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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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: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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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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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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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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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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 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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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 2:07 pm 
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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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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 2:08 pm 
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The Unwelcome Guest wrote:
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.


The problem can effect timber frame houses as well TUG. Pyrite (Iron Sulphide) contaminated backfill or hardcore seems to be the principal cause of the problem.

Image


Quote:
Traces of it are found in the sedimentary rock used to make crushed stone for backfill. In the presence of humidity and oxygen, pyrite oxidizes and produces sulphuric acid. The acid reacts with the calcium carbonates (for example, limestone) found in the crushed stone. This chemical reaction produces sulphate and can form gypsum whose crystallization will cause the stone to burst, the backfill to swell, and the concrete itself to crumble and swell.

This is usually a slow process. On average, experience suggests it take about ten years before a perceptible damage is produced. Swelling of pyritic backfill is relatively complex and has scientific, technical and legal implications for developer, designer and building owner.


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 Post subject: Devastating 'pyrite epidemic' hits 20,000 newly built
PostPosted: Mon Feb 22, 2010 2:10 pm 
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Menolly is of course the lovely Seamus Ross. When he built his first residential estate in 'West Dublin' The for sale signs led you all the way past the Foxhunter up the slip road and back by a flagged route about 4 miles to Ronanatown/Neilstown.

When the postal address proved problematic he slipped the wonderful Liam Lawlor 40 grand to have it redesignated as 'Lucan' The two women in the showhouse actually kept a copy of the letter from An Post which declared the development to be in Lucan and were always very keen to exhibit it to potential buyers.

It was one of the first estates circa 1996 to be a mix of first time buyers and BTL and flippers. First Christmas they were occupied ( or rather not occupied) Local Guards in Lucan recorded complaints that about fifty per cent had been burgled -but had to refer these 'Lucan residents' back to their local Garda station... in Ronanstown.

Pyrite is of course is more commonly known as 'fool's gold' and I course do wish Mr Ross that fine supporter of the turf and the Party all the very very.....


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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 2:11 pm 
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Duplex wrote:
The problem can effect timber frame houses as well TUG. Pyrite (Iron Sulphide) contaminated backfill or hardcore seems to be the principal cause of the problem.


Do we have any timberframe houses in Ireland? :P

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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 2:19 pm 
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The Unwelcome Guest wrote:
Duplex wrote:
The problem can effect timber frame houses as well TUG. Pyrite (Iron Sulphide) contaminated backfill or hardcore seems to be the principal cause of the problem.


Do we have any timberframe houses in Ireland? :P



Its the frame thats timber, hence 'timber frame'. :wink: When the CIF start building houses with timber foundations we'll have reached the bottom.


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 Post subject: Re: Devastating 'pyrite epidemic' hits 20,000 newly built houses
PostPosted: Mon Feb 22, 2010 2:23 pm 
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Oh yes we do have timber rame houses -(Barrack Homes -Newbridge thread).

Certainly the 'Meadows' in Newbridge are timberframed. :mrgreen:


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