Sell! Sell! Sell!

May 7, 2007 at 11:52 am | Posted in the abhorrent state of the Irish property market | 16 Comments

Back in February, JC Skinner wrote a sobering article about the state of the Irish housing market. His prophecy, that the housing bubble is going to burst soon, and screw a whole lot of people with ridiculously high mortgages, was further backed up recently by financial blogger Keith, who lives over at A Random Walk.

Scary stuff. Though it’s a bit late for me, settled as I am in Scotland for the foreseeable future, I can’t help but think this is good news for many people my age who have spent the majority of their twenties playing catch-up with the relentless, tantalising scourge that property ownership has become in modern Ireland.

Sure, it will be bad news for many, but as Bock once said, as long as you have a roof over your head and clothes on your back, what’s the fucking problem? As for the greedy Range Rover-driving builder cunts who’ll be left asking when nobody wants to pay €400,000 for their hastily thrown-up, cardboard, spit, and straw-walled, oh-fuck-the-cat’s-dead-because-I-walloped-him-off-the-wall-when-I-tried-to-swing-him, apartments…fuck ’em.

I feel bad for my dad though.

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16 Comments »

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  1. Ah, remember telling JC at the time he was mad! Still am delighted for anything that brings down the price and allows me enter the market. Not that I can say that to any of my house owning friends!

  2. Excellent Kav. We were lured back to Ireland by the so called Celtic tiger and have found ourselves up shit creek without a paddle. Paying insane rent for one of those cheaply built cookie cutter houses you refer to, hoping to one day be able to afford a tiny cheaply built dump of our own. But alas there would appear to be light at the end of the tunnel…

  3. flirty: True – my plan remains to buy all of Galway wesht of th’Corrib once the crash comes, then charge everyone rent.
    ~
    Deb: For once, it seems that the renters are in the better position – hopefully you’ll be able to pounce on something if this fall does happen.

  4. My brother tells me Scotland is getting more expensive too. Even Inverness, Inverness! has gone bonkers. It doesn’t sound as bad as Ireland though. Less a Celtic tiger more a Celtic bobcat.

  5. Kav the bastards are / have gained ground (no pun intent) on us, and I can see 1913 coming all over again and I don’t mean the hollywood – Bergin – shite but the real thing. Fuck, France fell today to Americanisation /glogalisation. We’ll soon be wondering “why nobody told us” – in the last few years the build up of America’s poor has reached 40 million with their open market (slave labour) policy. It’s time to wake up for real. What used to be a reasonable paying job is no longer a reality. You need a university to get any kind of a decent job, and even with that there’s no guarantee. Y:-) Paddy

  6. That’s a problem in Portland too…the crazy ass house prices will keep poor, fantastic people like me renting til we’re toothless. And it’s all because of Californians. Well, someday they’ll get theirs. Whatever the fuck that saying means.

  7. Oh, I like that bit – truly, what else do you need? In fact, I can remember saying about the same to my protective father fifteen years back, that I’d have a roof over my head and clothes on my back, and I’d be very happily in love all the while. Pleased to say it worked out just the way I’d imagined it.

  8. STOP SWEARING. I’LL TELL.

  9. A builder friend of my father’s recently splashed out on a brand new Lexus. 300k.

    May he enjoy the next two years whereupon he’ll be driving a Ford Escort like the rest of us.

  10. Sam: Yeah, Inverness is a bit of a hotspot at the moment. I’ve never been.

    Paddy: I wouldn’t even be so sure about the university thing. If I could go back, I’d do a trade, without question.

    Kara: That’s why I had to move out of Ireland. We were spending two thirds of our money every month just on rent and car insurance. Ridiculous.

    Melissa: Exactly – Linzi’s family have similar worries to that, but thankfully I’ve been fortunate to get into a good area to work in over the last few years.

    blarneyman: Say nowt boss, say nowt.

    Dario: 300 grand? That is just fucking staggering.

  11. One of those economics experts (George Lee – he’s good) said last week that no, people won’t be able to buy when (if) house prices drop, because they won’t have a job if the economy turns!!!! Yikes!

  12. Why do you feel bad for your Dad?

  13. I can’t wait for prices to collapse. Maybe my children will be able to afford a house.

  14. Melissa: It must be wonderful to be you.

  15. Mairéad: Interesting point. Holy crap. It has to happen though. Prices can’t keep going.

    Bock: I feel bad for him because he’s too indecisive to get his fucking finger out and sell now while he still can. He’s in a peachy position where he has the opportunity of getting some land at the same time as selling off his current place, and if he did it now he’d get the best of both worlds – sell the house for a lot, then wait for the crash, and build for cheap. I just know he’s going to miss the boat through tying himself up in knots about what to do, and so I feel bad for him.

  16. It’s not a time for gloating, so I won’t. A lot of people are going to get hurt badly, especially people like the young married couple with a baby on the way I know who only bought last Autumn.
    This is a last-in, hardest hurt scenario.
    Anyone who got in before say, late 04 should be alright in the long run. Others, like my pals, will be stuck in overpriced shoddy apartment boxes for a long time until the negative equity corrects.


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