I’m actually not convinced we will as I think so many Irish developers will stay in denial about their inability to sell until nobody is even willing to buy their properties at even the 50%+ discounts we’ve seen here.
There’s a developer where I live that has recently completed a development and is struggling to off-load units. The company were in the news recently after releasing a load of staff. The prices of units on the development have remained static for months now.
So far the Irish property market is following a similar script to the US situation what with house inventories rocketing, houses remaining unsold and now developers giving out “freebies” like jelly beans.
I’m just wondering when we’ll see the free swimming pools thrown in as well.These could become essential now that we have so much coastal pollution due to deplorable planning.
I don’t think we’ll see the situation that developed in Detroit where houses went as low as 10k dollars at auction exacerbated by the collapse of the auto industry there. But you never know
Certainly all the same ingredients are there for a repetition of this scenario here in IRL and some of those ingredients are even more numerous here e.g. the massive no. of empties and the over dependence on construction.
These scenes could be played out up and down the country very soon.
Found this article in the Irish Times from last year. Shows its not just Irish EA’s that stretch the truth. Does this sound familiar “it’s a buyers market”. This is what they were saying about the Florida market last August when it slowed down and this is what we were told two months ago, how things have now changed in both worlds. Going by the situation now in Florida, who knows we could have, maybe not the same but something along these lines early next year if we go by the number of empty properties around the country plus the number of new developments to be completed by the end of the year. Lets face it, last year who would have thought developers would be offering all sorts of incentives to buy. You never know!!!
I am free to attend auctions in Florida between now and end July if my fellow pin members want me to , very reasonable expenses and no commission or finders fee payable for fear of any “moral hazard” creeping in
Just tell me where to go and your absolute ceiling.