Current public sentiment towards the housing market?

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According to this article http://www.unison.ie/irish_independent/stories.php3?ca=9&si=1691456&issue_id=14664 there are 30,000 Latvian immigrants in this country sending €300m home every year.

That's an average of €10k per person.

I'd love to hear what Austin Hughes has to say about that. He'd probably tell us these are the wealthiest members of the immigrant community so they can afford massive Irish mortgages and to send €10k a year home to Latvia..... quick everyone, buy, buy, buy before the Latvians price us out of our own property market!!!

(PS they'll also rent a second house each in addition to the one they're buying, so no need to worry about your investment property that, well, that the Latvians actually came here to build for you in the first place...)
 
I think that Lucan will be OK actually (I don't live there)....most of the people there (while they might prefer to upgrade) can live out a happy enough existance...ie they have a house. It's the apt owners not within 1 sq mile of the city centre I'd be worried about....out just that bit too far for renters to be interested. They will have to trade up at some stage and will be snookered. The leafy D4/D6 houses IMO will be hit big...a lot of people stretched here I reckon, with super mortgages....what's the effect of a .5% rise on a 2m mortgage...it's the middle of the road houses that will be least hit...people will just sit it out if they can afford the repayments...
F
 
7 Houses sell out of 49 under the hammer yesterday. 7 sold afterwards. Market awash with property. Panic has left the auction rooms. Oct and Dec interest rises will bury whats left of the bull.
 
Borderlord said:
Are these boys wise ?. Obviously they haven't read too much into the Florida market. I must say this thread is a must read.

From RTE business news

"FARMERS INVEST IN US GOLF COURSE - More than 100 Irish farmers have come together to fund the $200m (€157.8m) development of a championship golf course and the construction of 550 condominiums in Florida, says the Irish Examiner. The pioneering deal was masterminded by Irish off-farm investment consultants Farrelly and Mitchell, managers for Green Oak Holdings LLC, a US-based company, which is lead partner in the development. Farrelly and Mitchell directors, Philip Farrelly and Malachy Mitchell, set up Green Oak Holdings in 2005 raising equity from farmer investors. The investor equity was supplemented with bank debt bringing the total of this actively managed fund to approximately $25m (€19.6m) and growing. The company acquired its first asset, a retail centre worth $5.5m (€4.3m) in December 2005 and development land in a joint venture arrangement in early 2006."
Click to expand...

Florida is the epicentre of the the US housing bust, condos are selling like rashers of bacon in downtown Mecca.
 
fatmanknows said:
7 Houses sell out of 49 under the hammer yesterday. 7 sold afterwards. Market awash with property. Panic has left the auction rooms. Oct and Dec interest rises will bury whats left of the bull.
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"They" have been flagging this week as not counting for the past few weeks in the press on account of everybody being out in the boonies watching the Ryder Cup.

"They" being property types interviewed on radio and in the press.

No panic people - sure all the moneybags were watchin golf, they'll be back with their millions next week.

It all smacks of kicking to touch, delaying the inevitable. Mañana, mañana everything will be ok tomorrow.
 
Borderlord said:
Are these boys wise ?. Obviously they haven't read too much into the Florida market.
Click to expand...

I was talking a few weeks back to an Irish specuvestor who had bought a property in florida about a year ago.

I asked him what he thought about the current situation in florida with the condo glut etc.

He looked at me blankly.

This was news to him - and he has alot of skin in the game. Does no-one do any research or keep tabs on their 'investments' anymore..?

Although in fairness to him, the Irish media have been very quiet about the US situation.
 
fatmanknows said:
7 Houses sell out of 49 under the hammer yesterday. 7 sold afterwards. Market awash with property. Panic has left the auction rooms. Oct and Dec interest rises will bury whats left of the bull.
Click to expand...

Ouch! That's a hell of a lot of withdrawns. There's definately change in the air.

If things don't tank altogether before next December's budget I'm guessing that the government will be throwing in a lot of things to try and support the property market for another few months at least. I originally thought that talk of changes to Stamp Duty, CGT were going to be purely cosmetic, but now I'm not so sure....
They could make it very difficult for investors to get out of the market and make it even easier for FTBs to enter it (although I'm not too sure if there are enough greater fools to sustain things as they are). If it collapses after they make any drastic changes they of course will get the blame so it's a very high-risk strategy. They've been so short-term looking throughout their reign that it's a definate possibility they might jump headlong into this. If it blows up on them they would possibly lose all credibility for decades!

Bertie has said that he likes the summer months so the election is likely to be in May. If they pull the election date further forward it would be an obvious signal that they are worried about the short term future of things.
 
delboy159 said:
My boss at work has been keeping me up to speed on her neices house sale in South City Dublin.

The AMV was 1m, but the were hoping to get 1.25/1.3m at auction. They had low inquiries and very few bookings for the auction - so they were getting very nervous. Then a guy offered 1.2m prior to auction - they were delighted, but said they were expecting 1.3m at auction (even though they were being realistic that 1m might not be achieved), they must be good at poker!. He came back with 1.27 - and they jumped on it.... There seems to still be a bit of strength in the market still - even with a genuine acknowldgement that things are much slower than they were!.
Click to expand...

That guy may just have overspent by 270,000 or even more.Probably thought he got a good deal buying before auction when in fact he may have not. One of the properties that i was watching (asking price 405) has an offer of 410 on it.

Information is power and many buyers do not realise that the market has changed.
 
Lucan (Laraghcon) 3 Bed End of Terrrace

635k


599k @ Myhome
[broken link removed]

"Ray Cleare presents No. 34 Prepare to be mesmerized by this stunning 4-bed end of terrace located in one of Lucan’s most prestigious areas"

Obviously, people viewing this house are left too mesmerised and stunned to put a bid in.

EDIT:
These houses in Laraghcon are not usually in the FTB price range. The majority of people buying these houses are existing people in the Lucan area. With the oversupply of 3 bed semi's in the Lucan area, it is having a direct imapct in the trade up market also.
 
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phoenix_n - Info is power - you're spot on.

I really believe that if the new owner goes to sell that place in 3/6 months he will not get 1 million for it - bottom line. Still fair dues on the owners. They didn't jump on the 1.2m, they earned another 70k, by just bluffing, nothing more!

My own property is having viewings in the coming days - so I'll report back on how things go. The EA said that she was happy with the interest so far (she was honest when we first talked to her - that things are no where near as frantic as 4 months ago) so wait and see!
 
Firefly said:
The leafy D4/D6 houses IMO will be hit big...a lot of people stretched here I reckon, with super mortgages....what's the effect of a .5% rise on a 2m mortgage...it's the middle of the road houses that will be least hit...people will just sit it out if they can afford the repayments...
F
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Throw a stone in these leafy suburbs and you'll hit a banker. Six of them on my street (small street). Most I've talked to are happy to pay mortgage at today's rate but, if it goes much higher, they will simply revert to 'perk of the job', which is 3% interest rate. The reason they don't do this at the moment is because they'd have to pay benefit in kind. If interest rates rise sharpy, BIK becomes worth it.
 
I see there that some posters are referrign to current prices on auctioneering web sites & then showning prev prices (cached web pages or something).... how can one go back & look at cached pages...how is it done?

ninsaga
 
ninsaga said:
I see there that some posters are referrign to current prices on auctioneering web sites & then showning prev prices (cached web pages or something).... how can one go back & look at cached pages...how is it done?

ninsaga
Click to expand...
When you get a hit in google, you can see under the hit there is a cache under it.
 
Lucan -Hansted
This is listed on the same website, two separate entries. Deliberate?

2 bed apt 310k
[broken link removed]

@280k
[broken link removed]
 
ninsaga said:
I see there that some posters are referrign to current prices on auctioneering web sites & then showning prev prices (cached web pages or something).... how can one go back & look at cached pages...how is it done?

ninsaga
Click to expand...

In case it's still not clear to anyone how this is done, here are the steps (pioneered, I believe, by Whathome) I just followed to detect
a €125,000 reduction in price of a house near me.

The house is 43 Fortfield Park, Terenure on myhome.

1. I go to google and use the search terms: myhome 43 fortfield park

2. Note the 'Cached' word near the end of the first item in the search results.

3. Click on the word 'Cached' and find the old price of this house: €1,600,000

4. Now compare this to the current asking price on myhome (€1,475,000) and voila! one big (unadvertised) price reduction!
 
Just tried this and found the following:

Clonsilla: Feb 06 price €375,000



Current price €440,000

http://daft.ie/searchsale.daft?search=Search+%BB&s[cc_id]=204&s[a_id]=&s[mnp]=&s[mxp]=&s[bd_no]=3&s[search_type]=area&s[c_id]=1&s[ct_id]=1&s[refreshmap]=1&offset=30&limit=10&id=114341

Now THERE'S optimism. Mind you, I note the absence of the Citroen in the later picture - I'd definitely pay more for a house that didn't have one.
 
Remix said:
In case it's still not clear to anyone how this is done, here are the steps (pioneered, I believe, by Whathome) I just followed to detect
a €125,000 reduction in price of a house near me.

The house is 43 Fortfield Park, Terenure on myhome.

1. I go to google and use the search terms: myhome 43 fortfield park

2. Note the 'Cached' word near the end of the first item in the search results.

3. Click on the word 'Cached' and find the old price of this house: €1,600,000

4. Now compare this to the current asking price on myhome (€1,475,000) and voila! one big (unadvertised) price reduction!
Click to expand...

you can impove this slightly by entering the following search term
site:www.myhome.ie 43 fortfield park
 
Borderlord said:
Are these boys wise ?. Obviously they haven't read too much into the Florida market. I must say this thread is a must read.

From RTE business news

"FARMERS INVEST IN US GOLF COURSE - More than 100 Irish farmers have come together to fund the $200m (€157.8m) development of a championship golf course and the construction of 550 condominiums in Florida, says the Irish Examiner. The pioneering deal was masterminded by Irish off-farm investment consultants Farrelly and Mitchell, managers for Green Oak Holdings LLC, a US-based company, which is lead partner in the development. Farrelly and Mitchell directors, Philip Farrelly and Malachy Mitchell, set up Green Oak Holdings in 2005 raising equity from farmer investors. The investor equity was supplemented with bank debt bringing the total of this actively managed fund to approximately $25m (€19.6m) and growing. The company acquired its first asset, a retail centre worth $5.5m (€4.3m) in December 2005 and development land in a joint venture arrangement in early 2006."
Click to expand...

I got a shock when I read this as well, and I thought it couldn't get much worse for farmers. I would think that when many other hard up sellers in Florida realise that there is an unlimited supply of saps over here there could be a few more advertisments appearing in our property supplements
 
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