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

After just over 12 months, I have finally managed to get paid for my holiday home/sheep grazing property. Goodby lovely trout fishing lake, sniff.

I looked into some factory built modular houses called Coodoo I liked the look of. Got as far as getting the price list - oh my. It really shouldn't be cheaper to custom build a house on a site with weather, etc.

Well despite 3 different REA's coming to roughly the same value - before the current climb - I still have a gut feeling I sold it too cheap, at €450,000, which is the same as this: https://bidx1.com/en/property-for-sale/apartment-95-block-b-smithfield-market-co-dublin-74370

For that price, the buyer got:

380 acres of mountain bog, lakes and woods and a cut granite stone house built as a stable in 1893.

I know it's location, location, but all that valued at less than a poxy apartment with lovely views of nasty roofs. Not enough people with a million in cash lying about, I guess.

With stories like the below is it any wonder the number of ABC1's voting FG and SF is split 50/50. In other words the middle class are very pissed!

This is crazy! Oct 21 to feb 22 prices jumped by €35k

Theee houses are basically construction costs + fixed fees/vat + 30k profit.

that price increase is solely construction cost increases.

If the EU continues along the big government/ low interest rate path don’t expect any changes.

From my own experience of going SA as a buyer this sort of delay seems to be pretty standard. It just the rotten-to-the-core way conveyancing in Ireland is done and I have no doubt that the buyer is almost as p!ssed off as you.

Eep this could be me you’re talking about! In my case, Haven are taking an age to process my loan offer, as the house needs some modernisation and they wanted quotes for all of it. I’ve kept the agent up to date. I have all the money in my account ready to go. Please bear with me!

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It didn't work for me. It took over a year from agreeing to sell to my solicitor getting the money, that's how long it took the buyer to satisfy the banks and their solicitors. I must say I do regret not putting my property on the market just before Christmas when they pulled out more requirements and delays, but be aware, you need to ask your solicitor to issue the buyers with a completion notice which they have 28 days to asnswer, meaning they either return the contracts and title deeds or hand over the money. Also, if you issue such a notice, you can then demand they pay interest from the time of receiving the notice to paying, if they make the deadline.

if you have signed the contracts, you could put it on the market, but it's meaningless as you can't stop the existing sale process dragging even further, you need to insist your solicitor issues a completion notice to really stop things - or hurry them up. I suspect solicitors don't want you to know too much about the completion notice thing because they just want their cut ASAP. If I knew then, what I know now, I'd definitely have asked my solicitor to issue such a notice as it's far more serious and effective a threat.

I am just so sick of the whole sorry saga of trying to buy in Dublin at the moment. Expected to have tens of thousands to bid over the asking price for a house that will then need a total refurbishment meaning we are broke for years to come while living with our children in a hovel. It's an absolute pox.

I also have no idea how anyone affords to have more than one child these days? Two- absolute max. I'm in my mid 30s and only barely able to afford a place to live now, never mind bring up a family. Surely this is going to cause major issues in the decades to come, as the proportion of elderly to young people swings hugely the other way. The amount of social problems caused by the housing crisis affects every aspect of society and our collective futures.

....this was the overall plan, modern political and economic ideologies are based on continual asset price inflation, no matter what, in particular related to property!

No its not yo, the person has their house sold already so no mortgage, their solicitor firstly had an issue with an extension that was built a long time ago an now thats been sorted he wants to know the use of the room. Its a structurally sound, planning compliant building so no need for this

I cant recall the exact date but being a cash sale there was an optimistic plan to have the deal done before Christmas but that didnt work and not to upset about that because it was very optimistic. All of the problems are being caused by the buyers solicitor querying the most tiny detail which the EA says he has never seen some of the things pulled up on before. Stuff like theres a room called different things of various documents and hes not happy with that

The divergence between existing property and new property is also noteworthy. Given there is a delay between agreeing a price for a new build and actually transacting it, I expect the new build prices being charged now to come into the index in the second half of the year. Shared equity scheme being launched then will serve to fuel this further.