2021 Irish Property Market chat - *mod warnings post 1*

Villa05

Limerick city/county council has more empty houses than homeless people



Crazy stat

awec

Villa05 wrote: »

Limerick city/county council has more empty houses than homeless people



Crazy stat

It's not that crazy if you read the article.

Villa05

The many different ways of saying "this time its different"

Quite the opposite, in fact, with the pandemic crisis seeing interest rates slashed last year to yet more all-time lows. The all-powerful US Federal Reserve sets the tone for other central banks and is telling financial markets that ultra-low interest rates could be with us for years. Along with first-time buyer incentives and building grants, low borrowing costs look like ensuring that property prices will keep rising despite the coronavirus recession

In the meantime, other ingenious ways could emerge to keep the property juggernaut trucking along, perhaps again following the Japanese example and extending the term of repayments beyond the natural span of a lifetime to 100 years

“It’s like frogs in boiling water,” says Klassen. “Once mortgages were for 20 years, then 25, now 30. Soon it will be 50. Many people will never pay it back, so owning a home will become like renting – just that it’s renting from the bank.”

fliball123

Villa05 wrote: »

Limerick city/county council has more empty houses than homeless people



Crazy stat

A lot of these are not fit for living in and are considered derelict. People need to stop confusing houses built no matter what condition they are in with houses that are in good enough condition to live in.

Villa05

awec wrote: »

It's not that crazy if you read the article.

140 are ready to move into and 77 need minor refurbishments thats over 2/3 of the total

fliball123

Villa05 wrote: »

140 are ready to move into and 77 need minor refurbishments thats over 2/3 of the total

Sorry 157 out of 297 them need work done before a tenant can move in its up at the top of the story. You need to consider the amount of health and safety requirements you need to adhere in order to rent out a property these days. If something is not up to code then its not suitable to rent out.

Pussyhands

awec wrote: »

It's properly tacky. It's a bit grubby too IMO, needs a good spruce up.

The penthouse apartment is definitely some swingers sex palace type thing.

The bathroom has multiple sinks, obviously intended for multiple occupancy!

Villa05

lets assume HAP is paying 800 per month per house (conservative estimate) for 217 houses


thats 173.600 X 12 months = 2,083,200 per year savings if you used your own stock over renting from the private market.


Thats the figur for 1 county in the country


You can build/source a new 3 bed house in Limerick for 230k, Savings would deliver a further 9 houses per year

awec

Villa05 wrote: »

140 are ready to move into and 77 need minor refurbishments thats over 2/3 of the total

It also states how the numbers are misleading and it's not a case that you could just house the homeless with these properties.

woejus

Cyrus wrote: »

one for the lovers

https://www.myhome.ie/residential/brochure/penthouse-apartment-merrion-village-ballsbridge-dublin-4-d04-vy73/4494137

Down 600k from 2017


Same pics etc. Looks like a playboy finally came a cropper and fathered some childer.

Villa05

awec wrote:

It also states how the numbers are misleading and it's not a case that you could just house the homeless with these properties.

Fact 1. 140 are ready to move into
Fact 2. 77 need minor refurbishment, social housing provision was exempt from lockdown measures

Total 217

It is the homeless figures that they state are misleading

Irrespective of whether you can house the homeless in them or not. How can you have a situation of holding 217 empty homes and be renting from the private market at great cost

fliball123

Villa05 wrote: »

Fact 1. 140 are ready to move into
Fact 2. 77 need minor refurbishment, social housing provision was exempt from lockdown measures

Total 217

It is the homeless figures that they state are misleading

Irrespective of whether you can house the homeless in them or not. How can you have a situation of holding 217 empty homes and be renting from the private market at great cost

I cant understand the ones that dont need work not being used but the others that need work cant be used until the work is done

awec

Villa05 wrote: »

Fact 1. 140 are ready to move into
Fact 2. 77 need minor refurbishment, social housing provision was exempt from lockdown measures

Total 217

It is the homeless figures that they state are misleading

Irrespective of whether you can house the homeless in them or not. How can you have a situation of holding 217 empty homes and be renting from the private market at great cost

Yes, they state that even if every single one of these properties were available it would not solve the homeless problem as they are the wrong type of property. The article also calls out there are over 2000 people/families on the Limerick housing waiting list.

Therefore, when they say Limerick council has more vacant properties than homeless people, it sounds crazy, but it is not that crazy when you actually read the detail and you can see the situation is not that straightforward.

What is clear:

1. Limerick need to get these houses up to standard and used.
2. These houses are not going to solve any housing shortage issue.

PropQueries

Villa05 wrote: »

Limerick city/county council has more empty houses than homeless people



Crazy stat

What’s actually going on with Limerick City? Stayed there 2 years ago and many of the city centre properties looked vacant with for sale/to let signs outside. Also a really amazing amount of empty land right in the city just gated off for some reason.

I like the city, but it really did remind me of those pictures of European cities in 1945. I’m really not saying that in jest.

Nothing but empty properties and large sites all over the city centre from what I could see.

Villa05

PropQueries wrote:

What’s actually going on with Limerick City? Stayed there 2 years ago and many of the city centre properties looked vacant with for sale/to let signs outside. Also a really amazing amount of empty land right in the city just gated off for some reason.

Probably the opera site that's been trundling along for over a decade now in the city centre, comprises a number of blocks in the Arthur's Quay area. Tax office to be demolished also

Plus parkway Valley that stalled in the crash and was recently demolished part of that land is a flood plain also. Housing development going in there now

The old race course site

UL planning to redevelop the site of the old dunnes city centre store and move part of the campus to the city centre

Villa05

fliball123 wrote:

I cant understand the ones that dont need work not being used but the others that need work cant be used until the work is done

awec wrote:

1. Limerick need to get these houses up to standard and used. 2. These houses are not going to solve any housing shortage issue.

1. 77 can be done reasnobly quickly

2 They will for the 217 families that could be potentially housed in them

PropQueries

Villa05 wrote: »

Probably the opera site that's been trundling along for over a decade now in the city centre, comprises a number of blocks in the Arthur's Quay area. Tax office to be demolished also

Plus parkway Valley that stalled in the crash and was recently demolished part of that land is a flood plain also. Housing development going in there now

The old race course site

UL planning to redevelop the site of the old dunnes city centre store and move part of the campus to the city centre

Maybe. Just from strolling down O’Connell Street and then down every side road off it, it just looked like we were facing another big empty field or large derelict site, not even mentioning the drive into the city

But there’s one thing the council can’t blame and that’s a lack of land to build on in and around the city.

They would really want to advance whatever plans they have before the government removes all future funding if Biden’s tax reforms do hit us hard.

Otherwise, the residents will be waiting another generation (if ever) for improvements in the city IMO

Villa05

PropQueries wrote:

Maybe. Just from strolling down O’Connell Street and then down every side road off it, it just looked like we were facing another big empty field or large derelict site, not even mentioning the drive into the city

The opera site will be stalled further as a result of covid impact on commercial property imo

UL are going gang busters with a new development anually most of it privately funded r and d. I'd expect their city centre plans to go ahead regardless

Yes plenty of land but I believe there are political issues regarding expanding the city due to county boundaries

PropQueries

Looks like they're using their junior ministers to sound out the public's reaction to a "temporary" increase in income taxes (at higher level) to pay for the costs of the pandemic with the Irish Independent reporting that "Green Party junior minister Joe O’Brien has asked the Minister for Finance for a single tax on high earners and companies which have been highly profitable during the pandemic."

That's a few major signals over the past couple of months on what's coming down the line. The Minister for Public Expenditure was saying a few months ago about the need to fund a "bigger state" and John Moran of the LDA was calling for a mini-budget.

I assume commercial rates for councils will be well down over the coming years so I'm also assuming an increase in property taxes just to meet that shortfall will be signalled soon enough as well.

Link to Irish Independent article here: https://www.independent.ie/irish-news/politics/green-ministercalls-forone-off-solidaritytax-on-high-earners-and-companies-that-have-benefited-from-pandemic-40304036.html

timmyntc

PropQueries wrote: »

Looks like they're using their junior ministers to sound out the public's reaction to a "temporary" increase in income taxes (at higher level) to pay for the costs of the pandemic with the Irish Independent reporting that "Green Party junior minister Joe O’Brien has asked the Minister for Finance for a single tax on high earners and companies which have been highly profitable during the pandemic."

That's a few major signals over the past couple of months on what's coming down the line. The Minister for Public Expenditure was saying a few months ago about the need to fund a "bigger state" and John Moran of the LDA was calling for a mini-budget.

I assume commercial rates for councils will be well down over the coming years so I'm also assuming an increase in property taxes just to meet that shortfall will be signalled soon enough as well.

Link to Irish Independent article here: https://www.independent.ie/irish-news/politics/green-ministercalls-forone-off-solidaritytax-on-high-earners-and-companies-that-have-benefited-from-pandemic-40304036.html

A tax on savings on the way? Sure they're always quick to remind us that Irish deposits have risen considerably, what better way to fix the deficit than to skim a few billion off the top of it. :pac:

“There is the very real scenario that some are accumulating savings and or wealth during this time while others are facing severe financial distress that is worsening the longer the pandemic remains,” the Minister of State at the Department of Rural and Community Development writes.

I think its time to get out of the country and move the savings out aswell

awec

PropQueries wrote: »

Looks like they're using their junior ministers to sound out the public's reaction to a "temporary" increase in income taxes (at higher level) to pay for the costs of the pandemic with the Irish Independent reporting that "Green Party junior minister Joe O’Brien has asked the Minister for Finance for a single tax on high earners and companies which have been highly profitable during the pandemic."

That's a few major signals over the past couple of months on what's coming down the line. The Minister for Public Expenditure was saying a few months ago about the need to fund a "bigger state" and John Moran of the LDA was calling for a mini-budget.

I assume commercial rates for councils will be well down over the coming years so I'm also assuming an increase in property taxes just to meet that shortfall will be signalled soon enough as well.

Link to Irish Independent article here: https://www.independent.ie/irish-news/politics/green-ministercalls-forone-off-solidaritytax-on-high-earners-and-companies-that-have-benefited-from-pandemic-40304036.html

While the government do engage in kite-flying this is quite the leap.

If they wanted to "sound out" the public it would be leaked to journos with a decent attribution and not "proposed" by a junior minister from a minor department, to which nobody will pay much attention.

fliball123

PropQueries wrote: »

Looks like they're using their junior ministers to sound out the public's reaction to a "temporary" increase in income taxes (at higher level) to pay for the costs of the pandemic with the Irish Independent reporting that "Green Party junior minister Joe O’Brien has asked the Minister for Finance for a single tax on high earners and companies which have been highly profitable during the pandemic."

That's a few major signals over the past couple of months on what's coming down the line. The Minister for Public Expenditure was saying a few months ago about the need to fund a "bigger state" and John Moran of the LDA was calling for a mini-budget.

I assume commercial rates for councils will be well down over the coming years so I'm also assuming an increase in property taxes just to meet that shortfall will be signalled soon enough as well.

Link to Irish Independent article here: https://www.independent.ie/irish-news/politics/green-ministercalls-forone-off-solidaritytax-on-high-earners-and-companies-that-have-benefited-from-pandemic-40304036.html

Well if all this WFH is going to be the standard people who have the means will relocate, you cant just keep taxing the high earners they are paying over half their wage at a very low rate. Then the public sector go and give themselves pay rises . I dont think this will wash well for any party doing it we are already paying through the nose on income tax

amacca

Cyrus wrote: »

and if you need confirmation that money cant buy taste....

https://www.myhome.ie/residential/brochure/casa-mia-no-36-abington-malahide-co-dublin/4494099

What a lovely house

With a horrendous eyesore of an interior

My eyes my eyes they bleed


Lol at the mirror on the ceiling in the other one!

RichardAnd

timmyntc wrote: »

A tax on savings on the way? Sure they're always quick to remind us that Irish deposits have risen considerably, what better way to fix the deficit than to skim a few billion off the top of it. :pac:



I think its time to get out of the country and move the savings out aswell

Quite concerning. Moving money abroad is not as easy as one would think, though to be honest, holding anything more than 6-8 months' expenses in cash is unwise. I would wager that the state is drooling at the thought of tapping into the Savings of its citizens.

Regarding a bigger state, I will ever be of a mind that an opportunity to dramatically reduce the size and scope of the state was lost in the last recession. Of course, Turkeys don't vote for Christmas, do they.

Hubertj

awec wrote: »

While the government do engage in kite-flying this is quite the leap.

If they wanted to "sound out" the public it would be leaked to journos with a decent attribution and not "proposed" by a junior minister from a minor department, to which nobody will pay much attention.

You’d want to be some eejit to equate that to kite flying. There is merit to what is suggested though . Not sure how placing additional income taxes on high earners (what ever you define them as) improves Ireland’s competitiveness.

mcsean2163

https://www.myhome.ie/residential/brochure/76-silchester-park-glenageary-co-dublin/4494386

An extra €90k because it's 2021 not 2019 and the abomination number 144 overlooking back garden. I must be going mad because I'm considering it. Cul de sac, close to a green area and potential to add an extra room.

DataDude

mcsean2163 wrote: »

https://www.myhome.ie/residential/brochure/76-silchester-park-glenageary-co-dublin/4494386

An extra €90k because it's 2021 not 2019 and the abomination number 144 overlooking back garden. I must be going mad because I'm considering it. Cul de sac, close to a green area and potential to add an extra room.

Fine house, but looks a little steep alright. We looked at 44 late last year. Saw it sold there a few weeks back at 950k (asking 995). Looks an absolute steal compared to that one.
https://www.businesspost.ie/residential/on-the-market-4d4d454a

cnocbui

RichardAnd wrote: »

Quite concerning. Moving money abroad is not as easy as one would think, though to be honest, holding anything more than 6-8 months' expenses in cash is unwise. I would wager that the state is drooling at the thought of tapping into the Savings of its citizens.

Regarding a bigger state, I will ever be of a mind that an opportunity to dramatically reduce the size and scope of the state was lost in the last recession. Of course, Turkeys don't vote for Christmas, do they.

Moving money abroad is difficult if you don't already have a foreign bank account to move it to - very easy if you have.

A very good option if you don't have a foreign account is to use your savings to buy bitcoin, then you will be immune from being scalped.

There is something to be said for Robert Heinlein's notion that those dependent on a state for their income, shouldn't be allowed to vote.

Hubertj

Cyrus wrote: »

one for the lovers

https://www.myhome.ie/residential/brochure/penthouse-apartment-merrion-village-ballsbridge-dublin-4-d04-vy73/4494137

How much would it cost to redecorate that place so a normal person would live there? Awful looking!

I think we entering to world of poverty
At the moment invest to apartment for rent is one of the best investments
The new young generation will never have money for own house and will have pay rent
Do you remember streets of apartments for rent 100 years ago ? This will back
Buy house at the moment is not great idea because prices has nothing to do with situation in real economy
But time for sell is one of the best anybody had if you will not sell it now you will not get better price after
If you did not understand I will remind that today prices has nothing to do in situation in real economy were 25 per cent are unemployed already.
From last news on RTE The government urged to reconsider lifting ban on eviction
Once this will happen there will be plenty houses for sale because not enough get tenant out the landlord will need get tenant in first !
But because many tenants are unemployed and cant pay rent the rent prices will down and many property investors will have problem with mortgages which they took by Buy to Let overpaying for property at the time when price of the property had nothing to do with the real economy
The Reit for example will continue buy streets of apartments boxes for renting to poor when single investors will have problems with renting houses for higher price
Supply ( the engine ) and demand ( the fuel ) are nothing without money ( the oil for fuel ).
Forget about 4000 in savings of somebody who saved them because did not spent them in pub or did not go to Spain for holiday .The 4K will not enough move property market forward.There is no houses at 4K price in this country
Forget about inflation the central banks rates show that people has no money and property markets can not move forward .All they do they pumping liquidity into stock market.People can not take loan even at 3 per cent because has no job !