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A Report From The Biggest Bubble Of All


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This is not a joke - it is from today's Irish Times property porn supplement. I stopped finding this stuff funny a long time ago, now I just despair. :blink:

Is there anywhere else in the world where the investment case is this ridiculous?

Worth the Investment?

Edel Morgan

The address: 44 Pembroke Gardens, Ballsbridge, Dublin 4.

The agent: Gunne Residential.

The property: four-bedroom townhouse for €1.4 million, representing a cost of €10,769 per sq m (€1,000 per sq ft).

How much for an investor? The repayments on an 85 per cent mortgage at a buy-to-let tracker rate of 4.17 per cent APR over 25 years would be €6,343 per month. On an interest-only loan the repayments would be €4,066 per month.

How much for a residential buyer? At AIB's discounted tracker rate of 4.11 per cent APR, the repayments over 35 years would be €5,397 per month. Repayments at AIB's standard variable rate of 4.33 per cent APR would be €5,886 per month.

On a 100 per cent mortgage at AIB's one-year discounted tracker rate of 4.11 per cent over 35 years, the repayments would be €5,866 per month for the first year.

Potential: prime rental location. This property could fetch a rent of around €2,500 per month.

Verdict: the rental return doesn't come close to meeting the mortgage repayments on either an 85 per cent annuity or interest-only mortgage. Only for an investor looking for medium to long term capital gain or a residential buyer.

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No disrespect to you or your fine country and its inhabitants, but the Irish response to low euro rates has been akin to locking a smackhead in a cupboard full of methadone.

The Irish are in danger of turning their country back into a basketcase far faster than any redirected EU finding ever would.

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This is not a joke - it is from today's Irish Times property porn supplement. I stopped finding this stuff funny a long time ago, now I just despair. :blink:

Is there anywhere else in the world where the investment case is this ridiculous?

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Wow, that's quite some investment. You pay €1,500 a month on top of your 15% deposit of €210,000 in the hope of long term capital gains. This is indeed a sad reflection of how bad it's got.

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Wow, that's quite some investment. You pay €1,500 a month on top of your 15% deposit of €210,000 in the hope of long term capital gains. This is indeed a sad reflection of how bad it's got.

Yep. Only a fecking ejut would buy that..........or someone with a massive wad of cash who would buy it outright.

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:lol::lol::lol::lol:

Absolutely fantastic! That had me for a while. I could watch that over and over.

The wierd thing is, there's an on-line registration form?!? That's bound to suck a few muppets in. What are they going to do with that info?

This place is soooo bonkers it had me going to, I have confess. But the giraffe only zoo :P

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It's off the scale, mad, madder, utter madness, frothing at the mouth. :)

Dublin goes Dubai

Fecking hell!!! Please tell me Chris Morris is making another series of Brass Eye and this is the first episode..? This cannot be real! "The time has come for new thinking.". An island in the shape of a shamrock with green lights on the edge :lol::lol::lol::lol::lol::lol:

Edited by redalert
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Can someone confirm that is a spoof - the video/website look very expensive for a spoof.

It's more likely some kind of architectural sales/investment demo/propaganda, the kind that firms use to demonstrate their ambitious capabilities, the kind that crop up when a particular sector or industry has a short lived embarrassment of riches.

The worlds only all Giraffe Zoo probably prequalifies some ice breaking joke to help the sales team feel less nervous.

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Can someone confirm that is a spoof - the video/website look very expensive for a spoof.

Well if you believe the giraffe only zoo, surely the bit about flooding during the rainy season (all year round) might have you wondering?

Second thoughts. If you believe it, why not register? I want to find out what happens if you do. :rolleyes:

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Guest Shedfish

it's a second-home playground for Evil Geniuses and secret agents, when they hit the 'nesting' stage.

Helium was inhaled to keep the run time down in the making of this video.

barking. bark bark awwww

so if a 1 bedroom cottage big enough for an under 5, full of 'old Dublin charm' goes for sizeably more than half a million quid, how much would a 'Blofeldt' underwater penthouse with a fake sea lid and en-suite cost?

Edited by Shedfish
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Oh, I'm not saying I believe it. I'm just amazed that so much money could be spent on something that's not that funny. It's certainly linked to an upcoming Irish rightmove site - and a free iPod - very reputable. :D

I guess you need to be here in Dublin to appreciate how surreal this place is when it comes to property - Amateurs with zero business acumen and Euro signs in their eyes are becoming obscenely rich with no effort whatsoever. It is truly bizarre beyond words. I found the video hilarious because I KNOW that some here WILL be sucked in by it and will be chomping at the bit to get on board regardless of how much it costs.

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Guest Shedfish

I do expect more and more of these sorts of crazy developments to actually occur in the future - but there's not time for this one before the megabust.

I like to use this handy list (scroll down a page or two to get past my lawyers' provisos):

Evil overlord checklist

"21) I will hire a talented fashion designer to create original uniforms for my Legions of Terror, as opposed to some cheap knock-offs that make them look like Nazi stormtroopers, Roman footsoldiers, or savage Mongol hordes. All were eventually defeated and I want my troops to have a more positive mind-set."

- beump --

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