Limerick City economy the "Detroit" of Ireland??????

I would like to know pinsters opinion of the Economy in Limerick, to me there are some similarities with Detroit USA. The economy was predominantly built around 1 Industry which has collapsed. I worked in one of the support factories which recently announced 480 redundancies, at it peak in 2007, it employed just short of 1,000 people (about 50% of these were temporary full time) when these people were let go, it did not receive media attention as many were agency employee’s

Houses in some areas are being levelled and with an overhang of unsold houses, I feel that the people from the areas being levelled will be integrated into existing estates rather than re-building the old estates.

I was considering purchasing in Limerick but, I would like to see how the re-generation scheme pans out + the recent loss of jobs in the area and its affect on prices before buyng. Currently one can get a 3 bed semi in an average estate for less than €200K

daft.ie/searchsale.daft?id=323278

I would like to knows pinsters opinion on how much lower House prices in Limerick can Go

Thanks

It’s most likely they won’t turn negative (asking prices that is).

I’ve been to Detroit. It’s nothing remotely like Limerick.

The problem is, that Detroit is a city built for 2 million people. Now there are less than 1 million and municipal authorities simply don’t have the cash to keep things ticking over.

I do think Limerick will be the nearest thing we will have to a Detroit in Ireland. The property market in Limerick will enter a depression that will be unequalled in the rest of the country. Between Dell, its suppliers, and the various spin off jobs there will be the guts of 10k job losses in the Limerick area with the Raheen area, which has a vast house rental ratio, ground zero. You may be looking at your typical 3 bed going for sub 100k in 2-3years in some parts, unless the Corpo comes in and buys it up for social housing which is a strong possibility.

This why I believe that Limerick it is a little like Detroit, Limerick City & suburbs has a population of 90,000 to 100,000 many were migrants coming in for the jobs which have now gone. These people rented in the City Centre & suburbs,

The # of Polish alone in Limerick was estimated to be at 8,000 in 2006,

independent.ie/national-news … 64009.html

From 2005 onwards there were very few companies hiring other than dell and their suppliers. My point being that as these people travelled a long distance to find work, it would be in there nature to do so again and it’s not just the foreigners that are leaving Limerick. This could result in significant drop off in the areas population, leaving a massive overhang of empty properties

When you have seen the following properties you might like to rename your thread.

For $850,000 you get a 7 bed 7 bath 11,500 sq ft mansion in Detroit:

realtor.com/realestateandhomes-detail/1723-Iroquois-St_Detroit_MI_48214_1104232527

For $850,000 (675,000 euros) you can get the following “bargains” in Limerick:

https://mediacache-s3eu.daft.ie/lJVnRpo5X0Z--4_PY0DVcYzaV-c-DG2EWM4jhV4b_fFtPWRhZnQmbD00MDA=.jpg

daft.ie/1389479 (650,000)

daft.ie/1428374 (680,000)

and the best till last:

https://mediacache-s3eu.daft.ie/zRw--XLOj_52BxNIp4qatilY6RK1VmLE6P-UghZOJIdtPWRhZnQmbD00MDA=.jpg

daft.ie/15017 (750,000).

Just shows you how effective the ECB and Irish governments policies have been doesn’t it?

Point taken PROFESSORI, Have changed the title (forgot what Country I was in for a while)

Had a quick Look and less than €100k would buy this 4 bed, detached, 2,300 sq/ft home in Detroit

realtor.com/realestateandhom … 1106176719

while, in Limerick this prime piece of DERELICT real estate is yours for the small sum of €850,000 +

www.daft.ie/1398318

They are clearly trying NOT to sell it.