Irish Property Market chat II - *read mod note post #1 before posting*

Villa05

https://www.boards.ie/discussion/comment/120480054#Comment_120480054

I'm pretty sure they were here before the great financial crash and a big reason for them being here and expanding was availability of skilled labour from the Labour party policy of free/reduced cost third level education. This policy is under threat from property gouging students, in effect replacing fees

Many of these companies are on record of expressing concern at the price and availability of property. The property industry should be working with these companies not trying to extract the maximum for short term gain over long term pain.

Both should benefit each other rather than price gouging at every available opportunity.

Limerick was decimated in the GFC, now it's well above the Celtic tiger peak with its biggest employer an investment bank that was convinced to come to Limerick from Dublin which it was leaving due to high costs. We are running out of Limericks and the next move will be abroad.

Complacency is a very dangerous trat

StevenToast

I wouldnt touch a bidx1 property if it was given to me for free!

Villa05

https://www.boards.ie/discussion/comment/120478920#Comment_120478920

In summary

I was a landlord, I don't want to be landlord anymore. I don't want the state to be a landlord because the developers will ride the taxpayer. I'll be a landlord again if I can ride the taxpayer

Dav010

https://www.boards.ie/discussion/comment/120480261#Comment_120480261

I wouldn’t put it as simply as that, the taxpayer will save by not having an inefficient State body trying to manage building projects costing billions, by incentivising rather than trying to punish owners of vacant properties the taxpayer gets increased housing stock, the trickledown effect of taxes paid on income by both workers and landlords, increased revenue from spend by people in shops close to those properties, improved towns/centres by sites being developed and derelict buildings returned to use, increased investment by small investors in the rental sector providing more accommodation etc. So yes, in a simplistic way, you are right, property owners won’t invest in development until the financial benefits are more appealing. I don’t want to ride the taxpayer, but I won’t put a saddle on my back either.

Isnt that the way most investors view investments?

Bass Reeves

https://www.boards.ie/discussion/comment/120480107#Comment_120480107

Bought a holiday home through a similar auction. Has doubled in vale in 4 years and there was other bought cheaper than me after that in same development.

I was at a BidX auction in 2015. Saw a young lady ( mid 20's) buy a two bed apartment for 28k in Limerick it's worth 150k minimum today. She would be renting otherwise like many other and cribbing about the price of property.ot was the same price as a new mid sized car at the time

tesla_newbie

https://www.boards.ie/discussion/comment/120480107#Comment_120480107

A lot are toxic but some are fine ( provided you are a cash buyer as the title won’t be pure vanilla)

tesla_newbie

https://www.boards.ie/discussion/comment/120480333#Comment_120480333

Presume that was mount kennet apartment on the dock road ?, I was present that day ( Allsop auction, Bidx1 came about in 2017 ) , a few apartments were sold for 38k in Mount Kennet but not 28 k, they also wouldn’t be worth 150 k today but would fetch around 120 k

Villa05

https://www.boards.ie/discussion/comment/120480321#Comment_120480321

Housing is lots of mini projects, not a large scale single project. Get those builders in Mayo and elsewhere building on small/mid size projects that can deliver 3 bed units at 225k or less. This would be serious competition for the large scale developers who would have to react to the competition rather than sit in comfort of monopolistic supply characteristics

Copy the Ni compliance system to reduce costs further and the added benefit of a system that works.

Fund them with low cost loans secured on the properties

Surely the biggest taxpayer waste is long term leases where the outlay over the lease term would build 3 properties.

The fact that there is so much dereliction and vacancy in our towns and cities in the first place requires a taxation deterrent to prevent it. Prevention is always better than expensive cures

I would have thought that a poster highly concerned about tax waste would understand that

Dav010

https://www.boards.ie/discussion/comment/120480508#Comment_120480508

It’s that simple to build tens of thousands of houses, costing billions.

Hire a couple of bucks from Mayo.

herbalplants

https://www.boards.ie/discussion/comment/120480083#Comment_120480083

I really hope all goes well for her as she is a single mom with two autistic boys. So hopefully nobody tries to scares her off.

Villa05

https://www.boards.ie/discussion/comment/120480333#Comment_120480333

Remember those, the new ones on William Street would have been a better buy for a little bit more.

With regard to cribbing, the ftb of today would have been the job bridge/precarious contracts of that age.

The Limerick of today is very different to that of 2014/15. The green shots were visible though, but mostly our youth were blocked by circumstance from participating

MacronvFrugals

From FG/LAB laying the seeds for REIT's in 2011 and now 12 years later we could be looking at no public REIT's soon.

‘This company has destroyed a lot of value’: Ires Reit investors push to go private

Boss of 5 per cent shareholder Vision Capital says country’s biggest landlord is failing to capitalise on the best rental market in the world, and aims to foment change at the upcoming AGM

https://www.businesspost.ie/news-focus/this-company-has-destroyed-a-lot-of-value-ires-reit-investors-push-to-go-private/

mcsean2163

https://www.boards.ie/discussion/comment/120479959#Comment_120479959

Interesting

https://fassaroeshd.com/wp-content/uploads/2022/04/1.-Planning-Report-RPS.pdf

Meant to be a decision by August (https://www.pleanala.ie/en-ie/case/313314)

The last detail I found was a pigeon club objecting...  Aug 30 2022 https://www.irishtimes.com/business/2022/08/30/bray-clay-pigeon-club-among-objectors-to-planned-650-home-development/

Any idea if it's going ahead or when building starts?

Blackaddermax2022

This one's a real story. Digging deeper into the legal documents the evidence is obvious. Auctioneers + reciever + Bank are selling property on someone else's land according to the red lines.

I'd be wary of the Auctioneers trying to grab deposits for the sake of making a monthly profit but defaulting on the buyer trying to make a purchase.

Anyone got more insight on this one or contracted the previous owners for the history?

Referring to Folio WW7730F

Blackaddermax2022

This one's a real story. Digging deeper into the legal documents the evidence is obvious. Auctioneers + reciever + Bank are selling property on someone else's land according to the red lines.

I'd be wary of the Auctioneers trying to grab deposits for the sake of making a monthly profit but defaulting on the buyer trying to make a purchase.

Anyone got more insight on this one or contracted the previous owners for the history?

Referring to Folio WW7730F

Dav010

https://www.boards.ie/discussion/comment/120483122#Comment_120483122

Surely the profit for an auctioneer comes with the sale of the property, and an auctioneer has no power to default on the buyer.

mike_cork

https://extra.ie/2023/04/15/news/irish-news/house-prices-loan-fears

Daragh Cassidy of switching website Bonkers.ie said the figures showed a 'welcome slowdown in property price growth'. He added: 'The question now is whether prices begin to fall dramatically over the coming months given the big increase in interest rates.

Forecasts for property price growth focus heavily on supply and demand. However, the impact of rising interest rates and therefore repayment capacity seems to have been almost forgotten about.'

Ozark707

https://www.boards.ie/discussion/comment/120483266#Comment_120483266

I suppose the question is whether the banks are taking a tougher line when giving out mortgages? I haven't heard anything (either anecdotally or in print) that they are. If the Irish banks have been slow to pass on the rises then it probably makes sense that they have not.

Villa05

https://www.boards.ie/discussion/comment/120477898#Comment_120477898

When your in a deep hole and struggling to get out, do you keep digging?

Reverse evolution experiment

Villa05

https://www.boards.ie/discussion/comment/120480540#Comment_120480540

There is a significant amount of "bucks" (as you label them) in every county in Ireland. Create an environment that allows them to compete against the big players. Mayo is an example of how that can be positive for supply and how current government policy turns it into negative for affordability.

For a person who appears to have made quiet a bit of money from property, you seem to show contempt for the very people that build referring to them as "bucks"

If more was done to assist competent builders rather than those profiteering from there work, we would be a long way to solving the issue that blights the nation

mike_cork

https://www.boards.ie/discussion/comment/120483327#Comment_120483327

I also haven't heard/read about any tightening regarding mortgage lending to date

Blackaddermax2022

https://www.boards.ie/discussion/comment/120483235#Comment_120483235

There is a Technology fee in the mean time. Small print is expensive. Then yes Auctioneer makes additional sale commission on the sale. This is on their frequently asked questions on their web page.

advertising this property in the first place when located on someone else’s land surely goes against the rules and regulations.

Folio WW7730F

Blackaddermax2022

https://www.boards.ie/discussion/comment/120474855#Comment_120474855

This one's a real story. Digging deeper into the legal documents the evidence is obvious. Auctioneers + reciever + Bank are selling property on someone else's land according to the red lines. 

I'd be wary of the Auctioneers trying to grab deposits for the sake of making a monthly profit but defaulting on the buyer trying to make a purchase. 

Anyone got more insight on this one or contracted the previous owners for the history? It makes reference to all + the many multiple companies that were registered to this property? Something really shady going on here.

Auctioneer + Architect are skewing the story to make a sale it appears.

Referring to Folio WW7730F

Dav010

https://www.boards.ie/discussion/comment/120483379#Comment_120483379

I’m not disputing the number of good builders from Mayo, nor any other county, I was mocking you for thinking it is just a matter of advertising for the most competitive quote, and away we go.

I do not have faith in the State being able to run a single tendering process and oversee construction of one project, like the children’s hospital, much less hundreds/thousands of projects employing thousands of different contractors to build tens of thousands of houses, with a budget of billions.

Dav010

https://www.boards.ie/discussion/comment/120483539#Comment_120483539

I’ve looked at the pack, including the site boundary map, what exactly is your issue with it? Are you saying the boundary map is not accurate?

Villa05

https://www.boards.ie/discussion/comment/120483584#Comment_120483584

It's not about the state funding every single project, moreso about creating the conditions where multiple small/mid size operators can compete against the large players in both public and private housing delivery

Competition brings efficiencies and lower costs

Whether you have faith or not is irrelevant as the facts show the public sector is just as efficient as the private sector in building homes, where they are different is the multiple profit layers that need to be added in the private sector. These of course balloon through government policy encouraging multiple flipping and further profit taking before the product/service finally reaches the end user.

Your full of noise and narratives that have no facts to back it up

https://www.irishtimes.com/business/construction/local-authorities-can-deliver-housing-at-more-affordable-rates-1.4481486

Blackaddermax2022

https://www.boards.ie/discussion/comment/120483617#Comment_120483617

Have you had a chance to overlay the site boundary outline on top of the house ? The garage RHS sits is a different portfolio.

Dav010

https://www.boards.ie/discussion/comment/120483966#Comment_120483966

What other portfolio is it in? It seems obvious from the photos that the house is within the boundaries of the site, and the text highlighted in red at the side of the map states the map is not conclusive.

Your solicitor needs to confirm this before the auction.

Blackaddermax2022

https://www.boards.ie/discussion/comment/120484001#Comment_120484001

The adjacent Portfolio.

I would challenge that the property indeed lies in 2 x portfolios. Given one is for sale, this tender stands as illegal

.

When site boundaries are compared with the land direct mapping ireland you can clearly see this boundary marking checks out as much more conclusive then VS not being conclusive.

Are you still thinking otherwise?

Any tips / shared knowledge to overcome this?

herbalplants

https://www.boards.ie/discussion/comment/120484298#Comment_120484298

Are you talking about the house I shared two days ago

https://bidx1.com/en/en-ie/auction/property/88146

Yes, part of the house sits on someone else land.

It is stupid behaviour.

They build house across two plots but what it is owed to the bank it is on one plot only!