Irish Property Market chat II - read mod note post #1 before posting

timmyntc · 02-07-2021 01:49PM

wassie wrote: »

Thinks its been covered before - was built by Daniel O'Donnell who then sold it in 2007 for €3 million.
https://www.thesun.ie/tvandshowbiz/7048918/inside-daniel-odonnell-mansion-market-price-sale-donegal/

As they say in show business....it's all about the timing.

Our Daniel's not just a pretty face

JohnnyChimpo · 02-07-2021 01:50PM

Whopper gaff, although the Daniel O' Donnell discount needs factoring in - I think I'd be less spooked living in a murder house

Wonder does the asking price include a free mica test and ceritfication?

Villa05 · 02-07-2021 01:57PM

wassie wrote:

Thinks its been covered before - was built by Daniel O'Donnell who then sold it in 2007 for â‚¬3 million.

Jaysus for a man that made 2,000,000 on this, he was watching every penny on room to improve show they were featured on. No peeny goes astray there

JohnnyChimpo · 02-07-2021 02:05PM

Villa05 wrote: »

Jaysus for a man that made 2,000,000 on this, he was watching every penny on room to improve show they were featured on. No peeny goes astray there

yeah i've heard he watches peenies closely alright

C14N · 02-07-2021 02:51PM

Hubertj wrote: »

https://www.myhome.ie/residential/brochure/donegal-shore-house-cruit-lower-kincasslagh-co-donegal-f94-a2p2/4503625

Some house for the money. Not sure about some of the carpets and decor though

Maybe I'm small minded in some way but I never really understand why people build houses this size. What does anyone want with 8 bedrooms? If I got one for free, I actually couldn't fathom what I would put in all of those rooms, and I can't think of a time when I've wanted to have numerous guests all staying in my house at the same time. I can get wanting more size to an extent, but maybe up to like 250sqm, I haven't a clue what I would want with 900sqm. Just seems like the vast majority of it is going to be unused pretty much forever.

danfrancisco83 · 02-07-2021 02:52PM

wassie wrote: »

Thinks its been covered before - was built by Daniel O'Donnell who then sold it in 2007 for €3 million.

As they say in show business....it's all about the timing.

"The millionaire singer sold the mansion in Co Donegal in 2007 to former Irish Psychics Live boss Tom Higgins for almost €3 million"

He didn't see that one coming

Cyrus · 02-07-2021 03:40PM

Villa05 wrote: »

Jaysus for a man that made 2,000,000 on this, he was watching every penny on room to improve show they were featured on. No peeny goes astray there

i doubt he made 2m on it,

at 1m i would suggest you are buying it at a discount to the built price.

Brussels Sprout · 02-07-2021 04:06PM

schmittel wrote: »

Leo getting hot and bothered about criticism on housing and the prevalence of investment funds.

You’ve got to worry when he thinks this a decent defence:

Stories like this probably aren't helping his argument:

https://www.irishexaminer.com/news/munster/arid-40327145.html

awec · 02-07-2021 04:13PM

Hubertj wrote: »

https://www.myhome.ie/residential/brochure/donegal-shore-house-cruit-lower-kincasslagh-co-donegal-f94-a2p2/4503625

Some house for the money. Not sure about some of the carpets and decor though

I would have thought that'd be worth more than 1million?

Is there something wrong with it (other than the fact that Daniel O'Donnell lived there)?

MacronvFrugals · 02-07-2021 04:16PM

Brussels Sprout wrote: »

Stories like this probably aren't helping his argument:

https://www.irishexaminer.com/news/munster/arid-40327145.html

Jesus that's depressing!

C14N · 02-07-2021 04:20PM

awec wrote: »

I would have thought that'd be worth more than 1million?

Is there something wrong with it (other than the fact that Daniel O'Donnell lived there)?

May just be another case of very conservative guide prices. Apparently happening even at the top end of the market these days.

02-07-2021 04:51PM

awec wrote: »

I would have thought that'd be worth more than 1million?

Is there something wrong with it (other than the fact that Daniel O'Donnell lived there)?

It's a beautiful setting, but it is very far from civilisation.
Burtonport is the nearest, tiny, shop. The nearest town is dungloe, which is 20 mins plus, in good weather!
I'm not sure how practical it is for anyone that has to work for a living, super rich then it's a holiday home, imo.

awec · 02-07-2021 05:54PM

bubblypop wrote: »

It's a beautiful setting, but it is very far from civilisation.
Burtonport is the nearest, tiny, shop. The nearest town is dungloe, which is 20 mins plus, in good weather!
I'm not sure how practical it is for anyone that has to work for a living, super rich then it's a holiday home, imo.

Just looked it up on Maps, literally the middle of nowhere.

Amadan Dubh · 02-07-2021 07:12PM

Brussels Sprout wrote: »

Stories like this probably aren't helping his argument:

https://www.irishexaminer.com/news/munster/arid-40327145.html

Yes and before people say "well, she had a chance to bid for it", that's not the point - it's the frenzy and out of control, rampant inflation in the property market that is totally messed up and in no way sustainable and equitable for society to continue like this. Something significant is going to give.

bungalow · 02-07-2021 09:26PM

I'm starting to think the market is slowing, noticed a few properties lately that reduced in price.

02-07-2021 09:40PM

Amadan Dubh wrote: »

Yes and before people say "well, she had a chance to bid for it", that's not the point - it's the frenzy and out of control, rampant inflation in the property market that is totally messed up and in no way sustainable and equitable for society to continue like this. Something significant is going to give.

To be fair, unless it’s a very small house, what it sold for probably wasn’t that much more than the current build cost so I’m not sure how that could be categorised as rampant inflation, frenzy or out of control. Properties sold by Receivers at Auction tend to be priced lower than market rate so the increase in bidding is hardly a shock.

TheSheriff · 02-07-2021 10:18PM

bungalow wrote: »

I'm starting to think the market is slowing, noticed a few properties lately that reduced in price.

Great, could you share some examples of these properties?

jill_valentine · 02-07-2021 10:36PM

Amadan Dubh wrote: »

Yes and before people say "well, she had a chance to bid for it", that's not the point - it's the frenzy and out of control, rampant inflation in the property market that is totally messed up and in no way sustainable and equitable for society to continue like this. Something significant is going to give.

Stories like this make me think about how much damage this crisis is doing to the country socially, beyond "can I afford a place or not". Nobody has any sense of place or belonging anywhere, because they're all renting, all completely beholden to the whims of the landlord. Can't own pets, don't have privacy, can't make the space your own, no way of knowing if you or your neighbours will be here in 6 months or all over everywhere else. Putting off having kids until later, maybe altogether, pressure on relationships over distances or in shared houses/living at home etc

Like, no matter if or how that'll be solved eventually, I feel like that's stuff that's already made a permanent impact on how anchored or engaged people are to the places they live and the people around them.

This lady's been living somewhere 10+ years, has a child who's more or less grown up in it, and they have no real claim to it at all. It's up to the landlord if you can have a new mattress or get the walls painted, you're fooling yourself if you let it feel like home no matter how long you live there. They might have to move a million miles away from it if the new owner decides to turf them out. Why would you even start putting down roots or making local friends or getting involved in any of the local community stuff if you might not have any future there?

A whole generation, at least, heading into their forties and fifties taking that lifestyle for granted, and a load of kids lucky to be raised like that because at least it's better than a hotel room. I think that probably does a lot of damage we haven't really seen the start of yet in terms of social cohesion or community safety nets (checking in on an elderly neighbour etc) and I think we can only speculate how far reaching and unpredictable those effects could be. And that's without getting back into the thing of where any of us are going to live when we're relying on a pension.

02-07-2021 10:47PM

jill_valentine wrote: »

Stories like this make me think about how much damage this crisis is doing to the country socially, beyond "can I afford a place or not". Nobody has any sense of place or belonging anywhere, because they're all renting, all completely beholden to the whims of the landlord. Can't own pets, don't have privacy, can't make the space your own, no way of knowing if you or your neighbours will be here in 6 months or all over everywhere else. Putting off having kids until later, maybe altogether, pressure on relationships over distances or in shared houses/living at home etc

Like, no matter if or how that'll be solved eventually, I feel like that's stuff that's already made a permanent impact on how anchored or engaged people are to the places they live and the people around them.

This lady's been living somewhere 10+ years, has a child who's more or less grown up in it, and they have no real claim to it at all. It's up to the landlord if you can have a new mattress or get the walls painted, you're fooling yourself if you let it feel like home no matter how long you live there. They might have to move a million miles away from it if the new owner decides to turf them out. Why would you even start putting down roots or making local friends or getting involved in any of the local community stuff if you might not have any future there?

A whole generation, at least, heading into their forties and fifties taking that lifestyle for granted, and a load of kids lucky to be raised like that because at least it's better than a hotel room. I think that probably does a lot of damage we haven't really seen the start of yet in terms of social cohesion or community safety nets (checking in on an elderly neighbour etc) and I think we can only speculate how far reaching and unpredictable those effects could be. And that's without getting back into the thing of where any of us are going to live when we're relying on a pension.

What you are describing has always been the distinction between renting and owning a property, this “crisis” has not lessened the rights of a tenant to own the property they rent.

SMdPP87 · 02-07-2021 10:47PM

bungalow wrote: »

I'm starting to think the market is slowing, noticed a few properties lately that reduced in price.

What part of the country are you looking at?

Amadan Dubh · 02-07-2021 11:33PM

Dav010 wrote: »

What you are describing has always been the distinction between renting and owning a property, this “crisis” has not lessened the rights of a tenant to own the property they rent.

But the policies of FF and FG to push younger people towards long term renting and away from buying, whilst not ensuring sustainability in the rental market (namely, rampant rental market inflation the past few years while salary growth is muted), is causing social destruction, and I mean severe, worse-than-covid social devastation to so many young people. And I write this as a renter but a lucky one due to our jobs and rental we have but I am very much close to the situation given my peers, colleagues, friends and family are all experiencing it; it is grim how Irish society looks for the younger generations. Of course covid restrictions have just magnified the issues, with the whole pandemic being a social more than a health concern for the younger generations but the situation was hesding that way pre-covid and is now far worse.

02-07-2021 11:51PM

Amadan Dubh wrote: »

But the policies of FF and FG to push younger people towards long term renting and away from buying, whilst not ensuring sustainability in the rental market, is causing social destruction, and I mean severe, worse-than-covid social devastation to so many young people. And I write this as a renter but a lucky one due to our jobs and rental we have but I am very much close to the situation given my peers, colleagues, friends and family are all experiencing it; it is grim how Irish society looks for the younger generations. Of course covid restrictions have just magnified the issues, with the whole pandemic being a social more than a health concern for the younger generations but the situation ws shesding that way pre-covid and is now far worse.

The parties in power over the past 10 years have seen an incredible economic recovery which led to full employment prior to the pandemic. This has led to a reduction in emigration and increase in population who all need accommodation. It really doesn’t matter who governed, they couldn’t conjure up the properties needed while at the same time limit the borrowing and development which put us in the mire during the last recession. This notion that SF or any of the other loony socialists will sort out the property market is fanciful. While some argue that RPZ legislation saved tenants from higher rents, it has undoubtedly hindered rent reductions over the past year.

Social destruction? Honestly, you would think that it only became difficult to buy a house recently and that up to now, everybody was able to live wherever they wanted. How easily and quickly that people forget that a significant proportion of twenty-somethings had to emigrate to the UK/US to work, and save, so they could afford to come home years later to buy/build a home.

Balluba · 03-07-2021 12:17AM

TheSheriff wrote: »

Great, could you share some examples of these properties?

Look at Price Changes on Myhome.ie. Many houses in Dublin have reduced their asking prices over the past few days. Also many houses have increased their asking prices.

combat14 · 03-07-2021 12:29AM

Balluba wrote: »

Look at Price Changes on Myhome.ie. Many houses in Dublin have reduced their asking prices over the past few days. Also many houses have increased their asking prices.

looks like another potential lockdown on the cards with new covid variant numbers rising here 38% in 2 weeks and still so many unvaccinated .. maybe sellers are trying to make a quick sale before economy shut down again

Ozark707 · 03-07-2021 12:39AM

combat14 wrote: »

looks like another potential lockdown on the cards with new covid variant numbers rising here 38% in 2 weeks and still so many unvaccinated .. maybe sellers are trying to make a quick sale before economy shut down again

It could also be that they were highly aspirational in the first place and given that we are now entering the summer season which typically sees a reduction in activity and past the spring selling season then if they could not offload at the original prices they might have to modify downwards expectations

03-07-2021 12:40AM

Amadan Dubh wrote: »

Yes and before people say "well, she had a chance to bid for it", that's not the point

Well, no - that's exactly the point. Do you really think if you don't pay for your house, and the bank repossess it, the bank should lose out on the market value of the property because the tenant wants to buy it for less than it's worth?

She had the exact same opportunity as everyone else in the country to bid on it, but she couldn't afford it. I'd rather see that than see Leo stepping in to bail her out. What good would that do? Nothing gets repossessed because the state steps in to save everyone?

Should every tenant get first dibs on a property and get away with offering what they can afford, instead of what it is worth? How does that make sense?

Amadan Dubh · 03-07-2021 12:41AM

Reassuring comments from the deputy governor of the CBI on the mortgage lending restrictions. I'm not sure when their review is due to finish but I think it is still ongoing.

https://www.irishtimes.com/business/economy/relaxing-mortgage-rules-could-fuel-another-credit-bubble-warns-top-banker-1.4609060

The State’s strict mortgage lending rules are necessary to prevent another credit price spiral, Central Bank deputy governor Sharon Donnery has said.

“House prices are going up for many reasons – supply and demand, land availability, planning, building constraints – and we don’t want credit to be adding fuel to that,” she told a webinar event on the economy, hosted by University College Dublin.

Amadan Dubh · 03-07-2021 12:42AM

[Deleted User] wrote: »

Well, no - that's exactly the point. Do you really think if you don't pay for your house, and the bank repossess it, the bank should lose out on the market value of the property because the tenant wants to buy it for less than it's worth?

She had the exact same opportunity as everyone else in the country to bid on it, but she couldn't afford it. I'd rather see that than see Leo stepping in to bail her out. What good would that do? Nothing gets repossessed because the state steps in to save everyone?

Should every tenant get first dibs on a property and get away with offering what they can afford, instead of what it is worth? How does that make sense?

That's not the point.

See post above.

AlmightyCushion · 03-07-2021 12:44AM

Amadan Dubh wrote: »

Reassuring comments from the deputy governor of the CBI on the mortgage lending restrictions. I'm not sure how their review is due to finish but I think it is still ongoing.

https://www.irishtimes.com/business/economy/relaxing-mortgage-rules-could-fuel-another-credit-bubble-warns-top-banker-1.4609060

That is very relieving to hear.

03-07-2021 12:46AM

C14N wrote: »

Maybe I'm small minded in some way but I never really understand why people build houses this size. What does anyone want with 8 bedrooms? If I got one for free, I actually couldn't fathom what I would put in all of those rooms, and I can't think of a time when I've wanted to have numerous guests all staying in my house at the same time. I can get wanting more size to an extent, but maybe up to like 250sqm, I haven't a clue what I would want with 900sqm. Just seems like the vast majority of it is going to be unused pretty much forever.

Obviously every house is different, but I've been in some 6+ bedroom houses were the bedrooms are so small that you can barely fit a bed into them. Makes no sense to me whatsoever.

That said, I could understand wanting extra rooms if you wanted to do stuff in your house. For example, if i had a load of (reasonably sized) rooms, I'd go ahead with having a proper office and a decent gym. Other people might like a cinema room, arcade room, home bar/snooker table set up, model railway room, etc.

Irish Property Market chat II - *read mod note post #1 before posting*

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Irish Property Market chat II - read mod note post #1 before posting