Ok, first off please don't dive in and tell my i'm crazy before reading my logic!!

I have seen a house that is fully finished within a fully finished estate but only 4 of the 24 houses are moved in.

Nama are now controlling the development and have discounted the prices by 70% from peak.

The house i am interested in is the last of the detached properties for sale (3 from 4 detached) and imo is great value for money and is in a nice area and what we are looking for and what we can also afford to pay.

Obviously I am very wary of buying a house in an estate that hasn't been fully occupied and hence the reason for my post and hence no offer yet! But on the flip side the house imo is very good value and suits the needs of what we need and I believe these houses will sell in the not too distant future. Just v. confused

Just looking for opinions people?? Thank you!

1. 70% from peak means nothing. The only value to place on the house is its true value now and going forward for the next few years. That value may be a multiple of the salary of people who would want to live there, or based on a rental yield. The value may turn out to be 90% off peak or 70% off peak - it doesn't matter. If you are buying a house your value equation starts now, the past is meaningless

2. if you are convinced that the house represents good value based on current relevant metrics, then consider what living in a building site will entail. You should get a significant furhter discount from the builder for being the brave soul that moves in to a half finished development. It might be the encouragement other people need to buy, or you might find yourself the 5th of 24 with values still dropping and nobody else taking the plunge.

I've thought about this before and knowing a fully finished estate like the one the OP described, I had in mind buying two semi-ds, two for the price of one, and knocking though the walls to make them one house. Then you'd be buyer number 5 in an estate of 23 houses!

It's good that the estate is fully finished, I wouldn't touch somewhere that wasn't, but even so, it's a big risk. 70% under peak is not necessarily great for a house in a ghost estate! I think a lowball offer could work in this case.

Do you have kids or intent to in the near future?
I assume you read the news, there are always warning on here about H&S on ghost estates.

I wouldn't even consider it if I have a young family, actually, even if I didn't.

Two words - Social housing
have a look at nama's proposals
compare the value of the house to the local social housing prices and do you calculations again

Are NAMA actually going acting on the proposed social housing? It was announced ages ago they were giving over some houses but no action...

How old is the estate and is it being maintained by the developer to a suitable standard? Has the process of handing the maintenance of the estate over to the council started?

the break down
this is only the start of it




http://www.irishtimes.com/newspaper/ire ... 81854.html

You can avoid the household charge and possibly future property taxes.

To answer the title question, if owning a house means little more for you than getting it for the cheapest price possible, then buying in a ghost estate might be a good idea. If you believe that money is not the only thing of importance in life, then buying in a ghost estate is a bad idea.

I personally think that anybody who thinks solely of price, saving money, buying the cheapest thing possible, or waiting for the bottom is making a major mistake because they are failing to adequately consider many other preferences and priorities that may be relevant besides price. A dominant theme on the propertypin is many posters' obsession with price alone, which seems to be a general obsession of many Irish people, and one I believe I will never share or fully understand. However, this is my personal viewpoint; I accept that people are entitled to their own preferences, and if those preferences revolve around price then so be it.

I have some friends whose decisions about the houses they bought (not necessarily in ghost estates) were dominated - in fact completely overshadowed - by price and how much money they could save. Many of them have ended up with results that were personally disastrous - for example, some now live in the wrong location and face long commutes that prevent them from spending enough time with their children; others had to move on but were unable to to sell the house they bought and are now paying two mortgages; others face expensive problems that will have to be rectified at a later date that would not have arisen if they had thought about more than just the purchase price; and some are living in incomplete developments where various management, safety and security issues related to the unfinished areas are a significant source of anxiety for them and their neighbours.

It is telling that none of these friends now feels consoled by the fact that they bought cheaply.

If Nama giving ghost properties to social housing is on the cards.... even in the pipeline (as it is) I wouldn't touch it.

Is the estate outside Dublin?

Thank you all for the feedback and I completely agree with ALL comments posted here.

The development I am talking about is in co.Meath within a commutable distance and will not be going into social housing. Also the estate is finished and there are no safety issues.
Having said all that I agree that are severe unknowns and potential problems down the raod if we go ahead and buy but is every property you may buy not a risk in the current enviroment????

I am just wondering is it possible to go direct to NAMA to see who is dealing with the sales as I hate dealing with estate agents (most if not all of them are full of sh@te)!!

http://www.irishhouses.ie/nama/nama-pro ... list-5.php
You can ring and ask for more details

There's a similar estate in Ratoath, which is nicely finished and very well maintained. I'm sure it's not the one you're talking about as this one isn't in NAMA's control from what I can tell. Also this one has a lot more than 4 houses occupied. The remaining empty houses are still overpriced and there's no haggling with the selling agent on the current asking prices. 4 bed detached houses have fallen from about 550k (I think) to 350k = 36% drop so far.

http://www.daft.ie/searchsale.daft?id=394078

I'm curious about where it is but can understand you not wanting to disclose it if it's the last one remaining of a particular house type in that development.