Irish Times - Can't sell, can't rent: holiday homeowners in

irishtimes.com/newspaper/pro … 06118.html

Yet another story of woe centred on someone who is trying to sell an overpriced property and no one is buying. It really is just sloppy sentimental superficial journalism.

It is not about this individual despite his willingness to expose himself publicly in some form of unreality programming that could be called Ireland’s Just Not Got It Yet.

The house mentioned in the article can be seen here daft.ie/searchsale.daft?id=563240.

You can take a completely different interpretation from this article.

He priced his holiday home too high when he started to sell, he did not reduce the price fast enough, the price is still to high for the market and he simply does not accept his situation.

In this case, it is a house in the middle of nowhere with little to recommend it.

His initial selling price was 95% of his original purchase price.

His current price is still 80% of his original purchase price.

If he was being serious about addressing the situation, he would at least consider:

  • Get a new estate agent

  • Reduce the price substantially

Is this a case of “I cannot afford to sell the property for less than X because that is the value of the outstanding mortgage” - setting absurd bounds based on how people feel the situation should be rather than how it is?

Reality has still not hit people like this.

If there are hard choices to be made then make them rather than waiting paralysed until events overtake you.

Indeed. Does it not occur to him that properties like that, in a fairly marginal tourist area, may well end up going for around the 10,000 euro mark ?

Isn’t Leitrim empties central?

Also the property section has been running a Ghost Estates feature for the last few weeks:

Quaint cottages in ghost estate with a good spirit
irishtimes.com/newspaper/pro … 93824.html

Designer homes in Schull stranded when tide turned
irishtimes.com/newspaper/pro … 46571.html

Quaint seaside development shrouded in mystery
irishtimes.com/newspaper/pro … 87509.html

The wind that shakes Barleyfield’s ghost estate
irishtimes.com/newspaper/pro … 99542.html

Turns out one man’s holiday home is the existing community’s ghost estate.

Cognitive dissonance much?

Just read the article on Copper point and it quotes a Nama spokesman. I wish I had his name cause I’d like to give him a ring.

Behold.

I know that market (surprisingly) and can tell you that Leitrim is just totally awash with sites with full planning permission and refurbishment-type cottages.

A decent sized one acre plot with full planning permission can be had for €15k quite easily.
A small two bed cottage that can be renovated reasonably enough can be had for €40k.
You can buy something that’s livable and about 100sqm with a decent plot of land in the here and now for €70k.

If there is a view of the lake, he might be able to get 70k for it in the current market.