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

Bass Reeves

https://www.boards.ie/discussion/comment/120235977#Comment_120235977

DT, I was going to say you are full of Sh!te, however I will just say you are waffling again. Quite simply interest rates are up. You maybe fixed but the next time you want to roll it over in 1,2 or 5 years time you will be paying a higher. Even if your refixed early last year chances are you paid a break free as a LL.

You picked one cost that you could make half a case against but never dealt with the rest. The same with you waffling about other issues regarding over regulations.

Just last week I was talking to a single lady mid fifties related to my better half. She has a small two bed on the outskirts of Cork city that she bought 15 years ago still has dairy substantial repayments.

Her mother is elderly and she has moved back to west Cork to look after her as she is was struggling to live by herself.

She can work from home three days a week. She would have rented her house but for the present setup. She will not risk it as she is afraid she will not get her house back.

But then in your eyes she would be a have a go LL. The rental money would have defrayed here travelling costs, paid for upkeep of her house. She would have a bit left over that would have helped towards her retirement.

The following day I went to get my hair cut and one of the staff there a young lady with a couple of kids has to move out of her rental in a couple of months. Looking for a house but finding it hard to get one. I mentioned a ex rental that is vacant locally but to be informed it was in the process of a refurbishment, it's not in an RPZ. Her present LL is selling up. I imagine she is reluctant to overhold as it will make it impossible to find another rental locally.

So we all know the present system is not working and it going to get worse. But idiots making point about LL having a ''victim mentality'' or think that more regulations will solve the problem have not got a clue.

We need to encourage supply and get vacant houses rented not encourage more vacant houses.

Donald Trump

https://www.boards.ie/discussion/comment/120236121#Comment_120236121

Have another go at reading the statement that confused you. I'll copy it below to make it easier for you

he vast majority of your outgoings were fixed when you purchased the property.

Donald Trump

https://www.boards.ie/discussion/comment/120236209#Comment_120236209

Thanks for your non-waffling anecdotes about the old lady and the hairdresser. They are very relevant as to the discussion on whether landlords raise rents, as they are entitled to do, because they want to, or whether they are forced to do it against their wishes because some REIT owned property down the road had higher rents.

timmyntc

https://www.boards.ie/discussion/comment/120235691#Comment_120235691

All this nonsense about a victim complex is pure projection

I'm not a landlord, or a victim. I'm lucky enough to own my own house.

Landlords are not victims, they are business people like any other. And as such seek to maximise their investment. In a situation where RPZ rules can impact the resale value of your property, landlords like any business will seek not to lose money by keeping rents low.

Pre-RPZ rules, a landlord could be nice and set rents lower than top of the market and that was all fine. Now in RPZ environment, if they do this they are punished by having the resale value of their property hurt. The market works on incentives, and the RPZ cut to sale value is a good incentive to increase rent as much as allowed.

https://www.boards.ie/discussion/comment/120236263#Comment_120236263

You stated the vast majority of outgoings were fixed but you were only able to point out one in your rebuttal when the typical outgoings were listed. I wouldn't typically consider 1 out of 8 examples vast.

Villa05

https://www.boards.ie/discussion/comment/120235888#Comment_120235888

Nothing wrong with first point, the issue is with state sponsored land hoarding, supply suppression and demand stoking through political capture. All the lobbyists for land, construction and investment funds are former Ffg politicians.

This has effectively monopolised high demand areas, eliminated small competition and placed the pricing and supply of a national strategic resource in the hands of the very few. The more assistance they get from the state the more they can extract out of the economy at great cost to that same economy. Its simply legalised extortion.

I hear Terry Prone spouting on the airwaves about how wonderful a country we are because we well down the list of corrupt countries. We are because we found a way to make it legal

herbalplants

https://www.newstalk.com/news/eviction-ban-should-be-extended-to-avoid-deluge-of-homeless-people-bacik-1436632

Here we go again. Kicking the can down the road won't solve the problem.

PommieBast

https://www.boards.ie/discussion/comment/120235266#Comment_120235266

Back in 2021 I predicted that a lot of LLs would hold out to chalk up the two-year RPZ threshold. 18 months almost continious lockdown made it inevitable.

Donald Trump

https://www.boards.ie/discussion/comment/120236331#Comment_120236331

< double post >

Donald Trump

https://www.boards.ie/discussion/comment/120236331#Comment_120236331

I think, to be fair, that most people would understand what is meant by "vast majority of outgoings"

i.e. if you pay 1000 per month back in capital owed on a loan, but you buy two bars of chocolate during the month, I'd say you'd find very few people to argue that most of your outgoings were not already fixed because the price of your two bars of chocolate is liable to change.

https://www.boards.ie/discussion/comment/120237136#Comment_120237136

You obviously don't.

Donald Trump

https://www.boards.ie/discussion/comment/120237192#Comment_120237192

Have we reached the level of "Do you want to swap two of my brown coin monies for one of your note monies"?

Two for one. A great deal for you!

https://www.boards.ie/discussion/comment/120237192#Comment_120237192

There is an ignore function.

Donald Trump

https://www.boards.ie/discussion/comment/120236552#Comment_120236552

Eviction ban should be lifted, but the exemptions which allow landlords to terminate leases early should also be eliminated. HAP should also be reduced, with a view to going to zero. Let the market find its actual level.

Villa05

Looks like Ballymun in a shoebox

https://www.thejournal.ie/smyths-harvey-norman-tk-maxx-lifestyle-apartment-planning-blanchardstown-5994293-Feb2023/

Beigepaint

Any time it’s proposed to build apartments more than 5 stories the old Ballymun rubbish is trotted out. The problems with Ballymun are not relevant to the problems with this.

Villa05

https://www.boards.ie/discussion/comment/120237785#Comment_120237785

Ballymun was better quality than this, please don't drag the area down

Bass Reeves

https://www.boards.ie/discussion/comment/120238489#Comment_120238489

A person in an apartment will shop once a week in a supermarket and probably one a month in the rest. A carparking space could bring 40-50 customers a week

PommieBast

https://www.boards.ie/discussion/comment/120238489#Comment_120238489

For the likes of Tk Maxx having no parking would probably make a site unviable. When Bristol bought in a load of city-centre restricted parking several businesses collapsed as everyone went to the out of town centres instead.

fliball123

Another contraction in PMI for construction and the first glimmer of hope as input costs come down in January. With more interest rates hikes scheduled for this year the cost of building will come down as the higher costs to borrow for buying or get work done with the interest rate rises is now quelling demand.

https://www.pmi.spglobal.com/Public/Home/PressRelease/40d6285607ed451cb1f40d6f927e95eb

quokula

https://www.boards.ie/discussion/comment/120239160#Comment_120239160

Parking on a busy day in Blanchardstown is already a nightmare, I know I've personally chosen to go elsewhere a bunch of times purely for that reason. And the number of unaffected spaces over the far side by Argos and Lidl is of no use to the shops in question here.

I can totally understand why they'd object. I do think the need for accommodation overrides that concern and the appeal should be rejected, but I can see why they'd want to fight their corner as they will absolutely lose business because of this.

One would think they could reach a middle ground by adding a multistory car park as part of the development to make up the lost spaces. I think there are issues with layout as much as there are with number of spaces, sometimes you get stuck in a queue with nowhere to go even when there are spaces and you just can't get to them. Even just trying to leave can be an ordeal. There are probably works that could be done to help with that while they're at it.

o1s1n

https://www.boards.ie/discussion/comment/120238474#Comment_120238474

That's why they tore them down alright, because of the high construction quality and the spectacular condition the area was in.

Bass Reeves

https://www.boards.ie/discussion/comment/120239160#Comment_120239160

When you operate in a high cost environment paying substantial fixed costs rent, electric, heating, rates staff costs what may seems a small number of space ( about 7%) could effect your business disporportionally where a substantial amount of you trade is seasonally ( Christmas and Christmas sales) compared to non seasonal businesses.

Blanchardtown is dependent on people driving to it. Public transport and pedestrian buyers would be in a significant minority I would imagine.

pc7

https://www.boards.ie/discussion/comment/120237320#Comment_120237320

I cant figure where they want to build at the shopping centre, haven't been in a long time as traffic puts me off. Where is it they are looking to build can anyone guide me?

timmyntc

https://www.boards.ie/discussion/comment/120239447#Comment_120239447

High density residential schemes like this directly impact the viability of further public transport in the area. If high density housing cannot be built then the PT will never be.

Villa05

https://www.boards.ie/discussion/comment/120239281#Comment_120239281

They were described as state of the art when first built, far roomier than what's currently being built.

Now if what we are hearing from people in the Blanchardstown area is true, lack of services and demand for these shoebox apartments at quoted rents/prices may well result in these developments having the same fate as Ballymun.

Ballymun, Moyross, Southhill etc, there was nothing wrong with the accomodation. The same can't be said about what is being built today.

TV architect Hugh Wallace has labelled the now demolished Ballymun flats as “architecturally fabulous” when they first emerged on the Dublin skyline in the 1960s.

Villa05

It would appear that our strategic investment fund feels now is a good time to commence an office building (20 + years after this was first proposed).

 O’Brien was speaking in Limerick at the announcement of an €80 million partnership between Limerick Twenty Thirty (LTT), a Limerick City and County Council development company, the Ireland Strategic Investment Fund (ISIF), which is part of the National Treasury Management Agency (NTMA) to develop a six-storey office block, One Opera Square, in Limerick City

GoldFour4

https://www.boards.ie/discussion/comment/120239487#Comment_120239487

It's in the car park where TK Maxx, Smyths, Harvey Norman etc are. There is a plot of car parking at the side of where Waltons music is. I've only actually parked in that spot once and it was at Christmas.

Browney7

https://www.boards.ie/discussion/comment/120239688#Comment_120239688

Makes a change from ISIF providing cheap funding to funds and entities like Urbeo, Activate Capital and Avestus to build and source housing to then lease back to the state at market rates!

herbalplants

The Government has moved to abruptly shut down the €1.25 billion “golden visa” scheme for millionaire immigrants, after a surge in applications from China. The move follows a recommendation from Department of Justice officials, who last year said new project applications should be stopped temporarily because the scheme has come to be dominated by Chinese submissions.

What did they think! 😂