The Worst Article About Irish Property. Ever.

oceanclub

http://www.independent.ie/opinion/analysis/wheres-my-bailout-how-to-break-chains-of-negative-equity-1943913.html

oceanclub

http://www.independent.ie/opinion/analysis/wheres-my-bailout-how-to-break-chains-of-negative-equity-1943913.html

It's hard act to beat the likes of Liz O'Kane. But to fair to Liz, she never claimed to be a trained economist.

Step forward, Marc Coleman. Marc is known for many things. For one, he has a radio show. Another, he has a web site whose mawkish shilling has all the dignity of those postcards that hookers put in London phone boxes (http://www.marccoleman.ie/).

Another is that the height of the boom, he bought a house, then published a book called "The Best is Yet to Come", a book that has a 1-star rating on amazon.com. (http://www.amazon.co.uk/Best-Yet-Come-Marc-Coleman/dp/1842181483)

Now, he wants taxpayers - that is, me and you - to pay for his house. His rationale for this is that people in negative equity - even if they still have a roof over the heads, can afford their mortgage, and are in good employment (for example, inexplicably employed by radio stations despite their abysmal past record at predicting property crashes) are suffering as badly as people locked up in Guantanamo.

Read this and weep. Politicians take this moron seriously (they were attending his latest book launch anyway), which is yet one more reason it's time to emigrate.

P.

Ulysses Gaze

Politicians take this moron seriously (they were attending his latest book launch anyway), which is yet one more reason it's time to emigrate.

Coleman is part of the clique though, that's why. He's spent the best part of a year slating guys like Morgan Kelly for getting it right because he was wrong. Coleman bought a house a couple of years back and overpaid for it by quite a bit. He admits this.

Now he's in NE and doesn't like it at all (like that pillock Brendan O'Connor) and he wants someone else to take responsibility for this. Of course neither of these clowns, in their recent articles, allude to their own situations. They are all for helping the little guy. My hole.

"The Best is Yet to Come"

Oh, he's published another opus recently. 'Back from the Brink'. With a chapter titled ' The Best is (Still) yet to come :pac:

http://www.cdwow.ie/books/MARC-COLEMAN-BACK-FROM-THE-BRINK/dp/4667475

He's lost a lot of credibility and the guys on the PropertyPin pretty much have his number, including his fixation with the year 2005.

http://www.thepropertypin.com/viewtopic.php?f=4&t=18484

http://www.thepropertypin.com/viewtopic.php?f=4&t=26474

Agent J

Multi generational mortages???

Trying to model a recovery in the housing market based off a Japanese idea is a bad.. nay terrible idea.

Also 2005 is not a year to be looking towards either.

This guy needs to be lined up beside Tom Parlon and shot.

Nate--IRL--

Edit:- one of these days I will actually read the thread before responding..........

Also by this genius...


Blurb....

Forget the Celtic Tiger. Ireland is undergoing something far more significant, the most powerful transformation in two hundred years. In The Best is Yet to Come Marc Coleman, one of Ireland's leading economic and political commentators, argues that only the government stands between Ireland and a future in which its population could grow to 8 million by 2050.

Nate

jdivision

He's a nightmare. The IT were delighted he left.

jmayo

http://www.marccoleman.ie/ABOUT_MARC/Default.138.html

All that experience and all those qualifications and he is still a gobsh*** severily lacking in a thign called cop on.

oceanclub

jdivision wrote: »

He's a nightmare. The IT were delighted he left.

Details!

spockety

He might be a gob****e, but 60 year and multi generational mortgages have suddenly started to be talked about in the last week by various different people (including in our own Senate).

Something is afoot.

mrgaa1

Correct. It would appear that mortgages will be lengthened in some cases so as to reduce the monthly payment. I would also think that this may be an option for FTB to stimulate the market. It is common in other parts of the world but if memory serves me right the criteria is very strict. I wish I'd held onto the info that I had on it from before. As others have posted this is being held out in the public to gauge the reaction.

bangersandmash

Awful stuff, but then Coleman has a track record for it. He has written a few contentious pieces recently, presumably to coincide with the launch of his new book. I wonder if it will be more successful than his last effort.

spockety

mrgaa1 wrote: »

Correct. It would appear that mortgages will be lengthened in some cases so as to reduce the monthly payment. I would also think that this may be an option for FTB to stimulate the market. It is common in other parts of the world but if memory serves me right the criteria is very strict. I wish I'd held onto the info that I had on it from before. As others have posted this is being held out in the public to gauge the reaction.

The monthly payment can also be reduced by bringing property prices back into line with historical norms. The banks should not be allowed to peddle 60 year mortgages. Hell, they should not even be allowed to peddle 35 year mortgages. It is insane.

25 year mortgage @ 6.5% for €250,000 - Bank repaid €506,000

50 year mortgage @ 6.5% for €250,000 - Bank repaid €845,000

:eek: :eek:

Calculator doesn't go to 60 years, but I shudder to think.

Republic of Ireland - R.I.P. "You never really existed".

gurramok

Never thought i'd see the day a poster advocating lifetime slavery to the banks just to purchase one's roof over one's head.

Instead of trying to keep prices high, just drop the price and no need for life sentences.

oceanclub

gurramok wrote: »

Never thought i'd see the day a poster advocating lifetime slavery to the banks just to purchase one's roof over one's head.

This is mrgaa1 we're talking about:

"Irelands economy is in good shape
house prices are now realistic
Now is the time to buy
DOOM & GLOOM merchants should not be allowed to run the country
Banks are lending money"

- mrgaa1, 19 August 2008.

P.

mrgaa1

What have you got against me oceanclub? Just because I post my own thoughts and what I believe is right at the time or make a comment does not justify the constant attacks against me. I may not agree with your views and vice versa but I don't make go on about it. I'll make my statement and stand by it until otherwise informed.

Times have dramatically changed but we need to move forward. New ideas, new thoughts, new perspectives. Looking back into the past doesn't help.

If my previous post was carefully read I was simply re-iterating what others are saying - the senate has debated this point about mortgages and as others have said (and I stated it as well) this is now public domain information to be gauged. Thats all I said.

I am not an Estate Agent as you constantly allude to - wouldn't want to be. I do have a vested interest in that I own properties which are rented out and my livelihood depends on the property market. I've bought at the peak, I've bought when prices were low - I've lost and I've won. Its a risk but I'd rather see my risk standing in front of me rather than being digits on a screen. Thats my own view - I thought of it for myself. I don't follow other peoples thoughts. I'll take on board new thoughts, new ideas and if they suit me I'll go for it. If it doesn't suit - no harm done.
Tenants who rent of me are not being ripped off - they pay the going rate. Personally I understand why some do rent - they move on again within a year or two. I don't understand those who are renting from me for years and years. But thats me and I don't complain. I'm seven digits negative equity - but its only negative equity if I sell.

oceanclub

mrgaa1 wrote: »

What have you got against me oceanclub?

Nothing except that you've been mind-numbingly wrong about everything ever since I started reading this forum, don't change your mind about anything, and are a poster boy for the property bubble.

Don't get me wrong, I'm sure you're perfectly nice in real life.

Agent J

mrgaa1 wrote: »

As others have posted this is being held out in the public to gauge the reaction.

The reaction should be public stoning for anyone who suggests such an idea.

"Let the market find its natural level"

We heard that for years and years during the boom times.
Let it apply now and any attempt to artificially inflate values,set floors or boost borrowing availablity should not be done.

Otherwise we just store it up for the next boom/bust cycle.

ParkRunner

And yet they are guiltless, more than guiltless. They are victims, made vulnerable only by their belief. Belief that their leaders were telling the truth when they warned them to buy properties in case prices rose further. Belief that the banks had their best interests at heart when they lent them many times their income. Belief that estate agents were telling the truth about the prices being bid.

They are victims of a vast network of misgovernance encompassing our land laws, our planning system, our spatial strategy, our system of financial regulation, and, yes, our banks. They are also victims of a State that plundered them for tax revenues. At its peak levels of 2006, the State took over €2bn off of these people in stamp duty. And it was those who bought their properties in 2006, the peak of the market, who are suffering the most. The policy-makers who are inflicting this misery on them have no reason to care. Most of them -- senior civil servants -- bought their houses in the 1980s or early 1990s, before stamp duty became an issue. Many of the ministers who support the retention of stamp duty also don't care. Why would they? In their constituencies, house prices are low enough for the tax not to be a problem.

This says it all for me! You did not do enough research and you freely entered into a legally binding contract. Property bubbles are nothing new. There was nothing to suggest that our property bubble was any different to any others from the past and if you put your faith in an estate agent you will pay a lot more than you should!

oceanclub

EF wrote: »

This says it all for me! You did not do enough research and you freely entered into a legally binding contract. Property bubbles are nothing new. There was nothing to suggest that our property bubble was any different to any others from the past and if you put your faith in an estate agent you will pay a lot more than you should!

It's funny how Marc uses the third person, when he himself bought a house at the height of the bubble and admits he knew he overpaid!

http://www.independent.ie/opinion/analysis/property-market-in-need-of-tough-love-1258683.html

When I bought my own house in 2006 I knew it was slightly overvalued. Having just got engaged, my choice was to buy a property in an area where I wanted to live and in commutable distance for myself and fiancée, or to sit out the first years of married life in a 40sq m apartment. Speaking for myself, I have no regrets about my decision.

P.

mrgaa1

This website should clarify a few minds about where we are http://www.financedublin.com/debtclock.php dont spend too long on it - you could become further depressed

oflahero

I just remembered this morning something that a cheerful mate of mine said to me one evening in the pub circa late 2002. As a FTB, he had just bought a new apartment in Carpenterstown with his missus. I spouted my usual doom and gloom about overpriced gaffs (if only I'd known I'd have to continue doing this for the next 6 years). "Not to worry," says he, with infectious certainty, "there's so many of us buying, that if it all does go sour sometime, the government will just have to step in and bail us all out."

At the time I pooh-pooh'ed him in expletive-laden terms, but I'm really starting to think he'll have the last laugh...