808 price drops in this Tuesday to Friday period up to a month or 2 ago
550 or so was average.
A huge amount of new apartments in Dublin have dropped there price in the last few days. I wonder has this been a cordinated move.
Its the Spring Selling Season ,but the estate agents forgot to tell the buyers!!!
LET THE PANIC BEGIN. 
I suppose a lot of sellers who placed their property on the market in the New Year, now have first hand knowledge of the collapse in demand. Anyone want to guess at what type of price cut would guarantee a sale in this market?
Summer is approaching and many people need to get off this runaway train.
Next stop - “Autumn selling season”
I think developers acted directly when the banks came out with 80% mortgages only for apartments. That is why so many developers have dropped apartment prices in the last few days.
That would be relative to what they’ve started the price at or how much they’ve dropped already.
In general I would say a seller could get out now if they take maybe a 22% hit. And if they don’t then they will need to drop far more later.
Cognitive Disadence(Can’t spell. Won’t spell) is the enemy of the seller now.
I was actually going to post this. Over the last 4 days the number of drops in Dublin has been huge. And plenty of chunky ones too. I tried to post some of the bigger ones last night but didn’t even come close to getting through them all.
Also Hooke & MacDonald slashed loads of prices on new apartments over the last 3 days. I posted most of them but there’s a couple more I didn’t get round to.
I think someone made a point some time ago on the Pin about a property that was overvalued and they said “if you are not getting viewings you need to drop the price by €10,000 per week and when you begin to get viewings you’ll know you are at a level where people are interested at least”
I would agree with this but add to it that they need to drop from their 2006 aspiration by at least 20% to begin with and then adopt the weekly cut.
This is a pattern I’ve really noticed…people are absolutely stuck in Summer '06 and can’t seem to move past it.
Its the first time that I’ve seen big price decreases in Cork City particularly ‘good’ areas like Blackrock and Douglas Asking prices had been very sticky on Leeside until now.
…the Summer of 2006 … aaaahhhh…
…[fade to green rolling hills with a carpet of blooming daisys, strains of The Seekers wafting in the breeze]…
Ken MacDonald gamboling in the gentle sunshine, daisey chains around his neck. Dancing around May poles with Comic and Desparate…
Aahhhhh… the days…
capitulation
Small drops are fear.
Large drops are panic.
“Or Nearest Offer” is capitulation. That’ll be a while yet.
And fear will kick in when none of these start to sell.
The 80% LTV is the biggest one, suddenly buyers are faced with the (good IMO) prospect of having to save for 18-24 months before being loan approved. Thats a long time for the developers to stew!
Agreed. When I saw the one mentioned in Donnybrook for €265 I clicked to see if it was a 1 bed or 2 bed apartment. I was very surprised to find a 3 bed semi. Finally Cork seems to be coming around. We’ve had to wait a long time down here for places within 10 miles of the city to start coming down. Personally I think that you need a developer to cut prices in your area to bring it home to vendors which is something we had little of. However, Eden in Blackrock / Mahon may just have been the catalyst for the south side of the city.
There’s a train a comin’ and she’s getting steam up.
I think cuts are irrelivant as you can have a stupid original price and after a large cut the price could still be too much.
Alot of places I’ve been looking at have been lower priced than their competition and have gone Sale Agreed.
That’s all it takes to sell. Although I was hoping to see them keep them keep dropping they didn’t. These vendors are the smart ones. They’ve priced accordingly and have gotten out.
Agreed. I know someone who turned down a cash buyer just as their property hit the market. I thought they were nuts. They put it on the market higher than the offer but lower than 2 properties in same area (v similar houses). Just gone sale agreed: 7 viewings, 3 offers, 1 marginally over asking price. Genuinely surprised this sold so fast, the pinsters would be spouting income multiples at me!
Will post details if I remember once they’ve closed.
Once they’ve closed is right. I would love to know the real proportion of Sale Agreed>Sold in the recent climate.
I know of four recent house-buying transactions where the deal fell through just prior to signing. 2 of these were in the last week. One buyer got cold feet and reneged (anecdotal market evidence is really panicking the horses out there) and the other had a panicked call from a mortgage provider who was reining in the terms.
These anecdotes will further fuel the incipient buyer flight. While this sample is too small to be significant, it doesn’t take a genius to see how the meme vector works.
Indeed, but these viewings and offers have come in over a couple of weeks. I suppose the vendors are hoping for a 33% success rate at worst!
Also, for clarity, Im not trying to draw any larger conclusions from one persons experiences, just seems to be the exception.