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Leading banks prepare to sell off 1600 properties - Irish Independent

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    #32
    Crusades
    Banned (with Prison Access) Posts: 152 ✭✭Crusades


    It seems that the only people of fertile age who reproducing these days are those on the state payroll.


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    #33
    the groutch
    Closed Accounts Posts: 16,096 ✭✭✭✭the groutch


    Hopefully this will help to slightly deflate the crazy (sub)urban rental market.


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    #34
    drumswan
    Closed Accounts Posts: 2,592 ✭✭✭drumswan


    lima wrote: »
    Because there are 1000's of people waiting to buy their first homes and they will be deprived of the opportunity to own their own homes. This all driven by the government who are meant to be there to look after the people.
    They can live somewhere else. Like the out in the sticks.


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    #35
    NZ_2014
    Registered Users Posts: 306 ✭✭NZ_2014


    Crusades wrote: »
    It seems that the only people of fertile age who reproducing these days are those on the state payroll.

    Your right. People can't be bothered. They see an uncertain Job market, a crazy property market, the costs, and other factors and think "what's the point"


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    #36
    Peter File
    Registered Users Posts: 1,022 ✭✭✭Peter File


    Icepick wrote: »
    Because it's much cheaper to sell them in bulk.

    they would have got a higher price selling individually, the buyers will be getting a big discount. This is just another example of Irelands housing stock been sold off to hedge funds and reits. The pool of available housing for buyers falls again


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    #37
    Zzippy
    Registered Users Posts: 14,166 ✭✭✭✭Zzippy


    drumswan wrote: »
    And? More private rental accomodation is desparately needed in the city.
    MouseTail wrote: »
    How are banks selling off 1600 vacant units to an Investment Trust, who will then release them to the rental sector, in a period of chronic shortage of rental properties and escalating rents bad news?

    But... these houses are already rented, no? They are buy-to-lets that have been repossessed, they are not empty*, and therefore will not do anything to address the supply shortage or rising rents...


    *There is nothing in the article to suggest that these houses are currently unoccupied


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    #38
    lima
    Registered Users Posts: 1,239 ✭✭✭lima


    drumswan wrote: »
    They can live somewhere else. Like the out in the sticks.

    No one wants to live out there when the jobs are in Dublin.

    There are 1000's of empty properties in Dublin and 1000's of people ready to buy buy buy but they are being sold to international investors.

    By the way there are also 1000's of people who haven't paid their mortgage in years, perhaps they should get turfed out and they can go live in the sticks. That would be a solution.


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    #39
    lima
    Registered Users Posts: 1,239 ✭✭✭lima


    Zzippy wrote: »
    But... these houses are already rented, no? They are buy-to-lets that have been repossessed, they are not empty*, and therefore will not do anything to address the supply shortage or rising rents...


    *There is nothing in the article to suggest that these houses are currently unoccupied

    If that's the case I'd rather buy my house than have a change of landlord.


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    #40
    ted1
    Registered Users Posts: 23,535 ✭✭✭✭ted1


    lima wrote: »
    No one wants to live out there when the jobs are in Dublin.

    There are 1000's of empty properties in Dublin and 1000's of people ready to buy buy buy but they are being sold to international investors.

    By the way there are also 1000's of people who haven't paid their mortgage in years, perhaps they should get turfed out and they can go live in the sticks. That would be a solution.
    My read is that these are buy to let mortgages where the houses have been repossessed


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    #41
    L1011
    Registered Users Posts: 68,903 ✭✭✭✭L1011


    lima wrote: »
    We don't, I don't have a family yet, but from experience on these boards no-one gives a cr*p about single purchasers without children. Once you throw kids in the mix, everyone gets all sympathetic (ahh be jasus de poor families can dey not stay in der homes)

    I'm not sure what forum you're reading but it's definitely not this one


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    #42
    MouseTail
    Registered Users Posts: 1,663 ✭✭✭MouseTail


    ted1 wrote: »
    My read is that these are buy to let mortgages where the houses have been repossessed

    Yes, and voluntary surrenders.


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    #43
    Grandpa Hassan
    Registered Users Posts: 1,945 ✭✭✭Grandpa Hassan


    Zzippy wrote: »
    But... these houses are already rented, no? They are buy-to-lets that have been repossessed, they are not empty*, and therefore will not do anything to address the supply shortage or rising rents...


    *There is nothing in the article to suggest that these houses are currently unoccupied

    Well, if they're already occupied, how are they supposed to sell them to owner occupiers? Unless you are proposing that the tenants get thrown out....


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    #44
    K.Flyer
    Registered Users Posts: 8,565 ✭✭✭K.Flyer


    drumswan wrote: »
    And? More private rental accomodation is desparately needed in the city.

    These properties do not change the availability of rental properties on the market as most of them are already being let out.
    Nama took them over, spent money finishing them, let them out, stabilised their rental income stream from them, bundle them and sell them as an established rental income package to the investor.
    No extra rental property availability as most, if not all of them, are already let.


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    #45
    koheim
    Registered Users Posts: 156 ✭✭koheim


    MouseTail wrote: »
    How are banks selling off 1600 vacant units to an Investment Trust, who will then release them to the rental sector, in a period of chronic shortage of rental properties and escalating rents bad news?

    They are not vacant units...


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    #46
    _Kaiser_
    Registered Users Posts: 28,867 ✭✭✭✭_Kaiser_


    lima wrote: »
    Because there are 1000's of people waiting to buy their first homes and they will be deprived of the opportunity to own their own homes. This all driven by the government who are meant to be there to look after the people.

    Contrary to what many people in Ireland may think, no-one NEEDS to own property.. it's exactly this sort of mindset that led to the frenzied bubble-buying of the "good ole days" and which is spurring the current situation as well. "Looking after the people" isn't encouraging this IMO

    If you can reasonably, SUSTAINABLY afford to buy then by all means do so, but we need to get away from this idea that property ownership is the be all and end all of life in Ireland.

    What we need more than giving people opportunities to get themselves up to their neck in debt "just cause", is a private rental sector that is properly regulated, with efficient means of redress for both tenants AND landlords, with rent control and deposits held by 3rd parties. Most importantly we need to get to a place where long-term rentals isn't just 2/3 years, but 20/30 years.. where people have a chance to build a home without necessarily needing to "get on the property ladder" (oh how I hate that phrase!)

    But, as long as we have governments that have a vested interest in stoking the madness that brought the country to its knees not THAT long ago(!!!), I won't hold my breath and in the meantime ALL sides involved suffer the consequences


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    #47
    Zzippy
    Registered Users Posts: 14,166 ✭✭✭✭Zzippy


    Grandpa Hassan wrote: »
    Well, if they're already occupied, how are they supposed to sell them to owner occupiers? Unless you are proposing that the tenants get thrown out....

    I wasn't proposing anything, and there was no mention of selling them to owner occupiers. I was responding to 2 posts that suggested this sale would relieve pressure in the rental sector by increasing supply. Read my post again.


    Edit: Did you actually read the article? The proposal is to sell these houses to property companies that rent out properties. I don't know where you got the bit about selling to owner occupiers, especially from my post... :confused:


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    #48
    _Kaiser_
    Registered Users Posts: 28,867 ✭✭✭✭_Kaiser_


    The only way we'll relieve pressure on the rental market in Dublin is to build new places for people to live - and preferably up, not out. Low density accommodation in the city has to go in favour of modern spacious (EU standard) apartments and housing.

    The risk though is that we end up with more of the same Celtic Tiger shoeboxes with paper-thin walls and no insulation or facilities that are sill sitting abandoned/unfinished all round the country.


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    #49
    jmayo
    Registered Users Posts: 13,186 ✭✭✭✭jmayo


    the world wonders wrote: »
    ...but families who are in a much tougher situation, struggling even to find a property to rent, will have their situation slightly improved. yes, it's a well known fact that renters pay no tax.

    WTF ??
    handlemaster wrote: »
    If they get the best price . . Job done.

    Optimism much.

    Problems are ...
    • as mr_seer pointed out they will probably be bulk discounts so not quiet best prices per unit
    • these are our banks (need I regurgitate the history of our banks and their complete lack of ethics)
    • there may be NAMA which has had employees selling information to property investors and has no transparency when it comes to the use of the taxpayers funds.

    Call me cynical and paranoid, but I haven't seen much change in this country to think that things have really changed since ar** fell out of our economy and banking system.

    I am not allowed discuss …



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    #50
    Grandpa Hassan
    Registered Users Posts: 1,945 ✭✭✭Grandpa Hassan


    Zzippy wrote: »
    I wasn't proposing anything, and there was no mention of selling them to owner occupiers. I was responding to 2 posts that suggested this sale would relieve pressure in the rental sector by increasing supply. Read my post again.


    Edit: Did you actually read the article? The proposal is to sell these houses to property companies that rent out properties. I don't know where you got the bit about selling to owner occupiers, especially from my post... :confused:

    A lot of people complaining on this thread that they should be sold to young families. Not to investors. Should have done a general post rather than a reply that appeared specifically to you.

    All those suggesting sale to owner occupiers would probably be the first to complain off mass evictions of tenants were that to happen.


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    #51
    Frank Lee Midere
    Closed Accounts Posts: 3,780 ✭✭✭Frank Lee Midere


    drumswan wrote: »
    And? More private rental accomodation is desparately needed in the city.

    If all the renters could buy houses would we need so much rent?


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    #52
    Frank Lee Midere
    Closed Accounts Posts: 3,780 ✭✭✭Frank Lee Midere


    K.Flyer wrote: »
    These properties do not change the availability of rental properties on the market as most of them are already being let out.
    Nama took them over, spent money finishing them, let them out, stabilised their rental income stream from them, bundle them and sell them as an established rental income package to the investor.
    No extra rental property availability as most, if not all of them, are already let.

    Why not put them on the real market so that people, including the people who are renting there can buy them?

    Simply put the idea is to maintain artificially high prices. With 3,000 properties on Daft these sales would have made a big dent in the market.


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    #53
    Frank Lee Midere
    Closed Accounts Posts: 3,780 ✭✭✭Frank Lee Midere


    Grandpa Hassan wrote: »
    A lot of people complaining on this thread that they should be sold to young families. Not to investors. Should have done a general post rather than a reply that appeared specifically to you.

    All those suggesting sale to owner occupiers would probably be the first to complain off mass evictions of tenants were that to happen.

    No we wouldn't. These rental "eviction"s happen every week in any case without any whining from the same classes who turn up when millionaires with vast property portfolios are being repossessed. In fact there are no hysterics on rental evictions. Notice is given and people move on. No TV camera turns up. No whinefest in the media, that only happens if some half-wit who spent a million in the boom whose been strategically defaulting for the last 4 years loses his palatial pad.


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    #54
    Frank Lee Midere
    Closed Accounts Posts: 3,780 ✭✭✭Frank Lee Midere


    MouseTail wrote: »
    How are banks selling off 1600 vacant units to an Investment Trust, who will then release them to the rental sector, in a period of chronic shortage of rental properties and escalating rents bad news?

    Oh For ****'s sake. The reason why rents are escalating is because people who in circumstances where the market were not run for the corrupt gombeen class - could buy are priced out. At the moment there are plenty of people in the rental sector who could buy these houses were they put on the market - and at higher prices. Instead the Gombeen State is seizing their taxes to keep them out of the buying market by manipulating supply.


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