SCD watchers - the Market

Viewing this market since 2006 (esp. around Blackrock, Monkstown and environs).

Looking very sticky. Some good properties - right aspect, sub 1m appear to be selling.

The middle ground seems flat. 400k the mental black for vendors (irrespective of condition of the property, location or the market).

Contemplating renting at this stage as there is a complete disconnect between the fiscal state of the economy and asking prices. Maybe SCD really is different…

loads of places offered sub 400k … ???

Not substantially though. There are no, what you would categorise as “daychent”, houses for much below 380k.

Which, IMHO, is a large wad of folding in a country with little credit available.

supply and demand … i’d say we will see a lot more stuff with a 3 infront of it next spring.

I don’t think SCD is any stickier than anywhere else. By my analysis, asking prices per square foot fell 5% in the first six months of this year, which is not out of line with the rest of Dublin or the country. In fact, South Dublin fell slightly faster than West or North. Sure, asking prices are still nuts, but we’ve a long way to go yet.

This is also my back yard. Been watching since I bought here in 2004 (should be rid this week!)

I agree not a lot of decent houses (or none) are going below the sub €400k mark. Loads of movement around the 400-600 mark, but other than that houses below this have serious flaws or are cardboard townhouses.

The market here has seriously slowed up too. Perhaps many of those who have to sell have already done so, and the rest are staying put rather than realise huge losses. Most houses we see now are refurbs and executor sales. I guess it could be the season.

The most telling thing is the same houses popping up again and again after the EA gives the ad a “refresh”.

Am entering the rental market now so am intrigued and hopeful as to what the next 12 months will bring. :nin

Am seeing a few things slipping under the 400k asking price barrier.

Problem is when you examine the houses they often have something wrong to justify the price - derilict house next door, really bad garden, jerry rigged extension…

Some are just that bit too far from decent transport also. If this is not an issue - i.e. you are happy to use your car, there are nice places available for sub 400.

Also looking in this area and I think asking prices are still falling.

But houses in the 500k to 700k range are being sold right now, well sale agreed anyway. Many of these places started life at well over €1.5m so you are looking at 60% falls from peak.

Still think we are 12 months away from bottom in SCD and we could see another 15% to 20% before then. When we are 65% to 70% down from peak I will buy.

Prices are still falling but there is a woeful lack of decent properties at realistic prices. I agree that it’s mainly executor sales now and unless there’s some radical change in foreclosure/bankruptcy situation we’ll stumble along with only a limited supply of houses reaching the market

I’m looking around D14 particularly, and there’s lots of houses selling for way above what I think they are worth. It’s more to do with the dearth of options and people being desparate to buy rather than there being good value.

It should also be said that plenty of people still have jobs, and that for people working in Dublin city the most desirable place to live is SCD. Location, location, etc.

Agree with this as per my comment in another post.

viewtopic.php?f=10&t=39566&p=523606#p523606

…but the key thing is that when they are selling, they are selling 15-20% below asking - now. Don’t look at asking prices - they mean nothing.

On the subject of Monkstown/Blackrock, am totally baffled by the Eaton Square, Belgrave Sq and Belgrave Rd, Alma Road prices - I can see Bel Square is attractive enough in that the sq is nice, all these addresses close to sea and DART. But come on - 6K monthly rental? 1.5Million for an old house with a tiny gravelled garden and facing the wrong way? Not referring to any house in particular here, there were 6 on mkt at once on Eaton Sq alone recently and it’s a tiny square. I think an Alma Rd one might be on at 1.7million. (It was, anyway!) I like the squares of grass there, but realistically who lets their kids out these days to play all day in a very quiet public square in preference to a private garden? It requires the same safety considerations as bringing them to any park at a quiet time. I might be looking at all the negatives here, nice area etc. but really these prices are higher than quite decent houses on Westminster Rd/ Vico Road/ Dublin 4 areas! What am I missing here?

Been following the market for the last few years also as we both work in SCD so need for app housing with garden etc is a must. Have been continually baffled by the pure shite boxes on sale for crazy money. Maybe cause we are country bumpkins and cant in the end get our heads around paying crazy dosh for an address and then need to gut the place where as for half the dosh you would pick up a walk in condition savage gaff down the country with fresh air etc! All we need is jobs down there hey!!

Scrambler, Period properties are a law unto themselves for one reason or another, unless you have deep, deep pockets, just ignore them!

I think it’s called “demand and supply”, or something. The countryside as you say, is full of “savage gaffs” - most of them in the middle of nowhere (fresh air notwithstanding) that nobody wants to buy, while SCD is where a lot of people seem to want to live - even country bumpkins!

Anyway, best of luck with the house-hunting. According to most people around here - your patience will be rewarded and you’ll pick up a bargain soon!

There is a shortage of good houses in Dublin!

When one comes on the market they usually sell quickly. If it ticks all the boxes there is plenty of competition.

However all the rest there is at least another 20% fall.

I have seen plenty of “good ones” languish on the market for months because the price is too high.

Most of the ones I personally know of selling, that is know genuinely what the vendor got, were remarkably low prices. It’s not enough now to have a great house in SCD looking for a new owner, it actually has to be a steal as well, if you’re trying to sell.

Hard to price a doer upper, executors’ sale these days. Anyone got any ideas how far below asking price it’s ok to offer on these if they are not moving, and are a money pit needing refurb/extension? Would you factor the costs of doing the work into the asking price or do you reckon they will just call you a stingy cute hoor and put you on their ‘Bad List’?

Hi Scrambler

give us as much detail on the properties you know that sold and the prices that applied …

some of the upper middle class area in Dublin still seem in strong denial on their asking prices but maybe they are getting some buyers.

All info appreciated …

As a total sidetrack i watch the spanish property market and that appears to have even worse denial than middle class ireland …hard to avoid serious banks touble s there is realism ever comes to spanish property market.