house for sale €160k down from nearly €280k
offer €125k has been accepted
Congratulations.
Initially it would appear to be close to a bargain price.
But as it is a new estate, who is buying the other houses?
this would worry me, no matter how affordable is the gaff.
Note: These particulars are detailed for the purposes of representing the development only. Visual representations, finishes, layouts and/or scales may be approximate or representative of the development rather than exact specifications of the actual unit. The developer reserves the right to make alterations to the design and specification in the overall interest of the development this should be: "in the interest of the developper pocket " or “if there is any money left…”
Also there are only drawings 
Have you been there personnaly?
Fill the estate with Pinsters who are proud of their homes and will take good care of the estate then it will get a good reputation!
Norbury Woods isn’t so bad. There are no unsafe areas as such in Tullamore. It’s not walking distance to the town centre but it is within the bypass area and on the Dublin side. As the only thing that keeps rental prices up is the Hospital it is reasonably well located.
Arden would be closest for schools and is supposedly “disadvantaged” status but it’s still fine as schools go compared to the mainstream schools in Dublin West and according to my sister has low class numbers.
125K is less than stamp duty threshold.
More broadly speaking, how does anyone know what constitutes value these days? Or is this a philosophical question beyond answering?
I’ve been looking to buy in Galway for over two years now, and with the inflated asking prices, nods and winks from EAs (“we might let it go cheaper”), and no way of knowing where the market is going, I’m finding it harder and harder to get my head around what “value” really means and whether I would be getting it or not. To elaborate on the last bit - I’m not so worried much about my home increasing in value or not, but with the state of the economy, it would be nice to know that I could sell it, if I had to…
Sorry if this is off topic, but the whole thing is starting to wreck my head!
Be Patient Stroke, be Patient !!! Galway is over 2 years away from bottom by my reckoning .
However the greater bottom will be 10-20 miles out in places like Loughrea and Tuam .
Galway property has definitely fell in price a good deal, but remember that 25k students prop up the rental market for 10 months of the year and they are already searching for the coming academic year.
Make that 10k students …those not from Galway . 10k students with no student jobs for many of them any more and for whom many section 50 developments have been constructed in recent years .
The construction of the section 50s has destroyed the market for shoddily converted garage bedsits in Renmore and Ballybane and in Newcastle .
I’m with you there Stroke, I’ve been looking for the last year or two myself and now that houses are being priced more in line with what I can afford, I seem to feel more uncertain than ever. My biggest worry though is interest rates, I don’t want to be stuck with an ever-growing mortgage in a falling economy
+1
Hi 2pac. Have a bid in on a house at the moment. Houses in same estate on at 288/299k. This one (in same nick) on at 195k. So around 175ish wouldn’t be too bad. What do you think? Even if they fall be another 25% that wouldn’t even bring them down to the 175 mark. They were on at 320k peak.
Cheers,
Freddie.
Sounds like lots of Galway estates at the peak , Gleann Dara or even parts of Ballybane and old Mervue.
I would say that €175k is most of the fall but would still advise doing nothing till early next year …by which time we may no longer have a banking system. Were that to happen then €100k would be generous in many cases .
The writedowns suggested in the Liam Carroll and Fleming examinership cases were eyewatering .
Sherry Fitzgerald yesterday said that this building ( photo below) and its site were only worth €1m at most . Why would a semi in Galway go for only a tad less ???
This in the biggest industrial estate in Ireland .
+1 While I could easily afford to buy (won’t coz there’s still no real value to be had), I’m kinda liking the idea right now of having my capital mobile, so I can get out of here if the baloon really goes up.
+another 1
When I sold up in 2007 it was primarily to give my family the mobility to move abroad if the shit hit the fan.
My worst fears have since been realised and then some.
I believe it’s almost inevitable that we will emigrate in the coming year, especially if NAMA goes ahead with crazy valuations.
Even so I keep a close watch on a particular estate nearby that I would buy in if we stay. It peaked with an asking price of €600,000 although I think the highest sales price ever achieved in the estate was much closer to €500,000, last year I had set a target of 2002 prices as representing good value. That would be around €300,000-€320,000, the thing is that last month one sold for €325,000 and now with all the shit that is likely to come at us before the end of the year it seems like prices have quite a bit more to give.
The point I’m trying to make is it is an almost impossible task at the moment to determine good value.
For one thing we need to get beyond all the hard decisions the Government has to make before we can judge how things are likely to look in 5 years time.
Please God ACC have their way and get us to the bottom sooner rather than later. After that it’s only a question of the IMF and interest rates from the ECB and we might finally have a clear view of the horizon and something to aim at, for the moment all I can see is a wall of water!
Another +1 here
Be honest, neither of you are actually in the market for a home.
The question is…will some pinsters ever buy? Or are they getting fond of keeping their capital mobile…
I own an old house that is not cheap to maintain. We had to buy the house in order to get our kids into a particular school (in the UK). The house has served its function now and I have considered selling it to rent but there is nothing really suitable in the neighbourhood and with UK base rates at 0.5%; our mortgage is less than £200 a month.
In the medium term I would certainly consider renting, especially if I moved back to Ireland.
In the longer term however I am not so sure. I know enough about finance to realise that a house is not an investment and people tend to pump far too much money into their PPRs. However, if you are looking at a 20 year timeframe I am not sure if renting trumps buying. I suppose it all depends on what price you buy your property at. If you bought at the peak of the bubble, you will probably still have a mortgage when you come to retire and in real terms you house would be worth a lot less than you paid for it.