fliball123 wrote: » Not when there is an issue of the persons well being I am telling you now look at the link I put up for what people can get away withhttps://www.boards.ie/vbulletin//showthread.php?t=2057082551&page=3
Claw Hammer wrote: » What does that prove? a few hard-necked individuals provoke a bit of a social media outpouring. Deal with what happens in the real world.
Donald Trump wrote: » It is not inconceivable that courses would continue as online for the first semester next year at least. That would be a lot of students staying at home with their parents rather than renting in Dublin or wherever
fliball123 wrote: » It proves that people can get away with blue murder when it comes to paying their debts
milhous wrote: » The school one? An 8 month stay doesn't show much tbf. It takes a long time to get through the courts, granted. The more of a hard neck you have the longer it may take but it gets there. If people are in genuine financial difficulty due to job loss or health but are trying their best and providing their sfs etc. It can take years.. If someone's taking the piss, less so. I'd say on average it takes 4/5 years to get an order.
fliball123 wrote: » Well Like I say I know about half a dozen people who went through the mill of the courts and only one gave up the other 5 still have their house. lets be clear I dont agree with it but like I say anyone thinking there will be a load of houses coming on stream to buy due to repossession will be left waiting as it wont happen
Claw Hammer wrote: » The banks will appoint receivers to the BTL's in jig time. They will all be sold to start with. The hard chaws before the courts who have been stringing things along for years are running out of road. Add to that, many restructurings will have fallen apart and the banks will proceed with those repossessions which are all dependent on the borrower sticking to the new schedule.
Claw Hammer wrote: » 3. It is going to be emigration? By Irish nationals moving abroad or by foreign nationals here returning home or moving abroad elsewhere?
Neamhshuntasach wrote: » Exact same for me. In the past year I've viewed in excess of 30 houses i reckon. And bid on 5 only for each to go way over asking with a lot of work to be done so we bowed out. I haven't had one call yet from an agent yet. So presumably the buyers are still proceeding. And on the house i am selling. I had the buyer pull out right before we signed contracts due to both himself and wife losing their job. Understandable in their case that they didn't want to even renegotiate which i would have been prepared to do. Anyways I had 4 under-bidders and each one is still interested and bidding back up towards what we were sale agreed on. I can see house prices falling but no where near the 20-30% being floated about by some people. I'm in no rush to sell. I'd take 5% off previous sale agreed price. But if 20% was what people were expecting across the board. I simply won't sell unless i seen house prices in excess of 400K also fall and i can at least even things out on the other end. If not, i'd be one example of adding to less houses going on the market.
cnocbui wrote: in a depressed market, the sellers of better properties who don't have a mortgage will pull them off the market leaving mostly the chaff from distressed sales, so the selection of properties will be far more limited.
voluntary wrote: But this is all based on a very WRONG assumption that the market moves evenly. The average CSO increase of drop cannot be simply applied to the wide market. Expensive properties in the vast majority drop by a higher percent in general than the cheaper ones. The very low end of the market may not even move that much so you may be talking about getting small hit on your sale price and saving a lot of money on your next property.
lawred2 wrote: If you can find a lender
Maitguel wrote: IMO properties in good locations will not crash as at the end of the day people will pay a premium to live in the areas they to be in long term.
Graham wrote: I vaguely recall it was the other way round after the GFC. Smaller/lower-end properties lost significantly more than larger/mid-high.
Summer2020 wrote: This is Ireland. People won’t lose their homes. It didn’t happen during the 2008 recession. It’s extremely hard for a bank to repossess a family home in Ireland. The debt will be added onto the mortgage.
Assetbacked wrote: » https://www.irishtimes.com/business/media-and-marketing/ad-giant-wpp-pulls-dividend-buyback-and-outlook-1.4216684?mode=amp To put this in context for the Irish rental market, there are thousands of employees employed in Dublin carrying out online sales for multinationals who are in an extremely vulnerable position right now. Online marketing revenue will be obliterated in the near term at least, with many of the employees not having any work to do consequently. The vast majority of the younger people employed by the multinationals are renters who, should they lose their job, will have to return home as they could be renting at 800+ their room in an apartment in Dublin and social welfare won't cover that. It is likely that no movement will happen on the jobs front until these stringent stay-at-home measures are eased as everything is essentially on hold right now, but once people start returning to work, there are likely to be job losses in the tech multinationals. This will be a hit to the demand for rentals which is going to put even more pressure on the rental return bubble to deflate. However, it is important to say again that the rental market is different to the home purchasing market, where there is chronic undersupply due to the lack of new builds the past decade, meaning there is pent up demand from FTBs in particular who are (for the most part at least) not the non-national employees of the big multinationals. Looking at the share price of Cairn and Glenveagh, the homebuilding entities, they are maybe 40% lower than what they were three months ago. This probably means that the return on shares is expected to be 40% less (although, it is possible that this drop is more significant due to the initial panic and uncertainty that followed Covid19 measures being brought in), which translates to a drop in profit on new builds of up to 40% from a few months ago. Importantly, that does not mean house prices dropping by 40%; for example, cost to build of 400k and selling for 450k 3 months ago would be a drop in house price amounting to 4.4%. This is the market view in respect of homebuilders such as Glenveagh and Cairn.
Assetbacked wrote: » I know I'm replying to myself but the largest tenant in the State has had a significant blow to it from its main backer, Soft Bank has pulled its offer to purchase 3bn of equity from some investors including Neumann:https://on.mktw.net/2JujMRz Soft Bank claim they are still committed to WeWork but, to be honest, they are probably starting to accept that the billions in cash burned through by WeWork may not be sustainable, particularly with the new world of working from home and likelihood of licencee companies to whom it provides office space going tits up. Those that suffer in Ireland in this context? US institutional money which has built the office space that WeWork has taken leases on. Perhaps a clear positive of FG's policy since 2011 to outsource the main risk with respect to Irish property to foreign capital. As a separate point, the death of co-living before it even gets going would be most welcome.
AlmightyCushion wrote: » I actually don't think co-living is that bad. Some of the ones that were announced would be grand with a little bit of tweaking. My main problem with them was the price. They were ridiculously expensive.
Assetbacked wrote: » Some links to publications in The Journal and the IT today on the Irish property market;https://www-thejournal-ie.cdn.ampproject.org/c/s/www.thejournal.ie/housing-market-coronavirus-5063782-Apr2020/?amp=1https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/economy/coronavirus-applies-handbrake-to-irish-property-market-1.4217952?mode=amp
Reversal wrote: » So even the EAs admitting that the coming unemployment is guaranteed to have a negative impact on the market. Why do so many on here still struggle with that concept.
LuasSimon wrote: » The drop in house prices will mean some couples whod given up on owning their own home will now be able to purchase a house , has to be a good thing
voluntary wrote: » Construction costs will drop a big time. A quick look at the Londons commodity market (LME), price change year over year: Crude Oil -58.33% Natural gas -42,44% Cotton -33,80% Copper -24,38% (used in late stage house construction) Steel -14,47% Coal -18,66% Aluminum -20,91% The whole commodities index is down over 25% in the last 12 months. High unemployment will push the labor costs down as well. Construction should be getting cheaper moving forward.
handlemaster wrote: » For anybody in doubt about a drop in prices read this.https://m.independent.ie/business/coronavirus-crisis-has-caused-more-economic-damage-than-financial-crash-varadkar-says-39097759.html
cnocbui wrote: » I'm in no doubt there will be a drop. I'm hopeful it wont last a decade like last time. We barely got back to a functioning market before this bolt from the blue happened.
