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.

Property Market 2020

Options
1…5455575960…352

Comments

  • Options
    #1682
    Cuddlesworth
    Registered Users Posts: 13,980 ✭✭✭✭Cuddlesworth


    Claw Hammer wrote: »
    It could be former air B&Bs coming on the market due to pressure from the City Council and cancellations of future bookings due to the virus.

    Yeah, that market is dead for a few weeks.


  • Options
    #1683
    Assetbacked
    Closed Accounts Posts: 2,969 ✭✭✭Assetbacked


    IRES has had all gains in its share price since things exploded three years ago wiped, yet we have not felt any impact from the coronavirus as of yet (i.e. Job losses, wage cuts etc) . Majority of investors in IRES are institutional investors themselves who will have seen massive hits to the share price in the first week of coronavirus fallout, investments of 0% interest rates are safe havens right now as it would seem like the rental crisis is going to get a big lift from a decrease in demand. Tourism being hit should leave vacant Airbnb lying around, maybe these may end up being rented to long term renters.

    Anecdotal, a couple I know looking to sell and downsize now are holding off until this situation becomes more certain. Presumably many others will start to follow suit and in a few months there will be a lot of properties coming on sale at the same time while the pool of buyers will have decreased from now as it will take buyers longer to get up to speed to buy again.

    The correction in property is long overdue but, let's hope it is not a full on crash.


  • Options
    #1684
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    Assetbacked wrote: »
    IRES has had all gains in its share price since things exploded three years ago wiped, yet we have not felt any impact from the coronavirus as of yet (i.e. Job losses, wage cuts etc) . Majority of investors in IRES are institutional investors themselves who will have seen massive hits to the share price in the first week of coronavirus fallout, investments of 0% interest rates are safe havens right now as it would seem like the rental crisis is going to get a big lift from a decrease in demand. Tourism being hit should leave vacant Airbnb lying around, maybe these may end up being rented to long term renters.

    Anecdotal, a couple I know looking to sell and downsize now are holding off until this situation becomes more certain. Presumably many others will start to follow suit and in a few months there will be a lot of properties coming on sale at the same time while the pool of buyers will have decreased from now as it will take buyers longer to get up to speed to buy again.

    The correction in property is long overdue but, let's hope it is not a full on crash.

    Why will the pool of buyers decrease?


  • Options
    #1685
    Assetbacked
    Closed Accounts Posts: 2,969 ✭✭✭Assetbacked


    fliball123 wrote: »
    Why will the pool of buyers decrease?

    Job losses and tapping into savings to get through any potential negative impact of the next few months.


  • Options
    #1686
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    fliball123 wrote: »
    Why will the pool of buyers decrease?




    Italian banks are being asked to help businesses during the lock down, that's a huge effort. Once it hits here they wont be able to lend money for risky mortgages
    No lending, no buyers


  • Advertisement
  • Options
    #1687
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    Mic 1972 wrote: »
    One is livable but would be low standard for B&B

    The other 3 are in shambles, probably not used in ages
    Possibly left vacant waiting for the right time to flip them

    There are a constant supply of properties which were pledged under the Fair Deal scheme- hitting the market on an ongoing basis- with a noticeable bump in Feb/March/April before a slowdown for the rest of the year.......?


  • Options
    #1688
    Deco99
    Registered Users Posts: 1,642 ✭✭✭Deco99


    Is now the time to capitalise on a bit of fear from sellers? House was bid up 30% over asking 3 weeks ago and initial buyer has pulled out. Sale agreed at asking after we refused to budge when auctioneer came back. Fixer upper but as long as markets don't free fall to post 2008 we've done alright by staying a little brave hopefully


  • Options
    #1689
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    The_Conductor wrote: »
    There are a constant supply of properties which were pledged under the Fair Deal scheme- hitting the market on an ongoing basis- with a noticeable bump in Feb/March/April before a slowdown for the rest of the year.......?


    4 in 1 week in he same area, all 1beds, looking vacant for a while

    Maybe it's only coincidence, or maybe they had been sitting there waiting for the right time to sell


  • Options
    #1690
    JamesMason
    Registered Users Posts: 152 ✭✭JamesMason


    Mic 1972 wrote: »
    One is livable but would be low standard for B&B

    The other 3 are in shambles, probably not used in ages
    Possibly left vacant waiting for the right time to flip them
    Those long-term vacant houses will remain so IMO. Some vendors have missed their slot.


  • Options
    #1691
    nerrad01
    Registered Users Posts: 237 ✭✭nerrad01


    just got a phone call from an estate agent of an apartment i viewed 3 weeks ago! Seeing if i was interested, i guess viewing numbers will be through the floor for the foreseeable


  • Advertisement
  • Options
    #1692
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    nerrad01 wrote: »
    just got a phone call from an estate agent of an apartment i viewed 3 weeks ago! Seeing if i was interested, i guess viewing numbers will be through the floor for the foreseeable

    They will be. This coronavirus is just beginning. The fall out will be enormous


  • Options
    #1693
    Assetbacked
    Closed Accounts Posts: 2,969 ✭✭✭Assetbacked


    JamesMason wrote: »
    Those long-term vacant houses will remain so IMO. Some vendors have missed their slot.

    Would be good to see the vacant site levy strongly enforced. Can't pay? Take whatever price you can get.


  • Options
    #1694
    JamesMason
    Registered Users Posts: 152 ✭✭JamesMason


    handlemaster wrote: »
    They will be. This coronavirus is just beginning. The fall out will be enormous
    Let me introduce you to Richard.
    Richard is an estate agent.
    He breathed a sigh of relief when Brexit calmed down. Since Xmas his office has been inundated with calls, and every weekend the open viewings he organised have been packed.
    Until now.
    So...what does Richard do?


  • Options
    #1695
    enricoh
    Registered Users Posts: 4,824 ✭✭✭enricoh


    Grab a few ice cubes n a bottle of whiskey?!
    Also pack in the coke- it's too pricey now!


  • Options
    #1696
    OttoPilot
    Registered Users Posts: 540 ✭✭✭OttoPilot


    https://www.thejournal.ie/coronavirus-rents-homes-eoghan-murphy-5046259-Mar2020/

    A poster saying this week that the government couldn't force landlords to do anything and now they are actively exploring what can be done. Didn't take long!


  • Options
    #1697
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    OttoPilot wrote: »
    https://www.thejournal.ie/coronavirus-rents-homes-eoghan-murphy-5046259-Mar2020/

    A poster saying this week that the government couldn't force landlords to do anything and now they are actively exploring what can be done. Didn't take long!

    I think they will find this is unconstitutional, if the government want to pay the tenants rent so be it


  • Options
    #1698
    lcwill
    Registered Users Posts: 259 ✭✭lcwill


    vmb wrote: »
    Currently selling. If the buyer tries to play that game i'd move instantly to the next buyer (multiple buyers in the queue).

    it is not serious behaviour once the house is sale agreed. I've sold the house in good faith and expect the same from the buyer. But hopefully not all buyers are like you.

    I'm sale agreed on a property right now, but I agreed a price in a certain context which has now radically changed - my expected risk adjusted return has dropped, hence what I am willing to pay for the property has dropped. If there is a bigger fool further down the queue of buyers so be it.

    At the same time the stock markets have collapsed so expected returns for equities over the next 10-20 years are now much higher. The entire calculus on which an investor made a decision to buy a house at a certain price two months ago has changed, at least over short-medium term. There are new risks now which need to be priced in.


  • Options
    #1699
    Markcheese
    Registered Users Posts: 8,428 ✭✭✭Markcheese


    lcwill wrote: »
    I'm sale agreed on a property right now, but I agreed a price in a certain context which has now radically changed - my expected risk adjusted return has dropped, hence what I am willing to pay for the property has dropped. If there is a bigger fool further down the queue of buyers so be it.

    At the same time the stock markets have collapsed so expected returns for equities over the next 10-20 years are now much higher. The entire calculus on which an investor made a decision to buy a house at a certain price two months ago has changed, at least over short-medium term. There are new risks now which need to be priced in.

    That's your call... There's a strong chance at the "start " of a crisis ,the estate and seller will take the hump ,and go with the I'd rather sell it elsewhere attitude .. ( can't really blame them ) .. so delay ....(look elsewhere also ),but nothing is finalized until you sign, if the crisis abates you pay what you were previously happy with ,if things get worse you play it by ear...

    Slava ukraini 🇺🇦



  • Options
    #1700
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    fliball123 wrote: »
    I think they will find this is unconstitutional, if the government want to pay the tenants rent so be it


    Final nail in the coffin to scare off the investors


  • Options
    #1701
    OttoPilot
    Registered Users Posts: 540 ✭✭✭OttoPilot


    Mic 1972 wrote: »
    Final nail in the coffin to scare off the investors

    A fire sale by investors would be great to see


  • Advertisement
  • Options
    #1702
    voluntary
    Registered Users Posts: 871 ✭✭✭voluntary


    landofthetree wrote: »
    https://mobile.twitter.com/irishexaminer/status/1238458554874380288

    I can see the government banning evictions.



    Too risky to have an increase in homless people.

    Permanently - no, but as a temporary emergency measure - likely.


  • Options
    #1703
    voluntary
    Registered Users Posts: 871 ✭✭✭voluntary


    Deco99 wrote: »
    Is now the time to capitalise on a bit of fear from sellers? House was bid up 30% over asking 3 weeks ago and initial buyer has pulled out. Sale agreed at asking after we refused to budge when auctioneer came back. Fixer upper but as long as markets don't free fall to post 2008 we've done alright by staying a little brave hopefully

    I can't imagine anyone being in a home-searching mode right now so I guess if you find a seller who wants/needs to sell quick then he will have to accept a lower price.

    I have friends buying now, all sorted, just waiting for the bank to transfer money and the bank doesn't do it - they've no resources to process the payment it appears as workers are ill or work from home! There's no crisis yet, but cash is already a king.


  • Options
    #1704
    Dav010
    Registered Users Posts: 14,003 ✭✭✭✭Dav010


    JamesMason wrote: »
    Let me introduce you to Richard.
    Richard is an estate agent.
    He breathed a sigh of relief when Brexit calmed down. Since Xmas his office has been inundated with calls, and every weekend the open viewings he organised have been packed.
    Until now.
    So...what does Richard do?

    Whatever the vendor instructs him to do, I suspect. Richard is not the seller.


  • Options
    #1705
    landofthetree
    Registered Users Posts: 2,301 ✭✭✭landofthetree


    OttoPilot wrote: »
    https://www.thejournal.ie/coronavirus-rents-homes-eoghan-murphy-5046259-Mar2020/

    A poster saying this week that the government couldn't force landlords to do anything and now they are actively exploring what can be done. Didn't take long!

    Denial is always around when the crash happens. It's a key stage in the boom bust cycle.
    We are at aniexty/denial stage.

    cycle-of-emotions.jpg


  • Options
    #1706
    coolshannagh28
    Registered Users Posts: 1,476 ✭✭✭coolshannagh28


    landofthetree wrote: »
    Denial is always around when the crash happens. It's a key stage in the boom bust cycle.
    We are at aniexty/denial stage.

    cycle-of-emotions.jpg
    It will be interesting to see where we are on the graph when the Northern Italy scenario hits the US.


  • Options
    #1707
    stinger31
    Banned (with Prison Access) Posts: 72 ✭✭stinger31


    Dav010 wrote: »
    Whatever the vendor instructs him to do, I suspect. Richard is not the seller.

    Prices will plummet for the foreseeable future. Demand will disappear due to
    1)The amount of jobs that will be lost over this.
    2)The amount of self employed people who will need massive loans to try stay going and in turn not be profitable for x amount of time and in turn not qualify to get a mortgage etc.
    3)The lucky people to still have a job at the end of this will probably have to take a huge pay cut and with the 3.5 times rules it'll be extremely difficult
    4)banks wont be loaning
    5)more supply will be coming on the market as i would hope the Gov have learnt from the last time
    6) People who aren't from here might go home as they cant afford to live here anymore and cheaper to live at home


  • Options
    #1708
    JJJackal
    Registered Users Posts: 1,016 ✭✭✭JJJackal


    stinger31 wrote: »

    Prices will plummet for the foreseeable future. Demand will disappear due to
    1)The amount of jobs that will be lost over this.
    2)The amount of self employed people who will need massive loans to try stay going and in turn not be profitable for x amount of time and in turn not qualify to get a mortgage etc.
    3)The lucky people to still have a job at the end of this will probably have to take a huge pay cut and with the 3.5 times rules it'll be extremely difficult
    4)banks wont be loaning
    5)more supply will be coming on the market as i would hope the Gov have learnt from the last time
    6) People who aren't from here might go home as they cant afford to live here anymore and cheaper to live at home

    Supply will stop - where do you think the Government will get the money for this?


  • Options
    #1709
    nerrad01
    Registered Users Posts: 237 ✭✭nerrad01


    This is going to make the recession look like a walk in the park, the US inventing 1.5 trillon to pump into the economy, more quantative easing by the ECB and it hasnt even kicked off yet in the US or Europe.

    Scary times ahead


  • Options
    #1710
    begbysback
    Closed Accounts Posts: 2,910 ✭✭✭begbysback


    nerrad01 wrote: »
    This is going to make the recession look like a walk in the park, the US inventing 1.5 trillon to pump into the economy, more quantative easing by the ECB and it hasnt even kicked off yet in the US or Europe.

    Scary times ahead

    Is that a typo? Investing or inventing?


  • Advertisement
  • Options
    #1711
    landofthetree
    Registered Users Posts: 2,301 ✭✭✭landofthetree


    What a joke of a country we are.

    People wilth rdiculous mortages and rents facing into what could be a terrible recession.

    The tragic part of it all of this is it disnt need to be like this.

    Will we ever learn?


This discussion has been closed.
Advertisement