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

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.

I don't know this particular house but "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". 80k increase in 5 months for no real work done.

I am glad you are flush with cash.

I don't. I was only going by what was posted initially. Also the fact that they are no pictures posted indicated that no work has been done.

It’s a nice sentiment, but the bit I don’t get is - if you were to decide you were sufficiently wealthy to essentially donate 20/30/40k+ of your own money - would you not do it to an actual charity, maybe a struggling family member or whatever. Can’t see justification for giving the money to some random stranger you’ll likely never meet who just happens to be buying your house.

The claim is that they have done some work to the house to add value, and now are selling. If they were doing works they would have upgraded the windows and doors, as a job like that would greatly increase the value of house and also the BER.

It doesn't make sense that they would do some works but not doors and windows which are quite easy and relatively non invasive.

Jaysus..what about other keeps going way above asking…i say ppl buying them are fools rather than sellers being greedy

Terrible article. Theres several thousand less properties available for sale now v’s then so clearly transactions will be down. ’Residential’ buyers are locked out by lack of properties coming to the open market. Does anyone have insight into yoy stats of % new builds going to councils and funds?

how the government have effectively brought back 100% (97.5%) mortgages to drive up house prices and artificially prop up the market

https://m.independent.ie/storyplus/looking-to-buy-your-first-home-heres-what-your-monthly-repayments-could-look-like/a919395758.html

For the third time on this page alone, this level of "commentary" on a link dump is not acceptable

You need to actually provide context as to why you're posting a link and your own opinion on it; without misrepresenting the contents (we've had a poster do this before).

I have had to infract people for recurrent link dumping before and I'll do it again

If, as acknowledged in that podcast, Ireland is an outlier in terms of price changes relative to interest rate increases then why do they think that a small fall will lead to a further spike in prices?

It seems clear not to be the main driver of prices presently. What demand for additional housing units is being suppressed by interest rates currently?

Those houses are in Mervue not Renmore. And despite the relative proximity there's a big difference.

40% of first home scheme recipients are single which would imply that wealthiest top 20% are the recipients of aid to purchase a home. One really needs to question if this is the best use of taxpayers money.

Most if not all will be buying a house so immediately it is underutilised, which is already a big issue so why are we giving subsidies to the well off to encourage more under utilisation