How much is this house worth?

A mate of mine lives around the corner from this place:

myhome.ie/residential/search … VGDB332968

Had been on Daft until a while ago. Nearly choked when I saw it had a price tag of 495k (was also listed as glasnevin when it was on daft, its finglas). Can no longer find it on Daft but as the link above shows, listed now on myhome for 460k. Still vastly over valued IMO. Had an argument with my mate. I said (when it was advertised at 495k) they could knock 100k off and it still wouldn’t sell, mate reckons 400k would be a ‘bargain’. Not gonna pretend I’m an expert on the market but I still reckon they need to knock another 100k off to sell. Any opinions?

Thing is, 400k may be a bargain today. But will 400k be a bargain this time next year. I would guess that it would not.

People’s perspectives on prices are still vastly distorted.

even 350,000 may seem like a bargain at this stage but it is still about 10x the average industrial wage.

I’ve said it before, but the only reason that house prices are so ridiculously high is because they just went higher and higher…that was the only reason a shoebox could be sold for half a million, because it was going to be worth more each year.
Now that prices are falling that biggest asset of the property is non-existent - and face it, in a lot of cases all you’re left with is a poor quality shoebox…Current prices are still ‘investor’ prices - without the investment reason.
Bargains? what bargains?.

It’s worth what anyone is prepared to pay for it … as to it’s actual and real value … that’s a whole other discussion.

“A horse, a horse, my kingdom for a horse”. Worth is relative … how much you got, how badly you want it?

Blue Horseshoe

A three bed semi in Finglas that costs more than 10x average wage.
Bargain!, nothing to see here, move along please.

Bear Stears shares were worth $30 a share on March 14th.

Bear Stears shares were worth $2 a share on March 17th.

Moral: You pay whatever you think the place is worth to you. The most you can do is get a relative value by looking at similar houses for sale nearby.

There’s no point asking anyone else: it’s like asking someone what they think of a Jackson Pollock painting and changing your opinion just because they think something different.

p.s.s Jackson Pollock’s paintings are a load of crap :slight_smile:

I understand the whole ‘only worth what someone will pay’ argument. In fact plenty of people I know, when referring to property prices, always insert the caveat ‘I’d say someone would pay x for that, not saying its worth x tho’.

Its just that even in terms of our property bubble prices the asking price of this place nearly made me faint! Surely this house wouldn’t have made near 460k even 18 months ago at the absolute peak of the property bubble.

BTW its been on the market for well over a year now

Best advice is “Never try to catch a falling knife, wait till it’s on the floor then pick it up”

This knife has a long way to fall and may well be falling for a long time to come.

It may even pause in mid air just to cut the unwary who would like to have a go at catching it.

I’ll be eating my dinner with only a fork for the next 5 years at least! :wink:

Watching Property Ladder yesterday and Sarah Beeny mentioned that the goal in buy to let should be a Gross Yield of 10%.

So…what do you reckon this house would rent for? Use that and a Gross Yield of 10% to figure out what it should be worth. Now, double the price because you’re dealing with Irish people.

Then add about 25% because … you’re dealing with Irish people.

-Rd

Isn’t that calculation valid only for Britain (and the U.S. ) where they have property taxes etc.?

Isn’t UK council tax paid by the tenant rather than the owner?

edit: yes, seems so