Dublin housing crisis, yet NAMA sells 800 apts to investor group for 211 Mil...

ongarite · 31-08-2014 9:08pm

They are all rented out already.
Are you suggesting that that NAMA shouldn't have sold them and evicted or terminated the lease of all paying tenants and only rented them back out to Irish nationals?
That discriminatory and at worst probably illegal.

barneystinson · 31-08-2014 9:09pm

rankingelite wrote: »

Call me simple but all these properties are state owned. Why are they not being held onto, as assets and rented out to Irish people who need homes, We own the properties and we as a nation have all the time in the world to be paid back.
There is no long term planning in this country. It is the headless chicken money grab all the time.

But they are being rented out to Irish people who need homes?! They're already fully occupied.

Now, instead of them being rented to Irish people by what is effectively the State who owes a shed load of money on them, they will be rented by the foreign company who has paid money into the State coffers.

RainyDay · 31-08-2014 9:33pm

antoobrien wrote: »

So you want to evict 761 families from these apartments?

And you want to deal with 761 different solicitors with the purchase, and 761 different surveyors?

ballyharpat · 31-08-2014 11:28pm

Don't forget that management companies would have to be set up to deal with the buildings.....

sock puppet · 31-08-2014 11:36pm

barneystinson wrote: »

Well maybe I'm being thick, but if a foreign investor is paying €211m in cash presumably financed somewhere outside of the state, to what is effectively a State body, that's €211m less that the taxpayers have to come up with.

The OP wanted the properties to be sold to domestic individual property buyers - in that case they would either be using money already held in savings in the state, or borrowing from one of the domestic banks (who in turn would be borrowing from elsewhere).

Whatever way I look at it, it seems to me that this way the country's coffers are actually up by €211m (or a sizeable % of that amount) relative to the other proposal.

Well no. The country has gained cash of €211m but lost an asset that was worth €211m so it's not really any better than if a domestic buyer had bought them. For me the issue is it better that the state has 200m that it can deploy as it sees fit or is it better to have it tied up in investments.

Sheldons Brain · 01-09-2014 9:33am

RainyDay wrote: »

And you want to deal with 761 different solicitors with the purchase, and 761 different surveyors?

Why do you think that the organisations for surveyors are among those calling for them to be sold individually?

antoobrien · 01-09-2014 9:52am

Head The Wall wrote: »

Not really considering that the money gained will effectively just be paying back debt.

And this is - (if not a bad then then not) a fully good thing, why?

We have an enormous debt mountain, mostly generated by people that wanted properties like these 5-15 years ago (something many commentators seem to be at pains to avoid admitting).

Head The Wall wrote: »

I have no doubt that NAMA will try and mention it as profit in some report but that doesn't change the fact that the taxpayers have to stump up the difference.

Remember these properties were already paid for by NAMA.

We know 32bn was put into NAMA in the form of guaranteed bonds, which NAMA are using property sales & rental income to pay back (ahead of schedule).

We know the amount that was pumped into the banks through the various capital injections - including those made after NAMA acquired the loans.

The taxpayer only has to "stump up the difference" if NAMA makes an operational loss over it's lifetime.

Head The Wall wrote: »

Does anyone know who these properties were taken over from and was there any mention of the initial value of the investment to build them?

The developers are mentioned in the various linked articles.

aliveandkicking · 01-09-2014 10:21am

Interesting to note that Fianna Fail are very vociferous in opposing this move by NAMA. The reson being that it endangers the existing cute hoor shoddy landlord system that currently operates. FF are jumping up and down to protect the ordinary Irish landlord over these foreign companies. Heaven forbid we might actually end up professionalising the rental market putting the cute hoor FF supporting landlords out of business.

Villa05 · 01-09-2014 10:47am

I feel nama got a great price 5.2% gross return is very poor on property. was there a parcel of land included in this deal?

hmmm · 01-09-2014 4:29pm

I don't think the Irish government, via NAMA, should be in the business of property speculation - so to answer your question, no we shouldn't be hanging on to them to get any "increase in future equity value". Have you even been paying attention to the causes of the property bubble and crash?

Sheldons Brain · 01-09-2014 7:14pm

Well it makes a change from the usual PS bashing, a thread wanting more PS!

Dublin housing crisis, yet NAMA sells 800 apts to investor group for 211 Mil...

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