Irish Property Market chat II - *read mod note post #1 before posting*

C14N

https://www.boards.ie/discussion/comment/118036764#Comment_118036764

No, I mean sub-letting. In my case I rented out a 2-bed for a few years and sublet the second room to cover the rental costs. When my partner and I were looking last time though, even larger 1-beds were all smaller than small 2-beds, so we went for the latter. Especially for people who are working from home now, having an extra room to work in is invaluable, it would have been much tougher in a 1-bed setup.

The Student

https://www.boards.ie/discussion/comment/118036638#Comment_118036638

A corporate rent is a business expense to the business so they are paying from pre tax income so effectively the true cost is half the rent fig.

Private rental is aid from post tax income so you have to earn twice the rent pre tax to afford it post tax.

PommieBast

https://www.boards.ie/discussion/comment/118037502#Comment_118037502

It already is. I had been hearing stories of high turnover at some MNC due to accommodation difficulties long before Covid came along.

mcsean2163

https://www.myhome.ie/residential/brochure/carriglea-marine-road-greystones-co-wicklow/4540670

not a lot in greystones anymore for €1.5 million....

Amadan Dubh

https://www.boards.ie/discussion/comment/118039142#Comment_118039142

You couldn't live there as it is right on the seafront with the whole world walking at your gate all day, every day. Not a shred of privacy.

€1.4m?! Unless it could be replaced with apartments?

Is it worse than this place however? A caravan in Brittas for half a million. You'd get 20 years before it's underwater!

Screenshot_20211018_231703_com.whatsapp.jpg

Amadan Dubh

https://www.boards.ie/discussion/comment/118037502#Comment_118037502

When I was reading the articles on Facebook announcing 10000 new jobs were being created in the EU earlier, obviously the main thing that stood out for me was that it said "EU" but also one article specifically said that Facebook could not confirm how many jobs would be in Dublin as Facebook has implemented a policy for EU based workers to request to work in any EU country where Facebook has an office. People talk and the cost of living being poor value here does travel among people. I think we're now at the point where the housing market will grind the economy to a halt.

C14N

https://www.boards.ie/discussion/comment/118039476#Comment_118039476

I don't see how it's particularly un-private. It looks like a normal small-town house to me.

The second one is the one that looks particularly ridiculous imo. I get that there is a premium on beachfront property, and it's finished nicely on the inside, but at the end of the day it's still a mobile home. It's also not even in a relatively handy location like Bray or Greystones. I've a relative who lives in Brittas and even living in south Dublin near the M50, it's a real trek getting out there, and there's not much in the way of a town in Brittas itself. €500k for what is most likely a small holiday home in Wicklow is huge considering what you could buy abroad for that money.

Aside from that, you'd be paying a lot to live in a place with an hilarious name like "Jack's Hole".

bleaks

Is there any websites that give an overview of new property developments in Dublin or the surrounding counties, or what's the best way of finding these, aside from being a vulture fund?

Villa05

The prize for headline of the year goes to.....

https://www.businesspost.ie/houses/plans-to-wind-down-controversial-fast-track-housing-scheme-delayed-aef471d9

Waterford whisperer were beaten to it

DataDude

https://www.boards.ie/discussion/comment/118039142#Comment_118039142

Quite surprised by that price also. Wouldn’t have much change left from €2m bringing that up to standard. And even at that you have no back garden, only a fairly public east facing front garden. Wouldn’t be for me!

Couple of really eye catching houses on that same road up closer to the Marina side. Wonder what they’d go up at!

hometruths

https://www.boards.ie/discussion/comment/118040222#Comment_118040222

JP Donleavy's sister's house.

mcsean2163

https://www.boards.ie/discussion/comment/118040222#Comment_118040222

No garden and coastal erosion an issue in the area. Seems madness. I guess nice four beds with a decent garden are hard to come by...

D_s

https://www.boards.ie/discussion/comment/118039672#Comment_118039672

Best place to get aggregated property development news is the Ireland/Dublin forum on skyscrapercity

MacronvFrugals

The IMF pretty much saying changing the LTI ratios would be suicidal...

IMF: Need for caution as house prices boom in many countries including Ireland

Around the world, "the macro-prudential rules are here to stay", he said, and that it "is one of the lessons that central bankers and regulators have taken from the previous crisis: You need to be on your toes".

The IMF has said it's time to be cautious about a new global house prices boom in many countries including in Ireland, that is being fuelled by an unusual mix of increases in the costs of building materials and by mortgage rates at rock-bottom levels.

He said that although the reasons for the global housing boom prior to the financial crisis were different, that the IMF nevertheless was seeing a similar sharp increase in prices in terms of scale and its pervasiveness in countries. 

Despite the IMF seeing that the underlying causes were different this time he said "nevertheless we have to be cautious given what happened last time”. 

The risk between credit growth and house price growth that existed ahead of the the financial crisis of a decade ago was not as strong at the moment, which explains the reason the IMF is still hopeful for a soft landing for global house prices

https://www.irishexaminer.com/business/economy/arid-40724964.html

MacronvFrugals

Sold in July for 180k, back up on the market for 325k

Amadan Dubh

https://www.boards.ie/discussion/comment/118044005#Comment_118044005

By using the term "soft landing" it nearly flags that they're concerned there's a bubble. There would be no need for any landing if this was sustainable.

mcsean2163

https://www.boards.ie/discussion/comment/118044165#Comment_118044165

Lived there for a while. 180k was way to low. Maybe a family sale?

Villa05

Seems an odd case but lots of interesting outcomes

Council agreed price for 16 homes august last year in Limerick village. Builder came looking for more 12 months later citing covid restrictions and inflation. Council prevented from paying more so Focus Ireland stepped in with funding from Estonia based crowd funding to pay the "much higher" price.

The development is 16 3/4 bed semi d's. The figure quoted is 3.5 million which works out at just under 219k per unit.

Thats not bad with covid disruption, material and labour inflation factored in plus a return for the Estonians.

Puts the cost of building an A rated 3/4 bed home in perspective

https://m.independent.ie/irish-news/news/charity-pays-more-for-16-homes-than-council-deal-with-builder-40961870.html

https://www.localgov.ie/en/bcms/notice/orchard-main-street-pallaskenry-colimerick

iColdFusion

https://www.boards.ie/discussion/comment/118046579#Comment_118046579

Are they paying 3.5mil for finished or unfinished houses though? Its not really clear from that article and the builder is in examinership.

wassie

Understandable that a higher price was needed on the back of materials costs and that Council did not have the ability to match. Hard to say what the real story is with limited details, but it sounds fairly messy.

But in the skeptic in me feels that the "council claimed not doing so would result in an unfinished ghost estate" is a bit of a smokescreen, given the current housing market.

Amadan Dubh

I wonder how much of the funding of Focus Ireland was actually from the local council(s) as they get a lot of funding usually from the State. In effect the councils could just have bypassed the financial rules they have to adhere to.

Bass Reeves

From what I read the company will be taken out of receivership to complete the houses. 250 K is starting to become a base price for 3 bed houses anywhere in the country. The article never stated if the 3.5 million as the last price or the new price for the development.

That area is an nice part of Limerick, you are along the Shannon and off the main road. There is an agricultural college based in that village and AFAIK there is a Secondary school attached to it so everything at your doorstep.

I say the Council's problem is if the receivership happen the houses would have gone on the private market and any replacement project would cost 20-30% more.

Villa05

https://www.boards.ie/discussion/comment/118047410#Comment_118047410

Do you know if the land there built on is state owned.?

Would be interesting to know to what extent if any the final price is subsidised.

The social/affordable homes in Mungret where purchased for a similar price.

2 very good locations

wassie

The Commencement Notice has Top Drawer Developments as the owner.

Bass Reeves

https://www.boards.ie/discussion/comment/118047732#Comment_118047732

I doubt it. Generally state bodies do not have land banks in small villages. The Agricultural college is run by a religious order and they tend not to give anything away. There was a boarding school there pre the 1970's. Unusual name to call it The Orchard. However back that direction down by the Shannon was an area where there was a lot of apple grown( close to the Shannon giving an early spring) 50 years ago. I would not be surprised if the land was previously an Orchard. I do recall that there was a lot of development sites around there just before the 2008/10 crash so I suspect it's a hangover from that period.

They have a strong progressive GAA club there. Kildimo/ Pallaskenry. Kyle Hayes plays for them. They are a senior hurling club and are in the Intermediate football final this year. They were two separate clubs and they fully amalgamated and have some record since. I think they were junior Football and intermediate hurling 5+ years ago so have come up two grades in both.

Villa05

From the photo the 1st phase 8 houses appears to be complete in the background

MacronvFrugals

Irish estate agents never were a classy bunch I suppose but this is borderline comedic!

https://twitter.com/crazyhouseprice/status/1450877402079498240?s=20

fergiesfolly

We've gone sale agreed on our home. Estate agent contacted the purchaser to follow up on engineer's report and bank valuation.

Purchaser said he's not getting an engineer's report and EA said he's not obliged to.

Will the bank not ask for one on condition of getting the mortgage?

My thoughts were that he's putting it off till the bank do their valuation, but that's just wasting time.

cruizer101

When we purchased bank didn't request engineer report and have never heard of it being a thing. Its just done for purchasers own confidence

C14N

https://www.boards.ie/discussion/comment/118050076#Comment_118050076

The bank only demand their own valution, which is far less comprehensive than an engineer/surveyor report. They'll just send someone out to assess what the house looks like and verify that it is worth what they're lending for it, basically so that if worst comes to the worst and they repossess it, then they can sell it and get their loan amount back.

Purchaser can skip the engineer's report if he wants. It's unsual to do, because then if some defect turns up that he should have known about later on, it'll be his problem, but he can do it.