'We have bids on nearly every expensive house'

independent.ie/business/iris … 28315.html

The Indo has absolutely no shame. Preying on peoples hopes of a return to the “good old days”.

Disgusting article from a putrid rag.

Well that’s just spiffing, isn’t it?

Goes off to daft. There are - according to DAFT, some 186 houses in the 1-2 million euro braket in Dublin City. So the next question I’d be asking is this. If you have offers in on all these houses, where exactly do these offers lie, in the 800K-1600K bracket?

This market segment is completely irrelevant for the vast majority of house buyers in the country. The only way to get the market working again is for FTBs to come back into the market. And yes, some of them are coming in but we have zero price transparency, so it’ll be hard to say at what level they are coming in. They’re still not there in the volumes that will sustain the market, however. And they are a good deal more shock sensitive than the trophy buyers.

Dozens of “tallyho” quotes from the most entrenched of vested interests, and then tucked away in the last four paragraphs:

What a frickin’ rag.

The clincher is in the last sentence:

Should’ve started and ended right there. :imp:

Jaysus lads. What do you expect? You wouldn’t go to An Phoblacht for coverage of the royal wedding would you?

Good point. I’d go here:

This may be so…

But the fact remains that 85% or so of the 1mln+ EUR homes that were for sale in Dublin 12mos ago…are still for sale!!
So the 4-5 ‘interested parties’ are obviously interested at a different level to the seller

Don’t you see?

There are all these Doctors, Accountants, Lawyers and Software Developers wandering around Ireland, homeless, clutching wads of cash, desperately seeking to buy overpriced houses.

They obviously have no houses to sell - otherwise they’d need financed buyers to take them off their hands.

They obviously have no need to seek bank funding - otherwise they’d find banks saying thanks, but we’re full of houses.

They obviously see buying houses as the safest way of preserving their wealth - and who wouldn’t?

They obviously think the bottom of the market is in - and prices will start to shoot up again!

What could possibly go wrong?

When you pick up a packet of toilet paper with print on it do you read it or do you just use the contents for what its meant to be used for?
Personally I dont read it :unamused:

There is activity in the trophy home market…now by trophy home I mean gaffs that have been on the market for years at silly valuations and are now ASKING in the €700k-€1.5m range and getting bids below that.

Foreign buyers who want a gaff in Kildare or Wicklow or Kerry are the ones bidding. Their bids are not always being accepted mind :smiley:

This piece is an excellent example.

independent.ie/business/comm … 11203.html

The firm offers may have been for €500k or €600k, cash. But firm they were :smiley:

It does come with 38 acres and extensive sea frontage. It ‘nearly’ went for €10m in early 2008.

independent.ie/business/comm … 49013.html

He will open it as a CARAVAN park next year :slight_smile:

irishexaminer.com/business/k … aumh/rss2/

This is the price range I am looking at. I am one of these people. For over the past year, I have run virtually the same searches on Myhome and Daff - houses between €800,000 and €2,000,000 in Dublin 4 and 6. I see the same houses appearing every time. There is some slight movement - small numbers of houses added, even smaller numbers dropping off the list. Some of those that drop off are simply off the market. Only two of the houses I have looked at - 8 Belgrave Square asking 1.5 million and Orwell Park asking 1.7 million - have sold. The rest remain on the list. There are some on the list that are not for sale. The agents simply have not removed the listings.

I know there are bids on some of the houses I have looked at. These are generally 25% to 30% under the asking price, where the asking price is reasonable. There are some asking prices that are plainly absurd where there are no bids. I have not made any bids because I did not want to create an expectation that I would buy.

I have seen some houses that I have sort of liked. But none that I was to spend over a million on and retire into. None have meet all my buying criteria.

These guys want to talk-up the market. They are sales guys and, as such, are prone to exaggeration. It is what the profession attracts. Just ignore them. The behaviour of papers is diferent. However, the Irish Times pissed away millions on Myhome and the Indepedent own Globrix. They are both so conflicted.

Interestingly P. Elliott bought the old Irish Times building and now juddering towards bankruptcy. The Irish Times itself cannot be too far away.

Simplistically, and probably unreasonably, What I would appreciate is some honesty from sellers and their agents. I don’t want to screw anybody. I just do not want to overpay for a house in a falling market. I am sure some agents have to deal with sellers who are looking for too much money and have not faced up to the new reality. The arithmetic of Too high an initial buying price + Too much money spent on renovation = Selling price does not work.

Part of the problem is that initial too high asking prices mean hosues remain unsold for too long and lead to a drip-drip effect of small reductions that create the expectations of even more reductions. The market will never find at floor at this rate.

Maybe someone should try a low asking price and seek to create some bids that drive prices up. The current approach is clearly not working so try something new.

The recent auction did establish an apparent floor of around €240 per square foot for the one relatively expensive house in Raglan Lane that sold for €550,000. The three mews houses in Harrison row are at between €440 and €590 per square foot. The Liz O’Kane Featherstone is prices at €445 per square foot.

These per square foot prices do not take into account factors such as quality of finish, overall condition, overall plot size, orientation, location, offstreet parking, detached/semi-detached/terraced, etc.

Some people did not go mad in the boom years. Yes, there is money out there. It is careful and will spend when it feels it is getting a reasonable price.

Anybody who wants to sell to a reasonable person, send me a message.

Have you tried placing a ad in the paper like Ganley Waters/ Knight Frank do; " Mr x is looking for a period house in Wicklow/ D 6/4 " ?

Any idea what the Irish Times got for the D’Olier St building? Obviously they overpaid mightily for myhome.ie, but are they that fecked?

(I’d like it explained to me how they can retain charitable trust status and still engage in buccaneering capitalism like that)

Btw it must be the most poorly integrated media acquisition in history. Even the Irish Times puff pieces don’t bother giving short cuts to the myhome ad…

Reckon we won’t be bidding one another on the same properties, then :slight_smile:

This has been my observation. Its only when sellers are forced into a situation of getting a property off their hands that you see value. It is drip dripping out there, and the only explanation is that sellers think that some schmuck is going to materialise out of the ether (or more probably a romantic returning Yank) and snap their overvalued property. That, or they imagine that there’s a turn around around the corner, which makes the mind boggle. :unamused:

Have you tried a buyer’s broker?

Why not Liz O’Kane, on a flat rate comish of course :smiley:

1n 2007, the Irish Times made a profit of €43.4 million, €22.3 million coming from the sale of D’Olier Street.

In 2008 they lost €37.8 million. They had an operating profit of €6.4 million but had to write-down the book value of their assets, such as Myhome.ie for which they paid between €40 and €50 million. They have never said the real amount they paid so it is probably closer to €50 million, engineered by that idiot Maeve Donovan who got a €1.1 million payoff in February 2010. Write about exorbitant amounts paid to bankers now you useless smug fuckers.

In 2009 they lost €27.9 million, including an operating loss of €4.6 million and further asset value wrote-downs.

They are surviving on retained earnings and borrowings and getting deeper into debt as they have not addressed costs and got a proper business model, including an online model - again thank that smug cunt Maeve Donovan who just had not got a clue.

Living on fumes on is the technical term I believe. Maybe a carbon monoxide leak in their shiny new offices would provide them with a better living.

And remember, the Irish Times is not a national treasure. If it goes under it is entirely their own fault. They do not deserve any handouts or a NAMA for useless journalists.

Nonethess, good luck in your house buying. I sincerely wish you well.

Mark Keenan’s commentary piece in the Sunday Times takes a different view.

32 consecutive quarters of house price drops is required before the phenomenon becomes self reinforcing and that is from studies of busts not half as bad as this one.

i’m looking at houses in a similar asking bracket. I have made some offers, typically ~60% of asking.
None have been entertained.

About half the ones I would have been interested are still on the market, but the other half have mostly sold.

i believe this one went for ~1.4-1.5.

Thanks for the input. It is all very useful.

I looked at it too and commented on it elsewhere. I liked the garden and disliked almost everything else.

The 1.7 million asking price was a good number and I think it went for around 1.3 to 1.4.

I think offering 60% less is a bit cheeky. I would not adopt such as approach myself but that is not to say it is not a realistic one.

Once again, good luck with your househunting and let’s not get involved in a bidding war that drives up prices.