Property Market 2018

CHealy · 15-02-2018 10:59am

draiochtanois wrote: »

This post has been deleted.

Iv just finished renovating a similar house in Turners Cross. House was a state when we were looking at it yet there was still a 5 way bidding war at one point (March last year). We luckily went sale agreed on our very last bid but paid well above asking. There was a stage of the SA process where we almost pulled out, the estate agent was very clear to us that he would be delighted to put the property back on the market because in the 4 months since we went SA, he reckons the price would have went up even more than what we paid, he was certainly putting the push on us but from research he was also telling the truth. I got lucky, but I have another friend going through it now since the start of the year and he said he's either going to have to move to Midleton or Mallow, or give up on getting a house in the city.

draiochtanois · 15-02-2018 12:21pm

This post has been deleted.

CHealy · 15-02-2018 12:33pm

draiochtanois wrote: »

This post has been deleted.

150-200k. House was a state as I said, but looking at it now I realise how lucky I got. Going on stories Iv heard, no way I would have got that lucky if it was this year instead of last.

whatever76 · 15-02-2018 12:39pm

CHealy wrote: »

Iv just finished renovating a similar house in Turners Cross. House was a state when we were looking at it yet there was still a 5 way bidding war at one point (March last year). We luckily went sale agreed on our very last bid but paid well above asking. There was a stage of the SA process where we almost pulled out, the estate agent was very clear to us that he would be delighted to put the property back on the market because in the 4 months since we went SA, he reckons the price would have went up even more than what we paid, he was certainly putting the push on us but from research he was also telling the truth. I got lucky, but I have another friend going through it now since the start of the year and he said he's either going to have to move to Midleton or Mallow, or give up on getting a house in the city.

Congrats on your purchase !! I can totally relate to this and really accurate to what is going on in the city market. Going through it all myself at the moment - Very stressful. Am a single buyer with a 300k budget and its does not seem to be enough at minute - supply is the killer in my mind . Set up alerts for Cork City for anything new under 300k in daft or my home and you will see how little traffic comes in from it . Lucky to get 2 a week - some weeks nothing come is

Galwayforliam · 15-02-2018 9:13pm

Belarmine Woods Stepaside final phase just launched - lovely houses- anyone know what they’re selling for?!

https://touch.daft.ie/dublin/new-homes-for-sale/belarmine-woods-belarmine-woods-stepaside-dublin-104215

handlemaster · 15-02-2018 9:16pm

optogirl wrote: »

handlemaster wrote: »

Plenty of property in Dublin 15 under 300k. No property crisies yet

ah come off it

Your point is ?

McGrath5 · 16-02-2018 11:18pm

An awful amount of common sense spoken by Karl Deeter, in conversation with Eamon Dunphy. A bit long, but well worth the listen.

https://itunes.apple.com/ie/podcast/the-stand-with-eamon-dunphy/id1178026212?mt=2&i=1000402592157

AM258 · 17-02-2018 12:06pm

Westfield in Leixlip launching today, first phase - 3 bed from €365k, 4 beds from €440k and 5 beds from €525k. Mostly semi’s. Since when is there a difference of €75k per bedroom? Can’t imagine the 4 and 5 beds will sell at those prices - the last 4 beds in Beechpark (across the road) are selling for c. €400k. 3 cars queuing at 10:30pm last night and 7 queuing at 8 this morning...

The_Conductor · 17-02-2018 2:09pm

AM258 wrote: »

Westfield in Leixlip launching today, first phase - 3 bed from €365k, 4 beds from €440k and 5 beds from €525k. Mostly semi’s. Since when is there a difference of €75k per bedroom? Can’t imagine the 4 and 5 beds will sell at those prices - the last 4 beds in Beechpark (across the road) are selling for c. €400k. 3 cars queuing at 10:30pm last night and 7 queuing at 8 this morning...

They just might- Leixlip is rapidly becoming considered a better address than Maynooth or Lucan (particularly in light of the development across from the halting site in Maynooth- and the entire Clonburris mess that is haunting Lucan).

The prices do seem a bit aspirational- but they just might get them. I think they're set too high- but its possible other people may disagree...........

Leixlip is seen as not suffering from the ills that have been haunting Lucan and Maynooth- however, that too, may soon change.

steOO7 · 17-02-2018 2:17pm

The_Conductor wrote: »

They just might- Leixlip is rapidly becoming considered a better address than Maynooth or Lucan (particularly in light of the development across from the halting site in Maynooth- and the entire Clonburris mess that is haunting Lucan).

The prices do seem a bit aspirational- but they just might get them. I think they're set too high- but its possible other people may disagree...........

Leixlip is seen as not suffering from the ills that have been haunting Lucan and Maynooth- however, that too, may soon change.

Can you expand on your point about the development across the road from the halting site in Maynooth? I know of people living there a couple of months now with no issues so wondering what you are referring to? It's also somewhere I am currently looking at.

PokeHerKing · 17-02-2018 2:27pm

steOO7 wrote:

Can you expand on your point about the development across the road from the halting site in Maynooth? I know of people living there a couple of months now with no issues so wondering what you are referring to? It's also somewhere I am currently looking at.

I think his point starts and ends with it's across the road from a halting site.

steOO7 · 17-02-2018 2:33pm

PokeHerKing wrote: »

I think his point starts and ends with it's across the road from a halting site.

So one new development across the road from a halting site brings down the whole reputation of the town? Doesn't really make any sense to me.

The_Conductor · 17-02-2018 2:41pm

steOO7 wrote: »

Can you expand on your point about the development across the road from the halting site in Maynooth? I know of people living there a couple of months now with no issues so wondering what you are referring to? It's also somewhere I am currently looking at.

Best thing you can do- is pop into the local Garda barracks and have a chat with them about the areas they currently have issues with. They're very helpful- and will give you a good picture- without specifics. I have had personal trouble with some of the residents there in the past- that I'd rather not describe here.

padd b1975 · 17-02-2018 4:04pm

McGrath5 wrote: »

An awful amount of common sense spoken by Karl Deeter, in conversation with Eamon Dunphy. A bit long, but well worth the listen.

https://itunes.apple.com/ie/podcast/the-stand-with-eamon-dunphy/id1178026212?mt=2&i=1000402592157

Loved Dunphy's squirming when he called out Ruth Coppinger's hypocrisy of voting against development after development when she was a Councillor (unelected) and suddenly whinging about no houses being built when she became a TD.

17-02-2018 4:18pm

whatever76 wrote: »

Congrats on your purchase !! I can totally relate to this and really accurate to what is going on in the city market. Going through it all myself at the moment - Very stressful. Am a single buyer with a 300k budget and its does not seem to be enough at minute - supply is the killer in my mind . Set up alerts for Cork City for anything new under 300k in daft or my home and you will see how little traffic comes in from it . Lucky to get 2 a week - some weeks nothing come is

I’m the exact same place as you. 250-300 is my budget. Very little. Plenty two bed duplexes in Rochestown area though but they need a lot of work aswell

theboringfox · 17-02-2018 8:12pm

padd b1975 wrote: »

Loved Dunphy's squirming when he called out Ruth Coppinger's hypocrisy of voting against development after development when she was a Councillor (unelected) and suddenly whinging about no houses being built when she became a TD.

Thought it was excellent too. Only disagreed with him on first time buyers 5% payment point.

Cyrus · 18-02-2018 8:48am

AM258 wrote: »

Westfield in Leixlip launching today, first phase - 3 bed from €365k, 4 beds from €440k and 5 beds from €525k. Mostly semi’s. Since when is there a difference of €75k per bedroom? Can’t imagine the 4 and 5 beds will sell at those prices - the last 4 beds in Beechpark (across the road) are selling for c. €400k. 3 cars queuing at 10:30pm last night and 7 queuing at 8 this morning...

5 beds are much bigger houses over 600sq feet bigger and appear cheaper per sq foot

AM258 · 18-02-2018 12:41pm

Cyrus wrote: »

5 beds are much bigger houses over 600sq feet bigger and appear cheaper per sq foot

True, but they’re still a semi with a small garden - and from what I can see the extra space is coming from what is essentially an attic conversion (they’re 2 story at the back). I’m not trying to take away from them - they look like lovely houses and seem to be well finished. I just don’t see a justification for those prices when you look at what everything else is selling for in the local area. 5 bed detached houses in Maynooth within walking distance of the town with regular bus service and plenty of amenities on your doorstep were selling for similar prices not long ago. Similarly 5 bed detached houses in Glen Easton which is a well established estate selling for c. €500k recently. With more amenities and access to public transport I can see those prices but not as things are currently, especially not for the first phase of the development. Seems to me like the builders and auctioneers are getting carried away with the hype of what’s written in the papers.

Cyrus · 18-02-2018 2:47pm

AM258 wrote: »

True, but they’re still a semi with a small garden - and from what I can see the extra space is coming from what is essentially an attic conversion (they’re 2 story at the back). I’m not trying to take away from them - they look like lovely houses and seem to be well finished. I just don’t see a justification for those prices when you look at what everything else is selling for in the local area. 5 bed detached houses in Maynooth within walking distance of the town with regular bus service and plenty of amenities on your doorstep were selling for similar prices not long ago. Similarly 5 bed detached houses in Glen Easton which is a well established estate selling for c. €500k recently. With more amenities and access to public transport I can see those prices but not as things are currently, especially not for the first phase of the development. Seems to me like the builders and auctioneers are getting carried away with the hype of what’s written in the papers.

It’ll be interesting to see I guess. You have to factor in that these new houses have a better ber and generally more square footage versus the equivalent second hand house . Also even if it is a converted attic it’ll comply with building regs whereas most others aren’t .

I don’t have any interest in these houses but having bought a new build myself I can see why people might pay a bit more

Villa05 · 18-02-2018 3:08pm

Cyrus wrote:

I donâ€™t have any interest in these houses but having bought a new build myself I can see why people might pay a bit more

There is a premium to be paid for a tried and trusted estate also.

With new estates shoddy workmanship, inferior material issues may not become apparent until a few years of living in the house.

Maybe both premiums cancel each other out

Cyrus · 18-02-2018 3:11pm

Villa05 wrote: »

There is a premium to be paid for a tried and trusted estate also.

With new estates shoddy workmanship, inferior material issues may not become apparent until a few years of living in the house.

Maybe both premiums cancel each other out

They don’t appear to , although if you factor in the cost of getting an older house to the size and somewhere close to the energy efficiency of a new one it will end up more expensive although you may we’ll end up with a larger garden.

The_Conductor · 18-02-2018 3:25pm

Cyrus wrote: »

It’ll be interesting to see I guess. You have to factor in that these new houses have a better ber and generally more square footage versus the equivalent second hand house . Also even if it is a converted attic it’ll comply with building regs whereas most others aren’t .

I don’t have any interest in these houses but having bought a new build myself I can see why people might pay a bit more

The logical thing to do- would be buy the 4 bed- and spend 20k on a super-duper loft conversion yourself?

There are plenty of builders out there now- who are doing nothing aside from Attic conversions (including a few in the general Lucan/Leixlip/Maynooth areas).

Lets see what happens with the prices for these- they seem ridiculous to me- and many others- but perhaps we're being cynical and they'll sell like hotcakes?

Cyrus · 18-02-2018 3:55pm

The_Conductor wrote: »

The logical thing to do- would be buy the 4 bed- and spend 20k on a super-duper loft conversion yourself?

There are plenty of builders out there now- who are doing nothing aside from Attic conversions (including a few in the general Lucan/Leixlip/Maynooth areas).

Lets see what happens with the prices for these- they seem ridiculous to me- and many others- but perhaps we're being cynical and they'll sell like hotcakes?

Would 20k do a super loft conversion to meet building regs ? And i presume it won’t create an extra 600sq feet of habitable space

AM258 · 18-02-2018 4:38pm

The_Conductor wrote: »

The logical thing to do- would be buy the 4 bed- and spend 20k on a super-duper loft conversion yourself?

There are plenty of builders out there now- who are doing nothing aside from Attic conversions (including a few in the general Lucan/Leixlip/Maynooth areas).

Lets see what happens with the prices for these- they seem ridiculous to me- and many others- but perhaps we're being cynical and they'll sell like hotcakes?

Just went for a look, very busy - queuing to be let into the car park. The show houses were lovely as they always are. Pretty much all the 3 beds were sold but they were the only ones that were priced realistically. Think a couple of the 4 beds may have sold and maybe 1 of the 5 beds.

The 4beds are essentially the same as the new ones in Beech Park which were still on sale at about €400k this weekend. I’d imagine the last of those will be gone by Monday.

allym · 18-02-2018 5:11pm

AM258 wrote: »

Just went for a look, very busy - queuing to be let into the car park. The show houses were lovely as they always are. Pretty much all the 3 beds were sold but they were the only ones that were priced realistically. Think a couple of the 4 beds may have sold and maybe 1 of the 5 beds.

The 4beds are essentially the same as the new ones in Beech Park which were still on sale at about €400k this weekend. I’d imagine the last of those will be gone by Monday.

Was just coming in to post the same. The houses are lovely, good size and a nice layout. I think they will sell out in the coming weeks and could well see an increase in price by the time the second phase is launched. Although by then they’re could be other new estates in Leixlip which might impact on that

zl1whqvjs75cdy · 18-02-2018 9:55pm

Was in the leixlip ones today too. The 4 beds are mental money. But theres 6 new ones gone up in moyglare in maynooth priced at 460 for 4 beds too so that'd how the market is going.

On the new vs old debate, I bought a 4 bed in celbridge recently (November) for 370 k. I know it doesnt have the ber of a new build, but at nearly 90 k less than the ones in maynooth im happy enough to retrofit to get it there.

Also as an aside on the leixlip ones, they are comfortably a 45 min walk to the nearest village, and are served by one bus route that only runs during commute times. Yes they are technically in leixlip, but in my opinion they aren't very well served currently. I'd expect that to change though with the level of building down there. But until then people are going to be tied to their cars

kala85 · 18-02-2018 10:10pm

What's the procedure for buying off the plans and for payment of the mortgage money from the bank to the developer.
Does it all happen at the end or is it in staged payments

Cuddlesworth · 19-02-2018 9:50am

kala85 wrote: »

What's the procedure for buying off the plans and for payment of the mortgage money from the bank to the developer.
Does it all happen at the end or is it in staged payments

You put down a small deposit and engage the normal process of buying a house(loan approval, solicitor, bank loan offer etc). Then you get contracts off the seller, drop a non-refundable deposit(usually around 10%) and draw down the mortgage around the time the house is completed and you can move in.

kala85 · 19-02-2018 10:15am

Cuddlesworth wrote: »

You put down a small deposit and engage the normal process of buying a house(loan approval, solicitor, bank loan offer etc). Then you get contracts off the seller, drop a non-refundable deposit(usually around 10%) and draw down the mortgage around the time the house is completed and you can move in.

Ok has staged payments for new builds finished.

What would happen if the builder went bust while the houses were being built.

Cuddlesworth · 19-02-2018 10:58am

kala85 wrote: »

Ok has staged payments for new builds finished.

What would happen if the builder went bust while the houses were being built.

Staged payments if your doing your own build. Builder sources his own financing. You don't pay for the house until its finished, you also don't own the house until its finished.

Large scale developments are usually done in phases to help with financing.

frefrefre · 19-02-2018 11:04am

These prices in Leixlip are mad, I don’t care what anyone says. We can’t be far off peak bubble in Greater Dublin. I’m
amazed at FG poll numbers, this is wholly unsustainable.

_Puma_ · 19-02-2018 11:27am

frefrefre wrote: »

These prices in Leixlip are mad, I don’t care what anyone says. We can’t be far off peak bubble in Greater Dublin. I’m
amazed at FG poll numbers, this is wholly unsustainable.

House prices are precisely the reason the poll numbers are high for them. The sample for these polls are generally reflective of the voting population. If more young people and students who are not on the "property ladder" started to vote then the polls would start to reflect this. There is no housing crisis, it is government policy which is reflective of the needs of the people who vote for them.

Bob24 · 19-02-2018 11:38am

_Puma_ wrote: »

House prices are precisely the reason the poll numbers are high for them. The sample for these polls are generally reflective of the voting population. If more young people and students who are not on the "property ladder" started to vote then the polls would start to reflect this. There is no housing crisis, it is government policy which is reflective of the needs of the people who vote for them.

This is true but not the only reason. In general the polls are reflective of the quickly improving economy and many people feeling their financial situation is getting better (though of course when I say many it doesn’t include everyone). Property is part of it but there are other factors like wages, unemployment numbers, etc. And of course whether the improvements are benefiting enough people ore whether they have do to FG’s policies or external factors or both are different questions for another topic, and people will have their own opinion on that.

FernandoTorres · 19-02-2018 11:39am

_Puma_ wrote: »

House prices are precisely the reason the poll numbers are high for them. The sample for these polls are generally reflective of the voting population. If more young people and students who are not on the "property ladder" started to vote then the polls would start to reflect this. There is no housing crisis, it is government policy which is reflective of the needs of the people who vote for them.

Exactly. If you speak to your friends who are in this situation and check this page regularly you'll think this is the biggest problem in the country. In reality the vast majority already own homes and may be in negative equity. They're happy to see prices rise. So are the Government as the taxes roll in and bank balance sheets are propped up. It's de facto policy to keep this going as long as possible. All the "initiatives" they've launched to date have just pushed prices up and that's no coincidence.

rui7 · 19-02-2018 1:43pm

Hi,

I was down there too in Westfield over the weekend. Show houses seem well built and finished. There were big queues for 3 beds at starting from 365k. The agents were saying based on the demand they would change the number of 3/4/5 beds that they build. They said gas isn't in the area but the houses in BeechPark across the way have gas supplied. Anyone know why this is? If anyone was queuing for the 3 beds can you PM me? I was there early on Sat morning. Thanks.

zl1whqvjs75cdy · 19-02-2018 5:17pm

Bit strange there's no gas in there. Would have thought it'd be handy enough to pipe it in. They have the heat pump systems though which are super slick so that's better than gas imo.

Henbabani · 21-02-2018 9:49am

Just saw on Daft, Lisney project in Killiney houses for rent, maybe they stuck with those houses and wait till they sold them?

bilbot79 · 21-02-2018 9:55am

Can't believe it actually got this high again. Will these sales of ptsbs non performing loan book result in a load of repossessions aka supply?

Samuel T. Cogley · 21-02-2018 10:29am

bilbot79 wrote: »

Can't believe it actually got this high again. Will these sales of ptsbs non performing loan book result in a load of repossessions aka supply?

No, it's a drop in the ocean.

The Student · 21-02-2018 10:59am

bilbot79 wrote: »

Can't believe it actually got this high again. Will these sales of ptsbs non performing loan book result in a load of repossessions aka supply?

No it will just result in those in the properties becoming homeless and joining the social housing list and those with deposits will be able to purchase the properties.

Don't expect a huge number of repossessions resulting in new supply to the market. The property can be repossessed without the need to enforce the repossession.

draiochtanois · 21-02-2018 11:49am

This post has been deleted.

missmatty · 21-02-2018 11:53am

I don't know why anyone is surprised. There's also the Department of Agriculture Veterinary Labs, State Lab and the new Forensic Lab is also moving out from the Phoenix Park and is under construction at the moment, all at Backweston which is 5 minutes drive from Leixlip.

KellyXX · 21-02-2018 6:40pm

See the start of the big property funds packing up now too.
First it was the small landlords who had enough of the rent controls and the skewed laws.
Now it's the big funds leaving.
Wonder if that will influence sale prices at all?

Mickiemcfist · 21-02-2018 7:08pm

KellyXX wrote: »

See the start of the big property funds packing up now too.
First it was the small landlords who had enough of the rent controls and the skewed laws.
Now it's the big funds leaving.
Wonder if that will influence sale prices at all?

Which funds are leaving?

ELM327 · 21-02-2018 7:09pm

I was behind someone in the queue at the local Topaz. They bought 50 diesel for the jeep and a jumbo breakfast roll.

We're back at the boom lads.

Browney7 · 21-02-2018 7:14pm

KellyXX wrote: »

See the start of the big property funds packing up now too.
First it was the small landlords who had enough of the rent controls and the skewed laws.
Now it's the big funds leaving.
Wonder if that will influence sale prices at all?

Which funds?

KellyXX · 22-02-2018 10:01am

Browney7 wrote: »

Which funds?

Oaktree.
Just the start of the flow. Will happen slowly at first so as not to undermine their asking prices and then pick up the pace .

Even these funds, with their tax breaks can't make renting work in Ireland now. What hope for anyone else whom has to pay tax as well and maybe have rent locked low on a single property.

Maybe the good news is that once the pace picks up with the exodus there might be cheaper properties to buy.

Wanderer78 · 22-02-2018 10:04am

KellyXX wrote:

Oaktree

Vulture fund?

Graham · 22-02-2018 10:13am

KellyXX wrote: »

See the start of the big property funds packing up now too.
First it was the small landlords who had enough of the rent controls and the skewed laws.
Now it's the big funds leaving.

KellyXX wrote: »

Oaktree.

I don't think Oaktree ever had any aspirations to remain long-term landlords. Their model appears to be buying distressed asset backed debt, cashing out when it's profitable.

I certainly wouldn't read anything into the state of the corporate residential rental market based on the actions of Oaktree.

Mickiemcfist · 22-02-2018 10:14am

KellyXX wrote: »

Oaktree.
Just the start of the flow. Will happen slowly at first so as not to undermine their asking prices and then pick up the pace .

Even these funds, with their tax breaks can't make renting work in Ireland now. What hope for anyone else whom has to pay tax as well and maybe have rent locked low on a single property.

Maybe the good news is that once the pace picks up with the exodus there might be cheaper properties to buy.

They're the worlds largest distressed debt investor, they're not like a REIT. They more than likely had an end sales price in mind when they bought those apartments in Cork. I wouldnt hold my breath for many more sales.

Property Market 2018

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