Irish Property Market 2020 Part 2

awec · 21-07-2020 12:02pm

SozBbz wrote: »

Yes I know exactly how it works for 2nd hand, as I've said I've done that twice myself.

In both cases, the sale took 4-5 months and contracts were only signed about 2 weeks before getting keys. Both parties would have spent considerable sums on legal fees and other professional fees to get to that stage stage so its not only the deposit thats really keeping you invested in the process at that stage.

My solicitor always put in the clause allowing me to back out of the contract in the event that the mortgage should fall through at the last minute.

New builds are different in that people are often fully committed yet months away from actually getting their keys.

You'd still have those legal fees etc on new builds, depending on when you decide to back out. If you back out right before signing then your solicitor has done 90% of their work and I would expect they'd bill you for it anyway.

JimmyVik · 21-07-2020 2:48pm

SozBbz wrote: »

I've been searching for all sorts during lockdown, mostly holiday cottages in Wexford.

I'm not remotely in a position to buy one just yet, its a long term dream but the circumstances made me want to have a mooch anyway.

I'd say there was a lot of daydreaming going on.

I was listening to PK too, she said it was a trend they'd observed but cautioned against assuming that searched would translate into real demand in those areas.

They also had another speaking on "the future of work" who flat our said that if you position yourself as 100% remote and never go to the office, you'd definitely harm your career prospects.

Me too. Searching all over the place. Even Leitrim just to see what their prices are like. Never would I be moving to 99% of the places I search. Like a hobby at this stage.

Graham · 21-07-2020 2:55pm

JimmyVik wrote: »

Me too. Searching all over the place. Even Leitrim just to see what their prices are like. Never would I be moving to 99% of the places I search. Like a hobby at this stage.

Did someone forget to tell you that lockdown is over

JimmyVik · 21-07-2020 2:57pm

Graham wrote: »

Did someone forget to tell you that lockdown is over

I know. Fukin Leitrim

wassie · 21-07-2020 7:16pm

Gold...

mcsean2163 · 22-07-2020 1:08am

alias no.9 wrote: »

I think that's their whole point, when the goal is to buy a home, even when you time the market as badly as you possibly can, doing nothing can sometimes be even worse.

All a person can do is deal with their own circumstances, look dispassionately at what they can buy and how they can finance it over a reasonably long outlook, once the contract is signed, its all about the monthly payments.

The apparent prescience of people who appear to have timed the market correctly does not reveal itself until after the fact, so it's not prescience at all, it's just luck, despite what they might try and tell you.

The only thing that marks the people who apparently get the market timing right from the rest of the world is that they probably weren't trying to time the market because the bottom can only be determined by looking back and even in 2013/14 people were still talking about dead cat bounces so the smartest guys timing the market were still holding off.

I don't think anyone needs to be prescient now, odds are a significant price drop on the cards...

That'd be my bet unless loads of millionaires flock to covid19 free Ireland.

We bought our house for half what our neighbors paid... it makes a difference.

James 007 · 22-07-2020 1:25am

https://www.daft.ie/dublin/houses-for-sale/drumcondra/24-lambay-road-drumcondra-drumcondra-dublin-2634517/

Is this worth this price. Please note that all plants featured in the photos were not harmed in any way. Also note the 7 candles by the fire hearth are not included in the sale of the property. Spot the difference teaser photo 20 & 21:rolleyes:

Pivot Eoin · 22-07-2020 8:02am

James 007 wrote: »

https://www.daft.ie/dublin/houses-for-sale/drumcondra/24-lambay-road-drumcondra-drumcondra-dublin-2634517/

Is this worth this price. Please note that all plants featured in the photos were not harmed in any way. Also note the 7 candles by the fire hearth are not included in the sale of the property. Spot the difference teaser photo 20 & 21:rolleyes:

4,650 per sq. M with very modern finishes and decent sized garden compared to the house - Drumcondra getting more and more popular every day also.

I'm not exactly sure about the specific area, but Ive seen worse houses for much more money. They're prob in the right ballpark.

mariaalice · 22-07-2020 9:40am

mcsean2163 wrote: »

I don't think anyone needs to be prescient now, odds are a significant price drop on the cards...

That'd be my bet unless loads of millionaires flock to covid19 free Ireland.

We bought our house for half what our neighbors paid... it makes a difference.

Its luck for the vast majority plus you need to be wealthy or well off in the first place, a well off solicitor who decided to sell their house last autumn and take a punt on renting for a year or two, they are in a vastly different position than a first-time buyer who keeps having to renew their mortgage approval.

We did very well out of the downturn but it was pure luck and that is the same for the vast majority who do well out of it.

brisan · 22-07-2020 9:48am

mariaalice wrote: »

Its luck for the vast majority plus you need to be wealthy or well off in the first place, a well off solicitor who decided to sell their house last autumn and take a punt on renting for a year or two, they are in a vastly different position than a first-time buyer who keeps having to renew their mortgage approval.

We did very well out of the downturn but it was pure luck and that is the same for the vast majority who do well out of it.

We were the same
Done well by selling investment properties in 2007 but that was pure luck and not any expert wisdom

Cyrus · 22-07-2020 10:03am

mariaalice wrote: »

Its luck for the vast majority plus you need to be wealthy or well off in the first place, a well off solicitor who decided to sell their house last autumn and take a punt on renting for a year or two, they are in a vastly different position than a first-time buyer who keeps having to renew their mortgage approval.

We did very well out of the downturn but it was pure luck and that is the same for the vast majority who do well out of it.

or the wealthy solicitor who bought a house for 1.5m on the basis of their earnings last year is in a pretty tight spot now given partner draws are being curtailed and their firms ability to generate fees has suffered the past 4 months.

mariaalice · 22-07-2020 10:19am

Cyrus wrote: »

or the wealthy solicitor who bought a house for 1.5m on the basis of their earnings last year is in a pretty tight spot now given partner draws are being curtailed and their firms ability to generate fees has suffered the past 4 months.

Well yes of course but solicitor and the law tend to be gossipy professions and well in the know of what is happening, it can go wrong as well renting for a year or two there is no guarantee that property will be cheaper next year a possibility is not a guarantee.

The mystical solicitor is taking a punt on renting for a while, in the hopes that the price of very desirable period properties they have their eye on fall in price in the next year or two.

My point is that you need to be reasonably well off in the first place to even attempt to play the market.

Cyrus · 22-07-2020 10:31am

mariaalice wrote: »

Well yes of course but solicitor and the law tend to be gossipy professions and well in the know of what is happening, it can go wrong as well renting for a year or two there is no guarantee that property will be cheaper next year a possibility is not a guarantee.

The mystical solicitor is taking a punt on renting for a while, in the hopes that the price of very desirable period properties they have their eye on fall in price in the next year or two.

My point is that you need to be reasonably well off in the first place to even attempt to play the market.

perhaps but i would certainly not overestimate solicitors ability to call the market, countless solicitors and accountants (partners in the large firms) were very much caught on the hop in 2007/8 as well as judges and others.

Cyrus · 22-07-2020 10:58am

they had so much space in this gaff they used one room to mirror a cheap barbers

christ

https://www.myhome.ie/residential/brochure/garryhoe-sydenham-road-dundrum-dublin-14/4434130

mariaalice · 22-07-2020 10:58am

Cyrus wrote: »

perhaps but i would certainly not overestimate solicitors ability to call the market, countless solicitors and accountants (partners in the large firms) were very much caught on the hop in 2007/8 as well as judges and others.

Maybe my point is not clear I am not saying they are calling the market but rather they are in a financial position to take a punt on it which may work out but there is no guarantee, very few are financially in a position to do that.

awec · 22-07-2020 11:02am

Cyrus wrote: »

they had so much space in this gaff they used one room to mirror a cheap barbers

christ

https://www.myhome.ie/residential/brochure/garryhoe-sydenham-road-dundrum-dublin-14/4434130

That house is big but it's fairly fugly. Outside it doesn't really know what it is, it's a mish-mash of styles.

Inside is spacious and as bland as you can possibly find. Owner clearly struggled to find use of the space.

Cyrus · 22-07-2020 11:03am

awec wrote: »

That house is big but it's fairly fugly. Outside it doesn't really know what it is, it's a mish-mash of styles.

Inside is spacious and as bland as you can possibly find. Owner clearly struggled to find use of the space.

the filled in hole between the kitchen pendants is a low light, youd think they could have gotten it done properly,

but yes i agree, the space hasnt been used well at all.

AlmightyCushion · 22-07-2020 11:08am

Cyrus wrote: »

they had so much space in this gaff they used one room to mirror a cheap barbers

christ

https://www.myhome.ie/residential/brochure/garryhoe-sydenham-road-dundrum-dublin-14/4434130

You know your house is big when your bedroom has a lobby. :pac:

SozBbz · 22-07-2020 11:11am

James 007 wrote: »

https://www.daft.ie/dublin/houses-for-sale/drumcondra/24-lambay-road-drumcondra-drumcondra-dublin-2634517/

Is this worth this price. Please note that all plants featured in the photos were not harmed in any way. Also note the 7 candles by the fire hearth are not included in the sale of the property. Spot the difference teaser photo 20 & 21:rolleyes:

All things considered (and excessive candles notwithstanding) but I think that house will sell easily. Desirable location, area with good schools, not far from the city and its been decorated very well. Wouldnt be surprised if it went for over asking, as it really is in turnkey condition and properties like that are becoming more rare.

hometruths · 22-07-2020 11:18am

SozBbz wrote: »

All things considered (and excessive candles notwithstanding) but I think that house will sell easily. Desirable location, area with good schools, not far from the city and its been decorated very well. Wouldnt be surprised if it went for over asking, as it really is in turnkey condition and properties like that are becoming more rare.

If that yoke goes above asking I will concede I know absolutely nothing about anything.

SozBbz · 22-07-2020 11:19am

Cyrus wrote: »

they had so much space in this gaff they used one room to mirror a cheap barbers

christ

https://www.myhome.ie/residential/brochure/garryhoe-sydenham-road-dundrum-dublin-14/4434130

Humm.... if I had €2.5m to spend, I wouldnt be dropping it on that place.

There are some serious houses in that little corner of Dundrum, but it wouldn't appeal to me at that price. I'd want a genuine Victorian pile either closer to the city of out by the coast.

Thats quite a bland house and the decor is starting to show its age. A new owner would probably want to redecorate which given the size of the place would not be an insignificant amount of money. Not sure who the buyer is for that.

Cyrus · 22-07-2020 11:21am

schmittel wrote: »

If that yoke goes above asking I will concede I know absolutely nothing about anything.

its at the price point where there are enough people who can afford it that it should sell. But i think the reality of the finishes isnt quite as they are presenting the place, there are a few giveaways that it isnt as well kept as they would like you to think.

JimmyVik · 22-07-2020 11:23am

SozBbz wrote: »

Humm.... if I had €2.5m to spend, I wouldnt be dropping it on that place.

There are some serious houses in that little corner of Dundrum, but it wouldn't appeal to me at that price. I'd want a genuine Victorian pile either closer to the city of out by the coast.

Thats quite a bland house and the decor is starting to show its age. A new owner would probably want to redecorate which given the size of the place would not be an insignificant amount of money. Not sure who the buyer is for that.

Ill take it if you dont want it

SozBbz · 22-07-2020 11:23am

schmittel wrote: »

If that yoke goes above asking I will concede I know absolutely nothing about anything.

Theres more people who want to buy a house thats "done" than there are houses that match that criteria. Especially in mature areas like Drumcondra where there arent going to be many new builds - maybe the occasional infill site, but they're bound to be expensive.

SozBbz · 22-07-2020 11:24am

JimmyVik wrote: »

Ill take it if you dont want it

Hey, its your €2.5m

Cyrus · 22-07-2020 11:24am

SozBbz wrote: »

Humm.... if I had €2.5m to spend, I wouldnt be dropping it on that place.

There are some serious houses in that little corner of Dundrum, but it wouldn't appeal to me at that price. I'd want a genuine Victorian pile either closer to the city of out by the coast.

Thats quite a bland house and the decor is starting to show its age. A new owner would probably want to redecorate which given the size of the place would not be an insignificant amount of money. Not sure who the buyer is for that.

yes my thoughts exactly, the cost of redecorating 5000 sq feet will be significant and it certainly needs it. id imagine it was built 20-25 years ago looking at the decor.

mariaalice · 22-07-2020 11:28am

The bland can be fixed, but the garden is too small for the house and that can not be fixed.

SozBbz · 22-07-2020 11:28am

Cyrus wrote: »

its at the price point where there are enough people who can afford it that it should sell. But i think the reality of the finishes isnt quite as they are presenting the place, there are a few giveaways that it isnt as well kept as they would like you to think.

Oh perhaps, theres only so much you can tell from photos but even if there are some things you'd do in time, the fact that the extension is already done and the layout seems sensible.

LOL at the EA and the amount of spurious photos. Are 2x photos of the bottle of wine necessary? Not to mention the cafetiere....:rolleyes:

"LIVE HERE AND YOU WILL BE A FANCY PERSON WHO DRINKS WINE AND COFFEE". Wow.

SozBbz · 22-07-2020 11:29am

mariaalice wrote: »

The bland can be fixed, but the garden is too small for the house and that can not be fixed.

This is always going to be the case with newer build properties, big plots are a thing of the past. This is one of the main reasons I love old houses, despite their various quirks and costs associated.

Markitron · 22-07-2020 11:30am

SozBbz wrote: »

Oh perhaps, theres only so much you can tell from photos but even if there are some things you'd do in time, the fact that the extension is already done and the layout seems sensible.

LOL at the EA and the amount of spurious photos. Are 2x photos of the bottle of wine necessary? Not to mention the cafetiere....:rolleyes:

"LIVE HERE AND YOU WILL BE A FANCY PERSON WHO DRINKS WINE AND COFFEE". Wow.

I always find those ads hilarious. **** you estate agent, don't tell me how to live my ****ing life!

SozBbz · 22-07-2020 11:33am

Markitron wrote: »

I always find those ads hilarious. **** you estate agent, don't tell me how to live my ****ing life!

Its one of those things that need to be done subtly or it just becomes comical.

The cafetiere actually appears 3 times. :rolleyes:

Hubertj · 22-07-2020 11:56am

schmittel wrote: »

If that yoke goes above asking I will concede I know absolutely nothing about anything.

I don't know Drumcondra at all so don't know if that is or isnt a good price. All the plants just make the place look odd..... The couch looks like it blocks access from the dining room to the living room, making the double doors a bit pointless. In the dining room, the 6 seater table is pushed against the wall which indicates the room isn't wide enough to accommodate it.

ngunners · 22-07-2020 12:07pm

Hubertj wrote: »

I don't know Drumcondra at all so don't know if that is or isnt a good price. All the plants just make the place look odd..... The couch looks like it blocks access from the dining room to the living room, making the double doors a bit pointless. In the dining room, the 6 seater table is pushed against the wall which indicates the room isn't wide enough to accommodate it.

Drumcondra is a great location in fairness but that price for that house seems excessive to me. If it were semi-detached or detached maybe.

SozBbz · 22-07-2020 12:17pm

Hubertj wrote: »

I don't know Drumcondra at all so don't know if that is or isnt a good price. All the plants just make the place look odd..... The couch looks like it blocks access from the dining room to the living room, making the double doors a bit pointless. In the dining room, the 6 seater table is pushed against the wall which indicates the room isn't wide enough to accommodate it.

Well presumably the vendors will take their plants and ill fitting furniture with them. People love those extensions with those big folding doors at the back.

Those roads (between Griffith Ave and Homefarm Road) are all older stock and when they come on the market, its often executor sales and they're in poor enough condition. Who knows why these people are selling, but its just rare enough for a modernish house to come up on those roads and when they do they tend to sell easily enough.

I was watching one last year that was being sold due to a divorce on a neighbouring road (nicer road IMO) and it was in lovely condition. It was asking €750k and went sale agreed in about 2 weeks at asking price and the sale went through.

hometruths · 22-07-2020 12:22pm

Hubertj wrote: »

I don't know Drumcondra at all so don't know if that is or isnt a good price. All the plants just make the place look odd..... The couch looks like it blocks access from the dining room to the living room, making the double doors a bit pointless. In the dining room, the 6 seater table is pushed against the wall which indicates the room isn't wide enough to accommodate it.

I don't know the area either - I just think the house is hideous and cannot fathom a world where someone with the ability to pay over €2.5m for a house would choose to spend it on this.

AlmightyCushion · 22-07-2020 12:25pm

schmittel wrote: »

I don't know the area either - I just think the house is hideous and cannot fathom a world where someone with the ability to pay over €2.5m for a house would choose to spend it on this.

You're talking about 2 different houses. The one you are on about is in Ranelagh, the one scmittel is on about is in Drumcondra and costs 500+k.

errlloyd · 22-07-2020 12:26pm

schmittel wrote: »

I don't know the area either - I just think the house is hideous and cannot fathom a world where someone with the ability to pay over €2.5m for a house would choose to spend it on this.

There is a 2.5m house here from Dundrum, and a 500k house from Drumcondra.

I reckon you put that Dundrum house in Drumcondra and the value drops to about 1.9m

SozBbz · 22-07-2020 12:33pm

schmittel wrote: »

I don't know the area either - I just think the house is hideous and cannot fathom a world where someone with the ability to pay over €2.5m for a house would choose to spend it on this.

Out of interest, I had a look around that pricepoint on MyHome, and there are actually quite a lot of hideous, bland houses like this at that pricepoint.

Who knew?

https://www.myhome.ie/residential/brochure/blackwood-lodge-3-blackwoods-blackwood-lane-malahide-co-dublin-k36-pc04/4306769

https://www.myhome.ie/residential/brochure/6-homeleigh-porterstown-castleknock-dublin-15-d15-fhk4/4148793

https://www.myhome.ie/residential/brochure/35-abington-malahide-co-dublin-k36-eh24/4377234

https://www.myhome.ie/residential/brochure/60-nutley-avenue-donnybrook-dublin-4/4363689

SozBbz · 22-07-2020 12:36pm

I felt this one deserved its own post as you couldnt possibly accuse the owners of having bland taste.

https://www.myhome.ie/residential/brochure/holyrood-castle-holyrood-park-sandymount-dublin-4-d04-ae36/4355686

hometruths · 22-07-2020 12:39pm

AlmightyCushion wrote: »

You're talking about 2 different houses. The one you are on about is in Ranelagh, the one scmittel is on about is in Drumcondra and costs 500+k.

Actually I am talking about the one in Dundrum for €2.5m. I think I misread Hubertj's post seeing Dundrum for Drumcondra.

Cyrus · 22-07-2020 12:39pm

SozBbz wrote: »

Out of interest, I had a look around that pricepoint on MyHome, and there are actually quite a lot of hideous, bland houses like this at that pricepoint.

Who knew?

https://www.myhome.ie/residential/brochure/blackwood-lodge-3-blackwoods-blackwood-lane-malahide-co-dublin-k36-pc04/4306769

https://www.myhome.ie/residential/brochure/6-homeleigh-porterstown-castleknock-dublin-15-d15-fhk4/4148793

https://www.myhome.ie/residential/brochure/35-abington-malahide-co-dublin-k36-eh24/4377234

https://www.myhome.ie/residential/brochure/60-nutley-avenue-donnybrook-dublin-4/4363689

youd have thought some of the money the sellers obviously have or had at some stage could have been used for an interior designer,

leather sofas and tiles everywhere seems to be the standard choice, along with a bar :rolleyes:

hometruths · 22-07-2020 12:41pm

SozBbz wrote: »

Out of interest, I had a look around that pricepoint on MyHome, and there are actually quite a lot of hideous, bland houses like this at that pricepoint.

Who knew?

https://www.myhome.ie/residential/brochure/blackwood-lodge-3-blackwoods-blackwood-lane-malahide-co-dublin-k36-pc04/4306769

https://www.myhome.ie/residential/brochure/6-homeleigh-porterstown-castleknock-dublin-15-d15-fhk4/4148793

https://www.myhome.ie/residential/brochure/35-abington-malahide-co-dublin-k36-eh24/4377234

https://www.myhome.ie/residential/brochure/60-nutley-avenue-donnybrook-dublin-4/4363689

At that asking pricepoint. They're still waiting for that bigger fool I guess.

brisan · 22-07-2020 12:45pm

SozBbz wrote: »

I felt this one deserved its own post as you couldnt possibly accuse the owners of having bland taste.

https://www.myhome.ie/residential/brochure/holyrood-castle-holyrood-park-sandymount-dublin-4-d04-ae36/4355686

One can only assume it was a high class Bordello or Hugh Hefners Irish holiday home

SozBbz · 22-07-2020 12:46pm

schmittel wrote: »

At that asking pricepoint. They're still waiting for that bigger fool I guess.

Well, asking prices are all we have to search by when houses are for sale.

Sure there have always been people with no taste. What can you do.

For balance, i think these are some lovely homes.

https://www.myhome.ie/residential/brochure/stonehurst-killiney-hill-road-killiney-co-dublin-a96n795/4410387

This one needs work and €450k has already been knocked off the asking, but living right beside the sea appeals massivly.

https://www.myhome.ie/residential/brochure/carrig-na-chattan-mornington-avenue-sandycove-co-dublin/4361895

SozBbz · 22-07-2020 12:47pm

brisan wrote: »

One can only assume it was a high class Bordello or Hugh Hefners Irish holiday home

It reminded me of Liberace personally.

I also love the EA BS of "a unique and creative bespoke interior where no expense has been spared"...... sure, I'm sure all of that was very expensive in the 1980's because that looks like the last time money was spent on decor in that place.

awec · 22-07-2020 12:49pm

SozBbz wrote: »

I felt this one deserved its own post as you couldnt possibly accuse the owners of having bland taste.

https://www.myhome.ie/residential/brochure/holyrood-castle-holyrood-park-sandymount-dublin-4-d04-ae36/4355686

The room with the mirrors and red curtains is definitely some sort of sex dungeon.

brisan · 22-07-2020 12:52pm

SozBbz wrote: »

Well, asking prices are all we have to search by when houses are for sale.

Sure there have always been people with no taste. What can you do.

For balance, i think these are some lovely homes.

https://www.myhome.ie/residential/brochure/stonehurst-killiney-hill-road-killiney-co-dublin-a96n795/4410387

This one needs work and €450k has already been knocked off the asking, but living right beside the sea appeals massivly.

https://www.myhome.ie/residential/brochure/carrig-na-chattan-mornington-avenue-sandycove-co-dublin/4361895

If you look closely the second one has had 750k knocked off the original asking price ,and more to follow I would expect.
I assume if you can afford the Killiney home the heating bill of of a couple of grand a month in winter would not be off putting
It actually reminded me of the Addams family home

brisan · 22-07-2020 12:58pm

SozBbz wrote: »

I felt this one deserved its own post as you couldnt possibly accuse the owners of having bland taste.

https://www.myhome.ie/residential/brochure/holyrood-castle-holyrood-park-sandymount-dublin-4-d04-ae36/4355686

Its actually 3 apartments
However judging by the size and standards of the kitchens cooking is not high on the agenda of the previous owner

awec · 22-07-2020 1:03pm

brisan wrote: »

Its actually 3 apartments
However judging by the size and standards of the kitchens cooking is not high on the agenda of the previous owner

Some of the floors look normal but the other floors are definitely some sort of swingers sex palace thing.

I'd say that place lights up like a christmas tree if you went through it with a black light, all that fabric on the walls and those curtains!

SozBbz · 22-07-2020 1:05pm

brisan wrote: »

If you look closely the second one has had 750k knocked off the original asking price ,and more to follow I would expect.
I assume if you can afford the Killiney home the heating bill of of a couple of grand a month in winter would not be off putting
It actually reminded me of the Addams family home

Of course, owning big old houses costs (a lot of) money, but at least theres land there, and its charming.

I'm not saying either are perfect options, but they'd have a lot more appeal to me than that McMansion in Dundrum.

Irish Property Market 2020 Part 2

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