And why do you feel that there may not be another on the market like it for quite awhile? Is that not speculation?
Made an inquiry on the property to test the market. Said i would only be interested in viewing but my ceiling was max 340K. He was open to my offer.
All of which is fair enough. What I don't understand is why housing should be different to anything else people want to buy. If I go into a wine shop I don't demand that my bottle of wine should be cheaper because I intend on drinking it that evening rather than placing it in a cellar with a view to selling it on at an inflated price in three years. If the bottle is too expensive I look for something else or don't buy.
An anti-speculative tax similar to the one that was already on the books but was never implemented is a good idea (i.e. tax people who buy houses with no intention of letting them). Some kind of socialist juncta where the state supplies all of our housing needs and/or fixes the prices is not.
Are we not wealthier as a nation since the early 90's?
Personally I am not looking for price caps on houses or not allowing investors to outbid FTBs. But I would recommend reassessing the taxation situation particularly for investment properties bought but never released onto the rental market, for example.
I believe in this thread, speculation is confined to an exercise to obtain financial gain. I was not deducing that because another would not be available in the foreseeable future that this would mean the price would rise.
I simply liked the apartment I found and wanted to buy it & live in it.
Black market houses, indeed. They'll be smuggling them in with the chinese in containers via the channel tunnel. Who is talking about fixing prices here? Knock out investors whose only purpose is to drive property prices up, to the detriment of society as a whole, and the idea of a property tax is sounding more and more appealing to me. No property tax for your primary living home, cumulatively increasing property taxes for every house after the first that you own. That sounds about right. Landlords can factor that into the rent if they like, and it will provide a serious incentive not to own too many residential properties.
And don't start crying about what will we do to earn money then. Learn about other investments. Put some of that cash into local businesses, start your own, invest in equities. There are a million other ways to earn money.
Proper planning and regulation ARE government interference. In my opinion, no rational person would be looking at the property market in in Ireland today. They'd be off in the middle of the most affluent sections of New York City, buying property for the same price as in Phibsboro.
Knock out investors whose only purpose is to drive property prices up, to the detriment of society as a whole, and the idea of a property tax is sounding more and more appealing to me. No property tax for your primary living home, cumulatively increasing property taxes for every house after the first that you own. That sounds about right. Landlords can factor that into the rent if they like, and it will provide a serious incentive not to own too many residential properties.
The government should stay the hell out of this
Notice how the blame game has already started on this thread!
I'm not sure we are as rich as we think.
phoenix_n - fascinating insight. These type of small, run down, potential money pit properties (even if it is in a city centre location) will be hard to sell... Saying that - I expected to see more examples of commuter apartments nose diving before these houses.
To put things in perspective though - I see there is a 2 bed ground floor apartment in Portland Lock for sale accross the road from the property you posted. They are looking for €360,000, for a less then 2 year old apartment at 743 sqft (which is much bigger then the house).
I'm assuming the negatives on the apartment
- ground floor
- no mention of parking space, so I assume none
- the canal is crappy looking especially in the summer.
BUT - I would pay at least 30k more for the apartment than I would for the house (wouldn't pay 360k for the apartment)..... You could debate whether the house is overvalued at 360k, but it definitley puts in perspective how pricey the St. Ignatius property is. Would you agree?
The government should stay the hell out of this - by removing tax incentives for investors and levelling the playing field for anyone wanting to buy a house!
once the panic sets in with the masses there will be murder,joe duffy will get months out of it !.
Where exactly did I say that? Its no good putting words in my mouth. I've already said several times what I think should happen, which is higher property taxes for houses after the first, to make it uneconomical to even bid in the first place for speculators. Why am I repeating myself?You said that the government should prevent investors outbidding FTBs. In such a scenario if two investors wanted a property it would be worth paying a FTB to put in a bid and therefore put a ceiling on the property price.
With rental yields what they are, there is zero chance of making a profit by letting the house out, so that idea goes out the window.The only purpose of investors isn't too drive up property prices. They may be hoping for prices to increase in the future or to make a profit from letting the house but unless you think they are operating some sort of cartel, they are taking a risk to do so.
Yes, but only on properties after the first, with higher taxes annually for every subsequent property.As for taxation - replacing stamp duty with a yearly tax would be best. Why tax exit or entry into the market - the solution is to make the market more liquid not less.
Splendid I'm very happy for you. You might consider passing on some of that wisdom to the rest of the country, however.I'm pretty happy with my investment choices. I don't need you to tell me what I should or shouldn't invest in.
Making the most important financial decision of their lives in ignorance is not something that should be advised, unless you are trying to pull a fast one.Let people make their own decision as to what is rational and what is not.
The playing field of specuvestors vs FTBers isn't level in the first place, its grossly weighted in favour of the specuvestors.Exactly. The best thing would be a level playing field for investors, speculators, FTBs, STBs and just about anybody else who wants a house. Then let market forces decide what a house is worth.
What? Your posts are becoming increasingly schizophrenic... This is even on the same page. My head hurts from speed of the u-turn.This market has been grossly distorted by stamp duty and tax incentives. I don't see more taxes solving the problem only amplifying it.
Land tax is probably the best taxation system ever thought of and by far the fairest. The government should scrap every other tax and accrue all the required revenue through land tax alone.
Bottom line 425k, 395k, even 380k are crazy numbers for that house, what figure represents April/May market value? and what will it sell for? If it goes for under 300k or even just above 300k I would call that an indication of a crash - would you agree?