Huh? Is it the same property? Certainly looks like it. Are both these listings contemporaneous?
Man, wtf is going on in this ludicrous housing market?? Even if they are not literally the same property, this still suggests the selling price on both No. 26 and No. 28 is at least 40% too high.
Or am I exagerrating? I just cannot see how else you soberly judge the “value” of a property other than by considering yield. In this case, when renters will pay less than 1/2 the mortgage repayment, what in the name of god is holding the selling price this high?
The logic just defies gravity. Why would a bunch of potential buyers tacitly agree that this is a fair ballpark valuation, when there is nothing underpinning that valuatin other than a notional price in the sellers mind and the willingness of the buyers to accept that price? That is total bloody lunacy. It makes absolutely no sense whatsoever. It is 99% sentiment and 1% economics.
And how can these blatent absurdities that fly in the face of common (economic) sense still be out there? And they are everywhere. For example, almost every new build apartment I see adertised to rent has a rental price in the region of 50% of the mortgage repayment. There must be thousands of examples of rents being 1/2 the price of a mortgage repayment in south Dublin alone.
This crap makes my head spin cause I just cannot understand it. And yet, when I consider the corrollary of what I am saying - that these beautiful homes should be asking €700k - that doesn’t feel right either. Maybe the Celtic Tiger’s idea of a fair deal has polluted my mind more than I like to admit and I am simply incapable of imagining 50% price drops.