NAMA and Kilkenny

Jesper

Does anyone know which estates in Kilkenny are going into NAMA or will be going in?
Is it possible to find out the dates this will happen or also if the estates will become part of social housing scheme etc.
I've read the article in the Kilkenny People which gives a good insight but seems to be afraid (legal?) to name and shame.
Wouldn't the best thing be to get this data out and get these estates moving and sold. It would be unfortunate if the estate builders failed but there might be benefits to getting cheap good qality housing for first time buyers also.

Personally I might want to look to buy in the next 6-9months so want to keep close to these matters.

KK People article
http://www.kilkennypeople.ie/news/local/kilkenny_s_unfinished_estates_starting_to_be_made_safer_1_3104298

fabbydabby

I wouldn't say prices will bottom out for another while yet. They have been falling fairly consistently for the last two or so years to date. I recommend awaiting reliable data which confirms bottoming out before a purchase.

There is a deluge of housing waiting to flood the market and the arse will fall out if it again when it does. Banks are not foreclosing on distressed mortgage holders much either, and it will only be a matter of time before they start. A bank will shift a house for whatever it can get for it.

And they are not giving out mortgages either, which reduces the pool of potential buyers, thereby reducing prices.

Munurty

It's going to be a very long drawn out process.

Here's their current enforcement list but there's not much on it.

http://www.nama.ie/Publications/2011/Enforcements/NAMAPropertiesSubjectToEnforcement.pdf

catbear

If you need you mind sharpened as to the oversupply of empties in Kilkenny then go out to the weir view and cruise around. Between the weir view, Glenbawn and cnocbawn I reckon there's easily 150 empty units in that small area alone.

I reckon what's happening right now with the banks is that they're trying to separate those who should renting from those who can service their debts. Allegedly the banking units off the ringroad up in loughbouy have whole floors of staff dedicated to customer debt restructuring.

You can be assured that your annual rent is a fraction of what some houses are losing in asking price. Type in Kilkenny into the link i've provided for a taster.
http://www.collapso.net/search.html

hi5

Can this be right? Down from €135,000 to just €35000,a 74% drop:eek:
I think I'll wait another couple of years and maybe get it for a few grand,make a nice little summer getaway overlooking the river;)

http://www.daft.ie/searchsale.daft?id=618449

catbear

Yip, saw that too and thought it was a mistake but it is a property crash. Some people will just take anything they can get and knowing that banks aren't lending chops the legs off asking prices.

That house in Inistioge could be an executor sale where there may be a capital gains tax due if it isn't sold by a certain time. If they can't sell it for €30K at least they'll pay less tax than if it were valued at €70!

If I inherited property and couldn't sell it and had a capital gains tax bill I'd try to get it valued as low as possible.

thetonynator

catbear wrote: »

Yip, saw that too and thought it was a mistake but it is a property crash. Some people will just take anything they can get and knowing that banks aren't lending chops the legs off asking prices.

That house in Inistioge could be an executor sale where there may be a capital gains tax due if it isn't sold by a certain time. If they can't sell it for €30K at least they'll pay less tax than if it were valued at €70!

If I inherited property and couldn't sell it and had a capital gains tax bill I'd try to get it valued as low as possible.

Is it the nice looking one or the shed beside it? if it's the shed, then basically that site is being valued at 35k, cos the shed is worth nothing, which is still way overvalued.

If its the house then yeah it's dirt cheap!!!

PhilipMarlowe

Did you even have a cursory glance over the link?
"..Cottage in need of complete renovation/restoration..."
Extra pictures of the derelict premises etc.

mick kk

its a rip off at 30K!...

catbear

Plus if you wanted to knock it there's probably loads of hoops to jump through to get something that isn't a twee cottage built.

fabbydabby

Nice spot though.

If you had the time on yer hands you could get that nicely restored on the pure cheap by unemployed tradesmen with a noose around their neck and a hungry family at home.

Jesper

Some more insight/questions.

I'd like the name of each estate going into NAMA. So if I knew X,Y and Z were in NAMA or going I'd be able to more closly monitor these particular areas. Actually go into them have a look around, check if large parts of the estate will be used for social housing, who built them and there quality etc.

I won't be looking to purchase for over a year at least but I'd like to have my homework started for when the day comes.

I'd love to see more employment in Kilkenny (especially with Question marks over VHI) and this would be a huge bonus to the housing market here but without some of the large multi nations like we see in Wford, Carlow and even Clonmel etc. I can't see any demand for KK houses or rentals for the future.

catbear

Jesper wrote: »

Some more insight/questions.

I'd like the name of each estate going into NAMA. So if I knew X,Y and Z were in NAMA or going I'd be able to more closly monitor these particular areas. Actually go into them have a look around, check if large parts of the estate will be used for social housing, who built them and there quality etc.

Until we have property taxes or rates it will be hard to know what's what. Bank debts are being separated at the moment between those with unpayable mortgages who'd be better off renting and those who can service their loans. It really is a mess with no resolution in the short to medium term.

You could buy a bargain next year but the year after the neighbours from hell could be placed beside you and there's nothing you can do. You'd still take a hit on your bargain if you wanted to sell.

Life's short, best not to spend any of it tied to any debt that can't be disposed of in five years.

Firetrap

catbear wrote: »

You could buy a bargain next year but the year after the neighbours from hell could be placed beside you and there's nothing you can do. You'd still take a hit on your bargain if you wanted to sell.

This is very true. If you're thinking of buying in a new estate, you would be well advised to hold your fire until you find out who else has bought or has been moved in. It's not as if prices are going to rocket upwards any time soon. Anecdotally I've heard that there are at least 200 empty units in the area catbear mentioned. It'd be hard not to think that they're in NAMA.

Firetrap

This makes for interesting reading.

Mr Moran outlined to the members that out of 76 housing estates originally declared unfinished, 11 have since applied to Kilkenny County Council to be taken in charge. There are 10 further estates that are “unlikely” to be taken in charge as they were not subject to the provision of a bond, a management company is required, and the water/wastewater is a private supply. These include gated estates.

There are currently 54 unfinished estates left across the county. It is understood that 15 have been found to be in compliance with their planning permission and estates have been fully built and pose no safety issues. However there are a number of unoccupied houses identified.

A further 12 developments are currently subject to legal proceedings for non-compliance with planning, with delays caused by adjournments in the legal process and planning permission expiry also becoming an issue.