Current public sentiment towards the housing market?

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Could someone explain why this [broken link removed] would be worth 900,000 + stamp duty
 
phoenix_n said:
Could someone explain why this [broken link removed] would be worth 900,000 + stamp duty
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Chapelgate is without doubt one of Drumcondra's most prestigious apartment developments. Built in 1999 it is situated in the grounds of a refurbished convent, where beautifully landscaped grounds offer a peaceful haven within walking distance of the city centre. No. 106 is a fabulous penthouse apartment set in the refurbished cut-stone convent building and can be described as no less than stunning! This penthouse apartment exudes character, charm and atmosphere where modern standards blend excellently with old world style. It is complemented by neutral colour tones throughout and plenty of sash windows, which not only allow for stunning views over the city rooftops and Dublin Mountains, but also allow an abundance of natural light to fill the rooms. This secure development has electronic gates to the front and the apartment further benefits from one designated parking space and two visitor spaces. If you are looking for bright and spacious accommodation, low maintenance, and a central location, then look no further!


All this and "one of Drumcondra's most prestigious apartment developments" !!!

Bargain!
 
CelloPoint said:
Isn't a 100 year mortgage better than an interest only mortgage?

An interest-only mortgage is an infinite term mortgage - the ultimate in inter-generational mortgage lending (even worse than Japan).
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Intergenerational mostgages of 99 years are available in Germany. I had suggested to a German friend that we had exhausted every line of credit available in Ireland -
100% plus mortgages,
40 year terms,
interest only mortgages,
6,7,8,9 times earnings,
propective 2008 earnings used instead of actual salary,
personal loans from credit unions to provide deposits,
HP on furniture and white goods incl. essential 52" plasma TV,
parental assistance etc.


and so the boom would end when he pointed this option out. According to the guardian
http://money.guardian.co.uk/news_/story/0,,1856648,00.html

"These types of products are quite popular in Switzerland, Japan and Ireland"
so maybe we have found some more rope to hang ourselves with yet. If I was feeding my dog and he kept eating everything I gave him I don't think I would continue providing more and more until ....
The new tanaiste obviously thinks that when consumption is out of control the best solution is to keep supplying. The trend in most countries is for no mortgage interest tax relief, a cap on LMV % and other sensible measures such as rent control and investor penalties. As the majority of the Irish voting public have already joined the BTL club we are all too compromised in by subjective views to admit the truth.

Shanahans Stamp Auctions all over again.

Apologies if this link has been referenced already but I think it makes a good summary of the situation.


http://en.wikipedia.org/wiki/Irish_property_bubble
 
MadPad said:
This secure development has electronic gates to the front and the apartment further benefits from one designated parking space and two visitor spaces.
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Yet another so called Penthouse with only 1 parking space.
 
robd said:
Yet another so called Penthouse with only 1 parking space.
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I know. Only one parking space. Imagine spending 900+ on a pad and your partner doesn't even have a space.
And its only 95 Square metres.
 
mortimer33 said:
On a related topic just found this earlier..

'Working couples spend 25% of income on mortgage payments'
See: [broken link removed]
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And the rest , the average house in Dublin is around 450k the average couple earn around 50k after tax,you do the maths. For a single FTB in dublin on even 50k gross an average house is ridiculously out of reach. Where do they get such low repayments? they probably include people with tiny mortgages left. for the average FTB the repayment on an average property is far higher than those quoted.
 
bearishbull said:
And the rest , the average house in Dublin is around 450k the average couple earn around 50k after tax,you do the maths. For a single FTB in dublin on even 50k gross an average house is ridiculously out of reach. Where do they get such low repayments? they probably include people with tiny mortgages left. for the average FTB the repayment on an average property is far higher than those quoted.
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As far as I can make out the survey wasn't confined to FTB's. I'm sure that FTB's as a distinct group would have a higher mortgage repayment to income %.
 
Has anyone changed their opinion as a result of this thread?

As I started as a bear, i have changed my opinion a little in that i am probably a little more bearish, but am thinking that mainstream sentiment has definitely changed over the past few weeks.

Still think the thread doesnt have enough bulls, dont know if they are too busy making money, or have become bears or what...


Did anyone read this starting out as a bull and become a bear (or vice versa).. Or has the thread just re-inforced opinions...
 
Matt Cooper's property piece has just finished.

Those interviewed were:

Orna Mulcahy - Property Editor - Irish Times
Ian Lawlor - Property Investor - ICES Group
Des Purcell - Waterford based Actioneer

Orna Mulcahy didn't have a huge amount to say. She reckoned that the Auction Indicators weren't an indicator of the overall housing market. The other 2 agreed. All were still either quite bullish or very bullish on property.

Some stats on Dublin houses up for sale givem:

2006 -> 115 houses > €1m
2005 -> 63 houses > €1m
2004 -> 48 houses > €1m

The piece was very short and Orna really didn't have very much to say, she seemed quite unprepared for any of the questions Matt asked. The Waterford auctioneer was very bullish on property in that area, a real spin doctor. He rekoned there is great demand for new property in Waterford and surounding counties due to delay in planning. Ian Lawlor reckoned there was still investments opportunities if/where the sums add up. He reckoned there may be more opportunities to come if Orna's piece holds up.

It really wasn't a great piece at all. Very wishy washy with not facts or anything.
 
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