Rock-n-Roll Posted January 8, 2009 Share Posted January 8, 2009 will the last bull please turn out the lights! so houses cant go any lower ? http://www.independent.ie/business/commerc...go-1595125.html rock on! Quote Link to comment Share on other sites More sharing options...
Vespasian Posted January 8, 2009 Share Posted January 8, 2009 Developers cannot sell below cost! Yes, they can - they get declared bankrupt and the properties go in an auction Quote Link to comment Share on other sites More sharing options...
yadayada Posted January 8, 2009 Share Posted January 8, 2009 (edited) [i've just realized who you are, Vespasian - middle-aged, jumper-wearing, Breakfast TV- presenting coke fiend Frank Bough. Edited January 8, 2009 by yadayada Quote Link to comment Share on other sites More sharing options...
headmelter Posted January 8, 2009 Share Posted January 8, 2009 "Developers have to either lock them up or rent them out. They can't sell below cost. Buyers may be slow to take them but when the public realise this (the low prices) they may buy and there could be a slight pick-up." If I had four wheels I could be a taxi. Quote Link to comment Share on other sites More sharing options...
YoungFTB Posted January 8, 2009 Share Posted January 8, 2009 If I had four wheels I could be a taxi. ROFL! Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted January 9, 2009 Share Posted January 9, 2009 We have to sell them at what people are both willing to pay and can get a mortgage for. If that's below cost that's our problem. The purchaser doesn't care and why should they. The only alternative is to lock them up, but that costs too. That only goes for existing stock, which most builders, who have taken this approach are slowly getting through. As for starting new houses I would agree with Mr. O'Callaghan. You cant sell them at below cost. If you don't think you can, at least break even, why spend more money on them. You would end up in further debt than before you started. If the land is over expensive (2006/2007 prices) well that's another story. Mr O'Callaghan appears to have opted out of land purchasing some years ago and if his land bank is acquired at sensible prices, and he can service his debt then his approach is perfectively sensible. Might have to wait a while. Quote Link to comment Share on other sites More sharing options...
Guest KingCharles1st Posted January 9, 2009 Share Posted January 9, 2009 I thought this was Sibley thread- damn Quote Link to comment Share on other sites More sharing options...
shipbuilder Posted January 9, 2009 Share Posted January 9, 2009 (edited) We have to sell them at what people are both willing to pay and can get a mortgage for. If that's below cost that's our problem. The purchaser doesn't care and why should they. The only alternative is to lock them up, but that costs too. That only goes for existing stock, which most builders, who have taken this approach are slowly getting through. As for starting new houses I would agree with Mr. O'Callaghan. You cant sell them at below cost. If you don't think you can, at least break even, why spend more money on them. You would end up in further debt than before you started. If the land is over expensive (2006/2007 prices) well that's another story. Mr O'Callaghan appears to have opted out of land purchasing some years ago and if his land bank is acquired at sensible prices, and he can service his debt then his approach is perfectively sensible. Might have to wait a while. As you say, surely the problem is only restricted to those developments where the land was bought at peak - those developers will have to sell at a loss and take the hit. This is like any other business and happens every day to get rid of old stock - developers shouldn't expect to be any different. With land, labour, materials etc. decreasing in price to reasonable levels, there should be no reason that these businesses shouldn't make a decent profit - as it always was. Arguing for prices to come to reasonable levels was never about punishing the greedy or anything else - it is about getting back to a sustainable economy for us all - builders and purchasers. The developers who cannot take the hit will go down and their assets can be sold to businesses who will instantly be able to employ and build at a profit again - it's the market. Edited January 9, 2009 by shipbuilder Quote Link to comment Share on other sites More sharing options...
Rock-n-Roll Posted January 10, 2009 Author Share Posted January 10, 2009 well maybe this is the last bull i know pp just luvs these contrarian views! http://www.propertyhawk.co.uk/index.php?pa...zine&id=332 rock on! Quote Link to comment Share on other sites More sharing options...
Vespasian Posted January 10, 2009 Share Posted January 10, 2009 [i've just realized who you are, Vespasian - middle-aged, jumper-wearing, Breakfast TV- presenting coke fiend Frank Bough. Yes - getting on now a bit though Quote Link to comment Share on other sites More sharing options...
azogar Posted January 10, 2009 Share Posted January 10, 2009 well maybe this is the last bulli know pp just luvs these contrarian views! http://www.propertyhawk.co.uk/index.php?pa...zine&id=332 rock on! man, that is one perma-bull, he would even give our Gaz a run for his money! http://www.garymccausland.com/ Quote Link to comment Share on other sites More sharing options...
yadayada Posted January 11, 2009 Share Posted January 11, 2009 Yes - getting on now a bit though Yoicks! Just say no, kids. Quote Link to comment Share on other sites More sharing options...
Rock-n-Roll Posted January 16, 2009 Author Share Posted January 16, 2009 man, that is one perma-bull, he would even give our Gaz a run for his money!http://www.garymccausland.com/ feck these bulls must be breeding! http://news.bbc.co.uk/1/hi/business/7831889.stm rock on! Quote Link to comment Share on other sites More sharing options...
azogar Posted January 17, 2009 Share Posted January 17, 2009 feck these bulls must be breeding!http://news.bbc.co.uk/1/hi/business/7831889.stm rock on! excerpt: ..........When the crunch came, Humbert's went to the wall. Late in 2008 Ms Fortune lost her job, along with 70 other staff. But unlike any of them, she has come back for more....... Yeah, Miss Fortune alright! you couldn't make it up! Quote Link to comment Share on other sites More sharing options...
polythene pam Posted January 17, 2009 Share Posted January 17, 2009 My landlord is an uber-bull. He's actually come out with 'you can't go wrong with bricks and mortar' and 'good houses in good areas will hold their value'. It's a bit scary that someone who is in as deep as he is has those beliefs about houses. It's not just talk either - he's building houses in BT9 at the moment. Quote Link to comment Share on other sites More sharing options...
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