This is the most entertaining thread i've read in months (i've noted that this was originally posted back in March but only got around to reading it today)
I've been a lurker on here since last November but first time poster. I'm grateful to most contributors on here for both humour and sense. If it wasn't for the pin I may not have withdrawn an offer on a 1-bed shoe-box in Dublin north city centre back in January this year (I nearly lost my hand with the offer - i'm a fool, but a lucky fool). I have since seen several more similar sized shoe boxes go up on daft for about 15% less and quite frankly don't give a crap about smugness that may be perceived on here.
The Bulls Bears wrote:
Its getting to the point that the people slapping themselves on the back in here for being so smart and not getting caught up in the madness are becoming more up their own holes than any of the specuvestors ever were
I think you are confusing smugness with bitterness of people having to swallow a debt-pill caused by other peoples mistakes of buying during the peak and yet still have to listen to these same people complaining about how they are not being bailed out.
I personally love Larrys response.
I tended to keep quite during such dinner party discussions on property (as i didn't know enough to argue one side or the other) but distinctly remember anyone who tried to voice that the bubble is going to burst etc being branded sensationalist and the counter argument was that you can't go too wrong with property, rent is dead money... yadda yadda.
Its only human nature to feel a little smug when eventually proved right. I was maybe a fool to put on offer on a place that with a little bit of research I should have known would "probably" drop in value however it is still an offer that was well under salary*3. Carol on the other hand was a complete idiot to buy a house if it meant that she thought there was no chance of it dropping, no chance of getting a pay reduction and she clearly went into it thinking she could sell it off down the line with a profit.
I have a certain amount of sympathy but little. A colleague of mine (first time buyer) just put an offer down on a 4bed in Naas of almost 450K (a beautiful house but without doubt an extortionate price). I have referred this site and warned and warned and warned how this is way too much and also dangerous considering its proportion to his salary, however it has fallen on deaf ears. I won't be feeling smug about it if it all ends in tears and will be there to support but this is just an example the mindset of so many people in Ireland.
As Calina pointed out the same people are "advising" on buying now as house prices will never be so cheap again..... Maybe the "smugness" of those who were smart enough not to buy during the boom needs to be upped a gear or two until the point gets across.