Indo: Investor is hit by seven property seizures
Ominous last line “More than 970 new applications for possession orders were made last year compared to 758 in 2008 and 374 in 2007.”
Interesting to note that almost 2 years have passed between last payment and repossession.
You have to wonder how far in arrears payment would have to be for a residential (non-investment) repossession…
see this guys problem was he didn’t think big enough
if he had borrowed twice as much he’d be a NAMA case and exempt from repossession.
I note it’s county Cork. Outside of cities and larger towns it’s very hard to rent properties. The one off houses that blight our roads are impossible to let. He may have had too many of these.
Good - more houses that will be sold at low prices, forcing down house prices even more.
What a ridiculous statement.
They are infinitely preferable to indentikit housing estates or apartement blocks on the edge of a village.
Not from a social point of view.
expensive from a services point of view.
Asthetically perhaps but tax wise not
Clusters of one off housing along roadsides won’t be that much mroe difficult to service and if they are it is a price worth paying to have people live in their own slightly unique houses.
Old Man River City… It’s coming! You will assimilate! The hive shall claim you!
This is the bit that struck me. What bank would approve the financing of a farm purchase with an overdraft? No doubt there are other factors involved that haven’t been reported, but even so it sounds like a crazy situation to me.
Any of the lands of the commercial farm due to be zoned in a new county development plan? Any councillor connections with the farmer? Just wondering, like…
In that time frame he probably walked away with quarter of a million in rent…nice
More likely €100k in a rural area and that only if the estate was finished and accessible.