Are we really back to this sh*t again?

Elessar

Couples camp in cars for two nights to buy homes.

People are back queuing for days to buy a house. Like really? I'm normally a fairly laid back kind of guy but this story really bothers me for some reason. For a new development in Portmarnock:

Many had camped in their cars throughout last Friday night and braved the elements on one of the coldest nights this winter to make sure they were at the top of the queue yesterday morning to see the new three- and four-bedroom homes in St Marnock's Bay, Portmarnock, Co Dublin, which range in price from €450,000 to €665,000.

Accountant Alan Kenna was ahead of most though. He arrived last Thursday and took the Friday off work to keep a place in line.

Queuing for days for the privilege of handing over between four hundred and fifty thousand and six hundred and sixty five thousand euro for a house. I don't have anything against the people in question (best of luck to them) but for this to become normal again when people are house hunting is flabbergasting. Is housing supply really that bad? I suppose it wouldn't be so bad if the houses were reasonably priced, but at circa. €500k for people to be practically clambering over each other to get one wreaks of something very wrong. What next? Fights in line over who gets the last 4 bed?

I don't know what bothers me more: that new development houses are so rare that people have to camp for days just to view one, or that they are so insanely expensive that people are forced to pay half a million euro for one, and yet still have to queue.

Wanderer78

Oh don't worry, we probably won't have to wait too long for this crash to come. Sit back and watch

wakka12

We will never learn

Smoked Tuna

Food shelter and water, the bare necessities of life.

People will fight for these neccesities

gifted

Let them off....not costing me anything...










Until we have to bail them out again.....

Wanderer78

Smoked Tuna wrote:

People will fight for these neccesities

Some might say, it's good for the economy!

drunkmonkey

We've seen the movie they haven't. The butterflies will get their wings burned by 2024 if not sooner.
Just make as much out of them as you can.

eviltwin

I'm surprised houses like that go to first time buyers. Is the starter home completely gone now?

drunkmonkey

eviltwin wrote: »

I'm surprised houses like that go to first time buyers. Is the starter home completely gone now?

Starter home was the biggest cod of all, should be a 1 time purchase unless your a speculator.

SEPT 23 1989

May the lord have mercy on their souls

Wanderer78

drunkmonkey wrote:

Starter home was the biggest cod of all, should be a 1 time purchase unless your a speculator.

Speculators can head the fcuk off!

Jimbob1977

The houses looked decent enough.

Looks like there's a major property bubble emerging. And we are sleepwalking into the same crisis as before.

Although the underlying causes are different. Supply and demand this time..... global recession after a boom last time.

I was looking to buy a house back in 2006. Swept up in the same madness... like an infection. We left Dublin and dodged the bullet by sheer good luck. Considered €500k for houses that would have lost 50% value in a year.

frozenfrozen

how can I make money out of the next crash? I want yacht money

Johnboner

Jimbob1977 wrote: »

The houses looked decent enough.

Looks like there's a major property bubble emerging. And we are sleepwalking into the same crisis as before.

Although the underlying causes are different. Supply and demand this time..... global recession after a boom last time.

I was looking to buy a house back in 2006. Swept up in the same madness... like an infection. We left Dublin and dodged the bullet by sheer good luck. Considered €500k for houses that would have lost 50% value in a year.

Sleepwalking??? No it is done by choice.

HeidiHeidi

frozenfrozen wrote: »

how can I make money out of the next crash? I want yacht money

A yacht is a very efficient way of quickly and easily disposing of money :eek:

pauliebdub

There are plenty of houses available in North Dublin, just log on to daft or myhome, it just seems that new builds are in high demand. Portmarnock is hardly the most exciting place to live, they could easily find somewhere in Malahide, where there are much better amenities, for that sort of money.

pablo128

pauliebdub wrote: »

There are plenty of houses available in North Dublin, just log on to daft or myhome, it just seems that new builds are in high demand. Portmarnock is hardly the most exciting place to live, they could easily find somewhere in Malahide, where there are much better amenities, for that sort of money.

At least with a new build, the price is the price. No bidding wars to put up with.

Free-2-Flow

Elessar wrote:

People are back queuing for days to buy a house. Like really? I'm normally a fairly laid back kind of guy but this story really bothers me for some reason. For a new development in Portmarnock:

The Irish have Goldfish memories, kinda like the same way we Voted in Fianna Gael because we were discusted with Fianna Fail, then voted in Fianna Fail because we were discusted with Fianna Gael.

suicide_circus

What are people to do though? Feck all houses on the market, a fly-by-night rental sector, nothing being built. Rock and a hard place.

Banana Republican

Remember my dad breaking his sides laughing back in 2010 as we sat back and watched primetime about the crash. I asked what he found so funny and he replied how he found it funny that the politicians on the programme thought we'd learn lessons from what had happened. How right he was.

DuMorph

I wonder how much The Independent (the source of this story) made in advertising revenue from the last property price bubble-

Barry Badrinath

Supply Vs Demand.

Ive heard of people queuing longer for an iPhone.

These people are queuing for a limited amount of houses in an area they want to live.

Houses (majorily) arent free. Whats the problem?

76544567

drunkmonkey wrote: »

We've seen the movie they haven't. The butterflies will get their wings burned by 2024 if not sooner.
Just make as much out of them as you can.

The way to make money is to sit out the fenzy, hold on to your dosh and buy after the next crash. Not only is there a property crash coming here, there is a global economic crash coming from too.

Once you see the articles in the papers about builders begging the tradesmen to come home, it's all over.

Dirty Dingus McGee

The government should have subsidised a national house building policy and flooded the market with houses thus reducing prices and stopping this nonsense once and for all where people are completely overcharged for what is a necessity in life,.It's ridiculous the cost of buying and renting in this country and the government sadly don't have the balls to do what is right for the ordinary people of ireland that they are supposed to be serving.

Spanish Eyes

Directly under the flight path to Dublin Airport aswell. How nice.

But Portmarnock is a nice place, DART beside the development, the beach down the road, and a lovely walk into Malahide too.

No wonder they are queuing up. Demand exceeds supply so much, and with a new build the FTBs get a tax credit or something like that. Win, win.

Microdot

Stupid splendour.

Jimbob1977

frozenfrozen wrote: »

how can I make money out of the next crash? I want yacht money

Wait for the crash..... buy cheap..... wait for the next bubble and sell just before the next crash.

It's what all those REIT companies are doing

Capt'n Midnight

pablo128 wrote: »

At least with a new build, the price is the price. No bidding wars to put up with.

LOL

Haven't you heard of gazumping ?

Also non-refundable deposits are a handy little earner too.

Agricola

Free-2-Flow wrote: »

The Irish have Goldfish memories, kinda like the same way we Voted in Fianna Gael because we were discusted with Fianna Fail, then voted in Fianna Fail because we were discusted with Fianna Gael.

Well that and the fact a lot of buyers now looking for houses were in school or college when the collapse happened in '08 or others just weren't affected as regards negative equity etc. These people didn't get burned the first time so they're just going to run headlong into it this time.
Also theres the small matter of the national obsession with property ownership which is fueled by ridiculous tenancy laws. We have the perfect storm of criteria needed here to keep creating bubbles.

pablo128

Dirty Dingus McGee wrote: »

The government should have subsidised a national house building policy and flooded the market with houses thus reducing prices and stopping this nonsense once and for all where people are completely overcharged for what is a necessity in life,.It's ridiculous the cost of buying and renting in this country and the government sadly don't have the balls to do what is right for the ordinary people of ireland that they are supposed to be serving.

THat won't happen as a lot of politicians are landlords too. They are hardly gonna reduce the value of their investments voluntarily.

Johngoose

Elessar wrote: »

Couples camp in cars for two nights to buy homes.

People are back queuing for days to buy a house. Like really? I'm normally a fairly laid back kind of guy but this story really bothers me for some reason. For a new development in Portmarnock:



Queuing for days for the privilege of handing over between four hundred and fifty thousand and six hundred and sixty five thousand euro for a house. I don't have anything against the people in question (best of luck to them) but for this to become normal again when people are house hunting is flabbergasting. Is housing supply really that bad? I suppose it wouldn't be so bad if the houses were reasonably priced, but at circa. €500k for people to be practically clambering over each other to get one wreaks of something very wrong. What next? Fights in line over who gets the last 4 bed?

I don't know what bothers me more: that new development houses are so rare that people have to camp for days just to view one, or that they are so insanely expensive that people are forced to pay half a million euro for one, and yet still have to queue.

There are two many uncertainties in my book at the moment with Donald Trump and Brexit,for any sane person to be handing over €500,000 for a 2 bed terraced house in a posh area of Dublin. Portmarnock is an insane area to be spending this money in.