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 Post subject: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 11:38 am 
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I know we have discussed this before.
Just thought it was coincidental coming at the same time as the drop in Homebond registrations (discussed here http://www.thepropertypin.com/viewtopic.php?f=4&t=27383)
Are they related perhaps ?

Quote:
The Irish Independent has learned that this many claims for pyrite-related damage, such as cracked floors and walls, have been made to the builders' insurance company HomeBond -- which may not have enough funds to cover the cost of all the claims.

Its cash reserves have dropped from €50m in 2007 to €26m, according to its latest accounts, due to declining stock market returns.

This means it would only be able to pay around €1,250 per household. The average cost of removing the pyrite from a house and repairing the damage is between €50,000 and €70,000.


http://www.independent.ie/national-news/devastating-pyrite-epidemic-hits-20000-newly-built-houses-2073508.html


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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 11:42 am 
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Of Systemic Importance

Joined: Jan 10, 2008
Posts: 5365
Location: BubbleBurst Ireland
:shock: FFS

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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 11:59 am 
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I genuinely feel sorry for the poor unfortunates caught up in this affair.
Their properties have not only collapsed in value far beyond the normal market, but are effectively unsaleable.

If I found myself in this scenario, I think I would just post the keys back to the bank and emigrate.


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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 12:00 pm 
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Holiday Home Owner

Joined: Sep 6, 2009
Posts: 329
Location: In the land of Menolly's fools gold
spqr64 wrote:
:shock: FFS


Not good news, but I can't say that I'm suprised.


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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 12:23 pm 
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Property Magnate

Joined: Apr 2, 2009
Posts: 603
this is an utterly terrible affair - I have friends caught up in this who are now finding their place too small for them following the birth of twins - they were already in serious negative equity but the pyrite issue has effectively made their place worthless.
IMO these guy's should start by stopping paying the mortgage and save everything they have for their future - they are gonna need it !


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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 1:21 pm 
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Holiday Home Owner

Joined: Sep 6, 2009
Posts: 329
Location: In the land of Menolly's fools gold
In nearly a similar boat myself. :(


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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 1:31 pm 
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Of Systemic Importance

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Posts: 5365
Location: BubbleBurst Ireland
pyrite manor wrote:
spqr64 wrote:
:shock: FFS


Not good news, but I can't say that I'm suprised.


I simply didnt realise that it effected so many properties, this is horrendous. :evil:

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The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is.
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A people that values its privileges above its principles soon loses both.
Dwight D. Eisenhower


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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 1:42 pm 
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Location: Over Macho Grande? I don't think I'll ever be over Macho Grande...
Concrete built, etc.

I've a mate who is into one of these apartments... Menolly, etc. They are looking at going down the legal route but neither the developer or homebond will have the readies for compensation one would think.

As ever the only thing on the books re: the bubble was the mortgage debt. For the time being anyway.

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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 2:05 pm 
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The taxpayer's always good for a bailout, form an orderly queue behind Twink.

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Irish public sector wages bill contains a roughly speaking 48% premium relative to the PS counterparts in similar economies around the world. - Constantin Gurdgiev May 30, 2010


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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 2:07 pm 
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Planning Tribunal Attendee

Joined: Jun 5, 2008
Posts: 1499
you couldnt make this stuff up..

Every few months we get some new Story coming out to put another nail in the Casket of the property mkt..

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What condition was the property in for each of the properties you are saying the bottom is in for!


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