Denial - Waterford: 200k offer refused

The Irish avalon/elysium is called Tír na nÓg. I wonder what a 3 bed semi-d there would cost?

Hi Freddie,

I really think you should hold off. No matter what the Munster Express :unamused: or even the esteemed Sunday Times may think, there is no way in hell we are going to see prices flatten off. There is still plenty of room to go til we see the bottom, particularly in Waterford where denial in definitely not just a river in Egypt.

We’ve been up here for about 18 months now and have been keeping an eye on properties here for about 6 months before that - and there are still plenty of the same houses for sale - and with very little in the way of reductions.

Just look around you: retail has fallen off a cliff in Waterford, unemployment is high and the live register is about to be boosted majorly when Waterford Crystal closes, Honeywell have already let 160 go in the last 6 months and Bausch and Laumbe are rumoured to be letting go soon, banks wouldn’t lend to anybody and certainly not to buy hugely over-priced property. What in the name of Jebus is going to kick-start the property market in the next couple of years?

I really believe (and hope) that house prices will return to the ‘norm’ average of the last 30-40 years (excluding freakish bubbles) of 100-120k. Unfortunately, anybody who bought during the bubble (like your landlord, possibly) is not ready to take the negative equity hit until the wolves are at the door - which they won’t be as long as he has good tennants like you!

To put it into perspective, our landlord arrived around with an estate agent before xmas to value the property for the bank as they were putting the screws on him because he has a few rentals around waterford (residential and commercial) and most of them have been vacant for a while…

Anyhoo, best of luck with the house hunting/negotiations. My advice would be to keep your powder dry until you see something you actually consider to be good value. Grantstown Park was riddled with for sale signs the last time I was up there and I think they will only be on the increase.

to potential buyers wondering should they blink first

as Maximus said in Gladiator " Hold the line"


Kudos for that!

So what maximum duration 100% mortgages would irish banks peddle in a land where we stayed forever young?
Of course, assuming that the principle applies not just to people but extends to inanimate objects would that also mean that every property would remain a new build, forever, and ever, and ever , and . . .

Scifi Discussion Split. Over on the piston for those interested.

Now, back on topic.

Saw the Sunday Times property predictions for 2010 online this morning.They are predicting Waterford City prices to stay static for the next 12 months.Who writes this stuff.

A friend of mine in Waterford was considering buying recently. Fortunately I managed to persuade him to keep renting a lovely 2 bed house for €800pm rather than go for the 250k jumbo mortgage.

And all this time I thought it was the river Suir that flowed past Waterford city.

He could always try to renegotiate the rent or moving.Good tennants are hard to find at the moment.

I hereby rechristen this river…

“Kool aid-on-Suir” or is that Waterford itself!!!

Ducks :nin

In fairness, it isn’t just Waterford where there must be something funny in the water. The Nile flows through this country. Someone update the school textbooks please.

Who indeed Eddie. But on the ground it’s a very different story. In the past four days I’ve seen 3 bed semis drop by €20k - €30k. And these are dropping from the €230k mark. It’s only a matter of time.

But the Nile is still flowing through Waterford. :laughing:

A terraced house on the Cork Road has been put on by one EA at €200k (overpriced even at that), and two others put it on at €230k. Do these people know the Internet exists? One of the latter two is notorious for overpricing houses above the current norm by 10 - 15%.