Re: Re: Developments in Cork

There is a looming shadow over “Developments in Cork” – the “elephant in the room”, to use a hackneyed phrase. As long as the Elysian stands eerily empty, the tallest emptiest building in Ireland, the “Idle Tower” (near the Idle Hour) – why would any surviving developer not bailed out by NAMA even consider starting a development in Cork City. Hundreds of units lie empty, unwanted, uncoveted, uninhabited…..and Joe Developer is going to launch a new scheme? And using what money from which bank…Anglo Irish?

All this other discussion is just the ramblings of powerless lookers-on in a post-war landscape, waiting for Godot (Micheal Martin?) to sort everything out.

There will be no significant new development in Cork for 5 years in my opinion, i.e. 2014. I am not saying this just to be negative – if anyone can persuade me differently using some good arguments I’d be delighted.

My arguments are:

The government fiscal situation is dire
Most developers are up to neck in unsecured debt
The banks are being bailed out by the taxpayers
The taxpayers are losing their jobs
The government is tired, old, lame-duck, and afraid of taking the right steps
There is a gross oversupply of office, retail and residential on the market, enough to supply the next 5 years
The people of Ireland have gone into their bunkers and its each man/woman for him/heself