It may be a nice area and have good community spirit buts its still a small three bed terraced house in Phibsboro. IMHO I think these are worth about 115K -130K in a stable economy. My guess is that you will able to purchase a similar property for 60 - 80K cash within the next three years. I would be aiming to buy one of these Mortgage free.
you may be right....but I always wonder why this type of message is aimed at an individual property.....
if you are right, then all property is overvalued and has another 50% at least to fall and therefore the message should be, don't buy any property anywhere, as opposed to a view on a specific house in phibsboro.
Incidentally, how would you describe a stable economy? I would describe it as circa 1%-2% real GDP growth, which is more or less what we will have, this year and next.
My comments are not specific to this house, I do think residential property will fall a further 50% from where we are now and I also believe if the Government had any sense they would make sure it does and prevent another bubble by introducing a 95% CGT on future sales.
I would describe a stable economy as an economy that is operating under normal market conditions. At present we in a "Programme for Government" and we have the bank bailout which is clearly market manipulation through Government intervention. We also have a bloated public service that is not fit for purpose (FAS/Solas, HSE) and a Government that is unable or unwilling to do anything about the Croke park Agreement. Add in all the corruption from those big law & Audit firms that continue to benefit from "winning" public contracts to provide Advice to the Government to build roads, prisons, incinerators, hospitals, convention centres, car parks in Cavan etc and we have in my mind at least an unstable Economy. The clowns in Government are not in charge and even if they were I doubt they have the skill sets to deal with many of the issues facing our Economy. The countries finances are a mess.