drop in value!!!!!

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drop in value!!!!!

Postby MBYRNE » Fri Mar 07, 2008 4:09 pm

Hi guys - new to the forum so hello to everyone. Just to let you know that a friend of ours is an estate agent and we asked him just to give us a value for our 4 bedroom house (terraced) - oh my god - it's only a year old, solid flooring, 2 parking spaces, etc and it has already droppped by 55K!!!!!! We were planning on leaving as not sure if Belmayne is really all that was promised in the brochure - things don't seem to be develpoing too well so were going to take our chances but not sure if we can afford to move now!!! :(

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Postby member » Fri Mar 07, 2008 4:57 pm

I dont think the drop in value is just restricted to Belmayne its right across the country. Property prices have drop in real terms by 20+% over the last 18 months. It took me 10 months and a 15% reduction to sell my last house. There are example all over the place of builders reducing prices by 50K/100k to sell houses and its going to be the same in belmayne. Everybody is in the same boat and we all have to ride the waves. Nobody expects the price of their home to go down but it does happen all over the world.

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Postby Nell » Fri Mar 07, 2008 5:23 pm

TBH I wouldnt pay too much attention to Estate Agents. Theyre the ones who helped force prices artificialy high and now they have found out that houses wont just sell themselves anymore. Give the market til 09 to bed down again. The no of new house completions are slowing down. So demand will grow again next year. If your house has dropped you would expect the next house you wish to buy will have also dropped in the same manner. Once the dart is up and running next year you should see house values also increase.

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Postby homer » Fri Mar 07, 2008 10:11 pm

yeah i agree totally this is only bad news if you bought your house to try and make a quick profit. All houses have dropped in value and im sure like you i bought when the prices were at an all time high and about to make a down turn. If i was to hand over the money tomorrow i would forfit my deposit and look elsewhere. But why look at it like that i didnt buy to make a profit but to build a home and i hope that when i go to sell years down the line i hope the value has raised. But for the time being i hope to enjoy my time in the estate.

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Postby Jan Freehill » Sun Mar 09, 2008 10:16 am

Hi everyone

I like mbyrne am new to the forum but not new to Belmayne! Hi to all!
It's important to note that when examining house prices and the constant fluctuation and ebb and flow of the housing market that although there has been a drop right across the board (an average of 12 percent) the figures being muted are not the same in each and every area. Although the average price drop has been calculated at 12 percent - this doesn't mean that prices in Dalkey have dropped by 12 percent and prices in Cherry Orchard have done the exact same thing. In fact, some areas have dropped by a staggering 18 percent and some haven't dropped at all - they've plateaud. The more affluent areas of Dalkey et all haven't really budged. Places like Foxrock, Howth and Dartry (to take three completely seperate parts of Dublin) have only barely dropped (2 or 3 percent) We, not being an affluent or established area, have not been so lucky.
So what I'm trying to say is that although I agree with everything being said here within the confines of this post, it is kind of naive to say that everybody is in the same boat because we're not all in the same boat. Property has more or less stalled or downturned EVERYWHERE but the same figure isn't common across the board. I have bought in Belmayne but I'm not blinkered nor do I look at things through rose-tinted spectacles. My Uncle is a writer for the Financial Times and I hate to break this to you guys but Belmayne is actually one of those areas in Dublin that has been quite badly hit - we've actually dropped by a staggering 9 percent!
So yes, everywhere has downturned but you can't just slap a percentage on it and say that that percentage is the same throughout Dublin - that's naive. Some areas have certainly dropped more than others - that's what property is all about. If it wasn't 'location' would not be important at all.
It's not all doom and gloom though, as this place develops the prices will certainly increase again but not by the same price that they've devalued by. I don't expect to move for a long time yet but if and when the time comes for me to sell my place I certainly will not expect to make a profit on it.
I'm not having a go - just being a realist.

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Postby belwoman » Mon Mar 10, 2008 10:42 am

Just FYI to everyone here. Estate agents give estimates and they can vary wildly. The market is hugely depressed so if you sell now you will take a fall of some sort. We spent years looking for a house that was good value and well appointed. We now have it. We actually bought the house to live in not to sell on, or make money out of it. If you do buy to make money and sell on you will lose at some point in time. Its a gamble. And yes we are first time buyers and put our own money into this. We were renting for years and if we have to live in the house for the next 30 so we can pay off the money we borrowed so be it.

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Postby markos » Mon Mar 10, 2008 7:45 pm

the market will pick up again, our houses havent dropped as bad as some places,i somtimes work on a building site in maynooth, it has its own private golf course and the houses there were selling for 1.3 million 3 months ago, they are now selling for 850,000 euro, so i think we are not so unlucky after all :!: :!: :!:

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Postby newowner » Tue Mar 11, 2008 5:46 pm

Second hand house sales have picked up significantly in the last few weeks and are certainly a lot better than they were last year. As for our house prices falling, unfortunately we did buy at the height of the market and anyone who reads the papers will realise that there has been a drop in house prices.

However, on a good note, they are expecting house prices to begin to rise in early 2009 and although we more than likely wont see the massive increases that we were seeing, it is a lot more positive out there at the moment and once the town centre etc is finished off I think Belmayne will be a lovely estate with good amenities and close to everything!

If only they would put the ramps back in so the boy racers didn't use the main road as a race track we would be flying :D

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Postby Linda » Thu Mar 13, 2008 9:36 am

yes i agree with belwoman its a gamble - ive just sale agreed another house and had to drop 100k off the price in the city centre in order to sell it, guess it depends if the people are willing to drop the prices or just wait and hope - thats why there is such a variation in values at the moment as some of the houses have 2006 prices still on them

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