When I bought my new home in May 2008, I knew exactly what I wanted. A two-bed apartment designed for modern living with a roof garden and outdoor space with great views of the city for holding summer barbeques on balmy evenings. When I saw just this, it accelerated my impulse to buy immediately, even though the market was softening.
The two-bed showroom unit apartment on the fifth floor wasn't exactly affordable, considering I was buying alone, but with its sleek Scandinavian furniture and skyline views I was prepared to stretch my cash limits and fork out the €525,000 sum required.
Printed in bold on the pastel-coloured brochure at the launch of the complex was the slogan: "contemporary tailored apartment living that won't cost you the shirt on your back". Truth is, it's costing me that and a hell of a lot more.
I now see my apartment devalue massively on a daily basis. Hooke & MacDonald have said 40 per cent is the typical price drop for new houses and apartments in Dublin. Trapped by negative equity, if I did decide to move, I would stand to make a massive loss on my investment. It has been reported that "those who bought a house in 2007 will have to wait until 2030 before they move out of negative equity".
The Sindo
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3 comments:
Initially I tried to tell relatives and friends. I appear to have convinced no one. I left with my family before the peak. Initially, I felt sympathy for them all. Not now. They swallowed the B.S. . Govt and media fed it to them.
They were unable to think for themselves. I had come across this before. A dublin farmer hadsold his land in the late 70s at the peak. He bought gilts. He sold gilts after the inflation had been put away. He bought back his land ad had enough to double it even tho he knew it was all overvalued.
The EU interest rates were bound to cause trouble but the government wanted to buy votes. Can't buy them now!
Instead of increasing taxes and preventing a bubble ....!
There are a few ways out but I covered them on Economy.ie!
No one is trapped unless they believe it.
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