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Irish Property Market 2020 Part 2

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    #7472
    Timing belt
    Registered Users Posts: 3,407 ✭✭✭Timing belt


    Mad_maxx wrote: »
    thought it somewhat interesting that the IRES reit fell 4% today and is still lower than it was three and a half years ago , dividend is almost 4.5%

    are institutions bearish ?

    The risk has increased the passed few days of another extended lockdown which if happens will lead to a slower economic recovery.


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    #7473
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    So am I going to get the house in rathgar with a lift for €500k?


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    #7474
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    Hubertj wrote: »
    So am I going to get the house in rathgar with a lift for €500k?

    2 of them just ask Santa


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    #7475
    hometruths
    Registered Users, Subscribers Posts: 5,797 ✭✭✭hometruths


    Timing belt wrote: »
    I don't see any sweeping generalization as I said it will be as hard to buy as today unless you are a 100% cash buyer.

    Fair enough. Crossed wires. Apologies.

    I now understand that you are saying everybody who is not a 100% cash buyer is finding it difficult today.

    There are plenty of people today who have secure jobs, high incomes and good savings who have no problem getting a mortgage.

    And those people will find it is as easy to buy in 2023/4 as they are finding it today, and quite possibly easier.

    Which is what I said. It is not true to paint a picture that nobody but cash buyers will be buying houses if prices collapse.


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    #7476
    hometruths
    Registered Users, Subscribers Posts: 5,797 ✭✭✭hometruths


    Marius34 wrote: »
    It didn't follow last time, most of it started around 2008 Q1/Q2

    Last time we ran out of greater fools. Plenty of evidence to suggest we have not reached that point yet.


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    #7477
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    fliball123 wrote: »
    2 of them just ask Santa

    Santa cant travel this year
    14 day quarantine rules has put paid to his delivery schedule


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    #7478
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    question for the experts.

    Please can someone answer the following:

    Banks will only provide a mortgage on an investment property if there is vacant possession?

    Therefore, if an owner attempts to sell with tenants in situ, they are confined to cash buyers?

    This must negatively impact the potential sale price the property if the number of potential buyers is significantly reduced?

    The potential of a tenant not paying rent would also increase risk which a cash buyer would also factor into a bid?


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    #7479
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    Hubertj wrote: »
    question for the experts.

    Please can someone answer the following:

    Banks will only provide a mortgage on an investment property if there is vacant possession?

    Therefore, if an owner attempts to sell with tenants in situ, they are confined to cash buyers?

    This must negatively impact the potential sale price the property if the number of potential buyers is significantly reduced?

    The potential of a tenant not paying rent would also increase risk which a cash buyer would also factor into a bid?


    You will find that people will ad with tennant in situ or will give notice I think the longest someone can stay in a rental is 8 months sure your a fair chunk into that by the time the sale has completed


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    #7480
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    Timing belt wrote: »
    The risk has increased the passed few days of another extended lockdown which if happens will lead to a slower economic recovery.

    so it appears there is little correlation between REIT,s and the real market ?


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    #7481
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    fliball123 wrote: »
    You will find that people will ad with tennant in situ or will give notice I think the longest someone can stay in a rental is 8 months sure your a fair chunk into that by the time the sale has completed

    plenty of tenants refuse to leave and why not , not like there is any consequences to digging in for a few years


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    #7482
    Marius34
    Registered Users Posts: 1,173 ✭✭✭Marius34


    schmittel wrote: »
    Last time we ran out of greater fools. Plenty of evidence to suggest we have not reached that point yet.

    Plenty of evidence we are not following the same path.


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    #7483
    combat14
    Registered Users Posts: 2,051 ✭✭✭combat14


    when there is an extended lockdown over winter (xmas if we dont get a handle on the virus now) the govt will have to protect renters like they did during first lockdown

    wont be good optics kicking out tenants during winter pandemic with local elections in the offing


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    #7484
    KennisWhale
    Closed Accounts Posts: 186 ✭✭KennisWhale


    combat14 wrote: »
    when there is an extended lockdown over winter (xmas if we dont get a handle on the virus now) the govt will have to protect renters like they did during first lockdown

    wont be good optics kicking out tenants during winter pandemic with local elections in the offing

    The current ban on evictions lasts until 10 January 2021. That was before there was talk of another lockdown so I'd imagine any sort of additional restrictions in the next few weeks will mean that gets extended. We're now seven full months since the initial lockdown and still not out of the woods but looking like we'll be into the new year with a similarly uncertain outlook to today. What that means for this eviction ban is essentially that non-paying tenants could end up being protected from eviction for the best part of a year!


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    #7485
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    some posts moved to Saving/Applying for a mortgage 2020 Edition


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    #7486
    HotDudeLife
    Closed Accounts Posts: 157 ✭✭HotDudeLife


    KennisWhale wrote: »
    The current ban on evictions lasts until 10 January 2021. That was before there was talk of another lockdown so I'd imagine any sort of additional restrictions in the next few weeks will mean that gets extended. We're now seven full months since the initial lockdown and still not out of the woods but looking like we'll be into the new year with a similarly uncertain outlook to today. What that means for this eviction ban is essentially that non-paying tenants could end up being protected from eviction for the best part of a year!


    And rightfully so, landlords have been bleeding this country dry for too long, heaven forbid a tenant falls on hard times due to a global pandemic and can't pay rent to put a roof over his families head.


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    #7487
    hometruths
    Registered Users, Subscribers Posts: 5,797 ✭✭✭hometruths


    HotDudeLife wrote: »
    And rightfully so, landlords have been bleeding this country dry for too long, heaven forbid a tenant falls on hard times due to a global pandemic and can't pay rent to put a roof over his families head.

    Yes, but the protections for tenants are pushing rents higher, because when a property does become vacant increased numbers of landlords are deciding not to relet the property because the risks outweigh the rewards.


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    #7488
    Taylor365
    Registered Users Posts: 2,994 ✭✭✭Taylor365


    schmittel wrote: »
    Yes, but the protections for tenants are pushing rents higher, because when a property does become vacant increased numbers of landlords are deciding not to relet the property because the risks outweigh the rewards.
    On deaf ears mate. The old evil LL shtick will never disappear from Ireland.



    But in comparison, its like the job market in the US - no protection but very easy to land a job because of it.


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    #7489
    PommieBast
    Registered Users Posts: 2,577 ✭✭✭PommieBast


    kravmaga wrote: »
    What's the mad rush in selling up now? 2 bed apartment prices have been falling since August.

    Are investors/ landlords just deciding to get out because of market volatility due to Covid/ recession biting in.
    If anything Covid is merely accelerating an existing trend. I suspect quite a few that hit the market in July-August are ones that were vacated back in Q1 just before the first wave hit.


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    #7490
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    https://www.sherryfitz.ie/buy/house/dublin/ballsbridge/106-baggot-lane-ballsbridge-dublin-4-739098

    What am I missing here? This house is around the corner from mine. My house is 3 beds and a bit bigger. My house is in it boll*x valued at €1.2M.

    Very confusing.


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    #7491
    Cyrus
    Registered Users Posts: 19,675 ✭✭✭✭Cyrus


    Hubertj wrote: »
    https://www.sherryfitz.ie/buy/house/dublin/ballsbridge/106-baggot-lane-ballsbridge-dublin-4-739098

    What am I missing here? This house is around the corner from mine. My house is 3 beds and a bit bigger. My house is in it boll*x valued at €1.2M.

    Very confusing.

    Presume they are pricing to compete with lansdowne place ?

    As always what it sells for will be interesting but it seems poor value .


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    #7492
    Balluba
    Registered Users Posts: 128 ✭✭Balluba


    Hubertj wrote: »
    https://www.sherryfitz.ie/buy/house/dublin/ballsbridge/106-baggot-lane-ballsbridge-dublin-4-739098

    What am I missing here? This house is around the corner from mine. My house is 3 beds and a bit bigger. My house is in it boll*x valued at €1.2M.

    Very confusing.


    The house with the lift in Rathgar ticks more of my boxes


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    #7493
    Meandyou999
    Registered Users Posts: 39 ✭Meandyou999


    Looking at a 4 bed semi D in Munster, second hand new build home 4 years old. Price is 329k.
    Take home pay after tax is 3,200k per month. Have been mortage approved (joint application) have 50k deposit saved and few grand for solicitors fees outside of the deposit.
    My questions are:
    1. Is the house worth it? Same house sold for 269k 4years ago when it was built.
    2. Would i be able to afford to pay the mortgage back over 25 years on my pay.
    3. Am i making a big mistake are house prices going to crash?. I have a refundable deposit paid.

    Thanks.


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    #7494
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Meandyou999 wrote: »
    3. Am i making a big mistake are house prices going to crash?. I have a refundable deposit paid.

    That's the question. I was fully expecting prices to drop due to covid but they seem to be creeping up. They could fall like a stone next year or they could rise for another 15 years. It's hard to know.


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    #7495
    Meandyou999
    Registered Users Posts: 39 ✭Meandyou999


    [Deleted User] wrote: »
    That's the question. I was fully expecting prices to drop due to covid but they seem to be creeping up. They could fall like a stone next year or they could rise for another 15 years. It's hard to know.

    Is a price drop of say 100k expected.?


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    #7496
    Timing belt
    Registered Users Posts: 3,407 ✭✭✭Timing belt


    Meandyou999 wrote: »
    Is a price drop of say 100k expected.?

    That would be a 30% drop which is unlikely without a serious crash to financial markets


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    #7497
    Bubbaclaus
    Registered Users Posts: 4,461 ✭✭✭Bubbaclaus


    Meandyou999 wrote: »
    Is a price drop of say 100k expected.?

    If it was expected it would have already happened.


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    #7498
    Meandyou999
    Registered Users Posts: 39 ✭Meandyou999


    Timing belt wrote: »
    That would be a 30% drop which is unlikely without a serious crash to financial markets

    What a about the mortgage repayments they would be between 1250 to 1300 per month over 25 years.


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    #7499
    Timing belt
    Registered Users Posts: 3,407 ✭✭✭Timing belt


    Meandyou999 wrote: »
    What a about the mortgage repayments they would be between 1250 to 1300 per month over 25 years.

    You wouldn’t be able to rent a 4 bed for that money so putting off buying and renting for a year would cost more.


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    #7500
    Meandyou999
    Registered Users Posts: 39 ✭Meandyou999


    Timing belt wrote: »
    You wouldn’t be able to rent a 4 bed for that money so putting off buying and renting for a year would cost more.

    Rent is 400 per month council property, area comes with all associated scum for free.


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    #7501
    jill_valentine
    Registered Users Posts: 7,090 ✭✭✭jill_valentine


    kravmaga wrote: »
    Are investors/ landlords just deciding to get out because of market volatility due to Covid/ recession biting in.

    The students who would usually take over paying for these places after summer AirBnB'ing aren't paying for them anymore so they're no longer paying for themselves. Students may have had a deposit and first month of rent paid to delay the effect, but that's over with now and it's clear the forseeable future will be Study from Home. Investors don't want new ones and want to get rid before sentiment spreads and they lose their value.

    I mentioned this before but from talking to people in property, the impression they were giving me was to be wary of the "average" rises and falls in prices for this reason. Houses may be stable or more likely go up; but apartments are expected to drop dramatically. They were already observing it was taking far longer to shift them now that the big investors aren't snapping them up as soon as they hit the market.


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