Irish Property Market chat II - *read mod note post #1 before posting*

Its a joke and it makes zero sense Tim. They have options to build the modular homes at a much lower price point I mean at 20/30/40% of what this mess would cost. I am starting to see the man behind the curtain here in the last 12 months when there was any kind of threat to property prices even with our surging demand and p1ss poor supply the constraints of interest rates rising meant the bog standard woker could not afford a mortgage and property prices dropped for about 6 months there at the end of last year and the start of this year and what did the masters do. They upped the lending limits for people who wanted a mortgage and then the price drops reversed and now when developers cant sell at a price point to make a profit as it is simply unaffordable to the vast majority of people living here what do they they do , they become a backstop paying an inflated price so that our poor can live in these places that workers cannot afford, I feel like I am living in a parallel universe to be honest. Someone needs to challenge this how are these people allowed to use tax payers money for outrageous practices like this when there are much cheaper options

It does not make sense the current population cant afford these and yet our masters are going to buy them and let the poor get in there? How does it make sense for anyone on the margins and working to continue working? Modular homes can also be stacked to multiple stories at a much cheaper price point why the hell are these not being ramped up it beggars belief. They need to up the vacant land tax to 10% a year each year these lads dawdle they wont be sitting on it for long use it or lose it. They have used the carrot for the developers for the last 10 years at this stage the feckers have carrot sticks sticking out of their asses after being looked after so well. Its time for the stick and developers sitting on land should be tackled instead of paying an inflated market price for apartments' which will have a knock on effect of other people who are working or running in the same race and jumping the same hurdles that the people who will benefit from Darragh buying these coping on to the fact that their best option to have a roof over their head is to stop working. The knock on effect of this will be massive if its allowed to happen.

https://prefabie.com/modular-homes-stacked/

It feels a bit like the horse has bolted at this stage. When you see developers looking for 650k for a 3 bed semi in fcking Cherrywood - at 4% + rates, surely something has to give at some stage?

If the government could just stop, even for just five minutes, trying their level best to prop up prices at every turn, that might be a start.

No they don't they cost a lot less both in materials used to construct and how easy they are to construct so its a lot less labour intensive and quicker to build.. Anyone making an argument that it may not look pretty needs to look at any high rise they are always gawdy looking with few exceptions so we may as well cut the costs way down for the tax payer.

As the profits would be no where near as high as the the sh1tshow currently, there is a veil of secrecy around the costs involved with construction and there lots of companies making a fortune here by conflating costs and the cost of most raw materials have come down but it has not been passed on. Just look at the chlidren's hospital there is no way that should be costing what it is costing and 630k for a 3 bed apartments in Cherrywood I mean phucking hell getting that with a mortgage of 4% plus management fees is just out of reach for the vast majority of the population. The construction lobbyist just want the gravy to continue.

To get a sense of the profits these companies are raking in under the current phucked up system

https://irishbuildingmagazine.ie/2021/07/08/2020-turnover-at-irelands-top-50-contractors-tops-e10bn/#:~:text=John%20Sisk%20%26%20Son%20retained%20top,cash%20with%20zero%20bank%20borrowings.

Firstly, the Childrens hospital has nothing to do with residential construction.

That issue is due to irelands faulty tendering system whereby lowest bidder basically wins even if they knowingly omit large parts of costings. They can then add more and more additional costs after the contract has been awarded. It happens all over the country, every LA has experienced it multiple times, but only the NCH is reported on as it is an example on the big scale.

As for modular housing - how in the hell would it reduce developer profits if it is cheaper in both labour and materials? If developers are making huge profits right now (they are not), then switching to cheaper methods at same sale prices would mean way higher profits. There is no reason for them not to build modular apartments except that it is not viable, and the costs do not add up.

Out of interest, does anyone benefit from the State buying up properties for social housing?

😉.

Of course social tenants are beneficiaries, it just doesn’t suit the narrative to acknowledge it.

Yes, at the expense of everyone that works in an average or above salaried job and therefore doesnt qualify for social housing.

Despite the fact that those disqualified folks are the ones that pay the taxes to the govt, whom in turn use their tax revenue to outbid the contributors on a property and then give the property to someone that doesnt work or works on a low income.

Social housing needs to be for everyone, not just the no and low paid.

So that it enables mixed developments and people on higher incomes should be able to purchase within those social housing schemes, with the same ownership opportunity afforded to those earning the current social welfare income thresholds.

Homes for sale/part ownership should at least represent a portion of the social housing stock, to encourage home ownership for all.

Cairn homes development in castletroy purchased by state

40% social, remaining affordable rental

21% based on primarily houses though from cairn, not apartments?

The Children's hospital is a flashing beacon of what is happening all over the country with regards to construction work being done for things like extensions. Have you had work done in your house recently. I have and it starts at a cost of X then all of a sudden its X + Y due to the new piece of steel they have to put in as they never specked the job properly when you put it out to tender and you could of got someone else in to do for cheaper. Then the ah the floor their needs a bit of work so the cost is now X + Y + Z , ah sorry mister we never took into consideration that we would have to patch back up that hole that we left its now X + Y + Z + A , ah mister its now 6 months since we started and raw materials have gone up its now X + Y + Z + A + B ... this is what is happening out there with things like extensions they tender for a job and then add on for absolutely everything and its the add ons where they know they have you by the short and curleys and once you start with a company you cant stop due to needing the work completed.

Modular homes don't need the specialized skill set that say building a house would need it can be more or less put together in a factory and crane lifted onto the site ergo Mr Developer gets feck all profit which is IMO the main reason why it has not taken off the construction lobby in this country has a massive sway on our government case in point the actions Darragh O'Brien is thinking about taking with regards to buying over price appartments.

True so here is a link for you and it shows profits (trading turnover) jumped up by 15.3% last year or up to about 3 billion for the Irish construction sector as a whole and that is just the Irish sector as its based on the corporation tax paid here in Ireland by the construction industries. I hope this is clear enough for you as I cannot find anything with regards to profits for this shower sure it wouldn't look great if everyone knew how much they were making and then playing the poor mouth at the same time.

https://www.independent.ie/business/pharma-paid-more-corporation-tax-than-tech-numbers-show/a18283202.html

They wouldn't get the chance to make any profit as its a different skill set to what our traditional construction companies have. So those who are building here currently have the ear of our government and don't want this to happen en-masse as it will put a fair chunk of them out of business here. Imagine every wall, joint, floor, celling and every other piece of material needed being the same dimension and type and just being churned out by machinery in an automation factory not having to tailor any parts afterwards either they have been created as its a process that is made by machine not man. So instead of needing a bob the builder to put it together its put together in factory by people and machinery that do not need to know how to build a solid wall or level a floor or have any other construction specific expertise as all of this is done via automation.