Property boom in Leitrim??

junglejim1

We were to view a 2 bedroom apartment in Leitrim, great condition and spectacular river views.
Checked the price register, it went for 44K in 2012.
The property was sold before we could view, the agent said it went for 20k over asking...so 99k.
This seems to defy all the laws of economics, or is the market really bouncing back.

Any thoughts?

Eldarion

junglejim1 wrote: »

We were to view a 2 bedroom apartment in Leitrim, great condition and spectacular river views.
Checked the price register, it went for 44K in 2012.
The property was sold before we could view, the agent said it went for 20k over asking...so 99k.
This seems to defy all the laws of economics, or is the market really bouncing back.

Any thoughts?

Wait and see what the register shows for the latest sale. If it did indeed go for 99k then that's a seriously nice flip for the 2012 buyer.

ted1

1 sale doesn't consistute a bubble. Also in that period there was a huge amount if properties that were undervalued. You can't make any judgement on 2012 prices as these were mainly fire sake in particular outside dublin

The_Conductor

If this is Carrick-on-Shannon- the 2012 prices were high volume firesales.
It may seem contraindicatory- but supply- even in the context of Carrick- is far lower now than it was in 2012. That said- the entire county has sufficient residential units until at least 2020- according to the spatial research from NUIM.

cson

The_Conductor wrote: »

That said- the entire county has sufficient residential units until at least 2020- according to the spatial research from NUIM.

I'd imagine that's collectively as a whole? Dublin and surrounding commuter counties wouldn't appear to have sufficient units to 2020.

The_Conductor

cson wrote: »

I'd imagine that's collectively as a whole? Dublin and surrounding commuter counties wouldn't appear to have sufficient units to 2020.

Its done on a per-county basis- Leitrim has sufficient to 2022- Dublin and its surrounds- perhaps 2016 (allegedly).......

Eldarion

cson wrote: »

I'd imagine that's collectively as a whole? Dublin and surrounding commuter counties wouldn't appear to have sufficient units to 2020.

I think he's just referring to the specific county in his post. Easy to mistake county and country here.

MouseTail

The_Conductor wrote: »

Its done on a per-county basis- Leitrim has sufficient to 2022- Dublin and its surrounds- perhaps 2016 (allegedly).......

I think that's an optimistic figure for Dublin, and contradicts much other research. However, even if you take it at face value, its still a crisis to have such little supply in the main economic hub.

TheDriver

You must also consider if it was bought builders finished in 2012 and finished well now??

L1011

The agent could easily be lying and hoping you buy before the real price hits the website. As they often did before the data became available.