Malahide prices - is it just me?

Sorry if this is in the wrong forum. The asking prices offered by agents in this area defy logic. I think the problem with a lot of the real estate in Malahide and similar parts of Dublin is that there are thousands of people in a certain age bracket that are sure their place ‘must be worth at least a million’. I’ve heards it so many times, and for the most part EAs are doing nothing to set real prices, it’s the usual see what you can get fingers crossed approach, based on nothing.

Consider a swish place like Abington, there are properties for rent for 5k a month. You know they’d take less but let’s say they get the 60k a year which over a 20yr yield is 1.2m. This means either the houses are completely overpriced, or the rent is way too low! Apply the same calcs to any houses in the area and you get the same result. In fact a 15 year yield should be the factor, that is what is used in other countries. In the US, real estate websites (zillow for example) list the plot area, sq footage, previous sale price, and an estimate of what the property should be worth. Abolishing stamp duty, applying a real estate tax, and publishing selling prices would be better than the give it a lash system.

Robswall, Seamount Abbey, etc just can’t be worth the asking prices, they are still sitting empty. I would appreciate any thoughts on the Malahide market, mine would be a gradual but continual decline over the next couple years.

Malahide is different.

Like the rest of Ireland. certified.

It’s different where I live too. We must all be different. :confused:

youtube.com/watch?v=jVygqjyS4CA

It would be great to get some meaningful feedback, especially from anyone thinking of buying in Malahide - thanks

The answers you seek are scattered through the forums, seek and you shall find.

I have, trust me. Scattered is the word, and plenty from both sides of the fence. Trying to find someone who reckons they have a good insight into the Malahide market.

If you are patient then prices will fall. If you must buy now then expect to pay the prevailing price. There is no guarantee that people have to sell. The mortgage moratorium ensures that even individuals can hang in there for up to two years.

I understand that, and got out of the market with good timing so am in no rush. I just think EAs are missing basic economic fundamentals, and the market has no chance of bottoming out until there is some transparency in pricing. There are places here lobbed on at or around the 1m mark selling at 600k. Again, looking for some feedback on Malahide specifically, not general pointers thanks

In Summer 2008 the masses still thought we were a rich, prosperous and successful country. That’s less than 2 years ago. Property crashes I think usually take 5 or 6 years to unwind, so really we’re only getting warmed up. I guess they take that long because the sentiment that caused the bubble in the first place dies hard and there’s a hell of a lot of consciousness raising still to go about our true plight. I don’t see a bottom before the end of next year to be honest, maybe even the end of 2012, which would be 6 years from the Q1 2007 peak.

Malahide is not different.

Compared to the rest of the country it might be, there is a lot of money out this way, even in this climate. Problem is, apart from the high net worth individuals, many empty nesters are still deluded they are sitting on 1m in cash when the house is worth nothing close. Everything is compared to ‘at the peak’, which means zero if you didn’t sell at the peak. I’m in no rush like I said, I just think it’s a huge problem, and we have a considerable way to go before there is some value back in the market.

@ Reidman; The above advice is as good as it gets. If you are in no rush, RENT. In this country many things don’t make any sense, not just the property market in Malahide. Don’t swim against the current. good luck 8DD

There is Malahide, and then there is Malahide. Houses in the first Malahide have indeed come down, Gainsbrough, Seabury, Robswall etc. And they will fall faster than the other Malahide. House prices in the later Malahide, for all intents and purposes, were not traded like shares and don’t have the mortgage pressures that are prevalent in today’s market. I suspect you’re lurking for a nice 3/4 bed within 5mins walking distance to the village. There is fierce competition for these houses (from first Malahide and beyond) and the subsequent demand tends to keep current prices where there at.

If you’re thinking about moving to Malahide, the above advice of renting is excellent. Rent now, be prepared to move at short notice. Don’t be in a chain.

That’s an excellent point about those properties not being traded like shares, never thought about it like that. I’m happy with a 15min walk, 1 mile radius is fine. I am renting in Malahide, we got out at the right time. No offence to anyone living there, but Seabury and Gainsbourough wouldn’t be the ‘30 yr’ house I’m looking for. I did the semi-d for long enough. Robswall is a good example of poor planning and even worse architecture, some of the gardens are postage stamp size. I still think the Malahide market is pretending to ignore the harsh reality of the market right now.

There are some houses for sale at the top of the hill, which, are less than 15 minute walk. It has better access to the castle grounds also. But as I said, competition for these houses is and always will be fierce.

You’re not referring to Seamount Abbey are you - I see plenty of those sitting empty. A good firesale is in order but I hear the developer has dug his feet in. Other than that nothing else up the hill except for a an overpriced detached on seamount rd and another one Namur close by.

In 2007 my wife and I rented in Robswall (one of the large neo Georgian houses over 5 stories - Yes, such a thing exists). Place was great for kids so we decided to buy… A recommended broker pulled up in an '06 porsche. Guy looked like a younger, better looking Mike Murphy, with all the oily charm. He sat at our weetabix encrusted kitchen table (kids, not us) and explained to us how in 10 years time there was no reason to believe these houses wouldn’t be worth €6m. At the time they were selling for 1.1m. "Gee… ", we exclaimed.

Story’s got a happy ending – Although we could have bought we just never got our shit together to fill in the paperwork. A house like that in Robswall sold for 600,000 8 months ago. 300,000 would be a more realistic price for them - Taking rental yield and build qaulity into account. We’re still happily renting and debt free…

I often wonder though, what is that broker doing now.

https://img98.imageshack.us/img98/1278/hutzww1.gif

“Mr. Simpson, the state bar forbids me from promising you a big cash settlement. But just between you and me, I promise you a big cash settlement.”

A very lucky escape indeed. Myself and my oh are renting a duplex in robswall and walk bye these house everyday - everytime i do i cant help but wonder why someone would pay €1.1m for a house with NO front garden (although there is a green), a tiny back garden and a terraced house (lovely and all as they are).

Hindsight is great though but for €1.1m id want a detached house on a bit of land, end of.

I also wonder how all the families that are living in them now manage the mortgages with falling incomes, rising taxes and there seems to be a fair few stay home mothers to boot. Its a mystery to me.