Irish Property Market 2020 Part 2

PropQueries · 08-09-2020 8:49am

Google pulls out of talks to lease 2,000 office spaces in Dublin.

“Google has pulled out of talks to lease the Sorting Office, a seven-storey office building under construction in Dublin’s docklands. After much deliberation, Google has decided not to proceed with leasing the Sorting Office, said a statement from a Google spokesperson.”

Irish Independent article link here: https://www.independent.ie/business/technology/google-pulls-out-of-talks-to-lease-2000-office-spaces-in-dublin-39512236.html

tigger123 · 08-09-2020 8:56am

PropQueries wrote: »

Google pulls out of talks to lease 2,000 office spaces in Dublin.

“Google has pulled out of talks to lease the Sorting Office, a seven-storey office building under construction in Dublin’s docklands. After much deliberation, Google has decided not to proceed with leasing the Sorting Office, said a statement from a Google spokesperson.”

Irish Independent article link here: https://www.independent.ie/business/technology/google-pulls-out-of-talks-to-lease-2000-office-spaces-in-dublin-39512236.html

I'd imagine that's them doubling down on WFH.

No point in paying through the nose for office space in that scenario.

Assetbacked · 08-09-2020 9:30am

brisan wrote: »

I think with the limited public transport ,more people in the city and crowed trains and buses are not on the agenda.
Dublin city is and will continue to be a ghost town until a viable vaccine is found

Exactly, that is what one would expect. However, we do have institutional investors who have the ear of the advisors and they will be saying that it would be a shame if Ireland's economic recovery was stunted due to reduced appetite for commercial space which helped pump up GDP the past few years.

The lack of tourist activity from now (since people are back to work and kids back at school) until 2021 season at the earliest is going to finish off a lot of businesses in Dublin city but also outside of Dublin. All the pubs will be open soon but sure what sort of footfall will the city centre ones have during the week with no tourists pottering about and no office workers coming in for their lunch? Pubs offering food after the GFC was key to their survival but I don't see how many of them will survive until tourism starts next March, without significant government subsidies. From now is when we will see proper economic fallout from the extreme covid response by the government (ignoring whether you feel it was right or wrong, it was extreme and wasn't just Ireland obviously which shut down its economy). With such a divided and mismatched government, unfortunately I do not see anything promising in the next 6 months of Ireland's re-emerging from economic and social hibernation. Hopefully I'm wrong.

Of relevance to property; massive demand shock and stress test for the market as a result of this demand shock. Reports after Q2 next year (so July/August reports) are when we will start to see the covid response effect on the market, but it seems the rental market is ripe to be popped. The purchase market is so fragmented that certainly above a certain price range some haircuts will be taken but other price ranges will hold up. Even within price ranges there seems to be a big divide between homes needing renovation and those that are turnkey. The promising thing is that credit is not a big factor in the home buying market which means the negative effect of the shock won't be amplified so I wouldn't be as pessimistic about this market. With FF and FG eager to get more younger people into home ownership too it is very possible (and there are some signs so far) that they might actually introduce some measures which prop up the purchaser's market for FTBs which can trickle up of course.

Cyrus · 08-09-2020 10:22am

brisan wrote: »

Life is the journey NOT the destination

i totally agree and that journey is a lot more enjoyable when you and your family have a home to live in, that meets your needs.

rather that than spend a decade waiting for a recession renting somewhere personally.

Hulk Hands · 08-09-2020 11:03am

Cyrus wrote: »

i totally agree and that journey is a lot more enjoyable when you and your family have a home to live in, that meets your needs.

rather that than spend a decade waiting for a recession renting somewhere personally.

Well no more waiting, we're in one. After your weeks of needless pedantry telling people we weren't

https://www.irishtimes.com/business/economy/ireland-in-recession-as-economy-contracts-by-more-than-6-1.4348513

Cyrus · 08-09-2020 11:18am

Hulk Hands wrote: »

Well no more waiting, we're in one. After your weeks of needless pedantry telling people we weren't

https://www.irishtimes.com/business/economy/ireland-in-recession-as-economy-contracts-by-more-than-6-1.4348513

weeks of needless pedantry? or just sticking to facts? i probably corrected you once regarding a recession but dont let that get in the way of hyperbole.

We are in one now, yes, i havent said otherwise.

You must be most pleased. Some peoples need for misery is baffling.

rks · 08-09-2020 11:38am

Interesting article:

https://www.irishtimes.com/opinion/covid-19-brings-with-it-some-good-for-certain-european-cities-but-not-dublin-1.4347976

smurgen · 08-09-2020 11:57am

Interesting chart for Ireland.

https://twitter.com/EU_Eurostat/status/1303256766096928768?s=19

smurgen · 08-09-2020 12:01pm

Cyrus wrote: »

weeks of needless pedantry? or just sticking to facts? i probably corrected you once regarding a recession but dont let that get in the way of hyperbole.

We are in one now, yes, i havent said otherwise.

You must be most pleased. Some peoples need for misery is baffling.

What facts are you spouting? Of all the Posters here I don't ever think I see you backing anything up with reports or articles. Also painting bad news as a persuit of misery speaks volumes. If we're facing economic contractions that will impact housing people should know. It's about having relevant information to consumers. Saying everything is great doesn't help anyone bar those selling or those who receive comission on transactions.

Cyrus · 08-09-2020 12:14pm

smurgen wrote: »

What facts are you spouting? Of all the Posters here I don't ever think I see you backing anything up with reports or articles. Also painting bad news as a persuit of misery speaks volumes. If we're facing economic contractions that will impact housing people should know. It's about having relevant information to consumers. Saying everything is great doesn't help anyone bar those selling or those who receive comission on transactions.

i was correcting someone who said we were in a recession when technically we were not, we are now however. So instead of constantly linking articles which support an agenda i deal with verifiable facts in front of me such as the PPR and CSO reports.

Linking an article backs nothing up. Its just a link to a piece of information that supports your agenda, you are an expert at it. Its laughable to think you see yourself as some paragon of virtue because you scour the web for articles that support your pov.

I am neither selling, or getting commission on sales or saying everything is great so i dont really know what point you are attempting to make.

Cyrus · 08-09-2020 1:38pm

anyway back to actual houses instead of amateur economics, serious office vibes from this place, the interior designer was given one colour palette only, carpets in the bedrooms look like actual office carpet tiles

https://www.myhome.ie/residential/brochure/40-mapas-road-dalkey-co-dublin/4453155

850k i dont think so somehow. But at least its cleanly done and relatively well presented if not over sterile.

awec · 08-09-2020 1:40pm

Very bland. Done deliberately for sale I'd say, to make it appear bright and spacious.

Hubertj · 08-09-2020 1:58pm

Cyrus wrote: »

anyway back to actual houses instead of amateur economics, serious office vibes from this place, the interior designer was given one colour palette only, carpets in the bedrooms look like actual office carpet tiles

https://www.myhome.ie/residential/brochure/40-mapas-road-dalkey-co-dublin/4453155

850k i dont think so somehow. But at least its cleanly done and relatively well presented if not over sterile.

It’s very nicely done but Doesn’t give the feel of a family home from the pics. Something sterile about it.

MacronvFrugals · 08-09-2020 1:59pm

It would break my heart paying 900k for that.

The_Conductor · 08-09-2020 2:00pm

Cyrus wrote: »

anyway back to actual houses instead of amateur economics, serious office vibes from this place, the interior designer was given one colour palette only, carpets in the bedrooms look like actual office carpet tiles

https://www.myhome.ie/residential/brochure/40-mapas-road-dalkey-co-dublin/4453155

850k i dont think so somehow. But at least its cleanly done and relatively well presented if not over sterile.

Its actually €895,000- not 850k
The price would appear to be purely speculative (and based solely on the Dalkey address- because the property certainly doesn't command the price they're looking for).

Its allegedly a 5 bed- however bedroom 5 is a downstairs study with the only downstairs toilet en-suite to it.

Its incredibly tight- they have squashed too much into the property- despite the lack of furniture or anything obviously making it look cluttered- it has a claustrophobic feel to it.

No. 7 Mapas Road sold this year (2020) for 700k - I have no idea how it differs from no. 40 - but I'd suggest in the current climate, you'd be lucky to get the same price for a commensurate property on the same road.

House is completely mispriced.

fliball123 · 08-09-2020 2:03pm

Cyrus wrote: »

anyway back to actual houses instead of amateur economics, serious office vibes from this place, the interior designer was given one colour palette only, carpets in the bedrooms look like actual office carpet tiles

https://www.myhome.ie/residential/brochure/40-mapas-road-dalkey-co-dublin/4453155

850k i dont think so somehow. But at least its cleanly done and relatively well presented if not over sterile.

If I was a betting man I would bet that will get close to the asking people pay a premium for location this is how it always has been and I like the clean lines the house has it will surely meet others taste as well it will be interesting to see what it goes for

Hulk Hands · 08-09-2020 2:10pm

Cyrus wrote: »

weeks of needless pedantry? or just sticking to facts? i probably corrected you once regarding a recession but dont let that get in the way of hyperbole.

We are in one now, yes, i havent said otherwise.

You must be most pleased. Some peoples need for misery is baffling.

How on earth would I be pleased? What sort of nonsense conclusion is that to jump to?

I nitpicked at a point in your post, something you've done continuously to others throughout the thread

billybonkers · 08-09-2020 2:12pm

Why are people so fixated on a Dublin lockdown?

Most people don't leave the county regularly and are working from home. If people really want to see numbers down close the schools, the amount of increase in traffic and people about since they opened what did we think would happen?

The_Conductor · 08-09-2020 2:12pm

Here is the link to no. 7 on the same road.

https://www.auctioneera.ie/property/7-mapas-road-dalkey-dublin-a96-nd89

I think Auctioneera did well to get 700k for it- however, I actually prefer it to no. 40- as it doesn't have that claustrophobic feel that no. 40 has.

fliball123 · 08-09-2020 2:17pm

The_Conductor wrote: »

Here is the link to no. 7 on the same road.

https://www.auctioneera.ie/property/7-mapas-road-dalkey-dublin-a96-nd89

I think Auctioneera did well to get 700k for it- however, I actually prefer it to no. 40- as it doesn't have that claustrophobic feel that no. 40 has.

no 40 has a much better finish and has more cash pumped in and has 40 Square foot more and thats with No: 7 including the attic which you would smack the head off yourself whilst walking around up there. I can easily see it fetching an extra 100k at least. Also 40 has a B3 BER where as 7 has D2 and 2 extra bed rooms

The_Conductor · 08-09-2020 2:19pm

fliball123 wrote: »

If I was a betting man I would bet that will get close to the asking people pay a premium for location this is how it always has been and I like the clean lines the house has it will surely meet others taste as well it will be interesting to see what it goes for

Other property on the same road has gone for between 600 and 700 in 2019 and 2020. This is a cool 200k more.

I get that you like it- personally I hate it- on several different levels- including the fact that there is a lack of toilets/bathrooms (esp. for a house that in theory has 5 bedrooms).

Its try way too hard- to tick too many boxes- and just feels awful to me, as a property- it doesn't feel like somewhere you could actually live.

Ush1 · 08-09-2020 2:20pm

How does the BER of that house compare to the others?

Cyrus · 08-09-2020 2:22pm

The_Conductor wrote: »

Its actually €895,000- not 850k
The price would appear to be purely speculative (and based solely on the Dalkey address- because the property certainly doesn't command the price they're looking for).

Its allegedly a 5 bed- however bedroom 5 is a downstairs study with the only downstairs toilet en-suite to it.

Its incredibly tight- they have squashed too much into the property- despite the lack of furniture or anything obviously making it look cluttered- it has a claustrophobic feel to it.

No. 7 Mapas Road sold this year (2020) for 700k - I have no idea how it differs from no. 40 - but I'd suggest in the current climate, you'd be lucky to get the same price for a commensurate property on the same road.

House is completely mispriced.

mapas road, mapas ave and dalkey park are just one big 60s (i think) estate, a lot of the houses would need modernisation. 7 mapas road would have fallen into that category so i guess do you see 200k worth of work gone into this?

its far too tight for a 5 bed.

awec · 08-09-2020 2:23pm

I don't like how the living room, dining room and kitchen downstairs are all essentially one big room. It would wreck my head if I was sitting watching TV and someone was banging about in the kitchen.

In the grand scheme of things though it has been done well, but the colours are very bland. That's easily fixed. I wouldn't pay the asking for it though.

It's also quite clearly a 4 bed in reality.

MacronvFrugals · 08-09-2020 2:23pm

The_Conductor wrote: »

Here is the link to no. 7 on the same road.

https://www.auctioneera.ie/property/7-mapas-road-dalkey-dublin-a96-nd89

I think Auctioneera did well to get 700k for it- however, I actually prefer it to no. 40- as it doesn't have that claustrophobic feel that no. 40 has.

This one actually feels like a home.

Cyrus · 08-09-2020 2:23pm

fliball123 wrote: »

If I was a betting man I would bet that will get close to the asking people pay a premium for location this is how it always has been and I like the clean lines the house has it will surely meet others taste as well it will be interesting to see what it goes for

maybe, its my area and while its fine in there its not one of the nicer parts of dalkey, nothing wrong with it, just a 60/70s estate vibe.

it looks like a cheap cosmetic refurb at least, albeit with a b3 ber some good work was done somewhere.

Assetbacked · 08-09-2020 2:24pm

Cyrus wrote: »

anyway back to actual houses instead of amateur economics, serious office vibes from this place, the interior designer was given one colour palette only, carpets in the bedrooms look like actual office carpet tiles

https://www.myhome.ie/residential/brochure/40-mapas-road-dalkey-co-dublin/4453155

850k i dont think so somehow. But at least its cleanly done and relatively well presented if not over sterile.

What's its proximity to Bono's gaff though?

fliball123 · 08-09-2020 2:26pm

The_Conductor wrote: »

Other property on the same road has gone for between 600 and 700 in 2019 and 2020. This is a cool 200k more.

I get that you like it- personally I hate it- on several different levels- including the fact that there is a lack of toilets/bathrooms (esp. for a house that in theory has 5 bedrooms).

Its try way too hard- to tick too many boxes- and just feels awful to me, as a property- it doesn't feel like somewhere you could actually live.

yeah but it still has 2 bedrooms more, its a much bigger house and it has a much better BER rating. It has the same amount of bathrooms as no 7. We are comparing price if 7 went for 700k I could easily see a house with a much better finish (downstairs is completely open plan) with 40 sq ft more, 2 extra bathrooms and a better BER getting an additional 100k . Having said that I wouldnt pay you 800 or 900k to live in it I couldnt afford it to begin with and if I could afford it I reckon there are much better properties out there for the money I guess it will depend on if someone wants to live in Dalkey

Cyrus · 08-09-2020 2:27pm

Hulk Hands wrote: »

How on earth would I be pleased? What sort of nonsense conclusion is that to jump to?

I nitpicked at a point in your post, something you've done continuously to others throughout the thread

Pointing out we werent in a recession when we werent in a recession is nit picking now?

fliball123 · 08-09-2020 2:27pm

Assetbacked wrote: »

What's its proximity to Bono's gaff though?

ah sure Bono will come over and do your washing

Irish Property Market 2020 Part 2

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