JJJackal wrote: There are many differences but most importantly all first time buyers have 10% deposit and could only borrow 3.5 times salary, 2nd time buyers 20%. Thus negative equity less likely and loan more likely to be affordable.
JJJackal wrote: Also fundamentally economic imprudence did not drive this recession
cnocbui wrote: » Why does the bathroom 'need' to be redone?
Springy Turf wrote: » 500m² in Smithfield for 185k? Wow the market really has tanked.
Mic 1972 wrote: » i checked the video too, there is something odd about the layout and also the bathroom needs to be redone but for that price it would still be worthy. Not sure if this is a sign of anything, as anything else in the area is still super expensive
Springy Turf wrote: » What are the issues you have seen? They do seem to provide more information about the properties up front - and a clear closing deadline is a good think in my view. Unfortunately Sale Agreed is just as meaningless with them as it is with any other deal, but that's not Auctioneera's fault.
brisan wrote: » People seem to think Auctioneera are open and transparent. I have seen a couple of issues with them and they are EAs at the end of the day. I would not be sure of those bids
sanfranbest wrote: » That shoe box cottage has been on the market for ages, it showed a bid of 485k for weeks, now suddenly they have a bid for 525k, plus they still have a viewing next Saturday 29th Aug,,,, are they looking for more than 525k,,,,,,,,, Who in their right mind would pay over a half a million for this cottage is beyond my comprehension,,,,,,,,,,,,,,,,https://www.auctioneera.ie/property/47-gulistan-cottages-rathmines-dublin-d06-e6c9 Looking forward to seeing the actual selling price on the PPR
JJJackal wrote: » At present everyones salary is propped up by the Gov too...
sanfranbest wrote: » Greedy or clever? Looks like there was only one cottage on this site, Developer demolished the cottage and built two cottages on the site, They are both 80sq m , but with bad natural light and not a great design, They were first listed for 645k a few months ago, then with no buyers, they dropped the price to 627,500 Should the developer have gone with a really nice bigger house and not tried to squeeze two smaller cottages onto the site???https://www.myhome.ie/residential/brochure/20-arbutus-place-2-bed-study-portobello-dublin-8/4409698 Your Thoughts???
TheSheriff wrote: » Wow, we used to rent in that area. Its nice. Im speechless at that price to be honest; they look nice inside, but wow!
Mic 1972 wrote: » Ok, now that's an interesting price drop for a 1bed apt in Smithfield Similar apartments in the same area have much higher asking prices.https://www.myhome.ie/residential/brochure/apartment-155-the-spinnaker-smithfield-dublin-7/4432825
Donald Trump wrote: » If you are implying that people are thick to come to Ireland for a week of their lives for a holiday because it is a shit destination, imagine how thick you must think the people who live in Ireland are! Have you ever visited Ireland yourself? I'd imagine you aren't one of the thick ones who live there? What with all the other better European options you could freely move to at any stage as an Irish citizen.
Pelezico wrote: » Why would anyone holiday in Ireland? No sun, overpriced food, accommodation and eating out is extortionate. Give me Spain ...even with covid.
Bubbaclaus wrote: » Everyones?
landofthetree wrote: » Income tax will rise plus other taxes. 30 billion deficit for 2020. It could be even more next year if no vaccine which is highly like.
JJJackal wrote: » There are many differences but most importantly all first time buyers have 10% deposit and could only borrow 3.5 times salary, 2nd time buyers 20%. Thus negative equity less likely and loan more likely to be affordable. Also fundamentally economic imprudence did not drive this recession - consequently one would expect that when/if COVID is under control we should get growth. Growth if there is a vaccine is likely to be at a scale not previously seen - as the dip will be reversed (UK has drop of 20% GDP, probable that they could get a rise of >5% after COVID - previously unheard of which will restore confidence in the markets) Likely banks will print money like its going out of fashion - does not guarantee inflation but it could support inflation. Inflation will link to rising salaries etc. Leading to bigger mortgages etc
cannotlogin wrote: » Is the housing market not just doing exactly what it did in 2007? All signs of an upcoming recessions but too early to see any sustainable economic damage at the time (Even now many people are talking about the economic situation being temporary and a return to normality post covid despite that the unemployment rate is 20% & there are less options regarding moving country or sector than they were then). The market hasn't alternated significantly since covid and people are still buying for a number of reasons:- 1. They can afford to now & are concerned about mortgage approval difficulties, job losses, etc in the future 2. Concern about reducing housing stock in the future 3. Still think the recession won't affect them & maybe it won't We won't even begin to see the true damage until next year. Banks will continue to lend - they need to for profitably, they may be more selective & have less expections but if I was in a stable recession proof job I would be waiting. The stock of housing won't necessarily shrink that much, I.e. student accommodation & air b&B are no longer attractive, inherited properties most likely to be put on the market as the beneficiaries are probably under more pressure th a pre covid19, cannot afford to recover, a move out of larger cities as working from home becomes more possible. This is balance out over time. Nobody knows what will happen but it really feels likevearly 2007 again.
