Price of duplex in finglas

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FreddyB

Guest
Hi,

I was wondering what you financial brains might think is a decent offer on a duplex in a three/four year old development in Finglas? The guide price for these properties on various websites seem to be 315 -320.

I was thinking of offering on one of them that i saw. They are quite roomy, but i have noticed a lot of properties in the area for sale and i am wary of the housing market falling further to the end of the year so im not desperate to buy, but if i could get one for what i think it would be worth say around 290 - 295 i would buy now.

Do you think an offer of around 290 would be ok? and fair enough if the vendor is not desperate to sell or thinks thats an unrealistic offer ill just move on or wait it out...

Thanks
 
Bidding 290 on a property with an asking price of 320 is bidding over 90% of the asking price. Personally I think that's reasonable in today's market. What have you got to lose?
 
Apparently its an insulting and rediculous offer!!!:eek: or so the EA said. I do believe that if the housing market continues to fall this area in Finglas will be hit hard, so i dont intend to up the offer!
 
Ignore the estate agent's rubbish and ask him/her to do their job and convey your bid to the vendor. If you wanted the estate agent's opinion on your bid, I'm sure you would have asked for it.
 
I'd go back with 260 and tell the EA to get over themselves and stop being rediculous...also tell them to just pass on your offer and keep their opinions on it to themselves...its not up to them to judge your offer its up to the seller...
 
We were told the same thing by an EA when we placed an offer below the asking price on our new house. But we got the house regardless and at the price we offered in the first place. So let them say what they want - it doesn't mean anything. I think 90% of the asking is a very good offer in today's market!
 
Hi Pantone, can i ask how long it took them to get back to you and accept your offer?
 
I would say it probably took around 2 months in total, but Christmas holidays were included in there too. It took the vendor a while to accept the changes in the market and adjust their expectations I reckon. You do have to be patient and it might not always work, but if there are no other bidders on a property, then there is not much point in putting in a higher bid. Not unless the property is really perfect and you need to move in straight away. That's my opinion anyway. I suppose it depends on your circumstances.

If someone else puts in an offer it is the EAs duty to inform you, so you will find out if someone goes higher. Often the problem with that though, is working out if it is real or not!
 
FreddyB said:
Hi,

I was wondering what you financial brains might think is a decent offer on a duplex in a three/four year old development in Finglas? The guide price for these properties on various websites seem to be 315 -320.

I was thinking of offering on one of them that i saw. They are quite roomy, but i have noticed a lot of properties in the area for sale and i am wary of the housing market falling further to the end of the year so im not desperate to buy, but if i could get one for what i think it would be worth say around 290 - 295 i would buy now.

Do you think an offer of around 290 would be ok? and fair enough if the vendor is not desperate to sell or thinks thats an unrealistic offer ill just move on or wait it out...

Thanks
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It depends mate, look at the price differences in these. Sometimes EA's purposely keep a price low to try and generate a bit of interest and then push the price higher. Other times they sell it at what they think is a reasonable price.

Here's a couple of duplex's in Finglas, note the price difference for what is essentially the same property:

This one is on the market for 370k, I'd imagine the seller would settle for a lot less:

http://www.daft.ie/1289073

Here's exactly the same property but for 55k cheaper!!! I'd imagine this could genuinely be the seller's base price, trying to generate interest in an attempt to force the price up.

http://www.daft.ie/1337499

However, as they say a house is only worth what someone is willing to pay for it! But at the above price rent would actually cover the cost of the mortgage!

I own a place very near to here that's also on the market and I think there is savage value at the above price. I wouldn't be selling for the prices above! You think the price is going to go down further in the area - it won't!!! It's a quiet area superbly serviced by buses and has the new Metro North coming soon and every other neighbourhood amenity is close by! I'm moving to the city centre but recently I've decided to try and hold onto my place in a neighbouring estate as I only see the price of these going up such is it's location and local amenities.
 
bobbysands81 said:
I own a place very near to here that's also on the market and I think there is savage value at the above price. I wouldn't be selling for the prices above! You think the price is going to go down further in the area - it won't!!! It's a quiet area superbly serviced by buses and has the new Metro North coming soon and every other neighbourhood amenity is close by! I'm moving to the city centre but recently I've decided to try and hold onto my place in a neighbouring estate as I only see the price of these going up such is it's location and local amenities.
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There is plenty of savage in the area alright! The paddys day exploits showed me enough alright!

Prices can only rise and rise! Keep dreaming. Hopefully the dreams wont be disturbed from the building work going on with the Metro North project! Should be finished in the next few months! Im alright up in Santry here, I use the northside luas each day! And buses are excellent to finglas, just dont be trying to catch one up there after 7 in the evening! Keep the faith!!!
 
Clown said:
There is plenty of savage in the area alright! The paddys day exploits showed me enough alright!

Prices can only rise and rise! Keep dreaming. Hopefully the dreams wont be disturbed from the building work going on with the Metro North project! Should be finished in the next few months! Im alright up in Santry here, I use the northside luas each day! And buses are excellent to finglas, just dont be trying to catch one up there after 7 in the evening! Keep the faith!!!
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I never said I believe prices will rise and rise... I just don't think they're going to fall any further out this direction due to the amenities and proximity to city centre.

I'm three years out here and never seen a jot of trouble. I get the bus regularly at night and never trouble.

Try actually reading what I typed and comment on that and get passed your own prejudice.

Freddy, any chance you can post updates on what happens? Interested to hear how you get on cos of my own situation.
 
290 would be far too much in my opinion. Take at least 20% off the guide price and then a bit more.
 
doberden said:
290 would be far too much in my opinion. Take at least 20% off the guide price and then a bit more.
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If that was possible I'd be buying a few places out here!

My mortgage is only approx 3 years old yet if I rented my current place out it would cover the cost of my mortgage by more than a couple of hundred euro a month!!!

If you hear of any places going for this kind of money please let me know! You are completely underestimating this portion of the second hand market where prices are already rock bottom. There's a one bed apartment near me going for the price you're suggesting!
 
You have a vested interest hence the reason why your opinion is so out of sync with the real picture. You come back to me this time next year and if any of the above properties are trading for five figures more than their current price, I will give you the difference myself. You find enough mugs who are willing to pay 6 or 7 times their combined salary to pay for the pleasure of living next door to Jasmine and her three kids from two different fathers whose property is being paid for by the taxpayer, then you derserve to collect for your unbridled optimism.
 
Yeah i think the fact that prices on these places differs between estate agents and different websites doesn't really mean a thing.

I have a friend who bought during one of the first phases in Melville for around 265 - 270 and that was when people were willing to pay huge money. It is a fact that the market has shifted considerably in the buyers favour. They were probably built for a third of that so all they are actually worth is what people are prepared to pay for them, and i for one do not think i would be into paying anymore than 290 for one at this time as i think anyone who is even thinking of buying now is going to hedge their bets so they are not left in the lurch this time next year.

I reckon if our offer isn't accepted this time and we wait it out until around December the same offer would be snapped up.

I do personally think these sprawling new build type areas will definately take the price drops the hardest, and so obviously do the tens of owners who have their apartments and duplexes for sale up there.
 
Clown said:
You have a vested interest hence the reason why your opinion is so out of sync with the real picture. You come back to me this time next year and if any of the above properties are trading for five figures more than their current price, I will give you the difference myself. You find enough mugs who are willing to pay 6 or 7 times their combined salary to pay for the pleasure of living next door to Jasmine and her three kids from two different fathers whose property is being paid for by the taxpayer, then you derserve to collect for your unbridled optimism.
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I don't really have a vested interest as my property is just sale agreed at my asking price and I'm moving into town so in that way I don't care what happens in the area. I've had 5 viewings recently and 2 more scheduled for next week (if we don't go sale agreed) so demand in the area is high. There is no social housing in my estate and I'm nearly sure the same is true for Melville (is it called Melville or Cityside???).

FreddyB, 5 miles from town, 20 minutes on a bus, renting here is more expensive than a mortgage (thus making it more attractive to investors) prices won't go down, it's a sound investment. A pal of mine rents in Melville and his place is huge.
 
FreddyB said:
Yeah i think the fact that prices on these places differs between estate agents and different websites doesn't really mean a thing.
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Of couse it does if you're basing your bid on 20% below the asking price!

20% below the asking price in the first place above is still greater than the asking price in the second place.

The logic of offering below an asking price is wrong if the asking price is skewed for a certain reason anyway.

Offer what you think it's worth, if it gets turned down well so be it.
 
bobbysands81 said:
FreddyB, 5 miles from town, 20 minutes on a bus, renting here is more expensive than a mortgage (thus making it more attractive to investors) prices won't go down, it's a sound investment. A pal of mine rents in Melville and his place is huge.
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renting is as expensive as you want it to be. I know gob****es that pay €1400 for a 2 bedroomed apartment for themselves (when for that price they may aswell have the mortgage on the place) but I know some savvy people that have rented in four bedroomed places taking a room for 350/400 a month, thus saving the rest over the intervening period when prices were only rising. They now have good cash reserves and are holding off purchase until such time as prices have bottomed out (a good while to go yet)
Property can no longer be considered the sound investment it once was. The basic principles of supply and demand indicate to me what lies ahead. The building industry has produced more units than what are actually required (dont mind the bs about influx of millions to our shores and population growth of 25%) thus creating a surplus.
If I was you would money tied up in property I would get on now while there are still a few mugs about.
 
Clown said:
renting is as expensive as you want it to be. I know gob****es that pay €1400 for a 2 bedroomed apartment for themselves (when for that price they may aswell have the mortgage on the place) but I know some savvy people that have rented in four bedroomed places taking a room for 350/400 a month, thus saving the rest over the intervening period when prices were only rising. They now have good cash reserves and are holding off purchase until such time as prices have bottomed out (a good while to go yet)
Property can no longer be considered the sound investment it once was. The basic principles of supply and demand indicate to me what lies ahead. The building industry has produced more units than what are actually required (dont mind the bs about influx of millions to our shores and population growth of 25%) thus creating a surplus.
If I was you would money tied up in property I would get on now while there are still a few mugs about.
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We still have a housing stock that is lower per head of population than the EU average, it's only over the last three years that supply has exceeded demand. This year demand will exceed supply and will start to reduce the overstock that is currently out there thus the current reallignment of the market.
 
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