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Topic:
The new property porn...
Welger AP630
(2,507 Posts)
Posted:
15-Nov-2008 14:04
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David McWilliams coined the phrase `property porn` to describe the people who used to sit around reading property supplements and salivating at the idea of their assets appreciating describing them as as `property pornographers`
I don`t know about that bunch but as somebody who was quite bearish about the property market throughout, I must say I am enjoying all the new programmes about property crashes and bubbles bursting... When I am right - I am right! (Still broke - but right )
Duke of Wellington
(827 Posts)
Posted:
15-Nov-2008 14:10
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Originally posted by Welger AP630:
David McWilliams coined the phrase `property porn` to describe the people who used to sit around reading property supplements and salivating at the idea of their assets appreciating describing them as as `property pornographers`
I don`t know about that bunch but as somebody who was quite bearish about the property market throughout, I must say I am enjoying all the new programmes about property crashes and bubbles bursting... When I am right - I am right! (Still broke - but right )
The property market turned into a pyramid scheme. Some people earned a fortune and got out at the right time while most got fleeced.
scalder
(3,637 Posts)
Posted:
15-Nov-2008 15:05
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Excellent analogy there Duke, like it, might use in the future!
Rebel CNC
(4,232 Posts)
Posted:
15-Nov-2008 15:13
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Originally posted by Duke of Wellington:
The property market turned into a pyramid scheme. Some people earned a fortune and got out at the right time .....
and many of them put their money into safe havens like bank shares!!!
scalder
(3,637 Posts)
Posted:
15-Nov-2008 15:24
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Scary times lads, I`ve long been predicting that we were in for an awful time but its looking worse than I`d really expected, we`re on the edge of a chasm at the moment and I think we`ll plunge in the depths of a depression in the next 6 months.
We all played a part but the blame must rest with Fianna Fail and the PDs - future generations will I believe look on us with scorn, we had it all, we had the potential to secure our collective futures, to end emigration forever, to establish us a wealthy country but we p**********************ed it away.
Bertie I hope you burn in hell, Cowan get your finger out, take some responsibility and show some leadership - oh and please don`t let Mary Hanifian near the airwaves, smug b***h.
the gundy
(215 Posts)
Posted:
15-Nov-2008 20:26
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How would ye like to be the poor b*****__________s that paid a fortune for their houses & now see the exact same ones going for half the price.
handyscore
(2,974 Posts)
Posted:
15-Nov-2008 20:51
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Originally posted by the gundy:
How would ye like to be the poor b*****__________s that paid a fortune for their houses & now see the exact same ones going for half the price.
Mostly young people too who were too young to know about property cycles as we had thi sfalse boom fore 12 years that made some people beleive property prices only went one way.
scalder
(3,637 Posts)
Posted:
15-Nov-2008 21:17
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Yeah true and any doubts people may have had were countered by the cosy cartel of the banks, the developers, estate agents and the government, with the complicity of the media.
There are now countless young couples doomed to a life of comutting hours to and from work (if they have it ) living in a house worth half what they paid for it, many of these homes will be too small for a family too!!
But you know what, if you said anything Bertie and co told you to go `hang yourself`
long danny
(4,403 Posts)
Posted:
15-Nov-2008 21:34
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Originally posted by handyscore:
Mostly young people too who were too young to know about property cycles as we had thi sfalse boom fore 12 years that made some people beleive property prices only went one way.
Correct, I told the story here a few weeks ago about a relative of mine who paid huge money for as house and as of today it has drop ped by €75k in less then twelve months! It simply could never have lasted and despite any machinations by the government the people that cause this are still in charge ie the bank exc s, developers and the incompetent politicians in the pockets of same.
On another note I wonder will anyone else go down with Frank?
long danny
(4,403 Posts)
Posted:
15-Nov-2008 21:36
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I should have also said that that shleeveen traipsing around the country in our car has left a legacy that would have put Haughey to shame. But wait and see if he goes for the park job and how many people will vote for him.
South Limerick Referee
(16,613 Posts)
Posted:
15-Nov-2008 21:37
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Property is probably a 20 year cycle?
a langer boy
(2,578 Posts)
Posted:
15-Nov-2008 22:53
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There seem to be empty houses and apartments everywhere, all the Polish lads are gone! The banks and the Galway tent crowd are responsible for what scalder mentions above!
King Billy
(103 Posts)
Posted:
16-Nov-2008 13:54
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With the falling prices woudl now be a good-ish time to buy, as does anyone think there is further price drop s to come in the housing market.
osceola
(1,857 Posts)
Posted:
16-Nov-2008 14:00
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Originally posted by King Billy:
With the falling prices woudl now be a good-ish time to buy, as does anyone think there is further price drop s to come in the housing market.
Stock markets must stabilise first,bottom is still 6 months away,Property will drop 20% further methinks.
scalder
(3,637 Posts)
Posted:
16-Nov-2008 15:46
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Yeah I`d agree I`m thinking June -Sept will see it bottoming out, could be wrong though we could see bigger drop s than 20%, I`m hearing homes in Dublin are actually selling for between 25-35% of asking price, so there is still denial in the marketplace.
What I think we could see is the collapse of the rental sector as the Poles etc go home, their are a massive number of properties in daft, if this happens we`ll see panic in the `buy to let` market, they`ll have to sell or default and will have to drop prices radically to get a sale, this will have an knock on overall on prices. The only thing that might halt this is that people are not buying so they will rent instead and this might cushion this fall.
Looking on propertypin.com is sobering and worrying, I think we are still in positive equity but for how long is hard to say, should we look to sell now thats the question!
The referee
(6,331 Posts)
Posted:
16-Nov-2008 18:19
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Scalder,
too true scalder. Its only a few months ago Bertie was castigating anyone that was negative bout the economy and saying sure they should be commiting suicide if they had such negative thoughts. Jesus how does he get away with it???
Originally posted by scalder:
Yeah true and any doubts people may have had were countered by the cosy cartel of the banks, the developers, estate agents and the government, with the complicity of the media.
There are now countless young couples doomed to a life of comutting hours to and from work (if they have it ) living in a house worth half what they paid for it, many of these homes will be too small for a family too!!
But you know what, if you said anything Bertie and co told you to go `hang yourself`
scalder
(3,637 Posts)
Posted:
16-Nov-2008 18:29
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Ahern is and was a chancer of the highest order - having said that Cowan was his right hand man for much of it!
I see Michael O`Leary is quoted in todays Business Post as saying, that in the fullness of time he`d be shown to have wasted the wealth of a generation and that he`d be seen to be a "useless wastrel."
People are crying out for leadership but its sadly lacking, I`d love to see that guy from Athenry who won the entrepreneur of the year this year, now their is a guy with a vision and a passion for his native place. He refused to give up on maufacturing in Ireland, indeed in Galway and castigates the government for doing so, he says he could have made a fortune by developing property but he stuck at it and now has an international business. This is entrepreneurship, not building a few houses!
Kevo
(693 Posts)
Posted:
16-Nov-2008 23:54
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Watching week in politics tonight, few analysts saying property prices will go back to normal in 2-3 years, how is this possible, when supply is so large...
mexican
(591 Posts)
Posted:
17-Nov-2008 10:45
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What do they mean by normal? As far as I can see they`re still overpriced and have a long way to drop before I`d consider them `normal`
long danny
(4,403 Posts)
Posted:
17-Nov-2008 10:51
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Originally posted by mexican:
What do they mean by normal? As far as I can see they`re still overpriced and have a long way to drop before I`d consider them `normal`
This is a very good point. The prices that some of these builders/developers have been charging were waaaaayyyyy off the mark when it came to value. Basically they charged as much as what the banks were willing to loan.
I heard this morning that the US government is about to help out the automobile sector now. The difference is that the suits that allowed the mess to happen will lose their jobs. What do we do? Introduce measures to help `stabilise` the prices for the betterment of the builder/developer. Remember not one bank exc has lost their job despite unbelievable incompetence in this country. Says it all to me really.
Joe's Toes
(1,091 Posts)
Posted:
17-Nov-2008 11:02
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Originally posted by long danny:
This is a very good point. The prices that some of these builders/developers have been charging were waaaaayyyyy off the mark when it came to value. Basically they charged as much as what the banks were willing to loan.
I heard this morning that the US government is about to help out the automobile sector now. The difference is that the suits that allowed the mess to happen will lose their jobs. What do we do? Introduce measures to help `stabilise` the prices for the betterment of the builder/developer. Remember not one bank exc has lost their job despite unbelievable incompetence in this country. Says it all to me really.
Danny, we disagree on over 90% of things but I think this goes way beyond left/right thinking and into the realm of morally unjust. No W-nk Manager has lost their job yet.. And I cant see that moron Lenihan asking for it either.
We really have been served by the most incompetent bunch of mingers since 2002 EVER!!
Kevo
(693 Posts)
Posted:
17-Nov-2008 13:53
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Originally posted by mexican:
What do they mean by normal? As far as I can see they`re still overpriced and have a long way to drop before I`d consider them `normal`
Agree 100%, its the same thinking they`re using with TDs salaries, keep at anything long enough and people assume they should be kept at that price...
Duke of Wellington
(827 Posts)
Posted:
17-Nov-2008 19:08
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Originally posted by scalder:
Excellent analogy there Duke, like it, might use in the future!
np scalder. I`m just glad I didn`t buy a house like all my friends or people I know. There is this one guy who rubs all his flashy stuff in your face letting on to be some sort of god, last I heard he was repossessed, house, car, all his belongings and lost the missus too...
Pog Mahone
(9,387 Posts)
Posted:
17-Nov-2008 19:22
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Originally posted by Duke of Wellington:
lost the missus too...
Repossessed?
the gundy
(215 Posts)
Posted:
17-Nov-2008 20:30
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Originally posted by Duke of Wellington:
np scalder. I`m just glad I didn`t buy a house like all my friends or people I know. There is this one guy who rubs all his flashy stuff in your face letting on to be some sort of god, last I heard he was repossessed, house, car, all his belongings and lost the missus too...
I would feel sorrry for him just the same as he had alot of company blathering on like idiots when times were good as if somehow they had something to do with it.
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