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Daft.ie website- snapshot from 2005

«13

Comments

  • Posts: 0 [Deleted User]


    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.


  • Registered Users, Registered Users 2 Posts: 10,462 ✭✭✭✭WoollyRedHat


    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!


  • Closed Accounts Posts: 3,516 ✭✭✭wazky


    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.


  • Registered Users, Registered Users 2 Posts: 14,681 ✭✭✭✭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


  • Registered Users, Registered Users 2 Posts: 1,472 ✭✭✭Missyelliot2


    :o 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!


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  • Closed Accounts Posts: 4,180 ✭✭✭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


  • Registered Users, Registered Users 2 Posts: 12,780 ✭✭✭✭ninebeanrows


    bit disturbing innit


  • Registered Users, Registered Users 2 Posts: 1,472 ✭✭✭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!


  • Banned (with Prison Access) Posts: 5,368 ✭✭✭IvaBigWun


    :o 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.





    Bryan Cranston for president please


  • Registered Users, Registered Users 2 Posts: 882 ✭✭✭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


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  • Registered Users, Registered Users 2 Posts: 61 ✭✭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.


  • Closed Accounts Posts: 2,129 ✭✭✭R P McMurphy


    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


  • Closed Accounts Posts: 2,563 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 1,472 ✭✭✭Missyelliot2


    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!


  • Closed Accounts Posts: 5,541 ✭✭✭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.


  • Closed Accounts Posts: 4,029 ✭✭✭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!


  • Registered Users, Registered Users 2 Posts: 28,398 ✭✭✭✭Turtyturd


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


  • Posts: 0 Amalia Green Soul


    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.


  • Registered Users, Registered Users 2 Posts: 2,559 ✭✭✭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.


  • Site Banned Posts: 5 Vanilla Glacier


    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.


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  • Closed Accounts Posts: 2,894 ✭✭✭UCDVet


    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.


  • Registered Users, Registered Users 2 Posts: 2,559 ✭✭✭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.


  • Closed Accounts Posts: 2,611 ✭✭✭Valetta


    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? :confused:


  • Posts: 0 [Deleted User]


    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.


  • Posts: 0 CMod ✭✭✭✭ Desmond Immense Vandal


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

    Making sure it doesn't happen again


  • Registered Users, Registered Users 2 Posts: 141 ✭✭jr22


    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.


  • Banned (with Prison Access) Posts: 121 ✭✭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.


  • Closed Accounts Posts: 88,972 ✭✭✭✭mike65


    The madness is already back in my opinion.

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


  • Posts: 0 CMod ✭✭✭✭ Desmond Immense Vandal


    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


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  • Registered Users, Registered Users 2 Posts: 5,982 ✭✭✭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'


  • Closed Accounts Posts: 906 ✭✭✭Eight Ball


    It will happen again, you can bet on it.


  • Closed Accounts Posts: 906 ✭✭✭Eight Ball


    mike65 wrote: »
    The madness is already back in my opinion.

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

    Yeap and is being pushed by media outlets. I even heard a guest on newstalk few weeks back and I quote "If you don't get onboard in the next 5-6 months the train will already have left the station" This was in regards to property prices.... Seriously :pac:


  • Registered Users, Registered Users 2 Posts: 11,482 ✭✭✭✭Ush1


    Caliden wrote: »
    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'

    You will be paying for it for longer as the mortgage was bigger.


  • Registered Users, Registered Users 2 Posts: 5,238 ✭✭✭humbert


    Caliden wrote: »
    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'
    Negative equity wont matter but the recession associated with it might.


  • Registered Users, Registered Users 2 Posts: 3,880 ✭✭✭DeanAustin


    Eight Ball wrote: »
    Yeap and is being pushed by media outlets. I even heard a guest on newstalk few weeks back and I quote "If you don't get onboard in the next 5-6 months the train will already have left the station" This was in regards to property prices.... Seriously :pac:

    Yeah heard that woman alright. Wasn't she in the property game so, heaven forbid, she might have been pushing an agenda? The media do seem to be pushing the property market alright.

    Was looking at the Japanese trend on house prices from their crash in the 90's and the trend in the first 5 years is very similar to ours (property prices nosedived by 50%-60%). Their property prices have declined by another 10% over the last 15 years or so so I wonder is that an indicator of where our property prices will head or are the drivers of their crash different to ours?


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  • Closed Accounts Posts: 3,893 ✭✭✭Hannibal Smith


    So funny reading the hindsight posts. Every ones an expert economist when it comes to looking back on the boom. For every report and negative comment that was made about house prices and the economy at the time. ..there was a 'moaning' and 'cribbing' retort from Bertie and at the same time prices were just going up and up.

    So if your going to blurt on with your expert knowledge. ..at least try and remember the whole picture.


  • Posts: 0 Amalia Green Soul


    UCDVet wrote: »
    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.

    Trouble is with the 'hindsight' argument is that you could use it about any foolish decision. Plenty of us could see it at the time.

    1) You really thought house prices in Cavan were going to be 750K for any length of time? You couldn't see that this was a bubble and not sustainable? In an underpopulated country with huge amounts of new house/apartment construction? A country whose economy had suddenly skyrocketed beyond all recognition in a very short time? No alarm bells?

    2) See point number one. Dublin is not London and Mullingar certainly isn't London. Why would anyone have thought prices in Ireland would keep going up and up? Why would that have happened? It happens in London because it's a hugely overcrowded city which has had a very good economy for years, thousands of homegrown companies, foreign investors buying to let...and even in London, prices will have to come down eventually. To imagine that your 3 bed semi in Cavan will ever be worth millions of euro is just delusional, honestly.

    3) Well, you had another option, didn't you? Not to buy that glass of Coke. If nobody bought 3 euro glasses of Coke, the price would come down. You could have gone to the supermarket and bought a bottle of it or you could have just gone without. If Coke went up to 10 euro a glass, would you still buy it because that's what it costs, even though the cost is not in line with anything else and certainly not in line with your salary? Would you start borrowing money from other people so you could afford your daily glass of Coke?


  • Closed Accounts Posts: 12,318 ✭✭✭✭Menas


    mariaalice wrote: »
    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.

    I would love to see the figures behind this.
    ie, if you bought a 300k house on a 25 year tracker mortgage (say, 1% above ECB rate) during the boom...what would your total repayable amount be?
    Then to compare that with buying a 150k house at standard interest rates today.

    The figures would be interesting. Of course if the ECB start increasing rates (which they will likely do from late 2014 onwards) then each increase hurts the former more than the latter?

    Anyone here clever enough to work out the figures?


  • Registered Users, Registered Users 2 Posts: 23,246 ✭✭✭✭Dyr


    I rang an estate agents yesterday about a gaff, and your man was like "oh yeah, we were just offered the asking price on that property this morning, I'll just get you the agents mobile number"

    yeah don't bother ya skid mark. The more things change...


  • Moderators, Entertainment Moderators, Politics Moderators Posts: 14,550 Mod ✭✭✭✭johnnyskeleton


    dd972 wrote: »
    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.

    The Indo property section? How gauche. I suppose someone has to buy the McMansions dotted across the country.

    The real deal was the Irish Times Thursday supplement (natch!) with all the €10m ballsbridge gaffs that developers bought and sold to each other.


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  • Closed Accounts Posts: 865 ✭✭✭FlashD


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

    Because years later (when the house should have been paid off and is secure in your ownership) you're still paying a whopping big mortgage which takes a huge slice of your salary every month.....money you should be using for other things, like putting your kids through college or retirement savings.

    Jeez...it's not rocket science!


  • Registered Users, Registered Users 2 Posts: 11,812 ✭✭✭✭sbsquarepants


    €445k for a 2 bed apartment in inchicore:eek:


  • Closed Accounts Posts: 3,893 ✭✭✭Hannibal Smith


    Trouble is with the 'hindsight' argument is that you could use it about any foolish decision. Plenty of us could see it at the time.

    1) You really thought house prices in Cavan were going to be 750K for any length of time? You couldn't see that this was a bubble and not sustainable? In an underpopulated country with huge amounts of new house/apartment construction? A country whose economy had suddenly skyrocketed beyond all recognition in a very short time? No alarm bells?

    2) See point number one. Dublin is not London and Mullingar certainly isn't London. Why would anyone have thought prices in Ireland would keep going up and up? Why would that have happened? It happens in London because it's a hugely overcrowded city which has had a very good economy for years, thousands of homegrown companies, foreign investors buying to let...and even in London, prices will have to come down eventually. To imagine that your 3 bed semi in Cavan will ever be worth millions of euro is just delusional, honestly.

    3) Well, you had another option, didn't you? Not to buy that glass of Coke. If nobody bought 3 euro glasses of Coke, the price would come down. You could have gone to the supermarket and bought a bottle of it or you could have just gone without. If Coke went up to 10 euro a glass, would you still buy it because that's what it costs, even though the cost is not in line with anything else and certainly not in line with your salary? Would you start borrowing money from other people so you could afford your daily glass of Coke?

    No you did not forsee what was going to happen. No one could forsee what was going to happen with Leman Brothers, how quickly it would crumble and how it would effect the rest of us. That is total arrogant nonsense


  • Closed Accounts Posts: 2,611 ✭✭✭Valetta


    FlashD wrote: »
    Because years later (when the house should have been paid off and is secure in your ownership) you're still paying a whopping big mortgage which takes a huge slice of your salary every month.....money you should be using for other things, like putting your kids through college or retirement savings.

    Jeez...it's not rocket science!

    A mortgage won't get paid off any quicker just because the house isn't in negative equity.

    Jeez....


  • Registered Users, Registered Users 2 Posts: 862 ✭✭✭constance tench


    'Soft landing'....was that something to do with carpets?


  • Registered Users, Registered Users 2 Posts: 3,880 ✭✭✭DeanAustin


    FlashD wrote: »
    Because years later (when the house should have been paid off and is secure in your ownership) you're still paying a whopping big mortgage which takes a huge slice of your salary every month.....money you should be using for other things, like putting your kids through college or retirement savings.

    Jeez...it's not rocket science!

    But if you agreed a price that you could afford in say 2008, your take-home pay is pretty much the same now as it was then you're not really any worse off are you?


  • Closed Accounts Posts: 2,129 ✭✭✭R P McMurphy


    Trouble is with the 'hindsight' argument is that you could use it about any foolish decision. Plenty of us could see it at the time.

    1) You really thought house prices in Cavan were going to be 750K for any length of time? You couldn't see that this was a bubble and not sustainable? In an underpopulated country with huge amounts of new house/apartment construction? A country whose economy had suddenly skyrocketed beyond all recognition in a very short time? No alarm bells?

    2) See point number one. Dublin is not London and Mullingar certainly isn't London. Why would anyone have thought prices in Ireland would keep going up and up? Why would that have happened? It happens in London because it's a hugely overcrowded city which has had a very good economy for years, thousands of homegrown companies, foreign investors buying to let...and even in London, prices will have to come down eventually. To imagine that your 3 bed semi in Cavan will ever be worth millions of euro is just delusional, honestly.

    3) Well, you had another option, didn't you? Not to buy that glass of Coke. If nobody bought 3 euro glasses of Coke, the price would come down. You could have gone to the supermarket and bought a bottle of it or you could have just gone without. If Coke went up to 10 euro a glass, would you still buy it because that's what it costs, even though the cost is not in line with anything else and certainly not in line with your salary? Would you start borrowing money from other people so you could afford your daily glass of Coke?

    People saw prices steadily increase for a decade and a half so probably thought it was not gonna go on forever but might get in and hope for a soft landing.

    The houses in Cavan are kind of in a different category as these were not principal residences and were holiday homes with section 23 attached which was viewed as a good investment tool. People buying these with a free marina berth and boat thrown in could probably afford to take a hit. Or else are seriously screwed now


  • Closed Accounts Posts: 5,428 ✭✭✭.jacksparrow.


    FlashD wrote: »
    Because years later (when the house should have been paid off and is secure in your ownership) you're still paying a whopping big mortgage which takes a huge slice of your salary every month.....money you should be using for other things, like putting your kids through college or retirement savings.

    Jeez...it's not rocket science!

    See, this is an example of how the media can get into peoples heads and convince them of something that just isn't true!


    Negative equity is all we here!


  • Posts: 0 [Deleted User]


    FlashD wrote: »
    Because years later (when the house should have been paid off and is secure in your ownership) you're still paying a whopping big mortgage which takes a huge slice of your salary every month.....money you should be using for other things, like putting your kids through college or retirement savings.

    Jeez...it's not rocket science!

    That all depends if you have a tracker mortgage of say 1% or a variable mortgage of 4.5%


  • Closed Accounts Posts: 12,318 ✭✭✭✭Menas


    People saw prices steadily increase for a decade and a half so probably thought it was not gonna go on forever but might get in and hope for a soft landing.

    The houses in Cavan are kind of in a different category as these were not principal residences and were holiday homes with section 23 attached which was viewed as a good investment tool. People buying these with a free marina berth and boat thrown in could probably afford to take a hit. Or else are seriously screwed now

    I remember driving through virgina in cavan during the boom and seeing developments with 'only 45 minutes from dublin' signs on them.
    These signs were commonplace on developments throughout the midlands unfortunately. I suppose they were true if you had a helicopter.


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