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Property Market 2020

Bigmac1euro

Maybe an article for “Property Market 2020”
Anyhow looks like developers are going to start strangling supply in order to keep prices in check.

Worth a read anyway.

https://www.independent.ie/business/personal-finance/property-mortgages/developers-now-fear-flooding-market-as-house-prices-in-decline-38820967.html

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Empty_Space

Padre_Pio wrote: »

Nah, not at all. Best case youll save money. Worst case some lad youll never meet thinks your a idiot?

Exactly, id offer something realistic like 245k.
In 6 months we will see who idiot is.

Villa05

awec wrote:

If youâ€™re going to threaten to walk away if they donâ€™t accept it then youâ€™ll have to follow through unless you want to look like an idiot.

10% off the existing asking price is not an unreasonable offer in the current climate.
As I say get a friend or family member to make the offer, it will be refused but it would be interesting to see if the seller came back in a few weeks

To the potential buyer Just a tip delete the link to the property estate agents have plenty of time on their hands and maybe on these forms.

guyfawkes5

awec wrote: »

I would think it's the preference of the majority not to come across as a total clown in interactions with others.

If you act like an idiot you'll be treated as an idiot. No point playing hardball if you won't walk away.

If you're happy to walk away if you don't get what you want, then work away.

Definitely go and offer the 300 price, no harm in trying.

If this was at the start of a lengthy process, involved all parties being face-to-face, and didn't involve large monetary incentives to keep going, I would agree with you - but of course this is largely faceless, is at the end of a searching and bidding process, and involves such a big financial decision that it largely won't rest on someone not thinking much of the other party's poker face.

Playing hardball may make the other party blink - that's a pretty large incentive.

[Deleted User]

JimmyVik wrote: »

...........

I give my parents €500pm and includes food, rent, utility bills.

..............

Im certainly not the only one going to be closing up the hatches,

Rent of under €250/month is certainly a help in closing up the hatches

Cyrus

Empty_Space wrote: »

Exactly, id offer something realistic like 245k.
In 6 months we will see who idiot is.

245k is realistic off a 300k asking price ? for a new build?

good luck with that.

JimmyVik

Augeo wrote: »

Rent of under €250/month is certainly a help in closing up the hatches

Well my brother and I built the granny flat with our own sweat and money as a summer project about 10 years ago

Only been using it myself for the last few months.

So the way I see it i own half of it anyway and the €500 is food and electricity money

And I was just trying to go and rent an apartment in the city center too to turn a 45 minute commute into a 5 minute commute

Silly idea that was.

I must have been mad.

SozBbz

Empty_Space wrote: »

Exactly, id offer something realistic like 245k.
In 6 months we will see who idiot is.

Let us know how you get on with that.

Billythekid19

Empty_Space wrote: »

Exactly, id offer something realistic like 245k.
In 6 months we will see who idiot is.

The cost to buy a plot of land and build a 3 bed is currently significantly more than 245k. I dont see why a developer would accept a 22% under offer and make a loss.

Empty_Space

Billythekid19 wrote: »

The cost to buy a plot of land and build a 3 bed is currently significantly more than 245k. I dont see why a developer would accept a 22% under offer and make a loss.

You are missing the point, I'm basing it on what it they will be begging you to take it from them for, in six months
Land and building costs are an artificial joke in this country, that can change quickly.

Hubertj

Empty_Space wrote: »

You are missing the point, I'm basing it on what it they will be begging you to take it from them for, in six months
Land and building costs are an artificial joke in this country, that can change quickly.

You should set yourself up as a property consultant. You’d make a fortune. I’d gladly pay money for such useful advice.

Empty_Space

Hubertj wrote: »

You should set yourself up as a property consultant. You’d make a fortune. I’d gladly pay money for such useful advice.

While that is a real proffesion. The goal would not be to give useful advise, but to feed people self benefiting bs.

Hubertj

Empty_Space wrote: »

While that is a real proffesion. The goal would not be to give useful advise, but to feed people self benefiting bs.

Well it’s definitely bs you are feeding on boards anyway. Plenty of ppl make a living from doing it

SozBbz

Empty_Space wrote: »

You are missing the point, I'm basing it on what it they will be begging you to take it from them for, in six months
Land and building costs are an artificial joke in this country, that can change quickly.

No, I don't think anyone is failing to get your "point", they're just saying that you're talking out of your backside.

eagle eye

Empty_Space wrote:

You are missing the point, I'm basing it on what it they will be begging you to take it from them for, in six months Land and building costs are an artificial joke in this country, that can change quickly.

I'll quote you as well to tell you that I'm getting sick of you bs posts.

awec

Empty_Space wrote: »

You are missing the point, I'm basing it on what it they will be begging you to take it from them for, in six months
Land and building costs are an artificial joke in this country, that can change quickly.

Sure why not just wait a year and by then the builder will be giving them away for free.

Kid Charlemagne

SozBbz wrote: »

No, I don't think anyone is failing to get your "point", they're just saying that you're talking out of your backside.

Im not sure he is.
Consider the collapse after the last recession - 50% was not uncommon.

I definitely wouldn't be buying anything now. Its not as if anything will go up in the next 12 months, whereas on the other hand there's a definite possibility of a crash.

Empty_Space

The ignorant masses comes to mind.

8-10

I think we're going to hold off for a year anyway unless something drastic happens.

eagle eye

Empty_Space wrote:

The ignorant masses comes to mind.

Take a look in the mirror and you'll see one pal.
You are talking bs for too long now not to get called on it.
There is nothing in your posts only the waffle coming from an uninformed mind.

GreeBo

Cyrus wrote: »

Whoever built these will struggle, pre covid +2m was a small market, post covid its smaller, and for +2m most will want some decent outside space and something a bit nicer than a generic white box with big windows. If it was by the sea i could just about get on board with the amount of glazing but not where it is, they look ridiculously incongrous, cant believe they got planning.

https://www.myhome.ie/residential/brochure/30-temple-park-avenue-blackrock-co-dublin/4427504

Why do you think the most affluent part of the market has been impacted by covid-19?

Also, people keep talking about "overpriced".
Whats the definition of overpriced?
For me its any price that someone else is not willing to pay. Once there is 1 single person, its not overpriced.

combat14

GreeBo wrote: »

Why do you think the most affluent part of the market has been impacted by covid-19?

Also, people keep talking about "overpriced".
Whats the definition of overpriced?
For me its any price that someone else is not willing to pay. Once there is 1 single person, its not overpriced.

here is an article from 1.75 years ago explaining how Dublin's housing market was 25% over priced at that time relative to income

https://www.thejournal.ie/the-economist-dublin-house-prices-4205346-Aug2018/?amp=1

Cyrus

GreeBo wrote: »

Why do you think the most affluent part of the market has been impacted by covid-19?

Also, people keep talking about "overpriced".
Whats the definition of overpriced?
For me its any price that someone else is not willing to pay. Once there is 1 single person, its not overpriced.

where did i say overpriced? if you are going to challenge someone challenge what they have said not what others have said.

Its priced at circa 590 per sq foot, which in the grand scheme of things isnt outlandish for an A rated new build in blackrock.

However, if i was spending 2.25m, a bland generic white rendered window box wouldnt be where it would go.

If there is a dip in house prices the percentages will be higher once you go above 1.5/2m, because the number of buyers is much much smaller. Also, if you are unfortunate enough to lose a 300/400/500k a year job picking up another one isnt quite as easy as walking into a recruiter and having them lash out your cv.

I dont think someone will be willing to pay 2.25m for one of these, they remind of the small development of 4 houses on church road beside balur, condor i think they were called, same style houses. Took a few price drops before eventually they got to the point where people were prepared to buy basis the value per sq feet even though they were ugly and again incongrous.

http://www.condorkilliney.ie/

started off pricing from 1.5m ended up pricing from 1.1m

GreeBo

combat14 wrote: »

here is an article from 1.75 years ago explaining how Dublin's housing market was 25% over priced at that time relative to income

https://www.thejournal.ie/the-economist-dublin-house-prices-4205346-Aug2018/?amp=1

That still doesnt define overpriced or overvalued though.

To give an idea of how useless those articles are, it says that Hong Kong is 95% overvalued...what does that even mean?

GreeBo

Cyrus wrote: »

where did i say overpriced? if you are going to challenge someone challenge what they have said not what others have said.

Erm I didnt challenge you?
That was what we in the English business would call "a paragraph"...

Unless of course you consider yourself a spokesperson for the "people"?

TSQ

The_Conductor wrote: »

I checked my credit card for January- versus the 30 days up to today.
I spent over 300 Euro on diesel in January- nothing, not a penny, in the last 30 days. I didn't spend anything at all on takeout or socialising in January (having young children means we don't get out very often)- in the last 30 days- we've spent over 250 extra on food than we did in January (not all of it on Takeaways admittedly). Where we are really out of kilter- is online shopping- it shot up from nothing (at all) in January- to over 300 in the last 30 days.

Different people are juggling their finances in different ways.

A refund on car insurance and health insurance- would be really really nice around about now...........

I find it bizarre that your grocery bill has increased, I mean, have you switched from eating mince to fillet steak? As for online shopping... I would be curious to know what that spend is on? It cant be anything essential, or the cost wouldnt have increased from January. I am in a 2 person household, so not exactly comparable, but my only extra spend since lockdown has been €60 getting my rusty old bike serviced and a voluntary €130 donation for online gym classes held 5 days a week (As opposed to paying €150 a quarter for live class once a week). the occasional €2.25 for a magnum icecream is my only new indulgence. Food and household shopping basket hasnt changed. Dont get takeaways, never did. Big saving on eating out. I find it impossible to spend money and even though my income has gone down significantly, so far I am saving money without even trying.

joe123

TSQ wrote: »

I find it bizarre that your grocery bill has increased.

How so? Most folk now who would have been going to work in the morning, now eat a breakfast at home. Rather than a slice of toast and coffee on the way out, People are eating lunches at home and then the usual dinner. Spending more time at home = more time eating the food you have at home.

awec

TSQ wrote: »

I find it bizarre that your grocery bill has increased, I mean, have you switched from eating mince to fillet steak? As for online shopping... I would be curious to know what that spend is on? It cant be anything essential, or the cost wouldnt have increased from January. I am in a 2 person household, so not exactly comparable, but my only extra spend since lockdown has been €60 getting my rusty old bike serviced and a voluntary €130 donation for online gym classes held 5 days a week (As opposed to paying €150 a quarter for live class once a week). the occasional €2.25 for a magnum icecream is my only new indulgence. Food and household shopping basket hasnt changed. Dont get takeaways, never did. Big saving on eating out. I find it impossible to spend money and even though my income has gone down significantly, so far I am saving money without even trying.

Of course grocery bills are up. Almost everyone will be seeing higher spend in supermarkets.

When every single family member is eating every single meal at home it means you have to buy more food. When people have nothing to do except sit in the house they are going to eat more. Our supermarket spending has more than doubled.

Not sure what you find bizarre about it.

Hubertj

combat14 wrote: »

here is an article from 1.75 years ago explaining how Dublin's housing market was 25% over priced at that time relative to income

https://www.thejournal.ie/the-economist-dublin-house-prices-4205346-Aug2018/?amp=1

And what about the rest of the article about supply also increasing? To focus on 1 sentence takes it out of context in my opinion

Ekano

Billythekid19 wrote: »

Its a new development of 200 + houses but I dont see how demand will be present at this time. Its Ireland's fastest growing town so there are a hundred other houses for sale at any given time in the area.

It's a lovely looking house. However I think with the volume of houses being built in Carrigaline there will be above average drops in prices in the future. I think houses in certain parts of the city will reduce at a slower rate because the demand will be higher

Cyrus

awec wrote: »

Of course grocery bills are up. Almost everyone will be seeing higher spend in supermarkets.

When every single family member is eating every single meal at home it means you have to buy more food. When people have nothing to do except sit in the house they are going to eat more. Our supermarket spending has more than doubled.

Not sure what you find bizarre about it.

yep, for us we would eat out a lot, cant do that now, so higher grocery spend!