By my reckoning, the news today that NAMA has sold 15 apartments in the Scotch Hall complex in Drogheda for €1.4m to Tuath Housing Association brings to a total of 17 dwellings sold by NAMA since Minister for the Environment Community and Local Government Phil Hogan’s gushing announcement of 2,000 NAMA homes for social housing last December 2011. But it’s a start…
The Scotch Hall complex was developed by Gerry Barrett’s Edward Holdings, and there are presently two apartments on offer on DAFT at the complex, a 1,000 sq ft 3-bed apartment with an asking price of €195,000 and an 800 sq ft 2-bedroom apartment with an asking price of €165,000. The Property Price Register shows only one sale of an apartment in the complex since January 2010, and that was Apartment 12 which sold for €127,753.30 in August 2010. NAMA’s sale of 15 apartments for €1.4m works out at an average of €93,333 apiece, somehow I think we’ll see the asking prices in DAFT coming down….
We found out yesterday that NAMA is selling an average of six properties a day with an average individual value of €1.3m – so today, NAMA has exceeded its average by volume but is considerably down by value.
UPDATE: 14th November 2012. It is being reported today that NAMA is to invest €20m in the development of Scotch Hall over the next two years, which will see a new 8-screen 1,500 capacity cinema, shop units and a food court. Local Labour Party TD, Deputy Gerald Nash has welcomed the news.
Reblogged this on gfmurphy101 and commented:
Suppose the Big ( @@@) one has to vet all the applicants first in case they are ‘travellers’?
All very well giving out social housing to those who require it.
But usually social housing is dispersed among an estate, i.e. peppered among other classes of people. Hence less concentration, but a more blended mix.
Have the other apartment owners being consulted?
I fear that if giving out free social housing if not done correctly, then marginalization of one or both groups can occur.
there are new council purchases schemes coming out next year. I expect we’ll see fairly benign T’s&C’s.
Interesting that an Apartment Block with 7 * 2 Beds in Dundalk Co. Louth went for 510,000 at the allsop auction a considerable reduction in price per apartment in a town which had a significant job boost during the year (Paypal).
However in addition to the 7 apartments the Allsop property had 12 underground car parking spaces, ground floor retail unit, together with five office units
and also has a meteor mast generating 11,000 pa.
One really has to question the pricing on the Drogheda apartments 35km from Dundalk
Dundalk property http://www.auction.co.uk/irish/LotDetails.asp?A=804&MP=84&ID=804000112&S=L&O=A
Dundalk property schedule of rent
http://www.auction.co.uk/irish/data/full_text/oct2012/shed112.pdf
Louth Rent allowance ceilings for a 1 and 2 child family is 575 and 600 p/m respectively, Is this sufficient to give a decent ROI, certainly not in my book giving the various taxes on property rental income. I am not sure if Housing associations are exempt from tax, even if they are, there is significant downward pressure on state subsidised accomodation
Sounds like an interesting speech right,should be available online..
After all the taxpayer is picking up the travel expenses, Felix’s salary,his benefits and perks etc.Costs associated in preparing the paper, research etc.
One would think the least NAMA could do,is make these presentations available to everyone,ah no you have to be a member.Why is one section of Irish society allowed access the materials presented behind closed doors by NAMA and others are not.
We have to rely on the dodgy reporting by the Irish media,put the speech up NAMA its a matter of some interest.
Its not available on the NAMA web site,and you have to be a member to access it elsewhere.
“Presentations from the recent ICSH Housing Finance seminar now available to download in Members’ Section”
http://www.icsh.ie/eng/news
“A new specially established company, Nama Asset Residential Property Services Ltd, was incorporated last July to acquire from Nama debtors vacant properties it deemed suitable. When a property is acquired, the debtor will be allowed to reduce what it owes on its Nama loan. The company then leases the property to the local authority or housing association.
Nama’s senior asset manager Felix McKenna said about 3,800 properties with potential for social housing use had been identified, and local authorities had so far indicated a demand for about 1,550 of these units while voluntary housing associations had also reported strong demand.
“Active transactions are being progressed for approximately 500 units of which 133 are now operational,” he said.
Mr McKenna was speaking at an Irish Council for Social Housing (ICSH) seminar in Athlone yesterday. He said Nama has an interest in about 13,000 completed residential units around the country.”
http://www.irishtimes.com/newspaper/ireland/2012/1006/1224324959160.html
@John, have just now asked for transcript of the speech. In the past they have been provided when requested, but yes would be good practice to publish all of the speeches on the NAMA website.
@NWL thanks,the IT report makes no sense to me.
Really you just reduce what you owe…Huh………assume by the PP but..
“When a property is acquired, the debtor will be allowed to reduce what it owes on its Nama loan.” link above.
By the ‘purchase price’ or the ‘original amount’ or NAMA’s basis,any impact on PG’s,who determines that,whats the process……. seriously crap reporting as usual.Is a developer considered a cooperating debtor if they agree,what if they don’t.
Any implications or incentives to play ball,NAMA needs all the positive PR it can get.Do they make you an offer you cant refuse ?
NWL apologies a little off topic,but …….
Not sure where to post this perhaps here,absolutely jaw dropping and incredible performance on VB other night by Ursula Barry-wow!
Fascinating discussion and debate,linked the referenced paper.
“Economic policy has been dominated by the single priority of reducing public expenditure, with little evidence of a gender-informed strategy to combat unemployment, tackle poverty or address inequality. Employment policy has shifted from a ‘pre-recession’ emphasis on increasing the supply of labour (through a higher women’s employment rate and net in-migration) to a focus on registered long-term unemployment leading to a definite gender-bias and penalising a specific category of women: lone parents in receipt of welfare payments.”
http://www.tascnet.ie/upload/file/BarryConroyMay12.pdf
VB in today’s IT referenced this paper,its excellent.
http://www.irishtimes.com/newspaper/opinion/2012/1010/1224325095342.html