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commercial property value if the IMF enter?

  • 12-09-2010 12:15pm
    #1
    Freiheit
    Closed Accounts Posts: 1,783 ✭✭✭


    As an owner of such I'm wondering what impact what seems like the ineviatable/probable will have? The value has already fallen hugely so surely it cannot be impacted on much more?. It surely has a base value?. Karen Coleman on Newstalk today, well on that show today most panelists reckon that the IMF is ineviatable and possible for our long term benefit.


Comments

  • #2
    MrDarcy
    Closed Accounts Posts: 585 ✭✭✭MrDarcy


    Freiheit wrote: »
    As an owner of such I'm wondering what impact what seems like the ineviatable/probable will have? The value has already fallen hugely so surely it cannot be impacted on much more?. It surely has a base value?. Karen Coleman on Newstalk today, well on that show today most panelists reckon that the IMF is ineviatable and possible for our long term benefit.

    The value of your property is really the secondary issue here. Is it occupied and currently providing a return on your investment?


  • #3
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    You are worrying about a possible IMF impact (why would IMF rescuing the economy hurt property prices?)

    while missing the multi-billion elephant in the room which holds a monopoly on the market and subsidised by the taxpayer

    yes thats the NAMA elephant and Ronan has an interesting article here

    NAMAs aims have changed after their initial aim of repairing the banking system has proved to be failure, now they will flood the market with their properties ...
    Remember that it’s the aim of NAMA to wind itself down within a decade. This means that it could find itself flooding the commercial property market – and indeed the markets for development land and residential property – each and every year for the next decade. What role for the private sector, and the jobs it supports, in a country where you have a multi-billion euro property monster loose?


  • #4
    Liam Byrne
    Closed Accounts Posts: 18,163 ✭✭✭✭Liam Byrne


    As I've said for 5 or 6 years to people - the only true value of a property is what it's worth to you; what it gives you.

    e.g. if you're renting, it gives you independence; that independence might not be "worth" as much to someone else.

    But the Irish boom & bust was caused by people wondering what their property might some day be worth to someone else.

    If you looked at your property to say "it's what I want, achieves my own aims and I can afford it", then it's "worth" what you're paying.

    If not, then it's not.


  • #5
    GSF
    Registered Users, Registered Users 2 Posts: 1,831 ✭✭✭GSF


    Liam Byrne wrote: »
    As I've said for 5 or 6 years to people - the only true value of a property is what it's worth to you; what it gives you.

    Thats ok as long as your circumstances dont change. If you bought but now need to move because of work your choices are either take a hit and move or stay put & have no job.


  • #6
    Tipp Man
    Closed Accounts Posts: 4,025 ✭✭✭Tipp Man


    GSF wrote: »
    Thats ok as long as your circumstances dont change. If you bought but now need to move because of work your choices are either take a hit and move or stay put & have no job.

    Or rent out the propety you own and move to new job with rented property close by


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  • #7
    Liam Byrne
    Closed Accounts Posts: 18,163 ✭✭✭✭Liam Byrne


    GSF wrote: »
    Thats ok as long as your circumstances dont change. If you bought but now need to move because of work your choices are either take a hit and move or stay put & have no job.

    Fair point; likewise with anyone who has taken a "then unforeseen" pay cut and is in difficulty as a result.

    My main point, though, is that we (and for "we", read those who didn't apply the earlier logic and therefore caused the problem) should learn a lesson from what has happened and stop trying to guess what property will be worth to someone else.


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