What should NAMA (we that are paying for it) do with all this empty property??

Freyja · 11-04-2010 01:20AM #1

We now (our Kids and our grandkids) own all this land and property in our glorious country.

All these nearly finished, finished properties, hotels, business parks, housing estates, huge masses of land etc etc are basically now owned by us the Mr GP.

Should we re-furbish them into schools, prisons, hospitals and actually have top class facilities?

If you were on the board of NAMA what would you do with this massive property portfolio if Mr Cant-Pay/Wont-Pay has togive it all up?

Please stick to topic, what will we do with these Assets?

Jesus Wept · 11-04-2010 01:25AM

Put it all up for sale.

Tigger · 11-04-2010 01:25AM

the housing a rent allowance lists are about to be transformed
the lower middle classes are about to get the shock of thier lives

MultiUmm · 11-04-2010 01:33AM

Freyja wrote: »

We now (our Kids and our grandkids) own all this land and property in our glorious country.

All these nearly finished, finished properties, hotels, business parks, housing estates, huge masses of land etc etc are basically now owned by us the Mr GP.

Should we re-furbish them into schools, prisons, hospitals and actually have top class facilities?

If you were on the board of NAMA what would you do with this massive property portfolio if Mr Cant-Pay/Wont-Pay has togive it all up?

Please stick to topic, what will we do with these Assets?

That would need money the state doesn't have because it's paying for, well, NAMA.

It might technically own these places, but who's gonna pay the builders, for the equipment and hell, I bet the developers would want to make a profit too, despite their bail out.

MultiUmm · 11-04-2010 01:34AM

The-Rigger wrote: »

Put it all up for sale.

who wants to buy a shítty half built house with no facilities near it?

Jesus Wept · 11-04-2010 01:44AM

MultiUmm wrote: »

who wants to buy a shítty half built house with no facilities near it?

I'd be it for 50e for the craic.
It still has a price.

Tigger wrote: »

the housing a rent allowance lists are about to be transformed
the lower middle classes are about to get the shock of thier lives

Can you explain?

Freyja · 11-04-2010 01:49AM

Tigger wrote: »

the housing a rent allowance lists are about to be transformed
the lower middle classes are about to get the shock of thier lives

hmmmm, person after my own heart. I know what I would be doing

Senna · 11-04-2010 01:59AM

They wont all be put on the market as they would drop property prices to a sane level and of course FF dont want property to drop to an affordable level, that would be just unthinkable.:rolleyes:
Even BL was announcing the bottom of the market this week, it would be laughable until you realise he's the Minister for Finance:rolleyes:.

Much more likely that the huge amount of property on NAMA's books will be allowed to drip onto the market over the next 10 years, seen as the tax payers will foot any interest repayments bills that come along once the performing loan payments stop covering the non-performing ones.

Also very likely that a number of the half finished, and property in the middle of nowhere, will be bulldozed as there was no need for them at the hight of the bubble, there wont be any need for them this decade.

Its a sad legacy that will be there for generations to come.

epgc3fyqirnbsx · 11-04-2010 02:09AM

Free gaffs for tourists, would fill the country up pretty quick

MultiUmm · 11-04-2010 02:12AM

Braylee Faithful Cornbread wrote: »

Free gaffs for tourists, would fill the country up pretty quick

With naked german hitch hikers I bet.

2ygb4cmqetsjhx · 11-04-2010 02:50AM

Renting houses ftw!

ScumLord · 11-04-2010 02:51AM

Grow weed in them.

Tigger · 11-04-2010 02:56AM

The-Rigger wrote: »

I'd be it for 50e for the craic.
It still has a price.

Can you explain?

housing estates will have three distint groups the ones hwho paid 100% of peak the ones that paid 45% of peak and the ones that got free housing

thye parnts will instill these differences in thier children and social unrest will occur

drdeadlift · 11-04-2010 03:02AM

i bet no one hear has a solution,just **** it all who cares

The_Minister · 11-04-2010 03:02AM

MultiUmm wrote: »

That would need money the state doesn't have because it's paying for, well, NAMA. spending around €20,000,000,000 more than its taking in.

FYP.

padz · 11-04-2010 03:07AM

we need more immigrants&more creshes... thats the only logical thing i can think of, people fill property, so how do we get people here?
offer forigners an incentive to get them to buy and live here, australia in the 1950s had a deficite of women in their population so they offerd them free visas&free trip on the boat over from ireland and england,... thinking like that would help us out of this, they only problem is we still have to get people to buy all these propertys in a time of recession & bearish recovery

....also invite americans or australians over, give them free irish passports& or visas if they buy property here....this would mean their kids would have an irish passport which would i feel be an incentive for them,....obviously this is aimed at rich people...and if there that rich they can buy their kids a house too

when u dont have much you still have your name.... ireland:) lol sell that sh1t to the plastic paddys and the irish diaspora

me_right_one · 11-04-2010 03:14AM

padz wrote: »

we need more immigrants&more creshes... thats the only logical thing i can think of, people fill property, so how do we get people here?
offer forigners an incentive to get them to buy and live here, australia in the 1950s had a deficite of women in their population so they offerd them free visas&free trip on the boat over from ireland and england,... thinking like that would help us out of this, they only problem is we still have to get people to buy all these propertys in a time of recession & bearish recovery

I dunno where to start, you have it so wrong.

We need to sell these properties at whatever money they can get. This will partly help fund NAMA, and will finally bring prices down to realistic prices. Its tough, but it has to happen, and the sooner the better. This is "ripping off a plaster" type stuff.

K-9 · 11-04-2010 03:21AM

Many of them are that far away from towns, they should be knocked and turned into Agricultural land.

I could see Apartment blocks in towns being converted to some use, creches, schools etc.

Prisons and Hospital, not so sure. Thinking about it, same with schools.How do we equip and staff them?

padz · 11-04-2010 03:26AM

me_right_one wrote: »

I dunno where to start, you have it so wrong.

We need to sell these properties at whatever money they can get. This will partly help fund NAMA, and will finally bring prices down to realistic prices. Its tough, but it has to happen, and the sooner the better. This is "ripping off a plaster" type stuff.

ive no doubt these properties need to be sold at a low price but to who?
many people cant even get an 80 or 100 grand mortgage and the back log of houses is around about 160,000 acording to a recent report, that includes old and new houses that are currently empty..
i think we reely have to look outside of ireland for people to purchase these properties with and incentive to move over here, weather theyve just sold there house in the us or australia and want to move, give them a visa for free & passports if they can get in on the granny rule, a rule so many footballers avial of, well then their kids will have full irish citizenship if their born here, i think it makes perfect sence, we have to look to the diaspora and people who have a 'love of ireland' in that sence older people& familys starting out having kids etc

epgc3fyqirnbsx · 11-04-2010 03:31AM

K-9 wrote: »

Many of them are that far away from towns, they should be knocked and turned into Agricultural land.

I could see Apartment blocks in towns being converted to some use, creches, schools etc.

Prisons and Hospital, not so sure. Thinking about it, same with schools.How do we equip and staff them?

I dont think they'd be great for agricultural land though becasue there are all the foundations, ground wroks sewerage etc and the cost for demoltion and clearance vs the low yield income for a few acres wouldn't make it sustainable.

When I was in national school, before the boom, tourism was our biggest industry. I realy think that if these houses could be offered cheaply, just maintanence costs to be paid, it would be a massive incentive for peole to come here and spend more money.
This would obiously be at the cost of hotels but tbh, we have too many hotels now anyway and a weigh up of the advantages would beat the disadvantages.
A lot of people who would travel here and stay in hotels in this climate would probably continue to do so anyway.
And it could be the kick start we need.

so says the fella posting at 3.30am anyways

ascanbe · 11-04-2010 03:32AM

Yeah, that's what we own.
You literally couldn't give most of what we now 'own' away; it's utterly worthless.
Those who used to own much of it, though, have been bailed out and, i presume, are now laughing at us; perhaps some feel some guilt. Who cares?
Either way, it's the single greatest heist i can think of.
And we have mass defaults on mortgages to look forward to.
Let's face facts; the criminal bank guarantee and the Anglo bail-out and the joke that is 'NAMA', have rendered Ireland a failed state.
Prepare for the repo-men of the IMF to come in on behalf of the sainted international banking community; grow some potatoes and raise some chickens in your garden if your lucky enough to have one.
Stop listening to ridiculous lies being spouted by our government and vested interests in the financial 'community'; have you ever wondered why their projected 'figures' are always spectacularly wrong?

K-9 · 11-04-2010 03:36AM

Braylee Faithful Cornbread wrote: »

I dont think they'd be great for agricultural land though becasue there are all the foundations, ground wroks sewerage etc and the cost for demoltion and clearance vs the low yield income for a few acres wouldn't make it sustainable.

When I was in national school, before the boom, tourism was our biggest industry. I realy think that if these houses could be offered cheaply, just maintanence costs to be paid, it would be a massive incentive for peole to come here and spend more money.
This would obiously be at the cost of hotels but tbh, we have too many hotels now anyway and a weigh up of the advantages would beat the disadvantages.
A lot of people who would travel here and stay in hotels in this climate would probably continue to do so anyway.
And it could be the kick start we need.

so says the fella posting at 3.30am anyways

If you say, have a €200k loan per house on a 50 house site, say €10 Million with no hope of getting say, €150k per house in the near future, it's an option. The chances of selling 50 houses at that price versus long term sustainable Agricultural development.

Cases like that will happen.

padz · 11-04-2010 03:43AM

why are people being so down, yeah we got a Sh1tload of houses, many of them are imo built badly, but im sure there would be people out there, who are in the us,uk or australia in the same postion&want to move here, we have a low population for the size of the island, were not even near the pre famine population, only 3years ago ireland was the number1 destination to live

things dont go from good to Sh1te in 60seconds, yeah its bad but i can think of plenty of reasons why an american or australian would buy a new house here over a run down house on an estate in manchester which cant even be sold for 20grand,

the land that hasent yet been built on will be purchased by some big american firm for rock bottom prices and theyll stick up some companies on it, dont be fooled theres a lot of people out there with money but their waiting to see what the offers are, the world is like a whorehouse, were the best lookin whore out there at the mo, young country a lot goin for it, we just have to give em blowjobs to get em here.... passports/visas....nuff said:)

great_pretender · 11-04-2010 03:45AM

I have an idea.... the estates that are built on an site where there is a lot of green area, could be used to graze livestock, and have the houses as shelter for them... eg. sheep could have a few houses to themselves (upstairs could be used to store sheep feed), one could be used as a massive hen house, and if you kept the temperature at a right level with the ofch thermostat, you could create a hatchery... cattle are a bit messy so I would keep goats instead. I would use the other houses to grow year round vegetables, thats what their doing in New York with the surplus real estate.... and convert the remainder into a micro brewery..... really though, what if you were to do this?

MultiUmm · 11-04-2010 03:45AM

ascanbe wrote: »

Yeah, that's what we own.
You literally couldn't give most of what we now 'own' away; it's utterly worthless.
Those who used to own much of it, though, have been bailed out and, i presume, are now laughing at us; perhaps some feel some guilt. Who cares?
Either way, it's the single greatest heist i can think of.
And we have mass defaults on mortgages to look forward to.
Let's face facts; the criminal bank guarantee and the Anglo bail-out and the joke that is 'NAMA', have rendered Ireland a failed state.
Prepare for the repo-men of the IMF to come in on behalf of the sainted international banking community; grow some potatoes and raise some chickens in your garden if your lucky enough to have one.
Stop listening to ridiculous lies being spouted by our government and vested interests in the financial 'community'; have you ever wondered why their projected 'figures' are always spectacularly wrong?

Michael Flynn was on the radio a few weeks ago, saying that "you'll need us again to bring Ireland out of the recession when it ends"

Sort of reminds me of the bad guy at the end of some B-Movie. Actually, the whole country is like one giant B-Movie now.

me_right_one · 11-04-2010 03:50AM

padz wrote: »

ive no doubt these properties need to be sold at a low price but to who?
many people cant even get an 80 or 100 grand mortgage and the back log of houses is around about 160,000 acording to a recent report, that includes old and new houses that are currently empty..
i think we reely have to look outside of ireland for people to purchase these properties with and incentive to move over here, weather theyve just sold there house in the us or australia and want to move, give them a visa for free & passports if they can get in on the granny rule, a rule so many footballers avial of, well then their kids will have full irish citizenship if their born here, i think it makes perfect sence, we have to look to the diaspora and people who have a 'love of ireland' in that sence older people& familys starting out having kids etc

Well just look at those apartments in Mullingar that sold for 70K each last week. They were originally looking for 200-300K, no chance. They reduced them to 150K, still no buyers. The builder then said feck this, went on the radio offering them at 70K, and 1000 people showed up the next day at the showrooms. He sold 46 out of the 80 or so apts in 1 day.

At least he's gonna break even, and not owe the banks anything now, and 46 people wont have crippling mtgs to pay.

As for the over-supply, our population will naturally increase over time, let it. Importing Americans / Australians is not the answer.

ascanbe · 11-04-2010 03:56AM

padz wrote: »

why are people being so down, yeah we got a Sh1tload of houses, many of them are imo built badly, but im sure there would be people out there, who are in the us,uk or australia in the same postion&want to move here, we have a low population for the size of the island, were not even near the pre famine population, only 3years ago ireland was the number1 destination to live

things dont go from good to Sh1te in 60seconds, yeah its bad but i can think of plenty of reasons why an american or australian would buy a new house here over a run down house on an estate in manchester which cant even be sold for 20grand,

the land that hasent yet been built on will be purchased by some big american firm for rock bottom prices and theyll stick up some companies on it, dont be fooled theres a lot of people out there with money but their waiting to see what the offers are, the world is like a whorehouse, were the best lookin whore out there at the mo, young country a lot goin for it, we just have to give em blowjobs to get em here.... passports/visas....nuff said:)

I can see the sales pitch: 'Come to Ireland. You can live in a poorly built house, that has deteriorated over the winter, and may be on a flood plain, in an at least half empty estate in a part of the country where there are literally no jobs. At all. On the plus side, the weather is ****.'
I'm not trying to be negative; i'm just being realistic.
We have allowed our corrupt govt. to hoodwink us into this; NAMA is the only game in town, the green shoots of recovery etc.
I hope there is some way to turn this around; just can't see how, at the moment.
People just don't seem to realise where we're at yet; will be too late when the penny drops.

padz · 11-04-2010 03:57AM

me_right_one wrote: »

Well just look at those apartments in Mullingar that sold for 70K each last week. They were originally looking for 200-300K, no chance. They reduced them to 150K, still no buyers. The builder then said feck this, went on the radio offering them at 70K, and 1000 people showed up the next day at the showrooms. He sold 46 out of the 80 or so apts in 1 day.

At least he's gonna break even, and not owe the banks anything now, and 46 people wont have crippling mtgs to pay.

yeah of course fair play to him thats the type of things that need to be done 70grand for an appartment is a fair price, but theres plenty of houses out there and houses need familys thats all im sayin we need people with 140k (double the 2bed appartment) for a nice new 4bed house, now who has 140k cash not many people only someone from another country whos already sold their house and lookin to move to a new country, all im sayin is we have a brand... brand ireland call it what u want but im sure ud find people out their who have cash and would like to live here if the move was simple with visas etc...

padz · 11-04-2010 04:05AM

oh and to us irish longford or mullingar may not be bright lights big city but to other people they may love it, old people would love it, there nice little house in 'ayreland', tryin to find their roots, then they eventually find out their granny was from scotland not ireland ...oh well at least theyve bought a house from us, look the irish are the worlds best sh1te talkers when it comes to sellin stuff, if someone had the balls to run an ad in a us or australian paper selling irish property with no visa restrictions,just come here and live, retire whatever, those houses would start selling

ascanbe · 11-04-2010 04:27AM

padz wrote: »

oh and to us irish longford or mullingar may not be bright lights big city but to other people they may love it, old people would love it, there nice little house in 'ayreland', tryin to find their roots, then they eventually find out their granny was from scotland not ireland ...oh well at least theyve bought a house from us, look the irish are the worlds best sh1te talkers when it comes to sellin stuff, if someone had the balls to run an ad in a us or australian paper selling irish property with no visa restrictions,just come here and live, retire whatever, those houses would start selling

You're right; we are the best sh1te talkers.
Unfortunately, we are also our best audience.
Appreciate the point you're trying to make; this country needs realism at the moment, though.
Not pie in the sky nonsense.
We've already overdosed on that.

Noreen1 · 11-04-2010 09:45AM

We have all these empty houses, and probably a load of other buildings, too.

At the same time, we have County Councils with ridiculous Housing lists, the HSE paying a fortune in rent allowance, and a dire need for new Schools, Hospitals, and whatever else.

Novel idea: Assess the possible uses of what "We" (Yeah, Right!) own.
Assess where these Buildings can satisfy an existing Need, refine it to where that Need can reduce current, or (near) future spending, and possibly even generate some rent returns, and we might actually get something like a "Return on Investment" - for "Joe Public" for once.

Do I think it will happen? Er, No! They'll probably bulldoze half of them, to protect Property prices........... Then they'll let the other half rot for about 10 years, and Bulldoze them anyway, because they're "Unsaleable". JMO.

Noreen

What should NAMA (we that are paying for it) do with all this empty property??

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