Board index » The IRISH PROPERTY BUBBLE » Sell, Buy or Rent?

Post new topic Reply to topic  [ 2131 posts ]  [Go to page]   1, 2, 3, 4, 5 ... 214  Next
Author Message
 Post subject: The "Is that value I see?" thread.....
PostPosted: Sun Feb 08, 2009 8:39 pm 
Offline
Under CAB Investigation

Joined: Nov 21, 2006
Posts: 2355
So, with all those 400k apartments out there you'd be forgiven for thinking there is a sellers strike when it comes to pricing to sell.

Looks like probate will out.......

This to me is a fair price:

http://www.myhome.ie/residential/search ... EBCX370660

Any other examples out there......


Top
 Profile  
 
 Post subject: Re: The "is that value I see" thread.....
PostPosted: Sun Feb 08, 2009 8:42 pm 
Offline
Too Big to Fail

Joined: Feb 21, 2008
Posts: 3646
It looks to me like that place needs a fair amount of work - how many people earn the 250k+ a year you'd need to be earning for non-bubble mortgage for this?


Top
 Profile  
 
 Post subject: Re: The "is that value I see" thread.....
PostPosted: Sun Feb 08, 2009 11:04 pm 
Offline
Back Home with Mammy

Joined: Jan 22, 2008
Posts: 54
750k for an ugly 4 bed in monkstown during a recession, are you insane?


Top
 Profile  
 
 Post subject: Re: The "is that value I see" thread.....
PostPosted: Sun Feb 08, 2009 11:32 pm 
Offline
Under CAB Investigation

Joined: Nov 8, 2006
Posts: 2687
Location: New Zealand
a) it's hideous
b) it's "In need of complete modernisation and refurbishment"

€750K? Value? Yer having a laugh, it's a derelict wreck, you'd need to spend €150K at least to get it up to remotely acceptable standards. Given sane lending criteria of 4x a very good wage if it was modernised then I figure residual value is under €100K right now.

_________________
Day by day, the penguins steal my sanity


Top
 Profile  
 
 Post subject: Re: The "is that value I see" thread.....
PostPosted: Sun Feb 08, 2009 11:58 pm 
Offline
Under CAB Investigation

Joined: Nov 13, 2006
Posts: 1919
Location: Stuck in Ahernistan
The best value I've personally seen so far is a place in D14 where the asking price has fallen to 2001/2002 levels. But judging by the rent other identical houses in the estate achieve, it's still overpriced by approx. 20% (applying the 14 times annual gross rental metric).


Top
 Profile  
 
 Post subject: Re: The "is that value I see" thread.....
PostPosted: Mon Feb 09, 2009 12:22 am 
Offline
Under CAB Investigation

Joined: May 8, 2007
Posts: 1575
Have you seen how tiny the living rooms are in that house? They are very tiny, both are less than 2.75m wide. Realistically speaking you'd have to build a significant extension to the rear and use the front rooms as a study and playroom. Other than that I guess you could make the kitchen into a livingroom, make the breakfastroom and adjoining livingroom into a kitchen/diner and leave one small livingroom as a playroom/study. But even still you would be spending close to a million euro between the price, the renovation and the SD. Not really worth it for a small, suburban detached house, is it?

I can see why it appears like good value. It is compared to so many properties currently available. But our perceptions of value have been warped in these last few years. This house is probably worth 1/3 of the asking.


Top
 Profile  
 
 Post subject: Re: The "is that value I see" thread.....
PostPosted: Mon Feb 09, 2009 12:47 am 
Offline
Too Big to Fail

Joined: Sep 25, 2007
Posts: 3876
I think there is still a fair bit of denial out there.

In a recent discussion with some relatives, it was mentioned that a house up the road (in good condition) was for sale for 700k, and I was scoffed at when I commented that the seller should bite the hand off anyone offering close to 700k, as 4 beds in south county Dublin would be available for 400 - 500k in another few months.


Top
 Profile  
 
 Post subject: Re: The "is that value I see" thread.....
PostPosted: Mon Feb 09, 2009 12:52 am 
Offline
First Time Buyer

Joined: Dec 28, 2008
Posts: 84
It's a on a really really busy road to the front, and an even busier one to the side...definitely not good value!


Top
 Profile  
 
 Post subject: Re: The "is that value I see" thread.....
PostPosted: Mon Feb 09, 2009 12:56 am 
Offline
Under CAB Investigation

Joined: May 8, 2007
Posts: 1575
the edge wrote:
as 4 beds in south county Dublin would be available for 400 - 500k in another few months.


You might be being optimistic about it happening in a few months. The level of denial in Ireland and the slowness of this crash is utterly depressing. :(


Top
 Profile  
 
 Post subject: Re: The "is that value I see" thread.....
PostPosted: Mon Feb 09, 2009 1:15 am 
Offline
Nationalised
User avatar

Joined: May 13, 2008
Posts: 11764
Location: Somewhere up in the hills
iguana wrote:
the edge wrote:
as 4 beds in south county Dublin would be available for 400 - 500k in another few months.


You might be being optimistic about it happening in a few months. The level of denial in Ireland and the slowness of this crash is utterly depressing. :(

It's accelerating rapidly. A look at the 'treesdon'tgrowtothesky' chart below shows that very clearly. But I agree that the sooner it's over the better...

Image


Top
 Profile  
 



Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 2131 posts ]  [Go to page]   1, 2, 3, 4, 5 ... 214  Next

    Board index » The IRISH PROPERTY BUBBLE » Sell, Buy or Rent?

Who is online

Users browsing this forum: No registered users and 3 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Follow, Retweet @dailypinster



Pyramid Built, Is Better Built! - Latest Property Discussions www.thepropertypin.com