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Investment Firms Buying Estates

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24567…14

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    #32
    Jammyd
    Registered Users Posts: 281 ✭✭Jammyd


    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


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    #33
    Bio Mech
    Registered Users Posts: 1,040 ✭✭✭Bio Mech


    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.


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    #34
    _ZeeK_
    Registered Users Posts: 282 ✭✭_ZeeK_


    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.


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    #35
    _ZeeK_
    Registered Users Posts: 282 ✭✭_ZeeK_


    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?


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    #36
    punisher5112
    Registered Users Posts: 24,647 ✭✭✭✭punisher5112


    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.


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    #37
    Jammyd
    Registered Users Posts: 281 ✭✭Jammyd


    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


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    #38
    The Student
    Registered Users Posts: 1,238 ✭✭✭The Student


    _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.


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    #39
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    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.


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    #40
    Browney7
    Registered Users Posts: 3,098 ✭✭✭Browney7


    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


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    #41
    The Student
    Registered Users Posts: 1,238 ✭✭✭The Student


    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.


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    #42
    The Student
    Registered Users Posts: 1,238 ✭✭✭The Student


    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.


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    #43
    JimmyVik
    Registered Users Posts: 5,368 ✭✭✭JimmyVik


    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.


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    #44
    JimmyVik
    Registered Users Posts: 5,368 ✭✭✭JimmyVik


    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.


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    #45
    Topgear on Dave
    Registered Users Posts: 4,520 ✭✭✭Topgear on Dave


    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.


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    #46
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    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.


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    #47
    Flinty997
    Registered Users Posts: 11,517 ✭✭✭✭Flinty997


    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.


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    #48
    afatbollix
    Registered Users Posts: 4,037 ✭✭✭afatbollix


    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.


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    #49
    punisher5112
    Registered Users Posts: 24,647 ✭✭✭✭punisher5112


    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


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    #50
    Glaceon
    Registered Users Posts: 2,000 ✭✭✭Glaceon


    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!


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    #51
    Spideoige
    Registered Users Posts: 61 ✭✭Spideoige


    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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    #52
    punisher5112
    Registered Users Posts: 24,647 ✭✭✭✭punisher5112


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

    Exactly, I had to move 2 counties out from where I'm from and work ...

    Yet I carry those that have no incentive to ever work as they live close to anything anyone would ever need, shops, public transport, doctors, hospitals etc etc etc ....


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    #53
    mrslancaster
    Registered Users Posts: 1,763 ✭✭✭mrslancaster


    Browney7 wrote: »
    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! ....

    Exactly this. New developments were supposed to have a small percentage allocated for social housing & that sounded great on paper but that's not what's happening.
    It doesn't make sense that buyers who spend years saving to buy in a private development then find that 80-90% of the development is social housing. That is clearly unfair. Why would anybody bother trying to own their own home if this keeps happening?


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    #54
    C14N
    Registered Users Posts: 2,638 ✭✭✭C14N


    _ZeeK_ wrote: »
    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.

    I don't agree with this at all. I've been a renter for years and always taken good care of any place I was in. In general I haven't had any issues with neighbours who were renting either. Most of us expect to leave at some point and wanted our deposits back when we did. Beyond that it's the landlord's responsibility to pay to take care of upkeep, not the tenant. Ideally, in a competitive rental market, landlords would be incentivised to do that in order to stop tenants moving elsewhere, although I'd imagine in our current market many won't bother, as they will always be able to find another tenant quickly and/or half the units are rented to the council who will guarantee to keep them for 20 years regardless of the conditions.

    Whether or not someone looks after their own place is up to them and their own attitudes, not whether they're renting or owning. Plenty of people own their houses or get them from the council long-term and take misreable care of them because they aren't bothered about it. If I owned any of the apartments I lived in I wouldn't have treated them any differently to how I did renting them.
    jrosen wrote: »
    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.

    Shared equity isn't social housing. Anyone moving in there will be a homeowner, just that the government will help them with the upfront costs of owning. Not sure how I feel about the scheme in general, but it's not the same as social housing.


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    #55
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    C14N wrote: »

    Shared equity isn't social housing. Anyone moving in there will be a homeowner, just that the government will help them with the upfront costs of owning. Not sure how I feel about the scheme in general, but it's not the same as social housing.

    I agree with you that its not the same as social my post wasnt clear. I was more referencing it because now 20% of all new developments will already be taken before the houses are launched. Reducing the number of properties available to buy to the general public.


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    #56
    yer man!
    Registered Users Posts: 1,646 ✭✭✭yer man!


    Glad to see this topic get attention this week. Certainly feels like the government have sensed a change in mood.

    https://www.irishtimes.com/news/politics/investors-buying-up-housing-estates-unacceptable-taoiseach-1.4556135


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    #57
    C14N
    Registered Users Posts: 2,638 ✭✭✭C14N


    jrosen wrote: »
    I agree with you that its not the same as social my post wasnt clear. I was more referencing it because now 20% of all new developments will already be taken before the houses are launched. Reducing the number of properties available to buy to the general public.

    But shared equity is still for first time buyers who are part of the general public.


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    #58
    RichardAnd
    Registered Users Posts: 3,629 ✭✭✭RichardAnd


    Folks, this may be a futile effort, but perhaps it is worth writing to your local TD to encourage him or her to take up this issue. I'm not the type to do this, but as it's now in the mainstream media, it would be a good time to do so.

    https://www.oireachtas.ie/en/members/

    Perhaps it's a waste of time, but doing nothing at all will do just that.


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    #59
    punisher5112
    Registered Users Posts: 24,647 ✭✭✭✭punisher5112


    Why have many of these funds(vulture or hedge funds) have charity status.

    I want it changed, I don't care if they fcuked us all over with Nama and all that crack .... It needs sorted and these money grabbing parasites should be contributing to society....

    It's unreal what is going on here.


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    #60
    Mrs OBumble
    Registered Users Posts: 25,670 ✭✭✭✭Mrs OBumble


    punisher5112 wrote: »
    Why have many of these funds(vulture or hedge funds) have charity status..

    Can you name some that do?


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    #61
    Shelga
    Registered Users Posts: 3,002 ✭✭✭Shelga


    RichardAnd wrote: »
    Folks, this may be a futile effort, but perhaps it is worth writing to your local TD to encourage him or her to take up this issue. I'm not the type to do this, but as it's now in the mainstream media, it would be a good time to do so.

    https://www.oireachtas.ie/en/members/

    Perhaps it's a waste of time, but doing nothing at all will do just that.

    I’ve emailed my TD Sean Haughey about it today. Sadly, as he is a greedy man who owns two rental properties in addition to his family home, I suspect he’ll do absolutely nothing. I really feel like they could not give a damn about anyone under 40 in this country. Very short-sighted, as FF support will die off in the next 10-20 years.


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