I agree - while there have been price drops over the last few years in the area they've been mostly isolated incidents where the initial price was ludicrously high (and property still overvalued even at its reduced price!
They are a recent phenomena - I've been checking out property on myhome for years (in between doing other things!) - haven't seen it on this scale since 2001.
Is this is your PPR and are you selling primarily because you think there'll be a price correction?I'm not saying anyone should buy a house (indeed I'm selling mine) but it's worth considering things from several angles.
There's a whole world out there you know...just waiting for you!!
lol - it's more fun here
here's another new build priced below the builder. It doesn't look like it was ever lived in: €280,000, it's on the top floor and south facing
[broken link removed]
Builders listing - From €300,000
[broken link removed]
Still - don't know what price was originally paid for the apt (penthouse indeed!!). If it was in the early phases then 280k could still be a decent profit?
Is this is your PPR and are you selling primarily because you think there'll be a price correction?
If so, I hope you realise, that attitudes like this are the reason why we have a property bubble.
So it's okay for the bulls to make a killing on the way up, but the bears have to be sensible and not endanger the market?
It's a free market and I don't think you should be passing judgement on room305 for selling up.
Both houses didn't sell
Yep - I'd say there's still a profit if it's a flipper. Interesting that they are undercutting the builder by 20k , it's supposed to be one of the desirable apartments.
But your opinion/attitude that a 10% increase is not change, that it is the norm (and you would be a Bear - true), shows how the Irish (even an irish Bear) sees increases as "the norm"... Which further feeds into how big a bubble we are in!
Is this is your PPR and are you selling primarily because you think there'll be a price correction?
If so, I hope you realise, that attitudes like this are the reason why we have a property bubble.
If people start selling their investment properties as interest rates rise (leading to a fall in house prices) will this in turn not lead to rising rents as the number of houses for rent falls??
Firefly
If people start selling their investment properties as interest rates rise (leading to a fall in house prices) will this in turn not lead to rising rents as the number of houses for rent falls??
Firefly
If the house is sold to an investor then the number of houses to rent stays the same.
If the house is sold to a FTB then the number of people renting falls
- either way the ratio of renters to investment properties stays the same and hence rents shouldn't be impacted.
One of the many links on this thread was to an article by an american economist talking about the effects of a house price crash. He made the point that rents could rise in such a scenario. It was based on the premise that investors defaulted on their mortgage and the banks siezed the properties. The properties, which were previously available for rent, were boarded up as the bank tried to sell them. As there is a crash, it is not easy to sell them, so they remain boarded up a long while, thus reducing the amount of rental stock out there.
However this scenario doesn't seem too likely to me in an Irish context. Some poster mentioned a bank scheme whereby they froze your mortgage and rented your house back to you at a much lower rate. I think banks will be reluctant to sieze properties, and look for other methods. Investors who try to sell themselves will either sell to another investor (meaning the property is still available to rent) or to an occupier (meaning that some other property will be freed up to rent).
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