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Worst Purchase During Boom Award

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    #62
    North_West_Art
    Closed Accounts Posts: 1,103 ✭✭✭North_West_Art


    this thread is now running around like a headless chicken... not a mod in sight....
    p.s. I like Peugots


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    #63
    ocokev
    Closed Accounts Posts: 373 ✭✭ocokev


    Zulu wrote: »
    What, where you sleeping with him or something? You seem to have intimate knowledge of his finances.

    God of almighty. Its an example of how he spent the boom.

    If someone is in the pub is bragging bout all the material things they have, and you know where they work you can roughly calculate how much they earn and how much they say they are spending.[/


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    #64
    Jaysoose
    Closed Accounts Posts: 3,212 ✭✭✭Jaysoose


    ocokev wrote: »
    God of almighty. Its an example of how he spent the boom.

    If someone is in the pub is bragging bout all the material things they have, and you know where they work you can roughly calculate how much they earn and how much they say they are spending.[/

    Yeah i do this all the time when im in the pub......what!!! So you are basically talking smack about the guy and you have nothing to back up your claims at all. Pretty sad to be honest.


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    #65
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    ocokev wrote: »

    you know where they work you can roughly calculate how much they earn [/

    Yeah because everybody in my company earns about the same wage ..... :rolleyes::rolleyes:


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    #66
    ocokev
    Closed Accounts Posts: 373 ✭✭ocokev


    D3PO wrote: »
    Yeah because everybody in my company earns about the same wage ..... :rolleyes::rolleyes:

    When there are people you know working the same job as him doing the same hours as him they are probably going to know how much he earns.

    And they all thought he was the greatest loud mouth bragging twit that walked the earth.

    I still dont feel sorry for him though.


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    #67
    Duckjob
    Registered Users Posts: 2,859 ✭✭✭Duckjob


    Zulu wrote: »
    What, where you sleeping with him or something? You seem to have intimate knowledge of his finances.

    ..not to mention the vulcan mindmeld he's got going on to read his neighbours thoughts :pac:


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    #68
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    ocokev wrote: »
    When there are people you know working the same job as him doing the same hours as him they are probably going to know how much he earns.

    .


    Not really. I know people in the same company doing the same role and earning 7k a year different, due to differing annual increases due to performance, years of service etc.


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    #69
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    ocokev wrote: »

    I still dont feel sorry for him though.

    Either do I if he lived outside his means, but that isn't the norm of people that bought in the boom.

    And again not feeling sorry for him or laughing at his plight are two very different things


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    #70
    JJJJNR
    Closed Accounts Posts: 4,791 ✭✭✭JJJJNR


    Yeah my wife bought a peugeot 307 in 07 its worth less than half what she paid now..

    I think everyone got stung during the boom years, it effected everyone, the same way the recession is effecting everyone, simple really.


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    #71
    Ash.J.Williams
    Registered Users Posts: 20,943 ✭✭✭✭Ash.J.Williams


    I'm the type of chap that believes we are responsible for our own actions, but jeysus christ the encouragement from the GOVERNMENT and the banks and the estate agents to rack up the debt was unreal!!
    ffs the ginger economist even had is own show about how it was all going to end and the government laughed at him.
    My first alarm bell was when i heard the banks were hiring retail people by the thousand......

    having said that, if the boom came along again we would all do the exact same. Money is bloody powerful!!


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    #72
    Amhran Nua
    Closed Accounts Posts: 4,124 ✭✭✭Amhran Nua


    I know and am related to several people who bought during the boom, I don't laugh at them although there was a certain element of looking down the nose in some cases. Indeed I try to help them out when I can, some of them are in way over their heads, with kids as well.

    Its understandable that there should be some who feel like crowing at the fall of the extraordinary hubris of the boom times, and likewise others who are feeling a bit raw at the sentiment.

    Mistakes were made, and thats life - I don't have a problem with that fact. I do however have a big problem with being asked to bail out those who made bad decisions, via the revenue commissioners.


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    #73
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    Zulu wrote: »
    I notice from these & other similar threads that either a load of people are:

    a) very poor at choosing friends, & assoicate with people who'd be crass enough to arrogantly boast about their wealth or,
    b) are jellous & bitter people.

    If your friend had bought at the height of the market, and was now suffering with horrendous debts, or has lost their job, you should feel sorry for them - they're your friend.

    If you revel in a neighbours angst because they "lorded it over you" before - then you are no better than them; you are the very same as them. Thats hardly something to be proud of, is it?

    So kudos, you're as much of a dick as they are.


    Oh man. What a self-righteous post that completely misunderstands just about everything people are saying.

    1. If you deny that there was an air of arrogance floating around during the fake boom, then you mustn't have got out much.

    2. That arrogance was loathsome and massively damaging to our economy and society. It came from the Taoiseach all the way down and permeated all levels of society, all classes, all ages.

    3. Some of us tried to kick back at this. In hindsight, this was intellectually and morally righteous. For our pains, we were sneered at, ignored and patronised - not so much by our individual friends as by society as a whole. And now that things have panned out as we said they would, we are still being patronised by posts like yours.

    4. Nobody is saying that their own friends literally spat this stuff in our faces. Of course not (although I'm sure there were instances of it). No, they are our friends and wouldn't do that. However, there were inevitably instances when one sensed maybe a slight disapproval or a twinge or arrogance in a remark. This served to amplify the general atmosphere floating around the country. I certainly don't appreciate the insinuation that my friends are arrogant schmunts. They are the exact same as your friends Zulu. In fact the subtext of what you are saying is that the anti-bubbleista's friends were especially unpleasant compared to "normal" friends! You see the sneering continuing? "Oh yeah, you saw the bubble but your friends suck". My God.

    5. If you still insist on calling me "jealous and bitter" now I've explained the other side of the coin, fine. I would prefer you try and see it from our side and perhaps offer a word of recognition that we saw what so few did.



    You know a friend of mine - a guy who bought a family home and an investment property in '06 despite my advice - keeps on saying to me, "You were right. You were saying it all along". That's what my friends are like Zulu. And yes, he had a wee air of the house-proud owner in '06. I didn't resent it but it wasn't hugely pleasant either. But he's been man enough to see his mistake. And he is the only person I have heard offer a word of congratulation to those of us who tried. The rest of you are still sneering. Good job.


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    #74
    CamillaRhodes
    Registered Users Posts: 505 ✭✭✭CamillaRhodes


    Wow, what a thread! I thought we were in Accommodation & Property - where people talk about property purchases, prices, investments / losses etc. - not AH or PI.

    Surely if anyone here wants to (a) deliberately mock and belittle others' misfortune or (b) have a boo hoo about their own misfortune or (c) get on a sanctimonious high horse about either of the above, you can go elsewhere on boards???

    Would anyone like to get back to talking about price drops? Whether it morally hurts you or not, surely significant price drops in the property market is a legitimate subject to discuss in the A&P forum?


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    #75
    shoegirl
    Registered Users Posts: 2,018 ✭✭✭shoegirl


    Treehouse72 wrote: »
    I don't need to ask myself that question cause I already know the answer: hubris, stupidity and bubblethink. They didn't do it because they were evil, they did it because they didn't spot the bubble and couldn't see how much it was warping their minds and actions.

    In fairness, most people I know of who bought at difficult prices at the very end in unsustainable areas did so because they were generally paying even more in rent for substandard properties and couldn't see an end to that.

    And those rents have yet to go down to the same rates as sales prices.

    I know lots of people who didn't also have the option of living at home rent-free in order to save - a lot of older people might not have done so well out of the last few decades and can't afford to have adult children living at home without making a contribution. Amongst my property-haves and property-have not friends, that is one of the strongest deal breaker - basically those who had comfortable parents were able to stay home nd save whereas those who couldn't ended up renting elsewhere because they would end up paying out the same. I do know of one family who insisted on a 20% cut of their kids salaries (not one of them own anything, and they are in their 30s now).

    To be honest, the price drops in some cases have occured in areas where locals were genuinely forced out of the market and that cannot be a bad thing. The reality is that you have to live somewhere and most people don't mind paying a bit more for something nice rather than shoddy and musty but cheap.


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    #76
    Meeja Ireland
    Registered Users Posts: 1,295 ✭✭✭Meeja Ireland


    Ash.J.Williams wrote: »
    I'm the type of chap that believes we are responsible for our own actions, but jeysus christ the encouragement from the GOVERNMENT and the banks and the estate agents to rack up the debt was unreal!!

    I think this is very true, and too often forgotten. I'm going to channel David McNickname and call it the Flares Syndrome. Your kids look at old photographs and say, "You look like a complete tit in those flares. What were you thinking?"

    The answer is a complex one. Partly, society was geared towards finding flares cool. Partly, flares were in fashion, so there was bugger all else in the shops. You wore flares or went naked.

    Many people couldn't not buy a house in the boom. They needed somewhere to move in to, and the only houses available were overpriced or shoddy. Rental accommodation was also overpriced. We're all sick of the "rent is dead money" mantra, but the fact is that boom landlords charged disgracefully high rents.

    My God, with the way 100% mortgages were given out, there were people who could afford to buy a house, but couldn't afford a deposit to rent one. Yes, there were stupid decisions. But who has never made one of those?

    (This doesn't mean I think the thread is cruel or gloating, by the way. I think it's salutary. I hope the people who made bad decisions have the rueful grace to own up to them, take a slagging, and move on. )


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    #77
    Boardom
    Registered Users Posts: 54 ✭✭Boardom


    Slightly off topic but I remember a story from an old co-worker of mine that I thought encapsulated the boom well.

    In 2000 he inherited a nice semi-d in mount merrion when his mum passed away. He already had a house with his wife and children in Bray at this stage and he didn't fancy the idea of becoming a landlord or moving.

    So, he decided to sell the house right away.

    In 2006 he calculated that if he had held on the house in 2000 without working and just sold it then he would have ended up with the same additional net profit as the amount he managed to save from working between 2000 and 2006. In other words, he would have been as well off sitting at home for 6 years and then selling the house.

    Of course it is easy to say these things in hindsight.


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    #78
    North_West_Art
    Closed Accounts Posts: 1,103 ✭✭✭North_West_Art


    Meeja Ireland wrote: »
    I think this is very true, and too often forgotten. I'm going to channel David McNickname and call it the Flares Syndrome. Your kids look at old photographs and say, "You look like a complete tit in those flares. What were you thinking?"

    The answer is a complex one. Partly, society was geared towards finding flares cool. Partly, flares were in fashion, so there was bugger all else in the shops. You wore flares or went naked.

    Many people couldn't not buy a house in the boom. They needed somewhere to move in to, and the only houses available were overpriced or shoddy. Rental accommodation was also overpriced. We're all sick of the "rent is dead money" mantra, but the fact is that boom landlords charged disgracefully high rents.

    My God, with the way 100% mortgages were given out, there were people who could afford to buy a house, but couldn't afford a deposit to rent one. Yes, there were stupid decisions. But who has never made one of those?

    (This doesn't mean I think the thread is cruel or gloating, by the way. I think it's salutary. I hope the people who made bad decisions have the rueful grace to own up to them, take a slagging, and move on. )

    I agree, except its going to take a very long time for thousands of people to move on... their bad decisions have effectively anchored them to the bank for the rest of their lives, and way beyond...

    Who funded the Sunday papers through the boom?? Sherry Fitzgerald, Gunne, Remax etc etc. And they could print whatever they liked in the property supplement, and everyone lapped it up in their droves, and there was no-one there to regulate the prices... they ran amok on the people of this country, and in my opinion, are guilty of fraud

    We only bought one house back in 06, and got a terrific deal and a beautiful house in a great loctaion in Donegal, so we were lucky


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    #79
    Meeja Ireland
    Registered Users Posts: 1,295 ✭✭✭Meeja Ireland


    North_West_Art wrote: »
    Who funded the Sunday papers through the boom?? Sherry Fitzgerald, Gunne, Remax etc etc. And they could print whatever they liked in the property supplement, and everyone lapped it up in their droves, and there was no-one there to regulate the prices... they ran amok on the people of this country, and in my opinion, are guilty of fraud

    It was all very dubious alright. I think the Irish Times comes out of it particularly badly. They invested heavily in myhome.ie, then continued to plug property purchase long past the point of any sanity.

    But journalists in general are guilty of never questioning the basic idea that a rise in property prices is a good thing. They forgot to empathise with the people who didn't already own a house. This was a big failure of RTE news, which I generally like and respect.

    They still talk about "recovery", as if the increased price of a basic commodity is a good thing for everyone.


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