PommieBast wrote: » Does anyone have any stats for all those Spencer Dock developments? Walking through the place it feels like a serious glut..
PommieBast wrote: » We are still at Level-5 and the North Quays were already gridlocked at 8am today, so I dread to imagine what it would be like with "normal" traffic. A lot of people are simply not going to tolerate going back to the 10-times-a-week ordeal, especially since the traffic changes will make it worse for most. Coincidentally I signed my notice letter today for this very reason.
jill_valentine wrote: » This is a question I'm getting obsessed with tbh. There's so little else to do at the minute I've been doing a lot of walking or biking around the city, and you can see it at night, especially when the weather is bad and nobody else is out and about to give it any life. There are so many high end apartments obviously not in use I'm in danger of getting awful boring about it. I understand the mechanisms that make that make sense and to keep building them anyway, and I understand it's not about to affect the wider market anytime soon, but the curiosity kills me just how great the extent is. There, Grand Canal Dock, and back around Heuston Station, the three big flashy flat zones where nobody's actually home.
JimmyVik wrote: » Try walking around Canary Wharf in London in the evenings. Its deserted.
timmyntc wrote: » Some dont even have stairs - worked in a shop once where there was just a stira type ladder going from ground floor up to 1st floor. And 2nd floor was just a regular ladder As central as you could get, could easily be turned into a 2bed apartment too if it had proper access (& stairs)
Bass Reeves wrote: While prices may fall a little if prices fall too much then building will cease unless costs fall substandically. From 2013-2017 Construction struggled as price achieved at sale was below build price. This is still what prevent a lot of development outside of main urban centers.
yagan wrote: » So much of this is what I call financial facadism, the creation of assets purely on the basis of expected income streams. Many pension funds are now underfunded, that is they used payees contributions to fund these rental assets for their projected long term yield. It's hard to know when the facade will crumble, but the empties were obvious to anyone with eyes for years before Lehman brothers collapsed.
Ozark707 wrote: » If they are still mainly empty around that time it will show that the private rental market won't bear the asking prices. Question is in that scenario will they continue to keep them empty or drop prices.
Villa05 wrote: » I'm thinking that if we make better use of what pre exists thus increasing supply and reducing price, would this not flush out the land hoarders, much of that land was purchased at serious discount and if the market moves on to circumvent hoarders, it will force them to use it
Ozark707 wrote: » It will be interesting to see what it is like come September/October as it looks like many who will be back in the office will be back by then (if they are to come back as before). If they are still mainly empty around that time it will show that the private rental market won't bear the asking prices. Question is in that scenario will they continue to keep them empty or drop prices.
jill_valentine wrote: » It's funny you say that, it has a real feel of London urban desert. I've a real morbid fascination about both, in a Life After People sort of way. I suppose the difference is I tend to just assume Canary Wharf buildings are largely office or commercial, whereas around Spencer Dock etc you can just look up to the balconies and see for yourself that they're apartments and nobody's in them.
Geuze wrote: » The current VSL is 7%.https://www.citizensinformation.ie/en/environment/buildings_and_structures/vacant_sites.html I don't think it has been very effective at releasing sites. Maybe it should be higher?
Villa05 wrote: » Interesting stats from the latest CSO report for march Number FTB falling down 2.5% 77% of FTB purchases were for 2nd hand properties Median price in Dublin approaching 400k Looks like the investment funds have pushed FTB out of the new builds market. We are starting to see why FF wanted shared ownership despite all the advise against
Amadan Dubh wrote: » The big question is how, in a housing crisis, can properties be left vacant rather than dropping rents until they are let? The data on the state of the market indicates rents have decreased slightly over the last year in Dublin but are potentially starting to increase again in Dublin. However, due to the level of vacancies, it is quite obvious that the Daft report is not a complete picture of the state of the market. Do we potentially already have our ghost estates from the economic growth period from 2012?
Browney7 wrote: » Yes the daft report seems to use number of ads on the platform as opposed to properties but it needs clarification for sure.
awec wrote: How many new builds were sold in march?
jill_valentine wrote: » If I remember rightly, before the housing market collapse in the US, some of them were able to see the canary in the coal mine by just knocking on doors and having nobody answer. Harder to do that with apartments, obviously, but I'd nearly be bored enough to take photos some ****e night and count myself.
yagan wrote: » They went even further in the US in writing mortgage contracts for dead people and selling them onto banks. Here our Taoiseach at the time said people who warned about the impending property crash were cribbers and moaners and didn't understand why such people didn't kill themselves listening to their own words. As someone else mentioned earlier these pension funds have been buying tranches of Dublin apartments for years, but it's only when they bought houses did the general public get triggered. If the government are going to ignore the empties now they did in Berties time my only question is what will trigger the pullback by international pension funds?
Amadan Dubh wrote: » There's nothing wrong with it but it's just important to remember it is only a snapshot of a segment of the market.
