cd76 wrote: » .. Thank you for your observation. They is what I am sharing. and yes I have plenty of experience in the property market. The EA engagement I have had has come from a number of EAs. Let's see in July what the level of the descent will be.
fliball123 wrote: » Once again you have no experience at this as we have never had a pandemic like this so your experience is null and void and it reckless trying to tell people to sell or people to buy. If you have FACT put it up and let people make up their own mind. Well I have had a few failed bids on properties over the last 6 months and guess what no EA has rang me back. So how can you tell what is the norm?
Claw Hammer wrote: » Planning enforcement is a slow process, however there is little doubt that they are identifying properties and warning the owners. The next phase would be caught cases. What's more interesting is that the operators were leasing apartments from the owners and then operating Air B&B may stop paying the rent and hand the keys back to the owners. That would cause a permanent contraction in the number of units involved in Air B&B.
cd76 wrote: » Correct, that why I am stating observations based on my experiences and current engagement with EAs who are calling me looking to resurrect previous "unsuccessful" bids.
beauf wrote: » Really knocking it out of the park aren't they...https://www.irishtimes.com/news/ireland/irish-news/council-to-crack-down-on-airbnb-property-owners-who-flout-law-1.4043078https://www.rte.ie/news/dublin/2020/0219/1116267-airbnb-dublin-lettings/ It will be interesting what airbnb will do. The current long term rental market wasn't attractive before the crisis, never mind now. If you do have problem, if you are a tenant or a LL, PRTB, evictions are all stopped. Then you've got to consider the economics of it.
JJJackal wrote: » I dont think a couple of examples in 2 weeks proves anything Time will tell us more
Hubertj wrote: » I haven’t stated anything to lie about. Is an EA an estate agent? I’m not a buyer or seller or landlord, just wanted to better understand what might happen to property considering the last recession. You’re basing your ‘estimate’ on boards posters and a few air bnbs? Good luck with that. Maybe there will be the 30% drop you ‘predict’ but you’re just making stuff up.
fliball123 wrote: » He is right in a sense you I or anyone else can not say whats going to happen as it has never happened before. If any idiot on here wants advice for buying or selling property this is the last place i would look , too many vested interests
cd76 wrote: » Please don't engage with me. If you want to accuse people of lying please engage with some teenagers on Instagram where that behaviour might be acceptable. You clearly are deluded and oblivious to the crash going on around you. I have highlighted specific areas where 2 weeks into this there is clear evidence of 15% reductions. Best of luck.
beauf wrote: » Not lend reckless ... again.. like they have done repeatedly in the past. Do you have link to the the banks websites with their information about new applications? Thanks.
cd76 wrote: » I think its you and other EA's who are not telling truths about what is happening. It is clear from vendors and buyers that we are now seeing the impact of the crisis. You need to just accept that there are troughs and peaks and we are now facing into a trough. It'll be tough for all EAs. The good ones will ride it out.. but as usual the industry will be decimated as it was in '08.
Claw Hammer wrote: » I met 2 people who had received warning letters about airbnb. There is no doubt DCC was building up a database. I know another who was shut down. There are many new hotels and it can be expected that travel will be subdued for a long time. Airbnbs which move to long term will have difficulty getting back to Airbnb.
cd76 wrote: » Already reports in previous posts provide the evidence of a 10-15% drop after 2 weeks. One call I've got from an EA last Friday saying they'll look at a 315k bid I previously put in on house asking 370k which had gone Sale Agreed and is now suddenly available. They want to know if I want my bid considered. That's a 15.5% reduction in 10 days and I told him I am not interested at the moment. If I thought it was only worth 315k 4 weeks ago (when I bid) I told him why would I think it's even worth that much now ! A long way down to go. No hurry.
Hubertj wrote: » Why are you lying?
Hubertj wrote: » minimum 30%? Wow. Would you be able to share links to any articles or analysis on this? I haven't read anywhere such a definitive estimate.
beauf wrote: » If they couldn't find 5000 the odds are not good of finding 200. We have an atrocious record for compliance and regulation and enforcement on a vast array of sectors. So low its non existent. But this forum seems love the idea that "this time it will be different".
cd76 wrote: » ...I agree, rents are already falling significantly due to the Airbnb dumpers. Also Rental supply is very likely to increase significantly in May & June in the 1/2 bed apartments in Dublin. A not insignificant number of juniors in Linkedin/Google/Facebook have gone back to their native countries and a proportion are unlikely to return. Also student demand is gone and existing students have also left.
fliball123 wrote: » Banks will not lend recklessly all they have to do is stop all exemptions and a high % of lending will stop without them having to explain themselves. Already UB, BOI have said they are not entertaining new mortgage apps that is the start of it
cd76 wrote: » I've stated these as my observations not facts as they are in the future. It is based on my experiences having been through multiple property cycles both in the UK and Ireland. Up to any reader if they want to go ahead and buy now or not. Get clearer day by day that the market is crashing and general consensus that at least a 30% correction is imminent
Humilde wrote: » I think you are right that a crash is imminent. But, like the last crash, what happens is that most people just withdraw their property from sale rather than give it away unless you are desperate to sell a house. But most houses for sale are from people who want the money to go to another house. The big thing is that developers will stop completely and we'll be back to zero new construction rates for the country. Some vulture fund properties etc may get cheaper. The interesting question is what will happen to rents..........
Graham wrote: » +1 We'll have moved from whack-a-mole with 5000 moles and 1 whacker, to whack-a-mole with 200 moles and 12 whackers.
Queasy Tadpole wrote: » Holy jayzus. :eek:
davedub2015 wrote: » Havent heard many reductions in dublin? Sitting on contracts now and going to try knock a few bob off in a few weeks. Think the longer I leave it the better chance we could have
IndieRoar111 wrote: » After basically walking anyway from a sale at a decent reduction of the asking price over 3 weeks ago, the EA phoned us today saying the seller is willing to play ball at 10k lower than the initial reduced bid. We are still not going for it, will wait and see how the markets performs over the next 6-18 months.
