Mark Malone writes:
Purchased on February 14th for €150,000. Now on the market for €249,000. Flipped for 70% price hike in the middle of a housing crisis.
Via Daft.ie…
“This exceptional property has been totally renovated with a new heating system, replumbed, rewired, new kitchen, new bathroom suite, new windows and stylishly decorated throughout providing a turnkey prospect for potential purchasers.”
10 Nicholas Avenue, Smithfield, Dublin 7 (Daft.ie)
Previously: Flipping Hell
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538 Sq. Feet – you’d have to walk outside to change your mind.
“Come in, come in and have a cup of tea!”
You can say that quietly to someone at the front door as you stand at the kettle.
I have to laugh when people call new apartment developments ‘shoeboxes’ when they are vastly more spacious than our typical houses, typical 20th century 3 bed semi is 60sqm if youre lucky where as a 2 bed apartment will be 70sqm and A reated BER
Where did you get that fact from? I grew up in a 3-bed semi. It was 1300 sq feet. I don’t remember any house being anywhere near that small (60sqm) as a 3-bed. Then again, I come from a fabulously wealthy background.
Not sure what the problem is here, Mark. Most people don’t have the liquid cash to afford to renovate a house like this after buying it but would be able to get a mortgage for the cost of the renovated house.
Hi, when this property bubble collapses those who have borrowed to buy the overpriced residence will find themselves in negative equity and their mortgage has been sold on to a vulture fund who will evict them upon any sign of issues with repayments.., that’s all
Dav, what would you say is an appropriate price for the house?
Was it worth the 150k in February? What was the price of the new heating, plumbing, rewiring, kitchen, bathroom, Windows and decor?
sure, 3 and 1/2 times the average salary.
Where did that nonsense multiple come from?
First saw it in one of McWilliams articles during the crash. I can’t find the link but it seemed a reasonable equation to adhere to.
And what is the control? A small two bed terraced house in the north inner city? Or is this across the board? Cuz I’d love a 5 bed detached in Foxrock if that’s how it works…
I’m open to correction here but I’m pretty sure the banks will only lend you 3.5 times your salary to buy a house at the moment. So that really limits the amount of debt people are getting into and their potential exposure if they lose a job or there’s a crash or whatever.
Ah, you trust the irish banks with regard to what they say are their lending policies…. Don’t forget to remind us all how sound the fundamentals are..
I’d love to know what’s going on in that head of yours, dav.
No. You have to be well into arrears before the lender can try evict you. And then not to engage with the lender at all, and then, 18 months later, you may be served a notice of eviction if you don’t engage with the lender or go to court.
Given our government(s) servitude towards the banks and vulture funds, I can see the above rules being relaxed – you know, for the good of the banks…
Oh look, someone bought a dilapidate house, renovated it and now they stand to make a profit. Fair play to them, ignore the jealous among us, eh Mark Malone.
“And in the middle of a housing crisis”…….except we are not in the middle of a housing crisis. We are at the start.
In fact, Ireland is constantly in a housing crisis, always has been .always will be. That’s called capitalism.
People who say “always has been, always will be” are reactionary fools who should never be listened too. Ever.
FACT.
I guess they renovated it very nicely – what’s your point, caller?
Quick turnaround for a full renovation.
Well done whoever it is.
Look, the Irish Property Market is utterly corrupt. There is no reality in the prices. On the one hand there is ‘a supply shortage’ and on the other hand over 30,000 vacant properties in Dublin alone. It doesn’t take a genius to figure out that there are anti-competitive forces at work and most likely collusion. The Irish Times who are in the business of selling property advertising are hyping the market for every penny its worth (or not as the case may be) and the estate agents are pulling figures out of their backsides.
The sad reality is that there are dummies who haven’t learned the lessons of the last decade when it was obvious the market from 2000-2007 was a bubble. The same factors are present again.
Whatever you do, do not buy or you’ll regret it!
I bought last year.
And am paying less on my mortgage for a larger property than I was previously renting… and the landlord upped the rent when I moved out.
I love my new home and see myself here for years.
If people can afford to buy, let them.
Many have been saving up for years.
It’s those who all of a sudden want to buy one of their largest purchases in their life moan about not being able too, despite living a wonderful life over the past few years. You cant just get something you want without sacrifices and hard saving.
Old house brought up to spec on sale in Dublin for 249,000 (considered reasonable these days).
Back of envelope calculation:
20% deposit, loan of €199,000, about €1,000 per month over 25 years.
That’s actually not bad.
We need more old semi-derelict houses brought up to snuff quickly.
There were lots of skips outside the houses of Stoneybatter and Drimnagh a decade ago – I think it’s a good thing to renovate these old houses. Far from just a lick of paint, they are re-wired and re-fitted, made safe and habitable. Tradespeople make a few quid too. I’d do it if I had the time.
I wouldn’t like to see someone called Spaghetti Hoop involved in rewiring a house. Just saying, like.
in fairness, going by some of the names on here you just wouldn’t. i mean, would you let mickey two pints at your gaff with power tools?
Nor would I trust you, Brother, with a house blessing. Not in the sacred sense anyway….
at least give me a chance, no?
This has happened to two houses on my road, not too far from there. One had a decent side garden as well which has not been included in the resale of it.
If this was replicated, say 50 -100,000 times around the country it’d be great.
Run-down houses are run-down houses. Who wants to live in an old, stinky dump.
Nice, well done-up houses hitting the market is a good thing.
so someone has risked their own capital in renovating a possibly vacant house and put it on the market to be occupied
moaners gotta moan i guess
+1
Exceptional? What’s exceptional about it?
Estate agents dont half talk poo really.
“All mod cons”..yeah washing machines and microwaves have been around a while now.
“Viewing highly recommended”.. even when you wouldnt have a sh*te in the place for fear of catching foot & mouth disease, they’ll say viewing highly recommended.
Could one catch foot & mouth disease from that?
yes…it’s highly recommended.
The mod cons include one of those Japanese toilets that do the necessaries and spray regularly for farm diseases.
That floor plan is just pure bizarre…
It’s made of auld triangles
it goes jingle, jangle…
I expect that somebody bought the house for cash, renovated it from their own funds and is selling it on for a profit. Developer profit is around 13% on average.
I don’t see the problem with this. Somebody took an investment risk and stands to profit from same. Does Mark Malone think that they should sell it a breakeven price? Why should somebody work for nothing?
How is this newsworthy?
House gets bought. House gets refurbished to a high standard. Owner raises asking price in accordance.
I don’t understand the outrage. It sounds like a lot of money was put into it and it’s reasonably priced for that neighbourhood too.
But, “bankers”…
Oh, you think people get angry at bankers too much? What’s your opinion on old age pensioners on 200 quid a week fiddling the system for extra money again?
It’s looks fine in that photo above.
Holy crapola the shape of everything inside is awful.
.. What happened the other half of it ?