The biggest mortgage/house devalue you heard

stovelid · 01-09-2011 10:15AM

Davina Future Mannequin wrote: »

Heard a bloke on the radio other day saying his mortgage is about €1400 a month.

This is hardly a huge mortgage for a house.

The price of my house nearly doubled (from the price I bought) at the peak. Have no idea what it would be worth now as I'm not trying to sell.

bijapos · 01-09-2011 11:04AM

Land at Monksland in Athlone, was bought for €31,000,000 now probably worth less than €600,000. Link. So thats a drop of around 98%.

Win?

Monty Burnz · 01-09-2011 11:16AM

bijapos wrote: »

Land at Monksland in Athlone, was bought for €31,000,000 now probably worth less than €600,000. Link. So thats a drop of around 98%.

Win?

That's about as good as were going to get until we find examples of sites that now have negative value (e.g. the cost of work to clean them up exceeds the value of the land).

tfitzgerald · 01-09-2011 11:22AM

What about wicklow co council paying 3 million for land that's worth less than 1 million and they are never going to use it. That was on the news the other night . :eek:

TheZohanS · 01-09-2011 11:33AM

x_Ellie_x wrote: »

My grandfather lives in Wexford, he told me his neighbours sold their farm to developers for €1.5 million 4 years ago and then brought it back from the same developers for €600,000 earlier this year. His neighbours made almost a million euro on that deal. Nice!

Guarantee you that NAMA had a part in the sale one way or another, so now we're all paying for the developers loss. So when more stealth taxes and water charges and god knows else along with cuts to the dole and pensions for the elderly come in the next budget just remember that €900,000 and then see if it's "Nice". It's not, we'll all pay for it.

The coming budget isn't like the last one, the last budget was an election budget. This one's going to hurt everyone.

SafeSurfer · 01-09-2011 11:35AM

ResearchWill wrote: »

No automatic discharge in Ireland, I remember hearing about a guy recently is still in process after 20 plus years.

http://www.sbpost.ie/news-features/bankruptcy-law-changes-are-needed-soon-55181.html

There have been changes in the bankruptcy laws to allow for automatic discharge after 12 years. Still way too long.

http://www.irishcentral.com/news/New-Irish-legislation-seeks-to-end-bankruptcy-after-five-years.html

smash · 01-09-2011 11:39AM

Davina Future Mannequin wrote: »

Heard a bloke on the radio other day saying his mortgage is about €1400 a month :eek:

Mine is considerably more than that. It's not a big deal.

lastlaugh · 01-09-2011 11:40AM

smash wrote: »

Mine is considerably more than that. It's not a big deal.

What will you do if you lose your job?

Snakeblood · 01-09-2011 11:42AM

lastlaugh wrote: »

What will you do if you lose your job?

Should people have mortgages of under 1400 no matter what their income is?

Mr. Presentable · 01-09-2011 11:42AM

I did some work in a house that was for sale at the time (2006) for €6m. In 2010 it was still for sale at €2.9m. Off the market now.

lastlaugh · 01-09-2011 11:47AM

Snakeblood wrote: »

Should people have mortgages of under 1400 no matter what their income is?

Whaddaya mean?

joseph brand · 01-09-2011 11:54AM

cusackd wrote: »

Have you seen the frickin street view of this?

What the sh1t is going on there?
Couple of houses at the end are lived in, with beefed up security. The rest are just rubbish tips.

the_syco · 01-09-2011 11:54AM

TwoShedsJackson wrote: »

Well that's a first for me anyway, if they're mentioning it in the ad itself.

Sounds like they have to put the ad up, maybe forced by their bank, and they may not be telling lies...

bijapos · 01-09-2011 11:59AM

Mr. Presentable wrote: »

I did some work in a house that was for sale at the time (2006) for €6m. In 2010 it was still for sale at €2.9m. Off the market now.

Orwell Park, Rathgar by any chance? A lot of houses here in Dublin 6 took a big hit in the last couple of years. Economist Constantin Gurdiyev bought a house near me in 05 (iirc) and has taken a major hit on it the last couple of years.

Thank christ I'm just renting.

mickydoomsux · 01-09-2011 12:00PM

joseph brand wrote: »

What the sh1t is going on there?
Couple of houses at the end are lived in, with beefed up security. The rest are just rubbish tips.

The scumbags are winning.

It's happening in more and more estates around the country.

Novella · 01-09-2011 12:05PM

IPushButtons wrote: »

This house was listed at 150k about two years ago, now looking for 29k. It's in a bad area of the town so im sure that wouldn't help

http://www.daft.ie/searchsale.daft?id=539428

Holy shit. I wouldn't live there if they gave me 29k. :eek:

joseph brand · 01-09-2011 12:09PM

mickydoomsux wrote: »

The scumbags are winning.

It's happening in more and more estates around the country.

They need to bring in the army or something. Get the council to clean up the place, rebuild/ renovate the houses and fill em with Grannies. Grannies love bungalows. Find a large pit in which to dump the families of scum.

Snakeblood · 01-09-2011 12:14PM

bijapos wrote: »

Orwell Park, Rathgar by any chance? A lot of houses here in Dublin 6 took a big hit in the last couple of years. Economist Constantin Gurdiyev bought a house near me in 05 (iirc) and has taken a major hit on it the last couple of years.

Thank christ I'm just renting.

He sounds like a great economist.

steven.blanc · 01-09-2011 12:14PM

A big pat on the back to the agent for representing the property in the correct manner...

TwoShedsJackson · 02-09-2011 09:57AM

Snakeblood wrote: »

He sounds like a great economist.

Economic trends cannot be predicted, this has been shown over the decades, anyone who thinks they can tell you what's going to happen in the future is basically making it up.

There's a study mentioned in Dan Gardner's book Risk where economists were asked to pick certain stocks to perform over a three year period - they got about a 47% success rate.

Meanwhile monkeys drawing blocks at random from a bag got a 52% success rate.

SeaFields · 02-09-2011 10:02AM

IPushButtons wrote: »

This house was listed at 150k about two years ago, now looking for 29k. It's in a bad area of the town so im sure that wouldn't help

http://www.daft.ie/searchsale.daft?id=539428

they're really going with the hard sell on that one!

Guill · 02-09-2011 10:05AM

Local farmer round these part sold the rights to stone on his land for 12 million euro, he was allowed to farm the land until they quarried any particular spot and the agrrement was that they would fill the land again when they were finished. They were due to star 12 months or so after deal was signed and money paid.

<Property crash noise>

Company goes bust after breaking ground on approx an acre, farmer has 12 million, and can still farm away with interference. But he did have to fill that hole they left...

tsoparno · 02-09-2011 10:07AM

x_Ellie_x wrote: »

My grandfather lives in Wexford, he told me his neighbours sold their farm to developers for €1.5 million 4 years ago and then brought it back from the same developers for €600,000 earlier this year. His neighbours made almost a million euro on that deal. Nice!

thats defo 900,000 paid for by the tax payer

Davidth88 · 02-09-2011 10:14AM

starviewadams wrote: »

Very honest ad!

If I was selling the gaff I'd make no mention of anti-social behaviour in the area!

Holy sh** look at the streetview of that property , would you live there ??

North_West_Art · 02-09-2011 10:20AM

one small calculation that many people didn't make before they borrowed is how much the cost of borrowing would amount to.

for example, the cost of borrowing €250,000 over 30 years @ 5% is......

€227,000 source: http://www.itsyourmoney.ie/iym/mortgagecalculator

leaving the total repayments at €477,000 for something that was originally advertised as being worth €250,000

what will the value of the property be worth after the poor bugger(s) are finished paying €477,000?

That will be the real measure of how much the value of a property will have dropped

kelle · 02-09-2011 10:20AM

Davidth88 wrote: »

Holy sh** look at the streetview of that property , would you live there ??

I'm visualising the person driving the Google car the day those shots were taken - must have worried they wouldn't get out of there fast enough!

the_syco · 05-09-2011 12:06AM

kelle wrote: »

I'm visualising the person driving the Google car the day those shots were taken - must have worried they wouldn't get out of there fast enough!

Personally, I'd do those estates at 8am on a Sunday morning - if anyone was still awake, they'd be too drunk and tired to do anything :pac:

4leto · 05-09-2011 12:43AM

For those that are in it, I think negative equity is here to stay, I am pessimistic about the continents ability to generate the same wealth and growth it has done in the last 50 years.

With China and India emerging the west and America declining I think that is the brave new world. We get poorer.

But who can tell.

ascanbe · 05-09-2011 12:53AM

The majority of houses in this country have gone from whatever they were priced at at their peak to pretty much worthless.
They're worthless because there is simply no-one to buy them at a price that would make it worth-while for the seller to sell/that the seller could afford to sell for.
Most of the prices still put on houses by their owners/estate agents in this country are laughable.

CorkMan · 05-09-2011 01:24AM

cusackd wrote: »

Have you seen the frickin street view of this?

Say hello to your neighbours

http://maps.google.ie/maps?q=meadowbrook+athlone&hl=en&ll=53.413506,-7.902185&spn=0.002452,0.00986&gl=ie&sqi=2&t=h&z=18&vpsrc=6&layer=c&cbll=53.413639,-7.902095&panoid=05UHOkuNeC_XQuy8MeeEJA&cbp=12,285.05,,0,9.23

I'm sure they are a couple of unannounced neighbors too...

The biggest mortgage/house devalue you heard

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