Nama and cheap apartments

drdeadlift

Cant seem to get my head around this.
This is a post on facebook i seen on my timeline today

NAMA government agency sold 442 Dublin flats for €500,000
That's right half a million!
That's about €1200 each!
Now get this
These flats were then sold on for
WAIT FOR IT
€83.000.000
YEP THAT'S 83 MILLION!
THAT'S ABOUT €190,000 EACH
NICE IF YOUR IN THE KNOW
WONDER WHO GOT BACKHANDERS ON THIS DEAL
JEEZ I WOULD HAVE SCRAPED TOGETHER €1200 FOR ONE MYSELF!
THE DUBLIN HOMELESS CRISIS THEREFORE COULD HAVE BEEN SOLVED FOR €500,00
PORTACABINS COST €190,000 EACH HOW MUCH ARE THEY PAYING HOTELS AND B&B's
ARE WE CRAZY
ARE THEY CRAZY
IS THIS WORLD CRAZY ALL I KNOW IS THAT I AM MAD AS HELL
ARE YOU?

I couldnt see another thread on this subject.

TallGlass

That's the power of bulk buying !

Buddy get used to it, this is Ireland.

I read the other day that over half the worlds wealth is owned by 62 people.

http://www.theguardian.com/business/2016/jan/18/richest-62-billionaires-wealthy-half-world-population-combined

I mean what the fúck, no wonder the place is such a mess, what scares me the most is what will happen then these 62 people have 80%, if things are bad now can you imagine what it will be like then. Money = Power, governments haven't a chance.

Saadyst

Is there an actual story on this somewhere, as I don't count Facebook posts as reliable.

One eyed Jack

Saadyst wrote: »

Is there an actual story on this somewhere, as I don't count Facebook posts as reliable.

http://m.independent.ie/business/personal-finance/property-mortgages/nama-should-offer-flats-to-ordinary-buyers-argues-ff-34331291.html

TallGlass

As a matter of interest. Is the a reason why NAMA can't or doesn't sell to the public at such low prices?

Seems bizzare to sell them for 1400€ when even for 10k they would make so much more.

JohnnyChimpo

One eyed Jack wrote: »

http://m.independent.ie/business/personal-finance/property-mortgages/nama-should-offer-flats-to-ordinary-buyers-argues-ff-34331291.html

And as the article states, NAMA were the ones who made the €83m sale, making this story completely backwards. Also absent is the mention that half of the deal was commercial real estate.

Thanks for the crap thread though, OP.

kjl

TallGlass wrote: »

That's the power of bulk buying !

Buddy get used to it, this is Ireland.

I read the other day that over half the worlds wealth is owned by 62 people.

http://www.theguardian.com/business/2016/jan/18/richest-62-billionaires-wealthy-half-world-population-combined

I mean what the fúck, no wonder the place is such a mess, what scares me the most is what will happen then these 62 people have 80%, if things are bad now can you imagine what it will be like then. Money = Power, governments haven't a chance.

That's not what it said, it said 62 people have the same wealth as the bottom half of the world. Not half the world's wealth

razorblunt

You can't sort homelessness by just sticking people into houses/flats either.

I'm sick of that being mentioned as some sort of silver bullet.

TallGlass

kjl wrote: »

That's not what it said, it said 62 people have the same wealth as the bottom half of the world. Not half the world's wealth

Ah grand, so its alright then sound. My minds at ease now.

kjl

One eyed Jack wrote: »

http://m.independent.ie/business/personal-finance/property-mortgages/nama-should-offer-flats-to-ordinary-buyers-argues-ff-34331291.html

Where in that does it say they sold the entire block for 500k, sure I could have bought that at that price.

One eyed Jack

kjl wrote: »

Where in that does it say they sold the entire block for 500k, sure I could have bought that at that price.

It doesn't. The story in the opening post is a load of...

Just that I was in a rush at the time

mfceiling

Generally if anything like that has been posted on Facebook then the person posting it is a dope and the story is horse shìte...

elefant

kjl wrote: »

That's not what it said, it said 62 people have the same wealth as the bottom half of the world. Not half the world's wealth

I'm not surprised people picked up the facts in that story wrong.
Look at how the Irish Times positioned it in their headline/sub-headline:
http://www.irishtimes.com/business/economy/oxfam-says-1-of-population-own-half-of-world-s-wealth-1.2500263.

kneemos

razorblunt wrote: »

You can't sort homelessness by just sticking people into houses/flats either.

I'm sick of that being mentioned as some sort of silver bullet.

Kinda can.

gandalf

Well the OP for this thread is based on fantasy and not fact. I live near Tallaght and those apartments and commercial premises have been vacant for years now. The fact they got €83 million for them is good business.

Also FF are talking fantasy with the notion that NAMA should deal with the general public selling individual properties. Their job is to recoup as much of the tax payers monies spent on these distressed properties as quickly and fully as possible. If they were selling to the public they would have to up their administrative capacities massively and would cost us more money.

FF are the reason NAMA exists in the first place !!!

gandalf

Well the OP for this thread is based on fantasy and not fact. I live near Tallaght and those apartments and commercial premises have been vacant for years now. The fact they got €83 million for them is good business.

Also FF are talking fantasy with the notion that NAMA should deal with the general public selling individual properties. Their job is to recoup as much of the tax payers monies spent on these distressed properties as quickly and fully as possible. If they were selling to the public they would have to up their administrative capacities massively and would cost us more money.

FF are the reason NAMA exists in the first place !!!

Into The Blue

kjl wrote: »

That's not what it said, it said 62 people have the same wealth as the bottom half of the world. Not half the world's wealth

They don't let facts get in the way of a good rant!!!!!

Half this, half that.. They should get out and earn their own cash, don't mind the fact that that once they're earning 35k or more they're in the top 5% of world earners

CFlat

Instead of dealing with four or five hundred solicitors/purchasers over a protracted period of time, maybe a few years, in one swoop the whole lot is sold for, IMO, a fair chunk of change. I think they NAMA did a good job here.

I read the article a few times and didn't see €500K mentioned anywhere. In fact in the second paragraph the €83m is quoted as the sale price NAMA got for it.

Michael McGrath FF said "while NAMA may have achieved market value...". Even FF begrudgingly admit NAMA did a good job here.

Maximus Alexander

This is why we don't consider the ravings of madmen on their Facebook pages as a credible news source. Facebook status updates rank above only the Daily Mail for factual accuracy.

drdeadlift

Sorry for the short sighted post peeps.Delete if need be

Ken.

Mod-After Hours is not a News(and I use that in the lightest possible terms)dump.