canicemcavoy
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Belmayne’s exact location, two minutes from the disadvantaged estates of Darndale, did not feature in the titillating campaigns.
Residents now estimate that just 40% of the 2,650 houses and apartments are occupied, even though parts of the estate were completed more than two years ago. Three-bedroom homes in Belmayne, which originally sold for up to €460,000, are now on the market for €289,000 and a building contractor which constructed some of the estate, LM Developments, went into receivership in November.
Presumable a lot of these houses are held by developers in anticipation of Nama? But who is going to buy them? I won't say anything about house prices as we are not allowed to discuss it.
Presumable a lot of these houses are held by developers in anticipation of Nama? But who is going to buy them? I won't say anything about house prices as we are not allowed to discuss it.
Why would they buy them? The state will own most of them, once NAMA starts calling in the loans.Local Authorities are now planning on buying them 'on the cheap' according to reports
Why would they buy them? The state will own most of them, once NAMA starts calling in the loans.
Why would they buy them? The state will own most of them, once NAMA starts calling in the loans.
So they are trying to create a second bubble, 'cos the first bubble didn't cause enough damage?Not sure how the NAMA thing will affect the properties, but maybe the government are doing a share buy-back job to take supply out of the market. This may stimulate demand / increase prices.
Presumable a lot of these houses are held by developers in anticipation of Nama? But who is going to buy them?
Local Authorities are now planning on buying them 'on the cheap' according to reports
Not sure how the NAMA thing will affect the properties, but maybe the government are doing a share buy-back job to take supply out of the market. This may stimulate demand / increase prices.
So they are trying to create a second bubble, 'cos the first bubble didn't cause enough damage?
The 'income to NAMA' arguement is (as I guess you are aware) nonsense, as it is simply moving money around from one arm of the state (local authorities) to another arm (NAMA).The government does not have the money at the moment to buy enough properties to make a difference. However they are looking at other ways of reducing supply of properties in areas where there is a demand for housing
The current proposal is for the taxpayer to lease properties from developers for 10 years. They will be maintained by the local authorities and at the end of the lease period handed back to the developers in good condition. This will have the benefit of providing cash flow to developers from the taxpayer and income to Nama.
The government does not have the money at the moment to buy enough properties to make a difference. However they are looking at other ways of reducing supply of properties in areas where there is a demand for housing
Why would anyone reduce supply of anything where there is a demand?
The current proposal is for the taxpayer to lease properties from developers for 10 years. They will be maintained by the local authorities and at the end of the lease period handed back to the developers in good condition. This will have the benefit of providing cash flow to developers from the taxpayer and income to Nama.
Can you please provide the link to this proposal?
Theoretically these properties could then be used for temporary social housing once fitted out and furnished by the LA with the tenants evicted at the end of the lease period but this will run into opposition from the landlords who currently receive €500,000,000 per annum in rent allowance payments so it is more likely that most will be kept vacant.
Can you please provide a link to this rent allowance that landlords are receiving? I thought renters received this allowance.
Another option would be for NAMA to hoard the properties in areas where there is demand for a few years.
Again, why would anyone reduce supply of anything where there is a demand?
The government is also in discussions with banks in which they have influence in relation to a ban on mortgages of less than €175,000. BOI has already adopted this policy.
Again, can you please provide a valid link to this?
There may be other reasons why Belmayne is not sold - while I dont think the Belmayne estate itself is affected, some developments in Clongriffen have the pyrite problem. This has put a lot of people off buying in the area.not counting those that are fully built but partly unoccupied:
http://www.timesonline.co.uk/tol/new...cle6991149.ece
Quote:
Belmayne’s exact location, two minutes from the disadvantaged estates of Darndale, did not feature in the titillating campaigns.
Residents now estimate that just 40% of the 2,650 houses and apartments are occupied, even though parts of the estate were completed more than two years ago. Three-bedroom homes in Belmayne, which originally sold for up to €460,000, are now on the market for €289,000 and a building contractor which constructed some of the estate, LM Developments, went into receivership in November.
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