We are in the very lucky position to have sold our home and are renting now. We have viewed this house lisney.com/Residential/3-Mar … ublin.aspx and really like it.
From property watch it has been reduced from over €3m.
We were thinking of putting in an offer of about €1.7m but agent said that the owners are looking for €2m.
Should we ask agent to put the offer to the agent anyway, based on the fact that we are not in a chain etc? Or put in an offer with a time limit? The agent said that there are 2 other interested parties and one is getting a builder in next week.
No Provost, we are not “stuck to this house” however, we like it. We know if we dont get it, it wasnt meant to be etc and we’ll move on…
Olympia, we are not looking for financial advice just advice on how to play it…we have been reading the forums here since we sold and know that there’s good advice here as well as paying for advice, thanks.
The owners can wish all they want for €2M; I’m sure they felt the same about €3M. The number of people around with that kind of money ready and willing to spend it on a house could probably be counted on one hand.
This is the very market segment where no mercy will be shown by lenders to people who over-extended themselves paying fantasy prices and who may well have used these ‘assets’ as ATM’s to invest/splurge elsewhere.
Wait a year or 18 months until the shit has really hit the fan and I’m sure you’ll pick up a similiar or better house for about half of this asking price.
Are you the owner? Or the agent? If not, why in the world would you come on to a forum as popular as this and make even more people aware of the property you want to buy? If you’re a genuine purchaser you need to keep your cards closer to your chest, and make your offer. The agent could be reading this and you have shown your hand…
edited to add…
If you are a genuine buyer, ask the agent have they received any offers yet?
theschmuck, thanks for your imput, I do see your point about waiting. However, I do know a number of people locally who sold their houses in the height of the boom and are ready to go. I guess we are afraid as there are very few houses at the upper end of the market at the moment and this monetorium that the government brought in protects people at the higher end from having to sell for at least a year.
The owners of the property are downsizing and so are in no immediate rush to buy.
intransit, we are the buyers NOT the agent ! I dont know how you think we’ve shown our hand, we are thinking of putting in an offer and as I said before we wont lose sleep if its not accepted as it wasnt meant to be! The agent can read this if he wants…not giving anything away!! I asked the agent and he said there are no other buyers but interested parties…
This is a little bit different from the usual “there’s loads of choice in this segment” offer. You make it sound like you are either a cash bidder or have most of the cash anyway for a 1.7mn offer. I would play it on those grounds - in these uncertain times a bird in the hand and all to the agent both in terms of the offer and the timescale (you might not have the loan approval if there isn’t a speedy approval - you know what they banks are like right now, nudge, nudge…).
I would, though, say it is mad money for the house at 1.7 mn. The location may be what you want, but the house itself is in need of serious updating - insulation (which will be disruptive for the structural walls), the kitchen needs updating, if the central heating is from an oil-fired aga in the kitchen it will be both cold and pricey (perhaps not at the moment, but in 4-5 year’s time?). The rear garden is small, though perfectly formed - mind you, you’d be surprised at how the price of mature trees has declined…
Personally, I believe that this price range of house got the most out of line in the boom - it and the 1/2 bedroom apartment anyway. I believe there will be a range of distressed sellers from these properties looking to downsize while the 3-bed semi will be the first to pick up. I do, however, have a concern that the bank valuers will not give you a bid on them, so you might stuggle to get mortgage approval in future if you do not have substantial cash.
Anyway, best of luck. Despite my comments, it is a nice house. It is just not what I would consider to be nice enough to be a lifetimes after-tax earnings for me! But hey, it’s only money. What else would you do with it?
Rent the most fantastic house you can.
You will get a nicer house than this one in a years time. And still have nearly a million in the bank.
For the wealthy, those that remain solvent will not blow all their money on property after watching this bloodbath.
Supply may be temporarily hidden but it will overwhelm demand in the next 12 months when the moratorium expires.
The tide has not yet gone out.
Shit you can retire on that much scratch here at 35, with 3 kids, 3 cars, a nice 3300 sq ft house and and the trimmings, vacations and wot nots, college paid and all that. Has the world gone mad!
It’s Dublin county for Christs sake, not fucking Manhatten or the French Rivera!
Are people smoking crack! Jesus, get a life, keep renting and enjoy life. Or better yet, take 2m euro and pile it up and set fire to it for shits and giggles, as that’s what your doing anyway. Holy shit, and they are asking 2.45m!!! $3.4m hell the stamp duty on that is more then the average house in most countries.
Until people stop even considering this the insanity in Ireland will continue, and be a long painful decline.
13% Unemployment, less GDP than most large cities, wow wow wow! Your cracked!
It’s all relative but if I was in your postion I’d rent for a while yet. That house was not particulary impressive for the money involved. Rent a nicer house now and then in a year or two buy a nicer house for less.
Supply won’t be an issue either, well actually the supply of people with the funds you have will be!
Nice house, probably worth half a mill in the real world but 1.7-2 mill? Im sorry but we live in Ireland that little place in the west of Europe where it always rains and even the Roman legions werent interested in it. Two things Id say to you 1/ buy now and you’ll probably lose out as prices will continue to fall and 2 I dont believe its worth that money not by any stretch of the imagination.
Today’s article on front page of the IT property section should give you the patience to wait a while longer. There seems to be plenty of distressed sellers too stupid to put the property on the market properly.
Pay someone discrete and connected to sniff around. With their pay based on how cheaply you get the house of your dreams.
Many thanks for all your advice and comments. Hugely appreciated. We’ll sit tight for the moment and see what happens.
I am surprised at how little has come to the market but then it is only the end of February so very early really…One of berties boys - yes, I read the article and it did give me some patience!
What has amazed me is the lack of calls from the EAs on houses we viewed, to follow up etc. I remember them doing that the last time we bought. Also, some of the house prices in south dublin are still ridiculously HIGH.
firstly, well done on getting out at the peak of the boom or whatever you did do get the ca$h;
consider this scenario:
You rent an equally nice house for say 2 years and then see where you are. Even the stamp duty you will pay will rent a nice place for a long time.
Are prices going to fall further? maybe…
are they going to spike back? no chance, there isn’t going to be a huge jump in employment for a long time and that’s what drives prices higher.
That cash pile would mean one thing to me: complete lack of stress over my financial future.
! I dont know how you think we’ve shown our hand, we are thinking of putting in an offer and as I said before we wont lose sleep if its not accepted as it wasnt meant to be! The agent can read this if he wants…not giving anything away!! I asked the agent and he said there are no other buyers but interested parties…