Investment Firms Buying Estates

_ZeeK_ · 02-05-2021 6:15pm #1

Seeing reports of investment firms buying parts of estates or whole estates.

https://www.businesspost.ie/houses/global-property-investment-firm-buys-most-of-170-home-estate-in-kildare-783922ac

Just wondering if anyone has come across this? E.g. buying a new home and discovering your neighbouring properties would be owned by private funds.

If so, how did you discover this? Presumably the developer isn’t obliged to disclose this information.

The Student · 02-05-2021 7:02pm

_ZeeK_ wrote: »

Seeing reports of investment firms buying parts of estates or whole estates.

Just wondering if anyone has come across this? E.g. buying a new home and discovering your neighbouring properties would be owned by private funds.

If so, how did you discover this? Presumably the developer isn’t obliged to disclose this information.

Developer does not have to disclose who is buying. Alot of approved housing bodies are purchasing multiple properties in new developments.

Chris_5339762 · 02-05-2021 8:07pm

Yes. My old apartment block was owned by the developer apart from five apartments which he'd sold. A Canadian firm bought the balance of apartments and offered to buy the five, which I think 2 or 3 took up the offer. The other two couldn't.

All good, new tenants to rent the 25 apartments? Nope. Canadian firm did a deal with Dublin City Council and filled all 25 up with social housing. Glad I got out of there.

Bervbers · 02-05-2021 9:24pm

It's.all for social housing

Lia_lia · 02-05-2021 9:45pm

Not for private tenants but I have experience of keeping an eye on a new build estate being built and it turning out to be all social housing. Checked planning and it was supposed to be a private estate with the usual part V allocation. I was even in touch with developers asking for updates but they never disclosed that it was social housing until I found out from neighbours and social media. I’ve heard this happening all over the country now.

Caranica · 02-05-2021 9:57pm

Lia_lia wrote: »

Not for private tenants but I have experience of keeping an eye on a new build estate being built and it turning out to be all social housing. Checked planning and it was supposed to be a private estate with the usual part V allocation. I was even in touch with developers asking for updates but they never disclosed that it was social housing until I found out from neighbours and social media. I’ve heard this happening all over the country now.

That happened in my greater development. A cluster launched to the public at the weekend and the Council bought it in its entirety on the Wednesday, totally contrary to their own social housing policy on avoiding ghettoisation. I'm lucky that it's far enough from me but the cluster across the road have had terrible problems. Only a handful of troublesome units but they've impacted so many more in their cluster and the neighbouring one.

mcsean2163 · 02-05-2021 10:59pm

I wonder when REITs, charities and government are going to stop buying houses. Prices are absolutely crazy.

Samuel T. Cogley · 03-05-2021 8:32am

mcsean2163 wrote: »

I wonder when REITs, charities and government are going to stop by houses. Prices are absolutely crazy.

Rents are crazier so the REITs will continue, the government dont care so will continue and homeless inc. Need to keep the wheels turning so I dont see them stopping.

mcsean2163 · 03-05-2021 10:39am

Samuel T. Cogley wrote: »

Rents are crazier so the REITs will continue, the government dont care so will continue and homeless inc. Need to keep the wheels turning so I dont see them stopping.

The government don't have infinity money. They're already €160 million over budget for housing.

https://www.irishtimes.com/news/ireland/irish-news/cabinet-to-be-warned-public-spending-levels-are-unsustainable-1.4548376?mode=amp

The REITS are buying to rent to the government at exorbitant rates ai those rate are locked in for 20 years or whatever. As soon as the government stops their buying program the market can drop as they no longer need to scam the government and there's no private market for €1500 1 beds in ballyfermot.

https://www.daft.ie/for-rent/apartment-apartment-1-killeen-court-ballyfermot-dublin-10/2936984

_ZeeK_ · 03-05-2021 11:43am

Samuel T. Cogley wrote: »

Rents are crazier so the REITs will continue, the government dont care so will continue and homeless inc. Need to keep the wheels turning so I dont see them stopping.

Agree.

Concern is, with buying, if you end in among such a development, the social fabric of such an area will be lacking. If people know they’re temporary they won’t be invested in the area. Community vibe will be missing, pride in general upkeep will be lacking, etc.

I once rented in one of those big developments near Dublin Docklands - Fun while you’re young but it felt like a holiday camp rather than a home. The thing about that location is - it’s obvious that will be the case.

However, now we have funds buying developments in the suburbs and commuter belts so it’s going to be much less obvious at first glance. You want community and a fixed population rather than temporary groups, with precarious protections on tenure, coming and going.

So, what’s best way to keep tabs on this and avoid realising you’ve landed yourself in this sort of situation after it’s too late?

handlemaster · 03-05-2021 1:09pm

mcsean2163 wrote: »

I wonder when REITs, charities and government are going to stop buying houses. Prices are absolutely crazy.

This also means when will they start building houses ? Not going to happen.

Samuel T. Cogley · 03-05-2021 1:24pm

_ZeeK_ wrote: »

So, what’s best way to keep tabs on this and avoid realising you’ve landed yourself in this sort of situation after it’s too late?

I preface my remarks by saying I live in an area that was traditionally social housing and some still is, everyone is on edge when the council buys a place as you've no idea who they're going to put in.

In answer to your question I have no idea I'm afraid. I know I wouldn't want to be buying on a new estate knowing that the majority could be bought up by the council or a REIT which mark my words will end up being sold off wholesale to the likes of the council or this long term rental malarkey when the tide begins to turn.

Frankly we've learnt fcuk all and we're going to end up with even more ghettos that take mass individual ownership to sort out.

As for Roderic O'Gorman and this 'own door accommodation' as an alternative to direct provision, don't get me started.

Browney7 · 03-05-2021 1:28pm

Samuel T. Cogley wrote: »

I preface my remarks by saying I live in an area that was traditionally social housing and some still is, everyone is on edge when the council buys a place as you've no idea who they're going to put in.

In answer to your question I have no idea I'm afraid. I know I wouldn't want to be buying on a new estate knowing that the majority could be bought up by the council or a REIT which mark my words will end up being sold off wholesale to the likes of the council or this long term rental malarkey when the tide begins to turn.

Frankly we've learnt fcuk all and we're going to end up with even more ghettos that take mass individual ownership to sort out.

As for Roderic O'Gorman and this 'own door accommodation' as an alternative to direct provision, don't get me started.

What I find amusing is the council's won't build areas of public housing due to the social mix but yet are more than happy to rent en masse or allow AHBs to do the exact same thing!

Smart capital knows commercial property is going to have a lean few years and aren't going to look the Irish state gift-horse in the mouth for long.

_ZeeK_ · 03-05-2021 1:36pm

The Student wrote: »

Developer does not have to disclose who is buying. Alot of approved housing bodies are purchasing multiple properties in new developments.

Yes. So curious to know how people went about discovering this information.

Muahahaha · 03-05-2021 4:06pm

Heard on the radio that the estate in Maynooth had 80% of its new starter homes bought by a fund. Ive a friend who is a first time buyer in Maynooth and cant get anything so they'll be fumng at this news. Anyone know what estate it was?

Funds buying up apartment blocks en masse and renting them back to the State has been going on in Dublin for a few years now. Dun Laoighire council are signed into 20 year leases on 90 apartments in Dundrum at 2k a month, its crazy stuff. But this is the first time Ive heard of the funds now moving out of Dublin and buying up housing estates.

JustAThought · 03-05-2021 4:18pm

Been going on quietly for DECADES Nd not helped by do-gooders from the Big 4 sitting on boards of and acting as advisors to major so called ‘homeless’ charities. Assets in NAMA being ringfenced to hand over to these ‘charities’ for a song - so much for the taxpayers assets and sacrifices and taxes to bail out the banks/ developers.

For people considering buying in an unknown estate - bearing in mind it can take a year or more for the sales to be registered (another joke for yet another quango) Have a look at the Property Price Index website and google the estate. Remember it may have been sold en masse but not yet appear on the PPI website. But you’ll find a lot of block sales imdirectly there - multiple houses or appartments all sold on the same day for a block price ( eg units no 5-237) for a block registered price of 20 million or so ( for example).

Friend of mine was living ten years in a lovely settled estate and the field at the end of their house was sold - I walked around it once built 2 years ago to be nosey & was shocked to see that EVERY house had the same awful blinds and the same awful cheap furniture laid out the same way in every front room. Turns out it was sold en masse and was waiting to recieve its ‘clients’. A lovely settled estate turned in a rat run for a council hovel overnight.

I also see some so called ‘homeless’ charities promoting the properties they own - you can read the names & addresses of the blocks and estates from their websites.

Also google the apartment address and ‘for sale’ - I discovered quite by accident that a 60 ‘unit’ entire apartment block I ‘knew’ was for sale in its entirity - quite the revelation.

FromADistance · 03-05-2021 4:57pm

https://m.independent.ie/business/irish/four-in-ten-homes-in-glenveagh-portfolio-have-prs-potential-38908186.html

This market behaviour has been well flagged and developers see this as a handy opportunity to sell houses in bulk as illustrated by the link above. I am aware of an estate in D15 where between a private equity fund & Fingal County Council, they own 70% of the houses. The private equity fund plan to rent the houses at c2k p.m, prime for a county council deal because let's be honest, who else could afford to rent them? No wonder the market is ****ed when you have County Councils agreeing to rent whole estates at the top of the market. None of this does anything for affordability and only keeps the greasy wheel turning. It's an outrageous waste of taxpayers money.

jrosen · 03-05-2021 5:11pm

The developer is under no legal obligation to disclose who is buying. Housing agencies are looking to buy a minimum number of houses but they will take whatever they can get.

I know of a development that from planning approval stage was always going to 100% social and the builder, housing agency and KCC kept it quiet. It allowed the developer to sell his other houses at top market value. Kildare county council when challenged on this said that a persons right to be housed trumps any other concerns. They flat out refused to engage with local reps and all parties lied to potential buyers and those who bought the first lot of houses.

Its a win win for the local authorities and also the builder. The builder gets to bulk sell and often a housing agency will take over and run a 25 year lease. Those housed will be on some sort of long term lease through the council.

My advice to buyers. Dont buy when the development launches. Sit tight and keep an eye. You can get an idea if on the site map there is a sudden buy up of a large number of properties. Generally you will see houses dotted around where people have paid their deposits. But unlikely to see rows of houses all sold together.

Fawk Nin · 04-05-2021 1:40pm

FromADistance wrote: »

https://m.independent.ie/business/irish/four-in-ten-homes-in-glenveagh-portfolio-have-prs-potential-38908186.html

This market behaviour has been well flagged and developers see this as a handy opportunity to sell houses in bulk as illustrated by the link above. I am aware of an estate in D15 where between a private equity fund & Fingal County Council, they own 70% of the houses. The private equity fund plan to rent the houses at c2k p.m, prime for a county council deal because let's be honest, who else could afford to rent them? No wonder the market is ****ed when you have County Councils agreeing to rent whole estates at the top of the market. None of this does anything for affordability and only keeps the greasy wheel turning. It's an outrageous waste of taxpayers money.

What's the estate if you don't mind me asking?

breadmonster · 04-05-2021 3:54pm

Fawk Nin wrote: »

What's the estate if you don't mind me asking?

Looks like bay meadows
https://www.irishtimes.com/news/politics/investment-firms-buy-estate-of-112-new-houses-in-dublin-to-rent-out-1.4554949

Falling · 04-05-2021 4:04pm

It's Mullen Park in Maynooth.

ec18 · 04-05-2021 4:08pm

yup mullen park friend of mine bought before they were all purchased for rental

jrosen · 04-05-2021 4:12pm

ec18 wrote: »

yup mullen park friend of mine bought before they were all purchased for rental

Its absolutely terrible. Hopefully its maintained, at this stage thats all they can hope for.

Del2005 · 04-05-2021 4:18pm

Samuel T. Cogley wrote: »

I preface my remarks by saying I live in an area that was traditionally social housing and some still is, everyone is on edge when the council buys a place as you've no idea who they're going to put in.

In answer to your question I have no idea I'm afraid. I know I wouldn't want to be buying on a new estate knowing that the majority could be bought up by the council or a REIT which mark my words will end up being sold off wholesale to the likes of the council or this long term rental malarkey when the tide begins to turn.

Frankly we've learnt fcuk all and we're going to end up with even more ghettos that take mass individual ownership to sort out.

As for Roderic O'Gorman and this 'own door accommodation' as an alternative to direct provision, don't get me started.

Problem is that the councils and associations are also buying up single houses, so once a property is for sale the odds are good that it'll be bought for some type of social housing.

Fred Cryton · 04-05-2021 4:38pm

Del2005 wrote: »

Problem is that the councils and associations are also buying up single houses, so once a property is for sale the odds are good that it'll be bought for some type of social housing.

Yep. Now this is a even bigger problem. We have the government pricing out first time buyers by buying up new stock for social.

At least the funds will rent them out to ordinary WORKING people.

C14N · 04-05-2021 4:49pm

Fred Cryton wrote: »

Yep. Now this is a even bigger problem. We have the government pricing out first time buyers by buying up new stock for social.

At least the funds will rent them out to ordinary WORKING people.

Social housing isn't just for the unemployed. It's for everyone below a certain cutoff salary.

The Student · 04-05-2021 4:51pm

_ZeeK_ wrote: »

Yes. So curious to know how people went about discovering this information.

Look at the PPR to see who owns the property. Once potential buyers know Approved Housing Bodies are purchasing it reduces the price the developer can charge for the other properties for sale.

timmyntc · 04-05-2021 4:55pm

C14N wrote: »

Social housing isn't just for the unemployed. It's for everyone below a certain cutoff salary.

True, but overwhelming amount of people in social housing are in rental arrears.

So while its not necessarily housing for the unemployed, it is for many - housing for free.

Jammyd · 04-05-2021 5:21pm

I've been saying this for years, we bought a gorgeous home up in D15 by the train station in Hansfield in what we thought would be our long term home, just after we got the key and after the developers had met their Part V obligations including additional apts which went to the Peter McVery trust they then went and sold 99 of the final phase to IRES REIT.

Sad to say but the estate has gone to the dogs and it breaks my heart any time we pass it now. We sold up late last year just as another couple of hundred apartments were about to be rented out. The prices on the rentals are insane for the location and essentially are a back door for social housing as the council are subventing the rents HAP to social tenants for them to be rented. This was even reported in the RTE news back in 2018 (apologies for the random link it looks like RTE only have the story on their FB page) anyway needless to say we got out just in time having witnessed the place get worse and worse over time. I would say the estate is probably 50 - 60 percent social housing now which is very unfair for those in the private section who paid well over 300k at the time. IRES REIT couldn't care less about who they let the properties too once they are getting their high rents, numerous times I contacted them over illegal dumping, the state of the public areas and an incident where I was verbally (almost physically but thankfully didn't reach that point) assaulted by some of their high calibre tenants who roamed around the estate off their heads on a regular basis and they couldn't care less. Sad to see the govt allow this instead of actually building social and affordable housing themselves, another smack in the face for the middle income earner. Just to add not all the tenants in the Rental section where as described but in general its low income, unemployed families who've been crammed into the area and have little regard to maintaining and improving the area in any meaningful way.
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=video&cd=&cad=rja&uact=8&ved=2ahUKEwjxxJG-tbDwAhVBoVwKHYMgA_8QtwIwAHoECAYQAw&url=https%3A%2F%2Fwww.facebook.com%2Frtenews%2Fvideos%2F2228511307177859%2F&usg=AOvVaw1FgGTIzfveHxPDgjVCCsj7

Fred Cryton · 04-05-2021 5:43pm

Jammyd wrote: »

I've been saying this for years, we bought a gorgeous home up in D15 by the train station in Hansfield in what we thought would be our long term home, just after we got the key and after the developers had met their Part V obligations including additional apts which went to the Peter McVery trust they then went and sold 99 of the final phase to IRES REIT.

Sad to say but the estate has gone to the dogs and it breaks my heart any time we pass it now. We sold up late last year just as another couple of hundred apartments were about to be rented out. The prices on the rentals are insane for the location and essentially are a back door for social housing as the council are subventing the rents HAP to social tenants for them to be rented. This was even reported in the RTE news back in 2018 (apologies for the random link it looks like RTE only have the story on their FB page) anyway needless to say we got out just in time having witnessed the place get worse and worse over time. I would say the estate is probably 50 - 60 percent social housing now which is very unfair for those in the private section who paid well over 300k at the time. IRES REIT couldn't care less about who they let the properties too once they are getting their high rents, numerous times I contacted them over illegal dumping, the state of the public areas and an incident where I was verbally (almost physically but thankfully didn't reach that point) assaulted by some of their high calibre tenants who roamed around the estate off their heads on a regular basis and they couldn't care less. Sad to see the govt allow this instead of actually building social and affordable housing themselves, another smack in the face for the middle income earner. Just to add not all the tenants in the Rental section where as described but in general its low income, unemployed families who've been crammed into the area and have little regard to maintaining and improving the area in any meaningful way.
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=video&cd=&cad=rja&uact=8&ved=2ahUKEwjxxJG-tbDwAhVBoVwKHYMgA_8QtwIwAHoECAYQAw&url=https%3A%2F%2Fwww.facebook.com%2Frtenews%2Fvideos%2F2228511307177859%2F&usg=AOvVaw1FgGTIzfveHxPDgjVCCsj7

The idea of "integration" of social with private is an absolute farce and a con job of epic proportions. The private buyers are treated as absolute mugs. No other country inflicts this on their hard working private buying citizens.

But it suits the virtue signalling Irish political elite, most of whom are living in older estates in South Dublin with little to no social, or in rural areas where its' not as much of an issue.

yer man! · 04-05-2021 5:47pm

Jammyd wrote: »

I've been saying this for years, we bought a gorgeous home up in D15 by the train station in Hansfield in what we thought would be our long term home, just after we got the key and after the developers had met their Part V obligations including additional apts which went to the Peter McVery trust they then went and sold 99 of the final phase to IRES REIT.

Sad to say but the estate has gone to the dogs and it breaks my heart any time we pass it now. We sold up late last year just as another couple of hundred apartments were about to be rented out. The prices on the rentals are insane for the location and essentially are a back door for social housing as the council are subventing the rents HAP to social tenants for them to be rented. This was even reported in the RTE news back in 2018 (apologies for the random link it looks like RTE only have the story on their FB page) anyway needless to say we got out just in time having witnessed the place get worse and worse over time. I would say the estate is probably 50 - 60 percent social housing now which is very unfair for those in the private section who paid well over 300k at the time. IRES REIT couldn't care less about who they let the properties too once they are getting their high rents, numerous times I contacted them over illegal dumping, the state of the public areas and an incident where I was verbally (almost physically but thankfully didn't reach that point) assaulted by some of their high calibre tenants who roamed around the estate off their heads on a regular basis and they couldn't care less. Sad to see the govt allow this instead of actually building social and affordable housing themselves, another smack in the face for the middle income earner. Just to add not all the tenants in the Rental section where as described but in general its low income, unemployed families who've been crammed into the area and have little regard to maintaining and improving the area in any meaningful way.
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=video&cd=&cad=rja&uact=8&ved=2ahUKEwjxxJG-tbDwAhVBoVwKHYMgA_8QtwIwAHoECAYQAw&url=https%3A%2F%2Fwww.facebook.com%2Frtenews%2Fvideos%2F2228511307177859%2F&usg=AOvVaw1FgGTIzfveHxPDgjVCCsj7

I was actually interested in buying my first house in the Hansfield area in a new estate a few years ago, it was probably the same estate! As a prospective first time buyer, new builds are like my last glimmer of hope in the current market. There's horror stories with bidding so I was hoping to go down the new build route but now this is another layer of bollo*ks that I have to consider in my search. This will be a self engineered brain drain over the next number of years for the state.

Jammyd · 04-05-2021 7:05pm

yer man! wrote: »

I was actually interested in buying my first house in the Hansfield area in a new estate a few years ago, it was probably the same estate! As a prospective first time buyer, new builds are like my last glimmer of hope in the current market. There's horror stories with bidding so I was hoping to go down the new build route but now this is another layer of bollo*ks that I have to consider in my search. This will be a self engineered brain drain over the next number of years for the state.

You dodged a bullet we loved the house itself poured a load of money and made it into a really nice home but soul destroying when you’d walk outside and see the state some of the families left the place in. Zero appreciation for the area or the position they’d found themselves it was disgraceful.
I think unless your hitting into the 450-500+ territory of new builds it’s nearly guaranteed the estate will have a PRS (private rented sector) element owned by a cuckoo fund let out to social tenants - which let’s be honest is not what anyone wants after killing themselves to save up a deposit and indebt themselves for the next 30 years, I don’t blame the individuals it’s an absolute failure on the system.

We are out now anyway but my heart goes out to anyone in that situation, we took a spin up there 6 months after we sold after some of the new apts had been let and to say we were shocked at the state was an understatement the place had litter everywhere, throngs of people walking around in their pjs having a smoke at 11 in the morning

Bio Mech · 04-05-2021 7:15pm

Jammyd wrote: »

You dodged a bullet we loved the house itself poured a load of money and made it into a really nice home but soul destroying when you’d walk outside and see the state some of the families left the place in. Zero appreciation for the area or the position they’d found themselves it was disgraceful.
I think unless your hitting into the 450-500+ territory of new builds it’s nearly guaranteed the estate will have a PRS (private rented sector) element owned by a cuckoo fund let out to social tenants - which let’s be honest is not what anyone wants after killing themselves to save up a deposit and indebt themselves for the next 30 years, I don’t blame the individuals it’s an absolute failure on the system.

We are out now anyway but my heart goes out to anyone in that situation, we took a spin up there 6 months after we sold after some of the new apts had been let and to say we were shocked at the state was an understatement the place had litter everywhere, throngs of people walking around in their pjs having a smoke at 11 in the morning

Our first house was in an estate very close to you. Just the other side of the village. We were in it 11 years.

It got stalled and left unfinished when the recession hit and they started building again when we had been in for about 8 years. The sold nearly all the last two phases to housing associations and investors I believe (the builder of our phase told me this).

The place went to crap. In the first 9 years there the glass bus shelter on the road hadn’t been touched. In the last 2 years it was smashed up 7 times. Graffiti. Litter. Abandoned cars. Parties. Knacker kids burning down the bin store. Like you we just left. Sold for €70k less than we bought it for. I would have taken less.

_ZeeK_ · 04-05-2021 7:46pm

Fred Cryton wrote: »

Yep. Now this is a even bigger problem. We have the government pricing out first time buyers by buying up new stock for social.

At least the funds will rent them out to ordinary WORKING people.

I’m renting in an estate with some social housing. It’s very hard to tell which houses are social and which are not. So, with that in mind, I don’t have a big issue with some allocation of social housing (along the lines of Part V)

Where I do have an issue is an estate full of renters. A temporary population knowing they don’t have a permanent stake in the community. I for instance, will take care of my home when I own it but, my current rented residence? I do the bare minimum to ensure it doesn’t go deteriorate beyond ‘reasonable wear and tear’. Social housing? It’s their home. They’re not moving. It will be home as much for them as it is for me.

Now, that’s why I started this post. Seeing REITs buying estates wholesale or portions of estates has me concerned. I think it would be a nightmare to own a home in an area where a large majority of the properties are rented out.

_ZeeK_ · 04-05-2021 7:49pm

The Student wrote: »

Look at the PPR to see who owns the property. Once potential buyers know Approved Housing Bodies are purchasing it reduces the price the developer can charge for the other properties for sale.

PPR doesn’t list buyer?

And for new build estates where you’re buying off the plans and the estate has not yet been completed - how would you go about safeguarding against it then?

punisher5112 · 04-05-2021 7:54pm

I'm very surprised there isn't uproar about all this crazy carry on.
I suppose the ones looking for housing off the council won't complain....

If I were starting out and after doing college and degrees etc it's shocking to see many when they get a job can't afford to buy, are stuck renting at extortionate prices and even have to house share and with things as is even LL house share such as rent a room.

The young up and coming are actually going to be so screwed over its unreal, housing stock snapped up and I've said this to numerous people it's going down the road of you will never own your own place and everyone will be renting forever unless they really have a lot of money.

Look at the banks pulling out, that's going to make it near impossible to get a mortgage from now on. We had it extremely difficult ourselves but timing we got on the ladder before the covid mess.

It really isn't looking like a bright future.

Jammyd · 04-05-2021 8:29pm

Bio Mech wrote: »

Our first house was in an estate very close to you. Just the other side of the village. We were in it 11 years.

It got stalled and left unfinished when the recession hit and they started building again when we had been in for about 8 years. The sold nearly all the last two phases to housing associations and investors I believe (the builder of our phase told me this).

The place went to crap. In the first 9 years there the glass bus shelter on the road hadn’t been touched. In the last 2 years it was smashed up 7 times. Graffiti. Litter. Abandoned cars. Parties. Knacker kids burning down the bin store. Like you we just left. Sold for €70k less than we bought it for. I would have taken less.

I think I know exactly whereabouts you are the sad part is the area and developments are actually quite nice but the system has funnelled a tonne of backward social housing into what otherwise would be a settled working class area, glad to hear you managed to sell up I wish I could have just ignored how bad things where getting but it actually started to take a toll on our mental health, the straw that broke the camels back was when working from home during the pandemic I hear a massive crash and see 2 thugs (not from our estate) run down the street having just smashed in our lovely neighbors window at 12 in the day for zero reason other than they were arseholes.. after that I was like good luck and goodbye, we thankfully got out and will rent for the foreseeable and will NEVER buy in a new estate or area with mainly private rented stock while the current HAP and REIT System remains

The Student · 04-05-2021 8:36pm

_ZeeK_ wrote: »

PPR doesn’t list buyer?

And for new build estates where you’re buying off the plans and the estate has not yet been completed - how would you go about safeguarding against it then?

The PPR does list the buyer but after the fact. The only way I can think of finding if their are AHB or institutional investors is to see if there is a sudden increase in sales in a very short period of time.

jrosen · 04-05-2021 8:57pm

Looks like it could get worse, latest push to have 10% part V and also 10% shared equity. So 20% would be social before any others were possibly bought by an investment fund or housing agency.

Browney7 · 04-05-2021 9:02pm

The Student wrote: »

The PPR does list the buyer but after the fact. The only way I can think of finding if their are AHB or institutional investors is to see if there is a sudden increase in sales in a very short period of time.

I've never seen the name of a buyer on the PPR unless there is a different version of it? Or is it the land registry maybe?

Re funds and REITs, yeah bulk deals appear either as X apartments for 20 million or else 40 different entries on the same day usually

The Student · 04-05-2021 9:03pm

The Govt are going to destroy areas. Rather than having only a handful of bad areas all areas will become bad to varying degrees.

Personally I would never purchase in a new development. I would rather a doer upper even if it meant not having furniture for a couple of years. Which is exactly what I did.

Life is to short to live in an area destroyed by those who get housed for next to nothing and don't value what they get.

The Student · 04-05-2021 9:05pm

Browney7 wrote: »

I've never seen the name of a buyer on the PPR unless there is a different version of it? Or is it the land registry maybe?

Re funds and REITs, yeah bulk deals appear either as X apartments for 20 million or else 40 different entries on the same day usually

They appear on the PPR but as far as I can remember each property is listed separately. Its been a while since I looked at the PPR.

JimmyVik · 05-05-2021 9:59am

Del2005 wrote: »

Problem is that the councils and associations are also buying up single houses, so once a property is for sale the odds are good that it'll be bought for some type of social housing.

I started a thread about that a few weeks ago but the mod closed it saying it was a conspiracy theory.

JimmyVik · 05-05-2021 10:00am

Fred Cryton wrote: »

Yep. Now this is a even bigger problem. We have the government pricing out first time buyers by buying up new stock for social.

At least the funds will rent them out to ordinary WORKING people.

And there you have it. The ordinary working person is paying for the house they live in - TWICE. Ones from their taxes and then from their after tax pocket too.

05-05-2021 10:02am

Del2005 wrote: »

Problem is that the councils and associations are also buying up single houses, so once a property is for sale the odds are good that it'll be bought for some type of social housing.

What are they supposed to do?

I was listening to a radio interview about the thousands in emergency accommodation, these people need to be looked after too.

jrosen · 05-05-2021 10:12am

Topgear on Dave wrote: »

What are they supposed to do?

I was listening to a radio interview about the thousands in emergency accommodation, these people need to be looked after too.

You think its ok that houses are being removed from the market and therefore not available to ordinary working people?

You think its ok that people who sink every penny they have into a home finding out their development is going to become majority social housing.

People are being lied too, being mislead by the builders, the government and local authorities. Let them start with showing how many homes will be sold off to funds/housing agencies. People should have the right to know what they are buying into.

Flinty997 · 05-05-2021 10:17am

Topgear on Dave wrote: »

What are they supposed to do?

I was listening to a radio interview about the thousands in emergency accommodation, these people need to be looked after too.

They need to build housing. If its an emergency, build emergency housing.
If there are anti social issues sort them out. Not just move them into someone else's area. Until they do one approach is not buy in a new estate.

afatbollix · 05-05-2021 10:44am

Seems to me that Dublin just hates the middle class.

You don't get it as much down the country.

It's mad that people who don't work are left where the jobs are! And the people working commute for hours a day

The world has gone mad.

punisher5112 · 05-05-2021 11:42am

afatbollix wrote: »

Seems to me that Dublin just hates the middle class.

You don't get it as much down the country.

It's mad that people who don't work are left where the jobs are! And the people working commute for hours a day

The world has gone mad.

I've said this exact thing for years....

What seems to be the mentality is that they must be in the area they were brought up and close to their mums for example....

Beyond ridiculous excuse to be fair

Glaceon · 05-05-2021 11:49am

punisher5112 wrote: »

I've said this exact thing for years....

What seems to be the mentality is that they must be in the area they were brought up and close to their mums for example....

Beyond ridiculous excuse to be fair

... while the rest of us who lived there are being pushed out to the likes of Kildare, Drogheda or beyond!

Spideoige · 05-05-2021 12:06pm

My partner had a deposit down for a three bed semi in a suburban area. The developer kept pushing out the finish date until my partner decided to pull out of the purchase. Turns out that the developer had been in talks with a public housing body and was intending to sell the entire estate to them. What I don't understand is the development (approx. 60 houses) was almost entirely sold out. According to the PPR website, these units sold for over and beyond the asking price so it is absolutely clear that the government are pricing first time buyers out of the market and yet absolutely nothing is said about this. There is very little other development in the area so I have no idea what has happened to the others who had put down holding deposits. Probably in the same position as my partner and I who are living with our parents with no real confidence in trying to go forward with a new build purchase any time soon. It's an absolute disaster.

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