And what about the housing market… October 1, 2013Posted by WorldbyStorm in Economy, Irish Politics.
There’s sensible words in a piece this weekend by Carol Tallon in the “Talking Property’ column of the SBP where she rightly takes those who ‘talk of missed boats’ to task. She criticises a mentality that is at odds with the ‘willing buyer being priced out of the market’. And she talks about how it sensible that even those who are for personal and family needs justified in entering the market are cautious about plunging in. She also makes the point that market recovery is ‘by no means certain’. And she argues that ‘the burgeoning Dublin market, both for sales and rentals, is actually suppressing other regional markets’.
Finally she argues that:
‘if any lessons have been learned over the past few years there should be no more talk of missed boats, property ladders or rising tides. The most important message that I can pass on is this: people there is no boat. The property market is not a one-way track to wealth, though for much of the boom years a lot of us behaved as though it was’.
Excellent stuff, and very true.
Odd then that the front of the Property supplement that that column appears in points to ‘An investors dream in Dartry’, a 19th century house ‘just off Orwell Road’ (natch!), which ‘is on the market selling for a fraction of its original price, offering seven luxury apartments finished with style and flair’ at a mere €2.4m. Those apartments? The result of, and this is a timeless bit of property rhetoric, ‘A sympathetic subdivision in 2009 [creating] six luxurious two-bedroom apartments and one one-bedroom unit within the house’. Sadly the property has ‘returned’ to the market… at ‘significantly less than the €30m paid for it in 2005’ …ooops… ‘through the receiver’.
A lesson in there.