javaboy wrote: » Eh yeah. That’s why I said they make far more but not 5 times. Grads in my own company make north of 50 from day 1 ignoring RSUs etc. never mind after a couple of promotions. Like for like in the US the base salary is around 2.5-3 times that. Not 4 or 5. If you’re an SDE II here and 250k is 4-5 times your income, it’s time to hop jobs for somewhere more competitive. My numbers are anecdotal but the likes of Glassdoor would say similar. No need for exaggeration is all I’m saying.
schmittel wrote: » I wouldn't agree everyone knew by mid 2007. But the smart money did and had already taken evasive action.There were still plenty of people saying "Rubbish, look at the fundamentals, Ireland is different, you're just a gloom merchant, people still need a place to live, they're not making any more land you know, soft landing, sure you might be right eventually, but you said the same last month etc etc" Not entirely different to 2020 really.
TheSheriff wrote: » I'm sure there are multiple other time points you could have used to demonstrate a stable market other than 08. Again you are trying to drum up the idea in users minds that a crash is imminent. But on another note, at least your posts are no longer feigning only a mild unbiased interest in the property market.
Timing belt wrote: » Every man and there dog can see that the global economy is on its knees thanks to covid and the stress to the system is 100 times that of 2008. The big difference is that Governments/Central Banks have taken action early to prevent a repeat of 2008. Whilst nearly everyone agrees that the action taken will be sufficient for a short sharp contraction not everyone is convinced that it will be sufficient for a longer term contraction. People that keep talking about banks being bailed out again but need to see that central banks and governments are bailing out the economy before it get's a chance to hit the banks. The Central banks and governments have gone all in as they know that if it blows the fall out will be worse than 2008 so have noting to loose. Only time will tell if the action taken is sufficient. Obviously people will have different views on whether it will work or not and for that reason will have different views on where they see the housing market going. Comparing the current housing market to 2008 is misleading as it is a very different dynamic this time around.
schmittel wrote: » I wouldn't agree everyone knew by mid 2007. But the smart money did and had already taken evasive action. There were still plenty of people saying "Rubbish, look at the fundamentals, Ireland is different, you're just a gloom merchant, people still need a place to live, they're not making any more land you know, soft landing, sure you might be right eventually, but you said the same last month etc etc" Not entirely different to 2020 really.
PropQueries wrote: » Well in the middle of 2007, Brendan O'Connor stated that "The level of property horror stories is at an all-time high". I would interpret that as meaning most people i.e. it was no longer such a secret to be taken advantage of by the 'smart money'
PropQueries wrote: » The reason for showing February 2007 to February 2008 is because it's an interesting comparison. Everyone in Ireland knew by mid 2007 that the property market was in deep trouble. However, the CSO property price index only showed a fall from 130 to 127 during this time period.
Bass Reeves wrote: » Rubbish, while many understood the implications there was not many who knew what would happen. Builders were still being supported by banks to complete projects. As we have constantly pointed out even small builders in remote areas were allowed to complete development's before selling any houses. I know of one young man who inherited a few acres near a town and was completely funded by the bank to build over 20 houses. There is none of that happening to any great extent at present. Builders suppliers provide long credit again supported by the banks. Agri Co-op's taught they were development companies rather than agri businesses. Banks continued to support builders out into late 2008. The crash really started in 2009 as Anglo Irish Bank went bust and the level of lending and poor securitizations by other lending institutions was realized. As builders layed off workers and the ancillary companies feeding into that frenzy lost income did the crash begin happen. I know a small builder who were advised by an auctioneer in 2009 to sit tight with 2-3 houses he had for sale. He survived but lost money on selling them.in 2010.
PropQueries wrote: » The reason for showing February 2007 to February 2008 is because it's an interesting comparison. Everyone in Ireland knew by mid 2007 that the property market was in deep trouble. However, the CSO property price index only showed a fall from 130 to 127 during this time period. This is significant in itself given that the post I replied to showed the same index showing no real price movements over the past three months as some level of proof that everything in the property market is most likely hunky dory at the moment and for the foreseeable future.
PropQueries wrote: » I'm not comparing today's market with the market back then. I was comparing the price movements as recorded in the property price index back then to today. That's what is similar to today.
Mad_maxx wrote: » brother in law worked for a medical devices company in San Fran for a few years who also employ a large number of people in galway where he is based now he claims he would be earning twice as much stateside but a house would cost him a million dollars , he paid 330 k for one here and its a beautiful home outside galway city
PropQueries wrote: » Thanks for the article. But I'm not sure this will be our get out of jail free card. Below are the debt to GDP ratios for EU countries in Q1 2020. Once inflation starts to take off, it's very difficult to put it back in the bottle. I can't imagine the fiscally responsible members of the eurozone are going to allow the ECB to take that risk when the potential negatives for these countries massively outweigh any potential positives: Debt to GDP Q1 2020: Greece: 176% Italy: 137% Portugal: 120% Belgium: 104% France: 101% Spain: 98% Cyprus: 97% Croatia: 74% Austria: 72% Slovenia: 69% Hungary: 66% Finland: 64% Germany: 61% Ireland: 59% Netherlands: 49% Slovakia: 49% Poland: 47% Malta: 44% Romania: 37% Latvia: 37% Sweden: 35% Denmark: 33% Lithuania: 33% Czech Republic: 32% Luxembourg: 22% Bulgaria: 20% Estonia: 9%
MacronvFrugals wrote: » Eddie Hobbs reckons central banks will use inflation to wipe out a large portion of the Covid debt akin to post WW2https://www.irishexaminer.com/business/economy/arid-40063946.html
PropQueries wrote: » Because the poster used data from the CSO to show there has been little movement in residential prices over the past few months. I showed data, also from the the CSO, that showed there was also little movement between February 2007 and February 2008. Between February 2007 and February 2008, the banks were very actively pulling back from the property market and trying to sell their residential mortgages to each other i.e. they were actively encouraging clients to refinance with other institutions at that time but to little avail as contrary to the public narrative at that time, all the banks knew what was about to happen. It's a good comparison on when trying to interpret the current CSO data?
fliball123 wrote: » Once again I ask you why are you comparing it to that time so what if there was little movement between Feb 07 and Feb 08 it has absolutely no connection to today . There are way to many differences today than there was back in 07/08. The main one being how the government are reacting they are actually spending like there is no tomorrow instead of cutting everything in sight which is what happened from 08 onwards. Of course the banks new what was happening in 08 the crash was in the main was because of them.Look at the differences now just the 3 off the top of my head which screams that it is a different beast this time when it comes to property Lack of decent housing today vs oversupply in 08 Government spending like a hurricane today vs cut cut cut in 08 Banks in decent shape today due to prudent lending practices vs 110% mortgages and lads getting cheap credit for 20 gaffs in 08
fliball123 wrote: » Well before you do and I am no FG supporter just have a look at the broken promises as well as the housing situation and the welfare situation SF have governed in the north.
PropQueries wrote: » I wouldn't regard the housing budget as "spending like there is no tomorrow": "The key question is how much extra capital spending did Minister O’Brien secure for social and affordable housing in 2021 above that committed to by his predecessor and how many homes will this deliver. The answer is just €160m to deliver only 993 extra homes - €124m to deliver an additional 593 social homes and €35m to deliver 400 cost rental homes. Despite the claims that this is the largest housing budget ever, the actual amount being invested in the delivery of real social housing in 2021 is low. Just €1.3bn will be given to Local Authorities and Approved Housing Bodies to deliver 10,300 real social homes owned by Councils and AHBs. This is just 593 homes more than had been promised by Eoghan Murphy in his Rebuilding Ireland targets for 2021."
TheSheriff wrote: » Its really only a good comparison if we have another crash on the same scale as '12. So really this comparison can only be made retrospectively.
fliball123 wrote: » Once again I ask you why are you comparing it to that time so what if there was little movement between Feb 07 and Feb 08 it has absolutely no connection to today . There are way to many differences today than there was back in 07/08. The main one being how the government are reacting they are actually spending like there is no tomorrow instead of cutting everything in sight which is what happened from 08 onwards
fliball123 wrote: » Why are you comparing now to the crash of 2008? What similarities are there???
PropQueries wrote: » The same index shows that in February 2007 it was at 130 and in February 2008 it was at 127. Little change back then as well... Link here: https://www.cso.ie/en/releasesandpublications/ep/p-rppi/residentialpropertypriceindexaugust2016/
virginmediapls wrote: » SDE IIs in SFO make over 250k easily. Good luck getting that here. Source : Over 15yrs in the industry, currently hiring software manager.
javaboy wrote: » They pay significantly more but 4-5 times is a gross exaggeration.
fliball123 wrote: » Link is for 2016?
