Property Market in Waterford

reni10 · 19-07-2011 8:09am

dayshah wrote: »

That's nuts. Some people also forget that if you want to move home, the house you'll move into will also be cheaper, so its only a problem if you are in negative equity.

Yeah some people just have no comprehension that the market price for their house has fallen dramatically and are totally in denial.
While they are in denial the price of their property falls everyday!

I think we should continue to post up the ridiculous asking prices in this thread as they come on the market as a warning to those people both buying and selling!

People might then also find out which Real Estate agents to stay well clear of and which ones are doing their vendors justice.

giles lynchwood · 19-07-2011 9:26am

I looked at a house very recently in city center the asking price was 65k and i made an offer of 40 k the agent laughted in my face and refused to make the offer,so i upped it to 45,the agent came back and said it was refused and that the seller might talk at 50,as it was a nice house i said ok,again no joy,in the meantime i saw same house, different agent so i approached him and asked him to make an offer i informed him of the previous offers, straight away he said,sorry can`t touch it once you have spoken to another agent (cartel or what),then i managed to find out contact details for the owner and when i contacted him he informed me he had not recieved any of my offers and was very annoyed with the agent no 1.Another agent i have spoken to told me that he has access to any houses on daft,no matter who the advertised agent is.This would seem to suggest that daft is a cartel of agents.The banks are getting a lot of stick(and rightly so)about not approveing home loans and therefore holding up property market recovery.IMHO,estate agents are equally if not more responable for this,but with all the attention on the bank´s,this appears mostley to go unoticed.

reni10 · 19-07-2011 9:47am

giles lynchwood wrote: »

then i managed to find out contact details for the owner and when i contacted him he informed me he had not recieved any of my offers and was very annoyed with the agent no 1.

This is exactly what I am talking about with these supposed Real Estate Agents!
Some of them are NOT doing the right thing by the buyer or more importantly the seller who is paying them!

I say it is time that these dodgy idiots are named and shamed in this thread at least so it can aid people in choosing a decent Real Estate Agent.

So @giles lynchwood please post the name and company for this agent.
Hopefully this is not against boards.ie rules which I doubt it would be as it is telling us of a personal experience of yours but if one of the mods thinks this is then please PM the details as I want to keep my own record of these useless agents!

ziedth · 19-07-2011 10:21am

I'd prefer if you didn't post the name of the estate agents. Sorry, its not that I don't believe you but it's a fairly serious acqusation and like with all these kind of things we ask not to post it without linking to an article or whatever as proof. Cheers

Good idea for the thread to try and find any houses that you feel are over/under priced and post them up.

ziedth · 19-07-2011 10:23am

reni10 wrote: »

Another day another house for sale at a ludicrous price on Daft.ie:

http://www.daft.ie/searchsale.daft?id=604503

Advertised for €285k!!! - It is worth no more then €150-€160k!

What are these people and the so called real estate agents thinking???

And this is what is written in the stupid description by an obviously imbecile agent:
"This property would be an excellent starter home"
Yeah right when you can actually get a starter home for less than €100k at the moment!
It is idiots like this that also played a big hand in creating the trouble Ireland is now in with their stupid valuations and greed!

It will never sell for that price... Some people will just never learn!

Do you really think that house should only be going for €150k? It's a lovely house IMHO.

reni10 · 19-07-2011 10:41am

ziedth wrote: »

Do you really think that house should only be going for €150k? It's a lovely house IMHO.

It might be a nice house but I believe a 3 bed semi out there is only worth €120k so for an extra bedroom I would add on another €20k and then for it being detached it gets another €20k those basically make this house 1/3 more expensive then a 3 bed semi which I think is about right and would bring it to about €160k in todays market(in 6 months time I say only €150k for this house though!).

I dont believe it is worth 50% more then a 3 bed semi but at 33% more that sounds about right.

Everything gets baselined against the 3 bed semi price of €120k and then add on the extras at about €20k a pop(extra room, detached, extra land etc.).

That is my theory anyway and to me sounds about right, interested to hear other peoples views though!!!

Dan133269 · 19-07-2011 10:53am

It's certainly a first time buyers market. Has anyone on here actually bought a house or other property? Thanks for your story ziedth. If only I had a few quid I could invest in something. Then again, if only I had a few quid I could enjoy a night out or a few concerts!

How much would a 3 bed semi in somewhere like Hillview be selling for now?

Bards · 19-07-2011 10:54am

reni10 wrote: »

It might be a nice house but I believe a 3 bed semi out there is only worth €120k so for an extra bedroom I would add on another €20k and then for it being detached it gets another €20k those basically make this house 1/3 more expensive then a 3 bed semi which I think is about right and would bring it to about €160k in todays market(in 6 months time I say only €150k for this house though!).

I dont believe it is worth 50% more then a 3 bed semi but at 33% more that sounds about right.

Everything gets baselined against the 3 bed semi price of €120k and then add on the extras at about €20k a pop(extra room, detached, extra land etc.).

That is my theory anyway and to me sounds about right, interested to hear other peoples views though!!!

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.

dayshah · 19-07-2011 11:01am

Dan133269 wrote: »

How much would a 3 bed semi in somewhere like Hillview be selling for now?

I saw one for €115k in Lismore Park area.

http://www.daft.ie/searchsale.daft?id=393798

I'd prefer a garage to an extra bedroom though. Not many houses with garages anymore

(A garage makes me feel macho, as I work on my bike and have a beer)

Here is a list for Hillview
There is a nice 3-bed bungalow semi detached for €99,000

reni10 · 19-07-2011 11:45am

Dan133269 wrote: »

How much would a 3 bed semi in somewhere like Hillview be selling for now?

I think a 3 bed semi in Hillview is worth about €100k at the moment and will fall about another 10-15% in about 6 months time to stabilise at about €80-€90k.
Hillview is a less desirable and older place to live so there is probably about a €20k premium on the Dunmore Road so the location would be considered an extra which gives you the €120k current price-tag.

reni10 · 19-07-2011 11:59am

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 · 19-07-2011 4:18pm

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

Dan133269 · 19-07-2011 4:22pm

Hoffmans wrote: »

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

which shall remain top secret :cool:

gman2k · 19-07-2011 4:26pm

Hoffmans wrote: »

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

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.

Luckycharms_74 · 19-07-2011 4:38pm

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

_ _ _ _ _ _ _ _ _

giles lynchwood · 19-07-2011 4:41pm

reni 10 sent you pm

giles lynchwood · 19-07-2011 4:50pm

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.

dayshah · 19-07-2011 5:23pm

giles lynchwood wrote: »

The banks are getting a lot of stick(and rightly so)about not approveing home loans and therefore holding up property market recovery.

I think the banks not lending is really only a very small part of the problem. To be honest I think the banks should not give a mortgage if someone is going to pay €150k for a house in Lismore park. Even if it was only a 75% mortgage, that house is probably worth at most €115k (prob less) and the person would be in negative equity very quickly.

giles lynchwood · 19-07-2011 6:44pm

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.

Nolanger · 19-07-2011 6:52pm

Is Dunmore Road 'built'. Are there any more new estates coming soon or is it only second-hand homes available there now?

reni10 · 19-07-2011 7:45pm

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?

dayshah · 19-07-2011 8:21pm

The cheapest 3-bed on the Dunmore Rd is €138k.

The list is here.

spookwoman · 19-07-2011 8:39pm

Luckycharms_74 wrote: »

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

ok
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dayshah · 19-07-2011 9:39pm

spookwoman wrote: »

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

a?

spookwoman · 19-07-2011 9:42pm

_ _ a _ _ _ _ _ _ _a_ _

Siamsa Sessions · 19-07-2011 10:49pm

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.?

fricatus · 20-07-2011 6:52am

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 ?

reni10 · 20-07-2011 8:40am

fricatus wrote: »

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 ?

I think the baseline actual selling price at the moment for a standard 3 bed semi is €120k, they might be advertised for €130-€150k but they are only actually shifting at €120k.

From my calculations that house is worth the following:

€120k baseline + €20k for 4th bedroom + €20k for being detached + €20-€40k for bigger size then normal
=€180k - €200k range

That is a pretty good house but is not worth nearly 3 times the realistic baseline price and will never sell for €330k!

If they were offered anything approaching the €200k mark I would take that instantly!

It is going to be extremely difficult to shift a house that is anywhere over the €200k mark so this will take quiet a while to sell even at around €200k I think!

reni10 · 20-07-2011 8:42am

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.

Deisekickboxing · 20-07-2011 11:08am

Desireable areas will always hold the price better like dunmore rd, grange pk,newtown
The credit has dryed up can't see any point in trying to buy at the moment unless u had cash.

dayshah · 20-07-2011 11:34am

Deisekickboxing wrote: »

Desireable areas will always hold the price better like dunmore rd, grange pk,newtown
The credit has dryed up can't see any point in trying to buy at the moment unless u had cash.

I'd say the exact opposite. The 'luxury' market has suffered most. Just look at ailesbury road. Houses still sell for over €1 million, but percentage falls have been over 80%.

I accept Newtown is nothing like ailesbury road, but the principal is the same.

Desirable locations will always find buyers (which place like longford won't), but only if the price is right.

Deisekickboxing · 20-07-2011 9:55pm

True the price wa$ right round 1994
Then it slowly inflated to 2006 prices fuelled mostly by international speclators in a win win game of monoply

dayshah · 20-07-2011 9:58pm

spookwoman wrote: »

_ _ a _ _ _ _ _ _ _a_ _

e?

munster_mafia · 21-07-2011 4:01am

dayshah wrote: »

e?

Granstown park...

reni10 · 21-07-2011 10:58am

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!

ziedth · 21-07-2011 12:54pm

That is a seriously nice house.

dayshah · 21-07-2011 1:20pm

reni10 wrote: »

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

Or for just €5k more, you can get a flat.

Hmm, tough choice

spookwoman · 21-07-2011 1:36pm

munster_mafia wrote: »

Granstown park...

Yep

wellboytoo · 21-07-2011 1:50pm

reni10 wrote: »

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!

Whats your call on Ballinamona woods (Ballybig) then?

Siamsa Sessions · 21-07-2011 3:24pm

What about this one at the end of the Williamstown Rd.?

http://www.daft.ie/searchsale.daft?id=523435

Is it worth €155,000?

dayshah · 21-07-2011 3:28pm

Siamsa Sessions wrote: »

What about this one at the end of the Williamstown Rd.?

http://www.daft.ie/searchsale.daft?id=523435

Is it worth €155,000?

Prob closer to €100k-€120k

fricatus · 21-07-2011 9:40pm

reni10 wrote: »

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

Stunning house, but it's located down the end of a donkey track. You'd need a Land Cruiser living down there.

I was very interested in viewing it so I drove down there with Mrs Fricatus a while ago for a peek, and nearly busted an axle. It's very isolated, and surrounded on three sides by a field where I believe horses run around...

For those reasons (and those reasons only) I don't think it will sell quickly, or at anything like that price.

reni10 · 21-07-2011 11:40pm

Siamsa Sessions wrote: »

What about this one at the end of the Williamstown Rd.?

http://www.daft.ie/searchsale.daft?id=523435

Is it worth €155,000?

That is more like a terrace then a 3 bed semi!

Less desirable area and smaller then your standard 3 bed semi so I would knock about €20k off the current baseline.

Max price for that is about €90-€100k IMO.

reni10 · 21-07-2011 11:46pm

wellboytoo wrote: »

Whats your call on Ballinamona woods (Ballybig) then?

If you mean that ridiculous place where they built stupidly large houses within an inch of each other then anything for sale there will never sell unless the price is in the €200ks bracket.

That is the most ridiculous place I have ever seen and I personally would never even consider buying a place there even if I had €500k in my pocket right now!

reni10 · 21-07-2011 11:52pm

Another Day another tale of how some people really need to get a new real estate agent and will never sell these houses:

Posted today on Daft.ie:
http://www.daft.ie/searchsale.daft?id=605228
http://www.daft.ie/searchsale.daft?id=605221

2 identical 3 bed semi's in Collins Avenue, whats the difference between them?
Well it seems there is a €50k difference for some unknown and mind blowing reason!

This is another fine example of the stupidity out there!

Both these house are worth as follows:

€120k 3 bed semi baseline + €10k for garage conversion so should be advertised for €140k and accept any offer approaching €120k

What planet are these sellers and Real estate agents on?
€245k and €195k for a 3 bed semi on the Dunmore road, idiots!!!!

nkay1985 · 22-07-2011 7:08am

Siamsa Sessions wrote: »

What about this one at the end of the Williamstown Rd.?

http://www.daft.ie/searchsale.daft?id=523435

Is it worth €155,000?

That is silly money for that house in fairness. Any ideas what they sold for originally? I can't imagine they were around the €200k mark, were they? They're not that old like.

Reni, are you an estate agent yourself? It's just that you speak authoritatively on the subject so I assume it's more than just a passing interest.

lomb · 22-07-2011 7:36am

Friend of mine is renting a mansion in donegal for around 700 that was on sale for over 800 previously.3000sq foot split level overlooking Atlantic with a few jacuzzis and marble. It's a renters market why buy?

Aarnikotka · 22-07-2011 7:59am

reni10 wrote: »

Another Day another tale of how some people really need to get a new real estate agent and will never sell these houses:

Posted today on Daft.ie:
http://www.daft.ie/searchsale.daft?id=605228
http://www.daft.ie/searchsale.daft?id=605221

2 identical 3 bed semi's in Collins Avenue, whats the difference between them?

The first one is detached, not semi; I see your point regarding the prices though.

Seeing as Ballinamona was mentioned, how much might this one in Grantstown realistically fetch? Anyone have the bones of a million lying around?

http://www.daft.ie/searchsale.daft?id=605270

wellboytoo · 22-07-2011 8:10am

reni10 wrote: »

If you mean that ridiculous place where they built stupidly large houses within an inch of each other then anything for sale there will never sell unless the price is in the €200ks bracket.

That is the most ridiculous place I have ever seen and I personally would never even consider buying a place there even if I had €500k in my pocket right now!

Whereas I agree with your statements on the estate itself, three of these units sold for over €500.k this year alone, so it kinda blows your theory out of the water. two of them were forced bank sales, admittedly the three buyers had a substantial amount of the deposit and still had difficulty raising the balance through mortgage.

Siamsa Sessions · 22-07-2011 9:35am

nkay1985 wrote: »

That is silly money for that house in fairness. Any ideas what they sold for originally? I can't imagine they were around the €200k mark, were they? They're not that old like.

They were above the €200k mark as far as I remember! (Up to €220k)

Though they were available through the "affordable housing" scheme as far as I know, so I guess that means people got 10% off the price.

Still, even €180k was madness. How were they so high???

Bertie: "I guess the boom times just got boomer"

Property Market in Waterford

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