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

Agree. My mother lives in an estate where a lot of homeowners are now elderly.

The older ones should all be kicked out and made to live somewhere that they don't know anyone so that they can die alone and without any of the supports they have worked towards all their lives. Sounds fair.

Plenty of regions as a whole, and most middle class suburbs in general, in the US have housing markets with a serious lack of properties to downsize to.

But property taxes are as high as 2.5% per year in some US states. You can bet that absolutely encourages downsizing to better use the property that is available.

Positive effects on the housing market aside too taxing wealth with property taxes is also one of the more fair "money-grabs" the state can do - that revenue could be used to decrease income taxes on people actually working.

Latest CSO data shows an acceleration in prices with the mid west @ 11%, close to double the the average of 6

This explains the 130k increase on asking price of the last house in Clare I looked at :(

Misleading stuff - the rezoning was largely to minimise ribbon development and sprawl and instead see house building in a sustainable way (i.e. develop more central sites first)

Developers lobbying for this want to make a quick buck by building more housing estates on the outskirts of towns and cities again like back in the boom. A bad decision to revisit zoning for this purpose

A house has come up for sale, with no internal pictures so I said I'd have a look at Google maps to see the layout etc. There was a sale agreed sign outside the house, in 2019, so delved deeper.

Sold for €260,000 in 2019

Sold for €285,000 in 2023

Sold again for €319,000 in 2023

on the market now for €400,000 in 2024.

Is this a case of bad neighbours / long term tennants or classic house flipping? Seems a bit weird to be on the market so much.

Everyday I am seeing news reports of a probable ECB rate cut in June, but I don`t believe that will happen. I think Philip Lane and others will continue to hint it will probably happen but come June, I reckon they will postpone it until August and in August, they will postpone it again. Basically, they have no intention of cutting rates until the stock market and proprty market crash first. They don`t want the markets to crash so they promise rate cuts to encourage those with debts not to give up and continue making payments but come June, there will be no rate cut. Quote me in June, if I am wrong.

Here it is. They've attached no inside images, but they do have plan drawings attached. Maybe there is structural issues. If there is, that price is a disgrace. Good area tbf, but of it needs work it is greedy.

It's moreso just trying to take advantage of the current market and exploit the price.

They bought the house 5 months ago and have put an extra 80k onto the asking price, without doing any extra work to the house. It's BER exempt. The planning plans were from 2 owners previous. That is greed.

Pure madness and greed absolutely!

It is bad value - the cost to modernize will bring it into a price bracket that would never be justified unless you get some very good value construction.

Similar houses in arguably more desirable areas in Galway:

440 and 470k for 5 beds in similar (nicer) area. And those houses are kept, unlike that one with no pictures and very dated looking house, windows and door. Usually EAs don't put up pictures for a reason.

https://www.daft.ie/for-sale/detached-house-46-glenina-heights-dublin-road-renmore-co-galway/4593852

https://www.daft.ie/for-sale/detached-house-18-glenina-heights-dublin-road-renmore-co-galway/5370652

A elderly neighbor of ours years ago was selling his house. He had bids on it about 25k above the price he then agreed to sell it to another neighbors son. My Dad had a word with the mans family and told them he was being taken advantage of.

It turned out that the guy buying the house had called in to talk about (read give the sob story) the price and they had agreed that a young couple starting out should get the house cheaper. What my Dad said to the family was that that elderly man might as well sell the house for market price and then pile up 25k in the front garden and put a match to it so it all goes up in flames. Same result.

Anyway the house got sold at full market price in the end, but some people are just too cute.

If someone is selling up to buy elsewhere, they will also be having to pay top dollar. Accusing them of greed for trying to get the best price for their own property to enable them to have sufficient funds to buy elsewhere is a bit bleeding hearts.

Why should a house worth 400K only be sold for 200k because that's all sob story strangers Johnny and Fiona can afford? Also, you realise that if you "gift" a discount to a buyer at below the market rate, the buyers are liable for Capital Acquisition tax. That's why the PPR denotes below market rate sales. Unless someone is a family member or there are unique circumstances for doing so, selling at below market rate is just foolish.