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The Upside Of Crisis

Kathleen Peddicord by Kathleen Peddicord
Jan 06, 2009
in Retirement/Living
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property market investing on a crisis
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“Enormous amounts of money have disappeared. For the first time in our history, we Irish began investing in securities. Even farmers, for example, were putting big money into stocks through brokers. It was all on word-of-mouth recommendations. And now it’s all fallen apart. People have lost as much as 80% and more of what they invested.

“It’s happened so suddenly, and the knock-on effects are far-reaching. It’s like the entire country, overnight, has hit a wall.

“Unemployment is rising to levels not seen since the 1970s. The construction and contracting businesses are out of business. Whole estates [that is, building subdivisions] have been boarded up and abandoned, mid-build. Shopping malls, too.

“Nobody’s buying, and nothing is selling. The country’s property market has evaporated, again, seemingly overnight.

“A house I know listed for 1.5 million euro early last year is for sale now for half that, and it won’t sell. There are many examples of this, especially in Dublin, but around the country, too. Prices aren’t soft or sliding…they’re crumbling.

“I believe the market will recover, but it will take at least two years. Meantime, Kathleen, Lief, maybe this is the time for you to think about buying back in. We’d love to have you as neighbors again.”

We enjoyed dinner last night with a couple of old friends from Ireland who are here in Paris, like us, to celebrate the New Year. David was our architect in Waterford; his wife Morette our solicitor. Morette was a great help to us when, after five years of full-time residency, we worked through the process of becoming Irish citizens. David and Morette understand our connection to their homeland. They helped us to adopt it as our second homeland of sorts.

And their suggestion that the time is nigh for us to think about making another property investment on the Emerald Isle got our attention.

“That place in Dunmore would be perfect for them,” David suggested to Morette.

“Yes, Dunmore would be the place,” Morette agreed. “Dunmore property prices rise and fall along with those in the rest of the country, but the houses of character in this town will always hold their value. This would be a place to own for the long term. A chance to own something worth owning.”

“Yes, and this house I’m thinking of,” David continued, “it’s perfectly situated with a view down the estuary. You’d have a bit of land. It’d be the ideal property for family gatherings. A place you could renovate and then use as a base. You’d have room for the kids and their friends. The house and the view, both really are special.”

“How much?” Lief asked, getting to the point.

“Well, it was listed for something like 1.2 or 1.3 million euro. Now, I believe they’re asking about 700,000 euro.”

“What could it be bought for?”

“Less…maybe much less.”

Kathleen Peddicord

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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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