NAMA property for sale in Cork?

radar0976

A large amount of property around Cork has been put on the market by Cork County Coucil today. Are these NAMA properties ? I presume they are ?

http://www.daft.ie/corkcountycouncil/

D3PO

1) NAMA doesnt own properties it owns loans

2) Cork or any other county council have nothing to do with NAMA

3) Even if NAMA owned properties it would be selling them not giving them to a council who would then sell them

So these properties are nothing to do with NAMA

radar0976

D3PO wrote: »

1) NAMA doesnt own properties it owns loans

2) Cork or any other county council have nothing to do with NAMA

3) Even if NAMA owned properties it would be selling them not giving them to a council who would then sell them

So these properties are nothing to do with NAMA

Ah right fair enough. Like alot of people I'm still not totally clear on NAMA. Thanks for the reply.

D3PO

Honestly nobody has a full grasp on NAMA there is no transparancy (at least yet) as to what loans are going into NAMA.

What you can be sure of is that any loan defaults that turn into NAMA having property will not be rushed onto the market but that the property will be drip fed to manipulate where possible property priced to get the best return for NAMA

billybigunz

Lenihan admitted as much when he said it had put a floor on property prices. Now the government has absolute control over the property market. I predict some housing estates sitting unsold for a decade.

Victor

The Department of the Environment has changed rules associated with the affordable housing scheme. this is what is likely to be triggering this sale.

run_Forrest_run

holy sh*t though, these properties seem eerily low! OK I know perhaps the Government are trying to offload some of their houses that were originally used as affordable housing but what's the catch here, are there serial killers living next door or something!

Zamboni

run_Forrest_run wrote: »

holy sh*t though, these properties seem eerily low! OK I know perhaps the Government are trying to offload some of their houses that were originally used as affordable housing but what's the catch here, are there serial killers living next door or something!

First on the list - €210k for a one bedroom terrace house in cork? :eek:
What's low about that?

athtrasna

The law that compelled County Councils to buy a percentage of all new developments to assure a supply of social and affordable houses has left Cork Co Co with a huge glut of houses on their books with no income. A Councillor told me they had no waiting list for social housing and they were giving houses to people that previously would have had trouble getting on the list.

run_Forrest_run

Zamboni wrote: »

First on the list - €210k for a one bedroom terrace house in cork? :eek:
What's low about that?

well OK, perhaps not all but others like 110k for a 2 bed house in Cloyne or a 2 bedroom mid terrace in Harbour Heights, Passage for 175k. These properties were going for about 300k in the boom times, madness I know but these prices are more realistic (I'd hate to have bought there in the boom times...sick!).

No need to be so argumentative on the matter Zamboni.

Zamboni

athtrasna wrote: »

The law that compelled County Councils to buy a percentage of all new developments to assure a supply of social and affordable houses has left Cork Co Co with a huge glut of houses on their books with no income. A Councillor told me they had no waiting list for social housing and they were giving houses to people that previously would have had trouble getting on the list.

If they are giving them away and selling other like that list for cheaper than other sellers, I would absolutely hate to be shifting a gaf there now...

billybigunz

run_Forrest_run wrote: »

well OK, perhaps not all but others like 110k for a 2 bed house in Cloyne or a 2 bedroom mid terrace in Harbour Heights, Passage for 175k. These properties were going for about 300k in the boom times, madness I know but these prices are more realistic (I'd hate to have bought there in the boom times...sick!).

No need to be so argumentative on the matter Zamboni.

Eerily low? People need to get out of this boom mentality. Those house are not low by any normal economic measure and are still way overpriced.

testicle

D3PO wrote: »

1) NAMA doesnt own properties it owns loans

Yet. The loans are, after all, "toxic"

who_ru

for those of you not familiar with Passage you should be aware that it is normally prefixed with the word 'back'.

radar0976

billybigunz wrote: »

Eerily low? People need to get out of this boom mentality. Those house are not low by any normal economic measure and are still way overpriced.

Jesus Christ these nay sayers saying that everything is overpriced are beginning to drive me nuts!!!! The reality is that property cannot drop much further because nobody will be able to selll because they'll be in so much negative equity. It's already ground to a halt and hit the bottom. Sellers just simply can't sell any lower in most cases.

In my case I am selling a duplex for €235k. This is a fair price considering it would achieve €850/month in rent and this would cover the repayments of a 30 year mortgage on 90% value of the place. My property has droppped from a value of €420k at the height of the boom to its current value. That's a drop of €185K (44%)!

Sure there are prices out there that are still unrealistic. But most serious sellers have dropped as far as they can go.

billybigunz

radar0976 wrote: »

Jesus Christ these nay sayers saying that everything is overpriced are beginning to drive me nuts!!!! The reality is that property cannot drop much further because nobody will be able to selll because they'll be in so much negative equity. It's already ground to a halt and hit the bottom. Sellers just simply can't sell any lower in most cases.

In my case I am selling a duplex for €235k. This is a fair price considering it would achieve €850/month in rent and this would cover the repayments of a 30 year mortgage on 90% value of the place. My property has droppped from a value of €420k at the height of the boom to its current value. That's a drop of €185K (44%)!

Sure there are prices out there that are still unrealistic. But most serious sellers have dropped as far as they can go.

Classic irish builder/home-owners understanding of economics.

The only thing stopping your house being worth 90k is market interferance and time. Repossion moratoriums and Nama are only delaying the inevitable.

radar0976

billybigunz wrote: »

Classic irish builder/home-owners understanding of economics.

The only thing stopping your house being worth 90k is market interferance and time. Repossion moratoriums and Nama are only delaying the inevitable.

Rubbish!

run_Forrest_run

who_ru wrote: »

for those of you not familiar with Passage you should be aware that it is normally prefixed with the word 'back'.

hilarious, one fine comedian we have right here.

run_Forrest_run

billybigunz wrote: »

Eerily low? People need to get out of this boom mentality. Those house are not low by any normal economic measure and are still way overpriced.

trust me I'm not in any boom mentality but I think your attitude would mean no one will be happy until the economy has collapsed and anarchy has taken over the nation.
Are you a homeowner by any chance?

billybigunz

run_Forrest_run wrote: »

trust me I'm not in any boom mentality but I think your attitude would mean no one will be happy until the economy has collapsed and anarchy has taken over the nation.
Are you a homeowner by any chance?

It is a disaster, make no mistake but it has to happen. The sooner the better. Lives will be ruined and that is fair enough. Am I a homeowner? Well I have a fairly large share in the state which will own billions upon billions of secured home loans.

testicle

radar0976 wrote: »

In my case I am selling a duplex for €235k. This is a fair price considering it would achieve €850/month in rent and this would cover the repayments of a 30 year mortgage on 90% value of the place. My property has droppped from a value of €420k at the height of the boom to its current value. That's a drop of €185K (44%)!

It's still over valued. Typically, the value of a house was calculated at 12 to 14 times its annual rent.

The annual rent on your duplex works out at €10,200, thus valuing it (realistically) at between €122,400 and €142,800.

billybigunz

Rents are falling a lot and will continue to do so. Only Market interferance in the form of rental supplements is propping them up.

radar0976

billybigunz wrote: »

Lives will be ruined and that is fair enough.

Oh is it really. Well I hope it stays fine for you buddy......not!
Mods - Can we delete this thread. It's just full of sh*te at this stage!

testicle

radar0976 wrote: »

It's just full of sh*te at this stage!

Only because you won't face reality and realise that your Duplex is only worth half what you're looking for it.

the ostrich

http://www.thepropertypin.com/viewtopic.php?f=50&t=29528

Amhran Nua

billybigunz wrote: »

Now the government has absolute control over the property market.

I don't think so, there were far too many investment properties bought during the boom to allow the government to have even a majority hold on the empties. Then we have the second hand properties and all the rest of it, while we're still building at near to natural demand.

radar0976 wrote: »

The reality is that property cannot drop much further because nobody will be able to selll because they'll be in so much negative equity.

That doesn't matter to buyers, and this is the important thing that still hasn't sunk in for a lot of people. If you can find someone willing to pay a thousand euros for a box of matches, thats the market price you got for the box of matches. If you can't sell you house for more than ten thousand euros, then thats the price of your house. The market decides the price, not you, and if you can't match what the market will bear you won't be able to sell your house.

run_Forrest_run

Amhran Nua wrote: »

That doesn't matter to buyers, and this is the important thing that still hasn't sunk in for a lot of people. If you can find someone willing to pay a thousand euros for a box of matches, thats the market price you got for the box of matches. If you can't sell you house for more than ten thousand euros, then thats the price of your house. The market decides the price, not you, and if you can't match what the market will bear you won't be able to sell your house.

point well made in fairness.

The_Conductor

Thread closed.
If you want to continue a NAMA'esque debate (why does this remind me of Kafka?) please start another thread.

SMcCarrick