Saturday, November 3, 2007

Paddy The Carpenter

KENNY TIMMONS has spent three long weekends in New York City since 2003, catching up with friends he knew in Ireland, visiting ground zero, restocking his wardrobe at Armani and Niketown and chatting about real estate with a bartender in an Irish pub in Midtown Manhattan.

That was enough of a glimpse of New York for Mr. Timmons, a 32-year-old carpenter from County Meath, Ireland. Last summer, he put down 10 percent on a $760,000 studio under construction at 75 Wall Street.

Mr. Timmons has never seen the apartment and does not plan to live there. Instead, he hopes to rent it out for $3,000 a month when it’s finished next year and eventually to sell it at a profit.

He predicts that a Wall Street address will always be in demand. “If you can’t rent on Wall Street, then where can you rent?” Mr. Timmons said. “It’s one of the biggest business areas in the world.”

This is what someone on the american bubble blog had to say

I read this NYTimes piece this am. Columbians, Koreans and smart guys like this Irishman Timmons. Let’s see, he’s a carpenter, and the piece says he owns 11 spec houses in Ireland, a market already beginning to unravel. So he buys a studio on Wall Street…which is not remotely a residential neighborhood. It’s bleak, as nycjoe says, it has no supermarkets, stores, and is deserted on weekends. Rent it, yeah maybe, if he lists it with a corporate agency for short term business travelers in lieu of a hotel, but what a grim place to be stuck. And of course, the agency will grab a good chunk of fees.
All this for 750K. Well I’m just dumbfounded at his investment savvy. And all the rest of the foreign buyers, getting in at the top of the market while the locals are stepping back from the cliff–sure,the devalued dollar will cushion any mistakes you make.
But keep these yokels coming…we gotta feed the sharks here.

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