Abbey slashes prices and gains sales boost

independent.ie/business/iris … 89907.html

3 bed semi was 600k, now 350k . Nearly 50% in nominal terms. More than 50% in real terms, already.

Making rather a tasty profit on the first phase weren’t they?

"Construction analyst John Mattimoe said Abbey had suffered less than other housing developers due to its strong balance sheet and lack of debt. “It wasn’t as hurt as some because it acquired land over the years.”

I would think that their situation is unusual.

So it begins …

Have been looking at houses in my area. Originally €510K. Dropped €50K off earlier in the year. I asked would they do a deal but told no. Only a handful sold so maybe I might approach them again. I was thinking all along they were €350 ('ish) houses.

Great strategy to slash prices but someone should really tell the Agent myhome.ie/residential/search … KHHV316780

That’s the exception rather than the norm.

I know the new developments where I live are only about 15% down on peak prices.

Today’s exception is tomorrows norm.

-Rd

Prices at Holywell, Kilcoole reduced further - see viewtopic.php?f=14&t=32615

From the original article …

I believe the houses come with custom kitchens, GFCH and a pinch of salt !

the bottom just got bottomier

But the rooms aren’t getting roomier. €260/sq.ft. for a shoebox in Kilcoole still doesn’t strike me as “cheap”.

Cant think of anywhere in Ireland (outside central Dublin) that I’d pay 350k for a 3-bed semi.

As I’ve repeatedly said, the newspapers will be full of this ‘stablisation’ guff for the next while.
A few more months of this and the ‘modest rises’ stories will start to appear.
A jaded public will believe them too.

Edit - just looked at the MyMove link from another thread. myhome.ie/residential/brochu … low/102430
Those houses are worth about 100k.