Property Market in Waterford

Bards wrote: »

My Theory on proper vaulations is this.

A starter home (3-bed semi) should be rougly 3.5 times the Average Industrial Wage. So if we say the AIW is €38,000 3.5 times this is €133,000

then you go from here as you said by adding on €20K here for extras such as extra bedroom etc.

Pretty good theory and similar to how I am calculating but I basically removed about a further 10% because of the difficulty to obtain money from the banks, the amount of unemployment in Waterford and the extreme uncertainty of the Irish economy getting out of this recession within the next 5 years.

Then as I have been saying if these issues deepen(and it is very likely that they will!) then I knock about another 10-15% off in 12 months time so you are looking at 3 bed semi Dunmore Road baseline being about €100k.

The best advice I could give anyone selling right now is twofold:

1. Price the house realistically for advertisement by using the current €120k baseline price.
2. If you get within 10-15% of your correctly advertised price from the baseline calculations then accept as this is realistically the best you can hope for otherwise you will just be sitting on an asset that is depreciating very quickly and if you also have a mortgage then you will just be paying out money for nothing and in 6 months time have to accept 10-15% less anyway!

I really hope this helps some people in Waterford, the main thing is you cannot bury your head in the sand any longer as this is not just going to happen it has already happened!

I have a real problem with the Real Estate Agents though as there are some out there in my opinion that are basically doing a large dis-service to people that may be in a dire financial situation and are basically making things worse with their pure and utter greed or are just complete stupid idiots!

Hoffmans wrote: »

dunmore road will never drop that low for numerous reasons...

which shall remain top secret :cool:

spookwoman wrote: »

Don't know how they can charge those price on the dunmore road! Should only be going for 60 to70k. Know one estate where the radiators are crap in all the houses and are starting to burst. Windows are cheap and dont close properly. No sound insulation and you can hear neighbours through the walls. Dogs constantly barking all over the estate. Gardens turn to swamps.

Go on give us a clue. Lets play hangman
_ _ _ _ _ _ _ _ _

gman2k wrote: »

Have to laugh at that one?
Is it because people don't want them to drop that 'low' (read realistic)

Forget and erase from your mind the values that were seen in the Tiger/ property bubble era - they now have no relativity to values now or in the future.

The sooner people realise this the better and maybe then can the country can move on,the Tiger was a myth created by Bertie Soprano and Co.The longer this farce goes on the less faith the rest of Europe will have in Ireland to solve our problems ourselves.

I agree daysha.It is estate agent´s are the big problem now by trying to maintain unrealistic property prices for a higher commission,the government should bring in a fixed rate agents can charge,maybe going on the sqm of the property.

Hoffmans wrote: »

dunmore road will never drop that low for numerous reasons...

You are obviously one of the people I referred to in my earlier post about people thinking that this could never happen when in fact it has already happened!

Property prices are still about 10-15% overpriced so within 12 months we will have a baseline price of 3 bed semi at €100k and that is the reality that you and every other person in denial will have to face like it or not!

I would really like to know what these numerous reasons you mention are?

Is Ireland going to start another Celtic tiger run next week?

Luckycharms_74 wrote: »

Go on give us a clue. Lets play hangman
_ _ _ _ _ _ _ _ _

ok
_ _ _ _ _ _ _ _ _ _ _ _ _ _

_ _ a _ _ _ _ _ _ _a_ _

So if a 3-bed semi on the Dunmore Road is going now for €130-145k and some of you expect further falls, what sort of price should we expect for a 4-bed detached, e.g. this: http://www.daft.ie/1590938 ?

Siamsa Sessions wrote: »

Anyone have an idea how the Williamstown Rd. compares with the Dunmore Rd.?

Would it be 10% - 20% less for the same house 500 yards away from the Dunmore Rd.?

I would classify Williamstown Rd. as the same or very slightly less baseline price then the Dunmore Road properties as the location is probably not as desirable.

Here is someone pricing their fantastic house at a great price to get offers around the €300k mark:
http://www.daft.ie/searchsale.daft?id=604911

When you look at this advertised for €345k and then that place in Ballinakill Downs priced at €285k you can see that the Baillinakill property is only really realistically worth around €160k!
http://www.daft.ie/searchsale.daft?id=604503

Here is my take on this new Williamstown property:
http://www.daft.ie/searchsale.daft?id=604911

€120k 3 bed semi baseline + €60k for 3 additional bedrooms + €20k for being detached + €40k for being on a large piece of land, private with views + €60k for the self contained 2 bed apartment that comes with the property
=€300,000

With them advertising realistically at €345k they will get offers at around €300k and I would say sell for about that within a few months.

Now when you look at properties in Ballinakill and Grantstown looking for between €250-€350k you can see the real price of these properties is only really about €160k as something like this place in Williamstown is 2 times a better house then anything in those areas!