Canny Still on the March

thepost.ie/post/pages/p/stor … qqqx=1.asp

Canny probably sees it as a win win situation here with the dollar strenghtening at the moment and has little fear of a possible dollar collapse. 8DD

Allow me to add sub-titles:

A small time Irish mail spamming company selling swampland in Florida got a handful of replies to 50,000 unsolicited e-mails last week.

We normally target people stupid enough to have previously bought property overseas, & who haven’t yet initiated legal proceedings against us, or declared bankruptcy.

The Irish still think that property is a one-way bet & believe any olde shite they are told by EAs about rental yield, while at the same time believing that anywhere the sun shines for more than 10 hours a year is a desirable place to live. The places were trying to sell are so bad they’ll think they’ve bought in Albania.

Murphy believes that Ireland is the only country in the market still producing the kind of greater Idiot who is prepared to throw money at property which has been declining in value for the last year & shows no sign of stopping…

[code]Among the properties on the firm’s books is a three-bedroom, two-bathroom house in Bay Hill, Orlando which was sold for $315,900 in May2 007, but is now on the market for $109,000.

A two-bed condo in the Metro West area, which was previously sold for $236,000, is on the market for $68,900, and Murphy estimated that it would rent for around $975 a month.[/code]

So a 71% drop and a 66% drop.

What I take from this is that drops of 70% are possible or indeed likely in Ireland.

That’s some nice benchmarking right there.