NAMA is a cloud of dung falsifying the property marking

Slideshowbob

That's my summary of it.

Until real property are established then the Irish property and construction market will never get off its knees.

Will the auction on 15th April (http://www.auction.co.uk/irish/onlineCatalogue.asp) help this to happen?

Until real values are established the mistakes of the few developers etc will be offset by the taxpayer.

When will justice for bad investments occur?

ilovesleep

Slideshowbob wrote: »

When will justice for bad investments occur?

Soon I hope or we will be a nation to be exploited forever more. Cant provide a link because i am on boards mobile but authorities in iceland has been raiding bankers homes. That is a country we should be learning from.

gigino

NAMA is a waste of taxpayers money. It is one state organisation buying property loans from other state organisations , the banks e.g. Anglo Irish. It should have been kept simpler. Too much money wasted on Nama consultants, barristers + so on.

sollar

Here is an interesting piece on this subject. Imagine if this really happens.

http://www.donegaldaily.com/2011/03/19/british-housing-groups-looking-to-buy-donegals-ghost-estates/

Senna

If NAMA wasn't in existence, the gov would fund loans to stop all the property flooding the market, it would be in no-ones interest other than the GENERAL PUBLIC to see this happen.
But NAMA will not put an artificial floor on the property market, it will only drag out the inevitable for years. Prices will reach the same level with 30k properties on the market or 300k properties coming on all at once, just a lot quicker with the second one.

femur61

Doesn't take a rocket scientist to see there are too many houses and empty property on the market. Prices were falsely inflated to fund a few people`s pockets and still many expect to get pre recession prices for property.

RichardAnd

femur61 wrote: »

Doesn't take a rocket scientist to see there are too many houses and empty property on the market. Prices were falsely inflated to fund a few people`s pockets and still many expect to get pre recession prices for property.

Pretty much. I'd also further add that no matter how many times "now is the time to buy" is touted, now is most certainly not buying time. In a few years, we'll start to see the mortgage defaults that have been stretched out. On top of this there are so many vacant houses (many of which are in good nick) available.

All in all, if you want to buy a house wait and it will get a whole lot cheaper.

thebman

Many of the members of the previous government were heavily invested in property so NAMA gave them time to get rid of their properties.

Once politicians and their donors have gotten as far out of property as they can get, watch NAMA let the floor be reached in the property market.\

Until then, not even looking at buying.

ilovesleep

thebman wrote: »

Many of the members of the previous government were heavily invested in property so NAMA gave them time to get rid of their properties.

Once politicians and their donors have gotten as far out of property as they can get, watch NAMA let the floor be reached in the property market.\

Until then, not even looking at buying.

More exploitation from the FF maggot government.

Dont anyone buy. If you are thinking of buying. Wait and save. If you are renting and can move back home move - let rents drop too.

My neighbour built his fine 6 bedroom house back in 96 for about 70,000. He was telling me that if he sold in the boom he would got 600,000. Thats some markup.

Floridia had a housing crash not long ago and houses are going for as little as 15,000 dollars.

Dont anyone buy

ei.sdraob

ilovesleep wrote: »

My neighbour built his fine 6 bedroom house back in 96 for about 70,000. He was telling me that if he sold in the boom he would got 600,000. Thats some markup.

according to this inflation calculator that would be about 129K euro in 2010

what size is his home in square meters or feet?

provided you have a site for free its quite reasonable to be able to build nowadays a fairly reasonable home of 150 to 170 sq meters to a builders standard and following modern regulations (wider cavity, insulation, solar water etc) which didnt exist then...

dan_d

Have to say....am telling anyone I know who is thinking of buying to wait. There's a way to go yet and this so called "distressed property" sale should have some interesting results and far reaching effects.

ilovesleep

ilovesleep wrote: »

More exploitation from the FF maggot government.

Dont anyone buy. If you are thinking of buying. Wait and save. If you are renting and can move back home move - let rents drop too.

My neighbour built his fine 6 bedroom house back in 96 for about 70,000. He was telling me that if he sold in the boom he would got 600,000. Thats some markup.

Floridia had a housing crash not long ago and houses are going for as little as 15,000 dollars.

Dont anyone buy

yeah in Florida they have a free market. Here we have a rigged market.
We seem to hate free markets......had we a free market the banks would of been let fail.

http://www.rte.ie/news/2010/0610/rent.html

95,000 households are supported by rent supplement, which the Department of Social Protection says is about half of the total private rented market in Ireland

HALF THE MARKET - holy crap!! Thats a floor under the market right there
rents will not come down much further without that gone. It would be hard politically to remove it so its not going anywhere soon.

NAMA then - it has mopped up all the empty properties - a good portion of the 300,000 empty properties. Some use of our money. Its hoarding them to prevent prices coming down - this is a STATED AIM OF NAME

Lenihan says so here:

https://www.youtube.com/watch?v=pWlz1IKWfw4

So there you have it. Its been 10 years of overinflated prices.....we are easily going to have 10 years of prices that arent as low as they should be, Rents not as low as they should be.

20 years is a good chunk of a lifetime.....what do we do? Several organisations and individuals have mentioned several times that empty properties should simply be knocked down.....!

Knock em rather than let people buy them cheap. The cheek of people thinking they can get a house for a fair price...............!

I see a bleak future here.

http://blogs.myhome.ie/2010/04/16/should-empty-unfinished-houses-ghost-estates-be-demolished/

According to a few sources & reports released earlier this month the stock of empty homes in Ireland soared 30% in the three years through 2009 and it is now estimated there are between to 345,000 and 352,000 vacant houses in Ireland.

http://www.herald.ie/breaking-news/national-news/ghost-estates-demolition-backed-2139749.html

A Green minister in charge of planning rules has backed plans to bring in the bulldozers to tackle massive oversupply of property.

The greens were gonna knock them...........!! What will FG and Labour do??

ilovesleep

Don't believe anyone selling property. There is a small newish housing estate where i am, with 3/4 occuppied, 8/9 empty. someone was interested in buying and was told that there was only 3 houses left. Which is a load of bo11ocks. Why are 8/9 of them empty? Where are the people? Living in the attics perhaps?

hinault

NAMA is an attempt to artificially maintain property prices for the vested interests.

Wait and see when the ECB interest rates starts to increase, more property wil begin to find it's way on to an already dead property market.

Are these properties also going to be NAMA'ed?

I hope Enda Kenny and FG follow through on their election promise to wind down NAMA.