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Properties not listed - why?

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  • 05-10-2013 5:54pm
    #1
    iPearly
    Registered Users Posts: 246 ✭✭


    Hi
    I live in an estate that still has unoccupied units available as well as construction is somehow tipping away.
    This year I've noticed several apartments and houses that previously stood unfinished and empty become homes to several families. In other words purchased. However, none of these sales are listed on the residential property listing website. I've heard a rumour that some of the empties belong to nama - although the contractor is still in business. Could anyone elaborate on how come none of those listings exist as it's really wrecking my head. I though all properties had to be on the register once sold after January 1St 2010


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    #2
    strandroad
    Closed Accounts Posts: 4,676 ✭✭✭strandroad


    They may be renting them from NAMA?


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    #3
    Woodville56
    Closed Accounts Posts: 1,643 ✭✭✭Woodville56


    iPearly wrote: »
    Hi. I though all properties had to be on the register once sold after January 1St 2010
    Do "cash sales" appear on the Property Price Register ??


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Woodville56 wrote: »
    Do "cash sales" appear on the Property Price Register ??

    Yes.
    They don't feature in the CSO statistics- they do however appear on the Property Price Register. Note- it can take several months for them to appear- and even if a particular month's properties are up there- it doesn't mean that the list won't have more properties added for that month- far into the future.


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    #5
    iPearly
    Registered Users Posts: 246 ✭✭iPearly


    mhge wrote: »
    They may be renting them from NAMA?

    They're definitely not rentals. They're bought and one of the first was bought right after Christmas last year.


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    #6
    Tea drinker
    Registered Users Posts: 2,817 ✭✭✭Tea drinker


    It would be interesting to hear from the administrators of the property register


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    #7
    wandatowell
    Registered Users Posts: 8,435 ✭✭✭wandatowell


    Who on earth is buying flats


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    #8
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Tea drinker wrote: »
    It would be interesting to hear from the administrators of the property register

    In what respect?
    Is there specific information that you'd like them to clarify?
    To be honest- I can't see them coming on an internet forum and doing a Q&A session- it probably is the case that if you have specific questions, you'll have to contact them directly yourself.


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    #9
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    wandatowell wrote: »
    Who on earth is buying flats

    People who have crunched the numbers and reckon they can get a reasonable return on their investment?


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    #10
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    I Think nama is paying contractors to finish off some estates,
    houses in estates that are finished are worth more.
    finished estates are then taken over by the local authority.
    i think investors look at a house, if theres 10 per cent rental ,profit
    its worth buying.
    MAYBE they were advertised on a website , there,s loads of property websites.Most estate agents have a website now.
    what does this mean?
    residential property listing website

    IS there 1 website for the area or do you mean the nama website.
    which by the way looks like it was designed by a 10 year old student.


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    #11
    iPearly
    Registered Users Posts: 246 ✭✭iPearly


    Since none of my type of property sold since before Jan 2010 when I noticed empty units in the last year filling up -naturally I wanted to see the sale price. Simply I want to be able to see the current value of the duplex I paid so dearly for and whether I valued it close enough for the property tax.

    I think my only option is to go and ask the owners ha ha ha maybe then ill find out


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    #12
    Boom__Boom
    Registered Users Posts: 3,113 ✭✭✭Boom__Boom


    iPearly wrote: »
    Since none of my type of property sold since before Jan 2010 when I noticed empty units in the last year filling up -naturally I wanted to see the sale price. Simply I want to be able to see the current value of the duplex I paid so dearly for and whether I valued it close enough for the property tax.

    I think my only option is to go and ask the owners ha ha ha maybe then ill find out

    The property register is based on the information supplied by solicitors when they legally complete the sale - if there is a legal holdup in the actual sale process (which sounds a possibility from what you said in relation to the overall state of the estate; if the development is in receivership/if the company or even management company is in the process of being struck off ) it might be that the new "owners" are effectively renting at the moment until the legal paperwork gets fully sorted. Obviously this would have meant that the purchases were cash sale (again given the state of the properties, it sounds like this is a likely possibility) Solicitors tend to be very slow with paperwork at the best of times ; it could be that the developer was telling them to drag things out as long as possible (I'm not aware of any solicitor facing any sort of censure for being slow in providing sale information to the property register; I don't even know if there is any punishment)

    Also are you 100% sure that searched the property register fully?

    I have heard stories of the sale of some properties being completed in Irish/using incorrect/different versions of spellings/different names of areas/estates as a way of trying to "hide" properties. If you only searched for the correct name of your estate the sales wouldn't show up.

    There's also the fact that the quality of the property price register definitely isn't 100% - There was some serious errors when it was launched and more have been found on an ongoing basis. However I would think this is the least likely situation.

    If I had to guess I would say that legal issues in relation to the developer are the likely reason the sales haven't shown up yet.

    The thing is long-term there is no way to permanently keep the sale of the property off the price register so it will eventually have to show up.


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    #13
    Santa Cruz
    Banned (with Prison Access) Posts: 3,126 ✭✭✭Santa Cruz


    It's possible some or all of these properties are being sold on behalf of the receiver. Check out with the new owner as to how they were made aware of the properties being available. I have heard of a few instances in Dublin where offers were made to the receiver and were accepted without any advertising being done.


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    #14
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    riclad wrote: »
    I Think nama is paying contractors to finish off some estates,
    houses in estates that are finished are worth more.
    finished estates are then taken over by the local authority.
    i think investors look at a house, if theres 10 per cent rental ,profit
    its worth buying.
    MAYBE they were advertised on a website , there,s loads of property websites.Most estate agents have a website now.
    what does this mean?
    residential property listing website

    IS there 1 website for the area or do you mean the nama website.
    which by the way looks like it was designed by a 10 year old student.

    They've been doing this for a considerable amount of time- and appear to have been focusing on the Dublin/Kildare/Meath areas. Some quite nice estates that were previously abondoned are being completed- I was looking at some very attractive properties in Clonee, Co. Meath at the weekend. Prices are very much on the way back up- in these locations.

    Todays VAT announcement for construction- may arrest any potential price rises- but get construction going again.


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