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schnackbox — Thu Aug 28, 2008 1:21 am

Author: schnackbox

Posted: Thu Aug 28, 2008 1:21 am

I heard the build quality was very poor in the Poland plant. One section that was transfered from Ireland to Poland, was brought back due to a rise in faulty end products.

All heard on the grapevine, so take with a pinch of salt.

ECB Watch

kerrynorth — Thu Aug 28, 2008 12:55 am

Author: kerrynorth

Posted: Thu Aug 28, 2008 12:55 am

PROFESSORI wrote:

Axel Weber is only one man on the rate setting committee,he will be voted down,next move is down,mis-direction is often employed to confuse markets and traders.

Don't forget hes a banker so he is not to be trusted anyway.

You mean like when he was saying that rates had to rise a few months ago when all the local cheap credit junkies here were confidently calling for rates to fall? Yeah what does Axel know!

Car Sales + 2.8% Commercials -44.1% July YoY

Sidewinder — Thu Aug 28, 2008 12:38 am

Author: Sidewinder

Posted: Thu Aug 28, 2008 12:38 am

I just went through the process of getting my old rustbucket re-registered in the north. Dunno why I bothered now, she'll probly be off to the great junkyard in the sky by next spring anyway! But the process is an insane labyrinthine bureaucratic nightmare, about 20 different forms, loads of silly little steps that must be followed in precisely the right order, ignorant unhelpful staff at the motor tax office, just generally a feckin pain in the hole. Luckily the north has no equivalent of VRT so at least I wasn't gouged for the privilege too!

But I can easily see why people crossing the border simply don't bother with the re-registering and just trust to luck to get away with it. Far too much hassle.

ECB lending to Irish financial institutions hits �44bn

Hobo Sapiens — Thu Aug 28, 2008 12:14 am

Author: Hobo Sapiens

Posted: Thu Aug 28, 2008 12:14 am

Gilroy wrote:

Hobo Sapiens wrote:

Anybody know where to find a breakdown of each bank's borrowings from the ECB?

I'm particularly interested in PTSB's situation. Thanks.

I think its been asked before and nobody had an answer. I think the figures are not broken down and shown bank by bank to prevent Northern Rock-like bank runs and failures.

PTSB published their 2008 interim accounts today. Have a look under the Deposits by Banks section of their Liabilites in the balance sheet. A portion of that is probably ECB funding (not sure where else it would appear). The portion you assign to the ECB would depend on how likely you think it is that other commercial banks are lending to PTSB.

many thanks for the heads-up.

The figure for deposits by banks is �11,801m. Up from �2,018m in 2007, but not far off the 2006 figure of �10,011m. (But wait! The 2006 figure seems to be for the whole of that year.)

You can find these figure on p.21 of the report at:

http://www.irishlifepermanent.ie/ipm/ir/reportsandpresentations/annualandinterims/2008/ir_june08/ir_june08.pdf

Would you be worried if you kept your cash in PTSB? Then again, which Irish bank is not potentially exposed to serious defaults?

.

3 The Cova, Whitehall Road, Terenure (-135k, -22%)

schnackbox — Thu Aug 28, 2008 12:11 am

Author: schnackbox

Posted: Thu Aug 28, 2008 12:11 am

Now �475k (-135k, -22%)

http://www.myhome.ie/residential/search/brochure/3-the-cova-terenure-dublin-co&-city/WUOEQ367064

71 Glencarraig, Sutton (-450k, -35%)

JeanClaude — Wed Aug 27, 2008 10:56 pm

Author: JeanClaude

Posted: Wed Aug 27, 2008 10:56 pm

This house sold for somewhere in the region of 950K in 2006 + then was renovated to the tune of 250K.
Its a good house in an excellent location with a good back garden with the correct aspect, I personally dont think it will drop any further considering interest rates have more or less peaked.

My bet is this house will sell at this price (or close to), I dont think we will see this house on PP again at a lower price, watch this space...

I know I sound like the EA, I'm just a watcher, I also know the area.

20 Sefton Green, Rochestown Avenue (-35k, -5.5%)

mambo — Wed Aug 27, 2008 10:26 pm

Author: mambo

Posted: Wed Aug 27, 2008 10:26 pm

http://www.daft.ie/1377889

27 August 2008

* Price changed: from 'Region �630,000' to 'Region �595,000'

27 May 2008

* Initial entry found.

"Monthly Repayments From �2457.58"
or you could rent No. 13 for just �1500 and pocket a grand a month.
http://www.daft.ie/searchrental.daft?id=601551

When is a contract not a contract .....?

johnnyskeleton — Wed Aug 27, 2008 10:11 pm

Author: johnnyskeleton

Posted: Wed Aug 27, 2008 10:11 pm

initech wrote:

Without seeing the contract, can anyone venture an educated legal opinion as to whether the purchaser would have an option to sue the builder for specific performance of the contract?

No. New builds are the subject of a contract for sale of land and a building agreement. One deals with the transfer of the plot, the other with the actual construction of the house. While the courts will grant specific performance on the contract for the sale of the actual land, they will not force the builder to complete the building because forcing someone to work is slavery (and slavery is against Equitable principles). Also, since anyone could come in and finish off the build, damages would be an adequate remedy.

More importantly though, why would they want specific performance?

initech wrote:

It could prove to be an opportunity for the purchaser to exit the contract with some extra cash as well.

Or to get the best of both worlds, take the other property at a knock down price.

It's not a fundamental breach of contract to offer the other house; however, the breach arises from the delay in building the original house. The standard building agreement provides that a builder needs to complete the project within a reasonable timeframe, so procedurally it is not a simple case of exiting the contract and getting his deposit back. However, it shouldn't be too difficult to get out of that one.

Current Public Sentiment towards the Housing Market

fishfoodie — Wed Aug 27, 2008 9:45 pm

Author: fishfoodie

Posted: Wed Aug 27, 2008 9:45 pm

Hobo Sapiens wrote:

As an M50 user, I'm amazed that the upgrade is still ongoing. Are they simply fcuking it up?

Some of the new concrete central dividers must have been placed incorrectly because some of them have broken up and there are chunks of concrete strewn along the construction area.

.

The other colossal fcuk up of course is the fact that, it is a continuous solid concrete divider. So theres no possibility to operate a contra-flow on one side if there's an accident blocking one carrigeway

So this week a fcukin trivial little accident resulted in a 13km tailback.

Why, Oh why in this country do we always do things the hard way ?

It's the empties, stupid - Dublin edition

johnnyskeleton — Wed Aug 27, 2008 9:29 pm

Author: johnnyskeleton

Posted: Wed Aug 27, 2008 9:29 pm

Pill wrote:

mr_anderson wrote:

Pill wrote:

Good work JC. I personally know one guy who has 3 in Bloomfield. One has been let. Is now considering selling all 3.

Damn
Hes gonna take a hit on those.

Yep, he's a fairly wealthy solicitor but still he's probably looking at approx � 300K of a loss (he estimates), as things stand (assuming there's a fool out there ready to take them off his hands).

Is that hit on capital appreciation alone, and is it per house? I mean, if the mortgage was for �1.5m he would be paying aoubt 70k interest per year. So if he sells for what he bought at, he would be making a loss of approx �410k on the 3 properties over 2 years (less any rent obtained from the one that was let).

The Fianna Fail Sponsored Building Site Ransom Racket

Gilroy — Wed Aug 27, 2008 9:26 pm

Author: Gilroy

Posted: Wed Aug 27, 2008 9:26 pm

Quote:

In the fullness of time we will regard the last decade as a time that provided, effectively, what were, massive subsidies to the owners of building land, by allowing them every advantage, and privilege our State could grant them, to indenture our people from 1997 onwards, to allow them extort, the maximum last drop of wealth from our people, by indenturing them for life to massive debt.

and what did those owners do with all that building land? They built on it as fast as they possibly could, as high as they were allowed, as densely as allowed and as cheaply as they could. From 1997 to 2007, we built over 600,000 houses/apartments yet prices kept going up. What would you have done...build even more? Now over 300,000 are empty. A quarter of a million people were building them.

Quote:

1) giving up the luxury their parents enjoyed of inflating their debts away, in order to protect the savings of those who had bought earlier.

I don't recall much luxury in the 1970s and 1980s.

Quote:

2) Forsaking the opportunity to have children

Lower fertility rates are a feature of all modern economies, even those without burst housing bubbles. The Germans aren't replacing themselves nor are the Italians, Swedes, Norwegians and more. The Irish were doing relatively well. There's more to it than high land prices.

Quote:

3) making do with shoe boxed sized apartments because so much of their ransom debt was paid to reward the landowners, such that home sizes were shrunk to allow more of the ransom to be taken by the Landowners and builders.

Higher densities did indeed make more money for the developers. It also supplied more units to the market but this didn't reduce demand. People bought 2 houses, holiday homes, investment properties like maniacs. We bought them abroad. What are the planning restrictions in Bulgaria? Investors didn't even visit the countries!

Quote:

The Government still did not see fit to impose any tax on those who were selling their properties for huge profits, bought with low ransom multiples

When house prices were skyrocketing and people were throwing fistfuls of money at sellers, do you think that stamp duty was a tax on the buyer or was it money that would have gone to the seller if the government didn't take it?

Quote:

...and they would be happy to carry on building better homes now that the a ransom did not have to be paid for the land.

They would be happier if they didn't have to pay so much for the land but better homes? I wouldn't guarantee it. Cheaper homes? Costs didn't figure much in prices in the last few years!

Irish Times - Letters: Speed limits and housing market

fishfoodie — Wed Aug 27, 2008 9:14 pm

Author: fishfoodie

Posted: Wed Aug 27, 2008 9:14 pm

Feck off ewd3

I want my Bullet train to the southern rivera that is Gorey first. Its got 979 houses up on daft.

Biffo's address to the nation: inspiring, comic or tragic?

yoganmahew — Wed Aug 27, 2008 9:05 pm

Author: yoganmahew

Posted: Wed Aug 27, 2008 9:05 pm

CelloPoint wrote:

There's nothing like a good aul riot to get the adrenaline pumping!

I wonder could we Ryanair over a few hardcore animal rights protesters from the UK for a sunny weekend to spark things off?

Okay, how about this, get the Greens to ban SUVs from the BT cor-pork. The yummy's would morch their nannies down the northside and then join them once they'd cross the river to morch on the porliament.

AAM should attract regulator attention

CelloPoint — Wed Aug 27, 2008 8:49 pm

Author: CelloPoint

Posted: Wed Aug 27, 2008 8:49 pm

Meh,

Whilst I don't agree with BB on a lot of things (he seems to dislike me more than I dislike him seeing as he decided to ban me from his site for nothing), I think we're having a bit of a storm in a tea-cup here folks.

At the end of the day, it's a bloody internet forum and you can write what you damn like (within the parameters as set out by the site owners)! It's not as if we've got reputations like "paper of record" to uphold.

I can't see the IFSRA trawling through IP addresses/usernames and ringing up the ISPs/Garda Intelligence Bureau asking for information. They've got much, much bigger problems to be worrying about.

Cello