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house prices in Douglas

donegaLroad

hi, I have 2 friends moving to Cork and they are thinking of buying in Douglas. They have visited the area and really like it, but they were telling me that house prices there are going for as much as €70,000 over the asking price.

It sounds very much like 2005 to me. I would be apprehensive to buy.

An insights would be appreciated.

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bigbrotherfan

That seems to be the trend in most Cork suburbs at the moment. It is looking a lot like it did before the big crash unfortunately. It is insane at the moment and I reckon the estate agents are encouraging the hype. I've heard of houses where there was no bid for over a year. A friend of mine put in a bid in a house recently.There was absolutely no activity. As soon as they put a bid in, other mystery bidders appeared out of nowhere, with the price rising by 20k within a week. It's awful for people to be put under that kind of pressure. It always goes in cycles and prices are bound to come down again.

donegaLroad

bigbrotherfan wrote: »

That seems to be the trend in most Cork suburbs at the moment. It is looking a lot like it did before the big crash unfortunately. It is insane at the moment and I reckon the estate agents are encouraging the hype. I've heard of houses where there was no bid for over a year. A friend of mine put in a bid in a house recently.There was absolutely no activity. As soon as they put a bid in, other mystery bidders appeared out of nowhere, with the price rising by 20k within a week. It's awful for people to be put under that kind of pressure. It always goes in cycles and prices are bound to come down again.

so it is pretty much what happened during the Great Delusion, all over again... phantom bidders etc.

run_Forrest_run

donegaLroad wrote: »

so it is pretty much what happened during the Great Delusion, all over again... phantom bidders etc.

I would believe so, this time though the lack of rental properties and the perceived tightening of credit is driving prices up. Oddly enough the main driver of prices during the 'boom' was cheap and abundant credit. This is Ireland, when it comes to Economics we don't seem to learn anything.

Mumha

donegaLroad wrote: »

so it is pretty much what happened during the Great Delusion, all over again... phantom bidders etc.

I presume they are at least referencing the Property Price Register ? Can I ask where they intend working, as there may be other/better options.

donegaLroad

Mumha wrote: »

I presume they are at least referencing the Property Price Register ? Can I ask where they intend working, as there may be other/better options.

they will be working for one of the larger pharma companies, not 100% sure which one. I will mention the property price register to them. One of the reasons they were interested in buying over renting, was because of the cost of renting.

Mumha

donegaLroad wrote: »

they will be working for one of the larger pharma companies, not 100% sure which one. I will mention the property price register to them. One of the reasons they were interested in buying over renting, was because of the cost of renting.

Presumably it's one of the Pharma companies in Ringaskiddy, in which case, other areas on the southside like Wilton and Bishopstown are just as viable. Friends of mine live at the end of Model Farm Road and work in Ringaskiddy. If they are going to be working for one of the Little Island Pharma companies, I think they'd be better off looking on the other side of the river. Having to go to/from the Jack Lynch tunnel is a pain in the backside at peak times.

At least with the PPR, they'll have a rough idea of what sold lately.

donegaLroad

Mumha wrote: »

Presumably it's one of the Pharma companies in Ringaskiddy, in which case, other areas on the southside like Wilton and Bishopstown are just as viable. Friends of mine live at the end of Model Farm Road and work in Ringaskiddy. If they are going to be working for one of the Little Island Pharma companies, I think they'd be better off looking on the other side of the river. Having to go to/from the Jack Lynch tunnel is a pain in the backside at peak times.

At least with the PPR, they'll have a rough idea of what sold lately.

While I was posting on here yesterday, I was unaware of what was happening in China and how it was affecting the world markets. From reading through different forums online, there seems to be repeated mention of a tech bubble on the brink of bursting, to what extend no one is sure... but a Nasdaq crash is what some posters (who seemed to know what they are talking about) were worried about.

Some of those major Nasdaq players have their headquarters in Ireland... Apple, Google, Facebook, some of the pharmas etc.

With this new development, maybe it would be a good idea to hold off from buying a house at the minute?

.

Blackie Grey

fake bubble created by auctioneers -last 1 left ,sale agreed, etc

all lies

BryanF

The 'bubble' imho is lack of supply in the city

Of course some want to live in certain sought after areas

But there is a definite lack of supply

Rents are going up and there is a shortage of suitable accommodation

This is due to a number of reasons inculding bedsit legislation, lack of building for the past 7+ years, people moving to the city, rich parents buying students gaffs, older folks down sizing moving in from the suburbs, investors seeing stable rent market, bottom reached in the market, and many 30/40 years olds / young families / first timers who haven't been able to get credit since 07