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Have we forgot the celtic tiger collapse.

  • 09-07-2023 8:02pm
    Registered Users Posts: 12,485 ✭✭✭✭mariaalice

    Read two articles today, one about Nama, remember Nama? The other was about individuals and families who are still in danger of losing their homes because they got restructured mortgages and split mortgages.

    Does anyone know someone who never came back for the collapse of the Celtic tiger?



  • Registered Users Posts: 24,937 ✭✭✭✭zell12

    Fianna Fail & Greens in government, soft landings, stop talking down the economy..

  • Posts: 0 [Deleted User]

    The Celtic Tiger was class. Great days.

  • Registered Users Posts: 1,470 ✭✭✭denismc

    The boom is getting boomier.

  • Registered Users Posts: 12,485 ✭✭✭✭mariaalice

    Reading the pieces, it's was like a blast from the past but for some it's still on going, still carrying celtic tiger mortgages or wiped out by the down turn and never recovered.

  • Registered Users Posts: 655 ✭✭✭z80CPU
    Darth Randomer

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  • Registered Users Posts: 28 Wanderingmind

    Plenty never came back from it.

    For example my OH is waiting years on a repossession because the lender was never willing to engage but it's there when they want it.

  • Registered Users Posts: 12,485 ✭✭✭✭mariaalice

    Whole different world now and different economy now, my point is more about the individuals who were wiped out by the downturn or still struggling with Celtic tiger issues in 2023. A colleague told me a house they purchases in 2006, has only now in 2023 returned to the price they paid they paid for it.

  • Registered Users Posts: 9,170 ✭✭✭limnam

    Was handy for getting a cheap tradesman for a job in the house.

    Can't get anyone nowadays.

  • Registered Users Posts: 1,933 ✭✭✭tesla_newbie

    you couldn’t bribe a tradesman nowadays to do something

  • Registered Users Posts: 9,170 ✭✭✭limnam

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  • Registered Users Posts: 16,996 ✭✭✭✭Leg End Reject

    Could they afford the mortgage? The resale value of a house is only relevant if you want to sell it.

  • Registered Users Posts: 655 ✭✭✭z80CPU
    Darth Randomer

  • Registered Users Posts: 290 ✭✭DrPsychia

    I don't expect cheap labour for tradesmen jobs but the quotes they are giving are absolutely ridiculous. Even for jobs that require very little materials they are giving silly quotes. But it seems people are paying these prices.

  • Registered Users Posts: 9,170 ✭✭✭limnam

    I'd say there's still a lot of cash around with deposits from the pandemic.

  • Registered Users Posts: 1,933 ✭✭✭tesla_newbie

    It doesn’t matter if you are willing to pay exactly what they ask or even bribe them, you can’t get them to do anything that’s a “ small job “

  • Registered Users Posts: 24,223 ✭✭✭✭Sleepy

    Absolutely, have a leaking pipe under the sitting room floor that I've had two plumbers show up, take a look, recommend leak sealer and subsequently ignore my calls cause they don't want to dig out the floor... head melt.

  • Registered Users Posts: 12,485 ✭✭✭✭mariaalice

    They long ago sold for a variety of reason it worked out well for them but one of the pieces was about individuals with split mortgages and the like, and it's still an issue years later on the other hand I know someone who took out a 35 year 100% mortgage and it's worked out well for them so a lot of it is circumstances.

  • Registered Users Posts: 280 ✭✭Arthur Pants

    Were you around for them, Doc?

    Any stories of excess to share?

  • Registered Users Posts: 655 ✭✭✭z80CPU
    Darth Randomer

    you're not the only one. got bathroom renovated for dad (rip december 2022) renovator 'outfit' never replaced pipes. cue me lashing out more money to pay for remedial work by plumbing team which I mircalously found. they had to rip out bathroom floor and put in the new pipes.

    I then could not get labour to put in replacement bathroom tiles. Oh, I got replacement tiles alright, had to put them in myself. Then I bought bathroom carpet from IKEA, brought home in a taxi (cheaper than IKEA's transport btw) and laid it myself.

  • Registered Users Posts: 4,042 ✭✭✭silliussoddius

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  • Registered Users Posts: 1,993 ✭✭✭Lewis_Benson

    Ah the boom.

    When you'd have steak 3 times a week, go for breakfast every Saturday morning, and eat out twice a week.

    Wiping our arses with 50 euro notes.

    Buying apartments that weren't even in the planning stage.

    I did none of the above.

    Bought a house in 2006, both lost our jobs In 2009, didn't find full time employment until 2013.

    Hadn't a penny to our names for near 4 years but just about scraped by.

  • Registered Users Posts: 11,774 ✭✭✭✭BattleCorp

    I did good and bad out of the celtic tiger collapse.

    Almost lost my job and ended up having to change roles in the company I was working for and went from a decent wage to a minimum wage job from 2009 till 2011. I actually view it as being lucky that I got the minimum wage job rather than being made unemployed.

    Bought a house in 2009 just before the demotion in work. Spent all my savings €40k doing it up. It was some struggle to keep up the repayments on minimum wage. The house is now only just about worth what I paid for it and what I spent on doing it up. So I guess I was about 14 years in negative equity there. Didn't matter too much as I didn't have to sell the house but it was painful seeing lads buy similar houses for less money a year or two later.

    After 2011 I started to do well again because I got my old job and old salary back. And I also got a promotion. In 2014 I bought a house for €250k that was for sale in the boom for €790k. I reckon I got a great deal because that house now is worth at least €500k.

    All in all, a few very tough years but overall I think I've come out pretty well out of it.

    It didn't work out for many though. I've a relation who lost his business and lost his house. It's a long way back for him and he's only starting to head in the right direction now.

  • Registered Users Posts: 622 ✭✭✭Sonic the Shaghog

    I'm 33. But Jesus the amount of ones that were late teens at least that should remember the nonsense would shock you.

    I'm seeing people take out massive mortgages they can barely service to build or buy mcmansions again. I could understand that somehow as housing is gone mad

    But Jesus the same people with 2 new cars usually Audis or mercs is the latest I've noticed all on tick and you hear them moaning they have months of arrears in tax cause they can't afford it

    The houses fitting and finishing like furniture etc all on tick to the last to have it Instagram ready. Then the latest fashion, new Samsung or iPhones at €60 a month and lastest gear

    Weekends away constantly, loans for summer holidays etc

    Most of these can't be pulling more than €1,000 a week between them. They range from 27/28 up to mid 30s I've found. Older tend to be more cautious and the younger the few I know usually are wiped from rent etc so cut their cloth I've noticed

  • Registered Users Posts: 13,983 ✭✭✭✭cj maxx

    That’s exactly how normal people did it years ago before the big credit boom . Spent what you had to , and absolutely no more on the house. Did as many jobs on it as you could yourself. Saved and got by on as little as you could.

  • Posts: 0 Aidan Deep Maze

    My late mother sold modest south side Dublin family semi D in height of Tiger, as only child gave me the proceeds on which I paid due tax, bought an apartment to share with her plus a duplex for letting. Paid off car loan. Have a disability now, so a bit marginal in that I’ve had to make home improvements on account of my condition, but I might not quite have been able to do that without the Tiger.

  • Registered Users Posts: 13,983 ✭✭✭✭cj maxx

    It’s good to hear a good story from the tiger

    Post edited by Paul on

  • Registered Users Posts: 24,937 ✭✭✭✭zell12

    'Sitting on the sidelines, cribbing and moaning is a lost opportunity. I don't know how people who engage in that don't commit suicide because frankly the only thing that motivates me is being able to actively change something' - our dear leader Bertie

  • Registered Users Posts: 12,485 ✭✭✭✭mariaalice

    Will Bertie or Pádraig Flynn on the late late show be forever quoted when anything about money in Ireland or the Celtic tiger?

  • Registered Users Posts: 12,485 ✭✭✭✭mariaalice

    I dont know any individuals or couples-like that I find younger people are a lot more cautious destination weddings have really dropped off.

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  • Registered Users Posts: 753 ✭✭✭badboyblast

    The savings built up in the country at the moment are crazy after Covid, I think the real truth will start to bear its fruit next year at some stage.