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Recession talk!

Seeing as we are officially heading for a recession apparently and anyone under the age of thirty who is too young to remember when times were bad in this country may be about to get a bit of a hole opener its about time that we had a bit of a thread to participate in one our of national sports – bitching and doom and gloom about the property and business market…. No rumours or speculation please, just information based on facts. Some of the news items have been covered previously on the blog and will get a brief mention here to start things off. Some of the recent business closures and sales are below

Kielys @the parkway and the Sony shop on O’Connell St have closed.

Pier One bar on Sarsfield St has closed and the Sarsfield hotel is now a hostel for asylum seekers.

The Globe on Cecil Street has finally been sold, no ideas as to what it will become.

The Davin Arms in Caherdavin has finally closed. Stories have indicated that it may be a future home to Aldi or Lidl but nothing official as yet.

Harris’s bar (at the most photographed building in Limerick in recent years) Riverpoint building has been closed for the last number of months. There are signs on the windows saying re-opening on the 1st of May…. !

Carlton coffee on lower Shannon street has closed, sign on the door says relocating to their other premises on Thomas Street.

What used to be the market night club on Robert Street has finally reopened as a nightclub called Angel Lane

No news yet as to an official start date to the Opera Centre. Although many of the planks of timber blocking the windows have recently got a lick of paint!!

If anyone has details of price drops for any new builds or houses in estates that have dropped in price recently please submit them. On average the cost of a house across the country is believed to have gone down about 20-30 thousand over the last year and a half.

This entry was posted on Sunday, June 29th, 2008 at 12:43 am and is filed under All. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  • ethos2001
    It's awful to find a post like this from 2 years ago and feel like we are still in the same situation, Gordon Brown was completely useless. I got very lucky with a good deal on mortgage protection which helped me a lot but ultimately my kids simply can't find jobs and they have been looking for almost 2 whole years.
  • Tomás
    I've signed on before myself when stuck - no crime in that. However, can't people be asked to sign once a week instead of once a month. wouldn't pay them then to cheat from another country. problem solved - little bit more admin required by the welfare staff but they are just collecting signatures.

    I would say foreigners who have paid their PRSI etc are entitled to claim if they want to stay on and look for another job here.
  • MIke
    A mate of mine had the misfortune of losing his job and he had to go on the labour, he said that 75 % of the people on the labour were foreign nationals, i think any foreigh nation that is on the labour/doal for more than 6 months should be told to get a job or get on a plane. it is a known fact that they are coming over once a month and signing and going home and working, how does this help the economy
  • Jerry Mac
    Harris Bar is re opening as a Tapas Bar down stairs and an Italian restaurant upstairs, the delay in opening has been to due to the late delivery of a new pizza oven. Holywell restaurants have taken over the premises and it should be open within a few weeks.
  • jd
    From that article, the last bit is telling:

    According to figures provided by accountancy firm FGS, some 14 hotels and restaurants went out of business in the first three months of this year.
  • J.D.
    Lette

    I bought a house late last year myself and my boyfriend...im crapping myself with all the talk going on, although i thought it was a bargain last year as we bought from the plans ppl are now sayin my god ye are taking on a big mortgage and we are in a recession aarrgh! So I know how you feel, I was talking to a bank manager and he reckons 2-4 years it will be hard but things should pick up again- i hope :(
  • Jim Larkin
    Re the Absolute Hotel, story here
    http://www.sbpost.ie/post/page...
    is that the company which opened it is gone into liquidation. Which would mean it's possibly being kept open to sell as a going concern?
  • Bantra man
    to be honest Hazel...while I agree with most of your comments...its great to speak from afar.........people in glass houses should actually watch themselves......
  • Bantra man
    does this mean that those of us who were sensible enough in last few years to realise taht we couldnt ever afford the repaymens on a house...the average 'mental' repayment of 1800 a month even though we had 30k saved in bank will now possibly be able to get on property ladder. I have 30k saved but any deal I got was way above my means so woulldnt contemplate. i also a single parent with a steady secure job...but only one income. could I possinly now believe that I might get my own house?????? (ps and say goodby to the boxroom in my parents)
  • King John
    Also ment to say don't forget the cost of the site as well
  • King John
    John
    The cost to build a house varies from €75 per sq ft. (this is being careful with all quotes) if you build yourself by direct labour and up to €150 per sq ft if you get a builder in to do the job for you. when I build give a guess which way I will go.
  • annmarie
    The hotel problem is in existence because a tax break law finished a few years back.
    Hence so many hotels were built not because they were needed but because the claw backs on tax were so benefical.
    .
  • Builderfromhell
    What if we didn't have a recession;
    People continue to buy bigger and bigger 4x4s to drop spoilt kids off at work.
    People build bigger and bigger houses in the country.
    The worlds natural resources get used up faster and pollution gets worse.
    Property prices continue to rise and too many houses continue to be built. Our kids will never afford a house.
    Etc. etc.
    Irish people had wealth for first time in past 10 years and they wasted it on triviality.
  • LargeLADD
    @rhebogue


    Yeah i'll defo be able to afford my sent. I've been doing the sort of job most irish people have turned there nose to in the boom time.. The box room in my parents house isn't a great prospect granted but its a damn site better then going bankrupt due to a crippling mortgage. I hope anyone that has one comes through this time. Remember the 80's surely it can get that bad can it?
  • raggedtrousers
    the Absolute hotel is not closing.

    looking forward to checking out your new restraunt;)
  • hazel
    if these hotels lowered their prices then they might find that people would actually stay in them
    the way its going there wont be one hotel left in limerick
    we stayed at the glenthworth now called the pery when we were last home and for 2 nites bed and breakfast and one evening 3 course dinner
    it was surperb value at 99 euro per person
    i hear thats up for sale too
    hope it still operates as a hotel for another while
  • Hank Scorpio
    Lorraine, great news about new restaurant, can't wait! I think you're right about Absolut too, I heard it was closed or closing last week
  • Rhebogue Ranter
    LargeLadd, will you be able to afford your rent if you lose your job?

    You could end up going back to the box room at your parents.
  • John
    Does anyone know what the average cost per sq ft it is to build a house?
    If you knew that then you could seek out the bargains and when they are selling below that you know that its a bad place to buy
  • We went to buy a house in Glandale when it was being built (approx 5 years ago) and it was €195,000.. so the got a bargain for €150,000
  • LargeLADD
    Jesus i love a good recession. What will we lose and over priced match boy yeah if we could afford to buy one in the first place. All a recession means to me is cheaper rent
  • Rhebogue Ranter
    And that's a profitable company...
  • I heard the Absolute Hotel was closing - anyone know anything about that?
  • jnyfox
    Just saw this on RTE.ie :

    "Shannon-based IT company Avocent International has announced a restructuring programme, which will see 64 jobs cut at its Co Clare plant."
  • Rhebogue Ranter
    Glendale house were never 150k, I remember looking at them at the time. 175k was the cheapest for the basic 3 bed.
  • Mike
    There is a house on sale in my estate (Glendale on the old singland road) that has been on sale for the past 16 months. It's asking price is €280K which is around €10K more than the record price in the estate just before the bust lin early 2007. Since then the houses around it have been selling for €40-50K less. They bought the house for no more than €150K 5 years ago and are hanging to the record price on while everyone around them is bailing out of a collapsong market. There some awful ejits out there.
  • Well, we're opening a new restaurant in Castletroy that seats 80!! Are we mad?? I hope not:)
  • billyboy
    heres another one to add to the list from what i hear the cornmarket bar on cornmarket row closed this week as well!!!!
  • raggedtrousers
    capitalism is a boom bust system. recission/depression life goes on
  • hazel
    oh yes forgot
    the man who owned the Globe building was tragicly killed in an accident about two years ago and as far as i know its being turned into offices and appartments
  • hazel
    whats wrong with people having a discussion on the recession
    if it happens it happens and sur the whole world is facing a recession just looking at all the recent closures speak for themselves
    i dont know much about the other properties but THE GLOBE had changed many hands down through the years from the CECIL HOTEL in the 70s to the MALIBU BAR in the 80s then the very posh GLOBE with the cigar bar on the top floor to the lapdancing in the basement
    For the past 5 years it ran as an everything bar to put it mildly haha
    from a rock bar TERMIGHTS on the top floor to BUBBLICIOUS gay bar underneath to LA CHIQUE lapdancing in the basement
    however it closed about two years ago due to high rent ect and was a sad loss cause i worked there as bar tender and it was one of the best jobs i ever had and such a fun place to work
  • well Keith and I just bought a house, and the prices may have not come down significantly, this time last year we were looking at derilict houses!! and this year we have bought a brand new house with everything in it for the same price! so that has definaterly changed.

    only problem now is were shitting ourselves because we bought a house at the start of a reseession!!! oh well!!
  • LargeLADD
    Bertie


    cribbing and moaning is a lost opportunity. I don't know how people engage in that don't commit suicide.

    Any the wiser yet bertie?
  • JPB
    The opera centre is back in the planning stage as they've resubmitted with expanded plans.
    Looks like they've acquired a few more buildings. I'm sure we'll get an official start date once the new planning permision has been granted.
  • Bertie aherne
    'Sitting on the sidelines, cribbing and moaning is a lost opportunity. I don't know how people who engage in that don't commit suicide because frankly the only thing that motivates me is being able to actively change something
  • Mickey'sMickey
    What a really depressing topic and post. Please lets not bother with this tread. Its really not needed.

    Unless you are a millionaire looking for cheap property to profit from.
  • Shannaboley
    The property is way over priced I got into a bidding war two years ago ( I think it was with myself ) because when I backed away so did the other potential buyer? I then got a call three months later from the solicitor saying I could have the property for fiftyGs above what I walked away at!
    There are refugees living in it now!
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