Leo Varadkar offers to sell his apartment to NAMA


#6

Just thinking…wouldn’t it be a good idea for Daft and Myhome to include a field for LTEV. Just so punters realise how much of a bargain they’re getting

Something for the pricedrop team to include also :wink:


#7

I wonder. Before the next election, could FF bring in legislation so that instead of counting the
number of seats a party has, we could instead count the long term political value of the party.

So, when FF return after the election with 20 seats, they could still be in government,
possibly with an overall majority, using the their LTPV of 90 seats.

The greens of course would still be on zero. Let’s be realistic.

-Rd


#8

Possibly the Post Of The Day.


#9

Got a link for that?


#10

Yeah, unless Uncle Leo is playing to the gallery, it’s hard to comprehend someone with a six figure take-home pay requiring a car loan for anything but the most ostentatious of cars. I’ll bet he bought it new too.

Still, a worthy idea in that it helps communicate the farce of the LTEV model to many of the electorate.


#11

I think this is a good idea by Varadkar. It demonstrates quite clearly to the avergage person who is in the same boat,what NAMA is really all about.


#12

Leo obviously didn’t see the crash coming. His economic planning ability doesn’t seem any better than Brian Cowen or Joe soap for that matter. This is a bit disappointing considering Leo V is now turning into one of FG’s leading lights. Let’s hope his economic acumen has improved as much as his manners over the last couple of years.

Aside: Did he get a top up in 2007 for the election? Is that the reason for the 2007 valuation?


#13

How does it demonstrate what NAMA is all about? NAMA does not assume the increase in price that Mulcahy mentiones as referenced by Varadker. It is just more inaccurate “tosh” [HT - TUG :slight_smile: ] that confuses rather than clarifies.


#14

NAMA buys loans, not apartments


#15

He got a 100% mortgage too. He mentioned this during an Oireachtas Committee hearing.


#16

He only hopped on the gravy train at the 2007 election, don’t know what he did before then but I hope to God it wasn’t anything to do with financial advice…


#17

Nah, he was a doctor.


#18

Has anyone checked LV’s numbers?

Bought €350k, 2004
Valued €500k, 2007
Now worth c. €250k, allowing for a 50% fall from peak property prices
Long-Term Economic Value (LTEV) €420k, using the formula outlined by NAMA chief valuer at to the Joint Oireachtas Committee on Finance

Are those figures correct? How does he get from worth €250k now to €420k LTEV?


#19

He makes it up.

Just like Brian Lenihan.


#20

Look people, it doesn’t matter what the figures are. he is using it to highlight something. he is taking a not untypical sceanrio. he may or may not have a car loan, he may not even live in an aprtment. Yeah,jonny I know NAMA takes over loans not apartments! :open_mouth:
he is using the example to illustrate the wacky logic of NAMA. That’s all! :unamused:


#21

herald.ie/national-news/td-o … 00201.html

(later)

(More…)

irishexaminer.com/ireland/va … 02225.html


#22

This thread being cited on Broadsheet given Leo’s sock-in-mouth episode re deposits

broadsheet.ie/2018/01/24/youre-100-on-your-own-son/


#23

Perhaps they paid for his stamp duty if it was a 2nd hand house? Stamp duty was hefty back then


#24

Varadkar’s apartment in deep negative equity
In 2005, he bought the Rosehaven penthouse, with a €355k mortgage from Ulster Bank.
In 2007, Varadkar, who last week revealed he had a 40-year 100% tracker loan, remortgaged his apartment for €405k.
Varadkar, a medical doctor and then a local councillor, was elected a TD in 2007.

We all partied, so to speak


#25

I wouldn’t be surprised if the re-mortgage in 2007 was used to fund his election campaign in the same year.