Irish Property Market 2020 Part 2

The Belly · 19-09-2020 11:10pm

Smiley11 wrote: »

Montenotte/St Lukes...hes finding it difficult to drag the norrie south of the river!

To explain..we're trading up. I'm from the area & our son has started school locally. I have a few rigid stipulations because its our last home but will make allowances for the right house. We just can't get one. We've only bid on one but any that we've enquired about were sale agreed or mid bidding war. Our last house was horrible (bachelor buy) but we made a profit & all I want is a lovely home & garden for our children. Its not so easy to come by one in Cork even in that price range though! I can only hope the chest thumpers are right.

I know cork a bit maybe an old house and do it up hassle, yes but might work. Opens location options too.

Balluba · 19-09-2020 11:14pm

Smiley11 wrote: »

Montenotte/St Lukes...hes finding it difficult to drag the norrie south of the river!

To explain..we're trading up. I'm from the area & our son has started school locally. I have a few rigid stipulations because its our last home but will make allowances for the right house. We just can't get one. We've only bid on one but any that we've enquired about were sale agreed or mid bidding war. Our last house was horrible (bachelor buy) but we made a profit & all I want is a lovely home & garden for our children. Its not so easy to come by one in Cork even in that price range though! I can only hope the chest thumpers are right.

Smiley you are just one of thousands in Ireland at the moment who can not buy a forever home for the budget you have got

The Belly · 19-09-2020 11:19pm

Balluba wrote: »

Smiley you are just one of thousands in Ireland at the moment who can not buy a forever home for the budget you have got

The market is dysfunctional. Same as it always was. Plannings a disaster. Vested interests calling the shots. But time will pass and it will be fixed it just takes a government with balls to do it.

Smiley11 · 19-09-2020 11:23pm

Balluba wrote: »

Smiley you are just one of thousands in Ireland at the moment who can not buy a forever home for the budget you have got

Absolutely agree with you. I just can't comprehend how others think our competition is just going to evaporate imminently. We won't lose our jobs, & I'm extremely grateful for that, but there are a lot of people in the same position. The banks may or may not adjust what they'll lend but I can't see this current demand dissipate any time soon. Its a complete unknown really.

Bass Reeves · 19-09-2020 11:30pm

Pelezico wrote: »

The inflated stock market has created a lot of money. Wait for the collapse after November.

Then the falls will come hot and heavy.

First it was may then it was July, well maybe September now it is November. After that it will be January and as we go on it will be definately 2022.

neutral guy wrote: »

Yes,I was a stupid idiot and I bought couple sites before recession in 2008
I did not think recession will hit me because I had good job/life/ not much knowledge
When I lost my job and had pay bills I understood that not enough understand about recession coming
I need sometimes understand what I will do when I will have pay bills without having money for it
I was in bank in my country on those days.The guy was carrying his girlfriend/wife on hands from clerk room in bank.She was screaming and crying shouting I want our dream house back ! We dont have house anymore said that guy.
Then I started understand Never buy property when is too much buyers on market.

Towards the end of the last recession everybody was buying sites. I know of 50+ sites within 10 miles of me that people bought during the last recession that not only are there no houses on but also that it look like there may never be houses on.

Smiley11 wrote: »

Montenotte/St Lukes...hes finding it difficult to drag the norrie south of the river!

To explain..we're trading up. I'm from the area & our son has started school locally. I have a few rigid stipulations because its our last home but will make allowances for the right house. We just can't get one. We've only bid on one but any that we've enquired about were sale agreed or mid bidding war. Our last house was horrible (bachelor buy) but we made a profit & all I want is a lovely home & garden for our children. Its not so easy to come by one in Cork even in that price range though! I can only hope the chest thumpers are right.

The bracket you are in is the most likely where there may be a drop in the area you are in. The 500K+ bracket in houses that will require an upgraed in Cork are limited. However the lower price ranges in the 2-300K bracket in Cork like the 3-450K bracket in Dublin is harder to see any so called correction. Pent up demand and limited supply looks like holding the market steady

The Belly · 19-09-2020 11:33pm

Pent up demand and limited supply looks like holding the market steady

for now but if credit drys up that will stop the demand apart from cash buyers chasing a return and that depends on the taxing of rental income.

Balluba · 19-09-2020 11:40pm

Now that the EBS has put a cap on savings and other banks will surely follow suit
Will most of that cash be invested in property??

The Belly · 19-09-2020 11:42pm

Balluba wrote: »

Now that the EBS has put a cap on savings and other banks will surely follow suit
Will most of that cash be invested in property??

yes, credit unions did it ages ago. It will push money into the only thing that has any chance of making a return. It such bad planning but it will force money into the market. However it just a different form of taxation.

Pelezico · 20-09-2020 12:09am

Smiley11 wrote: »

I don't need to make money for free NG. My husband & I work really hard & are very fortunate to have made profits on properties & we save a lot. I don't feel the need to tell anybody about what we do for us. Its not a competition, its life. We have a "big bag of cash" in the bank but that doesn't mean we're better than anyone else. In fact, I would say that there are many people with a lot less money in the bank than us who are infinitely happier.

We work hard, we save hard, we have a very happy family but the fact is that we don't have a family home at the moment & are living between our parents homes in different counties. All we want is to live in our forever family home & we just can't get one in the current climate.

I've been following this thread for months & can only envisage some contributors as banging their chests & roaring with delight as they submit their latest "property market is goosed" post but its not...property is booming & a few lackadaisical posts that don't disprove that fact aren't going to change anything. Few unnecessarily bruised chests is all it will achieve.

Could you not rent a place? Living with in laws must be tough..and you have all that money in the bank.

Cork must be a cheap place to rent.

bdmc5 · 20-09-2020 12:38am

Smiley11 wrote: »

Blackrock is our second choice of area. Absolutely beautiful but we can't get somewhere there within our budget either!

We bought in Blackrock 2 years ago and Glenvagh have just finished off the last phase of our estatn(they didn’t build our phase) They sold small 3 beds semi D for the same price as our 4 Beds and they sold out within 2 weeks which I couldn’t believe as the price for that sq ft is crazy.

There small homes in mature estates going for about 40k less than the new builds in Blackrock and need 100k plus to bring up to date minimum so there’s huge demand new builds and cheaper fixer uppers that quickly sell for over asking. Good luck in house hunting

bdmc5 · 20-09-2020 12:42am

Pelezico wrote: »

Could you not rent a place? Living with in laws must be tough..and you have all that money in the bank.

Cork must be a cheap place to rent.

Hard to believe you are serious here. Rents in cork are extremely expensive for nice to decent places , 2nd only to Dublin I’d imagine.

Smiley11 · 20-09-2020 12:43am

Why would we rent? Did you not say at some point that your son is saving for a house & living with you in the interim? We have wonderful parents who are happy to accomodate us & we have no issues other than wanting to live in our own home together. Are we very different to your son? Have a look at Cork rentals on Daft...we'd be lucky to get somewhere suitable for €1500 a month. I'll bank that amount thanks to our parents as you know yourself &#55357;&#56841;

The Belly · 20-09-2020 1:11am

Smiley11 wrote: »

Why would we rent? Did you not say at some point that your son is saving for a house & living with you in the interim? We have wonderful parents who are happy to accommodate us & we have no issues other than wanting to live in our own home together. Are we very different to your son? Have a look at Cork rentals on Daft...we'd be lucky to get somewhere suitable for €1500 a month. I'll bank that amount thanks to our parents as you know yourself ��

stay put for now keep saving. It sounds like you have it good.Dish up a few pound to the parents when you can if they need it.

Smiley11 · 20-09-2020 1:27am

The Belly wrote: »

stay put for now keep saving. It sounds like you have it good.Dish up a few pound to the parents when you can if they need it.

We absolutely do. We'd never expect them to carry us & always pay our way & gift them anything we can. My in laws are very comfortable & my mother manages on her pension so appreciates us paying her bills & treating her. I can't reiterate how lucky we are but am just dumbfounded at some of the ridiculous spiel here. We're fortunate but we're not ultimately happy in our current position. Some might scoff but I genuinely never expected to be in such a good position financially...but we're still nomadic...the grass is always greener!

The Belly · 20-09-2020 1:33am

Smiley11 wrote: »

We absolutely do. We'd never expect them to carry us & always pay our way & gift them anything we can. My in laws are very comfortable & my mother manages on her pension so appreciates us paying her bills & treating her. I can't reiterate how lucky we are but am just dumbfounded at some of the ridiculous spiel here. We're fortunate but we're not ultimately happy in our current position. Some might scoff but I genuinely never expected to be in such a good position financially...but we're still nomadic...the grass is always greener!

Your doing great and with family too in hard times. Save the few pounds. The older generation did it and don't need much but nice to treat them when needed to take the pressure off. The time will come when the right place will come up and then move but for now stay put. See the winter out:)

Smiley11 · 20-09-2020 1:58am

The Belly wrote: »

Your doing great and with family too in hard times. Save the few pounds. The older generation did it and don't need much but nice to treat them when needed to take the pressure off. The time will come when the right place will come up and then move but for now stay put. See the winter out:)

Ten years ago I was broke. I had a tracker mortgage & was paying rent as I was working shifts a good hour from Cork City. I took out the tracker in 08 to help my mother out & now shes helping me. I've had some seriously hard times & never imagined I'd be in the position I am now. My husband is incredible & works his a$s off for us He laughs about the time I had to ask him for €5 to buy my lunch but I still cringe at how penniless I was & couldn't tell him that it was for the fuel to get to work until I got paid at midnight. It was grim. My point is that I've been penniless. I didn't come from money but I work hard. My husband is my rock & works a hell of a lot harder. I have no illusions about property or entitlements. To be honest, all I want is a decent south facing garden where I can sip my g&t's in relative peace

The Belly · 20-09-2020 2:02am

Smiley11 wrote: »

Ten years ago I was broke. I had a tracker mortgage & was paying rent as I was working shifts a good hour from Cork City. I took out the tracker in 08 to help my mother out & now shes helping me. I've had some seriously hard times & never imagined I'd be in the position I am now. My husband is incredible & works his a$s off for us He laughs about the time I had to ask him for €5 to buy my lunch but I still cringe at how penniless I was & couldn't tell him that it was for the fuel to get to work until I got paid at midnight. It was grim. My point is that I've been penniless. I didn't come from money but I work hard. My husband is my rock & works a hell of a lot harder. I have no illusions about property or entitlements. To be honest, all I want is a decent south facing garden where I can sip my g&t's in relative peace

Saves on heat too:) And can have a decent garden without moss:) Its a bit all up in the air now but its head down time and keep putting the few shillings away. You have a good fella too. Lets see how the winter pans out but dont rush even though everyone wants a place to call home.

Thespoofer · 20-09-2020 3:16am

neutral guy wrote: »

I had very good life during the last recession
I hope I will have better during this one using experience from previous one
But I am afraid that this time could be something different.

Neutral guy I have to say I do enjoy your posts.

There was a guy similar to yourself on the David McWilliams site who was a regular contributor to the comments section ( Mcwilliams closed that section now which is a pity ) and alot of the other commenters put him down as a bit of a crank/conspiracy theorist just because they didn't agree with him.

I actually took some of his advice on a few things and glad today I listened.

But getting back to yourself, did I read in an earlier one of your posts ( I'm not going to go searching back ) that you got burnt a little in the last recession ? Or am I mistaken ? Above you say you had a good life during it, what did you do exactly ?
Thank you.

The Belly · 20-09-2020 3:20am

Thespoofer wrote: »

Neutral guy I have to say I do enjoy your posts.

There was a guy similar to yourself on the David McWilliams site who was a regular contributor to the comments section ( Mcwilliams closed that section now which is a pity ) and alot of the other commenters put him down as a bit of a crank/conspiracy theorist just because they didn't agree with him.

I actually took some of his advice on a few things and glad today I listened.

But getting back to yourself, did I read in an earlier one of your posts ( I'm not going to go searching back ) that you got burnt a little in the last recession ? Or am I mistaken ? Above you say you had a good life during it, what did you do exactly ?
Thank you.

Like all of us got burnt in the last downturn. Once bitten twice shy, And he or she is wide awake to this one.

combat14 · 20-09-2020 8:51am

Interesting to see what has only started to happen to London rents:

Landlords slash rents by up to 20% as tenants quit city centres in pandemic

https://www.theguardian.com/money/2020/sep/20/private-rents-plunge-covid-19-decimates-lettings-market-workplace-space-gardens

Thierry12 · 20-09-2020 9:02am

Thespoofer wrote: »

Neutral guy I have to say I do enjoy your posts.

There was a guy similar to yourself on the David McWilliams site who was a regular contributor to the comments section ( Mcwilliams closed that section now which is a pity ) and alot of the other commenters put him down as a bit of a crank/conspiracy theorist just because they didn't agree with him.

I actually took some of his advice on a few things and glad today I listened.

But getting back to yourself, did I read in an earlier one of your posts ( I'm not going to go searching back ) that you got burnt a little in the last recession ? Or am I mistaken ? Above you say you had a good life during it, what did you do exactly ?
Thank you.

Like his posts as well only because they are thought provoking

I don't think NG takes his own advice tbh

Alot of people don't

Assetbacked · 20-09-2020 9:13am

Leozord wrote: »

By my personal experience, this is not true

My company is hiring here in Dublin. We hired professionals/interns during the pandemic, without even face-to-face meeting. People are still joining on a weekly basis.

Job offers from linkedin recruiters haven't been impacted, to be honest I've received even more offers.

I'm not saying tech is flying and it is unbeatable, but it didn't get any major impact, at least within my social circle.

Are there any other SDEs here who could relate?

I was going off news articles for the tech jobs.

https://www.thejournal.ie/airbnb-job-losses-2-5113453-Jun2020/

https://www.consulting.us/news/4776/global-consulting-firm-accenture-is-firing-25000-employees

https://www.businesspost.ie/coronavirus/ida-ireland-contacts-multinationals-over-covid-19-job-losses-806a2f34

https://www.rte.ie/news/business/2020/0721/1154572-linkedin-to-cut-960-jobs-globally/

Balluba · 20-09-2020 10:04am

I enjoy Neutral Guy’s posts as well

Bubbaclaus · 20-09-2020 10:12am

Balluba wrote: »

I enjoy Neutral Guy’s posts as well

I enjoy them in the same way I slow down when passing the scene of a car accident.

seablue · 20-09-2020 11:45am

In my price range I dont see any price falls. This house had an offer at the asking price of 295k - before the first viewing:

https://www.myhome.ie/residential/brochure/32-loreto-crescent-rathfarnham-dublin-14/4374338

handlemaster · 20-09-2020 12:11pm

combat14 wrote: »

Interesting to see what has only started to happen to London rents:

Landlords slash rents by up to 20% as tenants quit city centres in pandemic

https://www.theguardian.com/money/2020/sep/20/private-rents-plunge-covid-19-decimates-lettings-market-workplace-space-gardens

Ireland hasn't had the knock on effect yet. To much free government money keeping the show on the road. This cannot last. We will be spending as much on the covid fall out as we did on the banking crisis.

Browney7 · 20-09-2020 12:31pm

seablue wrote: »

In my price range I dont see any price falls. This house had an offer at the asking price of 295k - before the first viewing:

https://www.myhome.ie/residential/brochure/32-loreto-crescent-rathfarnham-dublin-14/4374338

Considering numbers 34 and 38 sold for over 370k in the past few years (no idea of condition of these properties), it will go for more than 295k and the bidder at that price knows this.

Smouse156 · 20-09-2020 12:35pm

Smiley11 wrote: »

It is.

How can you not get a house in Cork for under 650k? I live in Cork and almost every house is under that price bar those that are enormous. Most new build detached are under 500k

Smouse156 · 20-09-2020 12:46pm

Smiley11 wrote: »

Blackrock is our second choice of area. Absolutely beautiful but we can't get somewhere there within our budget either!

Glenveagh have a new build estate in Blackrock with the most expensive houses costing 555k:

Check out this property I found using Daft: https://www.daft.ie/9135047

Your statement that you cannot buy in Cork for 650k is equivalent to saying that 1 million won’t get you a house in Dublin.

650k would buy a good house in any area of Cork.

smurgen · 20-09-2020 12:54pm

Really weird. Alot more houses after coming onto Cork daft the last week. Prices seem more reasonable too.

Irish Property Market 2020 Part 2

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