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Irish Property Market 2020 Part 2

Graham

Continued from here:

https://www.boards.ie/vbulletin/showthread.php?t=2058041687

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awec

That whole area on that side of the n11 is a bit barren to be honest, it's just houses dotted up and down mountains. There's not really any villages even for a pub, or a corner shop.

It can be misleading because as the crow flies it seems close to some shops or a town, but in reality thanks to mountains or the N11 it can be a lot more remote than it looks.

hometruths

Assetbacked wrote: »

https://www.daft.ie/wicklow/houses-for-sale/kilmacanogue/castletore-glencormac-kilmacanogue-wicklow-2441411/

Is there a reason this house would be so cheap (or is it not actually cheap)? Location is next to the N11 and Bray dart station is a short enough drive.

I don't think that is cheap to be honest. For that money you'd get a much bigger house and much bigger garden in the area if you're happy with the idea of being a drive away from everything.

awec

schmittel wrote: »

I don't think that is cheap to be honest. For that money you'd get a much bigger house and much bigger garden in the area if you're happy with the idea of being a drive away from everything.

Agreed, I wouldn't pay 580 for that.

Bass Reeves

Assetbacked wrote: »

https://www.daft.ie/wicklow/houses-for-sale/kilmacanogue/castletore-glencormac-kilmacanogue-wicklow-2441411/

Is there a reason this house would be so cheap (or is it not actually cheap)? Location is next to the N11 and Bray dart station is a short enough drive.

The house is build in the corner of the site not in the middle. Its a small three bed house. No hall stairs goes up from living room. The house is build in dormer style and is not an aesthetically pleasing dormer either. all the living rooms are narrow about 12' wide and bedrooms are small as well. Because the house is build in the corner of the site it would be very hard to extend it. If you want to do anything with it you would have to knock and rebuild. Ideal size house for a couple retiring or downsizing but not a family home in the countryside for a couple with 2-3 children. However it would leave little equity for a couple downsizing. It was probably build in the late 70/early eighties when qualifying for a grant discouraged people from building larger houses.

And to cap it according to google there is a night club next to it.

awec

Bass Reeves wrote: »

The house is build in the corner of the site not in the middle. Its a small three bed house. No hall stairs goes up from living room. The house is build in dormer style and is not an aesthetically pleasing dormer either. all the living rooms are narrow about 12' wide and bedrooms are small as well. Because the house is build in the corner of the site it would be very hard to extend it. If you want to do anything with it you would have to knock and rebuild. Ideal size house for a couple retiring or downsizing but not a family home in the countryside for a couple with 2-3 children. However it would leave little equity for a couple downsizing. It was probably build in the late 70/early eighties when qualifying for a grant discouraged people from building larger houses.

And to cap it according to google there is a night club next to it.

I'm guessing it has been renovated at some point. The stairs in the living room indicating that a hall wall was knocked etc.

Bass Reeves

schmittel wrote: »

I don't think that is cheap to be honest. For that money you'd get a much bigger house and much bigger garden in the area if you're happy with the idea of being a drive away from everything.

It a half acre site so standard for that type of country bunglow/dormer/two story. All the area has been left in the front of the house ideal for 2-3 team sports mad children as plenty of area for football goals and area to play ball but it comes at a cost in relation to what can be done with the house

SozBbz

JimmyVik wrote: »

They are indeed. But they dont have to diss other peoples tastes either.

Diss? Wow some people must be extremely sensitive so.

As Awec said, its not what I would choose at that price point. The mere fact it exists means that someone else would. But it would just never be for me. If I were going modern, I'd go ultra modern, and if I were going period property then I'd want the real deal. Newly built, old looking houses just leave me cold.

I still don't see what amounts to jealousy in that.

SozBbz

Assetbacked wrote: »

https://www.daft.ie/wicklow/houses-for-sale/kilmacanogue/castletore-glencormac-kilmacanogue-wicklow-2441411/

Is there a reason this house would be so cheap (or is it not actually cheap)? Location is next to the N11 and Bray dart station is a short enough drive.

I wouldnt think thats cheap. Its quite a small house and not that accessible - you'd be driving everywhere.

I think it would need to be knocked - I'd want a house of much bigger proportions and more external appeal in that location.... but if you're paying anything like €580k as a starting point, then that doesnt really make sense.

Heres the actual listing by the way.

https://www.myhome.ie/residential/brochure/castletore-glencormac-kilmacanogue-co-wicklow-a98cr67/4339535

Bass Reeves

awec wrote: »

I'm guessing it has been renovated at some point. The stairs in the living room indicating that a hall wall was knocked etc.

There was no wall between the Kitchen and dining room. There was butt walls to carry lintels or a piece of steel to support floor joist's between the first and second floor. A sun room was added and a large open french door's glazed area out of dining room to patio. As well maybe the window on the ground floor bedroom was replaced with french/patio doors.

House internal decor is excellent and not dated. Gardens are well done at the back but you would want to like your gardening. However a lot of the garden are very open so you would not have much privacy that these type houses usually afford.

Accordining to the house plans there never was a hallway

alias no.9

mcsean2163 wrote: »

I don't think anyone needs to be prescient now, odds are a significant price drop on the cards...

That'd be my bet unless loads of millionaires flock to covid19 free Ireland.

We bought our house for half what our neighbors paid... it makes a difference.

I'm not denying it can make a difference but being set back by a year or even a decade in buying a house can make a difference too. I'm sure people told you at the time that prices had way further to fall. Remaining 'mortgage ready' carries a cost too, maybe putting off a career move because it would set you back 6 months, holding off on holidays, getting married, having kids, anything that would register as a large financial outgoing or reduce your purchasing power.

I fully expect prices to fall but I have no idea by how much or when they will bottom out. My post was following up on the point made by another poster that buy at the previous peak would in hindsight not have been a bad decision vs renting through to the present day.

Smouse156

Assetbacked wrote: »

https://www.daft.ie/wicklow/houses-for-sale/kilmacanogue/castletore-glencormac-kilmacanogue-wicklow-2441411/

Is there a reason this house would be so cheap (or is it not actually cheap)? Location is next to the N11 and Bray dart station is a short enough drive.

Pretty expensive for 116sqm in WICKLOW! Garden good size though and nice inside

awec

Smouse156 wrote: »

Pretty expensive for 116sqm in WICKLOW! Garden good size though and nice inside

North Wicklow is expensive, it's almost Dublin prices really.

BEdS_83

this ad went live 2 or 3 weeks ago, and now sale agreed =/

15-the-strand-marina-village-greystones (still can't post links

, so I put the address if you wanna search it on daft )

was searching the link to post here about price changing and pricing over Greystones, but it didn't even give me time to comment about it.

not sure why this same address was on daft for 645k back in jan/2019 -> www. thejournal. ie /marina-village-vr-tour-4456570-Jan2019/

I guess because the house was the show house, so maybe they gave up selling back then.. 2 weeks ago they put back the ad, 595k and as I said above, it didn't last long enough.

I do try to keep/be optimist some time and thinking that the price may go down, even a bit, but then I see houses being marked as sale agreed faster than never.

good thing about this thread is that I could see a good few examples that are not sold even after months... that might keep my hopes up.

LJ12345

I heard they were doing this a few years ago around Dublin. Looks like they’re going to be competing for housing stock again... crazy if you ask me, they need to come up with a better solution and keep away from the already depleted housing stock.

https://www.thejournal.ie/housing-minister-local-authorities-buy-up-new-properties-5155602-Jul2020/?utm_source=shortlink

mcsean2163

alias no.9 wrote: »

I'm not denying it can make a difference but being set back by a year or even a decade in buying a house can make a difference too. I'm sure people told you at the time that prices had way further to fall. Remaining 'mortgage ready' carries a cost too, maybe putting off a career move because it would set you back 6 months, holding off on holidays, getting married, having kids, anything that would register as a large financial outgoing or reduce your purchasing power.

I fully expect prices to fall but I have no idea by how much or when they will bottom out. My post was following up on the point made by another poster that buy at the previous peak would in hindsight not have been a bad decision vs renting through to the present day.

Maybe you're right but afaik tracker mortgages are over. I'm mainly interested in getting a small commercial property in Dublin, so I expect those to become more affordable.... but I guess time will tell.

However, if I was looking to buy a house now, I'd be looking for a bit discount!

Assetbacked

https://www.irishtimes.com/business/commercial-property/ronan-and-colony-selling-majority-stake-in-facebook-and-salesforce-offices-1.4310910?mode=amp

"Developer Johnny Ronan’s Ronan Group Real Estate (RGRE) and US investment firm Colony Capital have hired Eastdil Secured to advise on a "joint venture opportunity" to acquire a majority interest” in the European headquarter offices they are developing for Facebook and Salesforce in Dublin."

I wonder if this is connected with Colony Capital's recent debt defaults in the US and needing to restructure/raise cash.

https://www.reuters.com/article/us-colony-capital-loans/colony-capital-reports-3-2-billion-defaults-on-portfolio-loans-idUSKBN22K2IN

James 007

https://www.daft.ie/dublin/houses-for-sale/ballybough/32-ballybough-road-ballybough-dublin-2351621/

Am I missing something with regards to the value of this one:rolleyes:

javaboy

James 007 wrote: »

https://www.daft.ie/dublin/houses-for-sale/ballybough/32-ballybough-road-ballybough-dublin-2351621/

Am I missing something with regards to the value of this one:rolleyes:

“Lucrative investment opportunity”
6 units under one roof. Goldmine for certain types of landlords.

Cyrus

SozBbz wrote: »

Humm.... if I had €2.5m to spend, I wouldnt be dropping it on that place.

There are some serious houses in that little corner of Dundrum, but it wouldn't appeal to me at that price. I'd want a genuine Victorian pile either closer to the city of out by the coast.

Thats quite a bland house and the decor is starting to show its age. A new owner would probably want to redecorate which given the size of the place would not be an insignificant amount of money. Not sure who the buyer is for that.

This gets worse

The reason the garden is so small is that owners took most of it to build their new gaff

Eugh

Markitron

javaboy wrote: »

“Lucrative investment opportunity”
6 units under one roof. Goldmine for certain types of land slumlords.

FTFY

SozBbz

Cyrus wrote: »

This gets worse

The reason the garden is so small is that owners took most of it to build their new gaff

Eugh

Oh classic.

Theres been quite a bit of activity in that corner of Dundrum in recent years (I used to walk past it on my way to DTC when I lived in the areas). A few older properties being knocked with 2/3 large homes being built in their place, but I didnt think a house built 20ish years ago would have asite big enough to split and build another.

Some serious homes there, a few of which I suspect have swimming pools (indoor) judging by some of the infrastructure you see tastefully camouflaged in the gardens. Quite the little millionaires row.

Hubertj

James 007 wrote: »

https://www.daft.ie/dublin/houses-for-sale/ballybough/32-ballybough-road-ballybough-dublin-2351621/

Am I missing something with regards to the value of this one:rolleyes:

can someone explain this to me please? I presume the valuation is based on the rental income of the property? The units look in a terrible state so how much could you expect in rent? Or is the price factoring in the potential if they were renovated?

SozBbz

Hubertj wrote: »

can someone explain this to me please? I presume the valuation is based on the rental income of the property? The units look in a terrible state so how much could you expect in rent? Or is the price factoring in the potential if they were renovated?

Nope - I think it looks like an awful hovel. I can only assume the overall size is huge or something, but I couldnt see a total sqm/sft number.

Even if it being split into flats appeals to some (a certain type of LL as mentioned) surely just looking at the property in its entirety, its location and overall condition, I don't see where that price is coming from.

I did look at a house not a million miles away from there last year, although in a better location (around the start of the malahide road). https://www.myhome.ie/residential/brochure/30-malahide-road-clontarf-dublin-3/4336242
We didnt end up viewing it and I don't know what it ultimately went for but bids were at €536k when I enquired (I found the email from the agent at the time.)

Taking that as any sort of reference point, I don't get where €600k is coming from for that heap.

Cyrus

Hubertj wrote: »

can someone explain this to me please? I presume the valuation is based on the rental income of the property? The units look in a terrible state so how much could you expect in rent? Or is the price factoring in the potential if they were renovated?

what a depressing sh!thole, packed with lowly paid non nationals im sure

what a way to live.

SozBbz

CorkRed93 wrote: »

https://twitter.com/gavreilly/status/1286307924063727616

What good will come of this? Will this not just drive prices up?

I suppose the thinking is to keep the builders building, which otherwise might not happen. I think theres a real fear that if builders don't fully believe the can sell the units coming on stream, they'll just slow/stop building and supply which is already problematic will become even more so.

Thats a huge help with a deposit it anyones eyes.

But yep, I can't see it not causing some price creep.

Smouse156

CorkRed93 wrote: »

https://twitter.com/gavreilly/status/1286307924063727616

What good will come of this? Will this not just drive prices up?

Guaranteed the brickies will have jacked the prices to claim full advantage of this by COB tomorrow.

Interestingly 10% rebate = Zero down payment

hometruths

CorkRed93 wrote: »

https://twitter.com/gavreilly/status/1286307924063727616

What good will come of this? Will this not just drive prices up?

Many people, not least the government, think that is a good thing.

Markitron

Smouse156 wrote: »

Guaranteed the brickies will have jacked the prices to claim full advantage of this by COB tomorrow.

Interestingly 10% rebate = Zero down payment

That is interesting

brisan

Assetbacked wrote: »

Maybe it's just me but that house and garden is stunning.

It is a stunning property.

They were the first Million pound new houses in Dublin
A lot of celebs lived there
A few houses were bought with cash and I mean Shopping bags of 50 euro notes.
Local GARDAI were told to drive in regularly and note reg numbers.
Its a lovely estate .well kept and a bit of a walk to malahide

Cyrus

brisan wrote: »

A few houses were bought with cash and I mean Shopping bags of 50 euro notes.
Local GARDAI were told to drive in regularly and note reg numbers.
Its a lovely estate .well kept and a bit of a walk to malahide

wouldnt entice me!