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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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[Deleted User]

Auctioneera wrote: »

All estate agents in Ireland are regulated by the PSRA. We are required by law to disclose the current offers on a property. We put all latest offers on our website and think that every estate agent should do this.

I think you are doing a bit of shilling here auctioneera. By law you are required to keep a record of bids, are you required to give in to bidders in writing?

Auctioneera

c.p.w.g.w wrote: »

Good luck trying to get an estate agent doing that tho. I was looking a gaff before Xmas last year, made an offer and was declined and I asked for the above and they rang me back to literally laugh at my request...house is still for sale and my buddy who was selling didn't go with this EA

All estate agents in Ireland are regulated by the PSRA. We are required by law to disclose the current offers on a property. We put all latest offers on our website and think that every estate agent should do this.

c.p.w.g.w

Auctioneera wrote: »

Be sure to ask the estate agent to email you the current situation in relation to offers ie what, if any, offers are there currently on the property. Get this in writing as an unscrupulous agent may say there are offers when there are not. This is known as "ghost bidding." If there are no offers on the property, then obviously don't offer over the asking price.

Good luck trying to get an estate agent doing that tho. I was looking a gaff before Xmas last year, made an offer and was declined and I asked for the above and they rang me back to literally laugh at my request...house is still for sale and my buddy who was selling didn't go with this EA

Maz2016

Auctioneera wrote: »

Be sure to ask the estate agent to email you the current situation in relation to offers ie what, if any, offers are there currently on the property. Get this in writing as an unscrupulous agent may say there are offers when there are not. This is known as "ghost bidding." If there are no offers on the property, then obviously don't offer over the asking price.

Good advice , thanks.

Auctioneera

Maz2016 wrote: »

Was talking to an estate agent today regarding a 3 bed property I liked. The asking price is 185k. He sent me a video (very detailed in fairness) showing every aspect of the duplex apartment. Even down to where power points/tv points were etc. Told him I was interested. He has arranged a viewing for next week as it’s within the 5k. The current owners and the EA are happy for me to tour the property while the owners wait outside and the EA will be at the door. I asked him was there much interest. He said I’ll be the 4th viewing. I asked about price. He said put it this way - no point going in under 195k. I was a little taken a back. I am a first time buyer so pretty new and I’m experienced but I would have been thinking of offering on the lines of 160-165k as a first offer. Am I deluded?

Be sure to ask the estate agent to email you the current situation in relation to offers ie what, if any, offers are there currently on the property. Get this in writing as an unscrupulous agent may say there are offers when there are not. This is known as "ghost bidding." If there are no offers on the property, then obviously don't offer over the asking price.

Auctioneera

Julissa Bitter Jeep wrote: »

So you've no incentive to get the best price possible for your client?

There's no such thing as "the best possible price" - there is the market price as determined by what the highest bidder is willing to pay. Estate agents facilitate offers to be made on properties. The idea that the market value of an asset varies by whom the agent is charged with selling it is a nonsense in our view.
Every agent brings the market price to the vendor. The vendor decides to accept or reject that.

Alrigghtythen

Maz2016 wrote: »

Was talking to an estate agent today regarding a 3 bed property I liked. The asking price is 185k. He sent me a video (very detailed in fairness) showing every aspect of the duplex apartment. Even down to where power points/tv points were etc. Told him I was interested. He has arranged a viewing for next week as it’s within the 5k. The current owners and the EA are happy for me to tour the property while the owners wait outside and the EA will be at the door. I asked him was there much interest. He said I’ll be the 4th viewing. I asked about price. He said put it this way - no point going in under 195k. I was a little taken a back. I am a first time buyer so pretty new and I’m experienced but I would have been thinking of offering on the lines of 160-165k as a first offer. Am I deluded?

Compare it to what else is going for 165000 assess if they also meet your requirements with regards to bedrooms, garden, location, etc. If yes, 165,000.

Umaro

cnocbui wrote: »

Work out what it would cost you to buy a piece of land and have someone build something on it with the same floor area to the same level of finish, and you will have your answer.

Why would you compare the purchase of a second-hand apartment that could've been built 30 years ago, with building a house from scratch? Am I missing something?

retalivity

Maz2016 wrote: »

Was talking to an estate agent today regarding a 3 bed property I liked. The asking price is 185k. He sent me a video (very detailed in fairness) showing every aspect of the duplex apartment. Even down to where power points/tv points were etc. Told him I was interested. He has arranged a viewing for next week as it’s within the 5k. The current owners and the EA are happy for me to tour the property while the owners wait outside and the EA will be at the door. I asked him was there much interest. He said I’ll be the 4th viewing. I asked about price. He said put it this way - no point going in under 195k. I was a little taken a back. I am a first time buyer so pretty new and I’m experienced but I would have been thinking of offering on the lines of 160-165k as a first offer. Am I deluded?

The EA is working for the seller, not you.
Offer what you think is a fair price, and see the response.

cnocbui

Maz2016 wrote: »

Was talking to an estate agent today regarding a 3 bed property I liked. The asking price is 185k. He sent me a video (very detailed in fairness) showing every aspect of the duplex apartment. Even down to where power points/tv points were etc. Told him I was interested. He has arranged a viewing for next week as it’s within the 5k. The current owners and the EA are happy for me to tour the property while the owners wait outside and the EA will be at the door. I asked him was there much interest. He said I’ll be the 4th viewing. I asked about price. He said put it this way - no point going in under 195k. I was a little taken a back. I am a first time buyer so pretty new and I’m experienced but I would have been thinking of offering on the lines of 160-165k as a first offer. Am I deluded?

Work out what it would cost you to buy a piece of land and have someone build something on it with the same floor area to the same level of finish, and you will have your answer.

Maz2016

Was talking to an estate agent today regarding a 3 bed property I liked. The asking price is 185k. He sent me a video (very detailed in fairness) showing every aspect of the duplex apartment. Even down to where power points/tv points were etc. Told him I was interested. He has arranged a viewing for next week as it’s within the 5k. The current owners and the EA are happy for me to tour the property while the owners wait outside and the EA will be at the door. I asked him was there much interest. He said I’ll be the 4th viewing. I asked about price. He said put it this way - no point going in under 195k. I was a little taken a back. I am a first time buyer so pretty new and I’m experienced but I would have been thinking of offering on the lines of 160-165k as a first offer. Am I deluded?

MrMusician18

cnocbui wrote: »

The amount of energy is essentially no different. If you add 10 more houses to an existing route, the An Post driver doesn't drive any further. The amount of time might increase marginally, but could be more than offset by requiring houses to have a roadside mailbox, like I do, rather than most of the farms and houses on my road that don't have one and expect the mail to be delivered to their door.

You get this same nonsense argument endlessly on Boards from the urbanites. Oh, the cost of a one-off house in the country is so much more to society to provide services for. Absolute rubbish. I live in a one-off on a rural road. There was already a power line running down the road, there was already a phone line running down the road, there was already a road, there was already a school. These things are already there, and have to be to service farms. What my living here actually did was average down the cost of providing services to the existing farms. Oh, and I provided my own well and water supply so no cost there.

High density accommodation is great for pandemics, crime and other social aberrations.

You are absolutely 100% incorrect on the cost to service one off housing to society. I've posted at length previously on the topic, and I don't think this thread is the place so won't go further than that.

Back to the topic at hand, I'll be honest and say I would've expected some softening of the rental market by now, but that hasn't happened. The apartment neighbouring ours went on the market at a price I would've considered well overvalued but its gone now and with no real in-person viewings.

q85dw7osi4lebg

Auctioneera wrote: »

We're a fixed fee agency - no incentive to drive prices higher and even if we wanted to, we couldn't as all latest offers published transparently on our website. As mentioned previously, the buyers on here have a financial incentive to talk down the market - should they be banned too. Should we vet every participant to ensure that they are financially neutral to all market outcomes?
In that case, we'd need to kick off all buyers, sellers and renters. We all have financial skin in the housing game. So let's accept that and discuss each point on its merits.

So you've no incentive to get the best price possible for your client?

Mic 1972

Work From Home is going to take over eventually, it's a slow process that Covid only accelerated.
it was an unthinkable option 20-30 years ago with only few exceptions, now it's manageable. There are software to monitor home workers, and complex systems to measure productivity that weren't available years ago
For Companies it's a win win, big savings on office space and no loss of productivity
On the other hand WFH is not going to remove the need for big cities, people like living in big cities for a number of reasons taht have nothing to do with work

GreeBo

Padre_Pio wrote: »

I don't know and don't care. The facts are there whether you want to buy them or not.

I see. Well silicon valley is s fact. Broadband is a fact. Partial working from home is a fact. And yet none of these companies have large scale WFH? Why is that?

smurgen wrote: »

Not sure I understand where your questions are coming from you seem particularly peeved. The idea of people switching up how they work and live seems to annoy you. Don't shoot the messenger. And if you don't agree it's fine. I'm not trying to convince you.

They are coming from the fact that all these tech companies have had the ability, support and reasoning to WFH for decades and yet it's not s large scale thing. Why is that? Why will covid change that? If your argument is that the leaders of these tech companies didnt believe in WFH but do now, then I don't buy that.

Fwiw I've worked in tech for over 20 years and every company has supported people working from home on occasion.

It won't change my life in the slightest, I was working from home at least 1 day a week before all this. It's a strange forum where only WFH positivity is allowed.

cnocbui

Diarmuid wrote: »

I think you are conflating a number of things here

1. The idea that WFH means everyone moves to the country, I want to WFH but live in a city and I'm not on my own
2. That it costs more to provide services in a centralized high density location. I suspect the opposite is true. The reality is that taxes would have to increase if everyone wanted to live in their one off house in the country while receiving the same public services they left behind in the city
3. That public services are being provided for the benefit of companies as opposed to the people who live there.

I doubt WFH could accommodate more than 30 % of the workforce practically, so Cities aren't going away.

I live in a one-off. What public services? I pay for my rubbish disposal, I paid for my connection to the ESB line that was running past my house, I paid for my phone line connection to the line that was already running past my house. The road was already here. I'ts the milk tankers, trucks that deliver feed and fertiliser and other ag supplies, tractors, large 4WDs towing stock trailers, that cause 99.999% of the road maintenance requirements, which isn't all that much any, even at that. I paid for my own well and water supply. I pay for my own transport.

What services?

Nothing, but nothing, can compare to the cost to the taxpayer of providing mass public transport in high density cities.

cnocbui

BluePlanet wrote: »

Population density is efficient.
Low density is wasteful.

Imagine a postman delivering letters.
How much energy and time they must consume to deliver letters to 1000 households in the country, compared to a high density city.

The amount of energy is essentially no different. If you add 10 more houses to an existing route, the An Post driver doesn't drive any further. The amount of time might increase marginally, but could be more than offset by requiring houses to have a roadside mailbox, like I do, rather than most of the farms and houses on my road that don't have one and expect the mail to be delivered to their door.

You get this same nonsense argument endlessly on Boards from the urbanites. Oh, the cost of a one-off house in the country is so much more to society to provide services for. Absolute rubbish. I live in a one-off on a rural road. There was already a power line running down the road, there was already a phone line running down the road, there was already a road, there was already a school. These things are already there, and have to be to service farms. What my living here actually did was average down the cost of providing services to the existing farms. Oh, and I provided my own well and water supply so no cost there.

High density accommodation is great for pandemics, crime and other social aberrations.

PokeHerKing

Cyrus wrote: »

Fair enough I was more thinking of in the village prices rise steeply that’s a drive everywhere house but take the point

1.2 million would buy close to 100% of properties in Enniskerry currently on my home.

combat14

Looks like very worrying developments with new outbreak of corona virus in china - with patients taking longer to show symptoms and also taking longer to recover. Patients in new outbreak are mainly affected in lungs compared to multi organs in wuhan - so this could be some form of mutation..

hopefully this is isolated or world economy and property market will be in serious trouble....

China’s New Outbreak Shows Signs the Virus Could Be Changing

https://www.bloomberg.com/news/articles/2020-05-20/china-sees-signs-new-cluster-carries-virus-longer-than-in-wuhan

Cyrus

[Deleted User] wrote: »

https://www.daft.ie/wicklow/houses-for-sale/enniskerry/oaksville-annacrivey-enniskerry-wicklow-2329443/

to start...

Fair enough I was more thinking of in the village prices rise steeply that’s a drive everywhere house but take the point

[Deleted User]

Cyrus wrote: »

Don’t think a million goes quite that far in EnnisKerry

https://www.daft.ie/wicklow/houses-for-sale/enniskerry/oaksville-annacrivey-enniskerry-wicklow-2329443/

to start...

Ursabear

GreeBo wrote: »

Not for a tech company, sorry but I dont buy that at all.
Facebook, google, etc these companies were born from tech, driven by tech and owned by tech, they dont have any hangups about relying on tech to enable WFH.

Clearly there are other reasons why everyone in these companies isnt working from home.

Why is silicon valley even a thing if you dont need to have these people all together?

I imagine partially that a few years back the majority of employees were young and craved the social aspect of being in a cool, hip space , meeting like-minded colleagues and the social lives in the cities . There is a big sense of community that the tech companies try to build. However a lot of the staff are getting older and may not care so much for the social aspect anymore and maybe more family oriented . Also internet connectivity has improved in terms of the reach of connections and speed outside of the cities while the cost of living in the cities has increased quickly, pushing wages and rents up.

Also the generation born from late 90s onwards grew up fully connected and so have had a totally different immersion with the web, than even people now in their mid thirties . Mid thirties people and up would have probably been more comfortable working on site, for the starts of their careeers. A lot of the people I work with in their 20s have built a large part of their social life online and a lot don't even feel comfortable taking a phone call they would prefer to chat behind tech .

Cyrus

[Deleted User] wrote: »

These properties at that price are an absolute disgrace!

If I had that much money to spend on a house, I'd be off to Enniskerry to get a 2 acre site and a big detached house as quickly as possible!

Don’t think a million goes quite that far in EnnisKerry

Padre_Pio

GreeBo wrote: »

Not for a tech company, sorry but I dont buy that at all.
Facebook, google, etc these companies were born from tech, driven by tech and owned by tech, they dont have any hangups about relying on tech to enable WFH.

Clearly there are other reasons why everyone in these companies isnt working from home.

Why is silicon valley even a thing if you dont need to have these people all together?

I don't know and don't care. The facts are there whether you want to buy them or not.

smurgen

GreeBo wrote: »

What percentage of facebook employees were WFH 100% of the time in January?

Whats changed? Did the people in Facebook not know about the technology that has existed for a decade?

Not sure I understand where your questions are coming from you seem particularly peeved. The idea of people switching up how they work and live seems to annoy you. Don't shoot the messenger. And if you don't agree it's fine. I'm not trying to convince you.

[Deleted User]

Cyrus wrote: »

these would have been a hard sell a few months back, very hard to see them shifting at over 1m a piece. Location is ok, site is cramped though, and even though the houses are big, the rooms look small, im guessing could be 4 floors, size of gardens will put a family off and 4 floors wont entice local downsizers

https://www.myhome.ie/residential/brochure/st-paul-s-square-adelaide-road-glenageary-dublin/4407651

These properties at that price are an absolute disgrace!

If I had that much money to spend on a house, I'd be off to Enniskerry to get a 2 acre site and a big detached house as quickly as possible!

GreeBo

Pivot Eoin wrote: »

They probably will tbh.

I enquired about a 3Bed new build near there recently and it was 895k.

In terms of the area, A family member sold a 5 Bed near to there recently around the €1m mark... it took them about 4 years to complete the sale. Now the house needed a bit of TLC.

Jaysus, on paper thats a nice house in a nice location, but in reality...ugh.

I wouldnt to'uch it with yours, certainly not for that money.

What percentage of that house is stairs? 25%?
And the "garden" is terribly over looked.

Cyrus

Pivot Eoin wrote: »

They probably will tbh.

I enquired about a 3Bed new build near there recently and it was 895k.

In terms of the area, A family member sold a 5 Bed near to there recently around the €1m mark... it took them about 4 years to complete the sale. Now the house needed a bit of TLC.

I’ll eat my hat if they get 1.15 for one they may have a year ago but not now

I could be wrong but I doubt it.

kippy

Padre_Pio wrote: »

All I can take out of the last few hundred posts on this thread is that nobody knows for sure.
In 2007 there was outright denial things would change.
In 2008 they said we'd have a soft landing.
in 2009 people really woke up.

I know this is different (a pandession according to David MacWilliams) but to me it looks a lot of the same.

The variables are different but the outcome may be the same or worse.

Cyrus

Claw Hammer wrote: »

There is no need for a garden in that location unless there are very small children involved. Working professional couples with teenage and up children would be the target market.

Often people looking at 4/5 bedrooms houses have small kids . And living in a similar estate in the vicinity there is a mix of older professionals, downsizers and families with small kids