Property market's no house of cards (Indo)

This article from Ken McDonald of Hooke & MacDonald fame in the Sunday Independent today smacks of desperation!!

unison.ie/irish_independent/ … e_id=15411

Suggestion: post a few selected sentences to give us a better sense of the content of the article.

Some of us don’t have the time or the inclination to subscribe. Every subscriber is counted as a material gain by the paper involved, and some of us would rather not give them a perceived material gain.

While I generally agree, will cutting and pasting cause “© Copyright Unison.ie” issues?

(actually looking for clarification because I am a big cutter and paster)

Posting small snippets for the purposes of fair comment is legal.

Trust me I’m an Estate Agent.

Maybe the environmental health inspectors should be recalled from Galway and inspect the water supply in the Hooke & McDonald offices for Kool-Aid contamination.

Translation: some areas are experiencing supply greater than demand and must drop their prices in order to differentiate their property from their neighbours, I left out that a few per cent can be a number greater than ten.
Greedy sellers were asking too much for second hand properties in the first place, we need to make our numbers and they need to sell.

Its really the builders who set the price and not the buyer, and after decade long price rises have felt sorry for you all you hard pressed first time buyer’s and decided out of the generosity of their hearts to not increase prices.

Forget the doomsayers, falling prices have nothing to do with tighter credit availability due to ECB interest rate rises, record output by the construction industry in 2006, and the slackening of demand among property investors, whose only interest in the market was capital appreciation and the fact that rental yield at current prices is lower than interest rates on some savings offered by the banks.

“Currently investors account for around 25 per cent of new home purchasers and despite reports to the contrary,this number is not decreasing.”

Is that because they can’t sell?

edit
It really is shocking that this can be published without a big disclaimer at the start saying who wrote it! How many people actually read the details of the person who wrote the article. I’d say 80% of readers just think this is written by a Sindo Journo…

Needs to be read in conjunction with the Sunday Business Post article on ‘vested interests’ for maximum comedic effect. :smiley:

If they sold, yes, the prices of houses would have gone up 50%.

MacDonald doesn’t know what hes talking about. He lives in a world free from the influence of globalisation, vicious competition and cheap labour. He thinks that the world will pay the Irish a premium for their goods and services because, because well because.

We shouldn’t waste our time commenting on this nonsense!

There’s one scenario poor old Ken hasn’t experienced and that’s the one he’s going to learn about over the next five years. You can’t teach an old dog new tricks but you can ram it down his greedy throat.

Time’s up Ken, now you’re gonna learn about loss :open_mouth:

The full page ads, the tripe from their economist, now this… anyone else think Hooke & MacDonald is having some cash flow issues?

I thought figures last year said that investors were responsible for 40% of mortgages, presumably a lot of them were for second hand houses. Maybe I am being cynical here but I see a big case for lies, damn lies and statistics. Why has he not mentioned anything about investors in the second hand market? Maybe because they are leaving?
R