Fortune: The madness is starting all over again

tomfortune

Independent Cllr Tom Fortune says that current issues are not being sorted and the way people are being treated leaves a lot to be desired. He says that people are still in negative equity and in a lot of cases cannot pay their mortgages. “They are not getting real help and this is wrong. A good friend of mine has an expression for all of this; the polite version is “are they for real”.

Fortune says that the banks have been bailed out, developers are in NAMA and in some cases buying out their debt or going to UK for bankruptcy. NAMA are selling off debt to investors, mainly from outside the country, at massively discounted prices. Home owners are expected to pay up in full. He goes on to say that recent proposals put in place are very confusing and expensive to have explained. All of this while 400000+ people are unemployed through no fault of their own. Nothing has been learned.

Cllr Fortune says “Considering what we all have suffered. It seems we are heading down the same crazy road. WHAT am I talking about? I am talking about the price of property. I know there is a supply and demand issue in Dublin, however there needs to be controls put in place. Recently in a south Dublin village there was a development on show, and someone who was there looking at a 3/4 bedroom house told me that the house has increased in price by 55000 thousand euro in four months.  Fortune states “I have seen the sales material; it is like winding the clock back to 2006/2007, glossy material, set out to look bigger than they are. The person told me that he was not sure if the queue of people was genuine or a marketing ploy. There is a disclaimer on material that says “These particulars and any accompanying documentation are set out as a general outline only, and do not constitute any part of an offer and are issued strictly on that basis. Measurements are approximate and drawings, maps and plans are not drawn to scale. ALL contents are general outlines for guidance of intending purchasers only.” The builder reserves the right to make alterations to the design, specification and layout.

One has to ask if this is legitimate and who is keeping an eye on this type of practice, so in theory is means that a prospective buyer can view a show house and decide to purchase that is going to be built in the future, but it may not look and be of the measurements of the one you have just seen or are looking at on the plans!

Cllr Fortune concludes by asking “How can the financial institutions be hounding people in trouble from the property bubble and at the same time financing new property at inflated prices? Lots of people tell me the banks will not give them mortgages. This does not add up.

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