(The new properties added in November 2011, click to enlarge)
NAMA has today published its now regular monthly list of properties subjected to foreclosure action. The full list is here, the list of new properties added is here, and you will find previous editions of the monthly list which was first launched in July 2011, here.
You should read the full list of NAMA’s terms for accessing the lists here. But in summary, this is what you’re looking at:
(1) Real estate property subject to loans in NAMA to which receivers have been appointed. The receiver’s website is shown against each property.
(2) This is all the real estate foreclosed sorted by country, and then region.
(3) Not all of the property may be for sale.
(4) Contact the receiver with enquiries or expressions of interest in the first instance. Only pester NAMA if you’re not getting any response from the receiver and make allowances that receivers will be busy with queries, particularly after a new release of foreclosed property.
(5) If you think there are mistakes on the list, contact NAMA.
What’s new?
Tom McFeeley’s apartment block in Stratford (east London), properties of Cork developers to whom NAMA appointed receivers in October 2011, property in Furbo in County Galway. After the avalanche of Northern Ireland shown on the October 2011 list, there is none in November 2011.
NAMA Wine Lake 
Foreclosures May Delay Housing Rebound to 2013
http://www.bloomberg.com/news/2011-12-22/foreclosures-weighing-on-prices-may-stall-u-s-housing-recovery-until-2013.html
Strange, everything on the previous lists that was actually on the market with agents have been stripped out.
Everything is now “Not for sale at present”. Looking at Northern Ireland, there are just 87 assets on the latest list compared with 141 on 31/10/11.
An error or a new way of reporting?
Is NAMA a good manager ?
@jpmfin you lined a piece regarding US Housing,zerohedge has interesting perspective on the numbers.
http://www.zerohedge.com/news/housing-starts-surge-entirely-due-year-end-channel-stuffed-multi-family-units
“good manager” really depends on what metric you utilize,no personal experience with them,but the “inmates” are not happy.
Probably a little premature to definetly answer that.
@JPMFIN, Is your tongue in your cheek? Good manager? It is not managing, it is disposing of property – sometimes successfully (in the UK where the market is still relatively hot), sometimes not (in Ireland).
In relation to decision making and following up on those decisions – NAMA is abysmal.
Put it this way…. Is the CAB a good manager?
first, please forgive my bad english
I hope my tongue is not in the cheek, or in my pocket.!!!
Nama is indebted to the Irish banks. NO?
The Irish government guaranteed NAMA debs. NO?
Irish banks borrow with this claim on Nama guaranteed by Irish state .NO?
if Irish banks can not repay their loans
claims on Nama become the property of the lenders. NO ?
If NAMA can not repay these debts,
the Irish State must pay for NAMA. NO?
and the Irish State is Irish Taxpayers. NO ?
So, FOR ME, in order to pay its debts : NAMA has to do a job : the balance between
assets (bad or not bad loans, real estate, etc …) purchased Irish banks
and liabilities (debts to the Irish banks)
with the help of my tongue
I call this management (as I know: all the bad banks in the world do this job )
and if , FOR YOU it is not management, How you call it ?
bowling ???
@JPMFIN, Forgive me, I should explain…. “tongue in cheek” was meant as an expression of humorous disbelief. It is defined as follows:
When something is described as “tongue in cheek,” it means that it should not be taken seriously. Tongue in cheek humor is often wry, subtle, and sometimes difficult to catch, in contrast with more blatant forms of humor. In England in particular, tongue in cheek jokes, fiction, and films have been elevated to an art form, as this type of dry wit is especially valued in British culture.
This term appears to have originated in the 1800s, and it is a reference to the idea that one is pushing the tongue against the cheek to maintain a straight facial expression, or to prevent laughter which might give the joke away. Pressing your tongue against the side of your cheek can help to suppress a smile, and it’s also hard to talk with your tongue in your cheek. People usually do not literally stick their tongues in their cheeks after saying a tongue in cheek joke, although they will sometimes explicitly state “tongue in cheek.”
The joke was that most people who have interfaced with the “managers” in NAMA, believe them incapable of managing an orgy in a cat house (being polite because it’s Christmas)
@JPMFN-Yes there is “management” involved but so far they may as well be off bowling.To date NAMA has been rolling the ball down the middle of the lane,in fairness they have had a few strikes.But it’s so early in the process to tally the score,they have mastered the art of putting some “spin” on the ball that’s for sure.But you self answered your questions some correctly some not,if you would like more info. stroll around this website.
There is no longer any “Irish State” we can’t pay for anything,due to a few disastrous decisions,including in some people’s opinion creating NAMA,which crystallized or marked to market “paper loses”.NAMA is now in the process of realizing these loses at the very bottom of the RE cycle,as opposed to say HYPO Bank which will implode any day,can only imagine based on their RE lending what’s lurking off balance sheet.
But NAMA will soon have sold off all the family silver and have to start “managing”.
“It transferred assets worth a nominal €173bn to FMS Wertmanagement (FMSW) — the big bad bank set up by the German state earlier this year specifically to take on non-strategic assets and ‘risk positions’ from Hypo. The plan is for the government-guaranteed FMSW to eventually be wound down over the course of 10 years.”
http://ftalphaville.ft.com/blog/2010/10/28/386191/a-german-bad-bank-a-collateral-switch/
“Hypo RE, a major holder of German covered bonds, was put under full government ownership in 2009 after initially requiring more than €150 billion in state guarantees and capital to keep it “afloat” during the financial crisis. It has since set up a bad bank, following substantial restructuring and downsizing, including the transfer of some €173 billion of non-strategic assets and derivatives that mainly hedge the transferred assets against interest-rate risk.”
http://blogs.wsj.com/source/2011/11/01/hypo-real-estate-saga-needs-further-explanation/
don’t worry, my english is so bad…
and my question was really humoristic , (is NAMA,good manager ?)
If i think ,I know what ireland and irish banks need (stop and decrease debts)
I don’ t know what Nama-NTMA-Finance Minister ,want
and if to burn bondholders,Europ and IMF loans, is a popular slogan, I do not think it’s the only way,and especially the best way and the fair way,
We can do something,with bondholders in ” irish government bonds”, and bondholders in banks,
something like debt equity swap . Good for Ireland,Irish taxpayers, bondholders, and euro crisis debt.
National asset management Ltd (master SPV) could be the hub
but NAMA investment Ltd is under control of NAMA-NTMA-Finance Minister ( 49% in theory but 100% in practice )
and dispose in selling off assets, does not help the IrishTaxpayers, and the Irish property market
Merry Christmas and best wishes for the New Year
Jean Pierre MARTINEZ
@JPMFIN you English is totally fine,I got the management joke,finance is a international language we are hardly fluent in it!
The “asset stripping” extends beyond domestic RE,the banks have been forced into disposing of significant international profit centers and are becoming too dependent on a morbid Irish economy.
The recent budget introduced a residential property tax.
There is considerable opposition to it,it should have been called the “bondholders tax” but the politicians lack any creativity.
Unfortunately,Irish people are “paying” the bondholders with the health system approaching third world levels,but they don’t recognize this,but ask them to “pay” a property tax and uproar ensures.
The flaw in debt/equity is there may not be any equity….more likely some debt forgiveness is the outcome.
Merry Christmas and you appear to have good grasp on NTMA/NAMA/D of F unfortunately we have an extremly weak negotiating position,our politicians also are hardly the envy of Europe.
http://www.independent.ie/business/nama-had-a-difficult-birth-and-its-growing-pains-are-impinging-on-ability-to-get-a-good-deal-for-taxpayers-2973251.html
@JPMFIN thanks for that,a decent review of the past most of which has been covered in greater detail on here.
But in fairness to the journalist NAMA lacks transparcy,do they have a budget or financial plan for next year or next few years,any goals or hurdles,objectives.
They must be the only state owned 70 Billion company in the world that does not provide a strategic plan,it’s actually a pathetic reflection on the Irish system.
This is the largest undertaking by the Irish state and no one has a clue as to what NAMA is hoping to achieve next year,no idea,completly in the dark.
Which renders measuring their performance meaningless because they have no plan,just bumbling along in splendid isolation,selling off any asset they want at any price they want to whoever they want.
An updated version of the latest foreclosed list has been added to the NAMA website – once again including assets actually on the market.
In NI there are now 137 assets on the list with 4 having been sold in November – an improvement from the 2 sold each month for the previous two months.
Ringsend Road, Banbridge, Down. Agricultural
Mossvale Road, Dromore, Down. Agricultural
Church Road, Beragh, Tyrone. Residential – single
Church Road, Beragh, Tyrone. Agricultural
I can’t find any information on Ringsend Road.
Mossvale Road appears to be this : http://www.robertwilson.co.uk/brochure.php?p=PNC556364&s=134799550&i=9&c=19&r=1
– 5.5 acres but no asking price is given.
The 2 at Church Rd appear to be these – http://www.outstandingestateagents.com/66-church-road-gortaclare-omagh/152317.
Asking prices for the 2 totaled £85k.
Interestingly for NAMA a pattern seems to be emerging of agricultural land and single residential dwellings selling but there’s no sign of any of the bigger assets – development sites etc shifting.
@David, you say “An updated version of the latest foreclosed list has been added to the NAMA website” – having checked with NAMA I understand that the latest version of the list is that published on 23rd December 2011, and there hasn’t been any subsequent amendment. The next version is likely to be published at the end of January 2012.
@nwl The PDF published on the 23rd Dec was 25 pages. All properties actually on the market had been removed. It was a list entirely of properties “not available for sale”. The version now downloadable is 36 pages, including properties on the market with agents details. I’m guessing the 23rd version was an error.
@David, well spotted. I’m embarrassed that I didn’t see this myself in the pre-Christmas rush. It is to be hoped NAMA start producing this list in a manipulable format soon, as promised, to aid comparison and checking.
@David, And that’s the way it will be. The farmers will buy the agricultural land cheap. the bargain hunters will buy the single residential units for cash, but the core assets……will remain unsalable without liquidity.