Irish property community reels from 29 suicides in 12 months

PasturesNew

Generali wrote: »

Pretty awful if you've used your mum's house to support your business - mum loses her house and you're bankrupt.

That happened to a friend of mine, allbeit not in property and not his mum.

My friend lived with his dad, he was one of about 4 boys. Dad had a lovely council house he'd bought years before and was about to retire. The "flash" one of the brothers persuaded his dad to put the house up as a guarantee for some new business - even though the "flash" one had a flash car and house he could have probably put up himself.

Anyway, the business failed and the poor old dad was repossessed as the son stopped paying the mortgage that had been taken out on it.

Gorgeous_George

PasturesNew wrote: »

That happened to a friend of mine, allbeit not in property and not his mum.

Or to put it another way, 'That didn't happen to a friend of mine'.



GG

ILW

chucknorris wrote: »

Well said, people seem to be forgetting that people are actually dead and additionally there will be mothers, fathers, sons and daughters grieving.

Most people just keep going after it all goes wrong, for the sake of their sons, daughters, wives etc. It can be tough and depressing but thats what most do.

Running_Horse

A tragedy for those involved.

But a chance for the next generation to buy a house at a sensible price.

vivatifosi

leveller2911 wrote: »

Without wishing to sound harsh why is it so sad?....If someone like me who went to a Comprehensive School and came away with 2 O levels and 5 CSE,s could see the recession coming ,including the Housing boom and bust why is it these highly motivated,educated business people couldn't???..

Fair question, however at least one person in the article (who was being interviewed, so hasn't killed himself) could see the bubble (Mar 2007) but couldn't disengage from the market and knew that they were going to lose their house over it. That's the issue though isn't it, these aren't for the most part small BTL investors or people doing up a couple of houses on the side, its their whole business; and winding up a going concern and getting rid of all of the assets before a market drops in order to ensure the guarantee against your house isn't called in isn't that easy.

I'm with George though, we should realise the value of the simple things in life like hearing the birds singing. Starting over again sucks, but it is better than ending it all.

treliac

vivatifosi wrote: »

Starting over again sucks, but it is better than ending it all.

True of course - seen through our 'unaffected' eyes and for most os us, especially younger people. Maybe harder to cope with for those more easily destabilised and for older folks who don't have the strength or the time to repair their lives.

Gorgeous_George

vivatifosi wrote: »

... could see the bubble (Mar 2007) but couldn't disengage from the market and knew that they were going to lose their house over it...

...winding up a going concern and getting rid of all of the assets before a market drops in order to ensure the guarantee against your house isn't called in isn't that easy...

Really valid points.

It isn't easy to sell a house let alone loads of houses. Especially so when you consider that by the time you can see the downturn, so can most of your potential buyers.

That is why I bought to let - not to make money from fluctuations in house prices but to let (the clue is in the name). And it is why I support the call for CGT on second homes but I'd expect taper relief to protect/encourage the long term investor.

GG

chucknorris

ILW wrote: »

Most people just keep going after it all goes wrong, for the sake of their sons, daughters, wives etc. It can be tough and depressing but thats what most do.

Do you imagine for one moment that I think most people commit suicide when the going gets tough? We are not talking about most people we are specifically talking about people who were obviously vunerable and ended up taking their own lives, and that is why it is sad. I'm not saying they did the right thing, I am merely saying it is sad that someone's life ended in that way (and no it is not more sad just because they were involved in property before somebody says it).

JonnyBravo

chucknorris wrote: »

Do you imagine for one moment that I think most people commit suicide when the going gets tough? We are not talking about most people we are specifically talking about people who were obviously vunerable and ended up taking their own lives, and that is why it is sad. I'm not saying they did the right thing, I am merely saying it is sad that someone's life ended in that way.

You really are wasting your time trying to convince some people here that the loss of a life connected to the "property bubble" is sad. They must have been asking for it, having been over-leveraged, money grabbing, greedy chancers. :rollseyes:

So instead of trying to convince the bin-lid banging frothers, simply enjoy your champagne paid for by these proles and perpetuate the cycle of hate. It's much more fun.

HTH.

chucknorris

JonnyBravo wrote: »

You really are wasting your time trying to convince some people here that the loss of a life connected to the "property bubble" is sad. They must have been asking for it, having been over-leveraged, money grabbing, greedy chancers. :rollseyes:

So instead of trying to convince the bin-lid banging frothers, simply enjoy your champagne paid for by these proles and perpetuate the cycle of hate. It's much more fun.

HTH.

Yes you are totally right, apart from the champagne as quite luckily I prefer cava which meant up until last week I drank more (in fact too much). But last week I realised if I want to break 2 hours for the half marathon I need to cut out the drink, so no more drinking at home for me. I know 2 hours isn't particularly fast but I have only been running just over 3 months. I expect to do about 2 hours 10-15 mins this summer and break 2 hours next year.