Whats is worth - Galway / Oranmore

Hi All - Five Bedroom detached in Bramley, Oranmore. Very nice house with a lot of space and a view. Prices have come down quite a bit and Missus theStroke and I are tempted - but, after two years of reading the pin, I am wary…

daft.ie/1460805

advice appreciated…!

Its a new development … property-bee.com doesnt show any price drop
Any of the other houses in the same development sold since the start? … and if you can establish the price say back in 2007 then you should be paying 30% less … (actually make up any % you like for that matter)
Check out this web site
myhat.ie/blog/?p=452

Hi Dukes - thanks for the link! I have them in property bee for over a year and a half. They were asking 2.1 - 2.4 million at the height of the madness but I don’t think any sold for that. From talking to people I have heard of 2-3 houses in the development that were sold for 1.5m. But (anecdotally) these were bought by property developers, so hard to say what to make of that number either.

Looking at myhat.ie I think the problem I am struggling with is we really like this development and yet my gut is that they should be even cheaper (and there is some discount on the price on daft naturally) - the question is how much more and would it be enough to matter if we were going to live there for 10+ years?

Gorgeous houses. Ask yourself if you can afford it should:

1- The better earner amongst you lose his or her job;
2- The remaining earner’s salary be reduced by another 30%
3- Should interest rates rise to 8%

If the answer is “No” then don’t buy it. Also, no more than 25 year mortgage, if even. Anything else is just silly. There are other big things to save for in life besides houses (i.e. pension).

Also, I someone on this site I think has posted in the last day or two that the banks are not lending more than €200,000 to anyone. Don’t know if that’s true, but my ears pricked up.

850k? I don’t think we are talking about the common man and woman who earn 40k or less a year. Don’t know where people come up with this sort of cash to buy a house, my guess is made big killing during boom, lottery , hospital consultant or senior civil servants. So based on this when salaries are cut, these houses will be alot less.

I think your in the wrong place to be looking for positive advice about buying a house unless its being given away for half nothing. A bit like a sheep coming into the butchers shop lol

Personally I think your saving thousands every week by waiting so why not wait a little longer maybe there will be a firesale…

Cockerspaniel,
good advice - If we were to go ahead, we would have to factor all that in…

Crabbybear,
I am pretty sure that 850k is aspirational on the part of the auctioneers - given the way things have gone and are going, l’m simply daring to dream that for those who didn’t take part in the madness (i.e. saved instead of spent!) that the end might be in sight. You make an excellent point about the real value of these houses though - 2.5 to 3 times a higher earners salary is where these will end up.

KS,
Maybe so, but I’m happy to take my chances! Too many smart plugged in people here not to.

Stroke

130k

Not a penny more, not a . . .

Only kidding!

As you know yourself, Galway is a funny place when it comes to property (it wasn’t too long ago that it was the most expensive county in Ireland!). Frankly though, you’d need to be pulling in €250,000 a year to be able to afford a gaff like that. That might be all well and good for the Stroke, but it’s out of reach for 99% of the population.

Also remember, you could probably get a great site for about €200,000 at this stage. With fairly generous build costs of €400,000 you’d have yourself a house that could even be nicer than that one for less money.

Guys, anyone know who is selling off these houses. I heard that the developer behind them is in liquidation so hoped to alk to the “bank” involved to see a reasonable offer would be accepted. EA’s involved want a 2007 €850K which is ridiculous…