funny thing, I lived in an apartmen in phibsboro for several years…in time, the sound of the ambulances became a really soothing noise that could almost put me to sleep…sounds mad, but thats what happened.
Here’s an interesting one (or maybe not ): Just called Sherry Fitz to make an appointment to see these houses. Was told that the diary is booked out for saturday (other properties being viewed). But then I mentionned that I would be a cash buyer and hey presto someone was suddenly able to find me a window
It may be a nice area and have good community spirit buts its still a small three bed terraced house in Phibsboro. IMHO I think these are worth about 115K -130K in a stable economy. My guess is that you will able to purchase a similar property for 60 - 80K cash within the next three years. I would be aiming to buy one of these Mortgage free.
you may be right…but I always wonder why this type of message is aimed at an individual property…
if you are right, then all property is overvalued and has another 50% at least to fall and therefore the message should be, don’t buy any property anywhere, as opposed to a view on a specific house in phibsboro.
Incidentally, how would you describe a stable economy? I would describe it as circa 1%-2% real GDP growth, which is more or less what we will have, this year and next.
A small 3-bed terraced house in Phibsboro (or Drumcondra) with no ambition to constitute a family home (have one already ) is precisely what I am looking for. From 18 months’ daily consultation of the web, it would appear that even though Phibsboro **is ** DNS and not one of the nicer areas of DNS at that, half decent red brick houses in quiet leafy (yes, leafy is not the sole province of SCD ) parts of this area do sell and sell relatively quickly. Barring a chaotic default/exit from euro/hugely devalued punt nua scenario I cannot see a house like this in quiet area like this falling by over 60% from current price in three years.
My comments are not specific to this house, I do think residential property will fall a further 50% from where we are now and I also believe if the Government had any sense they would make sure it does and prevent another bubble by introducing a 95% CGT on future sales.
I would describe a stable economy as an economy that is operating under normal market conditions. At present we in a “Programme for Government” and we have the bank bailout which is clearly market manipulation through Government intervention. We also have a bloated public service that is not fit for purpose (FAS/Solas, HSE) and a Government that is unable or unwilling to do anything about the Croke park Agreement. Add in all the corruption from those big law & Audit firms that continue to benefit from “winning” public contracts to provide Advice to the Government to build roads, prisons, incinerators, hospitals, convention centres, car parks in Cavan etc and we have in my mind at least an unstable Economy. The clowns in Government are not in charge and even if they were I doubt they have the skill sets to deal with many of the issues facing our Economy. The countries finances are a mess.
While I actually think a default is likely its not the only external shock that could see property price falls. How about an Engergy crisis as a result of war. It could kick off in the Middle East sooner than most would like. Anyways, I do see price falls, were seeing them now in the commercial property market. The residential market will follow in due course.
Devilsbit, we had an energy crisis between 2003 and 2007 as a result of a war in the Middle East…what was happening in the Irish housing market at that time?
I think you are confusing stable economy with functioning economy, an economy where banks are not lending is not functioning properly but can still be stable…doesn’t take away from your viewpoint though, just pointing out the difference.
I think Phibsboro represents really good value at the moment, probably the best value in Dublin I would say, I don’t want to live there myself but, Its very close to town and IMO its not a rough area, A place that is mixed between OAP Dubliners and younger prof who brought there during the boom, I think the area around the broadstone basin is the nicest spot there,very old of Dublin and 5 mins from O’Connel street.
I don’t know how anyone could value this house at 60K in a stable economy, A house like this in are battered labour market is still commanding €1200 a month, think what the rent might be if there is even a mild job recovery, the rents have began to go up in that area too in the last year, at 60k that would give a yield of about 25% when the ECB has interest rates off 1%, surely anyone with cash ( from around the world) would start throwing money at Irish property if house hit that value.