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Irish Examiner
3 days ago
- Business
- Irish Examiner
Keys to the Kingdom at €650k developer's former home in Caherdaniel
HOUSING developers aren't known for living in modest homes. Given their stock-in-trade is putting roofs over people's heads, it wouldn't look great if their own properties were demonstrably shoddy. To build confidence in a product and in your own reputation, it's wise to make plain that you're happy to road test your own creation. The woman who bought this Caherdaniel home in Co Kerry eight or so years took it as a good sign that a developer had built it and was also happy to spend his downtime in it. 'I believe he was a developer in Dublin who built it as his own holiday home,' she says, adding that 'he didn't skimp on anything'. 'It was built at the height of the Celtic Tiger, but it wasn't one of those homes that was thrown up. It's a very high-quality build,' the owner says. As any developer worth his salt will tell you, location is everything, and the chap who picked his spot on the Iveragh Peninsula knew in his heart that it doesn't get much better. The holy trinity of mountains, coast and captivating views is hard to beat. Coad, Caherdaniel Moreover, the site had great privacy, in a cul-de-sac, just off the consistently busy, peerlessly scenic Ring of Kerry, and within a short drive of a handful of villages: Castlecove (c five mins), Caherdaniel (eight mins); Sneem (15 mins). Westcove Pier, ideal for swimming, is 15 minutes on foot. Westcove Pier The current owner of this home in the townland of Coad, Caherdaniel, Westcove, was well acquainted with the natural beauty of the landscape when she made the purchase. 'I bought in an area that I knew very well in my childhood and into my 20s. I grew up in London, but my mother was Irish and we always came here for our summer holidays. 'I bought the house very much as a holiday home, with lots of space for family and friends and for entertaining. Open plan kitchen with views of Kenmare Bay 'There was lots of room for people to stay over and even a separate games' room for the kids. It's been perfect,' the owner says. She's used it as a permanent home these past few years and says the area is very nice off-season too. 'It's a great community, and it's not just people coming on holiday. There's lots to do, like books clubs and coffee mornings. I've been living here full-time but it's time now for a new family to enjoy it,' she says. If a family was to buy it as a permanent home, there's a national school in Caherdaniel village and a secondary school in Caherciveen. At almost 2,700 sq ft, it's a fairly capacious home, laid out in a way that seaviews are on display from all the main daytime living accommodation and from two of the four upstairs bedrooms. Open plan dining/living/kitchen Selling agent Ron Krueger of Engel & Völkers says the main open-plan living area is a 'wonderful space, ideal for entertaining' — which it patently is. Natural light floods through floor-to-ceiling windows which frame radiant Kenmare Bay. Across the water is the beautiful Beara Peninsula, cleaved by the Caha Mountain range. Two sets of French doors lead to a terrace, which overlooks the lawn and down towards the bay. It's tailor-made for barbecues. Mr Krueger says the location is 'a haven for outdoor enthusiasts'. Beaches abound and there are Blue Flags everywhere: O'Carrolls Cove; White Strand; renowned Derrynane. Closer to home, Westcove Pier has a modern slipway and safe moorings for boats of all sizes in a tranquil harbour. Fishing opportunities are rife along the coastline. The peninsula has a trio of golf courses, including Waterville links, which attracts a global elite. The Kerry Way hiking path passes a few hundred meters from the front door. When you're done with all the activity, you can kick back in comfort, by the wood burning stove in the lounge area of the open plan space, or outside on the elevated terrace, or on the separate patio by the games room. Games road Lounge If you're too tired to venture upstairs — where two of four bedrooms are en suite with walk-in wardrobes — you can use the downstairs bedroom (there's also a downstairs wet room) — which a new owner may put to another use, such as a study or home office. The separate games room, on the opposite side of a feature arch in the grounds of the house (with storage on the other side), could also be adapted. It has running water. A home gym or artist's studio are other possible uses. As the Iveragh Peninsula is an internationally recognised beauty spot, favoured by visitors, the chances of this home going to an overseas buyer are high. Mr Krueger says they are expecting interest 'very much from within Ireland but also from overseas'. 'So far we've had both Irish interest and enquiries from the US, with showings due to start this week,' the agent says. His guide price for the impressive property is €650,000. Cork and Kerry airports are two hours and one-and-a-half hours away respectively, by car. Kenmare town is a 45-minute drive. VERDICT: Location and setting will get pulses racing among buyers searching for the ultimate holiday bolthole. Overseas interest is a given because of where it is. The quality of the build will also appeal to those looking for a permanent home.
Extra.ie
6 days ago
- Health
- Extra.ie
Women seeking help for cocaine use up 426% new research finds
New Health Research Board figures reveal a record high of 13,295 people were treated for problem drug use in 2024, with cocaine accounting for almost half of cases. Since 2017, there has been a 250% increase in people receiving treatment for cocaine as their main problem drug, while the number of women seeking treatment for cocaine use has risen 426% to 1,494 cases last year. Professor Colin O'Gara, a consultant psychiatrist who specialises in addiction medicine at St John of God Hospital, said while the rise is alarming, there may be a 'silver lining'. 'More women accessing treatment is a good thing,' he said. Since 2017, there has been a 250% increase in people receiving treatment for cocaine as their main problem drug. Pic: Shutterstock 'This has always been an issue, and women were under-represented in treatment samples. This is reflecting the fact that more women are getting to treatment. Drug use has a heavy stigma with it, and the stigma is more so on women. They don't get treatment services as easily as men.' He said the increase in cocaine use was 'extremely worrying', adding: 'Cocaine use has surpassed the peak of what we would have seen during the height of the Celtic Tiger. When the economy is strong, cocaine will always be strong. 'Since 2016, there's been a year-on-year increase in cocaine. Ireland is up there in nearly every survey at the very top in terms of European and global consumption of cocaine. That's extremely worrying. The number of women seeking treatment for cocaine use has risen 426% to 1,494 cases last year. Pic: Getty Images 'We're told by our patients that it is incredibly easy to get cocaine, and in recent years it's been normalised and glamourised. I see, especially with 20-year-old age groups, it's just seen as a very minor thing. 'Whereas cocaine can cause all kinds of difficulties with the cardiovascular system, it's associated with stroke, particularly in young people. It causes devastating neurological issues and cardiac arrhythmias. I would see that a lot in young people.' The HRB's report, Drug Treatment Demand In Ireland 2024,' found a 300% increase in people returning for cocaine treatment as their main problem drug from 692 cases in 2017, to 2,764 cases in 2024. Prof. O'Gara blamed Ireland's pub culture and 'repetitive binge drinking', adding: 'The gateway drug of all the drugs is alcohol.'
Irish Examiner
6 days ago
- Business
- Irish Examiner
100% mortgages would drive up house prices, Central Bank warns
Celtic Tiger-era 100% mortgages would drive up house prices and increase risks to borrowers and banks, the Central Bank has warned. Mark Cassidy, the Central Bank's director of financial stability, warned TDs and senators at the Oireachtas housing committee against the return of 100% mortgages. 'We think that would be a bad idea,' Mr Cassidy said. It would add to demand without any impact on supply and therefore add to prices. 'More fundamentally, it increases the risk for borrowers and for banks.' Banks introduced 100% mortgages during the Celtic Tiger period, but more recent Central Bank rules do not allow either 100% or 95% mortgages to be given out. Current rules require borrowers to have a 10% deposit in order to obtain a mortgage. Mr Cassidy said reintroducing 100% mortgages would increase the risk of default, if a household's income fell. He added that, if house prices fall, homeowners would immediately fall into negative equity and would be likely to 'get into financial distress'. 'We believe a minimum of a 10% deposit remains necessary for either first time borrowers or existing borrowers,' he added. 'We would be confident that 100% mortgages are overly risky, both from the perspective of the borrower and the perspective of the bank.' The matter was raised by a number of TDs and senators during the meeting, who questioned whether it would be possible to allow for the reintroduction of 100% mortgage products. It comes as Independent Ireland has called for the reintroduction of 100% mortgages, saying that many tenants are able to pay more in rent than they would need for monthly mortgage repayments. The Central Bank was also critical of Government plans to consider expanding the First Home shared equity scheme to second-hand homes. Robert Kelly, the Central Bank's director of economics and statistics, warned against the measure. 'The challenge in front of us, it's mainly supply. The current scheme works through pushing up demand and house prices, creating more additional funding for them to buy houses so it stimulates supply. 'I don't see how applying that to the second-hand housing market would achieve that. I think the net effect of that would be additional demand, which would likely feed its way into house prices as opposed to creating large amounts of supply.'
Extra.ie
6 days ago
- Entertainment
- Extra.ie
Celtic Tiger poster boy Gavin Lambe-Murphy ditches wild ways with new concept store
The quintessential Celtic Tiger poster boy, Gavin Lambe-Murphy was as well-known for his scribblings about the nation's celebrity set as he was for making scandalicious headlines detailing his own hedonistic party lifestyle. Once ubiquitous on the Dublin social scene, the man-about-town has just recently opened an upmarket concept store in the leafy environs of Dublin 4 and says he couldn't fathom anything worse than attending even one soiree these days. 'I mean, you know, 20 years ago, Jesus, I was going to five parties a night,' Gavin told Gavin Lambe-Murphy. Pic: VIP Ireland But proving he hasn't lost his wicked sense of humour, he quipped, 'Once you kind of sober up a bit, you realise you wouldn't hang around talking to those people.' A native of the affluent seaside town of Malahide, Gavin had been a mainstay of the naughty noughties, then in 2004 he quietly and rather unassumingly dropped off the showbiz radar. And while not quite reinvented- being still very much his old bon vivant self – Gavin is now to be found selling fancy French wines from his concept shop, Baggatonia. 'No parties. I don't do parties at all. I don't host them, go to them or throw them,' Gavin told Extra. Gavin Lambe-Murphy. Pic: VIP Ireland 'The last time I was a socialite was 25 years ago. I don't even go out and I don't go to parties anymore.' He may have retired his Prada party shoes, but Gavin very much remains a figure on Dublin's high-society scene as he has just opened his brand new venture in Ballsbridge. 'So myself and my best friend Noelle, we went out for lunch one day, and we were thinking about what is missing in Dublin 4,' Gavin explained. 'So we decided to do the concept store with a type of cafe to the front and a deli. And luckily, it's been really well received. 'So we have a lot of Irish products, but we source a lot of stuff from Italy as well. Gavin Lambe-Murphy. Pic: 'We sell everything from wine to really great candles to men's clothing to women's clothing. And we have amazing pieces of jewellery and art. So the thing about it is it'll rotate all the time, because we're never going to carry the same stock as such. It'll be seasonal, and it'll change.' And as for throwing a big grand opening bash, Gavin says the store had a soft opening; seeming to opt for a 'build it and they will come' approach. And come indeed they do, as former RTE newscaster Anne Doyle just happened to pop her head round the door to wish him well on his shopkeeping venture. Anne Doyle. Pic: Gareth Chaney/Collins Photos Now that he has made a return of sorts to the D4 set, he has no desire to reprise his party boy ways. 'I still get invited to a lot of stuff, and I just never turn up,' he says. 'And people think I'm being rude or whatever. 'It's just when you did as many parties as I did back then, I'm just not interested.'
The Journal
26-05-2025
- Business
- The Journal
Calls for reintroduction of 100% mortgages for first time buyers - but politicians urge caution
POLITICAL PARTY INDEPENDENT Ireland has called for banks to reintroduce 100% mortgages to the market to help renters and young people buy their first home. It comes as the product, synonymous with the Celtic Tiger era, has increased in popularity in the UK. In Ireland, however, 100% and 95% mortgages are not available under Central Bank lending rules that came into force in 2015. Last week, another lender in the UK introduced a 100% mortgage to the market. It is not available for new build properties and comes with an initial higher interest rate (5.99% compared to an average of about 4%). The Journal contacted housing experts and the housing spokespeople of all of Ireland's main political parties to get their views on whether products of this kind should be reintroduced in a bid to help first-time buyers. Independent Ireland was the only party to call for their reintroduction. Party leader and TD Michael Collins told The Journal : 'We are not advocating for a return to the reckless lending that preceded the financial crisis. However, it is equally irresponsible to ignore the reality that people are spending €2,000 or more each month in rent, yet cannot qualify for a mortgage that would cost them far less. 'There is a clear need for targeted, responsible mortgage products that reflect today's economic realities.' Cork South West TD Michael Collins Alamy Alamy He pointed to the rise in availability of the product in the UK and said that with appropriate affordability checks and regulatory safeguards, 100% mortgages can be a 'valuable tool in addressing the housing crisis'. His party colleague, Cork North Central TD Ken O'Flynn added: 'It defies logic that someone can be trusted to pay €2,500 to a landlord but not be considered eligible to repay €1,800 to a mortgage lender. 'A properly structured 100% mortgage could turn long-term renters into homeowners and provide dignity and stability to countless families.' 'Absolute disaster' Other politicians contacted by The Journal , however, urged caution. Advertisement Sinn Féin's housing spokesperson Eoin Ó Broin said there should be 'no return to the high-risk Celtic Tiger lending of the past'. He added that mortgages of this type would not help increase housing supply and would only add to house price inflation. Similarly, Social Democrats housing spokesperson Rory Hearne said 100% mortgages were an 'absolute disaster' during the Celtic Tiger in terms of contributing to house price inflation. 'We are absolutely in the same upward spiral as we were in the Celtic Tiger… and adding more credit into that in order to enable people to pay higher prices will, in the context of restricted supply, just add to higher house prices,' he said. Hearne said what first-time buyers really need is State-provided affordable housing to rent or buy, on a 'massive scale'. Rory Hearne, Social Democrats TD for Dublin North-West. Alamy Alamy This sentiment was shared by People Before Profit TD Paul Murphy, who warned against repeating 'the mistakes of the Celtic Tiger' and Labour's housing spokesperson TD Conor Sheehan, who said he was 'deeply uneasy' about the prospect of their return. 'With a 100% mortgage, the buyer does not have any equity in the property and if the housing market contracts, they could find themselves in negative equity…The higher interest rate offered by these loans will also make them more expensive over the longer term,' he said. Shane Cullen, head of mortgages at Ask Paul (Fairstone), also explained how limited a homeowner's options are if they avail of a 100% mortgage and house prices begin to fall. 'The main issue you have here is that the buyer is at 0% equity at the outset. Now while this is okay in a time where there's property price inflation, a dip in the market can have massive consequences for the buyer, throwing them into negative equity,' he said. 'They may want to sell due to personal or financial reasons and not be in a position to do so as they're in negative equity. House prices can take years to recover as we saw in 2008 and led to the Central Bank of Ireland measures being introduced to protect consumers and encourage more responsible lending.' What about a 95% mortgage for first-time buyers? 'Even at 95%, you're still leaving buyers extremely vulnerable to a dip in the market,' Cullen said. He argued that opening up the first-time buyer schemes to second-hand properties would be a more sensible approach, as consumers would be better protected from a crash. 'Returning to 95 or 100% mortgages will be great for increasing the lenders' bottom line, and while it looks as though they're doing it to help consumers, there is no consideration for the associated risks attached.' Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
