Indo - Why it's my time to buy

FTB ramping special

independent.ie/lifestyle/pro … 71015.html

Ha if you asked me to write a piss-take parody of Irish property media coverage this is what I’d produce. There must be a “Property Pump” Word template somewhere at the Indo.

200K for a 1 bedroom is not value

edit just started reading the rest of the article… since when do people write fiction in newspapers? who invented these people?

“It was much easier first time round. This time one or two banks said no before I managed to get a mortgage,” he says

which bank gives a mortgage for a 4 bed r €360,000 house in adamstown to a guy who is in negative equity on a apartment in Ongar ??/

This is most defo a pistake!

Why not wait and jump straight onto the 2nd or 3rd rung? :unamused:

How the hell did her rent go up €200 euro in January? Rents have been going down for ages!

Christ, a €20k voucher for a housing development in Adamstown. That sounds llike 4th prize in a local raffle, just behind a box of Milk Tray.

That was in January 2008. Rents were a bit shocking at the time at 1000-1300 for 1 beds and 1200-1400+ for 2 beds. I remember searching for sub 1000 1 beds at the time and finding practically nothing.

First prize was probably 2 €20k vouchers. :angry:

Oh and this

from the original article says a lot.

It’s quite common to see the use of the word “dream” in this type of article, but it rarely gets associated with the word “mortgage”. Perhaps that’s because the mortgage is a little too real.

Another phrase is “value to be had”. Why the last three word “to be had”? Personally, when I see/hear this phrase, I focus on the last three words.

Add to this his job, Would they not be feeling the pinch in the Construction Industry. I see suffering lots of suffering

From Gunnebo Lifting website

That voucher idea seems like a good one from the developer’s point of view. he was never going to get his deposit back in this environment if the developer was legally entitled to it. However, they have thrown him a bone and a reason to come back to them when he does decide to buy. He gets €20,000 off his purchase, which makes him think he is getting some sort of a bonus. I wonder did he negotiate hard and then produce the voucher or arrive waving it around, they play a little hardball (oh no, the voucher was never meant for a four bed, three beds only, you are robbing us, blah, blah, blah) and then accept it, making him feel all warm ann cozy inside.

I’d say if you arrived and offered them €20,000 less than asking they’d take your hand and all.

It is painful to see that there are still people buying who really don’t have a clue. Their excuses were EA 101 textbook stuff, supply and demand, prices will start to rise, etc.

Big time. I think the writer was having some kind of Mel Brooks The Producers moment, then discovered the piece was actually going to print.

Or else Ken McDonald wrote it.

I think Frank Light-Fingered Fahy would have managed more subtlety.

Did I say writer? WTF?

Hack.

Person working in retail pays 200K for a one bed apartment, during worst retail environment in decades,
and collapsing property prices. I really can’t see any downside to this can anyone else?

Please Indo, in 12 months or so, when she’s realised the fuckup she’s made, please don’t take up more
column inches bitching and moaning about variable interest rates or negative equity, or management fees,
or lack of storage space.

Just run a page of Dilbert cartoons.

-Rd

I think you’re all missing the positive aspect to this story…

…Her sister got a mortgage sale out of it

I wish I could say that I found the blatant agenda that underpins this article surprising.

But I can’t.

If these people are happy being in negative equity with no mobility in an increasingly difficult employment market then that is one thing.

Trying to encourage others to do the same by perpetuating the old mantra’s of getting on the property ladder, or that market prices are anywhere near a bottom, is another entirely.

This piece is a parody. A spoof, as sharper has said, of Irish property media coverage.

Is this the standard of print media in this country, where thinly veiled shills masquerade as journalists? Is reason and balance an expendable nuisance?

Answers on the back of a postcard.

2 beds in Belarmine now asking 259K
Presumably open to a bit of haggling, so for say…
an extra 20-30K you get an extra bedroom.
www.daft.ie/1426325

Or you could rent a 2 bed for less than a grand, while
waiting for 2 beds to come down into her 200K price range.

Or, since she was living at home, she could keep doing that
while prices drop.

Ah well. Good luck to her.

-Rd

She’s a retail buyer who considers herself in “secure employment”?

Must not read the business news much so …according to IBEC on 1st May 09:

I find it hard to think of almost anyone in 100% secure employment at the moment? Employees in all sectors (particularly private) have got to consider the possiblity of more pay-cuts and/or redundancies. With retail having a particularly hard time and no end in sight, I hope she’s got a few quid put away for a rainy day.

I don’t know why either of the people in that piece think they’re in secure employment, much less “35 year leveraged to the hilt” secure employment.

Still it’s worth having this for when the “Debt forgiveness” movement starts. People walk into these agreements with their eyes wide open. They’re very very wrong of course.