Irish Property Market 2020 Part 2

MacronvFrugals

At least nobody could call you generic owning that

Cyrus

awec wrote: »

Is the castle included?

Some of that house looks lovely and some looks brutal. The round rooms would wreck my head.

ah yeah it would be a nightmare, cool spot all the same,

parking isnt the best either :P

listed as well so alterations would be tricky, and i cannot abide tiles in a bedroom.

MacronvFrugals

Cyrus wrote: »

the larger ones were 7-850k

I'd feel stung paying that and not even getting decent windows/doors

Cyrus

MacronvFrugals wrote: »

I'd feel stung paying that and not even getting decent windows/doors

yes its a pet peeve of mine, when we were looking it was one of the first things i checked, i cant stand UPVC windows.

awec

I am not a builder or an architect or whatever but I think the Marina Village has air to water and mhrv etc, so to have that and not have triple glazing seems a bit weird to me.

oceanman

Cyrus wrote: »

again over priced but this is more like it

i run past this place 2 or 3 times a week and wondered what was in there,

wonder no more!

https://www.myhome.ie/residential/brochure/camelot-victoria-road-killiney-co-dublin/4453236

some of the best views in dublin.

thats stunning alright.

MacronvFrugals

Cyrus wrote: »

yes its a pet peeve of mine, when we were looking it was one of the first things i checked, i cant stand UPVC windows.

My budget roughly 250-265k is not even in this universe compared to these but myfirst job is replacing all windows with triple glazing and a good door.

My dad buys a lot of one of the companies for trade prices and does tell me the margins developers are charging would water your eyes and thats for the nice wood/triple glazed stuff, can you imagine the margins on this junk?

Cyrus

awec wrote: »

I am not a builder or an architect or whatever but I think the Marina Village has air to water and mhrv etc, so to have that and not have triple glazing seems a bit weird to me.

i suppose once they were able to get to the desired BER rating they didnt need to,

mhrv is expensive

Mic 1972

Cyrus wrote: »

anyway back to actual houses instead of amateur economics, serious office vibes from this place, the interior designer was given one colour palette only, carpets in the bedrooms look like actual office carpet tiles

https://www.myhome.ie/residential/brochure/40-mapas-road-dalkey-co-dublin/4453155

850k i dont think so somehow. But at least its cleanly done and relatively well presented if not over sterile.

LOL
This is a wonderful house, very stylish and modern. Big difference from the average 4 bed standard Irish house

random_banter

As an FYI, I enquired about the expected price bracket of this new development, Annesley Gardens in Ranelagh:

https://www.myhome.ie/residential/brochure/annesley-gardens-annesley-gardens-ranelagh-dublin-6/4400630

Prices not finalised, but expecting to start from 1.3M for the 3 bed and 1.65M for the 4 bed. I got a bit of a shock! I'd expected them to be toppy but not that toppy.

Had been in a couple of houses recently from the same developer and loved the finish on them. But that is well outside the budget we have for our family home.

Cyrus

Mic 1972 wrote: »

LOL
This is a wonderful house, very stylish and modern. Big difference from the average 4 bed standard Irish house

its bland and uninspiring and id suspect relatively cheaply done, it wouldnt impress me at all.

Cyrus

random_banter wrote: »

As an FYI, I enquired about the expected price bracket of this new development, Annesley Gardens in Ranelagh:

https://www.myhome.ie/residential/brochure/annesley-gardens-annesley-gardens-ranelagh-dublin-6/4400630

Prices not finalised, but expecting to start from 1.3M for the 3 bed and 1.65M for the 4 bed. I got a bit of a shock! I'd expected them to be toppy but not that toppy.

Had been in a couple of houses recently from the same developer and loved the finish on them. But that is well outside the budget we have for our family home.

hardly a surprise given the marianella pricing?

random_banter

Cyrus wrote: »

hardly a surprise given the marianella pricing?

Good point, I'd cleared Marianella from my thoughts as I considered it rip-off central. The starting point on the apartments alone!

Cyrus

random_banter wrote: »

Good point, I'd cleared Marianella from my thoughts as I considered it rip-off central. The starting point on the apartments alone!

have they sold them all? i think there are still some for sale, estates of houses over 1m are a slow sales process.

random_banter

Cyrus wrote: »

have they sold them all? i think there are still some for sale, estates of houses over 1m are a slow sales process.

Yes, there's still some apartments and houses available there I believe.

PropQueries

Cyrus wrote: »

have they sold them all? i think there are still some for sale, estates of houses over 1m are a slow sales process.

In relation to Marianella, I walked through that development about 6 months ago. I was also there about 6 months before that. There appeared to be little movement. I think nearly half the houses appeared to have been empty for at least 2 years and many of the apartments towards the back mostly appeared to be vacant.

I'm of the understanding that they are building a build to rent development right next to it as well and the people who bought there were objecting to it.

Here's the Irish Times article about the resident's objections: https://www.irishtimes.com/business/construction/residents-of-rathgar-development-engage-planner-to-fight-cairn-homes-plan-1.3737304

neutral guy

Here we are

Glenveagh cuts prices on luxury properties in Dublin and Wicklow to accelerate sales


https://www.independent.ie/business/personal-finance/property-mortgages/glenveagh-cuts-prices-on-luxury-properties-in-dublin-and-wicklow-to-accelerate-sales-39513776.html

No demand ? Over supply ?

The best option to sell houses at good price is rent to buy scheme.Lets wait for it it is gonna be soon .

Cyrus

neutral guy wrote: »

Here we are

Glenveagh cuts prices on luxury properties in Dublin and Wicklow to accelerate sales


https://www.independent.ie/business/personal-finance/property-mortgages/glenveagh-cuts-prices-on-luxury-properties-in-dublin-and-wicklow-to-accelerate-sales-39513776.html

No demand ? Over supply ?

The best option to sell houses at good price is rent to buy scheme.Lets wait for it it is gonna be soon .

rent to buy form million quid houses :pac:

neutral guy

Cyrus wrote: »

rent to buy form million quid houses :pac:

Why not ?
We have plenty IT specialists who live in parallel reality with very good incomes
Crypto millioners,etc

Smouse156

fliball123 wrote: »

no 40 has a much better finish and has more cash pumped in and has 40 Square foot more and thats with No: 7 including the attic which you would smack the head off yourself whilst walking around up there. I can easily see it fetching an extra 100k at least. Also 40 has a B3 BER where as 7 has D2 and 2 extra bed rooms

It’s really one bed more not two. Trying to pull a student accommodation chopper (turning 3-bed semi into 6-beds, Slumlord style) there calling it a 5-bed. I do like it though, personally even if it is overpriced. It is walk in ready

awec

neutral guy wrote: »

Why not ?
We have plenty IT specialists who live in parallel reality with very good incomes
Crypto millioners,etc

The people who can afford to drop this sort of money on a house are not going to be using the rent to buy scheme. This would be silly.

Rent to buy is geared towards people who struggle to get together deposits to get finance from banks. Do you think someone buying a 700k-1m property falls into that category?

neutral guy

awec wrote: »

The people who can afford to drop this sort of money on a house are not going to be using the rent to buy scheme. This would be silly.

Rent to buy is geared towards people who struggle to get together deposits to get finance from banks. Do you think someone buying a 700k-1m property falls into that category?

You think they care ? They buy house were they like not neighbours and friends respect.Offices closed many work from home and many of them are sick of life in city apartments already.
One of my friends IT bought 4 beds house on similar location on start of 2008 recession.He kept eye on it but could not afford it.Once company offered rent to buy scheme he was first beside this company door.He was doing very well during the recession and only the reason was leave this property was divorce.He simply went to USA California were continue live similar life style .

hometruths

awec wrote: »

The people who can afford to drop this sort of money on a house are not going to be using the rent to buy scheme. This would be silly.

Rent to buy is geared towards people who struggle to get together deposits to get finance from banks. Do you think someone buying a 700k-1m property falls into that category?

I remember reading about some sort of private rent to buy scheme floated in London by developers who were struggling to shift top end apartments.

I suspect there is fairly stringent regulation against it.

awec

neutral guy wrote: »

You think they care ? They buy house were they like not neighbours and friends respect.Offices closed many work from home and many of them are sick of life in city apartments already.
One of my friends IT bought 4 beds house on similar location on start of 2008 recession.He kept eye on it but could not afford it.Once company offered rent to buy scheme he was first beside this company door.He was doing very well during the recession and only the reason was leave this property was divorce.He simply went to USA California were continue live similar life style .

Why would anyone buy a 700k house (for example) on rent to buy. This would be absolutely daft. It is the worst of both worlds in the current climate.

1. You agree the purchase price today, so if prices do drop then tough luck, you agreed to buy at the higher price.
2. You agree on the rent today. Rent is higher than market rate rent to account for the fact that it also has to go toward buying the house.
3. If you decide not to purchase when the time comes, you walk away with absolutely nothing. If you cannot purchase when the time comes then the same outcome, you walk away with absolutely nothing.
4. Until you buy it, you have none of the security of home ownership.

Rent to buy is geared toward people who are struggling to put together a deposit because they pay so much rent. The people struggling to put together deposits are not the people going out and spending 700k on a house.

The_Conductor

neutral guy wrote: »

Here we are

Glenveagh cuts prices on luxury properties in Dublin and Wicklow to accelerate sales


https://www.independent.ie/business/personal-finance/property-mortgages/glenveagh-cuts-prices-on-luxury-properties-in-dublin-and-wicklow-to-accelerate-sales-39513776.html

No demand ? Over supply ?

The best option to sell houses at good price is rent to buy scheme.Lets wait for it it is gonna be soon .

Its over-supply in a particular segment of the market. However, this also tends to be the segment that is not as price sensitive as the mass-market houses. So- a 500k (10%) reduction on a property valued at 5m is not going to create a commensurate rise in demand that a 10% reduction in a property valued at 400k might.

AlmightyCushion

Cyrus wrote: »

again over priced but this is more like it

i run past this place 2 or 3 times a week and wondered what was in there,

wonder no more!

https://www.myhome.ie/residential/brochure/camelot-victoria-road-killiney-co-dublin/4453236

some of the best views in dublin.

You have to go through the shower room to get to the wine cellar. What happens if I want to top up my glass of vino whilst someone is having a shower??? Am I meant to wait until they're done like some sort of peasant. I couldn't live like that.

awec

schmittel wrote: »

I remember reading about some sort of private rent to buy scheme floated in London by developers who were struggling to shift top end apartments.

I suspect there is fairly stringent regulation against it.

It is a relatively new thing here, I don't think it's widespread. Revenue need to be involved for tax reasons, but other than that I am not sure of any real regulation.

hometruths

The_Conductor wrote: »

Its over-supply in a particular segment of the market. However, this also tends to be the segment that is not as price sensitive as the mass-market houses. So- a 500k (10%) reduction on a property valued at 5m is not going to create a commensurate rise in demand that a 10% reduction in a property valued at 400k might.

It also tends to be the segment that sees price drops first when the market corrects.

Hence seeing much bigger drops in DLR since 2018, those houses in Sandymount I posted a few weeks ago, developers cutting prices at top end etc etc.

This is exactly what happened last time.

PropQueries

awec wrote: »

It is a relatively new thing here, I don't think it's widespread. Revenue need to be involved for tax reasons, but other than that I am not sure of any real regulation.

Wasn't there a similar scheme in Ireland back in the celtic tiger years? I remember that it caused a lot of difficulties for the county councils after the bust.

Can't find anything at the moment about it online but if anyone can provide information.

neutral guy

awec wrote: »

Why would anyone buy a 700k house (for example) on rent to buy. This would be absolutely daft. It is the worst of both worlds in the current climate.

1. You agree the purchase price today, so if prices do drop then tough luck, you agreed to buy at the higher price.
2. You agree on the rent today. Rent is higher than market rate rent to account for the fact that it also has to go toward buying the house.
3. If you decide not to purchase when the time comes, you walk away with absolutely nothing. If you cannot purchase when the time comes then the same outcome, you walk away with absolutely nothing.
4. Until you buy it, you have none of the security of home ownership.

Rent to buy is geared toward people who are struggling to put together a deposit because they pay so much rent. The people struggling to put together deposits are not the people going out and spending 700k on a house.

The first at all I am losing money which I pay for rent
In this situation I pay mortgage already and I dont lose money
Or you lose money paying rent or you lose money on price fall is the same
I am seriously dont know how this system gonna work and who gonna use it but we have plenty people with money when yesterday we had only conservative buyers and mortgage takers.
The property prices started falling and lets see what gonna be next.There will be various options in future I am sure .

The guy who bought the property signed contract with company
All money he pay will go out of the property price
After 1 year he will have to go to bank and ask for mortgage
If bank say No,he simply signing another contract for another year with company and this would continue until the bank will give mortgage
The bad thing if he will leave property the money he paid will never be returned
Company could pay bills for building the property simply collecting the money from renters.
Win-Win from all sides.