Property in West Mayo

shaunie007

Hey folks,

We're looking for a house/site between Castlebar, Ballintubber and Westport and all I can get is greatly overpriced properties and delusional auctioneers..

Is anybody else having this problem??

Mickeroo

Sounds par the course for the irish property market undortunately.

biko

As long as someone will pay it, they will charge it.
Hopefully they'll come down more.

Can you give some example of these overpriced houses? No need to link - just what they cost and you thing they were really worth.

Mayo Miss

A Ballinrobe house was sold in the Allsop auction yesterday for €25000. Some bargains out there if you do some research and driving around.

shaunie007

biko wrote: »

As long as someone will pay it, they will charge it.
Hopefully they'll come down more.

Can you give some example of these overpriced houses? No need to link - just what they cost and you thing they were really worth.

I realise that location is key and this is obviously what drives the prices up, but comparing houses in Claremorris, to we ll say, Castlebar, there is a huge difference.

We viewed the below residence:
http://www.daft.ie/searchsale.daft?id=627527

And after talking to the auctioneer i'd say you could get it for as little as 120k.

Whereas in Turlough (obviously a village) this is whats available:

1. http://www.daft.ie/searchsale.daft?id=605009
2. http://www.daft.ie/searchsale.daft?id=588549

Now we viewed no.2 above, and after talking to the SAME auctioneer, he told us that this was a bargain at the then price of 265k!!

He informed us that the person had bought it (truthfully or not) for 360K!!

With the state of the country at the moment, and the fact the the € could go whaloop!! I wouldnt be willing to pay anything more than 175-190k..

Maybe I'm the one who's delusional, but i cant understand people who are willing to pay 250K + unless they have jobs that can pay the morgage repayments easily!!

Another example: http://www.daft.ie/searchsale.daft?id=472077

Crazy money!!

yop

U can't compare the 2 houses in fairness, more space around the turlough ones, better finish, a garage etc.
Them houses were that back then alright, its still a 30% fall. They are a very nice house.

YouTookMyName

shaunie007 wrote: »

1. http://www.daft.ie/searchsale.daft?id=605009

If that was in Westport it'd be closer to 350K.

YouTookMyName

http://www.daft.ie/searchsale.daft?id=392090


Not too far from Westport. Right on the road. Been for sale for a long time and be a nice property to put your own stamp on it.

Saying that, you could be paying for the site rather than the house.

Audioslaven

Those Prices are crazy tbh IMO. If that muppet of an estate agent thinks there are people around with 250k for a house, he is living in 2007.

Everyone is worried about the euro and the state of this country. Deliver your bid and wait. Tell him that house could be there in two years and offered alot less that my offer.

Asking Price <> Selling price. I would drop 70K off it just to watch his reaction!!

Also remember some people could be in serious bother with morgages and just want to get the hell out. There are sellers who are desperate, just be aware of that

You are king remember, you have the Johnny Cash!!!

oscarBravo

And yet, houses are being bought and sold. Estate agents aren't in the business of not selling houses. If there's a price put on something, it's likely because there's a chance of getting it or near it.

Sure, put in a derisory offer, but be prepared for a derisory response. Houses are more expensive in Westport (or Turlough) because it's perceived as a more desirable place to live. If you don't agree that Turlough is a nicer location than Ballinrobe, buy a cheap house in Ballinrobe and count yourself fortunate.

Audioslaven

oscarBravo wrote: »

And yet, houses are being bought and sold. Estate agents aren't in the business of not selling houses. If there's a price put on something, it's likely because there's a chance of getting it or near it.

Sure, put in a derisory offer, but be prepared for a derisory response. Houses are more expensive in Westport (or Turlough) because it's perceived as a more desirable place to live. If you don't agree that Turlough is a nicer location than Ballinrobe, buy a cheap house in Ballinrobe and count yourself fortunate.

Are your for real!! There are feck all houses been sold. Why are all these Estate agents going to the wall... people complaining about the banks not lending.......
Estate agents are in the business of getting the highest price possible. The OP is in the business of getting the house he wants for the cheapest price possible. OP is KING because he has the money. No offer is "derisory" because that is the price he is willing to pay. The fact that the OP went to see the house would mean he has some interest in the house but because we have fat cats who think it is appropiate to charge a price that is from the boom days for these so called "desirable" places. Just because you are not willing to pay the asking price for these so called "desirable" places does not mean you cannot buy the house. Time has a funny way of making people see sense. Make you bid and wait - There is always a risk the house could be sold but I think you will win.

Asking price <> selling price. Houses in Mayo should have taken a 50% - 60% dive from the boom. You could also go direct to the seller with your price, if you get "derisory" response

yop

Audioslaven wrote: »

Are your for real!! There are feck all houses been sold. Why are all these Estate agents going to the wall... people complaining about the banks not lending.......
Estate agents are in the business of getting the highest price possible. The OP is in the business of getting the house he wants for the cheapest price possible. OP is KING because he has the money. No offer is "derisory" because that is the price he is willing to pay. The fact that the OP went to see the house would mean he has some interest in the house but because we have fat cats who think it is appropiate to charge a price that is from the boom days for these so called "desirable" places. Just because you are not willing to pay the asking price for these so called "desirable" places does not mean you cannot buy the house. Time has a funny way of making people see sense. Make you bid and wait - There is always a risk the house could be sold but I think you will win.

Asking price <> selling price. Houses in Mayo should have taken a 50% - 60% dive from the boom. You could also go direct to the seller with your price, if you get "derisory" response

What auctioneers have gone out of business in Westport and Castlebar. 70k less for that house Turlough wont buy it, its a desirable place to live and will be sold for close to selling, check out the other houses sold in that area in the last year and tell me were they sold for 70k less..... you will find they weren't.

Oldtree

Auctioneers may not be the only problem here, it may be the expectations of the seller driving these high asking prices. Still it dosn't matter, a house is only worth what someone is willing to pay for it and in this current climate offers of any description dio not come along regularly.

From the CSO:

House Loans Approved and Paid

2007Q1 9,925 11,074 Total
2007Q2 12,579 9,528
2007Q3 12,663 9,244
2007Q4 11,421 7,852

46,588 37,699 84,286

2008Q1 8,089 5,231
2008Q2 6,670 10,043
2008Q3 5,776 8,456
2008Q4 3,932 5,494

24,467 29,224 53,691

2009Q1 2,208 3,315
2009Q2 2,524 4,169
2009Q3 2,548 4,277
2009Q4 2,552 3,579

9,832 15,340 25,172

2010Q1 1,720 2,517
2010Q2 1,937 3,029
2010Q3 1,871 3,260
2010Q4 1,395 2,653

6,923 11,459 18,382

Daft says the stock of houses for sale in ireland is 59,000. Mayo prices are down 37% on peak average €167.000. Connaught houses on market average 13 months. download Q3 2011 report here:

http://www.daft.ie/report/sheila-oflanagan

imo its a buyers market for the next 10 years, and prices show no sign of increasing in the short term only more decreases.

Jim2007

shaunie007 wrote: »

Hey folks,

We're looking for a house/site between Castlebar, Ballintubber and Westport and all I can get is greatly overpriced properties and delusional auctioneers..

Is anybody else having this problem??

From your posts it would seem to me that all the houses you are looking at are privately owned by people who can either afford to hang on or can't afford not to hang on!

I had a look around last summer, but I started by talking to a few bank managers who but me in contact developers/builders that needed to make a deal - it was scary how much they were willing to come down when they found out it was a cash deal and the money could be made available within 48 hours... In the end I passed because I had no idea of what the stuff was really worth.

If you are looking for bargains, find people who need to make deals - a builder or a developer perhaps.

oscarBravo

Audioslaven wrote: »

Estate agents are in the business of getting the highest price possible.

The key word is "possible".

The value of a house (or anything else) is not a penny more nor less than what someone is willing to pay for it, as Oldtree has said.

The OP is in the business of getting the house he wants for the cheapest price possible. OP is KING because he has the money. No offer is "derisory" because that is the price he is willing to pay.

If I offered you a fiver for your house, would you think seriously for a while and then call me back with a counter-offer?

The fact that the OP went to see the house would mean he has some interest in the house but because we have fat cats who think it is appropiate to charge a price that is from the boom days for these so called "desirable" places. Just because you are not willing to pay the asking price for these so called "desirable" places does not mean you cannot buy the house.

Funny how you use the phrase "so called 'desirable' places" twice, as if to say that Westport isn't a desirable place to live.

Now, maybe you think that Westport and Turlough are ****holes, which is fair enough, but if the asking price for a house in Westport or Turlough is consistently higher than the asking price for a house in Ballinrobe, it would appear that the market disagrees with you. Which is brilliant news for you, as you can pick up a bargain in Ballinrobe and not have to suffer the horrors of living in the so called "desirable" areas of Turlough or Westport.

Asking price <> selling price.

That's a truism in any situation where haggling is acceptable, but it doesn't mean that any offer is acceptable.

Houses in Mayo should have taken a 50% - 60% dive from the boom. You could also go direct to the seller with your price, if you get "derisory" response

You could. But if you're going to blindly refuse to accept the reasons for prices being higher in so called "desirable" areas, then you're going to spend a lot of time scratching your head and wondering why you're not getting anywhere offering Ballinrobe prices for houses in Turlough.

zt-OctaviaN

OP i can tell you that no. 62 in your link was bought for either 240 or 265 in 2004 if thats anyhting to go by, in the next 3 years they gained close to 100k in value before the market peaked. Hang tight put in an offer and good luck buying!
Nick

Jim2007

Oldtree wrote: »

imo its a buyers market for the next 10 years, and prices show no sign of increasing in the short term only more decreases.

As you have pointed out, financing is the turning point, as we move towards tighter economic integration and closer ECB supervision, we have to expect that banking practices will move closer to the European norms, if that is the case then you can expect to see the following kind of rules being applied:

• 20 percent deposit in hard cash, in other words savings only
• Max period 20 years
• Max borrowings will be 2.5 times main salary plus once the second salary, if you are lucky!

Meaning there will be a lot less cash around....

That combined with the high negative equity current home owners have, which restricts their ability to move on, would suggest a stagnant market for the foreseeable future.

Audioslaven

yop wrote: »

What auctioneers have gone out of business in Westport and Castlebar. 70k less for that house Turlough wont buy it, its a desirable place to live and will be sold for close to selling, check out the other houses sold in that area in the last year and tell me were they sold for 70k less..... you will find they weren't.

I wasn't saying castlebar and westport specifically. Look accross the country. The housing market is not booming so where is all the work for these EA. Money is not floating around as much so the buyer is in a super position to do a deal. Buyers are afraid to buy because of job stability, house price stability in the future, increase taxes on houses, increase personal taxes etc

This idea of looking in daft where all the sellers in the area are advertising their houses at a certain price and you need to pay that amount to get the deal done is rubbish.


Now I can understand that certain houses are nicer than others and a premium will have to be paid but I argure on the level of these premium been paid. I live around the Neale and the same bull**** is going on for houses around here. Those house will be sitting there for a good while when Sellers/ea get a real grip of what's coming down the road.

Jim2007

Audioslaven wrote: »

Money is not floating around as much so the buyer is in a super position to do a deal.

Not really, since most home owners are in negative equity and the banks will not agree to the sale! You have some chance of a deal with a builder or developer who needs the cash.. his bank is more likely to agree because the house is most likely empty.

Audioslaven

Jim2007 wrote: »

Not really, since most home owners are in negative equity and the banks will not agree to the sale! You have some chance of a deal with a builder or developer who needs the cash.. his bank is more likely to agree because the house is most likely empty.

I don't get it. Why would some home owner have a house up for sale if the bank will not let him sell the house. That would be a bit stupid of the seller to engage an EA and know in reality he can't sell the house or at least the bank will not let him. The seller is just putting money out of his pocket to pay EA fees. All houses for sale in these areas are competing for the same buyer(s) these days as there are not too many buyers around. These houses probably belong to developers/home owners/speculators.

I was selling a house in the height of the boom, engaged an EA and the show that went with it. He said to me that there were alot of calls on the house and that he told the potential buyers that a bid was already on offer, when there was none. Now this was my first experience with these boys and I would not believe a word they have to say in regards to bids/prices.

TBH, if i was the op I would wait as oldtree said you have nothing to loose as I can't see house prices increasing and the desperation to sell will only get worse IMO.

Keep saving for your house in order to reduce your mortgage. If things work for you, you could be buying your house for 70K less and a small mortgage

globalwarrior

Thats right lads, screw that poor fecker who is sitting there in negitive equity and with kids to feed as much as you can, and better still -

boast about it, why don't yeah!!!

Jim2007

Audioslaven wrote: »

I don't get it. Why would some home owner have a house up for sale if the bank will not let him sell the house.

In the expectation that they will get the asking price... if you want to get out for whatever reason and the bank tells you you can sell if you get the price, what will you do? do nothing or try to get the price???

shaunie007

zt-OctaviaN wrote: »

OP i can tell you that no. 62 in your link was bought for either 240 or 265 in 2004 if thats anyhting to go by, in the next 3 years they gained close to 100k in value before the market peaked. Hang tight put in an offer and good luck buying!
Nick

Cheers Dude.

We're in no great rush, but I would like to have it sorted by, say mid summer..

After looking on daft there again...things are starting to move, albeit, slowly..