# Great house. Still not sold after 7 weeks !



## gormleyp (20 Nov 2006)

I am on the brink of despair.
I am selling a great house in Lusk, one of the best 4 bed houses in north Dublin (I'm not joking) and it has not yet sold. We have had 12 viewings at this stage, 4 of which have registered their interest. However, they haven't yet put down a firm offer.
People have been consoling me in reminding me that buyers are waiting on the outcome of the budget as well as the fact that winter is a bad time to sell, blah blah blah.
What is the story folks? Will it sell in January or what?
Appreciate your thoughts?


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## Cashstrapped (20 Nov 2006)

I have recently contacted an Auctioneer about a property I had interest in to get some details on it, I was shocked to hear that no bid had been put on it as it was detached in a lovely quiet area.  I then discussed selling my own property that is in what they usually advertise as being "in a sought after area" and to my astonishment he said that while it was a good time to purchase he did not think it would be a good time for me to sell.  He put it down more to the rising interest rates, the constant hype about the property boom/ collapse and for want of a better word the scaremongering that seems to be on-going in Ireland at the moment about the Property Market.

The winter months have always been known as a quiet time for the housing Market but all it takes is one person to place a bid and it usually gets the ball rolling.

Hope it goes well for you


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## JohnBoy (20 Nov 2006)

Property inventory seems to be building up accross Ireland. Either you wait for the budget in the hope that this is what all the potential buyers have been waiting for, or your drop your price in order to stimulate interest.


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## hmmm (20 Nov 2006)

If there is no problem with the house then your problem is price. Be very wary of listening to those who are eager to "talk up" the market, and listen to what your instincts are telling you.


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## extopia (20 Nov 2006)

If no one is bidding, it might be overpriced. Simple as that.


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## beattie (21 Nov 2006)

Plain and simple it would seem your price is too high. You can hope that Cowen buckles under the pressure from the VI's and makes changes to SD or you could reduce the price which would probably pre-empt anything which might go on in the budget. If Cowen doesn't do anything with SD there could be a new wave of properties hitting the market whose owners had been hoping in a change in SD which will further lead to downward pressure on prices.

If Trichet after the next increase in IR indicates that there will be further increases coming down the line this will further compound the problem for vendors.


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## Billo (21 Nov 2006)

I have noticed that houses in Lusk (especially in the Lusk village estate) are very slow to move. These houses are very nice inside but with no front gardens,and limited parking, they would not be everyone's cup of tea. 
Perhaps you are in a different estate, but the slowdown is everywhere to some extent.


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## phoenix_n (21 Nov 2006)

Am guessing its one of those 4 beds in the model estates they built in Lusk. Problem is that they fall into FTB territory in that one would not usually trade up to those properties. The increase in price has gone beyond FTB's so they only now serve a small niche market.


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## CCOVICH (21 Nov 2006)

gormleyp said:


> I am selling a great house in Lusk, one of the best 4 bed houses in north Dublin (I'm not joking) and it has not yet sold.


 
If it is so great, why are you selling?


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## extopia (21 Nov 2006)

CCOVICH said:


> If it is so great, why are you selling?



There are many good reasons to sell a great house. How is this question relevant?


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## CCOVICH (21 Nov 2006)

extopia said:


> There are many good reasons to sell a great house. How is this question relevant?


 
Like I said, if it is such a great house ('one of the best in North County Dublin', why sell? if it is because you are moving abroad etc., fine. If you are moving down the road, maybe potential buyers will be wary?

Btw-the OP is free the ignore my question.


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## Afuera (21 Nov 2006)

There's no need to panic after only 7 weeks! Houses aren't exactly the most liquid asset around. In many property markets around the world it can take years for houses to sell in the second hand market. If you're in a rush to sell it though, adjusting the price could hurry things along.


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## extopia (21 Nov 2006)

The seller never said s/he actually lives in the house. But I doubt if any of the potential buyers ask "Where is the seller moving to?" anyway.


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## Emily123 (21 Nov 2006)

extopia said:


> The seller never said s/he actually lives in the house. But I doubt if any of the potential buyers ask "Where is the seller moving to?" anyway.


 
Any time we ever looked at a house we always asked why the seller was moving. It's a very relevant question.


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## whathome (21 Nov 2006)

Emily123 said:


> Any time we ever looked at a house we always asked why the seller was moving. It's a very relevant question.


 
You're not likely to get an answer that should influence your decision.

It might help in working out possible closing dates or how much pressure you could apply in negotiations.  If their reason for moving is due to something negative about the property or area, most vendors will not tell you!

In response to the OP's question, the budget is unlikely to make much of a difference and October/November is not usually a bad time to sell.  There will be a lot of property coming on the market in January so I would make sure that the price is very competitive to get it shifted sooner, there are still buyers about for property that is priced well.


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## Rois (21 Nov 2006)

There are clear changes in the housing market. In my estate houses always got to "Sale Agreed" within a few days, but there are 4 lovely houses for sale at the moment that haven't moved at all. Some of these have been on the market for over 2 months now. 

Regarding Lusk, I had that location on my wish list along with Skerries and Rush. However, I have since heard that Fingal Council plan to build a "superdump" in Lusk so I am no longer interested in moving there (nimby-ism). Lots of people are also waiting for the outcome of the Budget before they make a decision. I expect things will pick up in the New Year, but it is much more of a Buyers Market now than it has been for a long time, there is a lot of stock available and this should drive prices down.


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## CN624 (21 Nov 2006)

I'm afraid the downturn is not just in Dublin and has started long before there was any mention of a change in stamp duty. 

I've gone sale agreed on a house that went on the market around end of July. Very popular estate in regional town. Had one viewer in first 6 weeks. 
No bids. Ended up reducing the price by 10,000 euro less than the last house on the estate that sold. And that was to the single bidder! 

If she had tried to push an even lower price I probably would have agreed as I needed to get it sold. 

If you need to sell reduce the price now before other sellers do and you are forced to cut your price by more.


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## gormleyp (21 Nov 2006)

CCOVICH said:


> If it is so great, why are you selling?


 

Well my friend, I am selling because I want to move back home (north of ireland). 
Nothing to do with the area I'm living in. If I wanted to stay in Dublin I would be happy to continue living in this house.
The price was put on the house by the Estate Agent who said it should actually fetch more ! - its underpriced if anything.
If there is no activity in the immediate aftermath of the budget, I may reluctantly lower the price.


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## Howitzer (21 Nov 2006)

gormleyp said:


> Well my friend, I am selling because I want to move back home (north of ireland).
> Nothing to do with the area I'm living in. If I wanted to stay in Dublin I would be happy to continue living in this house.
> The price was put on the house by the Estate Agent who said it should actually fetch more ! - its underpriced if anything.
> If there is no activity in the immediate aftermath of the budget, I may reluctantly lower the price.


 
For someone "on the brink of despair" you still appear pretty bullish. Time obviously isn't that big of a factor for you, what are you despairing over?


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## MonkeeMan (21 Nov 2006)

There is only one reason a property wont sell - you are asking too much for it. Sellers are still setting asking prices above what existed at the start of the summer, thinking that prices should have increased. If you want to sell drop the price 2 or 3 percent at least.


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## PGD1 (21 Nov 2006)

Rois,

There is already a superdump near Lusk (at the Estuary). You should not notice it when living in Lusk.

The new planned superdump is nowhere near Lusk. If you are heading north on the M1 it is about 4-5 miles further north on the LHS... about 6 miles from Lusk as the crow flies I would guess.


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## hmmm (21 Nov 2006)

If stamp duty changes in the budget was such a big deal, wouldn't you think a potential purchaser would have mentioned it? If only to put down a deposit. The stamp duty thing is a red herring, there will be a glut of properties available come January.


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## magern (21 Nov 2006)

Hi Gormleyp

My own experience over the past few months is that the market has definetely slowed particularily outside the M50, and people are justifiabily cautious. I would'nt panic however as is seems that something will be done for FTB's in the budget and if this happens it will probably give a fresh impetus to the market. So I would suggest that you hold out until then.


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## extopia (21 Nov 2006)

magern said:


> I would'nt panic however as is seems that something will be done for FTB's in the budget



What's the source of this secret information?


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## beattie (21 Nov 2006)

magern said:


> I would'nt panic however as is seems that something will be done for FTB's in the budget and if this happens it will probably give a fresh impetus to the market. So I would suggest that you hold out until then.


 
And if there is nothing done what would you suggest then?


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## gormleyp (21 Nov 2006)

Howitzer said:


> For someone "on the brink of despair" you still appear pretty bullish. Time obviously isn't that big of a factor for you, what are you despairing over?


 

It actually is a big factor for me. I have a house in mind in northern ireland and I need to put the money down on it as soon as possible. My use of the word 'despair' was probably a little bit for dramatic effect and maybe I might appear a little laid back, but I am in a hurry to get some money together, believe me.
If I remortgage this house in Dublin to pay for the house in the north, am I liable to pay capital gains on my house in Dublin ?


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## elcato (21 Nov 2006)

> If I remortgage this house in Dublin to pay for the house in the north, am I liable to pay capital gains on my house in Dublin ?


You're allowed one year grace to sell house even if you let it out so if you sell by next december you'll be not liable for CGT.


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## phoenix_n (21 Nov 2006)

gormleyp said:


> It actually is a big factor for me. I have a house in mind in northern ireland and I need to put the money down on it as soon as possible. My use of the word 'despair' was probably a little bit for dramatic effect and maybe I might appear a little laid back, but I am in a hurry to get some money together, believe me.
> If I remortgage this house in Dublin to pay for the house in the north, am I liable to pay capital gains on my house in Dublin ?


 
You probably will need to be more pro-active as your EA will probably not have experienced a market before where he will actually need to go and sell your house rather than wait for buyers to start bidding on first viewing.

You should think seriously about lowering your price sufficiently enough to gain attention in the market and you may then get a couple of interested parties to put down some offers.


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## Billo (21 Nov 2006)

gormleyp said:


> I am on the brink of despair.
> I am selling a great house in Lusk, one of the best 4 bed houses in north Dublin (I'm not joking) and it has not yet sold. We have had 12 viewings at this stage, 4 of which have registered their interest. However, they haven't yet put down a firm offer.
> People have been consoling me in reminding me that buyers are waiting on the outcome of the budget as well as the fact that winter is a bad time to sell, blah blah blah.
> What is the story folks? Will it sell in January or what?
> Appreciate your thoughts?


 
What exactly is the price of a great 4 bedroom house in Lusk nowadays ?


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## makindye (22 Nov 2006)

gormleyp said:


> Well my friend, I am selling because I want to move back home (north of ireland).
> Nothing to do with the area I'm living in. If I wanted to stay in Dublin I would be happy to continue living in this house.
> The price was put on the house by the Estate Agent who said it should actually fetch more ! - its underpriced if anything.
> If there is no activity in the immediate aftermath of the budget, I may reluctantly lower the price.


 
I would be concerned that you are not being realistic about your house.  Do you still think its underpriced and you think its the best house in the area.  You here for advice. Do not listen to your Agent - they are already wrong about your house price. Drop your price significantly - 2/3% will not be enough.  Get your agent to mail shot all interested buyers ASAP.  Sitpulate you want to complete before Christmas.  With a good lawyer and a willing cash buyer you could get it done. You are going to have to take a hit - if you cannot complete quickly be prepared to accept a hard landing.


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## paddyd (22 Nov 2006)

Billo said:


> What exactly is the price of a great 4 bedroom house in Lusk nowadays ?


 
I'd say about 450-550, depend on the usuals (condition, location, etc).

re the Superdump, as already posted its no-where near lusk village (A lot closer to other villages fact). Lusk itself is a very big townsland.

The existing dump is miles from Lusk village, viewable only from the train, and is actually next to Portrane (only about 100m across the estuary mouth).

Remember Vega City? that was lusk. And this new 1.5bn airport runway that was press released a few weeks back? Thats lusk too.

will trydig out a Fingal map, I know I saw one on thier site before. Apologies if this is slightly off topic.


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## bacchus (22 Nov 2006)

gormleyp said:


> The price was put on the house by the Estate Agent who said it should actually fetch more


 
a bit of naiveness here?? EA competes to get your business, and as such will very often over estimate properties.


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## Billo (22 Nov 2006)

paddyd said:


> I'd say about 450-550, depend on the usuals (condition, location, etc).
> 
> re the Superdump, as already posted its no-where near lusk village (A lot closer to other villages fact). Lusk itself is a very big townsland.
> 
> ...


 
Assuming we are talking about semi detached houses, then 450-500 seems way over the top to me, for the location. Price should be below 400 IMHO,in the current climate.
The new runway is not in Lusk or even the townland. It is at Dublin Airport which is approx 8 miles away, on the far side of Swords.


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## Seagull (22 Nov 2006)

This isn't the new runway. There's a suggestion that a consortium are buying up land in the area for a new airport.


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## Afuera (22 Nov 2006)

Seagull said:


> This isn't the new runway. There's a suggestion that a consortium are buying up land in the area for a new airport.



So it's possible that they're going to add noise polution to the other types of polution that are already in the area? No wonder there's not many takers for the OPs property.


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## magern (22 Nov 2006)

extopia said:


> What's the source of this secret information?


 It's not that difficult if you think about if:

1) There will be a general election next year.
2) FTB's only account for a small percetage  of the stamp duty take, but a much higher percentage of the electorate, and to reduce or abolish it below certain levels will not make too big a dent in the state coffers.
3) The PD's have made it an election issue.
4) The IAVI have lobbied for changes, and they are would have a reasonable level of clout.


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## anatasha (22 Nov 2006)

We sold a spacious detached house a few months ago....over 15 /20 viewings ,few offers ..but steadily climbed up to much much more than we expected! ...it took 3 months and  3 offers altogether! Be patient ,i think houses at the higher end of price bracket take that bit longer .


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## paddyd (22 Nov 2006)

Billo said:


> Assuming we are talking about semi detached houses, then 450-500 seems way over the top to me, for the location. Price should be below 400 IMHO,in the current climate.
> The new runway is not in Lusk or even the townland. It is at Dublin Airport which is approx 8 miles away, on the far side of Swords.


 
not sure what you know about hses in lusk/rush area, but the 4-bed semis are certainly in that bracket, and in fact the upper end of it. Perhaps the 4beds SHOULD be under 400k, but they are definitely not; and I know of one large 4 bed in Dun Emer that sold off plans for over 500, over a year ago.

re the runway, I'm not sure we're referring to the same thing, They are building a terminal at DA, not a runway. The one we're referring to is a few miles north of swords, and the landing route will be over the estuary (between protrane and rush/lusk). Honestly, I'd say its just another Vega City-esque proposal, in that the council wil shoot it down; but the initial soundings are good; and they have all the right people in place. Will take years to approve.


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## Sarsfield (22 Nov 2006)

According to the latest Daft report, the average time to sale on houses in North County Dublin in Q3 was 59 days.  So you've a bit of a way to go yet before you've been waiting even an average amount of time

http://www.daft.ie/report/DaftReport-Q32006.pdf


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## paddyd (23 Nov 2006)

Sarsfield said:


> According to the latest Daft report, the average time to sale on houses in North County Dublin in Q3 was 59 days. So you've a bit of a way to go yet before you've been waiting even an average amount of time
> 
> http://www.daft.ie/report/DaftReport-Q32006.pdf


 

most countries think nothing of it talking 6 months on average to sell a house; we start to worry if it doesn't sell by the end of the week! That was true in recent years, but not any more I'm afraid.


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## conor_mc (23 Nov 2006)

paddyd said:


> re the runway, I'm not sure we're referring to the same thing, They are building a terminal at DA, not a runway.


 
They are actually building a new runway at Dublin in addition to the new terminal...

[broken link removed]

.... but you're right, the Lusk Airport thing is a different kettle of fish altogether. It's a green-field, brand-spanking-new airport proposal to be sited about 10 miles north of the existing airport.

It's such a ridiculous suggestion that it'll probably happen.... only in Ireland!!!


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## Billo (28 Nov 2006)

gormleyp said:


> I am on the brink of despair.
> I am selling a great house in Lusk, one of the best 4 bed houses in north Dublin (I'm not joking) and it has not yet sold. We have had 12 viewings at this stage, 4 of which have registered their interest. However, they haven't yet put down a firm offer.
> People have been consoling me in reminding me that buyers are waiting on the outcome of the budget as well as the fact that winter is a bad time to sell, blah blah blah.
> What is the story folks? Will it sell in January or what?
> Appreciate your thoughts?


 
What,s the latest ? Anything stirring in Lusk ?


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