Irish Property Market 2020 Part 2

PropQueries

TheSheriff wrote: »

I spotted this today and thought it actually signals quite a strong market for apartments, which is not what I would have expected.

They've achieved a figure 6% higher than there dec 2019 valuation, and this despite a global pandemic.

There is clearly confidence in this area, look term outlook etc.

I do believe when these went up for sale many were saying they would have a fire sale etc, it seems not to be the case.

I’m surprised they didn’t pay more than the average €318k per apartment the previous poster said they paid.

They will obviously lease them to the council at a minimum of €1,500 a month which would give them a hefty c. 6% yield. All paid for and guaranteed by the state.

combat14

TheSheriff wrote: »

I spotted this today and thought it actually signals quite a strong market for apartments, which is not what I would have expected.

They've achieved a figure 6% higher than there dec 2019 valuation, and this despite a global pandemic.

There is clearly confidence in this area, look term outlook etc.

I do believe when these went up for sale many were saying they would have a fire sale etc, it seems not to be the case.

guess it doesnt say if they are 1,2,3 bed apts what the quality and rental yeild is but interesting none the less

assuming rent of 1500 a month (rough figure) thats about a 5.7% rental yield for these apartments assuming no vacancies

Mic 1972

fliball123 wrote: »

Some houses are also going up on myhome and the majority are not moving at all last myhome report said asking prices were up by 7% (I think it was 7 but they were up) anyway its only asking price has not much bearing on the selling price

I made a few calls this week to agencies, the properties i inquired were all already sales agreed. I'm not even sure why they leave them on MyHome if they are no longer available.

TheSheriff

PropQueries wrote: »

I’m surprised they didn’t pay more than the average €318k per apartment the previous poster said they paid.

They will obviously lease them to the council at a minimum of €1,500 a month which would give them a hefty c. 6% yield. All paid for and guaranteed by the state.

I think achieving a 6% increase on last years valuation (albeit, these are just valuations) is quite impressive in the current climate.

I would imagine some small time landlords may be looking at this sale with some relief, that there is long term confidence in the market.

thefridge2006

Mic 1972 wrote: »

I made a few calls this week to agencies, the properties i inquired were all already sales agreed. I'm not even sure why they leave them on MyHome if they are no longer available.

Because I'm coming across a lot that are going sale agreed and then falling through.

By letting people bid on houses when they aren't going to draw down is actually driving houses up . I suppose it;s a win/win for seller and estate agent

Mic 1972

thefridge2006 wrote: »

Because I'm coming across a lot that are going sale agreed and then falling through.

By letting people bid on houses when they aren't going to draw down is actually driving houses up . I suppose it;s a win/win for seller and estate agent

I'm not sure i get what you are saying there.
If a house is sales agree it means the bidding is over. I was willing to make an offer on a couple of properties but the agent said it was too late

thefridge2006

Mic 1972 wrote: »

I'm not sure i get what you are saying there.
If a house is sales agree it means the bidding is over. I was willing to make an offer on a couple of properties but the agent said it was too late

Basically, they're leaving it up because they don't hold much hope of getting it over the line.

I'm surprised they didnt take your details and ask you what your offer would be if it fell through. It's happening a lot.

Idbatterim

i brought this up before and I will raise the issue again, say average one bed apartment size is 50 sq m. Why not be able to double the bed capacity, for the sake of say 2.5 x 3.5m = 8.75 sq m (that would be an acceptable size) used as an extra guest room, office, full time bedroom or even second little living room, to give people space. It would give so much more flexibility. Its the cost of bathroom and kitchen in particular that are very expensive.

I really think they could do 30-35sq m one bed apartments, single aspect, that might be a balance between insane prices and actually liveable in...

come in and layout like hotel rooms, bathroom , bedroom, kitchen / living area. except instead of bath, bed area, you would have bath > bedroom > kitchen / living area...

This design is used a lot in the uk...

dor843088

Idbatterim wrote: »

i brought this up before and I will raise the issue again, say average one bed apartment size is 50 sq m. Why not be able to double the bed capacity, for the sake of say 2.5 x 3.5m = 8.75 sq m (that would be an acceptable size) used as an extra guest room, office, full time bedroom or even second little living room, to give people space. It would give so much more flexibility. Its the cost of bathroom and kitchen in particular that are very expensive.

I really think they could do 30-35sq m one bed apartments, single aspect, that might be a balance between insane prices and actually liveable in...

come in and layout like hotel rooms, bathroom , bedroom, kitchen / living area. except instead of bath, bed area, you would have bath > bedroom > kitchen / living area...

This design is used a lot in the uk...

There seem to already be 2 bed apartments around that aren't much bigger than that at all. You aren't exactly reinventing the wheel here.

Donald Trump

Mic 1972 wrote: »

I made a few calls this week to agencies, the properties i inquired were all already sales agreed. I'm not even sure why they leave them on MyHome if they are no longer available.

Because when you ring up they can tell you "sorry. that is gone. But what about this other one I have coming up? can I get your details to put on my email list"

Smouse156

Idbatterim wrote: »

i brought this up before and I will raise the issue again, say average one bed apartment size is 50 sq m. Why not be able to double the bed capacity, for the sake of say 2.5 x 3.5m = 8.75 sq m (that would be an acceptable size) used as an extra guest room, office, full time bedroom or even second little living room, to give people space. It would give so much more flexibility. Its the cost of bathroom and kitchen in particular that are very expensive.

I really think they could do 30-35sq m one bed apartments, single aspect, that might be a balance between insane prices and actually liveable in...

come in and layout like hotel rooms, bathroom , bedroom, kitchen / living area. except instead of bath, bed area, you would have bath > bedroom > kitchen / living area...

This design is used a lot in the uk...

I don’t think the solution is to create even smaller shoeboxes! We need to bring down the cost of construction, especially land costs so the shoebox 50sqm is affordable...not put people into glorified closets

Mic 1972

thefridge2006 wrote: »

Basically, they're leaving it up because they don't hold much hope of getting it over the line.

I'm surprised they didnt take your details and ask you what your offer would be if it fell through. It's happening a lot.

My offer details were in the email that i sent. I offered asking price and i would arrange viewing only if the offer was acceptable for the seller.

The EA answered that the property was already sales agree.

I did te same for another property twice in 3 months because the property was still on MyHome and both times i was told that it was already sales agreed.

I also explained to the EA that i'm a cash buyer.

Mic 1972

Donald Trump wrote: »

Because when you ring up they can tell you "sorry. that is gone. But what about this other one I have coming up? can I get your details to put on my email list"

I see what you mean, lots of AEs have my details by now, none of them has come back to me with other opportunities

Mic 1972

Marius34 wrote: »

Early Prediction: CSO Property Price Index to turn positive for 2020 Q4.
Due to new data and this week’s news, I start to think that I was at some extend wrong with my prediction on crisis impact on Residential Property price, but to other direction, than most have thought.
My prediction was 3-5% decrease, but I start to think that there may not be further decrease

Was there any decrease?
I haven't seen any price drop in 2020, as of now prices are slightly higher than beginning of the year

fliball123

Mic 1972 wrote: »

I see what you mean, lots of AEs have my details by now, none of them has come back to me with other opportunities

Well if they are busy and have enough people ringing them and actually displaying an obvious interest on a daily/weekly basis why would they ring you?. If I was you I would check the EA of the property that you like on my home and actually check the agents website, they tend to update these more regularly so you will know if the property is still in play but it is annoying that some properties are left up ad available when they are sale agreed

cnocbui

Sale agreed doesn't mean a sale will proceed and doesn't prevent someone making a higher offer. I'm currently sitting in a house I have had for 18 years that was sale agreed to someone else.

fliball123

cnocbui wrote: »

Sale agreed doesn't mean a sale will proceed and doesn't prevent someone making a higher offer.

Sorry sale agreed means that the 2 parties have agreed a sale and its highly unlikely that a higher bid will be accepted...

random_banter

Mic 1972 wrote: »

Was there any decrease?
I haven't seen any price drop in 2020, as of now prices are slightly higher than beginning of the year

This is completely anecdotal but may be of interest to some. I've been tracking 70+ properties in South Dublin that have caught my eye over the year. Many of these went SA and some have now come onto the PPR.

Of the 18 I have selling prices for, 6 of them went for over asking, between 2.4%-7.5%. The rest went for under asking, between .7%-7.5%. The average is a decrease, -.7% under asking in the period between March-Sep (this is when the properties I'm tracking went SA and are starting to trickle into the PPR).

The sample size is obviously too small to take any real conclusions, and it's in a unique area - South Dublin, 3 bed houses and Semi-Ds which will always be a micro market of its own. The average isn't helpful either - some properties went for a large discount or a large increase over asking. Asking ranges between 500-700k.

I did notice that it was the properties that were either in walk-in condition or had amazing expansion potential that went for well over asking. It supports the narrative of a certain set of buyers being desperate to get out of small homes or family homes to have some space due to the pandemic.

Don't know if it's helpful for anyone, but there it is.

The most recent properties on my list (the last month or two) seem to be higher asking prices than similar properties in April/May. Perhaps taking advantage of the situation.

cnocbui

fliball123 wrote: »

Sorry sale agreed means that the 2 parties have agreed a sale and its highly unlikely that a higher bid will be accepted...

I know what it means, and that wasn't the case with my house. the seller was very glad to hear from me as the buyer was messing them around. I got it for the same price as the sale agreed person was offering, too.

The EA was an entirely different matter - they were the one who didn't want to tell the vendor there was another, superior expression of interest.

Cyrus

random_banter wrote: »

This is completely anecdotal but may be of interest to some. I've been tracking 70+ properties in South Dublin that have caught my eye over the year. Many of these went SA and some have now come onto the PPR.

Of the 18 I have selling prices for, 6 of them went for over asking, between 2.4%-7.5%. The rest went for under asking, between .7%-7.5%. The average is a decrease, -.7% under asking in the period between March-Sep (this is when the properties I'm tracking went SA and are starting to trickle into the PPR).

The sample size is obviously too small to take any real conclusions, and it's in a unique area - South Dublin, 3 bed houses and Semi-Ds which will always be a micro market of its own. The average isn't helpful either - some properties went for a large discount or a large increase over asking. Asking ranges between 500-700k.

I did notice that it was the properties that were either in walk-in condition or had amazing expansion potential that went for well over asking. It supports the narrative of a certain set of buyers being desperate to get out of small homes or family homes to have some space due to the pandemic.

Don't know if it's helpful for anyone, but there it is.

The most recent properties on my list (the last month or two) seem to be higher asking prices than similar properties in April/May. Perhaps taking advantage of the situation.

yes i think people are increasingly wary of the costs of renovations and will pay a premium to avoid them, so walk in is best, expansion potential is next and no potential is a much harder sell!

fliball123

cnocbui wrote: »

I know what it means, and that wasn't the case with my house. the seller was very glad to hear from me as the buyer was messing them around. I got it for the same price as the sale agreed person was offering, too.

The EA was an entirely different matter - they were the one who didn't want to tell the vendor there was another, superior expression of interest.

yeah well this happens best thing to do if a property is sale agreed ring the EA every week about the property see how its progressing and see if there are similar properties, it shows the EA your actually willing and ready to move. A lot of people contacting are nosey or just thinking about the move and not actually ready for it

Mic 1972

cnocbui wrote: »

I know what it means, and that wasn't the case with my house. the seller was very glad to hear from me as the buyer was messing them around. I got it for the same price as the sale agreed person was offering, too.

The EA was an entirely different matter - they were the one who didn't want to tell the vendor there was another, superior expression of interest.

That wasn't the case for me tho. I was told it was too late for an offer.
I'm seeing properties on MyHome that have been there for ages, have inquired them already and was told they are gone.
They are still there now.

Mic 1972

fliball123 wrote: »

Well if they are busy and have enough people ringing them and actually displaying an obvious interest on a daily/weekly basis why would they ring you?. If I was you I would check the EA of the property that you like on my home and actually check the agents website, they tend to update these more regularly so you will know if the property is still in play but it is annoying that some properties are left up ad available when they are sale agreed

That wasn't my point. A previous poster said that AEs leave houses on MyHome long after they are gone because it attracts potential buyers.
I'm a potential buyer who have inquired a number of properties that were "already gone" and the EA didnt' call me back to propose other options.

So there seems to be no apparent reason why a property is left on the market after sales agreed

fliball123

Mic 1972 wrote: »

That wasn't my point. A previous poster said that AEs leave houses on MyHome long after they are gone because it attracts potential buyers.
I'm a potential buyer who have inquired a number of properties that were "already gone" and the EA didnt' call me back to propose other options.

So there seems to be no apparent reason why a property is left on the market after sales agreed

yeah but you have to see it from the EAs side say a house is going for 250k its gone sale agreed and your offering another 10k what does the EA get?? very little is the answer. They have already gone through the bidding process and have had an offer accepted by the sellers why would they do a extra work for what 1% of 10k? Now if the buyer is fecking them around that's where the "if you call them on a weekly basis about that property" you would certainly be in their mind if they feel the current buyers who are sale agreed are messing around.

Donald Trump

Mic 1972 wrote: »

I see what you mean, lots of AEs have my details by now, none of them has come back to me with other opportunities

It also gives them an idea of how many people out there are actively looking to buy

Mic 1972

I inquired these properties in April and again in July, both times i was told they are gone.
They have been on MyHome for way longer than they should. I rang the agent personally, second time i called he sounded almost annoyed that people were still asking about them.

https://www.myhome.ie/residential/brochure/apt-144-parkgate-place-parkgate-street-islandbridge-dublin-8/4316021
https://www.myhome.ie/residential/brochure/82-parkgate-place-islandbridge-dublin-8/4269552

cnocbui

Mic 1972 wrote: »

That wasn't my point. A previous poster said that AEs leave houses on MyHome long after they are gone because it attracts potential buyers.
I'm a potential buyer who have inquired a number of properties that were "already gone" and the EA didnt' call me back to propose other options.

So there seems to be no apparent reason why a property is left on the market after sales agreed

If you take a listing down and the sale falls through, wouldn't listing again incur a new and hefty fee?

cnocbui

Mic 1972 wrote: »

That wasn't the case for me tho. I was told it was too late for an offer.
I'm seeing properties on MyHome that have been there for ages, have inquired them already and was told they are gone.
They are still there now.

I was told that too, so I went to the council, got the planning details, which luckilly included the builders name, then rang the builder who contacted the vendor who rang me back quick smart.

Reins

cnocbui wrote: »

If you take a listing down and the sale falls through, wouldn't listing again incur a new and hefty fee?

Probably it would.
Why can't they mark it as sale agreed though?

I enquired about a property and was told it was sale agreed.
I asked why is it on Daft and your own website as " For Sale " He said that's a mistake and he'd correct it. 3 weeks later and it's still up for sale. Think it's just pure laziness on their end.

Marius34

Mic 1972 wrote: »

Was there any decrease?
I haven't seen any price drop in 2020, as of now prices are slightly higher than beginning of the year

Yes, latest CSO report showed a minor price decrease.
"Residential property prices decreased by 0.6% nationally in the year to August. This compares to a decrease of 0.6% in the year to July"

https://www.cso.ie/en/releasesandpublications/ep/p-rppi/residentialpropertypriceindexaugust2020/