Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all,
Vanilla are planning an update to the site on April 24th (next Wednesday). It is a major PHP8 update which is expected to boost performance across the site. The site will be down from 7pm and it is expected to take about an hour to complete. We appreciate your patience during the update.
Thanks all.

Irish Property Market 2020 Part 2

1…5152545657…339

Comments

  • #1592
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    Thread split, discussion of the previous census vacant property numbers moved here


  • #1593
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    PropQueries wrote: »
    It matters in the sense that multinational employees are regarded as a significant driver of demand for housing in Dublin City. Also, why has Google an office in London for over 4,000 employees and in Zurich for 5,000 employees: https://www.theguardian.com/technology/2020/apr/07/google-uk-staff-earned-average-of-234000-in-2019 and https://www.businessinsider.com/google-zurich-headquarters-tour-2018-1?r=US&IR=T

    They’re called CoEs. Alphabet is 1 of the highest mar cap enterprises on earth. It has many business lines, many products, many development teams, many marketing and sales teams.


  • #1594
    Pelezico
    Registered Users Posts: 681 ✭✭✭Pelezico


    Ninap wrote: »
    We put our place In Dublin on the market in late Jan. Got bids of just below asking prior to Covid striking. Now sale agreed at about 3.5% below what we had been offered. So, just one straw in the wind, but the whole Covid thing doesn’t seem to have had a huge impact. And similarly for the places we are looking to buy. No big reductions in price.

    Sale agreed? Means not much. Exchange of contracts is what matters.

    Interesting that you have taken a reduction on original offer. The market is softening all right.


  • #1595
    Cyrus
    Registered Users Posts: 19,659 ✭✭✭✭Cyrus


    smurgen wrote: »
    What ya want a medal? Would it have been better to repay at their average higher rates of the last few years or the newer lower rates down the line?

    Just educating you , for a fella so interested in buying at the right time I’d have thought you would have a better grasp of interest rates.

    As for your second sentence it doesn’t make any sense really because there are a multitude of other factors .

    Some people have a life to get on with kids to get into schools etc etc so waiting around for a price drop isn’t something they can do, others have time and patience and they can.

    Do what works for you.

    We bought our house in December 17 , I don’t know if we put it up for sale tmrw if we would get what we paid but equally I don’t care , it’s irrelevant to me.


  • #1596
    Pelezico
    Registered Users Posts: 681 ✭✭✭Pelezico


    Cyrus wrote: »
    Just educating you , for a fella so interested in buying at the right time I’d have thought you would have a better grasp of interest rates.

    As for your second sentence it doesn’t make any sense really because there are a multitude of other factors .

    Some people have a life to get on with kids to get into schools etc etc so waiting around for a price drop isn’t something they can do, others have time and patience and they can.

    Do what works for you.

    We bought our house in December 17 , I don’t know if we put it up for sale tmrw if we would get what we paid but equally I don’t care , it’s irrelevant to me.


    Irrelevant? I guess that is why you spend so much time here debunking any hint that house prices are falling.

    My advice....play with the kids more and comment less.


  • Advertisement
  • #1597
    Cyrus
    Registered Users Posts: 19,659 ✭✭✭✭Cyrus


    Pelezico wrote: »
    Irrelevant? I guess that is why you spend so much time here debunking any hint that house prices are falling.

    My advice....play with the kids more and comment less.

    You should try and comprehend what someone is saying rather than trying to be quick witted .

    What my house is worth now is irrelevant to me. I live in it and I can afford it, and I’m happy here. If it was worth double what I paid or half doesn’t matter as long as those 3 criteria are filled.

    I’ll take the same heed of your advice as I do of your statistics, very little. At least you have had plenty of time to play with your kids seeing as your adult son is still at home.


  • #1598
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    Pelezico wrote: »
    Irrelevant? I guess that is why you spend so much time here debunking any hint that house prices are falling.

    My advice....play with the kids more and comment less.

    I also couldn’t give a toss how much my house is “worth”.


  • #1599
    Pelezico
    Registered Users Posts: 681 ✭✭✭Pelezico


    Cyrus wrote: »
    You should try and comprehend what someone is saying rather than trying to be quick witted .

    What my house is worth now is irrelevant to me. I live in it and I can afford it, and I’m happy here. If it was worth double what I paid or half doesn’t matter as long as those 3 criteria are filled.

    I’ll take the same heed of your advice as I do of your statistics, very little. At least you have had plenty of time to play with your kids seeing as your adult son is still at home.


    It is little wonder that you debunk any hint of housing collapse. Maybe you are the guy who gazumped my son.

    December was peak housing and deep down....I bet you know it.


  • #1600
    Cyrus
    Registered Users Posts: 19,659 ✭✭✭✭Cyrus


    Pelezico wrote: »
    It is little wonder that you debunk any hint of housing collapse. Maybe you are the guy who gazumped my son.

    December was peak housing and deep down....I bet you know it.

    December 17 as in 2017.


  • #1601
    Sarn
    Registered Users Posts: 3,059 ✭✭✭Sarn


    Pelezico wrote: »
    It is little wonder that you debunk any hint of housing collapse. Maybe you are the guy who gazumped my son.

    December was peak housing and deep down....I bet you know it.

    He/she bought in December 2017, not 2019.


  • Advertisement
  • #1602
    Springy Turf
    Closed Accounts Posts: 173 ✭✭Springy Turf


    If you are hoping for MNCs to pull out for your price drop, you will be getting a lot more than you bargained for. If it's what happens, then very few people will be in a position to buy a house when the price drops come. Once a certain price point is hit, international investment vehicles will hoover up property.

    Many of the SMEs here will fail if the multinational sector evaporates.


  • #1603
    Ninap
    Registered Users Posts: 528 ✭✭✭Ninap


    Pelezico wrote: »
    Sale agreed? Means not much. Exchange of contracts is what matters.

    Interesting that you have taken a reduction on original offer. The market is softening all right.

    Yeah, we’re not counting our chickens until we get the cash. But the buyer seems good. And yes, we thought a small reduction was reasonable given the uncertainty. But we are probably like a lot of people - if we don’t get close to asking we’ll hold on and sell later


  • #1604
    Springy Turf
    Closed Accounts Posts: 173 ✭✭Springy Turf


    Pelezico wrote: »
    It is little wonder that you debunk any hint of housing collapse. Maybe you are the guy who gazumped my son.

    If it's a collapse you expect, then buying at a 10% drop from now would be a disaster.


  • #1605
    Smiley11
    Registered Users Posts: 246 ✭✭Smiley11


    Can I ask prospective sellers...if you choose not to sell in these uncertain times, are you happy to wait it out & ride the wave per se? As in..if it takes years, can you sustain that? Not a smartass question in the slightest as I'm in a different predicament & don't want to wait.

    I'm a buyer, no chain. We have a bid in on a house we really want but no reaction from the agent bar "leave it with" him. I love the house but on the flipside I'm happy to wait too. Its definitely overpriced (we're the only bidders on what should be an extremely desirable house with a lot of work to do). I definitely have an emotional attachment to this house that my logical husband doesn't. I'm just interested to see if current sellers want or need to wait.

    We're very relieved not to have a house to sell at the moment simply because our house was not a very attractive purchase but suited the landlord who bought it after 14 months on the market!


  • #1606
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    Smiley11 wrote: »
    Can I ask prospective sellers...if you choose not to sell in these uncertain times, are you happy to wait it out & ride the wave per se? As in..if it takes years, can you sustain that? Not a smartass question in the slightest as I'm in a different predicament & don't want to wait.

    I'm a buyer, no chain. We have a bid in on a house we really want but no reaction from the agent bar "leave it with" him. I love the house but on the flipside I'm happy to wait too. Its definitely overpriced (we're the only bidders on what should be an extremely desirable house with a lot of work to do). I definitely have an emotional attachment to this house that my logical husband doesn't. I'm just interested to see if current sellers want or need to wait.

    We're very relieved not to have a house to sell at the moment simply because our house was not a very attractive purchase but suited the landlord who bought it after 14 months on the market!

    Yeah you can put it up for rent (still good rental yeilds) and get a renter in and give them a 5 month contract until the market lifts, after 5 months tell them they can stay a wekk for free and start a new 5 month period. You only have to give 28 days notice then. Also the people on here saying no one can buy or will be able to buy with all the job losses yada yada forget that this country does not do evictions en mass so if someone has a gaff they will be able to stay in it for the long term (10 years +) in some scenarios even if they have no money coming in, they can just ignore the bank and cry to all the left leaning orgs who will listen and fight their case. So there is a lot of scope for people to sustain a property


  • #1607
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    fliball123 wrote: »
    Yeah you can put it up for rent (still good rental yeilds) and get a renter in and give them a 5 month contract until the market lifts, after 5 months tell them they can stay a wekk for free and start a new 5 month period. You only have to give 28 days notice then.

    Not at all how it works and REALLY bad advice for any potential landlord.


  • #1608
    goingagain
    Registered Users Posts: 53 ✭✭goingagain


    Smiley11 wrote: »
    Can I ask prospective sellers...if you choose not to sell in these uncertain times, are you happy to wait it out & ride the wave per se? As in..if it takes years, can you sustain that? Not a smartass question in the slightest as I'm in a different predicament & don't want to wait.

    I'm a buyer, no chain. We have a bid in on a house we really want but no reaction from the agent bar "leave it with" him. I love the house but on the flipside I'm happy to wait too. Its definitely overpriced (we're the only bidders on what should be an extremely desirable house with a lot of work to do). I definitely have an emotional attachment to this house that my logical husband doesn't. I'm just interested to see if current sellers want or need to wait.

    We’re currently selling and we’re sale agreed. We’re having difficulty finding a property ourselves. However we think we may be close to a deal on a house as of yesterday.... but that’s a long story

    If we don’t get that house we’ll have to take our house down and wait for something we want to buy to come up.


  • #1609
    Bass Reeves
    Registered Users Posts: 18,140 ✭✭✭✭Bass Reeves


    Smiley11 wrote: »
    Can I ask prospective sellers...if you choose not to sell in these uncertain times, are you happy to wait it out & ride the wave per se? As in..if it takes years, can you sustain that? Not a smartass question in the slightest as I'm in a different predicament & don't want to wait.

    I'm a buyer, no chain. We have a bid in on a house we really want but no reaction from the agent bar "leave it with" him. I love the house but on the flipside I'm happy to wait too. Its definitely overpriced (we're the only bidders on what should be an extremely desirable house with a lot of work to do). I definitely have an emotional attachment to this house that my logical husband doesn't. I'm just interested to see if current sellers want or need to wait.

    We're very relieved not to have a house to sell at the moment simply because our house was not a very attractive purchase but suited the landlord who bought it after 14 months on the market!

    Did you refuse any bids during the 14 months your property was on the market. Because if you did in a way there lies your answer.

    There is nowhere near the same conditions like 2007/8 for a sustained long term price collapse....well that my opinion anyway. There may be a short term 10%ish price reduction but what many forget it may not be a cross the board.
    The 2007-12 price collapse was not equally across the market just like the recovery was not. Sellers will be under nowhere near the pressure to sell. Most Investors still in the game have either come through the last crash or have bought during the last collapse so they should be able to weather this recession.

    There may be a certain amount of sellers under pressure but there are not ten of thousands of completed houses by builders to cause a collapse. If in your opinion the house is overpriced move onto another property

    Slava Ukrainii



  • #1610
    oceanman
    Registered Users Posts: 1,742 ✭✭✭oceanman


    fliball123 wrote: »
    Yeah you can put it up for rent (still good rental yeilds) and get a renter in and give them a 5 month contract until the market lifts, after 5 months tell them they can stay a wekk for free and start a new 5 month period. You only have to give 28 days notice then. Also the people on here saying no one can buy or will be able to buy with all the job losses yada yada forget that this country does not do evictions en mass so if someone has a gaff they will be able to stay in it for the long term (10 years +) in some scenarios even if they have no money coming in, they can just ignore the bank and cry to all the left leaning orgs who will listen and fight their case. So there is a lot of scope for people to sustain a property
    there is a reason why we dont throw families out on the side of the street..


  • #1611
    Smiley11
    Registered Users Posts: 246 ✭✭Smiley11


    Bass Reeves wrote: »
    Did you refuse any bids during the 14 months your property was on the market. Because if you did in a way there lies your answer.

    There is nowhere near the same conditions like 2007/8 for a sustained long term price collapse....well that my opinion anyway. There may be a short term 10%ish price reduction but what many forget it may not be a cross the board.
    The 2007-12 price collapse was not equally across the market just like the recovery was not. Sellers will be under nowhere near the pressure to sell. Most Investors still in the game have either come through the last crash or have bought during the last collapse so they should be able to weather this recession.

    There may be a certain amount of sellers under pressure but there are not ten of thousands of completed houses by builders to cause a collapse. If in your opinion the house is overpriced move onto another property

    Yes we did actually but there was only one other bidder bar the purchaser. Came back to bite us in the a$$ too because we had to drop the price to eventually sell it so we'd have made more had we accepted the first offer.

    I'm inclined to agree with you on potential price drops. I can't see it being either significant or sustained. Thats just my humble opinion though. We're up-sizing & in a relatively good position. Our jobs are safe, we have our deposit & can pay the mortgage comfortably. We're very fortunate that it's worked out this way for us because it could have been a very different scenario. I just don't think that waiting for what might never happen will benefit us. We just want a home for our kids. Its future value doesn't matter to us because we won't be selling it. I know that we could possibly save a lot were a 10% drop to materialise but I'd rather have my forever home to be honest.

    What I do honestly think about this house we've bid on though is that the EA bumped up the asking price to preempt any possible drop. I think that if he'd marketed it 50k less that there would have been several bidders by now. I have no doubt that somebody will eventually come in against us but for now, we'll just wait & see. We have very little to choose from in the areas we like & can keep saving in the interim.


  • Advertisement
  • #1612
    PropQueries
    Registered Users Posts: 2,203 ✭✭✭PropQueries


    According to the Irish Independent, Ires Reit is to sell more than 150 apartments: https://www.independent.ie/business/commercial-property/ires-reit-to-sell-off-50m-in-assets-after-buoyant-first-half-39432452.html


  • #1613
    JamesMason
    Registered Users Posts: 152 ✭✭JamesMason


    PropQueries wrote: »
    According to the Irish Independent, Ires Reit is to sell more than 150 apartments: https://www.independent.ie/business/commercial-property/ires-reit-to-sell-off-50m-in-assets-after-buoyant-first-half-39432452.html
    Firesale has begun. More to be offloaded IMO


  • #1614
    errlloyd
    Registered Users Posts: 12,599 ✭✭✭✭errlloyd


    Will these be sold to individuals or to another Reit?


  • #1615
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    JamesMason wrote: »
    Firesale has begun. More to be offloaded IMO

    €50million for 150 apartments is a firesale now?


  • #1616
    JJJackal
    Registered Users Posts: 1,016 ✭✭✭JJJackal


    JamesMason wrote: »
    Firesale has begun. More to be offloaded IMO

    I doubt selling a small portion (likely at a profit) of your assets counts as a firesale


  • #1617
    JamesMason
    Registered Users Posts: 152 ✭✭JamesMason


    JJJackal wrote: »
    I doubt selling a small portion (likely at a profit) of your assets counts as a firesale
    At first a trickle...


  • #1618
    hometruths
    Registered Users, Subscribers Posts: 5,797 ✭✭✭hometruths


    Graham wrote: »
    €50million for 150 apartments is a firesale now?

    It's understood Ireland's biggest landlord expects to net €50m...

    I guess €50m is the asking price. It will be interesting to see whether sale price is higher or lower.


  • #1619
    Pelezico
    Registered Users Posts: 681 ✭✭✭Pelezico


    schmittel wrote: »
    It's understood Ireland's biggest landlord expects to net €50m...

    I guess €50m is the asking price. It will be interesting to see whether sale price is higher or lower.


    They are deleveraging....good move.


  • #1620
    JJJackal
    Registered Users Posts: 1,016 ✭✭✭JJJackal


    JamesMason wrote: »
    At first a trickle...

    It still doesnt count as a firesale - unless there is a steep discount


  • Advertisement
  • #1621
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    Really shocked by the figure of a net rental margin of 80% in that article.

    Wow. They are making an absolute fortune.


This discussion has been closed.
Advertisement