi for sale in Collins Avenue just put up on Daft.ie:
    http://www.daft.ie/searchsale.daft?id=605371

    Again this is only worth €130k at most but is advertised at €180k!

    We had 2 yesterday advertised for €245k and €195k and 1 today at €180k so at least the price is going in the right direction!

    I believe these should be advertised for €140k and then accept any offer over €120k.

    They will be worth €100k in about 12 months...

    Christ almighty we get the idea! I know you might find it frustrating that people might not share your valuations but there's no point in just posting them every couple of weeks. We know your valuations (although they change from time to time understandably).


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


    today at €180k so at least the price is

    Christ almighty we get the idea! I know you might find it frustrating that people might not share your valuations but there's no point in just posting them every couple of weeks. We know your valuations (although they change from time to time understandably).[/Quote]





    Lol he comes across as a smug little f er sitting on positive equity alright!


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


    Birdfood wrote: »
    Well I know I wouldn't by at auction unless I had the cash, nor should anyone with an ounce of prudence. That's unless you're willing to believe the promises (with terms and conditions and rights reserved) of your friendly local banker :)

    These auctions are about the only activity going on. The are the market.


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