Correct me if I’m wrong but is Limerick not rapidly racing to the top of the unemployment blackspot league?
True, someone should protect these poor marks from putting depsits on overpriced shoeboxes to begin with.
House prices have dropped to rock bottom. It must be true if they say so! Time to go out and buy
Now if he could only get some tenants for his Coonagh Cross Shopping centre…
From the same guys who brought you: “if you don’t buy now, you’ll never be able to”.
Who writes this crap, just as Dell R&D are in the middle of a 30 day review.?
AS I’ve said before, land is now available more cheaply, so if and when demand returns, developers not strangled with unsold stock will be able to turn a profit at lower prices as
Cost of labour will be lower
Cost of materials will be lower
Cost of site will be lower
New tech for improving insulation etc will improve quality
Break out the picture of the good ship Bertie, laden down with unsold houses for export.
On one hand the article is statign the obvious. Nobody is going to invest money building something that
they can’t sell at a profit.
From that obvious statement it leaps off Alice in Wonderland like to the conclusion that people must
therefore start paying the current asking prices.
Nobody is asking anyone to build houses at a loss. We have a couple of years worth of unsold houses
to keep up the supply side, and many of them WILL have to be sold at a loss.
When that lot washes through the system and there’s a need for new houses, it will be possible to
build and sell them for a profit.
So, be off with you, to whatever oasis of profitability you’ve found overseas. Best of luck.
But we’re still not paying current asking prices.
Cape Verde is booming, I hear.
“A special report” Ho hum.
As a builder who survived the 80’s and will survive this crash said to me today, “Tough sh!te if you paid silly money for your sites, don’t expect the buyers to pay for the overvalued land”
Redquartz, McInerney, Shelbourne, Glenkerrin, even Treasury… prudent indeed
Who’s this guy?, I wanna buy from him!
It’s a little Cleavon Little in Blazing Saddles…
You know the bit when he puts his gun to his head and says: “Don’t move or the N****** gets it…”
This lucky developer must have not borrowing if he can afford to leave those places empty that long
Talk about throwing their toys out of the pram Yes you mothball your unfinsihed sites. They will be much more valuable in another decade, with the smashed windows, squaters, junkies and needles everywhere.
Any professional investor, business person, recognises when they are licked. Cut their losses, and move on. These guys are determined to go down with the ship (illustrated above!)
They’ll need cash serious cash reserves to front this one for a few years, will their bank agree with their stance?
Some people just don’t grasp the global, in Global Recession…
“Occasional Sale” I wonder how these people feel with a wrath of empty houses around them
Concise Oxford Dictionary definition:
have enough money , means, time etc, for;
be able to spare;
be in a position to be able to do something (esp without risk of adverse consequences)
So far so good, although the adverse consequences bit is a bit worrying (eg capital loss; inability to service mortgage in event of job loss; immobility in event of negative equity)
But the key issue is that something may on paper be “affordable” but people can still choose what they want to “afford”. I’m choosing renting. I’m choosing not to risk the adverse consequences listed above. I’m choosing to have money spare for things other than property. I’m choosing to maximise the things that I can afford.
Mr Chieftan however has his own affordability issues. Clearly he can afford to service the interest on his loans or to forego the use of the capital invested. And he can afford to mantain and secure the properties while they lie empty. Good for him.
So everybody’s happy
So affordability cuts both ways. But the business won’t happen until he- or perhaps his bank- changes the choice he has made. Who owns or subsidises the bank I wonder?
Oh!! look!!! a gigantic bucket of wishful thinking!!!
I call bullshit…
Dublin is surrounded by empty apartments and housing estates and I doubt Limerick is any different,
I think the housing finishes for this year wll still be well above the 15000 per annum that is sustainable in a country of our population, sustainable once theempties are sorted that is…
It’s da fundamentals and de fundamentals are not lookin good…