Current public sentiment towards the housing market?

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Maine said:
However it also reduces prices for the next seller and damages sentiment locally. Everyone locally knows if the price has been cut and now start to believe stories re falling prices in the media.
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I agree. Irish people have had it very good in the past, in that houses sell in a matter of weeks. In a lot of other countries things can take 6 months and possibly a lot more.
Now, ina cooling market, when people don't sell immediately, they panic and drop the price. Then things snowball, and every hse on the street comes off the market or faces dropping the price.
These things tend to happen very quickly, and the market flat-lines for a few months (i.e. it doesn't drop, but doesn't rise anything worth a damn either).
 
Bedsit said:
Here is an interesting article from Bloomberg:

Want to Avoid Housing Slump? Drop the Commute

http://www.bloomberg.com/apps/news?pid=20601039&sid=aOuCmpF4xb6k&refer=home
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Yeah, saw that too. Basically supporting the theory on here (2Pack?) that commuter-ville will get hit hardest.

The writer hits on a nerve. In a few years time it’ll be generally accepted common-sense, social norm, herd-think, call it whatever, that commuting 3hr+/day is entirely for lunatics. I’m even starting to hear people say positive things about my living and financial arrangement (ultra cheap rent, walk to work, surround myself with quality services). A year ago I was “mad”.
 
http://www.askaboutmoney.com/showthread.php?t=37214

another seller struggling...

Personally I think this is turning rather quickly, in certain areas.

What has bugged me though, about a month ago when people were highlighting daily rises in houses for sale on daft and myhome as evidence of increasing supply, this was knocked back quite authoritively by certain posters, citing any number of reasons for the increases in the figures - ie popularity of certain sites etc etc.

Well it seems quite clear that the supply of property coming to the market has increased markedly, as evidenced by most estate agents. I just think an apology is due from those with head in the sand! (was this why 2pack got banned btw???)
 
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See No 4 in List - 13 Darty Road - amv €3.75m

above property was due to be auctioned this thursday 28th. Just passed over weekend and noticed auction sign replaced with 'For Sale' sign. Seems like there's no confidence of selling this in the room - change of tactics to avoid having a failed sale at auction.
 

Bet they are kicking themselves for not getting it on the market 6 months ago. It is an interesting tactic for them to change course so suddenly. This will be an interesting one to follow
 
Did anybody see the Irish Independent property supplement last Friday? Seemingly a new development in Terenure was due to be launched over the weekend. However all of the properties, which ranged in value from 950k to 3.5million were sold prior to launch.
 

Forgive my ignorance as I have not started building my property empire yet and so have never bought off plan but what is a development launch if not the first time you can buy the properties? If this is not a launch what is it called when they launch.. I mean commence showing plans and taking orders etc.?
 
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Anyone remember when we were discussing that developer with those sea-front apartments in Clontarf, who plastered 'sold' signs on a couple of his flats so as to arouse interest? So as to give prospective buyers a sense of reassurance that they were buying an asset that is in high demand?

But yes, if the developer of that estate in Terenure managed to shift these properties to wealthy (and therefore astute by implication) people/investors, then fair balls to him.
 

I had a look last W/E at this Sean Mulryan Developement (Ballymore). Pretty impressive finishings and internal fittings. The only part sold out are the three beds in the current phase. The top price in the estate are for 5 beds @ €1.95m.There are 4 X 6 beds which they have not priced as yet - The €3.5m you read is a misprint. If there is a drawback for me it would be the gardens ( or lack of). You're paying €2m for a place without a front garden and only a postage stamp size back one. Well landscaped communal front though. Not too long ago you'd get a walled estate and and gate lodge for €2m.

The viewing was fairly busy - given that it was raining. On entering, everybody was made wear blue plastic coverings over their footwear. Felt a bit like a scene from ER in the operating theatre. (me being the G Clooney lookalike ...naturally.)

PS: Annual Service Charge €3.5K ish ....which includes membership of a gym they intend building at the back somewhere.
 
CelloPoint said:
But yes, if the developer of that estate in Terenure managed to shift these properties to wealthy (and therefore astute by implication)
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Err, in the last few years, anyone and his donkey could get a loan for property and become a "property developer / speculator". It doesn't imply any particular astuteness on their part, a fact which is reinforced by their purchase of these properties in Terenure.
 

Going from memory here, but a new Terenure development was also mentioned in the SBPost yesterday. They sold about 40 of them earlier in the year when things were still "wild and crazy". The still have 40-50 of them left to sell.

I'll dig out the details later unless someone posts in the meanwhile.
 
[FONT=Arial, Verdana, Arial]Property boom peters out as apartment prices fall [/FONT]

[FONT=Verdana, Arial]By BILL TYSON, Personal Finance Editor [/FONT]

Article text removed-note our Posting Guidelines around copyright and reproducing entire articles.

[FONT=Arial, Verdana, Arial]Dublin property prices falling by up to 20 per cent[/FONT]

[FONT=Verdana, Arial]NICK WEBB [/FONT]

Article text removed-note our Posting Guidelines around copyright and reproducing entire articles
[FONT=Verdana, Arial]=======================================[/FONT]



[FONT=Verdana, Arial]history repeating itself or this time its different???[/FONT]
 
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Interest rates are rising now, they were still falling in 1999 IIRC. There are also fundamental differences in supply of new stock.
 
I agree. The first article is from 1999 and what saved the market in that instance was the ECB (from Oct 2000) taking interest rates down to
emergency low levels and keeping them there way too long for Ireland's good.

The housing market entered a frenzy with crazy lending and a growth in personal debt never before seen in Ireland (and probably the world).

What's different about this years slowdown ? Interest rates are going up and Ireland has the world's most severe ratio of private debt to GDP (190%).
 
Heard at the weekend from the employee of one of the largest property developers in the country that the Owner is currently selling ALL his Irish Property Portfolio.....except his main residence.

Rumours that he is getting out of the business, but when I asked about his other property interests abroad - "no they are staying the same - he's only selling the Irish ones"

Seems to me like another indicator of how people " in the know " realise that we are at the top of the curve and ready to fall......

Interesting...
 
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