Boards.ie uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more x
Post Reply  
 
 
Thread Tools Search this Thread
07-11-2018, 21:02   #61
caviardreams
Registered User
 
caviardreams's Avatar
 
Join Date: Jun 2015
Posts: 2,971
Quote:
Originally Posted by masterboy123 View Post
My home hunting continues.

I am baffled to see today's new property.

https://www.daft.ie/11961676

Prices in Limerick are reaching to Dublin prices.
Those apartments also have an excellent reputation re build quality - many would see them as some of the finest apartments in Limerick, and an excellent location to boot.
caviardreams is online now  
Advertisement
07-11-2018, 22:08   #62
M.Cribben
Registered User
 
M.Cribben's Avatar
 
Join Date: Apr 2018
Posts: 324
Quote:
Originally Posted by caviardreams View Post
Those apartments also have an excellent reputation re build quality - many would see them as some of the finest apartments in Limerick, and an excellent location to boot.

Ah c'mon, there's no getting away from the fact it's a 2 bed apartment in Limerick. 350k is bonkers. It's these type of properties/locations where buyers got burnt most in the last crash.
M.Cribben is offline  
07-11-2018, 22:12   #63
DontThankMe
Registered User
 
DontThankMe's Avatar
 
Join Date: May 2016
Posts: 470
Don't forget to add on the €2,180.47 in annual service charges. If you live there for 20 years thats an extra €43,609.40 on top of your €350,000 purchase price.
DontThankMe is offline  
(3) thanks from:
08-11-2018, 07:58   #64
4ensic15
Registered User
 
4ensic15's Avatar
 
Join Date: Sep 2015
Posts: 3,619
Quote:
Originally Posted by Samuel T. Cogley View Post
Not really, we has plentiful supply in 2006.
In 2006 the market turned in the early summer. There were people saying in the year after that falling asking prices did not mean that the market was goosed. The reported prices always have a time lag. House prices reportedly peaked in 2007 despite the market stalling in 2006. The reason for the lag is that deals are done, and sales only close months later and are only reported at the end of the quarter. A deal done in April may not close until July and won't be reported until the end of September. Basing market analysis on reported sales means ignoring the time lag and what developments have occurred in the market in the meantime. The prelude to a drop in prices is lower viewing figures, slower sales and dropping asking prices. That is what is now happening. The next end of quarter will show sales agreed as far back as early summer but not show the current trend.
4ensic15 is offline  
(2) thanks from:
08-11-2018, 08:01   #65
donkeyoaty0099
Registered User
 
Join Date: Apr 2013
Posts: 3,815
Quote:
Originally Posted by 4ensic15 View Post

In 2006 the market turned in the early summer. There were people saying in the year after that falling asking prices did not mean that the market was goosed. The reported prices always have a time lag. House prices reportedly peaked in 2007 despite the market stalling in 2006. The reason for the lag is that deals are done, and sales only close months later and are only reported at the end of the quarter. A deal done in April may not close until July and won't be reported until the end of September. Basing market analysis on reported sales means ignoring the time lag and what developments have occurred in the market in the meantime. The prelude to a drop in prices is lower viewing figures, slower sales and dropping asking prices. That is what is now happening. The next end of quarter will show sales agreed as far back as early summer but not show the current trend.
Lower viewing figures and slower sales in this quarter could be related to the banks making an absolute mess of their exemptions and slowing lending right down in this quarter. Asking prices dropped in the most expensive parts of Dublin but were up 10 %in North County. I would imagine at the start of next year when the banks have their exemptions back it'll be full steam ahead again.
donkeyoaty0099 is offline  
(2) thanks from:
Advertisement
08-11-2018, 08:05   #66
frankythefish
Registered User
 
Join Date: May 2009
Posts: 246
It amazes me that people always talk about a near future crash as being definitive. Just a matter of when. There is no guarantee.
frankythefish is offline  
Thanks from:
08-11-2018, 08:15   #67
donkeyoaty0099
Registered User
 
Join Date: Apr 2013
Posts: 3,815
Quote:
Originally Posted by frankythefish View Post
It amazes me that people always talk about a near future crash as being definitive. Just a matter of when. There is no guarantee.
There will definitely be a crash because unfortunately that's how our economies seem to operate. But in my opinion the 07/08 crash was unique in Ireland for how far properties fell. This go around people are generally limited in their exposure due to new lending rules and the driver for house price rises is supply shortage rather than wild speculation.
donkeyoaty0099 is offline  
08-11-2018, 08:29   #68
DontThankMe
Registered User
 
DontThankMe's Avatar
 
Join Date: May 2016
Posts: 470
Quote:
Originally Posted by frankythefish View Post
It amazes me that people always talk about a near future crash as being definitive. Just a matter of when. There is no guarantee.
It won't necessarily be a crash but prices are going to fall in the future. It's guaranteed because it's economics 101 and it's part of a the business cycle if the OP doesn't buy and waits for a drop in prices and the majority of potential buyers do the same then the expectation that prices will fall will be a catalyst for them to fall. Since sellers won't be able to sell at current prices they will have to lower their asking prices to meet the expectation of buyers since they won't buy at current prices.
DontThankMe is offline  
08-11-2018, 08:43   #69
4ensic15
Registered User
 
4ensic15's Avatar
 
Join Date: Sep 2015
Posts: 3,619
Quote:
Originally Posted by donkeyoaty0099 View Post
Lower viewing figures and slower sales in this quarter could be related to the banks making an absolute mess of their exemptions and slowing lending right down in this quarter. Asking prices dropped in the most expensive parts of Dublin but were up 10 %in North County. I would imagine at the start of next year when the banks have their exemptions back it'll be full steam ahead again.
The banks will have noticed prices dropping so they will be very sticky about lending 90%. They will also take a harder line on valuations. I am not anticipating a flood of money from the banks to drive the market forward in the Spring. In 2007 people said the market sluggishness was due to the anticipated drop in the stamp duty charge. Stamp duty was reduced but the market fell nevertheless. Next year will bring profit taking, Brexit and the possible curtailment of AirBnb.
Add nervy banks into the mix and a serious fall is guaranteed.
4ensic15 is offline  
Advertisement
08-11-2018, 08:56   #70
donkeyoaty0099
Registered User
 
Join Date: Apr 2013
Posts: 3,815
Quote:
Originally Posted by 4ensic15 View Post
The banks will have noticed prices dropping so they will be very sticky about lending 90%. They will also take a harder line on valuations. I am not anticipating a flood of money from the banks to drive the market forward in the Spring. In 2007 people said the market sluggishness was due to the anticipated drop in the stamp duty charge. Stamp duty was reduced but the market fell nevertheless. Next year will bring profit taking, Brexit and the possible curtailment of AirBnb.
Add nervy banks into the mix and a serious fall is guaranteed.
You clearly have no clue what you are talking about. "A serious fall is guaranteed"? A drop in prices is possible (though I would say still not probable), but is as far from guaranteed as a doubling of prices. You simply cannot say that because you don't know
donkeyoaty0099 is offline  
Thanks from:
08-11-2018, 09:00   #71
limerickabroad
Registered User
 
limerickabroad's Avatar
 
Join Date: Jun 2015
Posts: 20
Very interesting topic for those of us in Limerick, thanks OP for starting. Anybody got opinions on the new estate in Castletroy which is being sold from this weekend . . . https://www.daft.ie/limerick/new-hom...merick-120631/

Great location, but those prices are steep!
limerickabroad is offline  
08-11-2018, 15:18   #72
masterboy123
Registered User
 
Join Date: Jul 2012
Posts: 2,509
You're welcome.

Check my other post about these houses in Limerick forum.
In short, people said they are too tight, small living room and high prices.

Quote:
Originally Posted by limerickabroad View Post
Very interesting topic for those of us in Limerick, thanks OP for starting. Anybody got opinions on the new estate in Castletroy which is being sold from this weekend . . . https://www.daft.ie/limerick/new-hom...merick-120631/

Great location, but those prices are steep!
masterboy123 is offline  
Thanks from:
09-11-2018, 08:59   #73
4ensic15
Registered User
 
4ensic15's Avatar
 
Join Date: Sep 2015
Posts: 3,619
Quote:
Originally Posted by donkeyoaty0099 View Post
You clearly have no clue what you are talking about. "A serious fall is guaranteed"? A drop in prices is possible (though I would say still not probable), but is as far from guaranteed as a doubling of prices. You simply cannot say that because you don't know
It has all happened before and will happen again as sure as night follows day. You can blather on with your "fundamentals are all right" and "it will be different this time" reassurances but what will be will be. time for a reality check.
4ensic15 is offline  
09-11-2018, 09:51   #74
GingerLily
Registered User
 
GingerLily's Avatar
 
Join Date: Jul 2016
Posts: 3,276
Quote:
Originally Posted by masterboy123 View Post
Yes, I have a mortgage approved and it's valid for another 10 months.
I doubt it will stay valid if property prices are dropping like your friends suggest!

When houses are cheap it's much harder to get credit, something to remember!
GingerLily is online now  
(2) thanks from:
Post Reply

Quick Reply
Message:
Remove Text Formatting
Bold
Italic
Underline

Insert Image
Wrap [QUOTE] tags around selected text
 
Decrease Size
Increase Size
Please sign up or log in to join the discussion

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Share Tweet