Browney7 wrote: » Yup its all gearing up for the state to become the renter of last resort for these blocks. Its genius from the REITs really - put up the apartments for 2200 a month and get no takers, then approach the council and offer to give a "discount" to 85% of the "market" rent that wasn't being achieved in the first place and secure a 20 year state guaranteed cashflow with upward only reviews. The council/state spins it is deploying significant funds to alleviate the housing crisis and getting a deal versus the market rent despite it being a woeful waste of taxpayers money in the long run compared to direct ownership. It will be just like the Realis deal in Dundrum all over again
Marius34 wrote: » Update 1 Another 2.6K properties has been added in the past 2 weeks on PPR. And the signs for Q4 haven't changed. More confidence in likely increase in property price. Dublin: Ireland(ex-Dublin):
Hubertj wrote: » Do we know if the state has break clauses in the contracts, price reviews linked to market rate etc? Surely not locked in for term? Short to medium term what choice do they have? Even if government decided to build 20k social houses how long would it take to deliver? 3,4,5 years or more. Walked themselves into a sh*tshow.
Browney7 wrote: » The index may or may not increase - the median increasing doesn't necessarily mean that the index goes up. The latest figures from the BPFI show that new build purchases have made up the highest %s of mortgage drawdowns since 2010 (think it was near 40%). New build price inflation has outpaced second hand (as per the CSO) this year due to a range of factors (help to buy changes, building standard changes, Covid costs etc) so when the CSO apply their standardisations, the index may not increase. Median is strong though so an increase looks likely
Marius34 wrote: » I know what you mean, CSO index is not a Median price indicator. But due to major Median price increase since beginning of Q4 2020, I highly believe this will reflect on CSO index. The share of new build sales, is around 17%-20% of total sales, for the last few years, there are no major change this year.
cisk wrote: “ New figures released as part of a parliamentary question asked by Cian O’Callaghan, the Social Democrats TD, has shown that Dún Laoghaire-Rathdown County Council spent more than €2,300 a month per unit to lease social homes from private owners.
PropQueries wrote: » In the same paper, Greystar in apparently putting in a €180 million bid for the 385 units Cairn Homes is building at Griffith Avenue in Marino. In relation to the Stillorgan purchase, it looks like their buying the 25 remaining apartments that Ires Reit don't own in that development. Looks like both Greystar and Ires Reit are gearing themselves up to take some or more of that long-term lease agreement money the councils have been splashing around lately. Link to the Greystar bid for the Griffith Avenue units in the Irish Times is here: https://www.irishtimes.com/business/commercial-property/greystar-in-180m-bid-for-griffith-avenue-apartment-portfolio-1.4418085
Browney7 wrote: » https://www.bpfi.ie/publications/bpfi-mortgage-drawdowns/ as I said - the BPFI are noting that new build mortgage sales are making up a very large portion of drawdowns in the latest quarter so could partially explain the observed jump in the median
Cyrus wrote: » Another optimistically priced house, just down the road clonlost house, a full retrofitted circa 5,000 sq foot, A3 rated period house with a semblance of a garden and sea views from all of the front rooms sold for €2.2m 3 years ago, prices at this level have probably gone down 3-5% id guess.https://www.irishtimes.com/life-and-style/homes-and-property/new-to-market/dalkey-period-home-updated-for-21st-century-living-for-2-4m-1.3051684 How in gods name do they expect to get close to 2m for this house when they have used all of the ground to do another development and its nearly 2000 sq feet smaller?https://www.myhome.ie/residential/brochure/mount-prospect-killiney-hill-road-killiney-co-dublin-a96-v09h/4468912 It might be somewhat interesting at say 1.5m where you trade the lack of space for the style of house. But itll never get 2m. Has been for sale for quite some time on and off.
Qwerty2018 wrote: » Going to hold off until next year to start applying for my mortgage. Would need a mortgage exemption as I am looking to purchase a house for around 250,000. I am a single teacher currently on 45,000 per year with a deposit saved of 50,000. Was told here before that I had little chance with the current situation. Would this be anymore likely next year?
Cyrus wrote: » How in gods name do they expect to get close to 2m for this house when they have used all of the ground to do another development and its nearly 2000 sq feet smaller?
tigger123 wrote: » Little chance of what happening with the current situation? The mortgage exception, or the mortgage approval?
woejus wrote: » Madness. Considering the current owner made about €5.5m off the 4 houses. They had it up for €1.95m in 2015. It always seems dark, it's kind of in the middle of nowhere, no view (plenty of nearby properties with cracking views), boxed in on all sides by either roads, lanes or other gaffs.https://www.independent.ie/life/home-garden/homes/on-the-market-in-killiney-five-bedroom-dublin-home-can-be-yours-for-135m-34220548.html
Qwerty2018 wrote: » Getting an exemption for over 3.5 times my salary
JimmyVik wrote: I know of one apartment complex in swords where a REIT have contacted all owners and offered to buy them all. Once they get a whole block or near enough they go ahead with the purchase. Huge profit in rentals when you dont have to pay tax.
Villa05 wrote: » It looks like we are taking the most expensive option to "solve/exacerbate" the housing issue. Of course buying existing stock does not help the issue it just makes it more difficult for those paying for their own housing This must be what the government means when they say they are pro business. Take taxpayers money and hand it over to business on incredibly poor value for money terms for the tax payer and the business pays no tax on their profits. These same business are one of the greatest beneficiaries of public infrastructure investment in transport and housing ancillary services It seems lunacy when Europe is poking Governments to spend 0% money to stimulate growth and the government is operating in this manner It is sickening to see a government use a homelessness problem as a conduit to enrich the already wealthy Surely thi is economic treason
Pelezico wrote: » Why would anyone seek exemption from a rule which has been put in place to afford them protection? They will come running back for a bailout when the transaction goes wrong. This does taxpayers little benefit. In fact, an exemption represents a contingent liability for taxpayers and should be given only in the most exceptional circumstances.
Hubertj wrote: you keep piping on about it - i have asked you a number of times, what additional Opex costs does the government incur to manage and maintain these propoerties over 25-30 years? How many additional public / civil servants will be required? What salaries, what pension liabilities? "Economic treason" to suggest building houses is the only cost. Its spouted by SF and the gullible swallow it. More public houses need to be built but the true cost of building at scale has to be determined.
Villa05 wrote: » Sorry for piping on about it but singly it is the most important with regard to the future direction of property prices. When staff were less educated and less paid, this was done efficiently enough If we are incapable of doing it, have it outsourced. What do estate agents charge. Could a discount be negotiated on volume. Could renters contributions be collected through payroll, social welfare Expand through affordable housing where the rent covers costs. Housing in Dublin, Galway and Cork appears to be unaffordable to those on the median wage or below, that's 50% of the working population. Massive opportunities here to set up a semi state to develop cost + rental model that can generate revenue for the state Current policy does little to help the housing issue. In most cases it is making it worse by dragging more people into difficulty through rising rents /prices. The state has so many criteria in their favour to resolve this, manly land labour and capital availability Inabilty to tackle this is either massive incompetence or pandering to vested interests. Both are reasons to step aside and let someone else have a go
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