Irish Times- Dublin house prices down up to 52% according to "Secret house sale data"

[feargach]

DATA FROM the sale of almost 200 homes in the Dublin area seen by The Irish Times show that house prices in the capital have dropped by up to 52 per cent since 2007.

The data relates to 192 sales conducted by one of the country’s leading estate agencies in the first four months of 2009.

The properties represent a wide range of homes at virtually every level of the market and in most postal districts. The majority of the 192 homes sold had been on the market since 2008, with some properties on sale since 2007.

At long last, the pointless facade crumbles away and the ugly truth is shown.

The €500bn of property wealth we "had" in 2007 is now a heavily toxic-debt encumbered €260bn.

And the amount that will have to be paid for this wealth? Certainly not less than €1 trillion.

Well done us.

[corelli]

At long last, the pointless facade crumbles away and the ugly truth is shown.

The €500bn of property wealth we "had" in 2007 is now a heavily toxic-debt encumbered €260bn.

And the amount that will have to be paid for this wealth? Certainly not less than €1 trillion.

Well done us.

"Up to 52%" is the magic phrase. So, in effect, they noted one or two houses that had halved in price. Thought it is an interesting fact, it is not the average decrease, which is the important statistic.

Having recently bought in South Dublin, I secured a very substantial saving but nowhere near 50%.

[Factorem]

At long last, the pointless facade crumbles away and the ugly truth is shown.

The €500bn of property wealth we "had" in 2007 is now a heavily toxic-debt encumbered €260bn.

And the amount that will have to be paid for this wealth? Certainly not less than €1 trillion.

Well done us.

Gaff on sale across the road from me was on sale for €1.15 million two years ago. Sold two months ago on the qt for €500k at auction. The kids simply wanted their inheritence money before the price fell any lower.

[adamirer]

Well, my brother got his place valued in jan, valued at 190-210k, down from 400k 2 years ago, my three bedroomed down from 440k to 240k, at the same time, so sounds closer to the truth.

But its area specific. The appartments are taking the brunt

[Factorem]

"Up to 52%" is the magic phrase. So, in effect, they noted one or two houses that had halved in price. Thought it is an interesting fact, it is not the average decrease, which is the important statistic.

Having recently bought in South Dublin, I secured a very substantial saving but nowhere near 50%.

Notice how on the way up, "up to 52%" sets the bar and 52% means just that, a 52% increase. Can't see why it would be any different on the way down.

[slumdog1971]

"Up to 52%" is the magic phrase. So, in effect, they noted one or two houses that had halved in price. Thought it is an interesting fact, it is not the average decrease, which is the important statistic.

Having recently bought in South Dublin, I secured a very substantial saving but nowhere near 50%.

Corelli:

Thanks for that bit of balance. No doubt the posters on this forum spot a headline and then start the panic.

[smitchy2]

"Up to 52%" is the magic phrase. So, in effect, they noted one or two houses that had halved in price. Thought it is an interesting fact, it is not the average decrease, which is the important statistic.

Having recently bought in South Dublin, I secured a very substantial saving but nowhere near 50%.

Well you have confirmed that you are an idiot if you have just bought recently.
There will be areas by the end of this that will have gone down by 70%.
It will average out between 35-60% in Dublin depending on where.

Attracted by the low interest for the “1st year” were we??
You have bought half way down the curve.

[feargach]

Give it time: not an hour goes by that another wannabe buyer doesn't lose his job.

Have you any info on what your recent purchase would have been worth at the 2006 peak?

[feargach]

Notice how on the way up, "up to 52%" sets the bar and 52% means just that, a 52% increase. Can't see why it would be any different on the way down.

Yeah, can some mod edit the thread title to insert the "up to"? Apologies for my inaccuracy.

[feargach]

"For instance, an apartment in Clontarf that went for sale in late 2007 at around €430,000 sold last month for just over €300,000, a drop of 39 per cent."

The crucial fact is that, if the ESRI housing report were at all accurate, that price should not have fallen much more than 20%.

In light of this, the absolute best-case scenario is that any given house is only down 35% off full-mania 2006 peak so far.

As the recession takes another 30,000 potential buyers out of the pool of people who can be approved for a mortgage, then you are obviously down more as time goes on.