Irish Times admit Canny was suckered in foreign property

I recall a certain SBP and Indo columnist writing about the local, foreigner and paddy price as far back as 2004.

The piece sounds like nostalgia for 2 years ago XX XD

Unexpected. No.

The Japanese where famous for such property purchasing sorties, form the ordinary man right up to the big corporations.

Everyone wanted their own “Trophy” foreign property, be it a studio apartment in Marbella or a high profile office/retail development in London.

It was all about degrees; just how “wealthy” were you before you started, just how leveraged could you get, just how gullible did you appear and just how desperate were you to keep up with the Joneses/Murphy’s/O’Brien’s/Ryan’s/Smurfit’s/Desmond’s et al of this little island economy.

Fools and their money … XD

Blue Horseshoe

Fools and their borrowed money … XD

Normally I would say that losing your jumper would be a bad thing for someone, but in Kenny’s case I’m not so sure.

^ He looks like an orangeman after walking through the Boyne

poster boy for the boom?

a carpenter*** (FFS!)

  • new top-end BMW
  • massive new gaff
  • Manhattan apartment
  • that jumper must have cost at least 5 grand

yup, and he does look like Michael Lynn :nin

That’s one of the most horrific jumpers I have ever seen.

and keep in mind he knew he was being photographed in advance so that is probably his favourite jumper.

you couldn’t get away from foreign property expos or companies offering cheap gaffs to the EU accession states in 2003/4. In 2003 there were ads on 98FM for gaffs in Cyprus saying that a minimum investment of 20k was needed.

I wonder why they don’t know how many foreign absentee landlords exist in the country, newsprint was full of rosy stories about how Robopaddy was buying up gaffs left right and centre. Now the crash is upon us, we hear nothing about their plight! Budget day 2009 will allow provisions for people to get finance to expensive Black Sea appartments from Robopaddy.

AHHhhahahah :smiley: Brigten up another shad more an already bright and sunny day!

Fair play to him. He also got a mention over the winter in the new york times!!

Maybe that jumper did cost 5 grand!! 8DD

the humanity of it all :angry:

On reading this I recalled some comment made by Harry Crosbie in the Irish Times Saturday Rag Mag a couple of months back that could shed some light on where this gentleman may be headed:

there’s more golden quotes from the NYT piece

“He read about the Manhattan market in an Irish newspaper and to find his apartment here”

did they say that savvy investors were snapping up pads off the plan on wall st

“It’s all based on what their rental yield is going to be,””

at $36k rent per year, that works out at 4.7% rental yield, he must be hoping for capital appreciation because 4.7%<6% , ponzi schemed.

A man after my own heart - I bought the Brooklyn Bridge in 1972 by similar reasoning, “it’s a great location and sure there’ll always be people looking to come over to Manhattan” and I haven’t regretted the purchase for one moment.
And I don’t care how much it’s gone up in value since then, you still can’t have it, it’s mine and I’ve no plans to sell. So there."

"It’s all based on what their rental yield is going to be,” Well he’s right there.

770k for a studio apt in wall st…the twit…

He would be lucky to get 2200 for that, as a coporate let, no one live in wall st, its unbelievably dead at nite and even considered to be an un-cool place to live. If you want to live downtown and close to the street, where, by the way there ain’t no banks!!!, you live in the west village if you can or even the east village…its more fun, more to do and more bars to enjoy. Only ppl down there are at night are those in CUNY and they live in resediental buildings…

Add on top his maintenance, which in Manhattan is damm pricey, as well as property tax and the fact that prices are dropping, he’s up the swanny big time…


Do the maths,

Rent at 3k a month, lets be generous and say rents all 12 months… → 36

770K at prime rate, 6%, if he’s lucky. —> 46.2 a year on repayments, Interest only
Maintenance is aprox 800 a month, and thats cheapish → 9600

Incoming = 36200
Outgoing = 55 800

Cashflow = -19,800 a year.

Before capital payments…

So in twenty years, just to break even, he needs to apartment to increase by 607,632.19 to an overall value of 1.377 million. Thats done assuming a 20 year fixed rate of 4% and compounding annually shortfalls, assuming constant rent and maintenance and costs…

Not likely…

less as there are large maintenance fees and property taxes in Manhattan…i know, i have to bloody pay them!!