what I really don’t understand is why don’t they just auction these properties off at “market value” as in if the market says they’re worth only 50k then thats what they’re worth. why let them stand empty or worse knock them down. How can you have an over supply of homes when there’s loads of people who don’t own a home.
Most of these Ghost estates are in the middle of no-where, Many don’t even have street lighting.
Knock em down I say.
The ruined aftermath of a financial terrorist attack. Where are the usual “business as usual” signs?
I agree with JJH.
Auction them off to whoever wants them If they sell for 50,ooo or 50 euro,
so what? Let the people decide whether they want them or not, and
what they’re worth.
Any item or commodity’s true worth is what someone will pay you for it.
Which may be 50 euros today, 50,000 euros tomorrow.
Probably cost 50k to build, but wont be worth that, all newbuild homes end up with plenty wrong with them as they settle and dry out.
Someone please correct me if I am wrong here, but I believe that these buildings don’t get auctioned off, because the banks are considering them an “asset” at the defaulted loan amount. If the bank auctions them off at 50% of the loan value (for example), then the banks must show a “loss” of 50% of the “asset” on the books. There are literally thousands of bank owned properties in my area that are worth 50% of the defaulted loan amount. The auction dates keep getting pushed back. Any comments on this would be appreciated!
Interest rate =1% GDP= 7% result Bubble. The ECB is to blame for all of this. ECB interest rate settings tracked German GDP. Everyone thinks the Germans were prudent, but the same would have happened in Germany if it had the same GDP interest rate mismatch. All we are doing here is looking at the entrails of a burst bubble.
I think the answer could be to sell them at lower prices and install a route from Dublin to London on something like RyanAir so that people currently living in London can buy a property at a better price and live just north of Dublin and commute to London to work. That way the local economy (housing estates) would get a boost and the property prices in the southern part of UK might just ease a little, a company like RyanAir would benefit and even the people making the move would benefit because the price of housing (not only the house, but the rates and taxes etc. would be cheaper).
You can call me crazy, but thirty years or so ago, people from the south bought houses in the north of the UK and commuted by Intercity 125 train to their work when the price difference was great between the prices of property in the north and south. The property in Ireland seems to be a natural continuation of that.
This requires a complimentary solution, like the family of an ‘All-Star’ jock, who suddenly admits; he’s “gay!” OMG!- everyone gasps, and a few months later they move on. What’s the big deal, we say…
Worst of all, the global housing bubbles resulted in architectural horrors, all of which are revealed in this footage. For 22 years, my job as a photographer was tracking down great architects and begging them for a piece of that pie. In the process, I saw scant evidence from the ‘arts community’ of anything approaching ‘civic beautification,’ but instead, an endless stream of angry turf-graffiti and the equivalent human ‘skinny-litter.’
This kind of ‘blight’ is a wake-up call, both for those in the banking sector, and for those of us preoccupied with making people’s lives actually work. Looks to me like y’all have built a battery of blank canvasses, awaiting the master’s touch!
@barbi: I think your are spot-on with the balance-sheet analysis. -Which bankers should I call on?
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