Can't sell a 1-bed apartment in Ongar, D.15

legal33

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I've been trying to sell a 1-bed apartment in Ongar, Dublin 15 for ages. It's one of the lowest priced in the estate at just over €180,000. There's about 15 1-beds for sale there. It's a great estate. Near Dunnes, school, railway station, loads of other shops and buses. How low do I have to go? I've already come down from €265,000. Haven't had a viewing in 3 months.
 
I've been trying to sell a 1-bed apartment in Ongar, Dublin 15 for ages. It's one of the lowest priced in the estate at just over €180,000.

Um, maybe do some research on http://www.daft.ie.
There are 1-bed apartments on offer in Dublin 1 within spitting distance of O'Connell Street (Gardiner Street and Mountjoy Square) for €165,000 and €180,000. Hopefully they'll be a lot cheaper by the end of the year.

It's a great estate. Near Dunnes, school, railway station, loads of other shops and buses.

Many employers within walking distance?
Bus and rail services are about to be severely curtailed.
 
I would say to a hundred grand.

Long term house prices tend to equal 3 X average industrial wage, so the average house price in Ireland will be 100K in a few years time, that puts shoeboxes under this value.
 
I'll rent it off you for 450 pm if that helps. I'm convinced ill get a one bed in D15 area for this type money pretty soon.
 
I really sympathise with your situation, as I had trouble shifting a one bed a few years back - it went eventually but I had much higher expectations of the market. It really brought it home to me that a property is only worth what a buyer is willing to pay at any given time.

The difficulty with comparing your property to others out there at the moment is that you don't know if their asking prices are realistic (a survey mid-last year showed asking prices to be about 8% off the actual sale prices, on average) and how long they've been on the market at those prices, with values dropping month on month.

Bear in mind that Winter / Xmas is not the time of the year that people are looking at property and, with all the financial scares recently, I'd say that applies even more so this year. A rep from the Irish Valuers & Auctioneers Institute was interviewed on RTE this week and indicated that apartments had dropped about 20% in the past year. The good news is that he also said generally enquiries are starting to pick up and there ARE buyers out there but they are looking for bargains, so you have to be motivated, ie. willing to meet their price.

Are you using an auctioneer? Talk to them about what they're doing about viewings, whether the price is realistic and if there's anything you can do to improve the presentation. If you're not happy with their level of commitment, go elsewhere. It may be better to come off the market and re-launch again at the lower price. It may even be better to pay a higher fee to a more established name to get the property off your hands.

Is there anything that you could do to make it stand out from the crowd? My one bed had a very wide L-shaped hallway and the previous owner had built in narrow storage cupboards (which were a God-send) and a little desk / bookshelf area, giving the space an extra function and additional value.

Figure what your bottom line is in terms of price - what you can afford to let it go for. In the end, I dropped the price of my apartment because it was more important to me to be able to move on.

Best of luck!
 
Long term house prices tend to equal 3 X average industrial wage, so the average house price in Ireland will be 100K in a few years time, that puts shoeboxes under this value.

Aggree with that, but I was suggesting a price that he would be likely to sell it at.
 
Long term house prices tend to equal 3 X average industrial wage, so the average house price in Ireland will be 100K in a few years time, that puts shoeboxes under this value.

Why the industrial wage? Why not the average wage which I assume would be higher. e.g. average industrial wage is 30 something I think, average wage in the IT company I work in is 62k.
 
I've been trying to sell a 1-bed apartment in Ongar, Dublin 15 for ages. It's one of the lowest priced in the estate at just over €180,000. There's about 15 1-beds for sale there. It's a great estate. Near Dunnes, school, railway station, loads of other shops and buses. How low do I have to go? I've already come down from €265,000. Haven't had a viewing in 3 months.

Hi legal, to have a better idea of what your apartment is worth, you might want to research how much such apartment would rent for. Starting from there you can calculate a yield of 6% (nothing major but sustainable) and come up with a figure that makes sense.
Your asking price is €180,000, this means that to get a yield of ~6% you should be able to rent it for €980 euro per month (I allowed one month unrented period but I didn't include management fees in the calculation so they are a bit optimistic).
Now, this makes me suspect that you are way offline with your expectations as I'm currently renting a 50sqm 1 bedroom apartment with parking in Rathmines for €950 euro per month. If you are looking at €650 circa per month for Ongar (more realistic than €980), the price should be ~ €118,000.

HTH

nadnerB
 
Why the industrial wage? Why not the average wage which I assume would be higher. e.g. average industrial wage is 30 something I think, average wage in the IT company I work in is 62k.

I don't know its just a valuation I've seen from time to time. I guess manufacturing is what controls the price of stufff in a global context, stuff like IT and banking etc. rely on manufacturing.
 
Hi legal, to have a better idea of what your apartment is worth, you might want to research how much such apartment would rent for.

currently being let for 850 per month but that deal was done in september. 750 more realistic now i guess
 
currently being let for 850 per month but that deal was done in september. 750 more realistic now i guess

750 gives you a yeald of 6% (with the criteria explained above) for an investment of 137,000 euro. That's what your house is worth assuming you can rent it 11 months a year for 750 per month.

Cheers,

nadnerB
 
Hi there,
Have you considering getting in a property staging consultant? It may sound rubbish, but they can really tell you where you could increase the feeling of space, change colour schemes to suit prospective buyer etc. It may cost a few quid to get house sold, but might be worth it in the long run. There is a company under estate agents in the goldenpages, but I don't know if they are any good.
I have been looking at 1 beds in that general area for quite a while, and some of the pics on daft make the properties look either very untidy, small, mad colour schemes, loads of clutter- some don't even have the beds made!
With all the properties on the market at the moment, you really need to make yours stand out.
Or maybe I've been watching too much House Doctor lately...
Good luck with the sale :)
 
Long term house prices tend to equal 3 X average industrial wage, so the average house price in Ireland will be 100K in a few years time, that puts shoeboxes under this value.

I find this statement highly irresponsible without underlying sources of information.

You said: "average house price in Ireland will be 100K in a few years time"

What do you base this on? Intuition? Research? Some crackpots opinion? Bitterness?
 
I find this statement highly irresponsible without underlying sources of information.

You said: "average house price in Ireland will be 100K in a few years time"

What do you base this on? Intuition? Research? Some crackpots opinion? Bitterness?

Google "The median multiple".
From wikipedia: "The Median Multiple measures the ratio of the median house price to the median annual household income. This measure has historically hovered around a value of 3.0 or less"

With the average ind. salary in Ireland 34k, 100k mortgages would be about right if purchasing somewhere on their own or where only one household member is working. However a large percentage of people earn under the industrial average, so we may see lower prices than that.

But who knows if that'll ever happen..
 
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