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#5401 Jacko79

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Posted 20 December 2007 - 01:04 PM

I just came across this definition of a Speculative Bubble -

A temporary market condition created through excessive buying that causes unfounded run-up in prices.

Speculative bubbles are generally a result of the "bandwagon effect". Investors, seeing an upward trend in prices, quickly enter long positions in an attempt to participate in a stock's profitability. Typically, these bubbles are followed by even faster sell-offs once the prices begin to decline.



So closely matches what is happening in the NI property market that we could be a perfect case study for the students of tomorrow!

#5402 tara747

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Posted 20 December 2007 - 01:51 PM

Did any of you see the article in the Daily Mirror yesterday by a women (cant remember her name) who is a mortgage broker saying that she sees Nationwide's prediction of a 5% drop for NI in 08 as a "conservative estimate", and predicts around a 20% fall, especially outside Belfast?



Have you got a link? Sounds interesting! This is powerful stuff, if people are reading it in the tabs then sentiment has turned!

To everyone else (especially Serpico) thanks for the anecdotals. Funny how the banks have turned on the developers so quickly!!

#5403 Sogy

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Posted 20 December 2007 - 02:11 PM

she sees Nationwide's prediction of a 5% drop for NI in 08 as a "conservative estimate", and predicts around a 20% fall, especially outside Belfast?


Of course, 5% is conservative, I'd say even 20% is conservative. I'll bet on 50%, like last year. And why does she say "drop", when it's going to be an increase? Should be a typo :)

In fact we already see a great growth - in the number of properties on PropertyNews: it is 21760 right now! That's a good sign - we have such a choice! :)

Edited by Sogy, 20 December 2007 - 02:26 PM.

"Duty is the sublimest word in the English language" - Gen. Robert E. Lee

#5404 WasSeller (ex-WouldBe)

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Posted 20 December 2007 - 03:24 PM

Happy Christmas y'all, and Happy New Year. :)
"The only function of economic forecasting is to make astrology look respectable." - J.K. Galbraith

#5405 superbrugha

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Posted 20 December 2007 - 05:16 PM

Hot off the press

The Balmoral Clinic has closed it's doors.

We are talking heavy losses for the Medical consultants.

A lot of pain on the Malone Road tonight

#5406 YoungFTB

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Posted 20 December 2007 - 06:29 PM

Never ever buy a property leasehold that includes flats luxury aprtments you will neber own the land
they sit on and the only real value is in the land not the building.


I think a lot of houses in Northern Ireland are only leasehold, what happens when the lease of a property runs out? Is it renewed?

Btw Merry Christmas everyone!

#5407 superbrugha

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Posted 20 December 2007 - 06:38 PM

I think a lot of houses in Northern Ireland are only leasehold, what happens when the lease of a property runs out? Is it renewed?

Btw Merry Christmas everyone!



LOL

No It reverts to the leaseholder

Think Duke of Westminister

#5408 FrustratedFTB

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Posted 20 December 2007 - 08:00 PM

Merry Christmas and Happy New Year everyone!

I am going to be trying hard not to visit this website over the next two weeks!
Might be hard being one of the few non property owning members of the clan and all the advice that I might get over the holiday period. Though even some of the most Bullish mates of mine have said recently oh wait till later on in the year you get somewhere cheaper!
New Year resolution: learn some patience!

#5409 YoungFTB

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Posted 21 December 2007 - 04:09 AM

LOL

No It reverts to the leaseholder

Think Duke of Westminister


Oh dear.

Did something similar happen to all the houses in the Conns Water area of East Belfast, I think I remember hearing that the leases ran out and a developer bought the land and redeveloped the entire area with new houses. Is that basically what happened in that area?

#5410 Serpico

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Posted 21 December 2007 - 08:22 AM

Oh dear.

Did something similar happen to all the houses in the Conns Water area of East Belfast, I think I remember hearing that the leases ran out and a developer bought the land and redeveloped the entire area with new houses. Is that basically what happened in that area?


Well don't say you have not been warned, flats apartments are a no no, many year ago a friend and myself bought a derelict Victorian factory a huge place on a prime site in Liverpool with the intention of building a new car showroom and workshops but the franchise we were after did not matrialise, so we just left it idle for six years and moved on to other things.

We had bid on it from a guy in the Isle of Man who wanted to build sheltered housingon the site. in our over exuberance at the time of purchase or a solicitors **** up it got over looked it was leasehold, then we found we did not own it, the place had reverted to the Duchy of Lancaster ( the Queen) and we owned nothing.

You have been warned.

Only ever seen one house for sale in North Antrim myself that was leasehold, that was a bungalow at Toberkeigh near Bushmills.

#5411 tara747

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Posted 21 December 2007 - 10:13 AM

Hot off the press

The Balmoral Clinic has closed it's doors.

We are talking heavy losses for the Medical consultants.

A lot of pain on the Malone Road tonight


Wow.

:ph34r:

hi, take a look at the link below, interest article about glut of city centre apartments in large cities, so much so that some major scheme's are being mothballed due to totally changed credit landscape resulting in the bottom falling out of the BTL market. I'll be interested to see if the same occurs in Belfast, given that there are still a number of major schemes in the pipeline here. I dont doubt that a number of those who have recently 'booked' apartments but who have not yet signed contracts are thinking twice and backing out...

http://www.thisismon...y..._id=56&ct=5


regards to all


Already happening in the Republic - see the property pin, boards.ie and AAM. All full of tales of specuvestors and OOs trying to get out of contracts.

:lol:

#5412 mmca22gr

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Posted 21 December 2007 - 10:17 AM

Well don't say you have not been warned, flats apartments are a no no, many year ago a friend and myself bought a derelict Victorian factory a huge place on a prime site in Liverpool with the intention of building a new car showroom and workshops but the franchise we were after did not matrialise, so we just left it idle for six years and moved on to other things.

We had bid on it from a guy in the Isle of Man who wanted to build sheltered housingon the site. in our over exuberance at the time of purchase or a solicitors **** up it got over looked it was leasehold, then we found we did not own it, the place had reverted to the Duchy of Lancaster ( the Queen) and we owned nothing.

You have been warned.

Only ever seen one house for sale in North Antrim myself that was leasehold, that was a bungalow at Toberkeigh near Bushmills.


AFAIK you can buy your leasehold for a fixed fee of something like 10 times the annual charge.

Also found this interesting


http://www.propertyn...php?p=PNC309827 - "The Private Tenancies (Northern Ireland) Order 2006"

#5413 Lizzy

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Posted 21 December 2007 - 10:37 AM

I read yesterday quotes from Grapevine, Sold to rent and Superbrugh discussing Derek Harrison and Joyce Estate Agents.

You are completely wrong in the allegations that you say you can "confirm" - and the Police have been notified and presented with copies of your postings.

Perhaps you should spend less time telling lies and spreading malicious rumours, and more time wondering when the police will come calling for you...

:angry:

#5414 DotBomb

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Posted 21 December 2007 - 11:09 AM

I read yesterday quotes from Grapevine, Sold to rent and Superbrugh discussing Derek Harrison and Joyce Estate Agents.

You are completely wrong in the allegations that you say you can "confirm" - and the Police have been notified and presented with copies of your postings.

Perhaps you should spend less time telling lies and spreading malicious rumours, and more time wondering when the police will come calling for you...

:angry:

Im hoping they are spending their time going after drug dealers, murders and serious criminals than people at worst making up stories on a forum that you have to hunt out on the internet, and trawl. Im hoping you havent distracted them from these more serious issues.

#5415 Belfast Boy

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Posted 21 December 2007 - 11:21 AM

I read yesterday quotes from Grapevine, Sold to rent and Superbrugh discussing Derek Harrison and Joyce Estate Agents.

You are completely wrong in the allegations that you say you can "confirm" - and the Police have been notified and presented with copies of your postings.

Perhaps you should spend less time telling lies and spreading malicious rumours, and more time wondering when the police will come calling for you...

:angry:

That made me laugh. I hope the police book you for wasting police time.

Helen Carson will be coming after me next :unsure: :D
"There will never be another period, in our lifetime, when property changes hands for the multiples of salary that we reached recently. The one-off credit event that we have witnessed, over the last ten years, is gone and it is not coming back!" Dances with Sheeple

"The mistake I think lots of people are making, is that they are assuming the real estate market, in a few years time, will exist in the same economic conditons that exist today." VedantaTrader




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