Irish Property Market 2020 Part 2

Pelezico · 27-08-2020 10:30am

schmittel wrote: »

Because they are smart ballsy buyers, canny and savvy enough to recognise the value on offer.

That was Brendan O Connors famous article just at the top of the last peak. He probably pulled a few last suckers in.

brisan · 27-08-2020 10:31am

Cyrus wrote: »

Pretty risky game that

EA just says the fake bidder failed to provide proof of funds and the property goes to the highest real bidder
Not saying it happened in this instance but it’s one scenario.
Moral is
Have a max price you are willing to pay for the property and walk away once that is reached

Billythekid19 · 27-08-2020 10:31am

beauf wrote: »

If you wanted to live in that area either because you're from that area or work nearby and are on a great salary and want a turn key period property finished to a high standard.

If any of things are not you, it won't make any sense. You have to look at these things from a different perspective than your own.

Fairly grim area all the same. It would certainly be mentally draining over time waking up early to go to work when lots of your neighbours are fast asleep subsidized by your taxes.

handlemaster · 27-08-2020 10:38am

Whats the market like now, haven't been following this thread for a while ? There seems to have been alot of property going on Daft over the last few weeks in Dublin. Prices don't seem to have come down. I guess there should be a drop coming alot of people have been affected with job loses and cut backs in hours since the start of the year.

MacronvFrugals · 27-08-2020 10:51am

Billythekid19 wrote: »

Fairly grim area all the same. It would certainly be mentally draining over time waking up early to go to work when lots of your neighbours are fast asleep subsidized by your taxes.

I'd be much more concerned about all the money REITs get from the taxpayer tbh which takes flight out of this country before its even taxed.

beauf · 27-08-2020 10:54am

brisan wrote: »

EA just says the fake bidder failed to provide proof of funds and the property goes to the highest real bidder
Not saying it happened in this instance but it’s one scenario.
Moral is
Have a max price you are willing to pay for the property and walk away once that is reached

You could go back to the next highest bidder than they see blood in the water and start to negotiate down. If you re-auction it, same thing, didn't sell the last time, drives the price down. This is a double edge tactic, it could backfire spectacularly.

beauf · 27-08-2020 11:05am

Billythekid19 wrote: »

Fairly grim area all the same. It would certainly be mentally draining over time waking up early to go to work when lots of your neighbours are fast asleep subsidized by your taxes.

You don't know what you are looking at. It a central location, you can walk to anywhere in the city from there. I've noticed over the past 5 years or so lot of older property in this area, being refurbished to a very high standard. These are period properties with very large amounts of money being spent on them. There a lot of very high paid people on its doorstep and many want to walk to work. Some might even have another property outside of the city. I also know people who live in this are, who aren't from the area, but think its great. Which was mental adjustment for me, because my head still see's it as it was in the 80's and 90s.

The interior on this place has been done to a very high standard by someone very knowledgeable about design and period properties. Its not been lashed together by a student with cheap paint and home made lava lamp to add atmosphere. Its someone with money, and they didn't come to have money by being stupid.

I have no interest in this area, would never buy there. But I shouldn't look at it from that viewpoint.

hometruths · 27-08-2020 11:34am

beauf wrote: »

You don't know what you are looking at. It a central location, you can walk to anywhere in the city from there. I've noticed over the past 5 years or so lot of older property in this area, being refurbished to a very high standard. These are period properties with very large amounts of money being spent on them. There a lot of very high paid people on its doorstep and many want to walk to work. Some might even have another property outside of the city. I also know people who live in this are, who aren't from the area, but think its great. Which was mental adjustment for me, because my head still see's it as it was in the 80's and 90s.

The interior on this place has been done to a very high standard by someone very knowledgeable about design and period properties. Its not been lashed together by a student with cheap paint and home made lava lamp to add atmosphere. Its someone with money, and they didn't come to have money by being stupid.

I have no interest in this area, would never buy there. But I shouldn't look at it from that viewpoint.

All valid points in reference to the seller. But in fairness I don't think anybody is suggesting the seller is stupid.

Far from it in fact, given that they purchased the property 5 years ago for €285k and have just gone sale agreed for €565k

It remains to be seen whether the purchaser will look so smart in 5 years time.

awec · 27-08-2020 11:51am

schmittel wrote: »

All valid points in reference to the seller. But in fairness I don't think anybody is suggesting the seller is stupid.

Far from it in fact, given that they purchased the property 5 years ago for €285k and have just gone sale agreed for €565k

It remains to be seen whether the purchaser will look so smart in 5 years time.

It remains to be seen whether the purchaser even tries to sell in 5 years time.

You'd need to see what the state of the house was in 2015, but that'll probably be impossible as I bet the listing no longer exists.

woodchuck · 27-08-2020 11:53am

shatners bassoon wrote: »

https://www.auctioneera.ie/property/192-philipsburgh-avenue-marino-fairview-dublin-d03-c5f3#gallery-62

I posted a thread last weekend about a property on a main road next to traffic lights in Marino. It went sale agreed yesterday evening at 95k over asking.

I think your original concerns were justified. I rent nearby and the house is opposite our local shops. It's a pretty busy spot! The pedestrian lights would drive you nuts and people are always parking along those side roads to run in and out of the shops.

20% over asking sounds mad, but that's the area for you. A house that close to griffith avenue was always going to attract multiple bidders and push up the price.

cnocbui · 27-08-2020 11:54am

handlemaster wrote: »

Whats the market like now, haven't been following this thread for a while ? There seems to have been alot of property going on Daft over the last few weeks in Dublin. Prices don't seem to have come down. I guess there should be a drop coming alot of people have been affected with job loses and cut backs in hours since the start of the year.

You would do better looking at the currently buying/selling thread.

A lot of people have not been affected. Prices should come down if there are more properties available for purchase than there is demand from those who have not been affected. Prices are not coming down, which suggests there are more buyers than sellers.

hometruths · 27-08-2020 12:03pm

awec wrote: »

It remains to be seen whether the purchaser even tries to sell in 5 years time.

You'd need to see what the state of the house was in 2015, but that'll probably be impossible as I bet the listing no longer exists.

Doesn't look too bad. Streetview July 2014.

awec · 27-08-2020 12:07pm

schmittel wrote: »

Doesn't look too bad. Streetview July 2014.

Looks decent externally alright, but I think the extension is missing and there appears to be a conservatory there too.

Owners have done well for themselves.

shatners bassoon · 27-08-2020 12:08pm

woodchuck wrote: »

I think your original concerns were justified. I rent nearby and the house is opposite our local shops. It's a pretty busy spot! The pedestrian lights would drive you nuts and people are always parking along those side roads to run in and out of the shops.

20% over asking sounds mad, but that's the area for you. A house that close to griffith avenue was always going to attract multiple bidders and push up the price.

I was pretty shocked by how busy it was alright. I wouldn't have as much of an issue if there was a proper back garden but the orientation of the house means there's no real escape from the noise/traffic.

hometruths · 27-08-2020 12:12pm

awec wrote: »

Looks decent externally alright, but I think the extension is missing and there appears to be a conservatory there too.

Owners have done well for themselves.

Obviously the extension was part of the post 2015 work.

Internally pre 2015 it looked fine also. Needed bringing up to date but seems solid.

http://ir.speakingsame.com/house_img.php?t=0&id=171697&seq=3&addr=192+Philipsburgh+Avenue&suburb=Marino&city=Dublin+3

Cyrus · 27-08-2020 12:14pm

schmittel wrote: »

Obviously the extension was part of the post 2015 work.

Internally pre 2015 it looked fine also. Needed bringing up to date but seems solid.

http://ir.speakingsame.com/house_img.php?t=0&id=171697&seq=3&addr=192+Philipsburgh+Avenue&suburb=Marino&city=Dublin+3

Seems solid ?

I’m not sure how looking at that would give you any idea of any structural or electrical work that needed to be done , and I’m sure the extension wasn’t cheap.

They have done ok but my guess is they may clear 100k give or take after everything is taken into account

fret_wimp2 · 27-08-2020 12:38pm

Billythekid19 wrote: »

Fairly grim area all the same. It would certainly be mentally draining over time waking up early to go to work when lots of your neighbours are fast asleep subsidized by your taxes.

Fierce small minded view and will eliminate most areas from any property search.

Anyway, the taxes are not allocated based on who lives in the location, they dont say "well, jimmy here lives in Stonybatter, so lets put his taxes toward social housing within 200m of him so he sees his money in action".
The same percentage of your taxes pays for that housing as the guy living beside it who is heading to work.

It feels silly to have to clarify that, but here we are.

hometruths · 27-08-2020 1:04pm

Cyrus wrote: »

Seems solid ?

I’m not sure how looking at that would give you any idea of any structural or electrical work that needed to be done , and I’m sure the extension wasn’t cheap.

They have done ok but my guess is they may clear 100k give or take after everything is taken into account

Following your logic, I'm equally unsure how you manage to guess 100k.

Whatever the figures are I think we can agree they've done a good job adding value, and then realising it - assuming the sale goes through.

Fair play to them.

Cyrus · 27-08-2020 1:08pm

schmittel wrote: »

Following your logic, I'm equally unsure how you manage to guess 100k.

Whatever the figures are I think we can agree they've done a good job adding value, and then realising it - assuming the sale goes through.

Fair play to them.

Yes agreed.

Billythekid19 · 27-08-2020 1:15pm

fret_wimp2 wrote: »

Fierce small minded view and will eliminate most areas from any property search.

Anyway, the taxes are not allocated based on who lives in the location, they dont say "well, jimmy here lives in Stonybatter, so lets put his taxes toward social housing within 200m of him so he sees his money in action".
The same percentage of your taxes pays for that housing as the guy living beside it who is heading to work.

It feels silly to have to clarify that, but here we are.

Im speaking about the area from experience having lived down the road in summerhill a few years back. The main issue was the lowlifes that came into the area to socialize/ mooch and push their produce. I also found the police sirens going off every night in the area rather unnerving too. I've lived in a dozen odd different places in my life and that was hands down the worst place to have lived.

The_Conductor · 27-08-2020 1:32pm

fret_wimp2 wrote: »

Fierce small minded view and will eliminate most areas from any property search.

Anyway, the taxes are not allocated based on who lives in the location, they dont say "well, jimmy here lives in Stonybatter, so lets put his taxes toward social housing within 200m of him so he sees his money in action".
The same percentage of your taxes pays for that housing as the guy living beside it who is heading to work.

It feels silly to have to clarify that, but here we are.

In a similar manner- road tax goes into the central kitty and is not specifically designated for expenditure on the road network.

It can be hard for people not to look at the fact that they're paying 400-500-600 (or whatever) a week in taxes and deductions- and theorise as to what 'their' taxes are going on.

FG got the vote that they got last time round- with an election manifesto which featured tax reform for the squeezed middle- those who are earning too much to be considered for social welfare entitlements- but not wealthy enough to live beyond a couple of paychecks. This squeezed middle have been bled dry- time and time again- and now, that suggested tax reform (which was to include moving the cutoff for the higher tax band to 50k in stages) most certainly is not going to be delivered on.

Are people right or wrong to feel hard-done-by- well, its difficult to argue with perceptions, and the middle classes who have been taxed within an inch of their lives have traditionally not subscribed to the mob mentality that other portions of the population have harnessed to their advantage. Keep in mind- we took all our tough medicine last time round- and it was only after Phil Hogan's water charges (yep- that was him) that we actually got out an marched- it was the straw that broke the camel's back.

I don't subscribe to the same train of thought as the poster- but I can understand why they have their particular viewpoint.

beauf · 27-08-2020 1:37pm

Billythekid19 wrote: »

Im speaking about the area from experience having lived down the road in summerhill a few years back. The main issue was the lowlifes that came into the area to socialize/ mooch and push their produce. I also found the police sirens going off every night in the area rather unnerving too. I've lived in a dozen odd different places in my life and that was hands down the worst place to have lived.

That's actually not bad compared to some countries, and tbh is not that different to most of Ireland even small towns around the country have the same issues. A lot of people just take this for granted for cities. I went to school with many from these areas half the dad's were prison officers the other half prisoners. But that was then this is now. All over Dublin there are people gentrifying areas that locals wouldn't rate at all.

beauf · 27-08-2020 1:47pm

schmittel wrote: »

All valid points in reference to the seller. But in fairness I don't think anybody is suggesting the seller is stupid.

Far from it in fact, given that they purchased the property 5 years ago for €285k and have just gone sale agreed for €565k

It remains to be seen whether the purchaser will look so smart in 5 years time.

You're looking at the property only as an asset to make money on. People often spend money on property that they'll never get a return on. Because it suits them and how they want to live.

hometruths · 27-08-2020 1:57pm

beauf wrote: »

You're looking at the property only as an asset to make money on. People often spend money on property that they'll never get a return on. Because it suits them and how they want to live.

I get that, and fair play to them too. As long as they're not asking anybody else to pay for it if it goes wrong.

People spend money on property that they say they don't care if they never get a return on it, because it suits them and how they want to live.

My problem is when it turns out that in fact they do care their property is worth substantially less than they paid for it, they care so much that they expect the rest of us to pay for it in the form of increased taxes, borrowing costs, austerity measures etc etc.

beauf · 27-08-2020 2:42pm

Well thats the Govt who decided to bankroll the gamblers. But thats an entirely different issue.

On a rare bus ride through Cabra I noticed some near mansion like refurbs of old period housing around the place. Wasn't obvious from the road. II was pretty shocked. I wonder in 25yrs or so if these places will look very different.

PropQueries · 27-08-2020 2:44pm

Billythekid19 wrote: »

Fairly grim area all the same. It would certainly be mentally draining over time waking up early to go to work when lots of your neighbours are fast asleep subsidized by your taxes.

This is a breakdown of the €21 billion "Social Welfare" expenditure for 2019. As you can see, very little is actually "social welfare".

Pensions = €8.21 Billion
Administration = €0.8 Billion
Illness, Disability and Carers = €4.51 Billion
Children = €2.65 Billion
Working Age - Income Supports = €3.26 Billion
Working Age - Employment Supports = €0.7 Billion
Supplementary Benefits = €0.8 Billion

P.S. The vast majority of unemployed people don't claim "social welfare", they claim their insurance, which is what PRSI is and what they pay it for. If someone crashes their car, the insurance company doesn't call your replacement car a "welfare car".

The link to the information is here: https://whereyourmoneygoes.gov.ie/en/socialprotection/2019/

fret_wimp2 · 27-08-2020 2:54pm

Billythekid19 wrote: »

Im speaking about the area from experience having lived down the road in summerhill a few years back. The main issue was the lowlifes that came into the area to socialize/ mooch and push their produce. I also found the police sirens going off every night in the area rather unnerving too. I've lived in a dozen odd different places in my life and that was hands down the worst place to have lived.

I would say thats less of a social welfare issue and more of an issue of our justice system. Lads up to that craic will be at it regardless, the fact that theirs a nice cushion in this country for people out of work or on hard times is irrelevant, they just take it, as they are the kind that are always on the take.

Inability to challenge youths, soft sentencing, lack of garda in key areas, guards jaded by continually catching the same offenders only to watch them get off on a sob story, etc etc, the problems are many.
Crime should not be committed by anyone, be they under 18, on social or otherwise. Enforce that actual law of the land as it stands right now, without changing it, and have proper sentencing enforced and it would become irrelevant weather someone is on social or not.

Thats probably another discussion for another thread in another forum, and i dont like it over in the current affairs so wont be starting it!

fret_wimp2 · 27-08-2020 3:00pm

beauf wrote: »

That's actually not bad compared to some countries, and tbh is not that different to most of Ireland even small towns around the country have the same issues. A lot of people just take this for granted for cities. I went to school with many from these areas half the dad's were prison officers the other half prisoners. But that was then this is now. All over Dublin there are people gentrifying areas that locals wouldn't rate at all.

Agree with this, 15-20 years ago the train wouldn't stop in broombridge. little trouble there at all anymore that im aware of.

cnocbui · 27-08-2020 3:00pm

PropQueries wrote: »

This is a breakdown of the €21 billion "Social Welfare" expenditure for 2019. As you can see, very little is actually "social welfare".

Pensions = €8.21 Billion
Administration = €0.8 Billion
Illness, Disability and Carers = €4.51 Billion
Children = €2.65 Billion
Working Age - Income Supports = €3.26 Billion
Working Age - Employment Supports = €0.7 Billion
Supplementary Benefits = €0.8 Billion

P.S. The vast majority of unemployed people don't claim "social welfare", they claim their insurance, which is what PRSI is and what they pay it for. If someone crashes their car, the insurance company doesn't call your replacement car a "welfare car".

The link to the information is here: https://whereyourmoneygoes.gov.ie/en/socialprotection/2019/

Just look at that administration cost!!

One thing I absolutely loath is large scale taxation followed by large scale disbursements - I'm looking at you, child allowance.

Far better to have a tax deduction. The majority of people shouldn't get a child allowance, just reduce the tax collected.

But of course, this sort of inefficiency is probably deliberate in the name of ensuring PS employment levels.

MacronvFrugals · 27-08-2020 3:10pm

fret_wimp2 wrote: »

Agree with this, 15-20 years ago the train wouldn't stop in broombridge. little trouble there at all anymore that im aware of.

A lot of the locals are moving to Finglas after being priced out.

Irish Property Market 2020 Part 2

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