The biggest mortgage/house devalue you heard

7sr2z3fely84g5

Heard a bloke on the radio other day saying his mortgage is about €1400 a month :eek:,i also know there's a lot of houses bought that are worth a lot less than their boom peak prices.

any personal stories?.

Forest Master

Your anecdote is irrelevant without the "before" figure. DUH!

Solnskaya

my mate bought a house for €5 and now its worth €2!!!! Poor old Fang Shueinchung, he really got it big time up the azz!!! Oh how we laughed!

SafeSurfer

Davina Future Mannequin wrote: »

Heard a bloke on the radio other day saying his mortgage is about €1400 a month :eek:,i also know there's a lot of houses bought that are worth a lot less than their boom peak prices.

any personal stories?.

A monthly repayment of €1400 would represent a 20 year mortgage of about €230,000. Average enough in the craziness of the late noughties.

Solnskaya

SafeSurfer wrote: »

A monthly repayment of €1400 would represent a 20 year mortgage of about €230,000. Average enough in the craziness of the late noughties.

well dull done with the reality check there buddy.:)

baldbear

I heard of a guy whos balls are that big he once shat on them......and he had a massive mortgage for 1trillion yen.

naughtysmurf

Bought first house 3 bed semi, in 1995 for £49,500 (punts) sold in 2003 for €183,500

We bought our current house in 2003, 4bed semi d, nice area for €223,500, they are now selling for in or around €200,000, so about 2000 / 2001 levels

Lucky enough, will never be in negitative equity but do feel sorry for those who bought in 06,07 and are now under pressure

Solnskaya

baldbear wrote: »

I heard of a guy whos balls are that big he once shat on them......and he had a massive mortgage for 1trillion yen.

you're exaggerating there, no way he had that big a mortgage. The balls thing sounds genuine though, poor fecker, sh1tty balls..nothing worse. Suffer that way a lot myself.

Solnskaya

naughtysmurf wrote: »

Bought first house 3 bed semi, in 1995 for £49,500 (punts) sold in 2003 for €183,500

We bought our current house in 2003, 4bed semi d, nice area for €223,500, they are now selling for in or around €200,000, so about 2000 / 2001 levels

Lucky enough, will never be in negitative equity but do feel sorry for those who bought in 06,07 and are now under pressure

showing off a bit there eh;) Clever, very clever. We wanna hear from the poor sod with a mansion on Shrewsbury Rd, bought for €48,000,000, now worth €450,000, feck you and your measley €20K

naughtysmurf

Solnskaya wrote: »

showing off a bit there eh;) Clever, very clever. We wanna hear from the poor sod with a mansion on Shrewsbury Rd, bought for €48,000,000, now worth €450,000, feck you and your measley €20K

Nope, not clever just lucky, that's all, I want to hear from the poor sod on Shrewsbury Rd too

Calibos

Parents bought a 3 bed semi in a nice area for about €45,000 in about 92/93. Sold in late 2008 for €520,000. I really feel for the people who bought it. They must be in serious negative equity now but its not like we held a gun to their heads. I was amazed the parents got what they did because thanks to boards I already knew the writing was on the wall. When they said they were thinking of selling, I said "Do It! Do It! Do It!

x_Ellie_x

My grandfather lives in Wexford, he told me his neighbours sold their farm to developers for €1.5 million 4 years ago and then brought it back from the same developers for €600,000 earlier this year. His neighbours made almost a million euro on that deal. Nice!

SafeSurfer

Reform of the bankruptcy laws is the way to go. Irish bankruptcy currently allows for an automatic discharge after 12 years and a conditional discharge after 5. The costs of availing of bankruptcy in Ireland mean it is an option only for those who can afford it which is a contradiction in terms. Banks would be much more likely to negotiate/restructure debt if customers had an option of bankruptcy as in other countries like the UK. Instead borrowers are pursued through the courts and are increasingly ending up in our overcrowded prisons.

The medieval practice of the sheriff seizing goods and chatals of debtors and then imprisoning those who cannot meet their liabilities, at huge cost to the state must end.

Solnskaya

SafeSurfer wrote: »

Reform of the bankruptcy laws is the way to go. Irish bankruptcy currently allows for an automatic discharge after 12 years and a conditional discharge after 5. The costs of availing of bankruptcy in Ireland mean it is an option only for those who can afford it which is a contradiction in terms. Banks would be much more likely to negotiate/restructure debt if customers had an option of bankruptcy as in other countries like the UK. Instead borrowers are pursued through the courts and are increasingly ending up in our overcrowded prisons.

The medieval practice of the sheriff seizing goods and chatals of debtors and then imprisoning those who cannot meet their liabilities, at huge cost to the state must end.

yeah yeah, but what about the schadenfreud story about your mates who have a mortgage of 1.5 mil, and have to hire themselves out as sex slaves just to meet the interest????? Make the next post juicy, or else:D

Davina Future Mannequin

Davina Future Mannequin wrote: »

Heard a bloke on the radio other day saying his mortgage is about €1400 a month :eek:,i also know there's a lot of houses bought that are worth a lot less than their boom peak prices.

any personal stories?.

Personally, know someone 5 million house is probably not even worth 2 now. Dont know how much the mortgage is but its still being paid. 1400 a month isnt that much for someone who earns a decent salary, its only 16800 a year. Far bigger mortgages around than that.

Use that as as example, if you couldn't afford the house the stfu about debt forgiveness. The person I mentioned is still paying off that mortgage.

Sticjones

Wouldn't be complete without an Alison O'Riordan quote

If there was a competition for throwing dirty looks, I would easily have come first, for those aesthetically beautiful Grand Canal Square apartments are being offered to first-time buyers for a sickening €190,000.

Two years ago, with help from my parents, I bought into the same sought-after riverside location in Dublin 2, but for the horrifying sum of €525,000.

It’s such a bitter taste of defeat as I stare out my window each morning that I leave the blind down continually.

later12

Davina Future Mannequin wrote: »

H,i also know there's a lot of houses bought that are worth a lot less than their boom peak prices.

Go 'way.

Link??????

IPushButtons

This house was listed at 150k about two years ago, now looking for 29k. It's in a bad area of the town so im sure that wouldn't help

http://www.daft.ie/searchsale.daft?id=539428

later12

It's almost as though there has been a... a bust... you might say.

Why has nobody been telling us about this!!!!!!!!!!!111!!!!!

ResearchWill

SafeSurfer wrote: »

Reform of the bankruptcy laws is the way to go. Irish bankruptcy currently allows for an automatic discharge after 12 years and a conditional discharge after 5. The costs of availing of bankruptcy in Ireland mean it is an option only for those who can afford it which is a contradiction in terms. Banks would be much more likely to negotiate/restructure debt if customers had an option of bankruptcy as in other countries like the UK. Instead borrowers are pursued through the courts and are increasingly ending up in our overcrowded prisons.

The medieval practice of the sheriff seizing goods and chatals of debtors and then imprisoning those who cannot meet their liabilities, at huge cost to the state must end.

No automatic discharge in Ireland, I remember hearing about a guy recently is still in process after 20 plus years.

http://www.sbpost.ie/news-features/bankruptcy-law-changes-are-needed-soon-55181.html

starviewadams

IPushButtons wrote: »

This house was listed at 150k about two years ago, now looking for 29k. It's in a bad area of the town so im sure that wouldn't help

http://www.daft.ie/searchsale.daft?id=539428

Very honest ad!

If I was selling the gaff I'd make no mention of anti-social behaviour in the area!

IPushButtons

starviewadams wrote: »

Very honest ad! If I was selling the gaff I'd make no mention of anti-social behaviour in the area!

I don't know mate, seems like there preparing people for what there gonna be in for so that when they see how bad the area is, it won't put them off immediately.

The area has a lot of burnt out houses with a mix of people from all around Africa most of them are refugees

starviewadams

We didn't make any mention of the blood filled needles thrown in our garden every few days,or of the family of drug addicts nextdoor who's house had been shot at twice,or of the stolen car derby's that took place nightly when we sold our old house back in 2004,.

If we had of we never would've sold the place.It was a crap area even for Clondalkin!

Some rich property investor bought it to rent out in the end so we didn't mind too much not telling the whole truth.

Valentina

A house on my road went up for sale in 2005. The owners were offered €1.1m but they declined. The house never sold. I don't think they ever intended to sell the house, just test the waters.

A house a few doors up went on the market about 2 years ago for €895,000. It's in need of compete rennovation. The price has dropped to €595,000 and there's still no interest.

cusackd

IPushButtons wrote: »

This house was listed at 150k about two years ago, now looking for 29k. It's in a bad area of the town so im sure that wouldn't help

http://www.daft.ie/searchsale.daft?id=539428

Have you seen the frickin street view of this?

TwoShedsJackson

The property requires complete internal renovations and is located in a neighbourhood that has a reputation of experiencing anti-social behavior at times.

Well that's a first for me anyway, if they're mentioning it in the ad itself. Surely 'this home is proudly brought to the market by Bloggs Estate Agents and offers an enthusiastic buyer a once in a lifetime opportunity to stamp their own personality on the property!!. The area also enjoys a vibrant social scene' would be more usual?

cml387

IPushButtons wrote: »

This house was listed at 150k about two years ago, now looking for 29k. It's in a bad area of the town so im sure that wouldn't help

http://www.daft.ie/searchsale.daft?id=539428

I know it's OT, but I used to live in Willow Park 25 years ago and it was a nice respectable area.
IPushbuttons, WTF happened?

pickarooney

Sticjones wrote: »

Wouldn't be complete without an Alison O'Riordan quote

Can anyone tell, without checking if this is satire or an actual quote?

LittleBook

The Sunday Business Post reported a while back that Bolands Mills in Dublin city centre had dropped a massive 84% in value since the peak.

The IGB site has dropped in value from €412m to €60m.

There are sites all over the cities (not just in Dublin) which changed hands for millions and millions during the development frenzy but not to worry, the maniacs who financed all this will be fine.

Fran1985

cusackd wrote: »

Have you seen the frickin street view of this?

Holy Sh/t, not if you paid me 29k would i move there!! Houses absolutely trashed beyond belief.

Also, had a fixed rate mortgage for 3 years from 07, was paying nearly 1500 p/m, that went to tracker in 2010 down to 950 p/m. House is down almost 200k on what i paid for it, but i'm not too bothered. Because i've decided i'm not going to try and make a buck or 2 from it. I'm just gona keep it. Things went pair shaped for me, so i let it out. I also turned around my pair shaped situation and i'm contemplating moving back in. A lot of people keeping saying "oh what about the negative equity" I tell them, its not for sale so doesn't affect me.

I know not everyone's in the same boat so its easy for me to say this, but hopefully others can turn around their situations and get themselves back to work, at something, anything, and start making some sort of payments.

Monty Burnz

Sticjones wrote: »

Wouldn't be complete without an Alison O'Riordan quote

Her use of English always cracks me up. It reads like she learned to write by studying vintage Japanese video recorder instructions.

stovelid

Davina Future Mannequin wrote: »

Heard a bloke on the radio other day saying his mortgage is about €1400 a month.

This is hardly a huge mortgage for a house.

The price of my house nearly doubled (from the price I bought) at the peak. Have no idea what it would be worth now as I'm not trying to sell.

bijapos

Land at Monksland in Athlone, was bought for €31,000,000 now probably worth less than €600,000. Link. So thats a drop of around 98%.

Win?

Monty Burnz

bijapos wrote: »

Land at Monksland in Athlone, was bought for €31,000,000 now probably worth less than €600,000. Link. So thats a drop of around 98%.

Win?

That's about as good as were going to get until we find examples of sites that now have negative value (e.g. the cost of work to clean them up exceeds the value of the land).

tfitzgerald

What about wicklow co council paying 3 million for land that's worth less than 1 million and they are never going to use it. That was on the news the other night . :eek:

TheZohanS

x_Ellie_x wrote: »

My grandfather lives in Wexford, he told me his neighbours sold their farm to developers for €1.5 million 4 years ago and then brought it back from the same developers for €600,000 earlier this year. His neighbours made almost a million euro on that deal. Nice!

Guarantee you that NAMA had a part in the sale one way or another, so now we're all paying for the developers loss. So when more stealth taxes and water charges and god knows else along with cuts to the dole and pensions for the elderly come in the next budget just remember that €900,000 and then see if it's "Nice". It's not, we'll all pay for it.

The coming budget isn't like the last one, the last budget was an election budget. This one's going to hurt everyone.

SafeSurfer

ResearchWill wrote: »

No automatic discharge in Ireland, I remember hearing about a guy recently is still in process after 20 plus years.

http://www.sbpost.ie/news-features/bankruptcy-law-changes-are-needed-soon-55181.html

There have been changes in the bankruptcy laws to allow for automatic discharge after 12 years. Still way too long.

http://www.irishcentral.com/news/New-Irish-legislation-seeks-to-end-bankruptcy-after-five-years.html

smash

Davina Future Mannequin wrote: »

Heard a bloke on the radio other day saying his mortgage is about €1400 a month :eek:

Mine is considerably more than that. It's not a big deal.

lastlaugh

smash wrote: »

Mine is considerably more than that. It's not a big deal.

What will you do if you lose your job?

Snakeblood

lastlaugh wrote: »

What will you do if you lose your job?

Should people have mortgages of under 1400 no matter what their income is?

Mr. Presentable

I did some work in a house that was for sale at the time (2006) for €6m. In 2010 it was still for sale at €2.9m. Off the market now.

lastlaugh

Snakeblood wrote: »

Should people have mortgages of under 1400 no matter what their income is?

Whaddaya mean?

joseph brand

cusackd wrote: »

Have you seen the frickin street view of this?

What the sh1t is going on there?
Couple of houses at the end are lived in, with beefed up security. The rest are just rubbish tips.

the_syco

TwoShedsJackson wrote: »

Well that's a first for me anyway, if they're mentioning it in the ad itself.

Sounds like they have to put the ad up, maybe forced by their bank, and they may not be telling lies...

bijapos

Mr. Presentable wrote: »

I did some work in a house that was for sale at the time (2006) for €6m. In 2010 it was still for sale at €2.9m. Off the market now.

Orwell Park, Rathgar by any chance? A lot of houses here in Dublin 6 took a big hit in the last couple of years. Economist Constantin Gurdiyev bought a house near me in 05 (iirc) and has taken a major hit on it the last couple of years.

Thank christ I'm just renting.

mickydoomsux

joseph brand wrote: »

What the sh1t is going on there?
Couple of houses at the end are lived in, with beefed up security. The rest are just rubbish tips.

The scumbags are winning.

It's happening in more and more estates around the country.

Novella

IPushButtons wrote: »

This house was listed at 150k about two years ago, now looking for 29k. It's in a bad area of the town so im sure that wouldn't help

http://www.daft.ie/searchsale.daft?id=539428

Holy shit. I wouldn't live there if they gave me 29k. :eek:

joseph brand

mickydoomsux wrote: »

The scumbags are winning.

It's happening in more and more estates around the country.

They need to bring in the army or something. Get the council to clean up the place, rebuild/ renovate the houses and fill em with Grannies. Grannies love bungalows. Find a large pit in which to dump the families of scum.

Snakeblood

bijapos wrote: »

Orwell Park, Rathgar by any chance? A lot of houses here in Dublin 6 took a big hit in the last couple of years. Economist Constantin Gurdiyev bought a house near me in 05 (iirc) and has taken a major hit on it the last couple of years.

Thank christ I'm just renting.

He sounds like a great economist.

steven.blanc

A big pat on the back to the agent for representing the property in the correct manner...

TwoShedsJackson

Snakeblood wrote: »

He sounds like a great economist.

Economic trends cannot be predicted, this has been shown over the decades, anyone who thinks they can tell you what's going to happen in the future is basically making it up.

There's a study mentioned in Dan Gardner's book Risk where economists were asked to pick certain stocks to perform over a three year period - they got about a 47% success rate.

Meanwhile monkeys drawing blocks at random from a bag got a 52% success rate.