Housing Bubble Bursting

11-01-2009 12:29pm

Deleted User wrote: »

I stole this from the pin, it gives a good representation of house prices relative to the price of a pint

http://www.thepropertypin.com/viewtopic.php?f=4&t=17090&view=unread#unread

Taking wage inflation into account pints have never been cheaper than now either. You get more pints for your buck now than you did in 1996.

Surprising, i know. And How much is a pint of guinness in Dublin? Surely not €4.20

Blackjack · 11-01-2009 1:05pm

321654 wrote: »

Taking wage inflation into account pints have never been cheaper than now either. You get more pints for your buck now than you did in 1996. Surprising, i know. And How much is a pint of guinness in Dublin? Surely not €4.20

Not a huge difference on the average wage - remarkably similar in fact according to the table on the same webside:

Year Wk Wage €Pint Dublin House No. Pints
1996 348.38 2.5 82,400 32,960
1997 360.01 2.52 98,800 39,206
1998 374.83 2.65 124,400 46,943
1999 396.54 2.74 165,800 60,511
2000 423.24 2.88 192,600 66,875
2001 456.97 3.01 236,700 78,638
2002 483.05 3.24 237,900 73,426
2003 511.78 3.41 278,500 81,672
2004 534.95 3.54 314,100 88,729
2005 557.95 3.63 339,900 93,636
2006 597.66 3.74 384,200 102,727
2007 600.24 4.03 429,100 106,476
2008 600.24 4.2 390,000 92,857

as regards the price of a pint in Dublin, it's anywheter between 4.20 and 5.60 depending on where you go.

11-01-2009 2:10pm

Blackjack wrote: »

Not a huge difference on the average wage - remarkably similar in fact according to the table on the same webside:

Year Wk Wage €Pint Dublin House No. Pints
1996 348.38 2.5 82,400 32,960
1997 360.01 2.52 98,800 39,206
1998 374.83 2.65 124,400 46,943
1999 396.54 2.74 165,800 60,511
2000 423.24 2.88 192,600 66,875
2001 456.97 3.01 236,700 78,638
2002 483.05 3.24 237,900 73,426
2003 511.78 3.41 278,500 81,672
2004 534.95 3.54 314,100 88,729
2005 557.95 3.63 339,900 93,636
2006 597.66 3.74 384,200 102,727
2007 600.24 4.03 429,100 106,476
2008 600.24 4.2 390,000 92,857

as regards the price of a pint in Dublin, it's anywheter between 4.20 and 5.60 depending on where you go.

Id be interested to know where they got the average wages in this table from. Does anyone know?

11-01-2009 9:52pm

321654 wrote: »

Id be interested to know where they got the average wages in this table from. Does anyone know?

http://www.finfacts.ie/Private/bestprice/guinnessindex.htm

From "Rupert" on thepropertypin

dny123456 · 12-01-2009 9:57am

Blackjack wrote: »

as regards the price of a pint in Dublin, it's anywheter between 4.20 and 5.60 depending on where you go.

I got charged 6.10 the other night... 6 blumming 10.

12-01-2009 9:41pm

Deleted User wrote: »

http://www.finfacts.ie/Private/bestprice/guinnessindex.htm

From "Rupert" on thepropertypin

Oh right. About as reliable as his research on the price of a pint then

MicraBoy · 13-01-2009 12:10pm

From The Irish Times today:

Warning that house prices may fall by 80%

Whatever about the prediction on house prices I did enjoy the following quote:

Mr Kelly wrote:

Mr Kelly said Ireland’s “reputational capital” had been damaged by “chancers” such as ex-Anglo Irish Bank chairman Seán FitzPatrick, who had been abetted by “buffoons” such as former financial regulator Patrick Neary, Minister for Finance Brian Lenihan and the Taoiseach.

bill_ashmount · 13-01-2009 12:32pm

Great quote

mrgaa1 · 13-01-2009 12:35pm

I would like Mr Kelly to go and price building a new house to current regulations. A standard 3 bed house at lets say 1200 square feet. I think he'll find that his 80% reduction is so laughable its not even funny anymore. Materials are still rising in price - labour costs have gone down a bit but all in all no matter where in the country you are it will costs more or less the same to build.
These predictions are rubbish. he's saying that if a house was worth 1 million its going to be worth 200k and if a house was worth 500k its only going to be 100k and that a 200k house is going to be worth 40k????
Catch a grip. We all know that houses were over priced - thats called supply and demand. now prices are correcting as supply and demand has changed. When the supply becomes less we will see a correction. I can't see many houses being built this year - one-offs will happen but there will not be the large scale 100's of houses in sites being started. There are a lot of people looking to buy and they are doing what all good shoppers do - look around, bargain and wait until its the right time for them

gurramok · 13-01-2009 12:57pm

He's not going to build a house

In rough translation of what he is saying, it is possible for a 80% drop in some cases due to money supply problems(credit), unemployment(bad economy), demographics and the old supply and demand problem.

Below cost comes to mind on an overshoot downwards, whether it will go down that far remains to be seen.

Eglinton · 13-01-2009 1:06pm

mrgaa1 wrote: »

I would like Mr Kelly to go and price building a new house to current regulations. A standard 3 bed house at lets say 1200 square feet. I think he'll find that his 80% reduction is so laughable its not even funny anymore. Materials are still rising in price - labour costs have gone down a bit but all in all no matter where in the country you are it will costs more or less the same to build.
These predictions are rubbish. he's saying that if a house was worth 1 million its going to be worth 200k and if a house was worth 500k its only going to be 100k and that a 200k house is going to be worth 40k????
Catch a grip. We all know that houses were over priced - thats called supply and demand. now prices are correcting as supply and demand has changed. When the supply becomes less we will see a correction. I can't see many houses being built this year - one-offs will happen but there will not be the large scale 100's of houses in sites being started. There are a lot of people looking to buy and they are doing what all good shoppers do - look around, bargain and wait until its the right time for them

I think in terms of new houses in popular areas you are certainly correct. There is a minimum cost for materials and labour so the lowest they would sell for is maybe a slight loss to the builder.

But for old houses you have to remember that they were built for a fraction of the cost. Take a 4 bed in South Dublin on sale last year for 1 million. This house could be 50 years old so whatever it cost to build then was tiny and now irrelevent to the current sale price. A house like this could easily drop 50% or more if the market dictated.

I doubt most houses could drop 80% but then again, you never know. It is possible for somewhere like Leitrim where there is a MASSIVE oversupply of crappy houses that may never sell. I would think that you could buy for way under 100K there is you pushed you luck with the hard-up developers and agents. These houses would have been adverstised at around 200K last year but I think it is possible to go down to 40k-50K. Remember there are houses in the UK for sale for a lot less in rural or deprived areas.

MicraBoy · 13-01-2009 2:58pm

Eglinton wrote:

I doubt most houses could drop 80% but then again, you never know. It is possible for somewhere like Leitrim where there is a MASSIVE oversupply of crappy houses that may never sell. I would think that you could buy for way under 100K there is you pushed you luck with the hard-up developers and agents. These houses would have been adverstised at around 200K last year but I think it is possible to go down to 40k-50K. Remember there are houses in the UK for sale for a lot less in rural or deprived areas.

I'd tend to agree, there are locations this could happen, but across the board it won't.

I thought it was interesting that he mentioned there could be a net demolition of properties. Imagine developers knocking down perfectly good houses to reduce supply and increase demand :eek:

mrgaa1 · 13-01-2009 6:18pm

Eglinton wrote: »

But for old houses you have to remember that they were built for a fraction of the cost. Take a 4 bed in South Dublin on sale last year for 1 million. This house could be 50 years old so whatever it cost to build then was tiny and now irrelevent to the current sale price. A house like this could easily drop 50% or more if the market dictated.

Agree with what you are saying - however they may have been built for a fraction but not necessarily bought at that price certainly in the past 2-7 years.

Eglinton · 13-01-2009 6:33pm

mrgaa1 wrote: »

Agree with what you are saying - however they may have been built for a fraction but not necessarily bought at that price certainly in the past 2-7 years.

Indeed, but I don't think the buyers will care what the current owner paid. If they have to sell it for less, that's their own problem. If they don't want to sell it for less, they'll have to reconsider their options and perhaps not sell until the market goes on the 'up' again. It sucks for them but that's business. Any investment (if you think of a house as an investment!!) can go up or down.

MG · 13-01-2009 9:21pm

I wouldn't dismiss an 80% fall in real terms out of hand. Stats like unemployment are back at 1998 levels and likely to go to 95 levels or earlier, national debt is accelerating at an alarming rate, ISEQ is down 65% (property related stock by even more), taxes bound to rise etc. Why should house prices be immune to such dramatic falls? Seems to me that the only thing propping up prices is denial.

The peak to trough period could be 5-10 years which at 3% inflation per year could add 15-30% to the nominal fall. A 50% nominal fall is by no means implausible (maybe even likely) so an 80% fall in real terms is possible.

BraziliaNZ · 14-01-2009 8:23am

all these property price arguements seem to be divided between the people with huge mortgages saying there's no way the bottom will fall out of the housing market and really wanting to believe this is the case and people with no mortgages saying it's definitely going to happen. I don't have a house so I hope it all collapses so I can rent/buy somewhere decent when I go back to Eire.

14-01-2009 12:22pm

BraziliaNZ wrote: »

all these property price arguements seem to be divided between the people with huge mortgages saying there's no way the bottom will fall out of the housing market and really wanting to believe this is the case and people with no mortgages saying it's definitely going to happen. I don't have a house so I hope it all collapses so I can rent/buy somewhere decent when I go back to Eire.

It's the ones who bought several houses in recent years as as an investment for their pension who will suffer the most.

ascottdub · 15-01-2009 8:13pm

Hello,

There seem to be some smart people on here so here's one for you.
They keep going on about how much prices will fall, but can anyone at all tell how much prices are likely to fall in a certain area?
More to the point, a nicer area in Nth County Dublin. I'm looking at the possibility of bidding on a 3 bed, older council, terraced house, that would need to be gutted, and I mean gutted. It's a shell at the moment and the asking price is just laughable.
I'm not expecting an exact amount but how much have houses come down in the area since last July(2008) until now, and how much more to go?
Much appreciated,
Ascottdub

Eglinton · 15-01-2009 8:49pm

ascottdub wrote: »

Hello,

There seem to be some smart people on here so here's one for you.
They keep going on about how much prices will fall, but can anyone at all tell how much prices are likely to fall in a certain area?
More to the point, a nicer area in Nth County Dublin. I'm looking at the possibility of bidding on a 3 bed, older council, terraced house, that would need to be gutted, and I mean gutted. It's a shell at the moment and the asking price is just laughable.
I'm not expecting an exact amount but how much have houses come down in the area since last July(2008) until now, and how much more to go?
Much appreciated,
Ascottdub

Would you be buying to sell as an investment or live in it?

If it's an investment, you will really have to buy for rock bottom. I would suggest circa 150K and then put another 50K into it to modernise it. I don't think you'll be able to sell that sort of a house for a huge amount more than 220 -250K in a year or two. I'd say this is the bottom end of the scale though. If the market bottoms out soon enough you might get a bit more. But the way things are going I'm not so sure.

If you're buying it to live in, you could spend a bit more initially as you'll be able to spend money on the improvements over a longer period.

Be cheeky and offer a really low price though. You never know what will be accepted these days.

oceanclub · 15-01-2009 8:56pm

mrgaa1 wrote: »

I would like Mr Kelly to go and price building a new house to current regulations. A standard 3 bed house at lets say 1200 square feet.

Umm, where do I start? OK, let's start with the fact that we're not talking about houses yet to be built - we're talking about houses that have already been built. In fact, there's 300,000 of them empty right now. If you built a 3-bed house today that costs €200,000 to build, it's doesn't matter; you'll be in competition against houses that have already been built whose owners will be looking for less. Buyers don't care whether or not you're making a profit.

P.

ascottdub · 15-01-2009 8:58pm

The house would be for me as a buyer to live in, and I do realise it would need money poured into it, but I think down the line I'd get the money back, and it would payoff.
Your suggesting 150k, so don't fall off your chair, but the asking price was 465K until July last year, and it went to just over 400K then where it has remained. THIS PLACE IS A SHELL.
If I decide to bid it will be substantially lower as I don't think the sellers have come down from whatever cloud they're living on.

Am I wrong to assume that I could get this much, much lower?

Thanks for all the advice

Eglinton · 15-01-2009 9:31pm

Cuckoo land is the particular cloud they're on! You're definitely not wrong to assume you could offer much lower. Go for it.

One thing I will ask though is why you're buying a shell when (as Oceanclub in his unrelated post rightly suggests), there are loads of empty, perfectly good, high spec'ed houses available that are completely open to low offers?

ascottdub · 16-01-2009 8:28am

Thanks Eglinton for confirming that the asking price is mad. I would offer no where near that amount. And, I feel in 6 months time I just might get it too. I was thinking of starting just below 280K???? Please tell me if you think thats laughable
The reason I haven't really looked at newer high spec houses, is because most of them are miles out & I want to at the moment try my hardest to stay in the area I'm in and alas it would be like trying to buy in say Dundrum on the southside, not cheap
I can't make my commute any longer as I'd go bonkers
By the way, would you have any insight at all into how much a renovation waould run on a smaller 3 bed, terraced, council house? I have posted the question on another thread, but no-one has come back yet. This place would need complete gutting, I'm assuming as I haven't looked in the attic
Thanks again for your input

spockety · 16-01-2009 10:35am

ascottdub wrote: »

Thanks Eglinton for confirming that the asking price is mad. I would offer no where near that amount. And, I feel in 6 months time I just might get it too. I was thinking of starting just below 280K???? Please tell me if you think thats laughable
The reason I haven't really looked at newer high spec houses, is because most of them are miles out & I want to at the moment try my hardest to stay in the area I'm in and alas it would be like trying to buy in say Dundrum on the southside, not cheap
I can't make my commute any longer as I'd go bonkers
By the way, would you have any insight at all into how much a renovation waould run on a smaller 3 bed, terraced, council house? I have posted the question on another thread, but no-one has come back yet. This place would need complete gutting, I'm assuming as I haven't looked in the attic
Thanks again for your input

Post up the link from daft.ie to the house on this thread, I am sure you will get tonnes more helpful advise once people can see exactly what they are advising on.

280K sounds way out to me though for a mid-terrace ex council house in need of total renovation!

ascottdub · 16-01-2009 12:15pm

Hello to all of you giving advice. I personally don't think this ex council, 3 bed, terraced house is worth 280K, and ideally would offer alot less as I promise it needs work & alot of it. The problem is will less, alot less, be accepted with the name of middle to high class nth county dublin area attached to it??
They are in la-la land though thinking its worth 400K. The price has not been adjusted since last July 08. I've been watching all the houses in that area like a hawk
Alot of people in the area say no, i'd be lucky to get 300 accepted (cos of where it is), but I'm not so sure.
Plus, how do I even know that the agent would put in an offer to the seller much lower and just tell me they said no. I've had someone tell me thats what will happen.
I would post advert for the house, but to be honest there isn't much point as it only shows back garden & living room. I'm sure all of you can imagine though
There is no kitchen at all, it would need an entire re-wire, re-plumb, new bathroom, god knows how many floor boards, attic ( I was scared to even look) I'm fairly sure would need insulating. Entire heating system, and back windows would certainly need to replaced as I'm sure if you blew hard enough they'd fall out from all the rot. Lean-to would have to go as it's useless. Any rough suggestions on a price? In the current market are builders a little more resonable on their prices?
Thanks again to all of you

spockety · 16-01-2009 12:24pm

Where EXACTLY is it? There's more to a house than it's condition/description.. they say 'location location location' for a reason.

Eglinton · 16-01-2009 12:33pm

ascottdub wrote: »

Hello to all of you giving advice. I personally don't think this ex council, 3 bed, terraced house is worth 280K, and ideally would offer alot less as I promise it needs work & alot of it. The problem is will less, alot less, be accepted with the name of middle to high class nth county dublin area attached to it??
They are in la-la land though thinking its worth 400K. The price has not been adjusted since last July 08. I've been watching all the houses in that area like a hawk
Alot of people in the area say no, i'd be lucky to get 300 accepted (cos of where it is), but I'm not so sure.
Plus, how do I even know that the agent would put in an offer to the seller much lower and just tell me they said no. I've had someone tell me thats what will happen.
I would post advert for the house, but to be honest there isn't much point as it only shows back garden & living room. I'm sure all of you can imagine though
There is no kitchen at all, it would need an entire re-wire, re-plumb, new bathroom, god knows how many floor boards, attic ( I was scared to even look) I'm fairly sure would need insulating. Entire heating system, and back windows would certainly need to replaced as I'm sure if you blew hard enough they'd fall out from all the rot. Lean-to would have to go as it's useless. Any rough suggestions on a price? In the current market are builders a little more resonable on their prices?
Thanks again to all of you

That sounds like a horrenously large task. I'm sticking to my guns and suggest to bid no more than 150K. I think perhaps you need to think about how much sites of a similar size cost in the area as basically you seem to be looking at a site with the small bonus of 4 walls and a roof. I don't know how much sites are but if you can get an idea of it it might help us in coming up with something more tangible. The ad would certainly assist regarless of pic numbers.

spockety wrote: »

Where EXACTLY is it? There's more to a house than it's condition/description.. they say 'location location location' for a reason.

Precisely.

ascottdub · 16-01-2009 12:44pm

Hello Eglington & Spockety.
Ok,the house is in Malahide(i didn't want to say where in case some other meanie reader goes and nicks it with buying it).There are no sites available that aren't a horrendous amount of money as I'm sure you can imagine.
So, Eglinton & co, do you still think I can bid super low??? I think the original owner was the one in the house and has either died or gone to a home
A yes would be the ideal answer as I want to try my best to stay around there as I'm from there
I could go to Donaghmede, baldoyle and the likes, but I feel it wouldn't be as rentable(I would want to rent a room out for the first 2 years)
Am I off my rocker altogether?
Thanks again

Eglinton · 16-01-2009 2:15pm

Hmmm, well Malahide has always been pricey but the downturn is affecting everywhere. There are places in Ranelagh, Sandymount, Killiney etc. slashing their prices.

There's no harm in offering a really low amount. At least it will open the negotiations. If it's rejected, you offer a little more. Do you have an amount in mind that you'd be comfortable bidding or indeed a max amount you can afford?

The only thing I'd be worried about is the fact that you say it may be a house where someone elderly has died. The chances are that it is now their children selling it. They obviously want to make a good profit to counter CGT as much as possible. If they want a quick sale, they'll have to sell for less. If they want to maximise profit, they may be willing to sit on it for a few years. That's a risk to them though. Hard to say what will happen so your best option is to make your offer and see.

I have no idea how much a renovation would cost, but if it's in that bad repair and you want to get to a good/high standard then I can't imagine it would be less than 50K-100K

16-01-2009 3:20pm

ascottdub wrote: »

Hello Eglington & Spockety.
Ok,the house is in Malahide(i didn't want to say where in case some other meanie reader goes and nicks it with buying it).There are no sites available that aren't a horrendous amount of money as I'm sure you can imagine.
So, Eglinton & co, do you still think I can bid super low??? I think the original owner was the one in the house and has either died or gone to a home
A yes would be the ideal answer as I want to try my best to stay around there as I'm from there
I could go to Donaghmede, baldoyle and the likes, but I feel it wouldn't be as rentable(I would want to rent a room out for the first 2 years)
Am I off my rocker altogether?
Thanks again

I think i know the house you are talking about. If its that one (probably the worst house in malahide at the moment), I was looking at it myself. Needs a lot of work before you could live in it, but in an area such as Malahide it is worth a punt if you can do some of the work yourself.

spockety · 16-01-2009 3:23pm

I see the house you're talking about, but I don't know enough about the area to give you an opinion on price. however, I think anything over 200k in the current market would be very generous given the work that needs to be done.

The one thing that is ringing alarm bells for me is that you hope to rent the room out to help cover your costs. The rental market is in dire straights at the moment, and you really should not rely on any income from rental when doing the calculations on what you can afford, it could be a recipe for disaster.

Eglinton · 16-01-2009 3:38pm

I agree with spockety on the rent idea. As you have no idea as yet what the potential cost of all of this would be I would base the calculations on what you alone can afford. Any rental income once completed would be a bonus; particularly in the current climate. I can't imagine a room in Malahide is that tempting when there is so so much more available closer to the city centre at great value.

ascottdub · 16-01-2009 3:39pm

Hi Everyone,
No,sorry for miswording. I'm not including the room in what I can afford. I would just like to rent a room for the first couple of years as an extra persay. I will not take(nor b given) a payment that I can't afford to take on my own
I would be able to get help with replastering, insulating attic, and replacing floorboards and stuff, but it's the things I'll find in the process that worries me. Electrics and plumbing would be the big ones, and a kitchen of course. Back windows aswell
When you saw the house, how much did you feel would need to be put into it & (truly not trying to be nosey) but did you just feel it couldn't be done? Or , more to the point, how much did you feel it was worth?
I'm just trying to justify going in at a much lower price, I suppose. I just get the feeling the sellers would murder me going in at 200K
You've all been very helpful, it's nice to know there are people out there happy to give a suggestion or 2

Bee · 19-01-2009 1:16am

ascottdub wrote: »

Hello,

There seem to be some smart people on here so here's one for you.
They keep going on about how much prices will fall, but can anyone at all tell how much prices are likely to fall in a certain area?
More to the point, a nicer area in Nth County Dublin. I'm looking at the possibility of bidding on a 3 bed, older council, terraced house, that would need to be gutted, and I mean gutted. It's a shell at the moment and the asking price is just laughable.
I'm not expecting an exact amount but how much have houses come down in the area since last July(2008) until now, and how much more to go?
Much appreciated,
Ascottdub

How long is a piece of string?

You can gauge somewhat about the price reductions in the area over a period of time but basically it is down to how much people are willing to pay and how long and how much in need of money, the seller is willing to accept.

You can see by some of the type of posts here that there is a strong vested interest by people posting that the sky is about to fall and house prices will collapse. It is obvious that a lot of posters are unable to afford mortgages who are envious and others are posting that have had their fingers burnt at the top of the market and want others to suffer as well.

There will always be envious folk out there.

In some areas like Leitrim where there were properties built purely to avail of section 23 tax breaks that may happen, but I can't see it happening in the area you are suggesting.

It is all down to how much you want the house and how much you want to pay for it.
If it is going to be your permanent residence and you really settle there what you pay for it now in 20 years time will mean little.

If you bid x amount below the asking price the estate agent should tell the seller and at least you will get some feedback.

oceanclub · 19-01-2009 1:26am

Bee wrote: »

You can see by some of the type of posts here that there is a strong vested interest by people posting that the sky is about to fall and house prices will collapse.

Ah yes, of course; there are no vested interests with the opposing argument.

P.

Bee · 19-01-2009 1:27am

ascottdub wrote: »

Hello to all of you giving advice. I personally don't think this ex council, 3 bed, terraced house is worth 280K, and ideally would offer alot less as I promise it needs work & alot of it. The problem is will less, alot less, be accepted with the name of middle to high class nth county dublin area attached to it??
They are in la-la land though thinking its worth 400K. The price has not been adjusted since last July 08. I've been watching all the houses in that area like a hawk
Alot of people in the area say no, i'd be lucky to get 300 accepted (cos of where it is), but I'm not so sure.
Plus, how do I even know that the agent would put in an offer to the seller much lower and just tell me they said no. I've had someone tell me thats what will happen.
I would post advert for the house, but to be honest there isn't much point as it only shows back garden & living room. I'm sure all of you can imagine though
There is no kitchen at all, it would need an entire re-wire, re-plumb, new bathroom, god knows how many floor boards, attic ( I was scared to even look) I'm fairly sure would need insulating. Entire heating system, and back windows would certainly need to replaced as I'm sure if you blew hard enough they'd fall out from all the rot. Lean-to would have to go as it's useless. Any rough suggestions on a price? In the current market are builders a little more resonable on their prices?
Thanks again to all of you

Get 3 quotes form decent builders, offer a lower price to your favoured quote, your renovation will cost anything between 20 to 40k.

Builders can be very reasonable at the moment. I had some work done recently at 15% below the first quote from the same builder.

gurramok · 19-01-2009 8:05am

Yes Bee, all about envy and begrudgery

, nothing to do with proper analysis of the situation, of course not.

ascottdub · 19-01-2009 9:35am

Hi Everyone,
Your all so helpful & some of the posts funny.
Now Bee, you suggest to compare in the area, so, can I compare a €1 mill house in Malahide that can now be bought at a bargain of 700K? Thats 30% there, and it was probably overpriced in the first place. I'm sure there's more out there, but that happens to be I spotted.
I suppose in the end it depends if the sellers would like the cash, or they could be willing to ride out the storm.
Would be interested to hear from the person who viewed this house. Curious to know the reasons they decideda against. IE: 2 much work, or just wasn't for them
Anyone else have ideas on renovating prices? Nice to know they've come down a bit
Thanks

laurak265 · 19-01-2009 9:55am

Hi,

I was talking to an auctioneer last week who said that house prices have dropped a third on this time last yr and if you wait another 2/3 months they will drop again. Very good auctioneer that i trust!

Hope this helps!!

mrgaa1 · 19-01-2009 12:07pm

auctioneer and trust in the same sentence - now thats something

Puddleduck · 19-01-2009 12:11pm

Hi All,

Id just like to know what peoples opinions are on buying vs Self build.

Im hearing alot of people saying that it would be cheaper to build and buy the land a house would sit on then it would be to buy a house already built. Im not so sure if it would be, considering the amount of extras needed (Kitchen, electricity, water, gas/oil etc)

Any ideas?

laurak265 · 19-01-2009 12:15pm

WEll puddleduck,

I am going to be building myself...looked at buying and for what you pay to build per sq footage and how much it is to big a difference. I think also to build by direct labour and use people recommended by friends is cheaper again then getting builder to complete all the work! Its hard work and takes alot of organisation but you get the house you really want at the end of it, which is what i want!

best of luck

Puddleduck · 19-01-2009 12:24pm

laurak265 wrote: »

WEll puddleduck,

I am going to be building myself...looked at buying and for what you pay to build per sq footage and how much it is to big a difference. I think also to build by direct labour and use people recommended by friends is cheaper again then getting builder to complete all the work! Its hard work and takes alot of organisation but you get the house you really want at the end of it, which is what i want!

best of luck

As of yet its all just ideas. I have heard that there is a law that restricts where you build your house ie you have to be living in the county for at least 10 years. Im not sure whether this is true or not.

As is Im just looking at land. Any one any ideas of what would be a decent price to pay for an acre of land in meath/Kildare?

I honestly havent a clue where I would start. I think Ideally Id like to speak to someone who has self bulit and see what kind of problems they came across and what kind of things you wouldnt think of that would be important.

punchestown · 19-01-2009 3:22pm

laurak265 wrote: »

Hi,

I was talking to an auctioneer last week who said that house prices have dropped a third on this time last yr and if you wait another 2/3 months they will drop again. Very good auctioneer that i trust!

Hope this helps!!

Friend of mine told me this years Premiership would be won by either United, Chelsea, Liverpool, Arsenal, Villa or Everton. Very good source!

ascottdub · 19-01-2009 3:32pm

Ah now punchestown, thats not nice(funny, yes)

That post was someone trying to be helpful.

I heard that IRl, ENG, SCOt, WALES, FRANCE OR ITALY WILL WIN THE 6 NATIONS THOUGH

JJJJNR · 19-01-2009 3:38pm

New house next door (detached 4 bed) for sale at 100k more than mine 12 months ago, offered the builder my house plus 20k. Waiting to hear back.. sign of the times..

laurak265 · 19-01-2009 3:43pm

punchestown wrote: »

Friend of mine told me this years Premiership would be won by either United, Chelsea, Liverpool, Arsenal, Villa or Everton. Very good source!

He is a valuer for banks also so i think he knows how much the market has dropped!

Ally Dick · 20-01-2009 12:30am

Just read the first few pages of this thread from the start in 2006 and laughed out loud at some of the comments

gurramok · 20-01-2009 8:00am

Yeh, they(who have disappeared since) couldn't handle the thought of facts, figures & links from that Pa ElGrande guy on Page 2 who was dead right!.

Gurgle · 20-01-2009 11:21am

Ally Dick wrote: »

Just read the first few pages of this thread from the start in 2006 and laughed out loud at some of the comments

I've been laughing at most of the comments all the way through the last 2 years and 370 pages.

And still - the total drop in the national average house price since the peak 2 years ago is less than 15%.

And still - the crash predictors are trying to find a way to prove they were right.

Still laughing

Housing Bubble Bursting

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