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Roubini still pessimistic over economy

The Greater Fool

Developers can’t be allowed to renege on partnership deals
25 May 2008 By David McWilliams

This column has argued for years that much of the boom in Ireland was little more than a scam. Ireland was the victim of a financial coup d’etat whereby a cabal of the banks and developers, with the blessing of the government and cheer-led by various vested interests who were getting their grubby cut, took over our economy.

They colluded in the farce that saw one of the least populated countries in Europe having the highest land prices and, in the process, terrified thousands of young workers into years of indentured commuterism.

In the process, the psychology of the nation was altered, leaving us,140 years after the Land League, back where we started, owned by landlords. In the past ten years, land ownership - rather than enterprise, creativity and most importantly hard work - became the single biggest arbiter of wealth.

This led to a culture of the fast buck, where the ‘flipped’ deal and the easy profit were lauded and difficult things like innovation, service and production were frowned on.

So hotels and other businesses were closed down to make way for the property juggernaut, which was always based on the ‘greater fool’ theory, that there was always a bigger eejit that would buy the assets from you - until we eventually ran out of eejits.

Now that we have run out of eejits, the main players in the coup d’etat are running for cover. The banks won’t lend to their erstwhile stars, the developers, and in turn the developers are reneging on deals they had signed with the state.

The Sunday Business Post

Iamfacingforclosure.com

This is the story about a guy from Sacramento California who started a blog in September 2006. The Blog ended in August 2007.I got a year of free entertainment from this Guy.
There is not much left of this on the internet, but here is what remains of it today.

Casey Serin





Here are the last Youtube Videos available





Caseypedia

He sold the Blog for $50,000

Iamfacingforclosure.com

Middle Class Debt

Gas at the Gasworks

Boards.ie


Chubbproperties

I personally would not have paid over the odds for an apartment if I knew I would end up living beside several hundred students, which makes me wonder if anybody wants to sell, will any potential buyers want to buy? People bought in The Gasworks development in good faith, believing that they were going to live in a reasonably quiet residential development - or at least that's what we were led to believe by the estate agent blurb.
If a seperate company is looking after the Gasworks building, does this mean they will also take responsibility for the surrounding areas, or how will this work in relation to the fee we already pay the management company?
If there's four people to an apartment then there's a huge amount more people using the grounds, will this be recognised in the fee we pay?

After all the grief regarding the plans for a hotel, and now this, does this not show another example of blatant contempt and disregard for the people who invested in this development?

Neighbours.ie

Timeline: Subprime crisis

Fast Forward Sandyford

I posted this a few months ago but I think it is worth revisiting

Beacon South Quarter,Optical illusions and Porkies

This is from Neighbours.ie

Email that is doing the rounds today; received it from two people so far today....

************************************************** *****

SPREAD THE WORD !

Dear all

On the 14th May LANDMARK DEVELOPMENTS are scheduling a private launch day for apartments in BSQ. I call upon everyone to send out the message to family friends and associates that this is a launch not to miss out on. Prices have been suitably adjusted to make these the best value units in town without question.

Simply send me the name and phone number of your contact and I will take care of the rest.

Our prices will be from €325k for a 1 bed (there are only a few of these) and from €365k for a 2 bed. Parking spaces are €23k. All have great views and many are dual aspect duplexes. Units sold on the 14th May will be further reduced by €10k as an incentive to purchase before the public launch the next day.

Get calling.
Reply With Quote

That is the Beginning of the Thread. This is the end

Just a note to dispel all the recent doom and gloom about the fothcoming new launch and to raise the spirits again. The actual situation is as follows:-

The apartments and twin level homes on offer are once again at the cutting edge in terms of their specification and finish and include state of the art kitchens with all appliances, sumptuous fully tiled bathrooms with underfloor heating, extra large window areas for maximum solar gain, GFCH, downlighters throughout and pre wiring for home cinema, internet, broadband, digital TV and wiring for security alarm system. Balconies are a feature of many of the homes.

We will be accepting booking deposits for 30 apartments and twin level homes at the show homes in the Cubes 7 on Wednesday 14th May 4pm – 6pm.

Apartments and twin level homes will be available from region €390,000 - €750,000 and car parking will be an additional €23,000. A €10,000 discount will be available ONLY on this pre-launch day subject to the showing of this letter.

Should you wish to book an apartment an initial €5,000 booking deposit made payable to Landmark Enterprises Ltd. will be required, together with the name and address of your solicitor. This should be in cheque or draft form. Inevitably for such an eagerly awaited development reservations can only be accepted on a strictly first come, first served basis. On signing unconditional contracts, within 21 days, the balance to make up 10% of the purchase price will be required. The remainder of the purchase price is payable upon completion of the sale. Sale completions will be from June 2008 onwards. Please note that there is no stamp duty for owner occupiers.

So as you can see price levels are much the same as the last phase launched in March 2006.
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