“The taxi drivers outside here have five, six, seven homes,” he said.

I Heart Internet

Interesting article in the NYTimes sunday magazine about the type of folk investing in Manhattan appartments.

http://www.nytimes.com/2012/03/18/magazine/midtowns-irish-elite.html?pagewanted=1&ref=magazine

As it happens they haven't done so badly on these (by comparison to Irish property investments).

The quote in the title is:

“Irish people were well used to getting in early, putting money down, taking the upfront risk and riding that price inflation,” said Cathal McGinley, an Irish broker. In 2005, McGinley started to export the syndicate model to New York. I met McGinley for lunch beneath the crystal chandeliers of one of Dublin’s finest hotels. “The taxi drivers outside here have five, six, seven homes,” he said. “They might be sorry they did that right now, but that was the investment strategy.”

Do you think this is true? That "we were all at it". I hear it more and more and other statements along the lines of "sure we all went crazy".

I think this is a blanket statement that people use to give the impression that we were all involved when in fact that wasn't the case at all.

amacachi

Did he hear that from a taxi driver?

GetWithIt

amacachi wrote: »

Did he hear that from a taxi driver?

He may have read it on Boards.

jester77

I Heart Internet wrote: »

Interesting article in the NYTimes sunday magazine about the type of folk investing in Manhattan appartments.

http://www.nytimes.com/2012/03/18/magazine/midtowns-irish-elite.html?pagewanted=1&ref=magazine

As it happens they haven't done so badly on these (by comparison to Irish property investments).

The quote in the title is:



Do you think this is true? That "we were all at it". I hear it more and more and other statements along the lines of "sure we all went crazy".

I think this is a blanket statement that people use to give the impression that we were all involved when in fact that wasn't the case at all.

BS, I know a taxi driver and he only has four homes

biko

Did the yanks have "buy to let" too?

CardBordWindow

I thought most taxi drivers were having it so rough, that they can't even afford a car!?

Placebo Effect

I think that's true, particularly of the old school drivers who made fortunes before the taxis were deregulated ( or whatever it 's called)...most invested in property...have an inside track on this.

Micky Dolenz

Who doesn't have at least 5 houses?

gurramok

Could be true for some. Always noticed taxi's parked in driveways in posh estates in Dublin nevermind some taxi drivers magically affording brand new taxi's with a loan or without a loan despite the recession.

Logical Fallacy

amacachi wrote: »

Did he hear that from a taxi driver?

"Me? I had 5 homes mate, and 3 wives, right? ****ing smashing gaffs they were, the wives were alright. Now there are black lads living in me wives and riding me ex-houses...it's a ****ing joke man!"