Drops\expectations of drops in certain areas

Ok, So whats been i’m trying to get me head around is thow the drops in house prices will settle in certain areas

i.e the larger drops\hits to prices are going to be in the commuter belt new empty estates that have already taken some of hit

but what about the second hand market in Dublin in the already well established areas.

Now here’s the reason, have been watching the prices fall in the Tallaght area last couple of months. In the decent areas drops seem to be much slower to take hold and less in line witht he massive crash were all expecting?

Are these sellers still in denial or will they keep there value better cos of the area\demand?

Any thoughts appreciated

What areas of Tallaght are you looking at?

It seems to be pretty random. There are great disparities between drops/prices within even the ‘good’ areas of tallaght (Firhouse, Kingswood, Bancroft etc)

I still think it’s mental that houses in Cushlawn are asking nearly 300 grand. There are loads of houses in Springfield now that have come from 300+ down to more like 230+.

Where are you looking and how much do you think you should spend in that area?

Just had a quick look at the latest properties to be added in D24… I think it shows that the message is not getting through…

daft.ie/1425090 just added to the market today , asking 390k
whereas over now in Rathfarnham D14 you can get
daft.ie/1416294 for 410
or even Ballycullen
daft.ie/1398541 lovely extended for 395

Pricing is off whack and all over the place. I think certain estate agents are still away with the fairies. I mean really, that 390 one is practically 2006 peak pricing for that area! Should really be under 300.

Here’s someone getting the message:
daft.ie/1418668

yeah really shocked at the prices people still looking for up around firhouse ballycullen, people still looking for upwards of 450-500k for 3 and 4 bed house!! :open_mouth:

Same in Waterford. Looks like the EAs have agreed on a straegy - to keep prices up. But if they haven’t sold all along how is this going to work? :confused:

Well, not everyone. I think the biggest problem is that people aren’t following each other with price drops. There is usually at least 1 in every estate that is dropping hugely, but for some reason everyone else selling seems to look at that and say “well good luck to them, i’m sticking with €XXX”. I actually told an estate agent a few weeks ago when discussing a property with him, that another estate agent had put a house on the market on the same street that week for 30% less than he was asking, his response was “I don’t care what they do”. :open_mouth:

Mind you, the issue at the moment is that even the ones at the ‘rock bottom’ prices are not shifting. So where to??

Of the decent areas in Tallaght/D24, here are the rock bottoms of 3 bed semis:

Firhouse - €320,000 - 152 Carrigwood - daft.ie/1394111
Kingswood - €299,000 - 35 Ashfield Ave - daft.ie/1408430
Belgard Heights - €345,000 - 387 The Grove - daft.ie/1394199
Old Bawn - €294,950 - 52 Old Bawn Avenue - daft.ie/1418668
Aylesbury - €305,000 - 19 Carrigmore Park - daft.ie/1395179

Although there might be drip drip sales above that, I reckon that those prices are the current floor, and anyone with a serious intention of selling their house in those estates will have to price below that.

Thoughts?

Saw this house the weekend, needs alot of work even at 295, i’d say you could see 20\30k go into this without blinking…

Aye, would have thought so. When reality hits, everyone else selling in the area will come to realise that in order to shift their gaff, they need it to be the best in the area, and the cheapest. So 295 has set the floor, and even if it needs work done it should give you an idea of the true worth of everything else in the estate, no matter what condition they’re in. IMHO. Did you look at any others on the list?

Nah thats the only one from the list, have seen some others in the area though, same problem really anything that at first off seems decent price wise needs fair bit of work which kind of puts the price back up when you factor in the renovations…

looked up the road to though, the difference is the area though here i think,

daft.ie/1384005
daft.ie/1420940
daft.ie/1419801

Or this, needs alot less work than most but from a search in the planning records , the renovations are a fair but diff to the planning granted … not sure what the implications for that are though

daft.ie/1413409

Vendors are in shock and not taking the advice of EAs to reduce prices.

I’d a bit of a midnight rant about the warped view of value last April and still stand by most of my comments. The last ten years have totally distorted our view on value…

viewtopic.php?f=4&t=8536

Yeah definitely seems to be the case… someone should direct them to the Pin… :smiley:

I still think some popular areas in Dublin will hold out better than the commuter estates but that prob still means big drops or tonnes just coming off the market cos people actually cant afford to sell when prices go that low.

EA I know is refusing to take on clients unless they are realistic about the price.
He has shifted a few houses but the only way he could do this was for vendors to face facts and accept the valuation he put on it in terms of what he thought he could get.

Most people he says are in denial s to the real proce they might get, so he just refuses thework cos he says he would never get that price .

Things are getting worse out there, the effects of the first banking crisis only started to really get reflected in drops recently. With “corrections” lasting on average about 5 years I reckon this one will go on longer. Patience would be the key unless you have to buy.

I don’t think that the renovations that received planning permission were actually carried out, so no implications I would have thought.

Would be a nice gaff if the plans were carried out, but I’m sure that would cost a fair bit (1st floor extension).

That one has already come down from 350 to 250, so definitely getting there.

Kitchen was def extended out to the back and room to the side of it as well, moved some walls around upstairs to get a bigger bathroom but left the two bedrooms on 1st floor VERY small.

But yeah would be pricey enough to finish it off as was planned

Well if the kitchen extension or anything else done out the back and ground floor level is under 25 square metres then it would be exempt development and would not require planning permission. Same with whatever they have done inside, assuming they complied with building regulations they are free to make any changes to the internal layout they want…

Yeah true. Planning will have lapsed by now but still couldnt really rationalise taking on the work and pumping in money at time like this.