Daft.ie website- snapshot from 2005

Going Forward

Read it and weep....

Ye may have done this already, Web archive:
http://web.archive.org/web/20050427202026/http://www4.daft.ie/new_homes/index.daft?search=1&s[new]=1&search_type=sale&s[sort_by]=date&s[sort_type]=d

Ouch.

If only I could shout back to those people in the past and tell them to run, you fools!

That and to invest in Facebook.

WoollyRedHat

Deleted User wrote: »

If only I could shout back to those people in the past and tell them to run, you fools!

That and to invest in Facebook.

Don't forget about sunscream!

wazky

Deleted User wrote: »

If only I could shout back to those people in the past and tell them to run, you fools!

That and to invest in Facebook.

Feck that, I would be heading back with the winning Euromillion numbers for the next few years.

P_1

wazky wrote: »

Feck that, I would be heading back with the winning Euromillion numbers for the next few years.

That and the results of every horse race, matches, reality TV shows and basically anything that you could have a wager on :P

Missyelliot2

Going Forward wrote: »

Read it and weep....

Ye may have done this already, Web archive:
http://web.archive.org/web/20050427202026/http://www4.daft.ie/new_homes/index.daft?search=1&s[new]=1&search_type=sale&s[sort_by]=date&s[sort_type]=d

Ouch.

WOW! Cavan for €300,000 - bargain!
Seriously, scary!

hfallada

Those were the days. Massive weekly property supplements with estate agents "leaking" what they just got for houses. Creating a bigger false demand. People buying ****ty developments off the plans increase they went up in price or to get a "free kitchen"

Isnt weird how most overpriced developments had tax relief such as section 23? Why didnt anyone tell the Government that unnecessary tax reliefs were fueling a bubble? Oh wait there was endless reports such as the Bacon(about 2000) report telling the Government they were creating a massive unsustainable bubble. But they choose to ignore.

The banks definitely know the bubble was busting in 2008. As most Bank branches were all sold in 2007 eg AIB, BOI. But yet most of the public never picked up on the hint

ninebeanrows

bit disturbing innit

Missyelliot2

Well...here's my tuppence worth - was in pub in West of Ireland (living abroad at the time- thankfully!), and met up with schoolfriend (I left school in 1985 - he didn't finish) - but at the time was a major shaker around the west of Ireland.
He got some mates to buy up his phase 1 properties, thus creating a frenzy (we should live in Athlone-it's near Galway) type of thing.
So....phase 2 comes along - and people are queueing for properties down laneways off-off-off the bypass.

Scum! He's got off scott free - claimed mental pressures (trivialising genuine mental health)

Folks....we are paying for said muppett!

IvaBigWun

Going Forward wrote: »

Read it and weep....

Ye may have done this already, Web archive:
http://web.archive.org/web/20050427202026/http://www4.daft.ie/new_homes/index.daft?search=1&s[new]=1&search_type=sale&s[sort_by]=date&s[sort_type]=d

Ouch.

Reminded me of this, probably my favourite scene in Breaking Bad. This is how bad Id lose it if Id bought at those prices.

Spolers obviously if you havent seen the ending of the Crawl Space episode.

https://www.youtube.com/watch?v=shfX0FYu8lI

Bryan Cranston for president please

darragh16

And them prices were probably cheap compared to the same properties only a year later. From what I recall 2006 was the biggest year of greed and gluttony! We couldn't see two paces in front of us ... awful shame

dmcar02

That's mad, I feel for the people who bought at the time, thinking that if they didn't, then within a few months they would never be able to afford it.

Ain't hindsight a great thing.

R P McMurphy

Missyelliot2 wrote: »

WOW! Cavan for €300,000 - bargain!
Seriously, scary!

I know that estate in Cavan. Is still a pretty nice development but could pick one up for one third of the price. There was another gated development planned for a couple of miles from there. It was to be so exclusive that Irish people were not good enough to get a look in and was only available for purchase in england, prices starting at 800,000. Alan shearer was involved in it I think. Lots were sold off the plans but then kaboom

dd972

The Friday property supplement used to be bigger than the Indo it came with, the luckiest, jammiest generation of Irish people who ever lived were the baby boomers who didn't have the balls the emigrate, stayed and bought some piddling 3 Bed Semi in Santry or Glasnevin in the 70's then sold up pre-crash.

Missyelliot2

R P McMurphy wrote: »

I know that estate in Cavan. Is still a pretty nice development but could pick one up for one third of the price. There was another gated development planned for a couple of miles from there. It was to be so exclusive that Irish people were not good enough to get a look in and was only available for purchase in england, prices starting at 800,000. Alan shearer was involved in it I think. Lots were sold off the plans but then kaboom

HOLY MOLY.....advertised as commuting distance from the big smoke???? Awful!

Smidge

You'll have to excuse me OP, but what's the point of this thread?

Is it a "Oh look at the big thicks that spent all of that money on a family home when they couldn't afford the extra bigger bucks in Dublin/Galway etc"?

Seems like a bit of a gloat and jeer tbh.
Lots of people bought in good faith and are losing their homes(and everything else).

Wouldn't it be great to be 21/22/24 or whatever years of age and have a good laugh at 40 somethings?

I must be losing my sense of humour because I'm not finding it funny.

If we were all to have our failings hung out for the world to see, guess thing would be different.

shedweller

The thing to do here is to always remember this and to warn our children. Keep these printouts and newspaper cutouts (most of the paper i suppose!) and drill it into their heads to not make the same mistakes we did. And when the 100% or similar mortgages come out it's time to get off the bus.
I'll always remember reading a property supplement on day in 2006 i think. I noticed a huge glut of multimillion properties for sale. It went on for a few weeks and then the proverbial hit the fan. I can only surmise that it was the "rats fleeing the sinking ship" and i'm sure a good few sold too. They knew but the plebs didnt!

Turtyturd

345,000 in Belmullet...a bargain considering you are only 45 minutes from midtown Manhattan.

Smidge

Smidge wrote: »

You'll have to excuse me OP, but what's the point of this thread?

Is it a "Oh look at the big thicks that spent all of that money on a family home when they couldn't afford the extra bigger bucks in Dublin/Galway etc"?

Seems like a bit of a gloat and jeer tbh.
Lots of people bought in good faith and are losing their homes(and everything else).

Wouldn't it be great to be 21/22/24 or whatever years of age and have a good laugh at 40 somethings?

I must be losing my sense of humour because I'm not finding it funny.

If we were all to have our failings hung out for the world to see, guess thing would be different.

You seriously didn't see that there was something wrong with paying half a million euro for a house in Cavan or Mullingar? Something fishy about house prices doubling or trebling in just a few years?

Seriously?

I'm not jeering, I feel very sorry for people who bought during the boom, but I do wonder WTF they were thinking.

RoboRat

I bought my house in 2005 :-(

On the plus side, due to an 'unfortunate' circumstance whereby my flatmate forgot to pay money into my account before the rent was taken and left me arrears, this resulted in very stringent terms on my mortgage so I ended up buying a ****hole and spending 5 years doing it up... I didn't get the €350,000 I was offered and got €250,000 but had to get a 3 bed as part of the terms, so whilst I am still in negative equity, its nowhere near as bad as it could have been.

Vanilla Glacier

Amalia Green Soul wrote: »

You seriously didn't see that there was something wrong with paying half a million euro for a house in Cavan or Mullingar? Something fishy about house prices doubling or trebling in just a few years?

Seriously?

I'm not jeering, I feel very sorry for people who bought during the boom, but I do wonder WTF they were thinking.

I'll tell you exactly how they were thinking. They were caught up in group think, they didn't assess the situation through their own eyes, they saw everyone else buying so they thought it must be good value.

UCDVet

Amalia Green Soul wrote: »

You seriously didn't see that there was something wrong with paying half a million euro for a house in Cavan or Mullingar? Something fishy about house prices doubling or trebling in just a few years?

Seriously?

I'm not jeering, I feel very sorry for people who bought during the boom, but I do wonder WTF they were thinking.

It's called 'hindsight' and it tends to be 20/20.

Lots of people, including top economists and investors believed, in good faith, that the housing market was stable. And it wasn't just an Irish thing, the same thing happened all over the world.

Why would someone pay half a million euro for a house in Cavan or Mullingar? Well....

1.) Prices were increasing. If you didn't pay half a million now, you'd have to pay 600k next year and 750k the following the year.

2.) It's not a flat cost....because it's such a solid investment, the 500k you pay now, is probably going to be worth 900k when you go to sell it. In fact, if you believe housing prices are going to continue to increase, it makes the most sense to buy the most expensive house you can afford.

3.) That's what *they cost*. The first time I went to a restaurant in Dublin - I paid three euro for one glass of coke. Refills were not included. I know, for a fact, the actual cost of a glass of coke is less than 20p. Why would I pay 3 euro for something that I know costs a tiny fraction of that? Because it *costs* 3 euro, and I want one. If you want a house and all of the houses cost X, you'll either *not* get a house, or pay X.

Most people that made money in the real estate boom weren't smart, they were lucky. Most people that lost money in the real estate bust weren't dumb, they were unlucky. But regardless, it's really not fair to look at things now and say, 'Ohh yeah, *obviously* that was a bad decision'.

Instead of economics, make it about science. Take Einstein, he was the top of his field, and using the best information he had, he thought Quantum Physics was 'wrong'. Now quantum mechanics is taught as part of any university-level science curriculum. This is like calling my Grandmother stupid because, in 1950, she agreed with Einstein, a leading expert in science, on a scientific issue she didn't actually understand. But she trusted the experts and took a stance many experts shared.

RoboRat

I'll tell you exactly how they were thinking. They were caught up in group think, they didn't assess the situation through their own eyes, they saw everyone else buying so they thought it must be good value.

Or like myself, kept seeing the prices go up, I saw a house in 2004 that was sold for 235,000 being sold the next year for 317,000. I was paying €650 a month in rent in Dublin and thought that it was better to have my own place as rent was also spiralling - I remember when I had to get a new flatmate, I had nearly 100 people come to see it to pay the princely sum of €650 for a ****ty small room in Rathmines.

Its easy to say that we should have sat back and took stock but after spending 4 years taking stock and seeing prices keep going up, along with rent, I wasn't seeing any levelling, just increases and I thought that it wouldn't be long before I couldn't afford to rent, let alone buy.

Valetta

Missyelliot2 wrote: »

Well...here's my tuppence worth - was in pub in West of Ireland (living abroad at the time- thankfully!), and met up with schoolfriend (I left school in 1985 - he didn't finish) - but at the time was a major shaker around the west of Ireland.
He got some mates to buy up his phase 1 properties, thus creating a frenzy (we should live in Athlone-it's near Galway) type of thing.
So....phase 2 comes along - and people are queueing for properties down laneways off-off-off the bypass.

Scum! He's got off scott free - claimed mental pressures (trivialising genuine mental health)

Folks....we are paying for said muppett!

How is he "scum"?

What did he "get off scot free" with?

All I can gather from your post is that he built houses and sold them.

What's wrong with that?

Think of this, how much are the repayments on a 300K mortgage with a tracker verses a 150K mortgage with the current interest rate?, as Salaries have gone down houses are still probably about 5 time income almost the same as the boom so what's changed.

Smidge

Smidge wrote: »

You'll have to excuse me OP, but what's the point of this thread?.

Making sure it doesn't happen again

jr22

Amalia Green Soul wrote: »

You seriously didn't see that there was something wrong with paying half a million euro for a house in Cavan or Mullingar? Something fishy about house prices doubling or trebling in just a few years?

Seriously?

I'm not jeering, I feel very sorry for people who bought during the boom, but I do wonder WTF they were thinking.

The country is full of gobdaws who spend too much time being pressured by their mammies on everything from buying a sh!te semi-d to baptising their kids. Sheeple.

If anyone thought that estates of houses in the arsehole of an arsehole were going to increase in value beyond what they were in the mid noughties then negative equity should be a good straightener to get the f*cking cop-on operational again.

Mark Twain

bluewolf wrote: »

Making sure it doesn't happen again

I think wider societal and macroeconomic factors will have a greater bearing on whether we have another bubble, as opposed to a thread on a message board.

mike65

The madness is already back in my opinion.

South Dublin apartments with 1 bedroom for at least 200,000.

Mark Twain

Mark Twain wrote: »

I think wider societal and macroeconomic factors will have a greater bearing on whether we have another bubble, as opposed to a thread on a message board.

Still no harm looking back on it, and I don't think OP's "ouch" is the personal slight some seem to take it as

Caliden

If you bought a house to raise a family in then what does it matter if you're in negative equity?

Negative equity only matters if you plan on selling the house.

If you bought a house with the intent on making a quick profit then you got a harsh dose of 'there's no such thing as a sure thing'