Mic 1972 wrote: First time buyers are better off looking for second hand properties inside established estates where there is no competition from multinational investors and also there is no risk for social house next door.
Villa05 wrote: » Lorcan reckons the maynooth estate will be leased back to the council. Did someone here say the council was the underbidder and is there a link to this
Villa05 wrote: » If you get a chance. Have a listen to Pat Kenny from Thursday section Why are so called vulture funds buying up property here? (sorry linking on the phone app does not work for me. html without tags appears to be auto rejected and does not get posted) Lorcan sirr and Mark mcsharry Ff Check out the terms of the enhanced long term leases the councils are engaged in It's much worse for the taxpayer than we had speculated. We could be approaching 6 or 7 houses being built for the outlay being spent on 1 of these over 20 years and have nothing at the end of it Lorcan reckons the maynooth estate will be leased back to the council. Did someone here say the council was the underbidder and is there a link to this Marc Mcsharry has an interesting slip of the tongue on 16 minutes In trying to say Gov and councils should be building houses, he says buying then purchasing before eventually settling on building. Has he left the cat out of the bag? Props gets alot of hassle here for his opinions, but he has a consistent habit of calling it correctly
Villa05 wrote: » But a very interesting point that also puzzled me. Why would you pay top dollar in one of these new estates with the potential for wholesale social in them
Amadan Dubh wrote: » https://www-thejournal-ie.cdn.ampproject.org/c/s/www.thejournal.ie/investor-funds-housing-crisis-5431560-May2021/?amp=1 Where it is viable to do so, the proletariat can have some of the crumbs from our table. Also, "the concept" of individuals being allowed to buy their own home. I'm sorry Pat Farrell, but you are part of the pig elites from Animal Farm. Vultures with their snouts so buried in the trough they do not realise how despicable they sound. We are not in dire economic straits like 2011, needing to go cap in hand on international roadshows looking to get a few borrowers out of negative equity. Jobs growth has been phenomenal and is projected to remain so (for now anyway), as well as the population growth projecting to rise substantially and, finally, savings are high while individual debt is low. We do not need these investors in the same way as before so should not be afraid to start charging them a premium for doing business in Ireland rather than rolling out the red carpet for them with tax benefits and other things.
“Why would any young person vote for Fianna Fáil or Fine Gael”
Mic 1972 wrote: » Regarding long term leasing to the council, it's important to point out that a lot of estates - especially apartment blocks and gated estates - have restrictions that don't allow for social housing. Investment companies have no interest acquiring random residential properties that cannot be rented out to the council. They will focus solely on new builds - new estates or new apartment blocks - so that they can set their own management rules and allow for social housing. First time buyers are better off looking for second hand properties inside established estates where there is no competition from multinational investors and also there is no risk for social house next door.
MacronvFrugals wrote: » Some interesting bits from Daniel McConnels piece this morning Firstly the optics of the headline are shocking for the main parties, a similar headline ran on The Journal last week and has 110k + views, way more than most articles ever to. Finally those within FG were unhappy at Paschals “overly defensive” attitude towards previous tax breaks for funds that Noonan introduced. One senior party member said “there was nothing stopping him coming out and saying such investment trusts were needed in 2012 and 2013 but have served their purpose and we’re changing the rules. He was too defensive and colleagues were not very happy”https://www.irishexaminer.com/opinion/columnists/arid-40283879.html?type=amp&__twitter_impression=true
Hubertj wrote: I’d say the statements made in the Dail mean that estate won’t get leased to the council.
Bass Reeves wrote: A older house say costing 250k needing a 50k refurbishment for the same couple's. While they can achieve the mortgage pretty easy they forego the 29k tax refund but bank will only lend them 90% max. This is 225k so they are left with 4k of there savings. They will have to jump through hoops to access the rest of the cash or borrow through personal lending at 6-7%. And all that if the house passes an engineer report. This will cost them in the region of 2-3k and stamp duty will leaving them with none of the 29k deposit saved.
JimmyVik wrote: » I swore I would never vote SF in my life. I may soon be breaking my promise because I cant bring myself to vote FF/FG anymore.
schmittel wrote: It was reported in SBP. Had hard hard copy, no link:
L1011 wrote: Lots of discussion on the council/Tuath purchase over in the Kildare forum - they had scaled down from looking to buy most of the 170 to about 90.
beggars_bush wrote: » Huge issue with labour shortages for builders at the moment
Bass Reeves wrote: Availability of finance. Finance is too much loaded in favour of new builds. At present in Limerick a new build in Mungret gate is costing 290k. As a FTB you access the 10% tax relief which is 29k.
jill_valentine wrote: Just as a reminder for the sake of it - these chaps, the IIP, who would so generously consider allowing a number of serfs to buy a plot, got the IT to print a full on puff piece about how brilliant the Shared Equity scheme actually is, with the framing we're all just too stupid to appreciate it and a disclosure of Pat Farrell's affiliation only very delicately tucked in at the very end, on Monday.
Mic 1972 wrote: » Regarding long term leasing to the council, it's important to point out that a lot of estates - especially apartment blocks and gated estates - have restrictions that don't allow for social housing. Investment companies have no interest acquiring random residential properties that cannot be rented out to the council. They will focus solely on new builds - new estates or new apartment blocks - so that they can set their own management rules and allow for social housing.First time buyers are better off looking for second hand properties inside established estates where there is no competition from multinational investors and also there is no risk for social house next door.
Cal4567 wrote: Not entirely correct. These guys have been acquiring single properties as well as packages. I hear others have been doing too and then putting them together as 'portfolios' for either other investment vehicles or Councils. I agree though at the moment for FTBs, it is probably more sensible to buy second hand.
Cal4567 wrote: One could say good old greed has taken over, which was a catalyst for the financial crash. The acquisition by just the single entity of an estate in Kildare, has focused the eyes on the whole private and social housing property industry.
Cal4567 wrote: » Not entirely correct. These guys have been acquiring single properties as well as packages. I hear others have been doing too and then putting them together as 'portfolios' for either other investment vehicles or Councils. I agree though at the moment for FTBs, it is probably more sensible to buy second hand.https://www.irishtimes.com/business/commercial-property/solas-living-pays-40m-for-157-homes-across-dublin-and-kildare-1.4530153
Mic 1972 wrote: » They buy second hand only if they can rent long term to the council, which is often not possible inside managed estates or apartment blocks. I have asked this question to the EAs for the last few month, often cases the long term leasing to council was not an option
combat14 wrote: » dundrum shopping centre now also reporting significant problems getting staff and shops wont be able to open full hours as a result ... where have all the workers gone..... have they gone home to their home countries or is there something else a foot..?
Sweet.Science wrote: » I suppose councils need these funds as a roundabout way of building social housing ? Long term leasing is cheaper for their annual budget than building houses themselves
combat14 wrote: » Rte reporting tonight that home-builders reveal the staggering increases that have added almost €70,000 to the cost of their house. what in blazes is happening in this country ....? how will young people stay here at this rate if this continues and the government dont take voter leds steps to address the housing issue
Investment firm that bought majority of Kildare estate now jointly buys 112-house unit in Dublin ... The companies plan to rent out all 112 properties when the scheme is finished in early 2022, with the first properties due to completed this month and all homes now available for reservation.
