So Who Played the Housing Market and Won?

Ray Palmer

I used to post a lot on this thread before and after the crash. Lots of people posted how they were waiting for the crash and then they would swoop in and pickup a bargain. I pointed out that if the market crashed employment would drop and banks wouldn't loan much. Pretty sure I mentioned interest rates would go higher too.
There was then reports of an impending housing shortage and massive rent rise which I said was likely but I probably underestimated the speed.

Anyway not here to say "I told you so" I am just wonder did people mange to get these great deals. There were opportunities at points where you could have lucked out. You could have sold close to the peak and bought at the bottom or had enough cash to buy the house you wanted. Not really looking for news story of some company or individuals just people who come here.

Chris_5339762

I guess I got lucky. Without going into figures it turns out I bought my apartment close to the bottom of the market and I have a small mortgage thanks to viscous overpayment paying a fraction of what it would cost to rent it at the moment. In time I'll sell and buy a house, and since property prices have gone up I'll have a very nice deposit to buy myself an unnecessarily big house with more land than I'll know what to do with down the country somewhere.

L1011

Bought possibly two to three months after prices stopped falling, solely because banks started lending again. Had thought I could buy even cheaper / with cash but prices didn't crash that hard and my bonuses/overtime did.

gmisk

Ray Palmer wrote: »

I used to post a lot on this thread before and after the crash. Lots of people posted how they were waiting for the crash and then they would swoop in and pickup a bargain. I pointed out that if the market crashed employment would drop and banks wouldn't loan much. Pretty sure I mentioned interest rates would go higher too.
There was then reports of an impending housing shortage and massive rent rise which I said was likely but I probably underestimated the speed.

Anyway not here to say "I told you so" I am just wonder did people mange to get these great deals. There were opportunities at points where you could have lucked out. You could have sold close to the peak and bought at the bottom or had enough cash to buy the house you wanted. Not really looking for news story of some company or individuals just people who come here.

I had been looking for about 18 months, bought my house in inchicore just over a year ago. Had been sale agreed twice before. One seller pulled out see it sold about 6 months ago for 100k more than I was sale agreed! My house needed a fair bit of work but was happy to do painting etc myself and my dad was a plumber which was handy. I had a decent amount of money to get work done right away which was badly needed! Single glazing etc, no loft insulation. I have spent about 15k in the year, but mortgage is less than my rent was (with 3 beds now), similar houses on same street in worst nick have gone for 30/40k more than mine. But I am very happy so probably stay here a minimum 5 years.
So very happy with how things worked out, or seems to be getting worse last year so happy out of it. Wish everyone lots of luck in their hunt.

Not so much with actual houses but a local farmer I know sold a few acres near a small town for a few million about a few months before the sh*t hit the fan. He has since bought it back from the bank for a few 100k, bought another farm with a house, kitted out his farm with new machines and the best of farm sheds and infrastructure and still has a few million in the bank.

Ray Palmer

gmisk wrote: »

I had been looking for about 18 months, bought my house in inchicore just over a year ago. Had been sale agreed twice before. One seller pulled out see it sold about 6 months ago for 100k more than I was sale agreed! My house needed a fair bit of work but was happy to do painting etc myself and my dad was a plumber which was handy. I had a decent amount of money to get work done right away which was badly needed! Single glazing etc, no loft insulation. I have spent about 15k in the year, but mortgage is less than my rent was (with 3 beds now), similar houses on same street in worst nick have gone for 30/40k more than mine. But I am very happy so probably stay here a minimum 5 years.
So very happy with how things worked out, or seems to be getting worse last year so happy out of it. Wish everyone lots of luck in their hunt.

While that is nice for you.It is more about buying a house very recently in a rising market. I was thinking more along the lines of people who were able to buy during the boom years but held back or those who sold at the height of the market and then bought at the bottom of the market

hairyslug

Bought 2007 and sold 2016 and bought again, so no, didn't win, a massive loss but a bigger better house

We did but it was all an accident and not by design.

GreatDefector

Zainab Numerous Vulgarity wrote: »

Not so much with actual houses but a local farmer I know sold a few acres near a small town for a few million about a few months before the sh*t hit the fan. He has since bought it back from the bank for a few 100k, bought another farm with a house, kitted out his farm with new machines and the best of farm sheds and infrastructure and still has a few million in the bank.

Is that an urban legend?

Ray Palmer

Zainab Numerous Vulgarity wrote: »

Not so much with actual houses but a local farmer I know sold a few acres near a small town for a few million about a few months before the sh*t hit the fan. He has since bought it back from the bank for a few 100k, bought another farm with a house, kitted out his farm with new machines and the best of farm sheds and infrastructure and still has a few million in the bank.

Yeah I kind of worded it so as not to bring up news stories or rumour but personal experience

Stationmaster

GreatDefector wrote: »

Is that an urban legend?

Definitely not. I know of at least 2 lads here in my locality who did the same. A lot of farmers, by nature, would be overly cautious with money, so they just left the proceeds of the sale of land sitting in the bank for a few years. Bank takes over the sold land and they bought it back a lot cheaper. You cannot begin to imagine the crazy prices that were paid for poor parcels of land during the boom times. Some farmers were just lucky that it was in the right place at the right time.

Other side of that is a local farmer who sold 6 acres of rocky land surrounding three sides of his house for €1.1 million in 2005ish. Land was poor but very near to decent sized town. He 'invested it', lost it all and now can't even buy the land back from the bank at it's current selling price which is only €60k.

Zzippy

Ray Palmer wrote: »

I used to post a lot on this thread before and after the crash.

Join Date: Apr 2011

Was there another crash since 2011 that we don't know about?

Ray Palmer

Zzippy wrote: »

Was there another crash since 2011 that we don't know about?

I set-up a new account after a privacy issue

GreatDefector

GreatDefector wrote: »

Is that an urban legend?

No I know the person in question and it's common knowledge who the developer was and the property he owned when he went bust.

Freddiestar

Was renting a 2 bed in Dublin 8 @ €900p/m in 2011-2014, rent increased to €1250.

Said feck that, packed in job etc and moved to the midlands, rented for 2 years then bought a grand house for €120k, mortgage is ~ €600p/m, no work needed and it came fully furnished, decent stuff too.

Most I spent was on a paint job @ €1000. Dublins grand for a visit.

John_Rambo

Did ok in the Dublin market. Small fry to be honest. Bought in what was perceived to be a bad area, lived there, then rented it to professionals, sold for five times what I bought for. Had some fun, nice cars, travel etc... then bought a house in a well serviced suburb very close to the city and the beach that doesn't at all match my pay package, refurbished and upgraded everything. My mortgage is less than half the worth of the house. Again, like the others, more luck than guile.

But, as we well know, that could all change in the blink of a banker whipping a number out of his a7se!!

You're going to see a lot of "I know a guy" anecdotes on this thread!

Rew

Guy I bought my house off of in 2008 did pretty well... He's in Oz now wonder how he is doing in that bubble.

Stoogie

Ray Palmer wrote: »

I used to post a lot on this thread before and after the crash. Lots of people posted how they were waiting for the crash and then they would swoop in and pickup a bargain. I pointed out that if the market crashed employment would drop and banks wouldn't loan much. Pretty sure I mentioned interest rates would go higher too.
There was then reports of an impending housing shortage and massive rent rise which I said was likely but I probably underestimated the speed.

Anyway not here to say "I told you so" I am just wonder did people mange to get these great deals. There were opportunities at points where you could have lucked out. You could have sold close to the peak and bought at the bottom or had enough cash to buy the house you wanted. Not really looking for news story of some company or individuals just people who come here.

I bought a 4 bed detached all hardwood floors 250m2 with a solid kitchen and 5 bathrooms 8 years old 12 miles from a county town. €154k 2013

John_Rambo

Stoogie wrote: »

I bought a 4 bed detached all hardwood floors 250m2 with a solid kitchen and 5 bathrooms 8 years old 12 miles from a county town. €154k 2013

You must be incredibly clean.

Stoogie

John_Rambo wrote: »

You must be incredibly clean.

I have my own bathroom which means i only have to clean it once a week . I read somewhere its the secret to a good marriage

John_Rambo

Stoogie wrote: »

I have my own bathroom which means i only have to clean it once a week . I read somewhere its the secret to a good marriage

haha! Turbo extractor fan, TV, heated floor, strongest wi-fi in the house, badger hair shaving brush etc...

Stoogie

John_Rambo wrote: »

haha! Turbo extractor fan, TV, heated floor, strongest wi-fi in the house, badger hair shaving brush etc...

Exactly + Merkur Progress and gillette butterfly safety 1962 depending on my mood.

John_Rambo

Stoogie wrote: »

Exactly + Merkur Progress and gillette butterfly safety 1962 depending on my mood.

Good man! Congrats on your home purchase. It's a biggie! You gotta get it right!

endacl

Chris_5339762 wrote: »

I guess I got lucky. Without going into figures it turns out I bought my apartment close to the bottom of the market and I have a small mortgage thanks to viscous overpayment paying a fraction of what it would cost to rent it at the moment. In time I'll sell and buy a house, and since property prices have gone up I'll have a very nice deposit to buy myself an unnecessarily big house with more land than I'll know what to do with down the country somewhere.

Fair play.

Gloomtastic!

Stoogie wrote: »

I have my own bathroom which means i only have to clean it once a week . I read somewhere its the secret to a good marriage

The secret is to get a cleaner.

martingriff

I bought mine in 2010 for what I thought was a good price but then the construction company went into liquidation. There was still 1 left and got sold for stupid less money. I did my my place for life and not to sell on but I suppose if I checked I be able to get a bit of profit

Stoogie

Gloomtastic! wrote: »

The secret is to get a cleaner.

I can't abide the thought of that, the sister in law swears by them but no.

Stoogie

mansize wrote: »

Bought a house for a absolute steal in 2011, repayments are super low, even managed to pay a bit off the capital also. Interest rate is high enough, but won't complain.

Ah I said what I paid. Tell us

micar

Bought in santry near DCU end of 2012. A 3 bed semi.

Houses in the area now being sold for 50% more than what I paid.

ted1

Rented for years, bought 3 bed in South Dublin in may 2012. Small mortgage, could sell for close to double what I paid.

Stoogie

micar wrote: »

Bought in santry near DCU end of 2012. A 3 bed semi.

Houses in the area now being sold for 50% more than what I paid.

That's a serious gain in equity.:)

Stealthfins

Ella Huge Pillar wrote:

Not so much with actual houses but a local farmer I know sold a few acres near a small town for a few million about a few months before the sh*t hit the fan. He has since bought it back from the bank for a few 100k, bought another farm with a house, kitted out his farm with new machines and the best of farm sheds and infrastructure and still has a few million in the bank.

Is that the guy from Clare

Stealthfins

Stealthfins wrote: »

Is that the guy from Clare

No not from Clare. It wouldn't be a well known story as there was no story really about it only locals would know.

Aye Bosun

I did, brought right at the bottom of the market in Aug 2011, delighted with my purchase, house has more than doubled in value since (not that I plan on selling). I remember posting to boards at the time, all the doom and gloom'ers were out in force..what bad idea it was, the bank were crazy to be lending etc. Makes me laugh 5 years down line. I never benefited from the Tiger, was clever with my cash and was able jump when the time was right..look who's laughing now!

Aye Bosun

Aye Bosun wrote: »

I did, brought right at the bottom of the market in Aug 2011, delighted with my purchase, house has more than doubled in value since (not that I plan on selling). I remember posting to boards at the time, all the doom and gloom'ers were out in force..what bad idea it was, the bank were crazy to be lending etc. Makes me laugh 5 years down line. I never benefited from the Tiger, was clever with my cash and was able jump when the time was right..look who's laughing now!

Anyone who purchased at the bottom of the market has done well, we purchased in 2012 about 6 to 9 months before it began to take off around here as it is a very strong area, the price for similar property has almost doubled what we paid for ours. I don't gloat about this we didn't do anything clever we were just lucky I would say that is the same for the majority of people who purchased at the bottom of the market, plus a home is a home not an investment.

Aye Bosun

mariaalice wrote: »

I don't gloat about this we didn't do anything clever we were just lucky

Just to clarify I'm not gloating at anyone who genuinely got screwed over by the recession..just laughing at all the doom and gloom'ers on boards back in 2011 and they were out in force back then!
I have a lot friends who pretty much have had their financial lives ruined by the crash and will be paying the price for it long into their retirement. I would never dream of gloating about my good fortune in the face of their bad luck. I was in the right place at the right time..nothing more!

seamus

GreatDefector wrote: »

Is that an urban legend?

Nope, there are quite a few examples of it. Developers built up landbanks in the back arse of nowhere and then went bust. When you're making margins in the tens of millions, throwing €1m at a ten-acre site outside a town seems like small change. NAMA and the liquidators realised that much of the land was never going to be any good for residential development and had to let it go again for nothing.
http://www.independent.ie/irish-news/meet-the-farmer-who-sold-his-land-for-15m-seven-years-ago-and-bought-it-back-for-60000-28812351.html

hairyslug wrote: »

Bought 2007 and sold 2016 and bought again, so no, didn't win, a massive loss but a bigger better house

Same here really. I lost out big in property value, but I had done well in my personal finances and had some good luck too. So while I sold my first property at an effective 30% loss on the original purchase price, I was still able to upgrade to a better property.

It probably a very complex issue, where I use to live a couple sold and moved to Kilkenny where one of them was from they would have made a good profit on that transaction is that playing the market and wining? or is it just the fact that the greater Dublin market is always more expensive that the rest of the county.

At the bottom of the marked the Irish time property supplement use to have the house hunting saga of a couple one of whom though they would be able to purchases a 2 story over basement south side Victorian/Edwardian redbrick for 500k even at the bottom of the market that was delusional.

pwurple

I wouldn't say we played the property market, but we got our timing ok.

We bought around 2000, a small place in a housing estate and overpaid like crazy people, had 30k left on the mortgage after overpaying it for 6 years. Sold in 2010, not because we wanted to play the market, but because we were expecting a baby, wanted to move to a more child-friendly area with schools / sports facilities within walking distance. The market had started falling by then, but it wasn't too bad. Still got more for the house than what we had initially paid for it. Stuck the proceeds of the sale of the house in an account and rented in the area we wanted to buy.

Had several house purchases fall through on us, for various reasons, people taking the house off the market because the prices were low mainly... and eventually bought at the very start of 2013.

We have a smallish mortgage (current LTV ~40%), and are overpaying again to try to get rid of it because the interest rate is crap at ~4%. We had a tracker mortgage on the previous house, which was much much better. We were very limited in mortgage providers at the time we were buying. AIB would only lend 1x combined salary, BOI was less again, so we ended up with KBC on that cruddy rate. Have negotiated but absolutely no budging them, so will move providers as soon we do a small bit of work on the house.

dublin7d7

Bought in Castletroy beside UL in 1997.
Sold in 2001, price had increased 115%
Used the proceeds to pay down on a Dublin property

Made a mistake though by not shortening the term of the Dublin mortgage
Fannied around for 7-8 years paying a small mortgage, wasting my money on other stuff when I should have been overpaying

Danbo!

Came very close to panic buying an apartment in 2006. I had finished college and was getting advice from all angles to get a mortgage asap, prices will only go up and you can't lose. My wife was still in college so decided to wait, thankfully.

Wanted to buy in 2011 but I was made redundant in 2010 and had a gap in employment for 4 months, along with a qualification in architecture, so banks wouldn't let me in the door, let alone lend me money. I really wished I hadn't looked at houses then, the price difference was eye watering.

Ended up buying in early 2014 for an ok price once I had better work history in a new industry. A week after we went sale agreed the articles about prices going up started. Our seller got spooked and tried to get €30,000 more out of us or go back to market. I didn't think it was worth it so told them to give me my deposit back. Turned out I unintentionally called their bluff and the sale eventually went through. Couple of houses in the estate in worse repair went for a good bit more since, but we've no plans to move.

BoatMad

Ray Palmer wrote: »

I used to post a lot on this thread before and after the crash. Lots of people posted how they were waiting for the crash and then they would swoop in and pickup a bargain. I pointed out that if the market crashed employment would drop and banks wouldn't loan much. Pretty sure I mentioned interest rates would go higher too.
There was then reports of an impending housing shortage and massive rent rise which I said was likely but I probably underestimated the speed.

Anyway not here to say "I told you so" I am just wonder did people mange to get these great deals. There were opportunities at points where you could have lucked out. You could have sold close to the peak and bought at the bottom or had enough cash to buy the house you wanted. Not really looking for news story of some company or individuals just people who come here.

anyone that sold by 2006 and bought after 2010 - 2014 , they cleared up

Hollister11

My uncle bought 10 apartments for under 100K each. He hasn't got down valued but neighbouring ones are selling for between 200 - 250k.

The_Valeyard

Bought my place close to the bottom Of The market. Could not afford it now if it went for sale. I consider myself very lucky. This is a home I plan to live in for the next 30 years.

mansize

The_Valeyard wrote: »

Bought my place close to the bottom Of The market. Could not afford it now if it went for sale. I consider myself very lucky. This is a home I plan to live in for the next 30 years.

I'm the exact same.

SarahMollie

I wouldnt say I "won" but I'm definitely happy not to be renting right now.

Back in 2010/11 my old LL passed away and the house was sold (3 bed terrace in clontarf - workable but very dated). His sister asked me if I wanted to buy the house for €250k and I offered €230k. They put it on the market and ultimately got €260k i think. It was hard for me to know what to do because nothing was moving and things hadnt started to pick up yet.

Its now easily worth €400k+ so yes, if I'd bought that, I suppose I would have been winning but equally, living in Clontarf wouldnt suit the way my life has worked out so it would have presented its own challenges. If I'd agreed to the €250k straight up, it would never have gone on the market.

Ultimately paid a lot more that €250k for a 3bed duplex in 2015. It would cost us €2k per month to rent, so my mortgage and other costs are a lot less than that because I'd a good deposit and at least I'm (slowly) building equity.

So I definitly missed out on making a killing but equally I'm aware that I'm v.lucky compared to a lot of ppl.

I just wish I was in the position I am now 3 years ago. I was following the market and there was so much value but didn't have the funds to buy. Even now prices aren't awful but are still 50 to 75% higher for many places than back then.

There were very nice apartments that I was keeping an eye on and at the prices 3 years ago and my position now I could have almost bought two. They are selling for about 70k more now than 3 years ago, that being said they are still over 100k lower than they were sold for in the boom just to show how mad things got.

Tombo2001

Ray Palmer wrote: »

I used to post a lot on this thread before and after the crash. Lots of people posted how they were waiting for the crash and then they would swoop in and pickup a bargain. I pointed out that if the market crashed employment would drop and banks wouldn't loan much. Pretty sure I mentioned interest rates would go higher too.
There was then reports of an impending housing shortage and massive rent rise which I said was likely but I probably underestimated the speed.

Anyway not here to say "I told you so" I am just wonder did people mange to get these great deals. There were opportunities at points where you could have lucked out. You could have sold close to the peak and bought at the bottom or had enough cash to buy the house you wanted. Not really looking for news story of some company or individuals just people who come here.

Would you be starting the thread if it hadn't gone your way.....


God, the amount of people on propertypin back in 2010/2011 saying that buying property was for suckers and that renting was the way to go.......

People who had sold their houses couldn't wait to tell you......every thread started....we sold our house back in 2008......now we're renting.

Now its gone full circle.......its back to....."I'm so glad we bought when we did......just want to let y'all know"......

Anyone can be right once.

Predict the next cycle and I'll be impressed.

techdiver

Bought in 2014 (outside of Dublin, so the market was lagging and just about turning around), houses now going in the area for anything from 25 - 50% higher.

No intention of selling though. My number one priority was a manageable mortgage and I achieved that without stretching myself. I'm overpaying by a small amount each month too in order to eat into the principal, so hopefully that should bear fruit over the years to come if I do decide to trade up.

Stone Deaf 4evr

Zainab Numerous Vulgarity wrote: »

No I know the person in question and it's common knowledge who the developer was and the property he owned when he went bust.

you from mallow by any chance?

Stone Deaf 4evr

Stone Deaf 4evr wrote: »

you from mallow by any chance?

No, I'm not going to say where so no point in people asking.