50% drop in Irish market

[sdrealtor]

Check out this quote:

“I grew up with nothing and I know the value of money,” he adds. “The Celtic Tiger may be dead and if the banking crisis continues I could be considered insolvent. But the one thing that I have is my wife and children — that they can’t take away from me.”

Then check out the picture of his wife in the article. When the money goes, she’ll be gone too.

[34f3f3f]

Ireland was one of the EU success stories, with unrivaled growth bringing a new prosperity to the country. The new found wealth followed the well trodden path of Brit’s global property speculation (Spain, Dubai, Florida). But one thing that is very unlikely, is that prices of ordinary homes were ever on a par with Beverly Hills. Sorry I just don’t buy that (no pun intended). That rates were very low and prices went through the roof, is not in dispute. That Brits, or the Irish drool over California prices is also an exaggeration. For a start it is not their hunting ground. It may have sparked a bit of interest when the dollar was so weak, but it still didn’t make up for the very over-inflated prices. People like to brag (especially to Americans) about how much more expensive their city, or country is because it makes them look richer. The truth is Europeans don’t have the disposable income that Americans do, and went (are going) through the same speculative real estate crisis, but the party is well over. If you want a comparison with California prices, look to London a global financial center, with big bonuses and an international mix of residents.

[34f3f3f]

Ireland was one of the EU success stories, with unrivaled growth bringing a new prosperity to the country. The new found wealth followed the well trodden path of Brit’s global property speculation (Spain, Dubai, Florida). But one thing that is very unlikely, is that prices of ordinary homes were ever on a par with Beverly Hills. Sorry I just don’t buy that (no pun intended). That rates were very low and prices went through the roof, is not in dispute. That Brits, or the Irish drool over California prices is also an exaggeration. For a start it is not their hunting ground. It may have sparked a bit of interest when the dollar was so weak, but it still didn’t make up for the very over-inflated prices. People like to brag (especially to Americans) about how much more expensive their city, or country is because it makes them look richer. The truth is Europeans don’t have the disposable income that Americans do, and went (are going) through the same speculative real estate crisis, but the party is well over. If you want a comparison with California prices, look to London a global financial center, with big bonuses and an international mix of residents.

[34f3f3f]

Ireland was one of the EU success stories, with unrivaled growth bringing a new prosperity to the country. The new found wealth followed the well trodden path of Brit’s global property speculation (Spain, Dubai, Florida). But one thing that is very unlikely, is that prices of ordinary homes were ever on a par with Beverly Hills. Sorry I just don’t buy that (no pun intended). That rates were very low and prices went through the roof, is not in dispute. That Brits, or the Irish drool over California prices is also an exaggeration. For a start it is not their hunting ground. It may have sparked a bit of interest when the dollar was so weak, but it still didn’t make up for the very over-inflated prices. People like to brag (especially to Americans) about how much more expensive their city, or country is because it makes them look richer. The truth is Europeans don’t have the disposable income that Americans do, and went (are going) through the same speculative real estate crisis, but the party is well over. If you want a comparison with California prices, look to London a global financial center, with big bonuses and an international mix of residents.

[34f3f3f]

Ireland was one of the EU success stories, with unrivaled growth bringing a new prosperity to the country. The new found wealth followed the well trodden path of Brit’s global property speculation (Spain, Dubai, Florida). But one thing that is very unlikely, is that prices of ordinary homes were ever on a par with Beverly Hills. Sorry I just don’t buy that (no pun intended). That rates were very low and prices went through the roof, is not in dispute. That Brits, or the Irish drool over California prices is also an exaggeration. For a start it is not their hunting ground. It may have sparked a bit of interest when the dollar was so weak, but it still didn’t make up for the very over-inflated prices. People like to brag (especially to Americans) about how much more expensive their city, or country is because it makes them look richer. The truth is Europeans don’t have the disposable income that Americans do, and went (are going) through the same speculative real estate crisis, but the party is well over. If you want a comparison with California prices, look to London a global financial center, with big bonuses and an international mix of residents.

[34f3f3f]

Ireland was one of the EU success stories, with unrivaled growth bringing a new prosperity to the country. The new found wealth followed the well trodden path of Brit’s global property speculation (Spain, Dubai, Florida). But one thing that is very unlikely, is that prices of ordinary homes were ever on a par with Beverly Hills. Sorry I just don’t buy that (no pun intended). That rates were very low and prices went through the roof, is not in dispute. That Brits, or the Irish drool over California prices is also an exaggeration. For a start it is not their hunting ground. It may have sparked a bit of interest when the dollar was so weak, but it still didn’t make up for the very over-inflated prices. People like to brag (especially to Americans) about how much more expensive their city, or country is because it makes them look richer. The truth is Europeans don’t have the disposable income that Americans do, and went (are going) through the same speculative real estate crisis, but the party is well over. If you want a comparison with California prices, look to London a global financial center, with big bonuses and an international mix of residents.

[peterb]

The Irish tactic of very large tax breaks to attract high paying businesses was very successful. They literally pulled themselves out of the cellar they’d been in for decades/centuries in less than 10 years.
Although their real estate bubble is bursting hard, this may well be an opportunity in the making. When the recovery happens, they will be in a good position to rise first and fastest. The only caveat is that they may kill the golden goose now that times are hard.

[peterb]

The Irish tactic of very large tax breaks to attract high paying businesses was very successful. They literally pulled themselves out of the cellar they’d been in for decades/centuries in less than 10 years.
Although their real estate bubble is bursting hard, this may well be an opportunity in the making. When the recovery happens, they will be in a good position to rise first and fastest. The only caveat is that they may kill the golden goose now that times are hard.

[peterb]

The Irish tactic of very large tax breaks to attract high paying businesses was very successful. They literally pulled themselves out of the cellar they’d been in for decades/centuries in less than 10 years.
Although their real estate bubble is bursting hard, this may well be an opportunity in the making. When the recovery happens, they will be in a good position to rise first and fastest. The only caveat is that they may kill the golden goose now that times are hard.

[peterb]

The Irish tactic of very large tax breaks to attract high paying businesses was very successful. They literally pulled themselves out of the cellar they’d been in for decades/centuries in less than 10 years.
Although their real estate bubble is bursting hard, this may well be an opportunity in the making. When the recovery happens, they will be in a good position to rise first and fastest. The only caveat is that they may kill the golden goose now that times are hard.

[peterb]

The Irish tactic of very large tax breaks to attract high paying businesses was very successful. They literally pulled themselves out of the cellar they’d been in for decades/centuries in less than 10 years.
Although their real estate bubble is bursting hard, this may well be an opportunity in the making. When the recovery happens, they will be in a good position to rise first and fastest. The only caveat is that they may kill the golden goose now that times are hard.

[yooklid]

They’ll kill the goose for sure.

I live in SF and my two brothers live in SD. When my parents bought their current house in 1987 it was bought for about 40K old Irish pounds, which was about $60-70K US at the time. Ordinary “semi detached” on the (then) outskirts of Dublin in an Ordinary neighborhood. They probably could have sold it at the peak for at least $400K US, but most of that rise was in the 3 years preceding the peak, so it’s nothing short of ridiculous.

My brothers and I lament the current state of Irish Society. You have entire generations of “Celtic Cubs” who knew nothing but good times, and lived in the belief that not only could things not get worse, they were only going to get better. Of course, I’m the last generation who remembers the bad old days of huge unemployment and mass emigration.

A lot of people (including many who should know better!) are in for a rude surprise.

[yooklid]

They’ll kill the goose for sure.

I live in SF and my two brothers live in SD. When my parents bought their current house in 1987 it was bought for about 40K old Irish pounds, which was about $60-70K US at the time. Ordinary “semi detached” on the (then) outskirts of Dublin in an Ordinary neighborhood. They probably could have sold it at the peak for at least $400K US, but most of that rise was in the 3 years preceding the peak, so it’s nothing short of ridiculous.

My brothers and I lament the current state of Irish Society. You have entire generations of “Celtic Cubs” who knew nothing but good times, and lived in the belief that not only could things not get worse, they were only going to get better. Of course, I’m the last generation who remembers the bad old days of huge unemployment and mass emigration.

A lot of people (including many who should know better!) are in for a rude surprise.

[yooklid]

They’ll kill the goose for sure.

I live in SF and my two brothers live in SD. When my parents bought their current house in 1987 it was bought for about 40K old Irish pounds, which was about $60-70K US at the time. Ordinary “semi detached” on the (then) outskirts of Dublin in an Ordinary neighborhood. They probably could have sold it at the peak for at least $400K US, but most of that rise was in the 3 years preceding the peak, so it’s nothing short of ridiculous.

My brothers and I lament the current state of Irish Society. You have entire generations of “Celtic Cubs” who knew nothing but good times, and lived in the belief that not only could things not get worse, they were only going to get better. Of course, I’m the last generation who remembers the bad old days of huge unemployment and mass emigration.

A lot of people (including many who should know better!) are in for a rude surprise.

[yooklid]

They’ll kill the goose for sure.

I live in SF and my two brothers live in SD. When my parents bought their current house in 1987 it was bought for about 40K old Irish pounds, which was about $60-70K US at the time. Ordinary “semi detached” on the (then) outskirts of Dublin in an Ordinary neighborhood. They probably could have sold it at the peak for at least $400K US, but most of that rise was in the 3 years preceding the peak, so it’s nothing short of ridiculous.

My brothers and I lament the current state of Irish Society. You have entire generations of “Celtic Cubs” who knew nothing but good times, and lived in the belief that not only could things not get worse, they were only going to get better. Of course, I’m the last generation who remembers the bad old days of huge unemployment and mass emigration.

A lot of people (including many who should know better!) are in for a rude surprise.

[Author]

Posts