Need buying advice, money is real !!

I came across this site 2 days ago and am hugely impressed with the knowledge and hard work on display by the posters. There appears to be enough hard working, educated, concerned citizens in here to inject life into a new political party that this country so badly needs.

Now getting to my question.
Having sold my house in 2006 because I felt the winds of change in my gut, I have been renting for 2 years. Don’t get me wrong I like renting a € 700,000 property for a 3% yield from my landlord’s point of view; however some external factors are beginning to play themselves out.

I have mortgage approval and am enthusiastic to buy again in Dublin south city, some prices have reportedly moved to the 40% - 50% BMV that I see in other global locations, but I know it’s a closed market to the common man.

I have spent many months looking at daft, myhome, etc. and am tired of the silly pricing everywhere. We as a nation are so far from reality it’s scary.

So with this said I come to property pin for help, I am told if I call all the big developments in Dublin I will not be entertained, These deals are yet again being done under the counter in Doheny and Nesbitt’s.

Does anyone know any developers open to a fast deal for a realistic price? I would greatly appreciate exposing this second market to the readers of this site. There are deals out there however Daft, Sindo, Myhome, Estate Agents will never divulge such information as its bad for business. The suckers cannot get wind of a good deal or the house of cards will collapse.

If anyone out there has been offered an amazing deal in a south city development or wishes to expose a distressed developer I would greatly appreciate it. I know these deals will be all over the papers in 2 or 3 years but I would like to see a realist with property to sell now !!

I hope this post helps everyone out there looking for property at a fair price.

At this stage if a developer is giving you a “good deal” you’d want to triple check everything because most of the developers are not (yet) desperate enough to give actual good deals.

As for buying, unless you have your eye on something unique you’re best to wait. If you’re looking at new developments you can definitely afford to wait.

How about placing a "wanted "ad, stating your budget ,that you have mortgage approval ,and the type of house/location required ( e.g 4 beds det…)

Put in the ad. “Discretion assured”…you never know,these ads do sometimes work

Having sold in 2006 I assume you have a reasonable quantity of cash on deposit in a financial instuitution, it may be worthwhile paying a visit to the bank manager to let him know that you are in the market for a property, there is some anecdotal evidence of banks selling properties cheaply to customers. Might be worthwhile paying a visit to a few bank managers for that matter, no harm asking.

As for developers and other sellers, it seems a bit more time is needed, everyone is still expecting their bailout and don’t want to let go until that avenue is closed.

I’d agree. The developers as far as I can see it are not ready up to the present time.

I’ve been circling one particular developer (got a hot tip from someone who handles his finances that he was in trouble) like a vulture since last summer and he’s only prepared to reduce the prices by about 15-20% so far. :nin

You could have hit on a great new revenue stream for the Property supplements, “personals” ads!

Frustrated house purchaser WLTM well built property developer with good road frontage for a little afternoon “off market” action. Location unimportant but prefer large erection in Ballsbridge to big hole in Chicago, Bi-curious so may consider quiet cul-de-sac with attractive dykes. Concrete built is OK but prefer if you’ve already “got wood” no EA’s need apply as I don’t have time to talk it up. Be quick, no relief given after NAMA’s golden shower. Will travel but can’t accomodate (yet). Discrection assured and expected.

Class!! :laughing:

Would you call that a “heads up”? :angry:

The landscape would seem to have changed rather markedly since this post back in April. I’d imagine that there are more developers open to ‘doing business’, and also doing it more openly.

I tried the ad in the local paper trick… (not the personal that BrendanG suggests - although, its pretty classy!)

I got 6 replies… complete and utter cod shit. Obviously somebody has a DeLorean with a flux capacitor in mint condition and are commuting on a daily basis to 2006.

I’m aware of one development having a fire sale (of sorts :angry: ) where the supposed purpose is to get some cash in to pay off local creditors before NAMA takes over the loans.

Not sure how this will go down with the bank, but then again it is Anglo…