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tara747

Irish Market Is Screwed - Official

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http://www.thepropertypin.com/forum/viewtopic.php?t=2206

HAHAHAHAHAHAHAHA!

Really worth a read!

SD still applies to properties above 125sqm.

As they say - how many people bought in the last month or two on the assurance that SD would be removed for ALL FTB purchases???

And how many sellers delayed putting their houses on the market till after the election, expecting a pick-up? And, of those, how many are wanting to sell houses bigger than 125sqm?

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

:lol:

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I love how on HPC people argue points and some try and convince others the crash IS happening now. Granted things are much more chirpy here now.

But on property pin , the Irish site, they just sit round laughing deliriously.

Hopefully that'll be happening here in six months.

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I like this:

...Before anyone says it the house isn't over-priced.

The value of a home is subjective, a house is only worth what someone will pay for it. If you reduced the price to 1 euro it would sell. It is not selling at the price you/your EA have pitched it at. I would conclude it's worth somewhere between 1 euro and your asking price.

:lol:

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I love how on HPC people argue points and some try and convince others the crash IS happening now. Granted things are much more chirpy here now.

But on property pin , the Irish site, they just sit round laughing deliriously.

Hopefully that'll be happening here in six months.

why are they laughhing> Do they enjoy loosing 10k plus a month each? Just curious.

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I love how on HPC people argue points and some try and convince others the crash IS happening now. Granted things are much more chirpy here now.

But on property pin , the Irish site, they just sit round laughing deliriously.

Hopefully that'll be happening here in six months.

Yes, I love the PP.

They have the luxury of being mid-crash, whereas we are all getting twitchy for the next bit of bear news and conclusive proof of the crash starting! But you're right, the mood on this site has improved a lot - this is palpably different to 2005 with a huge global financial recession on the horizon.

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why are they laughhing> Do they enjoy loosing 10k plus a month each? Just curious.

A fair few of them don't own property - and the ones who do recognise that equity is only paper profit until you sell.

A very balanced and useful site IMO.

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Another great thread on the same issue

A little snippet for you.

BTW, all Irish VI economist bulls appear to have suddenly turned bearish.

Posted: Wed Jun 20, 2007 7:45 pm Post subject:

--------------------------------------------------------------------------------

Jim Power was on the six one news and I was surprised at how bearish he was in direct contrast with his outlook before the election.

He said that there would be a small boost to the market and that this would not last very long and then the market would continue its downward trend.

He came straight out and said the current slump had very little to do with stamp duty and said that it was the interest rates that were the main issue.

He went on to say that interest rates were expected to keep on rising this year and next.

This is by far the most bearish outlook I've heard from Jim Power, and he sounded very downbeat.

Marion, the Sherry Fitzgerald economist gave the stamp duty changes a very luke warm welcome also and said that they don't go far enough to make any real difference as they are going to benefit very few people.

Again I was surprised at her downbeat response which is also in direct contrast to what she has said earlier this year.

I think reality is starting to hit home with a lot of commentators.

Even Comical wasn't his usual upbeat self.

Posted: Wed Jun 20, 2007 10:19 pm Post subject:

--------------------------------------------------------------------------------

Some EA was on the Today FM with Matt Cooper and said the market was dead in Waterford and that prices were falling, not just him but all other EA's in his area were saying the same thing to him. Matt read out some press release from some auctioneers body which said the market would pick up now etc. but he said it in a mocking way as if to say "this is total VI bullsh1t but sure we will read it out for a laugh"

Edited by tara747

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http://www.thepropertypin.com/forum/viewtopic.php?t=2206

HAHAHAHAHAHAHAHA!

Really worth a read!

SD still applies to properties above 125sqm.

As they say - how many people bought in the last month or two on the assurance that SD would be removed for ALL FTB purchases???

And how many sellers delayed putting their houses on the market till after the election, expecting a pick-up? And, of those, how many are wanting to sell houses bigger than 125sqm?

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

:lol:

I may be missing the point but how many ftb's would buy a home more than 125m2? (that is quite large)

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Really worth a read!

SD still applies to properties above 125sqm.

As they say - how many people bought in the last month or two on the assurance that SD would be removed for ALL FTB purchases???

And how many sellers delayed putting their houses on the market till after the election, expecting a pick-up? And, of those, how many are wanting to sell houses bigger than 125sqm?

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

:lol:

Are they really stupid enough not to see that affordability is the problem not the stamp duty? Bring affordability back to the market, without a 50 year mortgage or 7 times salary, then problem solved. The muppets are barking up the wrong tree

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Are they really stupid enough not to see that affordability is the problem not the stamp duty? Bring affordability back to the market, without a 50 year mortgage or 7 times salary, then problem solved. The muppets are barking up the wrong tree

They know, of course they do. Blaming SD was just VI lies.

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An excellent article on RTE news, Alan Ahearne has been one of the few sane voices in Ireland:

http://www.rte.ie/business/2007/0621/mibusiness.html

DIFFERING VIEWS ON STAMP DUTY EFFECT - Stamp duty is being abolished for first-time buyers with the savings back-dated to the end of March. The formal announcement - though it is of no use to those trading up who will still have to pay stamp duty - has been welcomed by the auctioneers.

Hooke & MacDonald is dominant in the Dublin market for selling apartment schemes. The firm's economist Geoff Tucker said the stamp duty move would bring certainty to the market - for second-time buyers as well as first-timers. He said there was an adjustment in the market, but demand was still strong.

Alan Ahearne, economist at NUI Galway, said the stamp duty change would have a very small effect and nine out of every ten first-time buyers did not pay the duty anyway under the old rules.

He said the underlying conditions in the housing market were much worse than selling prices would suggest. The economist said demand had 'evaporated', and higher interest rates, declining levels of immigration and slower economic growth meant none of the fundamentals were in place for a recovery in the market.

Mr Ahearne said buy-to-let investors were the key group, and their reaction to higher interest rates would determine how the market would go over the next couple of years.

Edited by tara747

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I may be missing the point but how many ftb's would buy a home more than 125m2? (that is quite large)

Not really. A 3 bed semi should be around that size. My house is 125m2.

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Guest Cletus VanDamme
It's not that big TBH.

I'm with GavLaw on this.

That's pretty big if you live in the South East of England, believe me. 125 sq m is millionaire-level property here. An FTB would think themselves doing well to buy a 50 sq m property. Even if we weren't in a bubble, a typical 2-up 2-down terrace that would normally be an FTB purchase would be around 50-60 sq m.

I guess we forgot you're going to be going straight to the 5-bed detached, what with you being in a recession-proof job 'n all. <_<;)

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I'm with GavLaw on this.

That's pretty big if you live in the South East of England, believe me. 125 sq m is millionaire-level property here. An FTB would think themselves doing well to buy a 50 sq m property. Even if we weren't in a bubble, a typical 2-up 2-down terrace that would normally be an FTB purchase would be around 50-60 sq m.

I guess we forgot you're going to be going straight to the 5-bed detached, what with you being in a recession-proof job 'n all. <_<;)

:lol:

Very good!

Thing is, in Ireland, a lot of FTBs will want to buy as big a house as poss - FTB status with the SD exemption is precious so why bother with a starter home and then have to pay SD on your next place - and most people (until recently) didn't bother with apts. Except in central Dublin! The rest of the country, it would be houses all the way.

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I may be missing the point but how many ftb's would buy a home more than 125m2? (that is quite large)

Its not large - it just seems large compared to most new build flats. I think the limitation on the size of th eproperty as the SD threshold is interetsing. It is clearly aimed at shifting the glut of (small) new build that has sprung up everywhere in Ireland.

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The current number of properties for sale in Ireland, as listed on daft.ie, is 42,987

We can revisit this thread in a few weeks/months and see how much that figure has dropped by due to this new policy. ;)

Edited by pod

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Mr Ahearne said buy-to-let investors were the key group, and their reaction to higher interest rates would determine how the market would go over the next couple of years.

Hmm, their reaction to higher interest rates would determine how the market would go over the next couple of years eh?

Well for the really cute ones, the ones who are borrowed up to the hilt to buy, the ones who get the biggest return by having the biggest leverage, the ones who subisidise the rent - every month, without fail - in the sure and certain knowledge that property doubles every (.... insert whatever number you fancy ...) years - I would say their reaction to increases in interest rates that look to be with us for a while combined with falling capital values would be to

Sell! Sell! Sell!

Sell at any cost. Get me out of this mess before I go bankrupt. Now look at the massive bloody mortgage I've got on my own home! Who said property only ever goes up? Where is that slippery b@stard of an estage agent? What do you mean sold up and retired to the Bahamas? Where are those feckers that run Inside Tracket? How come my 15% 'Instant Equity' instantly disappeared. I've been rogered and I don't like it. Who can I sue? Where was the warning that the price of property can do down as well as up. Who regulates these b@stards. What are the FSA doing about this.

"There, there mate, calm down - just slip your arms into this coat, yes I know it does up at the back .... steady .... don't worry mate, where you're going you won't be worrying about the 'portfolio' any more."

Edited by Lets' get it right

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The current number of properties for sale in Ireland, as listed on daft.ie, is 42,987

We can revisit this thread in a few weeks/months and see how much that figure has dropped by due to this new policy. ;)

hahaha - if only.

As you know, inventory had stalled at around 42,000 since the election and is now edging back up... all those poor sellers who were waiting for the bounce post-election are in for a nasty shock!!!

:lol:

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Is Ireland overpriced ? You bet it is !

I've met quite a few who say they have sold up / are selling in order to buy a similar property on the French Riviera and bank some cash. A 3 bed in Bray or the same in St. Raphael ??? A no-brainer :rolleyes:

But the sting in the tail is that property is also falling in France.................. ;)

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Is Ireland overpriced ? You bet it is !

I've met quite a few who say they have sold up / are selling in order to buy a similar property on the French Riviera and bank some cash. A 3 bed in Bray or the same in St. Raphael ??? A no-brainer :rolleyes:

But the sting in the tail is that property is also falling in France.................. ;)

You could get a chateau in France for the price of this place...!

Bray

Edited by tara747

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daft.ie for sale inventory now 43,072.

Oh dear! Watch it go up and up in the next few weeks as sellers realise that the govt's SD 'reform' won't help the marlet after all.

FTBs, sit back and enjoy the show!

:)

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You could get a chateau in France for the price of this place...!

I'm not surprised. Have you ever read any of Bonner's articles about the cost of running his chateau in France?

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