price to offer developer

I

ihatemyjob

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there s a new development opening up that i am interested in. The houses will not be ready until Dec 08( so i m reckoning about May 09) the asking price for house i m looking at is 330k but i was thinking of offering 300k - is this too low or is it reasonable in light of the current market?
 
I would avoid any unfinished developments like the plague after reading this horrific thread -

Or at very least make sure that when you sign a contract that you can get released if the property isn't finished by a particular date
 
thanks for that groom - the houses are in galway with one of the most reputable construction companies in the country but i totally understand about being wary about getting into something not finished - it actually suits me if they werent ready for another year or so!!
 
ihatemyjob said:
there s a new development opening up that i am interested in. The houses will not be ready until Dec 08( so i m reckoning about May 09) the asking price for house i m looking at is 330k but i was thinking of offering 300k - is this too low or is it reasonable in light of the current market?
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It depends on the local market conditions, size/spec of houses, what you think it's worth, if the developer is already reducing the price etc..
 
It's a very hard question to answer.

Firstly, is the price 330k higher or lower than similar comparable properties in the area ?

Offer a lot less than similar comparable properties (if it's too low, it will be rejected, and you can increase your offer little by little until it's accepted). By doing this, you know you wont be paying the developer more than he is willing to accept.

Nobody knows what will happen to the housing market between now and the time the property is finished. The reason is because nobody knows the future (except fortune tellers maybe).
However, I went to a fortune teller today, and it was closed due to unforseen circumstances (get it?).

On AAM I think its against the guidelines to comment on what we think might happen to the housing market in the future. I think it's because there were too many threads, and too many emotive posts about the issue.

When you buy your house, you will face the same reality as everybody who ever bought a house. It may rise in value, it may stagnate, and it may fall in value. Quite simply nobody knows.
 
hi all,

I'm in a bit of a dilemma. My self and my boyfriend have found the house of our dreams but with the current market situation we are not sure what to do.. we are suppose to be signing contracts today (but with the slowdown of the banks, this is not happening until next week, if even then).

Now the price has been reduced since the scheme was released in 2006 by approx 90k. The builder is at his lowest so to speak by the EA - but there again they cannot start phase 2 until all of phase 1 is sold out - and it's not.

I'm afraid if we call the builders bluff that he'll just hangon for someone else, there again, its been on the market for 2 years....ahhhh its so hard to decide what to do!!!

We are not buying it for an investment so don't mind a bit of negative equity but by the advice and comments of so many people on different threads and radio shows, the could reduce by anything between 10 - 30%.

cheers L
 
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