Current public sentiment towards the housing market?

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2 Bed Apartments ranging in size from 69sq.m. (743sq.ft.) to 75sq.m. (807sq.ft.) priced from €590,000
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The website says that prices for 2 beds in the development start at 590,000.
 
ivuernis said:
Are you sure they're the same apt?
size = 69 sq. m. (743 sq.ft.)
size = 72 sq. m. (775 sq.ft.)
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Yes - we looked at this development when the last phase was launched

"2 Bed Apartments ranging in size from 69sq.m. (743sq.ft.) to 75sq.m. (807sq.ft.) priced from €590,000"

[broken link removed]
 

Hmm, are you sure that the apartment was not released in [broken link removed] so the flipper is quids in anyway . Just a thought

But HARK. Has the builder suddenly upped his spec. Note the difference between the flippers spec on Daft and the Builders spec at €590k on Myhome , the builder now has

Enhanced allowances are always the first sign of sogginess in the market <cough>
 
2Pack said:
Hmm, are you sure that the apartment was not released in [broken link removed] so the flipper is quids in anyway . Just a thought
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Yes - I figured that was the case. The main reason behind the post is to show that the flipper hasn't been able to sell, even though s/he's undercut the builder by a significant margin for a number of months and has now dropped the price even further.
 
2Pack said:
But HARK. Has the builder suddenly upped his spec. Note the difference between the flippers spec on Daft and the Builders spec at €590k on Myhome
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Nah - I think they're the same - take a look further down the flipper's ad on daft.
 
its still €65 profit in a year, thats a decent amount .

use the email feature on daft and offer him €530k cash, sale contracts to sign by end august , no chain ...see what he sez to that. He may think you are a flipper too and cut and run quick.

he gets €35k profit minus costs of max €2k or €3k .

gwan there whathome, have a lash
 
Spoke to a mate today ,he works as a builder on a site .He lives in a council house and pays 400 euros rent pm, The council approached him to by his house and offered him 30% discount.The market value is approx 180,000 euros and he can get it for 120,000.Because of his age 38 he can only get max 27 yrs mortgage and this would cost him at least 700 pm to buy.He asked my opinion. I asked him what would he be buying for, as he has 3 kids and that 300 pm saving would be better spent on them now.He says he wants to have something to hand down to them.I said that if I were him I would rather have the 300 pm in my hand ,have no worries on interest rates or house insurance premiums etc Seems the lure of 30 % instant equity is blurring his vision .I said that at the end of the day equity is nothing unless you sell and bank it and go live in a tent.
 

I think he should buy.
 
Even though im a permanent bear , i dont want to dish out bad advice to anyone .But why should he nearly double his payment just to live in the same house and expose himself to increasing interest rates, insurance premiums and all the other costs. surely that 300pm would be better spent on something else?
 
wolfie said:
But why should he nearly double his payment just to live in the same house and expose himself to increasing interest rates, insurance premiums and all the other costs. surely that 300pm would be better spent on something else?
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and builders will get it first in a slump .

does the house need a new roof or windows, let the council do them first and then buy it ina few years.
 

Because it's not an investment. he's not in it for capital gain and he's getting a house for a reasonable price. The interest component on his mortgage would approximate his rent so you could think of it as him saving 200 a month with a prospect of future appreciation (when the carnage from the current bubble settles down).

I'm a definite bear but 30% off is still a good deal for a house - does he really want to rent for the rest of his life? Most of the bears here will admit that they eventually want to own their own home (if they don't own already).
 

Start a new thread on this as any reponses will just get lost here.

I'd also be tempted to buy BUT the house can't be sold from under him, THIS IS THE KEY POINT, so he can actually wait and see how the market pans out without losing the property of his dreams (where he already lives!). If it falls in value he'll still be able to pay 30% under what the new market value is if and when he does decide the buy it. If the market keeps going up then ditto. Interest rates will be rising regardless but I think I'd decide to buy and start saving cold hard cash then buy it in a couple of years when he can purchase with a smaller mortgage and, hopefully, at a lower market price.

He already has the property he just has to decide when is the best time to buy it!! I'd wait until interest rates start heading down, 2/3/4 years off?
 
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