George Lee TD FG ???????

[lynchbhoy]

was never a fan of george lee, imo he was sniping and predicting 'recession/downturn' for the past 7 years and eventually got it kind of right.

he has predicted housing bubble bursting and houses meltdown.
While it was fairly obv that there couldnt be the same amount of houses built as we didnt have the people to live in them, the bubble has most def not burst on housing - at least imo.
For a number of poor feckers who bought in the last couple of years they may be in negative equity, but they would have to live somewhere anyhow and a for lot of these , their mortgages would be much the same cost of rental. Obv there is an adv in owning as they will own equity after a bit.
No george was not 'right' for what he was saying and what caused the problem was not so much the housing industry stopping, but the bank irregularities and fear of their collapse (which never happened) -

I'd think about voting for george but first FG need to get shot of inda kinny if they are to have a realistic chance of gov, as George is an as yet an untainted political figure, but am not in the right constituency to vote for him...

Hey Lynchbhoy, did you ever buy your rental property???

no * , but have recently had mortgage approval so I can do so in the near future
some cracking value to be had out there now , and some in very rentable areas (eg near and around where I live).
so in the next wee while I hope to pick one out when I think the market /availability will be at its best...(next 6 months)

* I did put a deposit down on one but the estate agent started fecking around (told me the builder wanted to hold onto the house I bought and was offering me a slightly smaller terrace as opposed to semi D - I demanded and got the deposit back)

[Croí na hÉireann]

was never a fan of george lee, imo he was sniping and predicting 'recession/downturn' for the past 7 years and eventually got it kind of right.

he has predicted housing bubble bursting and houses meltdown.
While it was fairly obv that there couldnt be the same amount of houses built as we didnt have the people to live in them, the bubble has most def not burst on housing - at least imo.
For a number of poor feckers who bought in the last couple of years they may be in negative equity, but they would have to live somewhere anyhow and a for lot of these , their mortgages would be much the same cost of rental. Obv there is an adv in owning as they will own equity after a bit.
No george was not 'right' for what he was saying and what caused the problem was not so much the housing industry stopping, but the bank irregularities and fear of their collapse (which never happened) -

I'd think about voting for george but first FG need to get shot of inda kinny if they are to have a realistic chance of gov, as George is an as yet an untainted political figure, but am not in the right constituency to vote for him...

Hey Lynchbhoy, did you ever buy your rental property???

no * , but have recently had mortgage approval so I can do so in the near future
some cracking value to be had out there now , and some in very rentable areas (eg near and around where I live).
so in the next wee while I hope to pick one out when I think the market /availability will be at its best...(next 6 months)

* I did put a deposit down on one but the estate agent started fecking around (told me the builder wanted to hold onto the house I bought and was offering me a slightly smaller terrace as opposed to semi D - I demanded and got the deposit back)

Would you not be concerned with the oversupply of rental properties on the market, decreasing rents & the likelihood this will remain so for the next 5+ years? Coupled with talk of property taxes on the way & prices that are only about halfway towards bottom wouldn't have me thinking of this as a viable venture for a couple of years anyway...

[ludermor]

How far would house prices have to drop for you to consider the bubble to have burst? Im reading that currently prices are down 25-40% but in some places it has to be more. When you see houses for sale at 99k in some provincial town it has to be at least 50%.
What about the firesale of properties that is taking place behind closed doors ( sale of bankrupt developers properties, these dont seem to be published or the costs detailed, im sure these would push the prices down further)

[tyronefan]

how come everybody tells you how cheap houses are until you go to buy one and although they are cheaper no one is giving them away and that includes the bank

[Croí na hÉireann]

Historically the bottom of a property crash is reached when the prices are roughly half of what they were at their peak. Best way to gauge this is to take the average national price of a house at the peak, divide it by 2 and wait for the average national price of a house to hit that level...

[armaghniac]

Historically the bottom of a property crash is reached when the prices are roughly half of what they were at their peak.

However this is the mother of all crashes, perhaps prices will end up about 40% of peak. This would not be ridiculous, houses in George Lee's constituency would still be €400-€500,000 at that. You'd need a salary of €120-150,000 to snag that and even fairly prosperous couples may not have that currently.

[lynchbhoy]

was never a fan of george lee, imo he was sniping and predicting 'recession/downturn' for the past 7 years and eventually got it kind of right.

he has predicted housing bubble bursting and houses meltdown.
While it was fairly obv that there couldnt be the same amount of houses built as we didnt have the people to live in them, the bubble has most def not burst on housing - at least imo.
For a number of poor feckers who bought in the last couple of years they may be in negative equity, but they would have to live somewhere anyhow and a for lot of these , their mortgages would be much the same cost of rental. Obv there is an adv in owning as they will own equity after a bit.
No george was not 'right' for what he was saying and what caused the problem was not so much the housing industry stopping, but the bank irregularities and fear of their collapse (which never happened) -

I'd think about voting for george but first FG need to get shot of inda kinny if they are to have a realistic chance of gov, as George is an as yet an untainted political figure, but am not in the right constituency to vote for him...

Hey Lynchbhoy, did you ever buy your rental property???

no * , but have recently had mortgage approval so I can do so in the near future
some cracking value to be had out there now , and some in very rentable areas (eg near and around where I live).
so in the next wee while I hope to pick one out when I think the market /availability will be at its best...(next 6 months)

* I did put a deposit down on one but the estate agent started fecking around (told me the builder wanted to hold onto the house I bought and was offering me a slightly smaller terrace as opposed to semi D - I demanded and got the deposit back)

Would you not be concerned with the oversupply of rental properties on the market, decreasing rents & the likelihood this will remain so for the next 5+ years? Coupled with talk of property taxes on the way & prices that are only about halfway towards bottom wouldn't have me thinking of this as a viable venture for a couple of years anyway...

obviously it would make me think , but the question is location location location imo to be honest

I think that rather than saving money for the rainy day, putting the savings towards tax and upkeep of a house that is being paid for by tenents is the way to go.
Even if it meant taking a monthly loss , it would earning me more than what a monthly savings and interest would.

Plus right now with so many people afraid to buy houses, with banks not lending money as easily for the next 5 years or so, the time has never been better to rent out a house- as long as you are prepared to be competitive and as long as you have a house in an ameniable area, close to city centre, shops, pubs, train & bus, colleges and local industry.
imo.

Even that house I was going to buy has remained at least at the same level of value as when I was looking at it, so things are not as rock bottom as folk think...houses are still not cheap and my own is still worth 4 times what I paid for it.