Connect with us

News

New eye catching mural brightens Clovers Lane

Published

on

WALL ART: Artists Adam and Darren Warren putting the finishing touches to the Killarney mural with Mayor of Killarney Brendan Cronin, at the weekend. Photo: Don MacMonagle

By Michelle Crean

Two artists have put a splash of colour in one popular town lane way as their eye catching work was unveiled to the public this week.

Artists Adam and Darren Warren (ADW) put their creative touch to the gable of a building at Clovers Lane and the Glebe car park to depict the built and cultural heritage from the industries in the lanes to the estate town and ecclesiastical heritage.

It is all part of Creative Ireland Kerry 2020 Walls Project bringing trademark high profile murals to a number of locations in Kerry and supported by the stimulus fund announced by Minister Catherine Martin.

The Walls Project, best known for managing the ground-breaking Waterford Walls festival since 2015, has been working with Kerry County Council Arts Office Creative Ireland Kerry and Killarney and Castleisland Corca Dhuibhne Municipal Districts to bring art to prominent locations in Killarney, Castleisland and Scartaglin.

The Arts Office and Edel Tobin of the Walls Project discussed the potential to deliver some key murals in the timeframe allowed for the stimulus fund.

"There are many layers of history and heritage in the story of Killarney; one that continues to evolve," Killarney Municipal District Cathaoirleach, Cllr. Brendan Cronin, said.

"This mural will give an insight into some of the people of the past and how they made their living in the town of Killarney."

Eileen O’Donoghue Municipal District Office added that "it is intended this mural will enhance our sense of place and inspire further creativity in our town".

"This mural is traditional in style but we hope to follow in 2021 with a mix of style and themes to reflect modern and contemporary art as well as unique aspects of the Killarney story. We will be looking for walls and themes so if members of the public have suggestions, we are always willing to engage."

Continue Reading
Advertisement

News

Housing Will Never Be The Same

Last week I wrote about the pathetic investment options out there for Irish investors. Despite high ongoing fees (mortgage, maintenance, insurance etc.) and the actual headache of being a landlord, […]

Published

on

0249805_0244120MikeStockscopy_OK.jpg

Last week I wrote about the pathetic investment options out there for Irish investors.

Despite high ongoing fees (mortgage, maintenance, insurance etc.) and the actual headache of being a landlord, it’s easy to see why real estate functioned as the de facto investment portfolio for an entire generation.

Wealth creation was a rinse-and-repeat function where couples put money away until they had enough for the ‘next house’. As a result, we have an economy where 70% of household wealth is tied up in real estate.

Driven by the profits it created, Ireland became obsessed with owning real estate.

But real estate as an investment won’t be nearly as successful for our generation. (If you are able to get a house, that is)

All you have to do is look at the anecdotal evidence all around us to confirm this.

My parents bought the house they currently live in for 30k (pounds) 35 years ago. The house is now worth roughly 450k.

I typically despise these back-of-the-envelope calculations when It comes to property, given the endless variables and ongoing costs involved, but bear with me.

That’s a gross return of 15 times the original value. Now there are upgrades, a change in currency and other adjustments to consider here, so for argument’s sake, let’s call it 10X.

To achieve the same level of growth over the next 35 years, you would be left paying 4,500,000 euros for what is a pretty modest house.

Sure, we will still see property prices increase over time, but the rate of growth won’t be anywhere near as meaningful for one simple reason.

Interest rates.

Artificial Growth

Over the last 30 years, real economic growth has been stagnant, yet Ireland has experienced enviable nominal growth.

How did we manage it?

We created imaginary wealth.

We pushed interest rates lower and lower to stimulate economic growth.

And it worked.

After all, if you make 100k/year you can probably afford a 400k mortgage at 4%. At 2%, with the same 100k/year salary you can now take on 600k in debt.

So, were we getting richer, or was the debt just easier to afford?

Where do we go from here?

We have now squeezed interest rates as low as they can go.

The house price appreciation we have seen was justifiable because the mortgage rates on housing continued to fall in recent decades. This allowed people to take on more debt without severely impacting their ability to repay that debt.

If we go back to my parents, they were paying 14% on their mortgage. Mortgage rates are currently between 2 to 3%.

A relentless drop in interest rates gave way to higher and higher prices for houses, but interest rates are now on the floor.

The juice has been squeezed.

In fact, the trend has started to reverse, with rates expected to rise 1.5% in the first half of 2023

Be mindful that the same credit expansion cannot happen again.

How the next generation thinks about their investment options has to change.

Banks offering 0% returns for the use of your money and a housing ladder you can’t get on are not your only two options.

If you need help creating your own investment portfolio, just reach out to me at mike@theislandinvestor or simply scan the QR code above.

Attachments

Continue Reading

News

Biddies performance celebrates St Brigid

Two local Biddies groups performed at Muckross House as part of St Brigid’s Day celebrations in aid of Kerry Parents and Friends Association. The Killarney Parents and Friends Biddy Group – formerly […]

Published

on

0250189_Beaufort_Biddies_Muckross2.jpg

Two local Biddies groups performed at Muckross House as part of St Brigid’s Day celebrations in aid of Kerry Parents and Friends Association.

The Killarney Parents and Friends Biddy Group – formerly known as the Beaufort Biddy Group – and Kilgobnet Biddies came together for the event.

The tradition of the Biddies is one of the oldest and most colourful customs in Ireland, a blend of pagan and Christian pageantry, held on February 1 each year, heralding the beginning of springtime and honouring St Bríd the patron saint of the farming community.

Master traditional craftsman, Pat Broderick, at Muckross House, was also part of St Brigid’s Day celebrations, making a St Brigid’s Cross as part of the traditions.

 

Continue Reading

LOCAL ADS

Last News

Advertisement

Sport

Trending