Galway News: Builders to slash prices 'to 2003 levels'

Who ?, Uncle Tom :laughing:

Well according to the property advertiser the amount of houses up for grabs this weekend has now increased to 20, that’s fast building work even for O’Malleys

Revisit this topic in two weeks time to see how many of the “sold” units come back on the market. Writing hands will get shakier as contracts appear.

Yeah, thats how a EA can end up make 100 sales in a development with only 20 units, just go sale agreed 5 times on each unit :slight_smile:

Does that convert into 100 commissions ?

Ask Michael Lynn :laughing:

Brilliant. :laughing: :laughing: :laughing:

He’d probably have an answer for you too.

There has been very few buyers in Galway over the last 18 months, at these prices which are really top of the market (not 2003 as per sales pitch) ie 360 for 4 bed semi, it really doesn’t add up for me.

Boireann Bheag is back.

O’Malley launched another phase last weekend link
It also tells us that 40 units were sold in the major discounting event back in may.

Trying to find the latest prices
The ad says there are homes from 200K, which probably means a 2 bed apartment.
An article in the advertiser mentions a duplex 3 bed townhouse from 340K and 2 bed townhouses from 285K link
Judging by the figures Galway Skeptic had for the big sale in may the 3 bed seems more expensive than similar properties were back then.

These houses in Boireann Bheag are totally overpriced(in what to me is a concrete jungle). As far as I know 4 bed semis are 375k, these are 2003 prices + 75k. I am sceptical about the 40 new houses that was reported to have sold, similar priced second hand houses in the estate don’t sell,most there for 18 months.

Not what I heard. All rumour and heresay anyway.

Knife catchers the lot of them.

For a company that has more or less stopped building they sure have a lot of ‘Phases’ to sell. They laid off half their staff a year ago … y27592.asp

€375k for a semi out there is a 2005 price not a 2003 price.

In 2001 they sold 4 bed semis at the very far end of the distributor in Knocknacarra for €220k max if not €200k. Thats Binn Bhan and Tor Bui estates .

Well they can’t have prices on the east side dropping too much, haven’t they got a whole other estate to sell called Reilean across the road from Boireann Bheag.

Anybody hear how the remax super auction went today?

Ya, I was estimating that 2003 prices were around 300k, so if they are saying they are slashed to 2003 levels, they are 75k overvalued.

At current prices in Galway there is no case for buying when you can rent a 4 bed semi for 950ish. Based on rents these asking prices should be under 200k. Unfortunately it will probably be a very long wait.

RE/MAX Premier Properties 1st Super Auction was held on Friday 26th September and there was a good attendance on the day. 12 properties, all under €300,000 were offered for sale on the day. It is a sign of the nervousness in the market that even though the buyers turned up no one actually bought a property. Comments from buyers afterwards suggested that even though they were loan approved and conscious of the bargains on offer they held off buying for several reasons - the forthcoming budget on October 14th was the major contributing factor as 1st time buyers felt they will benefit from changes made in the budget to incentivise them

  • the recent and ongoing interest rate increases

  • their hope that house prices might drop further - as they are being told by economists and read in media print in general

-the general unrest and uncertainty in the economy

The good news is that two properties sold prior to auction and a further two are under active negotiation.

It was a positive exercise in so far as the concept is new to Ireland and will take some time to become the norm - the Super Auction introduced buyers and sellers alike to an innovative approach to buying and selling properties.

We have already received several enquiries from vendors wishing to place their property in our next auction which is to be held on Friday November 28th 2008

The innovative approach of not selling anything?

Obviously very few enquiries from buyers, which is what you need. I am a potential buyer and no matter what you say I dont see bargains (300,000 is not a bargain it is a lot of money). I suggest another novel concept for the Irish market, a ‘negative auction’ whereby the bidders underbid each other until a realistic affordable price is achieved.

I think at this stage it should be a general rule, not to believe absolutely anything from estate agents.

I see the showhouse for the Réiléan development being advertised as open now. At €580,000, the one for sale on daft is surely a contender for the worst value house in Ireland. This appears to be the A1 type from the brochure. Hilariously, in the description for the A1 it says that “space is at a premium” which is surely not what they intended to say. … old-county

Front Page Banner Headline In Country Tribune today !!

Housing market grinds to a stop

We had noticed :nin

Incidentally Loughrea has dropped dramatically in terms of numbers for sale because of a concerted effort by the local EAs ( who are still in business that is) to clean their lists up. It was over 400 for ages but is now down to a more respectable 320 .