Cash buyers could bag a bargain

independent.ie/business/cash … 00443.html

:unamused:

This was in the business section btw :laughing:

The properties:

62 Ailesbury Road, Ballsbridge, D4 - €2.5m
Although in need of complete refurbishment, according to agents Lisney, number 62 could make a very tasty trophy home.
Featuring three reception rooms, five bedrooms and an annex with three more rooms, there’s plenty of space to customise it to a buyer’s individual taste.
Considering it sold for €6.5m in 2005, it’s now something of a steal at €2.5m.

66 Claremont Road, Sandymount, DUBLIN 4 - €995,000
In 2007 the agents were quoting €2.1m for this Victorian five-bedder in the heart of Sandymount.Having been looked after and tastefully modernised, all the original period features – high ceilings, original timber floors, ornate ceiling cornices and carved marble fireplaces – are still intact.
It’s now less than half the original price at €995,000.

31 Brighton Road, Rathgar, Dublin 6 - €1,495,000
As well as a large landscaped rear garden, garage and numerous Edwardian period features, this five-bedroom redbrick pile also features a self-contained gym/sauna/bar, which would be an ideal pad for any stressed-out CEO to relax in. A similar property nearby, number 39, was withdrawn from auction in November 2006 when it was priced at** €3.1m** so €1,495,000 for this is perhaps a bargain.

3 Eaton Square, Monkstown - €1.75m
One of several homes currently on the market in this upmarket address, the sellers were asking €3.7m in March 2007 when it was withdrawn from auction.
Laid out over three storeys, this six-bedroom, four-bathroom pile is a massive 4,000 sq ft, so it’s perhaps suited to a large or growing family.
With stunning sea views and a landscaped rear garden, this tastefully maintained house also has many fine period features and so perhaps represents very good value at the moment at €1.75m.

67 Georgian Village, Castleknock, D15 - €2.25m
In 2006, the plushest homes in this so-called Millionaire’s Row were selling for up to €3.5m, so this elegant six-bedroom Georgian-style home seems good value at €2.25m.

Close to Phoenix Park, with a large garden and newly fitted bathrooms and kitchen, the house also features a dining room, second reception room and conservatory.

So if I have 2m in cash I should buy now, as house prices are going to fall another 18% and I will lose 400’000K ???

Quote: As mortgage payers sink into negative equity, homeowners fortunate enough not to have mortgages see the equity in their properties wiped out.

So people with “no mortgages”, houses are now worth nothing???

Is there no editing of proof reading at all at this rag, who in gods name would pay for this paper???

Same people that would buy now instead of waiting?

the ones who want to do the crossword I think.

loooooooooooooooooooooooool…how many people in the country have over a million € in cash to buy a gaff? It can’t be more than scores or perhaps a low 3 figure number. Making the article almost entirely pointless.

Also, I missed the 18% prediction from Moody’s last week. Was there a thread on the Pin about it?

All the same I shall be avoiding Ballsbridge, Sandymount, Monkstown, Castleknock and Rathgar in the next few weeks lest there be traffic chaos caused by the flood of viewers for these reasonably priced properties

Why don’t they call a spade a spade and have articles titled ‘Just buy a goddamn fking house for fk’s sake will you’

How can this be considered “good value”? The is another (smaller) 6 bed in the same estate for 1.475m

myhome.ie/residential/brochure/60-georgian-village-castleknock-dublin-15/219284

Or a selection of 5 beds for between 1.375 to 1.595m:

myhome.ie/residential/brochure/108-georgian-village-castleknock-dublin-15/192288
myhome.ie/residential/brochure/159-georgian-village-castleknock-dublin-15/196854
myhome.ie/residential/brochure/6-georgian-village-castleknock-dublin-15/219277

The article manages to pick one of the most expensive houses as “good value”, and then refers to a more expensive 5 bed as an alternative! Lets check out the 2.5m five bed and ignore the ones for a million less!

daft.ie/searchsale.daft?id=447109

There was an article in the Sunday Times today, where a list of people were looking for the correct property, the range was from €7 to €8m down to €450k, the majority was in the millions, all cash buyers btw.

There were 16 stories?

Its in the home section page 20

Ok, but I said there can’t be more than scores or a low 3 figure number of these people. Did the ST indicate there were more than that?

And btw, I’m not saying there aren’t millionaires, just that there are very few of them who are cash buyers for €1m+ properties which is what the article in this thread seems to be suggesting…that there are enough of these folks out there that this article is meaningful. My contention is that since there aren’t significant numbers of these people making this article property porn and nothing else.

I am, however, entirely open to correction on this.

If I’d 2M in cash I’d be gone off this sod.

If I returned it would only be with a few thousand freelancers.

Have to agree with you Larry,
Who, these days is in the million + bracket? Granted there are those who sold and scored, but some of them appear to have jumped back in to the ‘bottoming out’ market, given the recent activity at this level.
Assuming one has the 10% deposit ( or is it more these days?) then one would have to have 161K for deposit and stamp duty let alone additional costs leaving a mortgage of 900K requiring a household income of around 300,000ish to cover that mortgage, give or take? Not a big queue there, I’d guess. I note that even the Ailesbury road property is ‘devalued’ by 61.5% when previous history of ’ normal’ boom/ bust cycles had an ‘average’ correction of 40 to 60%…not done yet, IMHO and these " bargains" do not reflect the ultimate outcome!

Thing is the banks are still offering mortgages ca 5 times salary so you only have to have an income of around 180k to satisfy that ‘dream home’ itch. When I say ‘offering’ that is what you will see upfront on your initial visit - I think when it comes down to actually getting the loan you will find all sorts of caveats coming into play - no bonus pay taken into account, making it difficult (or expensive) to actually get a loan for more than 80% of the purchase price etc. The banks want to be seen to be offering money at the old rates to keep themselves sweet with the govt and to keep the Nama valuations but they really know that they will have to get back down to 3 times income and 25 year terms in the next couple of years. In 2007-2008 it was not unusual to see mortgages at 6 times income so we are already coming down.

Why do the Irish press insist on calling properties “bargains”, just because they have fallen 40%. It’s a meaningless benchmark of value.

You don’t hear people calling the Nikkei a “bargain” just because it has fallen 75% from levels of 20 years ago. I am sure on the way down many people did. They are still licking their wounds :angry:

All the properties mentioned provide little yield, are still priced at multiples of incomes which realistically mean a small handful of people can justify buying them, and are potentially subject to an onerous property tax which would effectively wipe out any net yield that exists now.

Much nicer houses can be rented for 2% of the purchase price

I just had a flashback to someone saying they saw value in BOI shares at €5 a pop a couple of years ago…

viewtopic.php?p=37460#p37460
:angry:

I glanced over a newspaper today, Mail I think, whilst having a cup of coffee, there was a small ditty on one of the pages which was telling us that a couple with a €1million cash pile advertised to buy a house in Dalkey, not one response, well according to the newspaper anyway.

They didnt want a seaview either.

Ten properties in Dalkey on Daft for under a million, even one on Sorrento Road. :unamused:

I’m only saying what it said on the newspaper.

I went to see a house for sale up the road from me at the weekend (open viewing). It had ‘improvements’ made to it that actually devalued the house, but that’s another story. The guide was €330K, and the EA was telling all and sundry that a house a few doors up went for €630K in 2006, showing what a great bargain it was. Everyone was impressed by this, and I heard a mother/daughter couple discussing what good value this represented. No one seemed to think that €630K was an insane price to spend on a 700sq ft property without a garden in an average location in the first place! Madness.