Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Falling prices due to Carroll court decision

Options
  • 12-08-2009 12:07pm
    #1
    Cookie_Monster
    Registered Users Posts: 24,499 ✭✭✭✭


    Liam Carroll wrote:
    The developer had painted a doomsday scenario of hundreds of job losses and thousands of apartments flooding the already depressed Dublin property market

    Where exactly are these 1000's of apartments coming from and do you think that they will cause a further drop in purchase/rent prices?

    If they are to hit the market any idea how soon we are talking about?


Comments

  • Options
    #2
    quozl
    Registered Users Posts: 3,308 ✭✭✭quozl


    Where are they coming from? They're already here!

    Chief Executive of AIB was quoted at the weekend as saying there's 16,000 empty apartments in Dublin. I believe that's very conservative, and there's plenty more half-built.

    Docklands & Sandyford for example, would be prime spots for them.

    Apartment prices are already crashing, I can't see this doing anything but speed that up. Not that I expect a liquidator to just dump them straight away at whatever price they could get, but, things are going one way only. So i don't see this as a "How soon", more of a increasing of the sharpness of the rate of fall. But why? If there's such a massive surplus out there, there couldn't be less of a rush to purchase - you'd be insane to purchase now, or soon! How long would it take to shift even that conservative estimate of 16k apartments?

    We now have a High Court judge calling the suggestion that things will pick up enough to allow Zoe to bounce back as 'bordering or tresspassing on the fanciful', and 3 Supreme Court judges, with access to all the details of the Zoe group saying there's no credible chance.

    More and more stuff that people paying attention knew, or could at least confidently infer, is now coming into the public domain!

    Carroll has had his interest payments deferred for 2 years, a lot of people believed this but couldn't prove it. Zoe group has debts of 1.3million (or the entire Carroll portfolio has 2billion debts!). More stuff you could infer, and guess at, but just not prove. I'm constantly surprised by quite the scale of the shortfalls tbh. And people claim this is a new problem, related to Lehman brothers?

    Hilarious.


  • Options
    #3
    ionapaul
    Registered Users Posts: 5,297 ✭✭✭ionapaul


    Cookie_Monster wrote: »
    Where exactly are these 1000's of apartments coming from and do you think that they will cause a further drop in purchase/rent prices?

    If they are to hit the market any idea how soon we are talking about?
    Off the top of my head, he has 000s of unsold (and they've proved unsellable) apartments in Tallaght, as well as many in the Docklands area.

    Actually none are unsellable - there is always a price the market will accept. Those Tallaght one-beds would be snapped up at €50k I am sure (not that I would buy one). Tallaght currently boasts Dublin's least expensive apartment I think: http://www.daft.ie./1460045


  • Options
    #4
    inforfun
    Moderators, Social & Fun Moderators Posts: 20,862 Mod ✭✭✭✭inforfun


    ionapaul wrote: »
    Tallaght currently boasts Dublin's least expensive apartment I think: http://www.daft.ie./1460045

    Even if i get that 70.000 as a bonus to live there i wouldnt take it.
    This looks more attractive...... it is a prison.


  • Options
    #5
    Victor
    Registered Users Posts: 78,387 ✭✭✭✭Victor


    They push "Citywest Shopping Mall, Citywest Business Park, Tallaght Hospital and new Leisure Centre" - of course, it seems to be in Jobstown.

    This seems to be the building. Stunning architecture. http://www.bing.com/maps/default.aspx?v=2&FORM=LMLTCP&cp=swcpc6gfzyqf&style=b&lvl=2&tilt=-90&dir=0&alt=-1000&phx=0&phy=0&phscl=1&scene=29512351&where1=dalkey%20dublin&encType=1


Advertisement